meaning that each issue of the newsletter can include a set of like content items (e.g., articles) but the bundle of content is specific to each user (user 1 gets content items 1, 2, and 3, while user 2 gets content items 1, 3 and 5). this is one level deeper than just simple personalization like "Hi Joe, thanks for signing up with us on Saturday, Mar 4...".
i've yet to see a marketing email provider offer this functionality very well, if at all. for example, sendgrid (which i'm using now) supports it via a convoluted combination of section and substitution tags that is not very well documented. but most systems (including mailchimp, constant contact, etc.) don't even contemplate this use case.