UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number of issuing entity: 333-272941

Central Index Key Number of issuing entity: 0001174821

CHASE ISSUANCE TRUST

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-272941-01

Central Index Key Number of depositor: 0001658982

CHASE CARD FUNDING LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor: 0000869090

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

N.A.

(I.R.S. Employer Identification No. of the issuing entity)

N.A.

(I.R.S. Employer Identification No. of the depositor)

13-4994650

(I.R.S. Employer Identification No. of the sponsor)

CHASE ISSUANCE TRUST

c/o Chase Card Funding LLC

201 North Walnut Street

Wilmington, Delaware

19801

(Address of principal executive offices of the issuing entity)

(Zip Code)

(302) 282-0122

(Telephone number, including area code of the issuing entity)

Securities registered pursuant to Section 12(b) of the Act: None.

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Securities registered pursuant to Section 12(g) of the Act: None.

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

The registrant had no voting or non-voting common equity outstanding as of the last business day of the registrant’s most recently completed second fiscal quarter or the date of this report.

DOCUMENTS INCORPORATED BY REFERENCE

None

INTRODUCTORY NOTE

On May 18, 2019 (the “Merger Date”), Chase Bank USA, National Association (“Chase USA”), a national banking association, was merged with and into JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank”), a national banking association, with JPMorgan Chase Bank as the surviving entity. Effective as of the Merger Date, JPMorgan Chase Bank succeeded Chase USA as (i) the sponsor, originator, administrator and servicer of Chase Issuance Trust (the “Issuing Entity”) and (ii) the sole member of Chase Card Funding LLC (“Chase Card Funding”). Unless the context otherwise requires, all references to JPMorgan Chase Bank are to Chase USA for the period prior to the Merger Date.

PART I

The following Items have been omitted in accordance with General Instruction J to Form 10-K:


Item 1.		Business.
Item 1A.		Risk Factors.

Item 1B. Unresolved Staff Comments.

Not Applicable.

The following Items have been omitted in accordance with General Instruction J to Form 10-K:


Item 1C.		Cybersecurity
Item 2.		Properties.
Item 3.		Legal Proceedings.

Item 4. Mine Safety Disclosures.

Not Applicable.

Substitute information provided in accordance with General Instruction J to Form 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).

None of the pool assets held by the Issuing Entity include any significant obligors.

Item 1114(b)(2) of Regulation AB: Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information).

Not Applicable.

Item 1115(b) of Regulation AB: Certain Derivatives Instruments (Financial Information).

Not Applicable.

Item 1117 of Regulation AB: Legal Proceedings.

Litigation Regarding JPMorgan Chase Bank, National Association

A number of lawsuits seeking class action certification have been filed in both state and federal courts against JPMorgan Chase Bank, as well as a number of purported “mass arbitrations” in arbitral forums. These lawsuits and arbitrations challenge certain policies and practices of JPMorgan Chase Bank’s credit card business. JPMorgan Chase Bank has defended itself against these types of claims in the past and intends to continue to do so in the future. While it is impossible to predict the outcome of any of these lawsuits and arbitrations, JPMorgan Chase Bank believes that any liability that might result from any of these lawsuits or arbitrations will not have a material adverse effect on the credit card receivables.

Industry Litigation

Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In September 2018, the parties settled the class action seeking monetary relief. A separate class action seeking injunctive relief continues. In June 2024, the District Court for the Eastern District of New York denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. In November 2025, the parties to that settlement reached a superseding and amended class settlement and submitted the agreement to the District Court for its approval.

Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against JPMorgan Chase Bank and other banks. The defendants have reached settlements with the merchants who opted out representing over 90% of the combined Mastercard-branded and Visa-branded payment card sales volume. The remaining opt-out actions are pending. A number of these actions are pending in the United States District Court for the Southern District of New York, and that court has scheduled a trial of the claims brought by several merchants to begin in April 2026.

In May 2024, the State of Illinois adopted the Interchange Fee Prohibition Act (“IFPA”) which would prohibit the collection of credit and debit card interchange fees for sales taxes, excise taxes and tips for service. This law is scheduled to take effect in July 2026. Several banking industry associations have challenged the IFPA in the United States District Court for the Northern District of Illinois, and that litigation is currently ongoing. Other states have introduced similar legislative proposals that would impact the ability of banks to collect certain interchange fees.

PART II

The following Items have been omitted in accordance with General Instruction J to Form 10-K:


Item 5.		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Item 6.		[Reserved]
Item 7.		Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 7A.		Quantitative and Qualitative Disclosures About Market Risk.
Item 8.		Financial Statements and Supplementary Data.
Item 9.		Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Item 9A.		Controls and Procedures.

Item 9B. Other Information

None

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

None

PART III

The following Items have been omitted in accordance with General Instruction J to Form 10–K:


Item 10.		Directors, Executive Officers and Corporate Governance.
Item 11.		Executive Compensation.
Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Item 13.		Certain Relationships and Related Transactions, and Director Independence.
Item 14.		Principal Accounting Fees and Services.

Substitute information provided in accordance with General Instruction J to Form 10–K:

Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions.

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.

Each of JPMorgan Chase Bank, as the servicer and CTCNA, as the indenture trustee (each, a “Servicing Participant”), was a party participating in the servicing function during the reporting period with respect to the pool assets held by the Issuing Entity.

Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) during the Issuing Entity’s fiscal year ending December 31, 2025, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K.

The Servicer has determined that there have not been any material instances of noncompliance reported in any assessment that involved the servicing of any of the assets backing the asset-backed securities for which this report on Form 10-K is being filed.

Item 1123 of Regulation AB: Servicer Compliance Statement.

JPMorgan Chase Bank is the servicer and has provided a statement of compliance (a “Compliance Statement”) for the period from and including January 1, 2025 through and including December 31, 2025 for the Issuing Entity. The Compliance Statement has been signed by an authorized officer of the servicer for the Issuing Entity and is attached as an exhibit to this Form 10-K.

PART IV

Item 15. Exhibit and Financial Statement Schedules.

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) See Item 15(b) below.

(b) Exhibits Required by Item 601 of Regulation S-K


Exhibit Number		Description

3.1		Articles of Association of JPMorgan Chase Bank, National Association, amended and restated as of April 19, 2016 (included in Exhibit 3.1 to registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission on March 30, 2020, which is incorporated herein by reference).

3.2		By-laws of JPMorgan Chase Bank, National Association, dated October 17, 2023 (included in Exhibit 3.2 to registrant’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on March 28, 2025, which is incorporated herein by reference).

4.1		Fifth Amended and Restated Transfer and Servicing Agreement, dated as of December 16, 2024, by and among JPMorgan Chase Bank, National Association, Chase Card Funding LLC, Chase Issuance Trust and Computershare Trust Company, National Association (included in Exhibit 4.5 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 16, 2024, which is incorporated herein by reference).

4.2		Fifth Amended and Restated Indenture, dated as of December 16, 2024, by and between Chase Issuance Trust and Computershare Trust Company, National Association (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 16, 2024, which is incorporated herein by reference).

4.3		Fourth Amended and Restated Asset Pool One Supplement, dated as of December 16, 2024, by and between Chase Issuance Trust and Computershare Trust Company, National Association (included in Exhibit 4.2 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 16, 2024, which is incorporated herein by reference).

4.4		Third Amended and Restated CHASEseries Indenture Supplement, dated as of December 16, 2024, by and between Chase Issuance Trust and Computershare Trust Company, National Association (included in Exhibit 4.3 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 16, 2024, which is incorporated herein by reference).


4.5		Fifth Amended and Restated Trust Agreement, dated as of December 16, 2024, by and between Chase Card Funding LLC and Wilmington Trust Company (included in Exhibit 4.6 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Comission on December 16, 2024, which is incorporated herein by reference).

4.6		Assignment and Assumption Agreement, dated as of January 20, 2016, by and between Chase Bank USA, National Association and Chase Card Funding LLC (included in Exhibit 4.12 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 22, 2016, which is incorporated herein by reference).

4.7		Amended and Restated Receivables Purchase Agreement, dated as of December 16, 2024, by and between JPMorgan Chase Bank, National Association and Chase Card Funding LLC (included in Exhibit 4.4 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 16, 2024, which is incorporated herein by reference).

4.8		Second Amended and Restated Limited Liability Agreement of Chase Card Funding LLC, dated as of January 20, 2016, by Chase Bank USA, National Association (included in Exhibit 3.2 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 22, 2016, which is incorporated herein by reference).

4.9		Amended and Restated Asset Representations Review Agreement, dated as of April 29, 2016, between Chase Bank USA, National Association and FTI Consulting, Inc. (included in Exhibit 4.7 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 2, 2016, which is incorporated herein by reference).

4.10		Assignment and Assumption Agreement (RPA), dated May 17, 2019, by and between JPMorgan Chase Bank, National Association and Chase Bank USA, National Association (included in Exhibit 10.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 20, 2019, which is incorporated herein by reference).

4.11		Assignment and Assumption Agreement (TSA), dated May 17, 2019, by and between JPMorgan Chase Bank, National Association and Chase Bank USA, National Association (included in Exhibit 10.2 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 20, 2019, which is incorporated herein by reference).

4.12		Assignment and Assumption Agreement, dated as of November 1, 2024, by and between Wells Fargo Bank, National Association and Computershare Trust Company, National Association (included in Exhibit 99.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on November 1, 2024, which is incorporated herein by reference).


4.12.1		Class A(2022-1) Terms Document, dated as of September 16, 2022 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on September 19, 2022, which is incorporated herein by reference).

4.12.2		Class A(2023-1) Terms Document, dated as of September 15, 2023 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on September 18, 2023, which is incorporated herein by reference).

4.12.3		Class A(2023-2) Terms Document, dated as of September 15, 2023 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on September 18, 2023, which is incorporated herein by reference).

4.12.4		Class A(2024-1) Terms Document, dated as of January 31, 2024 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 31, 2024, which is incorporated herein by reference).

4.12.5		Class A(2024-2) Terms Document, dated as of January 31, 2024 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 31, 2024, which is incorporated herein by reference).

4.12.6		Class A(2025-1) Terms Document, dated as of July 25, 2025 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on July 28, 2025, which is incorporated herein by reference).

4.12.7		Class B(2022-1) Terms Document, dated as of June 24, 2022 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 27, 2022, which is incorporated herein by reference).

4.12.7.1		Amendment No. 1 to the Class B(2022-1) Terms Document, dated as of December 12, 2022 (included in Exhibit 4.1.1 to registrant’s Current Report on Form 8-K/A, as filed with the Securities and Exchange Commission on December 12, 2022, which is incorporated herein by reference).

4.12.8		Class B(2025-1) Terms Document, dated as of May 22, 2025 (included in Exhibit 4.1 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 23, 2025, which is incorporated herein by reference).

4.12.9		Class C(2022-1) Terms Document, dated as of June 24, 2022 (included in Exhibit 4.2 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 27, 2022, which is incorporated herein by reference).

4.12.10		Class C(2025-1) Terms Document, dated as of May 22, 2025 (included in Exhibit 4.2 to registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 23, 2025, which is incorporated herein by reference).


31.1		Rule 13a-14(d)/15d-14(d) Certification (Section 302 Certification).

33.1		Report on Assessment of Compliance with Servicing Criteria concerning servicing activities of JPMorgan Chase Bank, National Association.

33.2		Report on Assessment of Compliance with Servicing Criteria concerning servicing activities of Computershare Trust Company, National Association.

34.1		Independent Accountants’ Attestation Report concerning servicing activities of JPMorgan Chase Bank, National Association.

34.2		Independent Accountants’ Attestation Report concerning servicing activities of Computershare Trust Company, National Association.

35.1		Servicer Compliance Statement of JPMorgan Chase Bank, National Association as servicer for the Issuing Entity.

Item 16. Form 10–K Summary.

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				CHASE ISSUANCE TRUST (Issuing Entity)

				By:		CHASE CARD FUNDING LLC, as Depositor

						/s/ Brent L. Barton
						Name: Brent L. Barton
						Title: Chief Executive Officer
						(senior officer of Chase Card Funding LLC in charge of securitization)

				Date:		March 30, 2026

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

CHASE ISSUANCE TRUST 10-K