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	27,395	121,344	SH		DFND		121,344	0	0
iShares MSCI ACWI ETF	ETP	464288257	24,505	204,978	SH		DFND		204,978	0	0
Health Care Select Sector SPDR Fund	ETP	81369Y209	21,368	138,734	SH		DFND		138,734	0	0
Communication Services Select Sector SPDR Fund	ETP	81369Y852	16,492	182,434	SH		DFND		182,434	0	0
SPDR S&P 500 ETF Trust	ETP	78462F103	13,195	22,945	SH		DFND		22,945	0	0
Financial Select Sector SPDR Fund	ETP	81369Y605	12,667	279,498	SH		DFND		279,498	0	0
Consumer Staples Select Sector SPDR Fund	ETP	81369Y308	12,287	148,039	SH		DFND		148,039	0	0
Consumer Discretionary Select Sector SPDR Fund	ETP	81369Y407	11,323	56,509	SH		DFND		56,509	0	0
iShares MSCI Emerging Markets ex China ETF	ETP	46434G764	10,061	164,637	SH		DFND		164,637	0	0
Apple Inc	Common Stock	037833100	9,185	39,422	SH		DFND		39,422	0	0
Vanguard Financials ETF	ETP	92204A405	8,899	80,662	SH		DFND		80,662	0	0
Industrial Select Sector SPDR Fund	ETP	81369Y704	8,604	63,523	SH		DFND		63,523	0	0
WisdomTree Japan Hedged Equity Fund	ETP	97717W851	8,597	81,107	SH		DFND		81,107	0	0
Vanguard S&P 500 ETF	ETP	922908363	8,352	15,791	SH		DFND		15,791	0	0
iShares Core MSCI Emerging Markets ETF	ETP	46434G103	7,711	134,319	SH		DFND		134,319	0	0
NVIDIA Corp	Common Stock	67066G104	7,179	59,113	SH		DFND		59,113	0	0
Microsoft Corp	Common Stock	594918104	7,053	16,390	SH		DFND		16,390	0	0
Real Estate Select Sector SPDR Fund	ETP	81369Y860	6,057	135,604	SH		DFND		135,604	0	0
Materials Select Sector SPDR Fund	ETP	81369Y100	5,806	60,245	SH		DFND		60,245	0	0
iShares Global Financials ETF	ETP	464287333	5,324	56,290	SH		DFND		56,290	0	0
SPDR Dow Jones Industrial Average ETF Trust	ETP	78467X109	5,176	12,205	SH		DFND		12,205	0	0
VanEck Morningstar Wide Moat ETF	ETP	92189F643	5,153	53,151	SH		DFND		53,151	0	0
iShares Core S&P 500 ETF	ETP	464287200	5,127	8,888	SH		DFND		8,888	0	0
VanEck Semiconductor ETF	ETP	92189F676	4,541	18,501	SH		DFND		18,501	0	0
iShares Global Energy ETF	ETP	464287341	4,351	107,474	SH		DFND		107,474	0	0
Fidelity Nasdaq Composite Index ETF	ETP	315912808	4,136	57,760	SH		DFND		57,760	0	0
Utilities Select Sector SPDR Fund	ETP	81369Y886	3,971	49,163	SH		DFND		49,163	0	0
Invesco QQQ Trust Series 1	ETP	46090E103	3,673	7,518	SH		DFND		7,518	0	0
Vanguard High Dividend Yield ETF	ETP	921946406	3,788	29,545	SH		DFND		29,545	0	0
Energy Select Sector SPDR Fund	ETP	81369Y506	3,408	38,819	SH		DFND		38,819	0	0
Micron Technology Inc	Common Stock	595112103	2,892	27,882	SH		DFND		27,882	0	0
Amazon.com Inc	Common Stock	023135106	2,611	14,014	SH		DFND		14,014	0	0
Alphabet Inc	Common Stock	02079K305	2,468	14,879	SH		DFND		14,879	0	0
Vanguard Information Technology ETF	ETP	92204A702	2,493	4,246	SH		DFND		4,246	0	0
iShares U.S. Technology ETF	ETP	464287721	2,461	16,230	SH		DFND		16,230	0	0
First Trust NASDAQ Technology Dividend Index Fund	ETP	33738R118	2,456	30,589	SH		DFND		30,589	0	0
First Trust NASDAQ-100 Technology Index Fund	ETP	337345102	2,364	12,356	SH		DFND		12,356	0	0
Invesco S&P 500 High Beta ETF	ETP	46138E370	2,322	26,021	SH		DFND		26,021	0	0
JPMorgan US Quality Factor ETF	ETP	46641Q761	2,249	39,764	SH		DFND		39,764	0	0
Snowflake Inc	Common Stock	833445109	2,246	19,552	SH		DFND		19,552	0	0
iShares U.S. Aerospace & Defense ETF	ETP	464288760	2,163	14,456	SH		DFND		14,456	0	0
Uber Technologies Inc	Common Stock	90353T100	2,127	28,304	SH		DFND		28,304	0	0
Vanguard S&P 500 Growth ETF	ETP	921932505	1,912	5,531	SH		DFND		5,531	0	0
iShares Global Healthcare ETF	ETP	464287325	1,810	18,437	SH		DFND		18,437	0	0
Sunrun Inc	Common Stock	86771W105	1,573	87,091	SH		DFND		87,091	0	0
iShares Russell 2000 ETF	ETP	464287655	1,327	6,008	SH		DFND		6,008	0	0
Mobileye Global Inc	Common Stock	60741F104	1,165	85,057	SH		DFND		85,057	0	0
iShares Expanded Tech Sector ETF	ETP	464287549	1,135	11,826	SH		DFND		11,826	0	0
Bank of America Corp	Common Stock	060505104	1,013	25,519	SH		DFND		25,519	0	0
First Trust Dow Jones Internet Index Fund	ETP	33733E302	1,008	4,758	SH		DFND		4,758	0	0
SPDR Portfolio S&P 500 Growth ETF	ETP	78464A409	1,005	12,122	SH		DFND		12,122	0	0
American Tower Corp	REIT	03027X100	853	3,668	SH		DFND		3,668	0	0
Invesco S&P SmallCap 600 Pure Value ETF	ETP	46137V167	768	7,023	SH		DFND		7,023	0	0
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Value ETF	ETP	46137V258	648	7,293	SH		DFND		7,293	0	0
iShares MSCI Taiwan ETF	ETP	46434G772	579	10,752	SH		DFND		10,752	0	0
Vanguard Health Care ETF	ETP	92204A504	527	1,863	SH		DFND		1,863	0	0
iShares MSCI South Korea ETF	ETP	464286772	474	7,408	SH		DFND		7,408	0	0
Invesco S&P MidCap Quality ETF	ETP	46137V472	383	3,730	SH		DFND		3,730	0	0
Global X Cybersecurity ETF	ETP	37954Y384	315	10,169	SH		DFND		10,169	0	0
iShares Expanded Tech-Software Sector ETF	ETP	464287515	217	2,425	SH		DFND		2,425	0	0
Invesco S&P Emerging Markets Low Volatility ETF	ETP	46138E297	90	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	14	300	SH		DFND		300	0	0