In short: ETF of the Month (spotlight) — not purchased. TER 0.30%, physical, ISIN US46434G1004, "only available for investors in North America." The screen is the quality factor applied to international developed large- and mid-caps, on three inputs: "Return on Equity (ROE) · Earnings variability · Debt-to-equity (D/E)." The justification is one line: "Companies with a high ROE, stable earnings, and good balance sheets tend to outperform." Top ten disclosed and heavily European — ASML at 5.97%, then Shell, Novartis, Allianz, Roche, AstraZeneca, Nestlé, ABB, Zurich and Schneider Electric.
IQLT buys large and mid-sized companies in developed markets outside the United States, but only the ones that pass three quality tests: they earn a high return on shareholders' money, their profits do not swing about much year to year, and they do not carry too much debt. It charges 0.30% a year and actually owns the shares rather than using derivatives.
The reason it is the pick this month is geography rather than the screen. US shares have beaten everything since 2009, but in 2025 Europe returned 36.4%, Asia 32.7% and emerging markets 25.9% against the S&P 500's 18.1% — and America is now the expensive market. This is the way to own quality businesses where the prices are lower.
What you actually get is a European blue-chip portfolio: ASML is nearly 6% of the fund, followed by Shell, Novartis, Allianz, Roche, AstraZeneca, Nestlé, ABB, Zurich and Schneider Electric. Americans only — everyone else is pointed at the near-identical IEQU.
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