is a more recent variant of Replacement Theology, that's additionally wrong in saying Jesus has already 'fulfilled it all'.
Fulfilment Theology adds a middle step into the supposed transfer of Israel's covenants and promises to the Church, doing so via Jesus, who's seen as having fulfilled all God's promises to Israel. Pictured by the hourglass analogy of a wide Israel narrowing down to Jesus and then spreading out to the Church, which receives the promises and covenants. Conveniently enabling its proponents to distance themselves from the anti-Semitic aspects of Replacement Theology.
However it uses 'texts taken out of context to provide a pretext' e.g. "For no matter how many promises God has made, they are 'Yes' in Christ" (2 Corinthians 1:20). Such misuse being exposed by
- the impossibility of Jesus having fulfilled all the promises made to Israel that must include their return to the land, without having been Himself exiled to the four corners of the earth
- Paul speaking of an "ongoing remnant chosen by grace" (Romans 11:5) without ever saying it shrank down to just one, namely Jesus, whilst Scripture suggests the opposite (Acts 1:15)
- the manmade hourglass analogy not fitting with the Biblical olive tree analogy
"What God promised our fathers, He has fulfilled for us by raising up Jesus." (Acts 13:32-3)
It also introduces misunderstandings that lead to pitfalls, like interpreting Jesus being the "end of the Law" (Romans 10:4) to mean it's all been done away with because of how He fulfilled it. From which a self-indulgent view can come of being "not under law but under grace" (Romans 6:14) when, taken in context, this verse actually referred to the Mosaic law (Matthew 5:17).
While Jesus fulfilled an outstanding number of the prophecies about His Messiahship that validated who He was, He did not fulfil them all at His first coming, and will only do so when He comes again.
Most importantly, the outcome of Fulfilment Theology is the same as that of Replacement Theology, wrongly claiming Israel has no ongoing place in God's purposes. And though it appears more acceptable than Replacement Theology, it's just a new twist on an old theme which equally needs to be renounced.
What are the prophecies Jesus is yet to fulfil? (1 Corinthians 15:24-28)
What is the significance of the 'remnant'? (Romans 11:5)
How did Peter explain the delay in Jesus' return? (Acts 3:18-21)
How does the rise of Fulfilment Theology expose the devil's continued strategy against Israel?