FIRST UNITED BANK & TRUST

Filed: 1/21/2026ACC: 0001104659-26-005279

📋 What this filing means

FIRST UNITED BANK & TRUST filed this quarterly 13F‑HR report disclosing 394 equity positions with a total reported market value of $313.33M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

394

Positions

$313.33M

Total AUM (reported)

2.13M

Total Shares

Allocation by class

COM$110.16M35.2%

UNIT SER 1$21.64M6.9%

VALUE ETF$17.24M5.5%

S&P 500 ETF SHS$12.95M4.1%

GROWTH ETF$11.67M3.7%

SELECT DIVID ETF$9.19M2.9%

CORE MSCI EAFE$7.10M2.3%

Portfolio Concentration

Top 3$51.83M16.5%

4–10$59.27M18.9%

11–25$72.65M23.2%

Rest$129.58M41.4%

Top 3 weight

16.5%

Top 10 weight

35.5%

Voting Authority Distribution

Total shares with voting rights: 2.13M

Sole

Full voting authority

2.13M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole192

Shared0

Other202

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings394

Rows:

Invesco QQQ Unit Series 1

DFND

UNIT SER 1

Shares35.23K

TypeSH

Market value$21.64M

6.91%

Sole

35.23K

Shared

0.00

None

0.00

Vanguard Value ETF

DFND

VALUE ETF

Shares90.26K

TypeSH

Market value$17.24M

5.50%

Sole

90.26K

Shared

0.00

None

0.00

Vanguard Index FDS S&P 500 ETF Shs

DFND

S&P 500 ETF SHS

Shares20.65K

TypeSH

Market value$12.95M

4.13%

Sole

20.65K

Shared

0.00

None

0.00

Vanguard Growth ETF

DFND

GROWTH ETF

Shares23.93K

TypeSH

Market value$11.67M

3.73%

Sole

23.93K

Shared

0.00

None

0.00

Apple Inc Com

DFND

COM

Shares36.11K

TypeSH

Market value$9.82M

3.13%

Sole

36.11K

Shared

0.00

None

0.00

iShares Select Dividend ETF

DFND

SELECT DIVID ETF

Shares65.08K

TypeSH

Market value$9.19M

2.93%

Sole

65.08K

Shared

0.00

None

0.00

Microsoft Corp Com

DFND

COM

Shares15.36K

TypeSH

Market value$7.43M

2.37%

Sole

15.36K

Shared

0.00

None

0.00

iShares Tr Core MSCI Eafe ETF

DFND

CORE MSCI EAFE

Shares79.40K

TypeSH

Market value$7.10M

2.27%

Sole

79.40K

Shared

0.00

None

0.00

Alphabet Inc

DFND

CAP STK CL A

Shares22.59K

TypeSH

Market value$7.07M

2.26%

Sole

22.59K

Shared

0.00

None

0.00

Vanguard Mid-Cap ETF

DFND

MID CAP ETF

Shares24.09K

TypeSH

Market value$6.99M

2.23%

Sole

24.09K

Shared

0.00

None

0.00

Invesco S&P 500 Equal Weight

DFND

S&P500 EQL WGT

Shares33.91K

TypeSH

Market value$6.50M

2.07%

Sole

33.91K

Shared

0.00

None

0.00

J P Morgan Chase & Co

DFND

COM

Shares17.33K

TypeSH

Market value$5.59M

1.78%

Sole

17.33K

Shared

0.00

None

0.00

Nvidia Corp

DFND

COM

Shares28.89K

TypeSH

Market value$5.39M

1.72%

Sole

28.89K

Shared

0.00

None

0.00

Vanguard Index FDS McAp Vl Idxvip

DFND

MCAP VL IDXVIP

Shares29.50K

TypeSH

Market value$5.23M

1.67%

Sole

29.50K

Shared

0.00

None

0.00

Arista Networks Inc Ordinary Shares

DFND

COM SHS

Shares39.47K

TypeSH

Market value$5.17M

1.65%

Sole

39.47K

Shared

0.00

None

0.00

Vanguard Index FDS McAp GR Idxvip

DFND

MCAP GR IDXVIP

Shares18.51K

TypeSH

Market value$5.17M

1.65%

Sole

18.51K

Shared

0.00

None

0.00

Fideltiy Total Bond ETF

DFND

TOTAL BD ETF

Shares108.39K

TypeSH

Market value$4.99M

1.59%

Sole

108.39K

Shared

0.00

None

0.00

Invesco S&P 500 Garp ETF

DFND

S&P 500 GARP ETF

Shares42.61K

TypeSH

Market value$4.85M

1.55%

Sole

42.61K

Shared

0.00

None

0.00

iShares in Core MSCI Emerging Mkts

DFND

CORE MSCI EMKT

Shares69.25K

TypeSH

Market value$4.65M

1.49%

Sole

69.25K

Shared

0.00

None

0.00

iShares Core S&P 500 ETF

SOLE

CORE S&P500 ETF

Shares6.72K

TypeSH

Market value$4.60M

1.47%

Sole

6.72K

Shared

0.00

None

0.00

SPDR S&P 500 Index

DFND

TR UNIT

Shares6.29K

TypeSH

Market value$4.29M

1.37%

Sole

6.29K

Shared

0.00

None

0.00

Flexshares Tr Hig Yld Vl ETF

DFND

HIG YLD VL ETF

Shares104.67K

TypeSH

Market value$4.26M

1.36%

Sole

104.67K

Shared

0.00

None

0.00

Vanguard Index FDS Small CP ETF

DFND

SMALL CP ETF

Shares16.34K

TypeSH

Market value$4.22M

1.35%

Sole

16.34K

Shared

0.00

None

0.00

Flexshares Stoxx US ESG Impact Index

DFND

STOX US ESG SLCT

Shares26.15K

TypeSH

Market value$4.14M

1.32%

Sole

26.15K

Shared

0.00

None

0.00

iShares Russell 1000 Growth ETF

SOLE

RUS 1000 GRW ETF

Shares7.63K

TypeSH

Market value$3.61M

1.15%

Sole

7.63K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
Invesco QQQ Unit Series 1DFND	UNIT SER 1	35.23K	SH	$21.64M 6.91%	35.23K
Vanguard Value ETFDFND	VALUE ETF	90.26K	SH	$17.24M 5.50%	90.26K
Vanguard Index FDS S&P 500 ETF ShsDFND	S&P 500 ETF SHS	20.65K	SH	$12.95M 4.13%	20.65K
Vanguard Growth ETFDFND	GROWTH ETF	23.93K	SH	$11.67M 3.73%	23.93K
Apple Inc ComDFND	COM	36.11K	SH	$9.82M 3.13%	36.11K
iShares Select Dividend ETFDFND	SELECT DIVID ETF	65.08K	SH	$9.19M 2.93%	65.08K
Microsoft Corp ComDFND	COM	15.36K	SH	$7.43M 2.37%	15.36K
iShares Tr Core MSCI Eafe ETFDFND	CORE MSCI EAFE	79.40K	SH	$7.10M 2.27%	79.40K
Alphabet IncDFND	CAP STK CL A	22.59K	SH	$7.07M 2.26%	22.59K
Vanguard Mid-Cap ETFDFND	MID CAP ETF	24.09K	SH	$6.99M 2.23%	24.09K
Invesco S&P 500 Equal WeightDFND	S&P500 EQL WGT	33.91K	SH	$6.50M 2.07%	33.91K
J P Morgan Chase & CoDFND	COM	17.33K	SH	$5.59M 1.78%	17.33K
Nvidia CorpDFND	COM	28.89K	SH	$5.39M 1.72%	28.89K
Vanguard Index FDS McAp Vl IdxvipDFND	MCAP VL IDXVIP	29.50K	SH	$5.23M 1.67%	29.50K
Arista Networks Inc Ordinary SharesDFND	COM SHS	39.47K	SH	$5.17M 1.65%	39.47K
Vanguard Index FDS McAp GR IdxvipDFND	MCAP GR IDXVIP	18.51K	SH	$5.17M 1.65%	18.51K
Fideltiy Total Bond ETFDFND	TOTAL BD ETF	108.39K	SH	$4.99M 1.59%	108.39K
Invesco S&P 500 Garp ETFDFND	S&P 500 GARP ETF	42.61K	SH	$4.85M 1.55%	42.61K
iShares in Core MSCI Emerging MktsDFND	CORE MSCI EMKT	69.25K	SH	$4.65M 1.49%	69.25K
iShares Core S&P 500 ETFSOLE	CORE S&P500 ETF	6.72K	SH	$4.60M 1.47%	6.72K
SPDR S&P 500 IndexDFND	TR UNIT	6.29K	SH	$4.29M 1.37%	6.29K
Flexshares Tr Hig Yld Vl ETFDFND	HIG YLD VL ETF	104.67K	SH	$4.26M 1.36%	104.67K
Vanguard Index FDS Small CP ETFDFND	SMALL CP ETF	16.34K	SH	$4.22M 1.35%	16.34K
Flexshares Stoxx US ESG Impact IndexDFND	STOX US ESG SLCT	26.15K	SH	$4.14M 1.32%	26.15K
iShares Russell 1000 Growth ETFSOLE	RUS 1000 GRW ETF	7.63K	SH	$3.61M 1.15%	7.63K

Page 1 of 16

…