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	26,250	116,031	SH		DFND		116,031	0	0
iShares MSCI ACWI ETF	ETP	464288257	20,909	186,026	SH		DFND		186,026	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	20,268	139,063	SH		DFND		139,063	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	15,549	181,522	SH		DFND		181,522	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	12,308	109,098	SH		DFND		109,098	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	12,272	22,496	SH		DFND		22,496	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	11,514	280,078	SH		DFND		280,078	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	10,331	56,638	SH		DFND		56,638	0	0
Vanguard Financials ETF	ETP	92204A405	8,929	89,092	SH		DFND		89,092	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	8,683	113,388	SH		DFND		113,388	0	0
NVIDIA Corp	Common Stock	67066G104	8,559	69,281	SH		DFND		69,281	0	0
Apple Inc	Common Stock	037833100	8,320	39,503	SH		DFND		39,503	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	7,759	63,670	SH		DFND		63,670	0	0
Microsoft Corp	Common Stock	594918104	7,342	16,426	SH		DFND		16,426	0	0
Vanguard S&P 500 ETF	ETP	922908363	7,155	14,268	SH		DFND		14,268	0	0
iShares MSCI Emerging Markets ex China ETF	ETP	46434G764	6,944	117,302	SH		DFND		117,302	0	0
VanEck Semiconductor ETF	ETP	92189F676	4,826	18,510	SH		DFND		18,510	0	0
iShares Global Financials ETF	ETP	464287333	4,800	56,418	SH		DFND		56,418	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	4,734	12,083	SH		DFND		12,083	0	0
VanEck Morningstar Wide Moat ETF	ETP	92189F643	4,505	52,014	SH		DFND		52,014	0	0
iShares Global Energy ETF	ETP	464287341	4,472	107,722	SH		DFND		107,722	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	4,465	116,233	SH		DFND		116,233	0	0
iShares Core MSCI Emerging Markets ETF	ETP	46434G103	4,317	80,651	SH		DFND		80,651	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	4,141	46,894	SH		DFND		46,894	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	4,039	57,760	SH		DFND		57,760	0	0
iShares Core S&P 500 ETF	ETP	464287200	4,025	7,356	SH		DFND		7,356	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	3,607	7,519	SH		DFND		7,519	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	3,546	38,899	SH		DFND		38,899	0	0
Vanguard High Dividend Yield ETF	ETP	921946406	3,511	29,606	SH		DFND		29,606	0	0
Micron Technology Inc	Common Stock	595112103	3,502	26,624	SH		DFND		26,624	0	0
iShares Russell 2000 ETF	ETP	464287655	3,374	16,631	SH		DFND		16,631	0	0
Uber Technologies Inc	Common Stock	90353T100	3,039	41,812	SH		DFND		41,812	0	0
Alphabet Inc	Common Stock	02079K305	2,716	14,912	SH		DFND		14,912	0	0
Amazon.com Inc	Common Stock	023135106	2,714	14,045	SH		DFND		14,045	0	0
Vanguard Information Technology ETF	ETP	92204A702	2,451	4,246	SH		DFND		4,246	0	0
iShares U.S. Technology ETF	ETP	464287721	2,443	16,230	SH		DFND		16,230	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	2,440	12,356	SH		DFND		12,356	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	2,314	30,589	SH		DFND		30,589	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	2,197	26,021	SH		DFND		26,021	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	2,106	39,764	SH		DFND		39,764	0	0
Snowflake Inc	Common Stock	833445109	2,030	15,030	SH		DFND		15,030	0	0
Mobileye Global Inc	Common Stock	60741F104	1,924	68,492	SH		DFND		68,492	0	0
iShares U.S. Aerospace & Defense ETF	ETP	464288760	1,913	14,489	SH		DFND		14,489	0	0
Thor Industries Inc	Common Stock	885160101	1,900	20,327	SH		DFND		20,327	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	1,846	5,531	SH		DFND		5,531	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	1,839	26,985	SH		DFND		26,985	0	0
iShares Global Healthcare ETF	ETP	464287325	1,716	18,479	SH		DFND		18,479	0	0
US Global Jets ETF	ETP	26922A842	1,684	85,675	SH		DFND		85,675	0	0
Sunrun Inc	Common Stock	86771W105	1,477	124,538	SH		DFND		124,538	0	0
iShares MSCI Global Metals & Mining Producers ETF	ETP	46434G848	1,290	31,595	SH		DFND		31,595	0	0
iShares Expanded Tech Sector ETF	ETP	464287549	1,115	11,826	SH		DFND		11,826	0	0
Bank of America Corp	Common Stock	060505104	1,017	25,577	SH		DFND		25,577	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	975	4,758	SH		DFND		4,758	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	971	12,122	SH		DFND		12,122	0	0
American Tower Corp	REIT	03027X100	719	3,675	SH		DFND		3,675	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	697	7,023	SH		DFND		7,023	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	608	7,293	SH		DFND		7,293	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	584	10,776	SH		DFND		10,776	0	0
Vanguard Health Care ETF	ETP	92204A504	497	1,863	SH		DFND		1,863	0	0
iShares MSCI South Korea ETF	ETP	464286772	491	7,425	SH		DFND		7,425	0	0
Invesco S&P MidCap Quality ETF	ETP	46137V472	362	3,730	SH		DFND		3,730	0	0
Global X Cybersecurity ETF	ETP	37954Y384	301	10,169	SH		DFND		10,169	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	211	2,425	SH		DFND		2,425	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	81	3,447	SH		DFND		3,447	0	0
WisdomTree Europe Hedged Equity Fund	ETP	97717X701	48	1,060	SH		DFND		1,060	0	0
Vanguard FTSE Emerging Markets ETF	ETP	922042858	13	300	SH		DFND		300	0	0