# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-090731
**Filing Date:** 2025-9
**Character Count:** 8234
**Document Hash:** b5f8607ef468ae05b68ce245a9913367
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-090731.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0001104659-25-090731

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250917

**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:** 251319352

**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

**Filed Pursuant to Rule 433**

**Registration Statement No. 333-277211**

CAPPED LEVERAGED INDEX RETURN NOTES<sup>®</sup> (CAPPED LIRNs<sup>®</sup>)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Capped Leveraged Index Return Notes<sup>®</sup> Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Homebuilders ETF | &nbsp;&nbsp;Capped Leveraged Index Return Notes<sup>®</sup> Linked to the SPDR<sup>®</sup> S&P<sup>®</sup> Homebuilders ETF |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;$10.00 per unit |
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;Approximately 2 years |
| &nbsp;&nbsp;**Market Measure** | &nbsp;&nbsp;The SPDR® S&P® Homebuilders ETF (Bloomberg symbol: "XHB") |
| &nbsp;&nbsp;**Payout Profile at Maturity** | &nbsp;&nbsp; · 2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value<br> · Return of principal if the Market Measure does not change or decreases by no more than 10.00%<br> · 1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% of the principal amount at risk |
| &nbsp;&nbsp;**Participation Rate** | &nbsp;&nbsp;200.00% |
| &nbsp;&nbsp;**Capped Value** | &nbsp;&nbsp;[$12.25 to $12.65] per unit, a [22.50% to 26.50%] return over the principal amount, to be determined on the pricing date. |
| &nbsp;&nbsp;**Threshold Value** | &nbsp;&nbsp;90% of the Starting Value |
| &nbsp;&nbsp;**Investment Considerations** | &nbsp;&nbsp;This investment is designed for investors who anticipate that the Market Measure will either increase moderately over the term of the notes or decrease to a price which is not below the threshold, and are willing to accept a capped return, take downside risk below a threshold and forgo interim interest payments. |
| &nbsp;&nbsp;**Preliminary Offering Documents** | &nbsp;&nbsp;[https://www.sec.gov/Archives/edgar/data/83246/000110465925090716/tm2524998d201_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925090716/tm2524998d201_fwp.htm) |
| &nbsp;&nbsp;**Exchange Listing** | &nbsp;&nbsp;No |

---

***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***

 **Risk Factors**

**Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:**

&nbsp;&nbsp;&nbsp;&nbsp;· Depending on the performance of the Market Measure as measured shortly before the maturity date, you may lose up to 90% of the principal amount.

· Your
 investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the
 Market Measure or the securities held by the Market Measure.

· Payments
 on the notes, including any repayment of principal, are subject to the credit risk of HSBC. If HSBC becomes insolvent or is unable to
 pay its obligations, you may lose your entire investment.

· The
 estimated initial value of the notes on the pricing date will be less than their public offering price.

· If
 you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the estimated
 initial value of the notes on the pricing date.

· As
 a noteholder, you will have no rights of a holder of shares of the Market Measure or the securities held by the Market Measure, and you
 will not be entitled to receive securities, dividends or other distributions by the issuers of those securities.

· The
 securities held by the Underlying Fund are concentrated in one sector.

· The
 notes are subject to risks associated with the U.S. homebuilding industry.

· A
 limited number of securities may adversely affect the value of the Underlying Fund, and the Underlying Index is not necessarily representative
 of the U.S. homebuilding industry.

***Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.***

![](tm2524998d200_fwpimg001.jpg)

***The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Hypothetical<br> Percentage Change <br> from the Starting Value<br> to the Ending Value** | &nbsp;&nbsp;**Hypothetical<br> Redemption Amount <br> per Unit** | &nbsp;&nbsp;**Hypothetical Total Rate of<br> Return on the Notes** |
| &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;-90.00% |
| &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;-40.00% |
| &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;-20.00% |
| &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;-10.00% |
| &nbsp;&nbsp; -10.00%<sup>(1)</sup> | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-3.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;12.25% | &nbsp;&nbsp; $12.45<sup>(2)</sup> | &nbsp;&nbsp;24.50% |
| &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$12.45 | &nbsp;&nbsp;24.50% |
| &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$12.45 | &nbsp;&nbsp;24.50% |
| &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$12.45 | &nbsp;&nbsp;24.50% |
| &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$12.45 | &nbsp;&nbsp;24.50% |

---

(1) This hypothetical percentage change corresponds to the Threshold Value.

(2) The Redemption Amount per unit cannot exceed the **hypothetical** Capped Value.

**HSBC has filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for each of the offerings to which this document relates. Before you invest, you should read those documents, and the other documents that we have filed with the SEC, for more complete information about us and these offerings. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, HSBC, any agent, or any dealer participating in these offerings will arrange to send you these documents if you so request by calling MLPF&S or BofAS toll-free at 1-800-294-1322.**