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
Health Care Select Sector SPDR Fund	ETP	81369Y209	16,999	125,128	SH		DFND		125,128	0	0
Technology Select Sector SPDR Fund	ETP	81369Y803	14,015	112,622	SH		DFND		112,622	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	12,192	124,140	SH		DFND		124,140	0	0
Vanguard Financials ETF	ETP	92204A405	11,487	138,845	SH		DFND		138,845	0	0
iShares MSCI ACWI ETF	ETP	464288257	10,947	128,965	SH		DFND		128,965	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	9,771	75,654	SH		DFND		75,654	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	6,601	88,548	SH		DFND		88,548	0	0
Apple Inc	Common Stock	037833100	6,479	49,847	SH		DFND		49,847	0	0
Vanguard S&P 500 ETF	ETP	922908363	5,758	16,389	SH		DFND		16,389	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	5,283	13,768	SH		DFND		13,768	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	5,064	105,523	SH		DFND		105,523	0	0
iShares Global Energy ETF	ETP	464287341	5,021	128,770	SH		DFND		128,770	0	0
Invesco QQQ Trust Series 1	ETP	46138E354	4,794	18,004	SH		DFND		18,004	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	4,377	50,045	SH		DFND		50,045	0	0
Invesco S&P 500 Low Volatility ETF	ETP	46090E103	4,144	64,853	SH		DFND		64,853	0	0
iShares Global Healthcare ETF	ETP	464287325	3,880	45,710	SH		DFND		45,710	0	0
Microsoft Corp	Common Stock	594918104	3,732	15,563	SH		DFND		15,563	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	3,695	47,563	SH		DFND		47,563	0	0
iShares Global Financials ETF	ETP	464287333	3,516	50,033	SH		DFND		50,033	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	3,426	13,389	SH		DFND		13,389	0	0
iShares Core High Dividend ETF	ETP	46429B663	3,080	29,551	SH		DFND		29,551	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	3,005	130,580	SH		DFND		130,580	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	2,792	43,434	SH		DFND		43,434	0	0
Alphabet Inc	Common Stock	02079K305	2,298	26,040	SH		DFND		26,040	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	1,952	27,687	SH		DFND		27,687	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	1,938	50,004	SH		DFND		50,004	0	0
Franklin U.S. Low Volatility ETF	ETP	35473P504	1,923	41,618	SH		DFND		41,618	0	0
iShares Core S&P 500 ETF	ETP	464287200	1,865	4,855	SH		DFND		4,855	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	1,788	43,649	SH		DFND		43,649	0	0
SPDR S&P Insurance ETF	ETP	78464A789	1,763	43,060	SH		DFND		43,060	0	0
iShares MSCI Hong Kong ETF	ETP	464286871	1,695	80,688	SH		DFND		80,688	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	1,653	4,979	SH		DFND		4,979	0	0
iShares US Aerospace & Defense ETF	ETP	464288760	1,564	13,980	SH		DFND		13,980	0	0
Vanguard Information Technology ETF	ETP	92204A702	1,500	4,695	SH		DFND		4,695	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	1,372	22,009	SH		DFND		22,009	0	0
iShares U.S. Medical Devices ETF	ETP	464288810	1,344	25,558	SH		DFND		25,558	0	0
iShares MSCI Global Metals & Mining Producers ETF	ETP	46434G848	1,340	32,690	SH		DFND		32,690	0	0
iShares US Technology ETF	ETP	464287721	1,299	17,443	SH		DFND		17,443	0	0
iShares U.S. Broker-Dealers & Securities Exchanges ETF	ETP	464288794	1,279	13,300	SH		DFND		13,300	0	0
Coca-Cola Co/The	Common Stock	191216100	1,232	19,370	SH		DFND		19,370	0	0
iShares U.S. Healthcare Providers ETF	ETP	464288828	1,224	4,573	SH		DFND		4,573	0	0
Visa Inc	Common Stock	92826C839	1,216	5,847	SH		DFND		5,847	0	0
SolarEdge Technologies Inc	Common Stock	83417M104	1,197	4,227	SH		DFND		4,227	0	0
Mastercard Inc	Common Stock	57636Q104	1,155	3,322	SH		DFND		3,322	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	1,128	23,603	SH		DFND		23,603	0	0
Amazon.com Inc	Common Stock	023135106	1,124	13,370	SH		DFND		13,370	0	0
Procter & Gamble Co/The	Common Stock	742718109	1,064	7,020	SH		DFND		7,020	0	0
iShares MSCI Brazil ETF	ETP	464286400	1,060	37,895	SH		DFND		37,895	0	0
Deere & Co	Common Stock	244199105	1,026	2,390	SH		DFND		2,390	0	0
JPMorgan US Momentum Factor ETF	ETP	46641Q779	1,010	26,790	SH		DFND		26,790	0	0
Walmart Inc	Common Stock	931142103	991	6,968	SH		DFND		6,968	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	979	28,613	SH		DFND		28,613	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	943	8,963	SH		DFND		8,963	0	0
Home Depot Inc/The	Common Stock	437076102	935	2,960	SH		DFND		2,960	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	885	4,197	SH		DFND		4,197	0	0
SPDR Portfolio S&P 500 High Dividend ETF	ETP	78468R788	872	22,031	SH		DFND		22,031	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	867	17,105	SH		DFND		17,105	0	0
NVIDIA Corp	Common Stock	67066G104	863	5,904	SH		DFND		5,904	0	0
Bank of America Corp	Common Stock	060505104	847	25,503	SH		DFND		25,503	0	0
NextEra Energy Inc	Common Stock	65339F101	839	10,030	SH		DFND		10,030	0	0
Alibaba Group Holding Ltd	ADR	01609W102	825	9,365	SH		DFND		9,365	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	817	10,471	SH		DFND		10,471	0	0
American Tower Corp	REIT	03027X100	816	3,830	SH		DFND		3,830	0	0
UnitedHealth Group Inc	Common Stock	91324P102	801	1,510	SH		DFND		1,510	0	0
Taiwan Semiconductor Manufacturing Co Ltd	ADR	874039100	734	9,811	SH		DFND		9,811	0	0
VanEck Semiconductor ETF	ETP	92189F676	726	3,578	SH		DFND		3,578	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	720	8,147	SH		DFND		8,147	0	0
iShares MSCI Emerging Markets ETF	ETP	464287234	706	18,634	SH		DFND		18,634	0	0
iShares MSCI USA Momentum Factor ETF	ETP	46432F396	683	4,683	SH		DFND		4,683	0	0
Vanguard Value ETF	ETP	922908744	682	4,859	SH		DFND		4,859	0	0
Schwab U.S. Large-Cap Value ETF	ETP	808524409	682	10,323	SH		DFND		10,323	0	0
Thor Industries Inc	Common Stock	885160101	637	8,407	SH		DFND		8,407	0	0
First Trust Dow Jones Internet Index Fund	ETP	33738R118	586	4,757	SH		DFND		4,757	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	567	8,106	SH		DFND		8,106	0	0
iShares Russell 2000 ETF	ETP	464287655	559	3,208	SH		DFND		3,208	0	0
Global X Cybersecurity ETF	ETP	37954Y384	380	18,290	SH		DFND		18,290	0	0
Sunrun Inc	Common Stock	86771W105	379	15,798	SH		DFND		15,798	0	0
US Global Jets ETF	ETP	26922A842	360	21,063	SH		DFND		21,063	0	0
Uber Technologies Inc	Common Stock	90353T100	322	13,032	SH		DFND		13,032	0	0
Alphabet Inc	Common Stock	02079K107	284	3,200	SH		DFND		3,200	0	0
Micron Technology Inc	Common Stock	595112103	266	5,317	SH		DFND		5,317	0	0
PayPal Holdings Inc	Common Stock	70450Y103	228	3,206	SH		DFND		3,206	0	0
SkyWest Inc	Common Stock	830879102	223	13,523	SH		DFND		13,523	0	0
Johnson & Johnson	Common Stock	478160104	155	879	SH		DFND		879	0	0
iShares U.S. Oil & Gas Exploration & Production ETF	ETP	464288851	131	1,410	SH		DFND		1,410	0	0
iShares MSCI USA Quality Factor ETF	ETP	46432F339	116	1,015	SH		DFND		1,015	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	89	2,400	SH		DFND		2,400	0	0
JPMorgan Chase & Co	Common Stock	46625H100	75	563	SH		DFND		563	0	0
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund	ETP	97717X578	70	2,628	SH		DFND		2,628	0	0
SPDR S&P Aerospace & Defense ETF	ETP	78464A631	69	630	SH		DFND		630	0	0
Nutrien Ltd	Common Stock	67077M108	66	910	SH		DFND		910	0	0
SPDR S&P Homebuilders ETF	ETP	78464A888	43	712	SH		DFND		712	0	0
iShares US Transportation ETF	ETP	464287192	37	175	SH		DFND		175	0	0
Invesco KBW Bank ETF	ETP	46138E628	26	501	SH		DFND		501	0	0
Goldman Sachs Group Inc/The	Common Stock	38141G104	25	72	SH		DFND		72	0	0
Vanguard FTSE Emerging Markets ETF	ETP	922042858	21	550	SH		DFND		550	0	0
iShares MSCI Japan ETF	ETP	46434G822	21	388	SH		DFND		388	0	0
S&P Global Inc	Common Stock	78409V104	21	62	SH		DFND		62	0	0
Blackstone Inc	Common Stock	09260D107	20	265	SH		DFND		265	0	0
Viatris Inc	Common Stock	92556V106	19	1,711	SH		DFND		1,711	0	0
FedEx Corp	Common Stock	31428X106	17	100	SH		DFND		100	0	0
India Fund Inc/The	Closed-End Fund	454089103	15	900	SH		DFND		900	0	0
JD.com Inc	ADR	47215P106	12	220	SH		DFND		220	0	0
ETFMG Prime Mobile Payments ETF	ETP	26924G409	10	245	SH		DFND		245	0	0
Palo Alto Networks Inc	Common Stock	697435105	8	60	SH		DFND		60	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	6	221	SH		DFND		221	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	3	75	SH		DFND		75	0	0