# EDGAR Filing Document

**Accession Number:** 0001163321
**File Stem:** 0001193125-25-196220
**Filing Date:** 2025-9
**Character Count:** 5724
**Document Hash:** 7a6cec02cae91c13bb5f9ea27159f34f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196220.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196220

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL ONE MULTI ASSET EXECUTION TRUST
- **CENTRAL INDEX KEY:** 0001163321
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285591-01
- **FILM NUMBER:** 251294204

**BUSINESS ADDRESS:**
- **STREET 1:** BANKERS TRUST DELAWARE
- **STREET 2:** E A DELLE DONNE CORP CTR 1011 CENTRE RD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19805-1266
- **BUSINESS PHONE:** 3026363382

**MAIL ADDRESS:**
- **STREET 1:** BANKERS TRUST DELAWARE
- **STREET 2:** E A DELLE DONNE CORP CTR 1011 CENTRE RD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19805-1266

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE MULTIPLE ISSUANCE TRUST
- **DATE OF NAME CHANGE:** 20011207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE UNIVERSAL NOTE TRUST
- **DATE OF NAME CHANGE:** 20011206
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL ONE MULTI ASSET EXECUTION TRUST
- **CENTRAL INDEX KEY:** 0001163321
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** BANKERS TRUST DELAWARE
- **STREET 2:** E A DELLE DONNE CORP CTR 1011 CENTRE RD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19805-1266
- **BUSINESS PHONE:** 3026363382

**MAIL ADDRESS:**
- **STREET 1:** BANKERS TRUST DELAWARE
- **STREET 2:** E A DELLE DONNE CORP CTR 1011 CENTRE RD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19805-1266

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE MULTIPLE ISSUANCE TRUST
- **DATE OF NAME CHANGE:** 20011207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL ONE UNIVERSAL NOTE TRUST
- **DATE OF NAME CHANGE:** 20011206

Filed Pursuant to Rule 433

Registration Nos. 333-285591,

333-285591-01 and 333-285591-02

**Free Writing Prospectus dated September 4, 2025**![LOGO](g90749g18g48.jpg)

***Class A(2025-1) Card series Notes***

***Capital One, National Association***

Sponsor, Servicer and Originator of Assets

***Capital One Funding, LLC***

Depositor and Transferor

***Capital One Multi-asset Execution Trust***

Issuing Entity

The transferor has prepared a preliminary prospectus dated September 4, 2025 that describes the Class A(2025-1) notes to be issued by the issuing entity. You should review the preliminary prospectus in its entirety before deciding to purchase any of the Class A(2025-1) notes.

**Ratings** 

The issuing entity will issue the Class A(2025-1) notes only if they are rated by the following nationally recognized statistical rating organizations as follows:

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| | |
|:---|:---|
| **S&P Global Ratings** | AAA (sf)\* |
| **Fitch Ratings, Inc.**<br>| AAAsf\* |

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A rating addresses the likelihood of the payment of interest on a note when due and the ultimate payment of principal of that note by its legal maturity date. A rating does not address the likelihood of payment of principal of a note on its expected principal payment date. In addition, a rating does not address the possibility of an early payment or acceleration of a note, which could be caused by an early redemption event or an event of default. A rating is not a recommendation to buy, sell or hold notes and may be subject to revision or withdrawal at any time by the assigning rating agency. A rating is based on each rating agency's independent evaluation of the receivables and the availability of any credit enhancement for the notes. A rating, or a change or withdrawal of a rating, by one rating agency will not necessarily correspond to a rating, or a change or withdrawal of a rating, from any other rating agency. If any of the ratings of these Class A(2025-1) notes changes, Class A(2025-1) noteholders will not be so notified by Capital One, National Association, Capital One Funding, LLC or Capital One Multi-asset Execution Trust.

*Underwriters* 

*Joint Bookrunners* 

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| | | | |
|:---|:---|:---|:---|
| **Barclays** | **BofA Securities** | **Scotiabank** | **Wells Fargo Securities** |

---

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| | | | |
|:---|:---|:---|:---|
| *Co-Managers* | *Co-Managers* | *Co-Managers* | *Co-Managers* |
| **Academy Securities** |  |  |  |
|  | **Cabrera Capital Markets LLC** |  |  |
|  |  | **CastleOak Securities, L.P.** |  |
|  |  |  | **Siebert Williams Shank** |

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The transferor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the transferor has filed with the SEC for more complete information about the transferor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the transferor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling 1-800-645-3751.

_______________

\*An "(sf)" or "sf" in the credit rating denotes an identification for structured finance product ratings.