Estate Counselors, LLC

Thiensville, WI · CIK 1559832 · 13F filing filed 2026-08-07

SEC-registered investment adviser since 2004 · limited liability company

Assets managed$1.3bn
Staff7 · 4 in investment roles
Main clients (by assets)Mutual funds and ETFs 54%, High net worth individuals 36%, Companies 9%
Form ADV · 2026-09-18SEC adviser record

Kindmutual funds
Others nearbyMequon, WI

$1.2bn reported value +3.6% vs Q1 2026

91positions

78.2%in top 10

24 new 29 added 34 reduced 30 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($502.9k notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Penserra Capital Management LLC – files its own report too

Also in the report of:

Penserra Capital Management LLC

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ETF SER SOLUTIONS THE BRINSMERE FU TBFG	TBFG	11,639,514	$381.8m32.83%	32.83%	Reduced -272.4k	-272,414 -2.3%
2	ETF SER SOLUTIONS THE BRINSMERE FU TBFC	TBFC	12,176,875	$359.1m30.87%	30.87%	Added +39.9k	+39,879 0.3%
3	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	296,146	$25.3m2.18%	2.18%	Reduced -225.1k	-225,068 -43.2%
4	SPDR SER TR BBG CONV SEC ETF CWB	CWB	205,995	$22.2m1.91%	1.91%	Reduced -24.1k	-24,149 -10.5%
5	ISHARES TR JPMORGAN USD EMG EMB	EMB	228,425	$22.0m1.89%	1.89%	Added +8.2k	+8,176 3.7%
6	INVESCO EXCH TRADED FD TR II VAR RATE PFD VRP	VRP	877,991	$21.3m1.84%	1.84%	New
7	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	1,047,578	$21.3m1.83%	1.83%	New
8	SPDR SER TR BLOOMBERG 1-3 MO BIL	BIL	231,565	$21.2m1.82%	1.82%	New
9	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	205,090	$21.0m1.80%	1.80%	Added +146.6k	+146,565 250.4%
10	SELECT SECTOR SPDR TR SBI MATERIALS XLB	XLB	271,543	$13.8m1.19%	1.19%	Added +79.1k	+79,066 41.1%
11	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	164,443	$13.7m1.17%	1.17%	Reduced -20.6k	-20,583 -11.1%
12	VANGUARD WORLD FD ENERGY ETF VDE	VDE	70,139	$10.5m0.91%	0.91%	Reduced -12.8k	-12,850 -15.5%
13	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	60,353	$9.6m0.82%	0.82%	Reduced -38.4k	-38,404 -38.9%
14	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	172,350	$9.2m0.79%	0.79%	New
15	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	117,143	$8.6m0.74%	0.74%	Reduced -196.7k	-196,677 -62.7%
16	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	92,628	$8.0m0.69%	0.69%	New
17	DBX ETF TR XTRACK USD HIGH HYLB	HYLB	213,826	$7.8m0.67%	0.67%	Added +203.1k	+203,086 1890.9%
18	SPDR SER TR PORTFOLIO S&P600 SPSM	SPSM	132,101	$7.6m0.66%	0.66%	Added +118.8k	+118,806 893.6%
19	ISHARES TR CORE S&P MCP ETF IJH	IJH	98,473	$7.6m0.65%	0.65%	Added +87.2k	+87,213 774.5%
20	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	39,380	$7.5m0.65%	0.65%	Reduced -790	-790 -2.0%
21	DIMENSIONAL ETF TRUST EMERGING MKTS VA DFEV	DFEV	175,090	$7.5m0.64%	0.64%	Reduced -8.4k	-8,385 -4.6%
22	SCHWAB STRATEGIC TR FUNDAMENTAL INTL FNDF	FNDF	131,656	$6.9m0.60%	0.60%	Added +7.1k	+7,096 5.7%
23	ISHARES TR RUS 1000 VAL ETF IWD	IWD	28,438	$6.9m0.59%	0.59%	Added +39	+39 0.1%
24	AMERICAN CENTY ETF TR INTL SMCP VLU AVDV	AVDV	66,480	$6.9m0.59%	0.59%	Reduced -1.5k	-1,485 -2.2%
25	DIMENSIONAL ETF TRUST INTL CORE EQUITY DFIC	DFIC	178,527	$6.7m0.57%	0.57%	Added +12.6k	+12,622 7.6%
26	DIMENSIONAL ETF TRUST INTERNATNAL VAL DFIV	DFIV	122,491	$6.6m0.57%	0.57%	Added +6.8k	+6,761 5.8%
27	VANGUARD INDEX FDS VALUE ETF VTV	VTV	30,323	$6.6m0.57%	0.57%	Reduced -5.3k	-5,270 -14.8%
28	ISHARES TR IBOXX INV CP ETF LQD	LQD	59,695	$6.5m0.56%	0.56%	Added +56.3k	+56,310 1663.5%
29	ISHARES TR MSCI EAFE MIN VL EFAV	EFAV	74,006	$6.5m0.56%	0.56%	Added +5.4k	+5,425 7.9%
30	SPDR GOLD TR GOLD SHS GLD	GLD	17,593	$6.5m0.56%	0.56%	Added +651	+651 3.8%
31	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	8,681	$6.1m0.52%	0.52%	Added +8.3k	+8,256 1942.6%
32	SELECT SECTOR SPDR TR INDL XLI	XLI	32,311	$6.0m0.51%	0.51%	New
33	SELECT SECTOR SPDR TR RL EST SEL SEC XLRE	XLRE	120,268	$5.3m0.46%	0.46%	New
34	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	52,410	$3.1m0.27%	0.27%	Added +34.2k	+34,165 187.3%
35	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	19,555	$2.8m0.24%	0.24%	Added +10.4k	+10,442 114.6%
36	COREBRIDGE FINL INC COM CRBG	CRBG	93,924	$2.7m0.23%	0.23%	New
37	SEAGATE TECHNOLOGY HLDNGS PL ORD SHS STX	STX	2,671	$2.6m0.22%	0.22%	New
38	SANDISK CORP COM SNDK	SNDK	1,115	$2.5m0.22%	0.22%	New
39	BLOOM ENERGY CORP COM CL A BE	BE	8,364	$2.5m0.22%	0.22%	New
40	AES CORP COM AES	AES	169,790	$2.5m0.21%	0.21%	New
41	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	107,532	$2.4m0.21%	0.21%	Added +17.6k	+17,587 19.6%
42	PRINCIPAL FINANCIAL GROUP IN COM PFG	PFG	22,041	$2.4m0.20%	0.20%	Reduced -667	-667 -2.9%
43	MICRON TECHNOLOGY INC COM MU	MU	2,048	$2.4m0.20%	0.20%	Reduced -3.1k	-3,055 -59.9%
44	SELECT SECTOR SPDR TR ENERGY XLE	XLE	43,690	$2.3m0.20%	0.20%	Reduced -12.6k	-12,570 -22.3%
45	EQUITABLE HLDGS INC COM EQH	EQH	51,641	$2.3m0.19%	0.19%	Added +6.2k	+6,154 13.5%
46	WESTERN DIGITAL CORP COM WDC	WDC	3,545	$2.3m0.19%	0.19%	Reduced -4.0k	-3,955 -52.7%
47	EXPAND ENERGY CORPORATION COM EXE	EXE	24,244	$2.2m0.19%	0.19%	New
48	ARCH CAP GROUP LTD ORD ACGL	ACGL	21,605	$2.1m0.18%	0.18%	New
49	METLIFE INC COM MET	MET	23,915	$2.0m0.17%	0.17%	Reduced -835	-835 -3.4%
50	FIDELITY NATL INFORMATION SV COM FIS	FIS	51,202	$2.0m0.17%	0.17%	New
51	THE CIGNA GROUP COM CI	CI	7,153	$2.0m0.17%	0.17%	Reduced -135	-135 -1.9%
52	ALLSTATE CORP COM ALL	ALL	8,154	$1.9m0.17%	0.17%	Reduced -323	-323 -3.8%
53	SYNCHRONY FINANCIAL COM SYF	SYF	25,246	$1.9m0.17%	0.17%	Reduced -897	-897 -3.4%
54	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	22,765	$1.9m0.16%	0.16%	Reduced -1.4k	-1,421 -5.9%
55	EVEREST GROUP LTD COM EG	EG	5,198	$1.9m0.16%	0.16%	Added +63	+63 1.2%
56	RENAISSANCERE HLDGS LTD COM RNR	RNR	5,775	$1.8m0.16%	0.16%	Added +181	+181 3.2%
57	OVINTIV INC COM OVV	OVV	34,638	$1.8m0.16%	0.16%	Added +1.5k	+1,506 4.5%
58	NEWS CORP NEW CL B NWS	NWS	64,056	$1.8m0.15%	0.15%	Reduced -2.4k	-2,353 -3.5%
59	GENERAL MTRS CO COM GM	GM	22,773	$1.8m0.15%	0.15%	Reduced -1.6k	-1,639 -6.7%
60	LUMENTUM HLDGS INC COM LITE	LITE	2,044	$1.8m0.15%	0.15%	Reduced -799	-799 -28.1%
61	CIENA CORP COM NEW CIEN	CIEN	3,442	$1.7m0.15%	0.15%	Reduced -4.1k	-4,120 -54.5%
62	ISHARES TR SHORT TREAS BD SHV	SHV	11,905	$1.3m0.11%	0.11%	Reduced -1.8k	-1,795 -13.1%
63	VANGUARD WORLD FD MEGA GRWTH IND MGK	MGK	13,870	$1.2m0.10%	0.10%	New
64	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	13,666	$1.2m0.10%	0.10%	Reduced -148	-148 -1.1%
65	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	2,721	$1.0m0.09%	0.09%	Reduced -756	-756 -21.7%
66	NVIDIA CORPORATION COM NVDA	NVDA	4,960	$992.4k0.09%	0.09%	Unchanged
67	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	16,392	$904.5k0.08%	0.08%	Added +7.1k	+7,057 75.6%
68	ISHARES TR MBS ETF MBB	MBB	9,485	$896.5k0.08%	0.08%	Reduced -223.3k	-223,334 -95.9%
69	ISHARES TR IBOXX HI YD ETF HYG	HYG	9,685	$774.5k0.07%	0.07%	Added +4.8k	+4,835 99.7%
70	VANGUARD MALVERN FDS STRM INFPROIDX VTIP	VTIP	14,985	$752.7k0.06%	0.06%	Reduced -5	-5 -0.0%
71	INVESCO EXCH TRADED FD TR II S&P 500 MOMNTM SPMO	SPMO	4,495	$726.1k0.06%	0.06%	Added +300	+300 7.2%
72	LITMAN GREGORY FDS TR IMGP DBI MANAGED DBMF	DBMF	19,515	$597.4k0.05%	0.05%	Reduced -4.1k	-4,125 -17.4%
73	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	10,975	$593.0k0.05%	0.05%	Added +4.0k	+4,030 58.0%
74	FIRST MID ILL BANCSHARES INC COM FMBH	FMBH	11,385	$547.5k0.05%	0.05%	Unchanged
75	ISHARES INC MSCI EMRG CHN EMXC	EMXC	5,270	$539.1k0.05%	0.05%	Reduced -2.5k	-2,455 -31.8%
76	PFIZER INC COM PFE	PFE	22,000	$529.8k0.05%	0.05%	Added +7.0k	+7,000 46.7%
77	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	9,595	$487.8k0.04%	0.04%	Reduced -113.5k	-113,475 -92.2%
78	VANGUARD INDEX FDS SML CP GRW ETF VBK	VBK	1,280	$468.1k0.04%	0.04%	New
79	SPDR SERIES TRUST PORTFOLIO S&P400 SPMD	SPMD	6,885	$465.2k0.04%	0.04%	Added +3.1k	+3,060 80.0%
80	ISHARES TR ESG SELECT SCRE XJH	XJH	8,825	$460.2k0.04%	0.04%	New
81	NUSHARES ETF TR NUVEEN ESG LRGCP NULG	NULG	3,925	$459.5k0.04%	0.04%	New
82	NUSHARES ETF TR NUVEEN ESG LRGVL NULV	NULV	8,830	$441.4k0.04%	0.04%	Reduced -355	-355 -3.9%
83	VANGUARD WHITEHALL FDS INTL HIGH ETF VYMI	VYMI	3,793	$372.5k0.03%	0.03%	Added +1.6k	+1,648 76.8%
84	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	4,730	$337.0k0.03%	0.03%	Reduced -12.9k	-12,935 -73.2%
85	GLOBAL X FDS GLOBAL X COPPER COPX	COPX	3,800	$292.5k0.03%	0.03%	Unchanged
86	ALPHABET INC CAP STK CL A GOOGL	GOOGL	780	$278.7k0.02%	0.02%	Unchanged
87	ISHARES TR ESG AWARE MSCI ESML	ESML	4,230	$236.6k0.02%	0.02%	New
88	ISHARES TR ESG ADVNCD HY BD HYXF	HYXF	4,625	$216.1k0.02%	0.02%	New
89	ELI LILLY & CO COM LLY	LLY	178	$213.5k0.02%	0.02%	New
90	VANGUARD WORLD FD ESG US CORP BD VCEB	VCEB	3,225	$202.4k0.02%	0.02%	New
91	BLACKROCK ETF TRUST ISHARES US LARG BALI	BALI	5,913	$200.0k0.02%	0.02%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ISHARES TR TLH	TLH	265,219	$26.7m265.2k shares
ISHARES TR IEF	IEF	227,204	$21.7m227.2k shares
DIMENSIONAL ETF TRUST DFCF	DFCF	205,869	$8.7m205.9k shares
SELECT SECTOR SPDR TR XLU	XLU	161,218	$7.4m161.2k shares
ISHARES TR TLT	TLT	70,250	$6.1m70.2k shares
ISHARES TR TIP	TIP	54,555	$6.0m54.6k shares
VANGUARD INDEX FDS VNQ	VNQ	65,755	$5.8m65.8k shares
SELECT SECTOR SPDR TR XLC	XLC	49,754	$5.5m49.8k shares
SELECT SECTOR SPDR TR XLY	XLY	48,070	$5.2m48.1k shares
FIDELITY COVINGTON TRUST FUTY	FUTY	47,200	$2.8m47.2k shares
APA CORPORATION APA	APA	55,887	$2.4m55.9k shares
AGNC INVT CORP AGNC	AGNC	195,095	$2.0m195.1k shares
COMFORT SYS USA INC FIX	FIX	1,393	$1.9m1.4k shares
EDISON INTL EIX	EIX	25,365	$1.9m25.4k shares
COMCAST CORP NEW CMCSA	CMCSA	64,200	$1.8m64.2k shares
HP INC HPQ	HPQ	93,277	$1.8m93.3k shares
TERADYNE INC TER	TER	6,032	$1.8m6.0k shares
COHERENT CORP COHR	COHR	7,438	$1.8m7.4k shares
VANGUARD SCOTTSDALE FDS VGSH	VGSH	19,145	$1.1m19.1k shares
VANGUARD BD INDEX FDS BSV	BSV	13,515	$1.1m13.5k shares
VANGUARD WHITEHALL FDS VYM	VYM	5,665	$839.0k5.7k shares
VANGUARD BD INDEX FDS BIV	BIV	7,795	$601.6k7.8k shares
VANGUARD INTL EQUITY INDEX F VWO	VWO	11,090	$599.4k11.1k shares
ISHARES TR EVUS	EVUS	13,055	$415.6k13.1k shares
INVESCO QQQ TR QQQ	QQQ	590	$340.5k590 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	125	$502.9k125 shares	New