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
Technology Select Sector SPDR Fund	ETP	81369Y803	25,545	122,655	SH		DFND		122,655	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	22,324	151,112	SH		DFND		151,112	0	0
iShares MSCI ACWI ETF	ETP	464288257	18,219	165,430	SH		DFND		165,430	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	15,279	187,110	SH		DFND		187,110	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	12,127	111,769	SH		DFND		111,769	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	11,794	22,497	SH		DFND		22,497	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	10,807	58,769	SH		DFND		58,769	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	10,525	249,871	SH		DFND		249,871	0	0
Vanguard Financials ETF	ETP	92204A405	9,433	92,129	SH		DFND		92,129	0	0
iShares MSCI Emerging Markets ex China ETF	ETP	46434G764	9,300	161,544	SH		DFND		161,544	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	8,962	117,360	SH		DFND		117,360	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	8,347	66,264	SH		DFND		66,264	0	0
Microsoft Corp	Common Stock	594918104	7,124	16,932	SH		DFND		16,932	0	0
Apple Inc	Common Stock	037833100	6,967	40,631	SH		DFND		40,631	0	0
Vanguard S&P 500 ETF	ETP	922908363	6,682	13,900	SH		DFND		13,900	0	0
NVIDIA Corp	Common Stock	67066G104	6,460	7,149	SH		DFND		7,149	0	0
iShares Global Financials ETF	ETP	464287333	5,056	58,355	SH		DFND		58,355	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	4,866	12,213	SH		DFND		12,213	0	0
iShares Global Energy ETF	ETP	464287341	4,783	111,368	SH		DFND		111,368	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	4,743	119,987	SH		DFND		119,987	0	0
VanEck Morningstar Wide Moat ETF	ETP	92189F643	4,636	51,564	SH		DFND		51,564	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	4,600	49,526	SH		DFND		49,526	0	0
VanEck Semiconductor ETF	ETP	92189F676	4,301	19,117	SH		DFND		19,117	0	0
iShares Core MSCI Emerging Markets ETF	ETP	46434G103	4,159	80,610	SH		DFND		80,610	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	3,786	40,106	SH		DFND		40,106	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	3,720	57,760	SH		DFND		57,760	0	0
Vanguard High Dividend Yield ETF	ETP	921946406	3,692	30,513	SH		DFND		30,513	0	0
iShares Core S&P 500 ETF	ETP	464287200	3,652	6,947	SH		DFND		6,947	0	0
iShares Russell 2000 ETF	ETP	464287655	3,585	17,047	SH		DFND		17,047	0	0
Uber Technologies Inc	Common Stock	90353T100	3,315	43,063	SH		DFND		43,063	0	0
Micron Technology Inc	Common Stock	595112103	3,226	27,355	SH		DFND		27,355	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	2,889	6,500	SH		DFND		6,500	0	0
Amazon.com Inc	Common Stock	023135106	2,619	14,518	SH		DFND		14,518	0	0
Snowflake Inc	Common Stock	833445109	2,486	15,383	SH		DFND		15,383	0	0
Thor Industries Inc	Common Stock	885160101	2,448	20,865	SH		DFND		20,865	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	2,356	12,356	SH		DFND		12,356	0	0
Alphabet Inc	Common Stock	02079K305	2,325	15,407	SH		DFND		15,407	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	2,283	26,021	SH		DFND		26,021	0	0
Mobileye Global Inc	Common Stock	60741F104	2,258	70,219	SH		DFND		70,219	0	0
Vanguard Information Technology ETF	ETP	92204A702	2,226	4,246	SH		DFND		4,246	0	0
iShares U.S. Technology ETF	ETP	464287721	2,192	16,230	SH		DFND		16,230	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	2,131	30,589	SH		DFND		30,589	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	2,102	39,764	SH		DFND		39,764	0	0
iShares U.S. Aerospace & Defense ETF	ETP	464288760	1,977	14,983	SH		DFND		14,983	0	0
US Global Jets ETF	ETP	26922A842	1,848	87,976	SH		DFND		87,976	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	1,832	27,902	SH		DFND		27,902	0	0
iShares Global Healthcare ETF	ETP	464287325	1,780	19,109	SH		DFND		19,109	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	1,719	5,641	SH		DFND		5,641	0	0
Sunrun Inc	Common Stock	86771W105	1,677	127,238	SH		DFND		127,238	0	0
iShares MSCI Global Metals & Mining Producers ETF	ETP	46434G848	1,362	32,665	SH		DFND		32,665	0	0
iShares Expanded Tech Sector ETF	ETP	464287549	1,019	11,826	SH		DFND		11,826	0	0
Bank of America Corp	Common Stock	060505104	1,003	26,452	SH		DFND		26,452	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	976	4,758	SH		DFND		4,758	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	887	12,122	SH		DFND		12,122	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	755	7,023	SH		DFND		7,023	0	0
American Tower Corp	REIT	03027X100	751	3,802	SH		DFND		3,802	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	645	7,293	SH		DFND		7,293	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	542	11,136	SH		DFND		11,136	0	0
iShares MSCI South Korea ETF	ETP	464286772	515	7,674	SH		DFND		7,674	0	0
Vanguard Health Care ETF	ETP	92204A504	509	1,880	SH		DFND		1,880	0	0
Global X Cybersecurity ETF	ETP	37954Y384	303	10,169	SH		DFND		10,169	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	207	2,425	SH		DFND		2,425	0	0
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund	ETP	97717X578	64	2,165	SH		DFND		2,165	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	51	1,060	SH		DFND		1,060	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	24	1,000	SH		DFND		1,000	0	0
Vanguard FTSE Emerging Markets ETF	ETP	922042858	13	300	SH		DFND		300	0	0