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	26,227	257,706	SH		DFND		257,706	0	0
Technology Select Sector SPDR Fund	ETP	81369Y803	21,854	113,539	SH		DFND		113,539	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	14,983	83,794	SH		DFND		83,794	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	14,553	106,550	SH		DFND		106,550	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	10,663	146,755	SH		DFND		146,755	0	0
Apple Inc	Common Stock	037833100	10,002	51,949	SH		DFND		51,949	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	9,888	86,746	SH		DFND		86,746	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	9,292	105,613	SH		DFND		105,613	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	8,969	18,813	SH		DFND		18,813	0	0
iShares MSCI Emerging Markets ex China ETF	ETP	46434G764	8,863	159,951	SH		DFND		159,951	0	0
Vanguard Financials ETF	ETP	92204A405	7,726	83,743	SH		DFND		83,743	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	6,521	162,787	SH		DFND		162,787	0	0
Vanguard S&P 500 ETF	ETP	922908363	6,291	14,403	SH		DFND		14,403	0	0
Microsoft Corp	Common Stock	594918104	6,125	16,288	SH		DFND		16,288	0	0
VanEck Morningstar Wide Moat ETF	ETP	92189F643	5,542	65,301	SH		DFND		65,301	0	0
Uber Technologies Inc	Common Stock	90353T100	5,321	86,429	SH		DFND		86,429	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	5,001	59,644	SH		DFND		59,644	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	4,789	66,487	SH		DFND		66,487	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	4,357	10,633	SH		DFND		10,633	0	0
iShares Global Energy ETF	ETP	464287341	4,252	108,710	SH		DFND		108,710	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	4,069	47,563	SH		DFND		47,563	0	0
iShares Global Financials ETF	ETP	464287333	3,932	50,033	SH		DFND		50,033	0	0
iShares Core MSCI Emerging Markets ETF	ETP	46434G103	3,737	73,891	SH		DFND		73,891	0	0
Micron Technology Inc	Common Stock	595112103	3,671	42,998	SH		DFND		42,998	0	0
Thor Industries Inc	Common Stock	885160101	3,569	30,092	SH		DFND		30,092	0	0
NVIDIA Corp	Common Stock	67066G104	3,455	6,977	SH		DFND		6,977	0	0
iShares Russell 2000 ETF	ETP	464287655	3,426	17,068	SH		DFND		17,068	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	3,422	57,760	SH		DFND		57,760	0	0
iShares Core S&P 500 ETF	ETP	464287200	3,156	6,608	SH		DFND		6,608	0	0
Mobileye Global Inc	Common Stock	60741F104	3,117	71,947	SH		DFND		71,947	0	0
Vanguard High Dividend Yield ETF	ETP	921946406	2,995	26,833	SH		DFND		26,833	0	0
Sunrun Inc	Common Stock	86771W105	2,529	128,823	SH		DFND		128,823	0	0
VanEck Semiconductor ETF	ETP	92189F676	2,281	13,045	SH		DFND		13,045	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	2,168	12,356	SH		DFND		12,356	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	2,144	26,021	SH		DFND		26,021	0	0
Vanguard Information Technology ETF	ETP	92204A702	2,055	4,246	SH		DFND		4,246	0	0
Amazon.com Inc	Common Stock	023135106	2,024	13,320	SH		DFND		13,320	0	0
iShares U.S. Technology ETF	ETP	464287721	1,992	16,230	SH		DFND		16,230	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	1,960	30,589	SH		DFND		30,589	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	1,903	39,764	SH		DFND		39,764	0	0
iShares U.S. Aerospace & Defense ETF	ETP	464288760	1,770	13,980	SH		DFND		13,980	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	1,734	27,387	SH		DFND		27,387	0	0
SPDR S&P Semiconductor ETF	ETP	78464A862	1,724	7,670	SH		DFND		7,670	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	1,642	4,357	SH		DFND		4,357	0	0
Alphabet Inc	Common Stock	02079K305	1,631	11,675	SH		DFND		11,675	0	0
PayPal Holdings Inc	Common Stock	70450Y103	1,621	26,398	SH		DFND		26,398	0	0
US Global Jets ETF	ETP	26922A842	1,605	84,336	SH		DFND		84,336	0	0
iShares Global Healthcare ETF	ETP	464287325	1,595	18,395	SH		DFND		18,395	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	1,528	5,641	SH		DFND		5,641	0	0
iShares MSCI Global Metals & Mining Producers ETF	ETP	46434G848	1,408	32,690	SH		DFND		32,690	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	929	24,703	SH		DFND		24,703	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	888	4,758	SH		DFND		4,758	0	0
iShares Expanded Tech Sector ETF	ETP	464287549	883	1,971	SH		DFND		1,971	0	0
Bank of America Corp	Common Stock	060505104	859	25,503	SH		DFND		25,503	0	0
American Tower Corp	REIT	03027X100	832	3,830	SH		DFND		3,830	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	789	12,122	SH		DFND		12,122	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	753	7,023	SH		DFND		7,023	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	695	16,212	SH		DFND		16,212	0	0
SkyWest Inc	Common Stock	830879102	692	13,252	SH		DFND		13,252	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	599	7,293	SH		DFND		7,293	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	562	12,199	SH		DFND		12,199	0	0
iShares MSCI South Korea ETF	ETP	464286772	493	7,521	SH		DFND		7,521	0	0
Alphabet Inc	Common Stock	02079K107	426	3,025	SH		DFND		3,025	0	0
Global X Cybersecurity ETF	ETP	37954Y384	298	10,169	SH		DFND		10,169	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	197	485	SH		DFND		485	0	0
iShares MSCI USA Quality Factor ETF	ETP	46432F339	149	1,015	SH		DFND		1,015	0	0
SPDR S&P Homebuilders ETF	ETP	78464A888	93	972	SH		DFND		972	0	0
SPDR S&P Aerospace & Defense ETF	ETP	78464A631	85	630	SH		DFND		630	0	0
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund	ETP	97717X578	63	2,165	SH		DFND		2,165	0	0
Invesco KBW Bank ETF	ETP	46138E628	25	501	SH		DFND		501	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	24	1,000	SH		DFND		1,000	0	0
India Fund Inc/The	Closed-End Fund	454089103	17	900	SH		DFND		900	0	0
Vanguard FTSE Emerging Markets ETF	ETP	922042858	12	300	SH		DFND		300	0	0
Udemy Inc	Common Stock	902685106	1	70	SH		DFND		70	0	0