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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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	20,895	229,217	SH		DFND		229,217	0	0
Technology Select Sector SPDR Fund	ETP	81369Y803	17,038	112,828	SH		DFND		112,828	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	13,930	107,598	SH		DFND		107,598	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	12,560	124,140	SH		DFND		124,140	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	12,531	83,794	SH		DFND		83,794	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	10,771	26,269	SH		DFND		26,269	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	10,429	32,479	SH		DFND		32,479	0	0
Apple Inc	Common Stock	037833100	8,350	50,637	SH		DFND		50,637	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	7,394	127,553	SH		DFND		127,553	0	0
Vanguard Financials ETF	ETP	92204A405	6,548	84,063	SH		DFND		84,063	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	5,115	72,330	SH		DFND		72,330	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	5,095	68,198	SH		DFND		68,198	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	4,871	15,986	SH		DFND		15,986	0	0
Microsoft Corp	Common Stock	594918104	4,487	15,563	SH		DFND		15,563	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	4,348	62,151	SH		DFND		62,151	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	4,129	49,855	SH		DFND		49,855	0	0
iShares Global Energy ETF	ETP	464287341	4,105	108,710	SH		DFND		108,710	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	3,836	47,563	SH		DFND		47,563	0	0
iShares Global Financials ETF	ETP	464287333	3,453	50,033	SH		DFND		50,033	0	0
iShares Global Healthcare ETF	ETP	464287325	3,067	36,790	SH		DFND		36,790	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	3,033	130,580	SH		DFND		130,580	0	0
Uber Technologies Inc	Common Stock	90353T100	2,774	87,493	SH		DFND		87,493	0	0
Alphabet Inc	Common Stock	02079K305	2,701	26,040	SH		DFND		26,040	0	0
iShares Core S&P 500 ETF	ETP	464287200	2,505	6,094	SH		DFND		6,094	0	0
Micron Technology Inc	Common Stock	595112103	2,503	41,483	SH		DFND		41,483	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	2,374	49,515	SH		DFND		49,515	0	0
Invesco S&P 500 Low Volatility ETF	ETP	46138E354	2,165	34,693	SH		DFND		34,693	0	0
Sunrun Inc	Common Stock	86771W105	2,088	103,601	SH		DFND		103,601	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	1,980	48,027	SH		DFND		48,027	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	1,862	27,447	SH		DFND		27,447	0	0
Vanguard Information Technology ETF	ETP	92204A702	1,861	4,827	SH		DFND		4,827	0	0
iShares Core High Dividend ETF	ETP	46429B663	1,765	17,358	SH		DFND		17,358	0	0
PayPal Holdings Inc	Common Stock	70450Y103	1,750	23,040	SH		DFND		23,040	0	0
NVIDIA Corp	Common Stock	67066G104	1,637	5,894	SH		DFND		5,894	0	0
iShares US Technology ETF	ETP	464287721	1,619	17,446	SH		DFND		17,446	0	0
iShares US Aerospace & Defense ETF	ETP	464288760	1,609	13,980	SH		DFND		13,980	0	0
SPDR S&P Semiconductor ETF	ETP	78464A862	1,600	7,670	SH		DFND		7,670	0	0
US Global Jets ETF	ETP	26922A842	1,497	80,373	SH		DFND		80,373	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	1,493	27,598	SH		DFND		27,598	0	0
iShares MSCI Global Metals & Mining Producers ETF	ETP	46434G848	1,397	32,690	SH		DFND		32,690	0	0
American Tower Corp	REIT	03027X100	1,381	6,758	SH		DFND		6,758	0	0
iShares U.S. Medical Devices ETF	ETP	464288810	1,380	25,558	SH		DFND		25,558	0	0
Amazon.com Inc	Common Stock	023135106	1,376	13,320	SH		DFND		13,320	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	1,369	30,198	SH		DFND		30,198	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	1,335	35,718	SH		DFND		35,718	0	0
SolarEdge Technologies Inc	Common Stock	83417M104	1,285	4,227	SH		DFND		4,227	0	0
KraneShares CSI China Internet ETF	ETP	500767306	1,244	39,885	SH		DFND		39,885	0	0
VanEck Semiconductor ETF	ETP	92189F676	1,235	4,692	SH		DFND		4,692	0	0
iShares MSCI South Korea ETF	ETP	464286772	1,223	19,976	SH		DFND		19,976	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	1,165	8,927	SH		DFND		8,927	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	1,161	20,966	SH		DFND		20,966	0	0
iShares U.S. Healthcare Providers ETF	ETP	464288828	1,130	4,573	SH		DFND		4,573	0	0
iShares Core MSCI Emerging Markets ETF	ETP	46434G103	1,083	22,200	SH		DFND		22,200	0	0
Deere & Co	Common Stock	244199105	988	2,390	SH		DFND		2,390	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	794	24,703	SH		DFND		24,703	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	792	2,378	SH		DFND		2,378	0	0
Franklin U.S. Low Volatility ETF	ETP	35473P504	783	16,616	SH		DFND		16,616	0	0
Alphabet Inc	Common Stock	02079K107	781	7,505	SH		DFND		7,505	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	735	4,969	SH		DFND		4,969	0	0
Bank of America Corp	Common Stock	060505104	729	25,503	SH		DFND		25,503	0	0
iShares MSCI Emerging Markets ETF	ETP	464287234	717	18,169	SH		DFND		18,169	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	697	9,177	SH		DFND		9,177	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	666	8,106	SH		DFND		8,106	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	653	7,205	SH		DFND		7,205	0	0
iShares Russell 2000 ETF	ETP	464287655	570	3,194	SH		DFND		3,194	0	0
JPMorgan US Momentum Factor ETF	ETP	46641Q779	514	12,958	SH		DFND		12,958	0	0
SPDR S&P Insurance ETF	ETP	78464A789	487	12,370	SH		DFND		12,370	0	0
Global X Cybersecurity ETF	ETP	37954Y384	481	20,502	SH		DFND		20,502	0	0
SPDR Portfolio S&P 500 High Dividend ETF	ETP	78468R788	339	8,923	SH		DFND		8,923	0	0
iShares MSCI USA Momentum Factor ETF	ETP	46432F396	285	2,048	SH		DFND		2,048	0	0
iShares MSCI Hong Kong ETF	ETP	464286871	161	7,838	SH		DFND		7,838	0	0
Johnson & Johnson	Common Stock	478160104	136	879	SH		DFND		879	0	0
iShares MSCI USA Quality Factor ETF	ETP	46432F339	126	1,015	SH		DFND		1,015	0	0
iShares U.S. Oil & Gas Exploration & Production ETF	ETP	464288851	106	1,240	SH		DFND		1,240	0	0
Visa Inc	Common Stock	92826C839	77	342	SH		DFND		342	0	0
Mastercard Inc	Common Stock	57636Q104	74	204	SH		DFND		204	0	0
SPDR S&P Aerospace & Defense ETF	ETP	78464A631	74	630	SH		DFND		630	0	0
JPMorgan Chase & Co	Common Stock	46625H100	73	563	SH		DFND		563	0	0
iShares U.S. Broker-Dealers & Securities Exchanges ETF	ETP	464288794	73	800	SH		DFND		800	0	0
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund	ETP	97717X578	73	2,628	SH		DFND		2,628	0	0
Nutrien Ltd	Common Stock	67077M108	67	910	SH		DFND		910	0	0
SPDR S&P Homebuilders ETF	ETP	78464A888	66	972	SH		DFND		972	0	0
Coca-Cola Co/The	Common Stock	191216100	57	810	SH		DFND		810	0	0
Alibaba Group Holding Ltd	ADR	01609W102	48	470	SH		DFND		470	0	0
Procter & Gamble Co/The	Common Stock	742718109	45	300	SH		DFND		300	0	0
iShares US Transportation ETF	ETP	464287192	40	175	SH		DFND		175	0	0
Home Depot Inc/The	Common Stock	437076102	35	120	SH		DFND		120	0	0
UnitedHealth Group Inc	Common Stock	91324P102	33	70	SH		DFND		70	0	0
NextEra Energy Inc	Common Stock	65339F101	32	420	SH		DFND		420	0	0
Goldman Sachs Group Inc/The	Common Stock	38141G104	24	72	SH		DFND		72	0	0
Blackstone Inc	Common Stock	09260D107	23	265	SH		DFND		265	0	0
FedEx Corp	Common Stock	31428X106	23	100	SH		DFND		100	0	0
iShares MSCI Japan ETF	ETP	46434G822	23	388	SH		DFND		388	0	0
S&P Global Inc	Common Stock	78409V104	21	62	SH		DFND		62	0	0
Invesco KBW Bank ETF	ETP	46138E628	21	501	SH		DFND		501	0	0
Viatris Inc	Common Stock	92556V106	16	1,711	SH		DFND		1,711	0	0
India Fund Inc/The	Closed-End Fund	454089103	14	900	SH		DFND		900	0	0
ETFMG Prime Mobile Payments ETF	ETP	26924G409	10	245	SH		DFND		245	0	0
JD.com Inc	ADR	47215P106	10	220	SH		DFND		220	0	0
Palo Alto Networks Inc	Common Stock	697435105	8	40	SH		DFND		40	0	0
Vanguard Consumer Discretionary ETF	ETP	92204A108	8	30	SH		DFND		30	0	0
KraneShares Bosera MSCI China A 50 Connect Index ETF	ETP	500767405	6	221	SH		DFND		221	0	0