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
Technology Select Sector SPDR Fund	ETP	81369Y803	18,446	112,522	SH		DFND		112,522	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	13,717	106,550	SH		DFND		106,550	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	13,489	83,794	SH		DFND		83,794	0	0
iShares MSCI ACWI ETF	ETP	464288257	13,469	145,813	SH		DFND		145,813	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	9,623	146,755	SH		DFND		146,755	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	8,794	86,746	SH		DFND		86,746	0	0
Apple Inc	Common Stock	037833100	8,786	51,317	SH		DFND		51,317	0	0
Uber Technologies Inc	Common Stock	90353T100	6,934	150,776	SH		DFND		150,776	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	6,865	77,787	SH		DFND		77,787	0	0
Vanguard Financials ETF	ETP	92204A405	6,742	83,743	SH		DFND		83,743	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	5,546	162,787	SH		DFND		162,787	0	0
Vanguard S&P 500 ETF	ETP	922908363	5,513	14,038	SH		DFND		14,038	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	5,391	59,644	SH		DFND		59,644	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	5,237	12,216	SH		DFND		12,216	0	0
Microsoft Corp	Common Stock	594918104	5,143	16,288	SH		DFND		16,288	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	4,575	66,487	SH		DFND		66,487	0	0
iShares Global Energy ETF	ETP	464287341	4,485	108,710	SH		DFND		108,710	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	4,356	12,141	SH		DFND		12,141	0	0
VanEck Morningstar Wide Moat ETF	ETP	92189F643	4,341	57,243	SH		DFND		57,243	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	3,736	47,563	SH		DFND		47,563	0	0
iShares MSCI Emerging Markets ex China ETF	ETP	46434G764	3,720	74,646	SH		DFND		74,646	0	0
iShares Global Financials ETF	ETP	464287333	3,525	50,033	SH		DFND		50,033	0	0
iShares Core S&P 500 ETF	ETP	464287200	3,128	7,260	SH		DFND		7,260	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	3,067	43,756	SH		DFND		43,756	0	0
NVIDIA Corp	Common Stock	67066G104	3,035	6,977	SH		DFND		6,977	0	0
iShares Global Healthcare ETF	ETP	464287325	3,032	36,790	SH		DFND		36,790	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	3,003	57,760	SH		DFND		57,760	0	0
Micron Technology Inc	Common Stock	595112103	2,955	43,431	SH		DFND		43,431	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	2,938	130,580	SH		DFND		130,580	0	0
Mobileye Global Inc	Common Stock	60741F104	2,938	70,701	SH		DFND		70,701	0	0
Thor Industries Inc	Common Stock	885160101	2,913	30,619	SH		DFND		30,619	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	2,881	8,443	SH		DFND		8,443	0	0
Invesco S&P 500 Low Volatility ETF	ETP	46138E354	1,969	33,495	SH		DFND		33,495	0	0
Vanguard Information Technology ETF	ETP	92204A702	1,931	4,654	SH		DFND		4,654	0	0
VanEck Semiconductor ETF	ETP	92189F676	1,891	13,045	SH		DFND		13,045	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	1,742	31,059	SH		DFND		31,059	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	1,721	39,764	SH		DFND		39,764	0	0
iShares US Technology ETF	ETP	464287721	1,704	16,230	SH		DFND		16,230	0	0
Amazon.com Inc	Common Stock	023135106	1,693	13,320	SH		DFND		13,320	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	1,614	27,387	SH		DFND		27,387	0	0
Sunrun Inc	Common Stock	86771W105	1,556	123,923	SH		DFND		123,923	0	0
Alphabet Inc	Common Stock	02079K305	1,528	11,675	SH		DFND		11,675	0	0
SPDR S&P Semiconductor ETF	ETP	78464A862	1,503	7,670	SH		DFND		7,670	0	0
iShares Core MSCI Emerging Markets ETF	ETP	46434G103	1,501	31,541	SH		DFND		31,541	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	1,493	10,280	SH		DFND		10,280	0	0
iShares Core High Dividend ETF	ETP	46429B663	1,488	14,925	SH		DFND		14,925	0	0
iShares US Aerospace & Defense ETF	ETP	464288760	1,484	13,980	SH		DFND		13,980	0	0
PayPal Holdings Inc	Common Stock	70450Y103	1,467	25,093	SH		DFND		25,093	0	0
US Global Jets ETF	ETP	26922A842	1,436	84,336	SH		DFND		84,336	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	1,392	5,641	SH		DFND		5,641	0	0
iShares MSCI Global Metals & Mining Producers ETF	ETP	46434G848	1,300	32,690	SH		DFND		32,690	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	1,142	19,272	SH		DFND		19,272	0	0
KraneShares CSI China Internet ETF	ETP	500767306	1,065	38,904	SH		DFND		38,904	0	0
iShares U.S. Medical Devices ETF	ETP	464288810	923	18,991	SH		DFND		18,991	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	819	24,703	SH		DFND		24,703	0	0
iShares Russell 2000 ETF	ETP	464287655	764	4,308	SH		DFND		4,308	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	759	4,758	SH		DFND		4,758	0	0
SkyWest Inc	Common Stock	830879102	727	17,328	SH		DFND		17,328	0	0
Bank of America Corp	Common Stock	060505104	698	25,503	SH		DFND		25,503	0	0
iShares MSCI Emerging Markets ETF	ETP	464287234	675	17,794	SH		DFND		17,794	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	640	16,212	SH		DFND		16,212	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	640	7,023	SH		DFND		7,023	0	0
iShares Expanded Tech Sector ETF	ETP	464287549	635	1,661	SH		DFND		1,661	0	0
American Tower Corp	REIT	03027X100	630	3,830	SH		DFND		3,830	0	0
SolarEdge Technologies Inc	Common Stock	83417M104	547	4,227	SH		DFND		4,227	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	543	12,199	SH		DFND		12,199	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	537	7,293	SH		DFND		7,293	0	0
SPDR S&P Insurance ETF	ETP	78464A789	526	12,370	SH		DFND		12,370	0	0
iShares MSCI South Korea ETF	ETP	464286772	443	7,521	SH		DFND		7,521	0	0
Alphabet Inc	Common Stock	02079K107	399	3,025	SH		DFND		3,025	0	0
Global X Cybersecurity ETF	ETP	37954Y384	260	10,689	SH		DFND		10,689	0	0
Franklin U.S. Low Volatility ETF	ETP	35473P504	211	4,440	SH		DFND		4,440	0	0
iShares MSCI USA Quality Factor ETF	ETP	46432F339	134	1,015	SH		DFND		1,015	0	0
iShares U.S. Oil & Gas Exploration & Production ETF	ETP	464288851	121	1,240	SH		DFND		1,240	0	0
SPDR S&P Homebuilders ETF	ETP	78464A888	74	972	SH		DFND		972	0	0
iShares U.S. Broker-Dealers & Securities Exchanges ETF	ETP	464288794	73	800	SH		DFND		800	0	0
SPDR S&P Aerospace & Defense ETF	ETP	78464A631	71	630	SH		DFND		630	0	0
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund	ETP	97717X578	58	2,165	SH		DFND		2,165	0	0
iShares US Transportation ETF	ETP	464287192	41	175	SH		DFND		175	0	0
iShares MSCI Japan ETF	ETP	46434G822	23	388	SH		DFND		388	0	0
Invesco KBW Bank ETF	ETP	46138E628	20	501	SH		DFND		501	0	0
Viatris Inc	Common Stock	92556V106	17	1,711	SH		DFND		1,711	0	0
India Fund Inc/The	Closed-End Fund	454089103	16	900	SH		DFND		900	0	0
Vanguard FTSE Emerging Markets ETF	ETP	922042858	12	300	SH		DFND		300	0	0
ETFMG Prime Mobile Payments ETF	ETP	26924G409	7	183	SH		DFND		183	0	0