Capital One Multi-asset Execution Trust, Card Series, Class A(2026-4)
PRELIMINARY · CLOSED —
Series Notes
$500.0MM
Trust Balance
$23,295.6MM
Min Seller’s Interest
5.0%
Senior Class Min Sub
0.0%
Sponsor: Capital One, National Association ·
Servicer: Capital One, National Association ·
Trustee: General
Capital Structure
Class
Size ($MM)
% of Notes
Total CE
CPN / Spread
WAL
Legal Final
S&P
Fitch
Class A(2026-4)
500.0
100.0%
21.0%
—
—
2033-09-15
AAA
AAA
Transaction Parties
Sponsor
Capital One, National Association
Servicer
Capital One, National Association
Depositor / Transferor
Capital One Funding, LLC
Indenture Trustee
The Bank of New York Mellon
Owner Trustee
Deutsche Bank Trust Company Delaware
Asset Rep. Reviewer
Clayton Fixed Income Services LLC
Underwriters
J.P. Morgan Securities, Morgan Stanley, Scotia Capital
Issuer Track Record
Series
Closed
Size
MPR at close
Net CO at close
Excess Spread at close
Capital One Multi-asset Execution Trust, Class A(2026-2) Card Series Notes
2026-07-16
$1,600.0MM
48.4%
1.92%
—
Capital One Multi-asset Execution Trust - Class A(2026-1) Card series Notes
2026-07-16
$2,250.0MM
48.4%
1.92%
—
Capital One Multi-asset Execution Trust Class A(2025-3)
2025-10-31
$1,000.0MM
46.4%
2.34%
—
Capital One Multi-asset Execution Trust Class A(2025-2)
2025-09-16
$750.0MM
45.9%
2.53%
—
Capital One Multi-asset Execution Trust Class A(2025-1)
2025-09-16
$750.0MM
45.9%
2.53%
—
Peer Set
Trust
Most-Recent
Size
Class A CPN/Spread
Min Seller
Class A Total CE
Exp→Legal
Structure
MPR
Net CO
Excess Spread
AmEx
2026-09-22
$1,250.0MM
4.99% fxd
7.0%
12.5%
24 mo
Linked
50.0%
0.95%
26.3%
Synchrony
2026-08-12
$1,000.0MM
4.69% fxd
5.0%
20.0%
36 mo
De-linked
25.3%
4.11%
16.6%
Chase
2026-05-28
$1,250.0MM
4.40% fxd
5.0%
14.0%
24 mo
De-linked
51.0%
1.68%
16.8%
First Nat'l (Omaha)
2026-05-28
$641.0MM
4.61% fxd
7.0%
22.0%
24 mo
De-linked
32.3%
—
12.6%
BofA
2026-05-14
$1,500.0MM
4.22% fxd
4.0%
29.5%
24 mo
De-linked
27.4%
2.39%
11.5%
Trust Subordination Comps
How to read this for de-linked trusts. Most credit card master trusts are de-linked, meaning Class A, B and C don’t need to be co-issued — they may have been issued in different series across multiple years, or held by the seller as required retained tranches. The figures below are the required minimum subordination the indenture mandates remain outstanding to support each class’s rating, NOT the cap stack of the subject series’ new issuance.
Trust
Structure
Class A
Class B
Class C
Retained First-Loss
Min Seller
Size
CE
Size
CE
Size
CE
Size
Indenture Name
AmEx
Linked
87.50%
12.50%
3.75%
8.75%
—
—
8.75%
Collateral Interest
7.0%
Barclays
De-linked
82.00%
18.00%
18.00%
0.00%
—
—
—
none
6.0%
BofA
De-linked
70.48%
29.52%
10.07%
19.45%
8.95%
10.50%
10.50%
Class D Req’d Investor Interest
4.0%
Cap One
De-linked
79.01%
20.99%
9.00%
11.99%
8.99%
3.00%
—
none
5.0%
Chase
De-linked
86.00%
14.00%
7.00%
7.00%
7.00%
0.00%
—
none
5.0%
Citi
De-linked
88.10%
11.90%
5.27%
6.63%
6.63%
0.00%
—
none
—
Comenity (WFN)
De-linked
73.00%
27.00%
6.50%
20.50%
3.75%
16.75%
16.75%
Required Excess Collateral
—
First Nat'l (Omaha)
De-linked
78.00%
22.00%
10.50%
11.50%
11.50%
0.00%
—
none
7.0%
Synchrony
De-linked
80.00%
20.00%
6.00%
14.00%
9.00%
5.00%
—
none
5.0%
Wells Fargo
De-linked
80.00%
20.00%
10.00%
10.00%
6.50%
3.50%
—
none
5.0%
Size and CE both expressed as % of total invested amount. CE for each class equals the cumulative subordination + retained first-loss positioned below it. Class B / C reflect seniority position, so for trusts with non-standard naming (WFN A / M / B), the row maps the position to the column header. The Retained First-Loss column captures the unrated piece each trust requires the seller to hold — its indenture name varies and is shown alongside the size.
Trust Performance Comps
Cap One master trust (red, bold) vs. peer master trusts. Window: 36 months ending 2026-09-28 — point-in-time view at the subject’s issuance. For current trust performance, see the live Credit Card ABS — Trust Performance page.