Ayalon 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
iShares MSCI ACWI ETF	ETP	464288257	17,655	226,845	SH		DFND		226,845	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	15,154	125,128	SH		DFND		125,128	0	0
Technology Select Sector SPDR Fund	ETP	81369Y803	13,445	113,192	SH		DFND		113,192	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	10,623	74,573	SH		DFND		74,573	0	0
Vanguard Financials ETF	ETP	92204A405	10,383	138,845	SH		DFND		138,845	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	10,307	124,415	SH		DFND		124,415	0	0
Apple Inc	Common Stock	037833100	7,598	54,976	SH		DFND		54,976	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	6,352	132,636	SH		DFND		132,636	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	5,909	88,548	SH		DFND		88,548	0	0
Vanguard S&P 500 ETF	ETP	922908363	5,345	16,230	SH		DFND		16,230	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	5,028	14,034	SH		DFND		14,034	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	4,524	16,883	SH		DFND		16,883	0	0
Microsoft Corp	Common Stock	594918104	4,433	19,033	SH		DFND		19,033	0	0
iShares Global Energy ETF	ETP	464287341	4,292	128,770	SH		DFND		128,770	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	4,280	69,386	SH		DFND		69,386	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	3,965	55,050	SH		DFND		55,050	0	0
Invesco S&P 500 Low Volatility ETF	ETP	46138E354	3,750	64,853	SH		DFND		64,853	0	0
iShares Global Healthcare ETF	ETP	464287325	3,444	45,710	SH		DFND		45,710	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	3,431	13,718	SH		DFND		13,718	0	0
iShares Global Financials ETF	ETP	464287333	3,068	50,033	SH		DFND		50,033	0	0
Alphabet Inc	Common Stock	02079K305	3,055	31,940	SH		DFND		31,940	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	2,741	130,580	SH		DFND		130,580	0	0
iShares Core High Dividend ETF	ETP	46429B663	2,623	28,548	SH		DFND		28,548	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	2,622	40,018	SH		DFND		40,018	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	2,584	37,988	SH		DFND		37,988	0	0
SPDR S&P Insurance ETF	ETP	78464A789	2,350	64,960	SH		DFND		64,960	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	2,339	8,125	SH		DFND		8,125	0	0
Amazon.com Inc	Common Stock	023135106	2,274	20,120	SH		DFND		20,120	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	1,970	47,539	SH		DFND		47,539	0	0
iShares Core S&P 500 ETF	ETP	464287200	1,770	4,918	SH		DFND		4,918	0	0
Franklin U.S. Low Volatility ETF	ETP	35473P504	1,708	41,115	SH		DFND		41,115	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	1,661	47,395	SH		DFND		47,395	0	0
iShares U.S. Healthcare Providers ETF	ETP	464288828	1,613	6,313	SH		DFND		6,313	0	0
Vanguard Information Technology ETF	ETP	92204A702	1,562	5,073	SH		DFND		5,073	0	0
iShares U.S. Medical Devices ETF	ETP	464288810	1,486	31,468	SH		DFND		31,468	0	0
iShares MSCI Brazil ETF	ETP	464286400	1,403	47,345	SH		DFND		47,345	0	0
iShares US Technology ETF	ETP	464287721	1,342	18,288	SH		DFND		18,288	0	0
iShares US Aerospace & Defense ETF	ETP	464288760	1,277	13,980	SH		DFND		13,980	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	1,148	20,006	SH		DFND		20,006	0	0
iShares U.S. Broker-Dealers & Securities Exchanges ETF	ETP	464288794	1,138	13,300	SH		DFND		13,300	0	0
Coca-Cola Co/The	Common Stock	191216100	1,091	19,370	SH		DFND		19,370	0	0
NextEra Energy Inc	Common Stock	65339F101	1,078	13,750	SH		DFND		13,750	0	0
Visa Inc	Common Stock	92826C839	1,039	5,847	SH		DFND		5,847	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	991	22,671	SH		DFND		22,671	0	0
SolarEdge Technologies Inc	Common Stock	83417M104	978	4,227	SH		DFND		4,227	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	958	9,133	SH		DFND		9,133	0	0
Mastercard Inc	Common Stock	57636Q104	945	3,322	SH		DFND		3,322	0	0
JPMorgan US Momentum Factor ETF	ETP	46641Q779	920	26,156	SH		DFND		26,156	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	915	4,382	SH		DFND		4,382	0	0
Walmart Inc	Common Stock	931142103	904	6,968	SH		DFND		6,968	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	896	17,879	SH		DFND		17,879	0	0
Procter & Gamble Co/The	Common Stock	742718109	886	7,020	SH		DFND		7,020	0	0
American Tower Corp	REIT	03027X100	822	3,830	SH		DFND		3,830	0	0
Home Depot Inc/The	Common Stock	437076102	817	2,960	SH		DFND		2,960	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	815	26,853	SH		DFND		26,853	0	0
Deere & Co	Common Stock	244199105	799	2,390	SH		DFND		2,390	0	0
Nutrien Ltd	Common Stock	67077M108	795	9,530	SH		DFND		9,530	0	0
Bank of America Corp	Common Stock	060505104	772	25,503	SH		DFND		25,503	0	0
UnitedHealth Group Inc	Common Stock	91324P102	763	1,510	SH		DFND		1,510	0	0
VanEck Semiconductor ETF	ETP	92189F676	753	4,070	SH		DFND		4,070	0	0
Alibaba Group Holding Ltd	ADR	01609W102	749	9,365	SH		DFND		9,365	0	0
NVIDIA Corp	Common Stock	67066G104	717	5,904	SH		DFND		5,904	0	0
Global X Cybersecurity ETF	ETP	37954Y384	706	29,350	SH		DFND		29,350	0	0
Taiwan Semiconductor Manufacturing Co Ltd	ADR	874039100	675	9,811	SH		DFND		9,811	0	0
SPDR Portfolio S&P 500 High Dividend ETF	ETP	78468R788	643	18,140	SH		DFND		18,140	0	0
KraneShares CSI China Internet ETF	ETP	500767306	643	26,100	SH		DFND		26,100	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	627	8,983	SH		DFND		8,983	0	0
iShares MSCI Emerging Markets ETF	ETP	464287234	622	17,834	SH		DFND		17,834	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	622	4,927	SH		DFND		4,927	0	0
iShares MSCI USA Momentum Factor ETF	ETP	46432F396	621	4,707	SH		DFND		4,707	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	558	7,313	SH		DFND		7,313	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	538	8,646	SH		DFND		8,646	0	0
Vanguard Value ETF	ETP	922908744	532	4,307	SH		DFND		4,307	0	0
Thor Industries Inc	Common Stock	885160101	530	7,578	SH		DFND		7,578	0	0
Schwab U.S. Large-Cap Value ETF	ETP	808524409	524	8,961	SH		DFND		8,961	0	0
iShares Russell 2000 ETF	ETP	464287655	520	3,144	SH		DFND		3,144	0	0
Alphabet Inc	Common Stock	02079K107	308	3,200	SH		DFND		3,200	0	0
Uber Technologies Inc	Common Stock	90353T100	299	11,270	SH		DFND		11,270	0	0
PayPal Holdings Inc	Common Stock	70450Y103	292	3,388	SH		DFND		3,388	0	0
Sunrun Inc	Common Stock	86771W105	274	9,930	SH		DFND		9,930	0	0
Micron Technology Inc	Common Stock	595112103	263	5,240	SH		DFND		5,240	0	0
US Global Jets ETF	ETP	26922A842	239	15,930	SH		DFND		15,930	0	0
SkyWest Inc	Common Stock	830879102	227	13,976	SH		DFND		13,976	0	0
Johnson & Johnson	Common Stock	478160104	144	879	SH		DFND		879	0	0
Meta Platforms Inc	Common Stock	30303M102	143	1,053	SH		DFND		1,053	0	0
iShares U.S. Oil & Gas Exploration & Production ETF	ETP	464288851	119	1,410	SH		DFND		1,410	0	0
iShares MSCI USA Quality Factor ETF	ETP	46432F339	105	1,015	SH		DFND		1,015	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	86	2,400	SH		DFND		2,400	0	0
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund	ETP	97717X578	65	2,628	SH		DFND		2,628	0	0
JPMorgan Chase & Co	Common Stock	46625H100	59	563	SH		DFND		563	0	0
SPDR S&P Aerospace & Defense ETF	ETP	78464A631	58	630	SH		DFND		630	0	0
iShares MSCI Hong Kong ETF	ETP	464286871	44	2,388	SH		DFND		2,388	0	0
SPDR S&P Homebuilders ETF	ETP	78464A888	39	712	SH		DFND		712	0	0
iShares US Transportation ETF	ETP	464287192	34	175	SH		DFND		175	0	0
Invesco KBW Bank ETF	ETP	46138E628	25	501	SH		DFND		501	0	0
iShares Currency Hedged MSCI Germany ETF	ETP	46434V704	23	1,000	SH		DFND		1,000	0	0
Blackstone Inc	Common Stock	09260D107	22	265	SH		DFND		265	0	0
Goldman Sachs Group Inc/The	Common Stock	38141G104	21	72	SH		DFND		72	0	0
Vanguard FTSE Emerging Markets ETF	ETP	922042858	20	550	SH		DFND		550	0	0
iShares MSCI Japan ETF	ETP	46434G822	19	388	SH		DFND		388	0	0
S&P Global Inc	Common Stock	78409V104	19	62	SH		DFND		62	0	0
FedEx Corp	Common Stock	31428X106	15	100	SH		DFND		100	0	0
Viatris Inc	Common Stock	92556V106	15	1,711	SH		DFND		1,711	0	0
India Fund Inc/The	Closed-End Fund	454089103	14	900	SH		DFND		900	0	0
JD.com Inc	ADR	47215P106	11	220	SH		DFND		220	0	0
Palo Alto Networks Inc	Common Stock	697435105	10	60	SH		DFND		60	0	0
ETFMG Prime Mobile Payments ETF	ETP	26924G409	9	245	SH		DFND		245	0	0
Vanguard Consumer Discretionary ETF	ETP	92204A108	7	30	SH		DFND		30	0	0
KraneShares Bosera MSCI China A 50 Connect Index ETF	ETP	500767405	7	221	SH		DFND		221	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	3	75	SH		DFND		75	0	0