# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-054187
**Filing Date:** 2026-5
**Character Count:** 6211
**Document Hash:** 9572bc28ff294b0ae8c8139510f3a96e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-054187.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001104659-26-054187

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277211
- **FILM NUMBER:** 26933195

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

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| &nbsp;&nbsp;![GRAPHIC](tm2610868d404_fwpimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERFORMANCE: HISTORICAL & SIMULATED DATA 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 90% 100% 110% 120% 130% 140% 150% 160% As of April 30, 2026 HSBC Vantage+ Performance YTD Return 0.00% 3 Year Return 4.55% 5 Year Return -2.22% 1 Year Volatility 4.18% Annualized Volatility \* 5.97% \* Data from Jan 2019 thru Apr 2026 calculated on a per annum percentage basis. See "Use of simulated returns". Source: Bloomberg and HSBC. See "Risks relating to the index" and "Important Informa-tion". Vantage+ Index includes an 0.85% per annum index maintenance fee, subtracted on a daily basis. The graph and table above set forth the hypothetical back-tested performance of the Index from January 1, 2013 through April 30, 2026. The Index has only been calculated by Solactive AG since November 8, 2019. The hypothetical back-tested performance of the Index set forth in the graph and table above was calculated using the selection criteria and methodology employed to calculate the Index since its inception on November 8, 2019. KEY DRIVERS OF PERFORMANCE » Prioritizing Performing Assets - Minimizing cash in the monthly portfolio by attempting to find a 5% volatility portfolio without it, only turning to cash if unable to achieve the target volatility. » Volatility Management System - Once the porfolio is selected, the Index applies leverage to bring exposure to 6% volatility, enabling dynamic reaction to changing market conditions, and allowing for exposure greater than 100%. » Higher Equity Allocation - The Index provides greater maximum allocation to developed and emerging market equities compared to some other target volatility momentum strategies. AVERAGE MONTHLY ALLOCATION: HISTORICAL & SIMULATED May-25 Jun-25 Jul-25 12 Month Average SPY 0.00% 0.00% 0.00% 0.00% SPLV 0.81% 0.00% 0.00% 0.29% IWM 0.00% 0.00% 0.00% 0.00% QQQ 1.15% 1.88% 3.40% 2.11% EFA 0.78% 2.63% 0.56% 1.29% Developed Equities Max 60% Sub total 2.75% 4.51% 3.96% 3.70% TLT 6.78% 3.58% 4.22% 4.94% LQD 40.00% 40.00% 38.00% 39.35% HYG 15.00% 15.00% 14.25% 14.76% Developed Bonds Max 90% Sub total 61.78% 58.58% 56.47% 59.05% EEM 0.47% 1.91% 1.46% 1.25% EMB 10.00% 10.00% 9.50% 9.84% Emerging Markets Max 30% Sub total 10.47% 11.91% 10.96% 11.08% IYR 0.00% 0.00% 0.00% 0.00% Real Assets Max 30% GLD 20.00% 20.00% 18.86% 19.63% Sub total 20.00% 20.00% 18.86% 19.63% Inflation Max 5% TIP 5.00% 5.00% 4.75% 4.92% Cash if needed Cash 0.00% 0.00% 0.00% 0.00% All Vantage+ allocation data prior to November 8, 2019 is hypothetical. See "Use of Simulated Returns". HSBC Vantage+ Index Monthly Report April 2026 |

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| &nbsp;&nbsp;![GRAPHIC](tm2610868d404_fwpimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVERAGE YEARLY ASSET CLASS ALLOCATION - HISTORICAL & SIMULATED 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (Apr YTD) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Developed Equities Developed Bonds Emerging Markets Real Assets Inflation Cash AVERAGE YEARLY CASH ALLOCATION - HISTORICAL & SIMULATED 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Average Cash Allocation 0.0% 0.0% 0.0% 0.0% 0.0% 30.6% 0.0% 11.7% 15.9% 3.1% 0.0% MONTHLY PERFORMANCE - HISTORICAL & SIMULATED Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2025 1.14% 1.54% 0.75% -2.34% -0.08% 1.05% -0.36% 1.65% 2024 -0.60% -0.10% 2.62% -1.86% 1.83% 0.28% 2.07% 1.06% 1.42% -1.70% 1.71% -4.01% 2.53% 2023 1.27% -2.33% 2.42% 0.58% -2.52% 1.61% 1.40% -1.95% -3.53% -0.41% 4.06% 1.90% 2.21% 2022 -3.72% -0.66% -0.34% -3.53% -0.14% -3.02% 1.53% -2.19% -2.81% -0.01% 2.27% -0.55% -12.59% 2021 -2.06% -2.11% -0.90% 1.43% 0.77% 0.97% 1.77% 0.51% -3.64% 3.06% -1.00% 2.63% 1.21% 2020 2.53% -2.36% -1.54% 0.22% -0.12% 0.27% 0.97% 0.15% -0.64% -1.35% 3.29% 0.89% 2.19% 2019 1.56% -0.45% 1.92% -0.34% 1.53% 2.29% 0.26% 4.19% -1.55% 0.29% -0.58% 1.33% 10.81% All Vantage+ allocation data prior to November 8, 2019 is hypothetical. See "Use of Simulated Returns". INDEX INFORMATION Index Owner HSBC Bank plc Currency USD Volatility Target 6.0% Bloomberg Ticker HSIEVPLS Index Index Composition Up to 13 ETFs plus Cash Calculation Agent/Index Administrator Solactive AG Website vantageplus.gbm.hsbc.com HSBC Vantage+ Index Monthly Report April 2026 |

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### Attached PDF Documents

**Attachment 1:** `tm2610868d404_fwp.pdf`

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