# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-037905
**Filing Date:** 2026-3
**Character Count:** 70958
**Document Hash:** 3d6224df1ee5c35b2667b93903914e60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-037905.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001104659-26-037905

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**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:** 26823486

**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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subject to Completion**<br> **Preliminary Term Sheet**<br> **dated March 31, 2026** | &nbsp;&nbsp;**Filed Pursuant to Rule 433<br> Registration Statement No. 333-277211<br> (To Prospectus dated February 21, 2024,<br> Prospectus Supplement dated February 21, 2024 and<br> Product Supplement EQUITY STR-1 dated March 27, 2024)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Units<br> $10 principal amount per unit<br> CUSIP No. <br> ![](tm267724d416_fwpimg001.jpg) | &nbsp;&nbsp;&nbsp;Pricing Date\*<br> Settlement Date\*<br> Maturity Date\* | &nbsp;&nbsp;April , 2026<br> April , 2026<br> April , 2031 |
| &nbsp;&nbsp;&nbsp; Units<br> $10 principal amount per unit<br> CUSIP No. <br> ![](tm267724d416_fwpimg001.jpg) | &nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") | &nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to the Global X Uranium ETF**<br> ▪ Automatically callable if the Observation Level of the Underlying Fund on any Observation Date, occurring approximately one, two, three, four and five years after the pricing date, is at or above the Starting Value<br>▪ In the event of an automatic call, the amount payable per unit will be:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$11.20 to $11.30] if called on the first Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$12.40 to $12.60] if called on the second Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$13.60 to $13.90] if called on the third Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$14.80 to $15.20] if called on the fourth Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$16.00 to $16.50] if called on the final Observation Date<br>▪ If not called on the first four Observation Dates, a maturity of approximately five years<br>▪ If not called, 1-to-1 downside exposure to decreases in the Underlying Fund beyond a 15.00% decline, with up to 85.00% of the principal amount at risk<br>▪ All payments are subject to the credit risk of HSBC USA Inc.<br>▪ No interest payments<br>▪ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Supplement to the Plan of Distribution—Role of MLPF&S and BofAS"<br>▪ No listing on any securities exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to the Global X Uranium ETF**<br> ▪ Automatically callable if the Observation Level of the Underlying Fund on any Observation Date, occurring approximately one, two, three, four and five years after the pricing date, is at or above the Starting Value<br>▪ In the event of an automatic call, the amount payable per unit will be:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$11.20 to $11.30] if called on the first Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$12.40 to $12.60] if called on the second Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$13.60 to $13.90] if called on the third Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$14.80 to $15.20] if called on the fourth Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$16.00 to $16.50] if called on the final Observation Date<br>▪ If not called on the first four Observation Dates, a maturity of approximately five years<br>▪ If not called, 1-to-1 downside exposure to decreases in the Underlying Fund beyond a 15.00% decline, with up to 85.00% of the principal amount at risk<br>▪ All payments are subject to the credit risk of HSBC USA Inc.<br>▪ No interest payments<br>▪ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Supplement to the Plan of Distribution—Role of MLPF&S and BofAS"<br>▪ No listing on any securities exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to the Global X Uranium ETF**<br> ▪ Automatically callable if the Observation Level of the Underlying Fund on any Observation Date, occurring approximately one, two, three, four and five years after the pricing date, is at or above the Starting Value<br>▪ In the event of an automatic call, the amount payable per unit will be:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$11.20 to $11.30] if called on the first Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$12.40 to $12.60] if called on the second Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$13.60 to $13.90] if called on the third Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$14.80 to $15.20] if called on the fourth Observation Date<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [$16.00 to $16.50] if called on the final Observation Date<br>▪ If not called on the first four Observation Dates, a maturity of approximately five years<br>▪ If not called, 1-to-1 downside exposure to decreases in the Underlying Fund beyond a 15.00% decline, with up to 85.00% of the principal amount at risk<br>▪ All payments are subject to the credit risk of HSBC USA Inc.<br>▪ No interest payments<br>▪ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Supplement to the Plan of Distribution—Role of MLPF&S and BofAS"<br>▪ No listing on any securities exchange |

---

**The notes are being issued by HSBC USA Inc. ("HSBC"). Investing in the notes involves a number of risks. There are important differences between the notes and a conventional debt security, including different investment risks and costs. See "Risk Factors" and "Additional Risk Factors" beginning on page TS-6 of this term sheet and "Risk Factors" beginning on page PS-7 of product supplement EQUITY STR-1.**

**The estimated initial value of the notes on the pricing date is expected to be between $8.40 and $8.90 per unit, which will be less than the public offering price listed below. The market value of the notes at any time will reflect many factors and cannot be predicted with accuracy.** See "Summary" on page TS-2 and "Risk Factors" beginning on page TS-6 of this term sheet for additional information.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this document, the accompanying product supplement, prospectus or prospectus supplement. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup>(1)</sup> | $10.00 | $|
| Underwriting discount<sup>(1)</sup> | $0.20 | $|
| Proceeds, before expenses, to HSBC | $9.80 | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 any purchase of 300,000 units or more in a single transaction by an individual investor or
 in combined transactions with the investor's household in this offering, the public
 offering price and the underwriting discount will be $9.95 per unit and $0.15 per unit, respectively.
 See "Supplement to the Plan of Distribution" below.

**The notes:**

---

| | | |
|:---|:---|:---|
| **Are Not FDIC Insured** | **Are Not Bank Guaranteed** | **May Lose Value** |

---

**BofA Securities** 

April , 2026

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

Summary

The Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> Linked to the Global X Uranium ETF, due April , 2031 (the "notes") are our senior unsecured debt securities and are not a direct or indirect obligation of any third party. The notes are not deposit liabilities or other obligations of a bank and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other governmental agency of the United States or any other jurisdiction. **The notes will rank equally with all of our other senior unsecured debt. Any payments due on the notes, including any repayment of principal, depend on the credit risk of HSBC and its ability to satisfy its obligations as they come due.** The notes will be automatically called at the applicable Call Amount if the Observation Level of the Market Measure, which is the Global X Uranium ETF (the "Underlying Fund"), on any Observation Date is equal to or greater than the Starting Value. You will not receive any notice from us if the notes are automatically called. If your notes are not called but the Ending Value is greater than or equal to the Threshold Value, you will receive the principal amount of your notes. If your notes are not called and the Ending Value is less than the Threshold Value, you will lose a portion, which could be significant, of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Underlying Fund, subject to our credit risk. See "Terms of the Notes" below.

The estimated initial value of the notes will be less than the price you pay to purchase the notes. The estimated initial value is determined by reference to our or our affiliates' internal pricing models and reflects our internal funding rate, which is the borrowing rate we pay to issue market-linked notes, and the market prices for hedging arrangements related to the notes (which may include call options, put options or other derivatives). This internal funding rate is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities. The difference in the borrowing rate, as well as the underwriting discount and the costs associated with hedging the notes, including the hedging-related charge described below, will reduce the economic terms of the notes (including the Call Amounts and the Call Premiums). The notes are subject to an automatic call, and the initial estimated value is based on an assumed tenor of the notes. The estimated initial value will be calculated on the pricing date and will be set forth in the pricing supplement to which this term sheet relates.

Terms of the Notes

---

| | |
|:---|:---|
| &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 five years, if not called on the first four Observation Dates |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;The Global X Uranium ETF (Bloomberg symbol: "URA"). |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;The Closing Market Price of the Underlying Fund on the pricing date. |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The Observation Level of the Underlying Fund on the final Observation Date. |
| &nbsp;&nbsp;**Observation Level**:** | &nbsp;&nbsp;The Closing Market Price of the Underlying Fund on any Observation Date times its Price Multiplier as of that day. |
| &nbsp;&nbsp;**Observation Dates:** | &nbsp;&nbsp;On or about April , 2027, April , 2028, April , 2029, April , 2030 and April , 2031 (the final Observation Date), approximately one, two, three, four and five years after the pricing date.<br>The scheduled Observation Dates are subject to postponement in the event of Market Disruption Events, as described on page PS-22 of product supplement EQUITY STR-1.<br>|
| &nbsp;&nbsp;**Call Level:** | &nbsp;&nbsp;100% of the Starting Value |
| &nbsp;&nbsp;**Call Amounts (per Unit) and Call Premiums:** | &nbsp;&nbsp;[$11.20 to $11.30], representing a Call Premium of [12.00% to 13.00%] of the principal amount, if called on the first Observation Date; [$12.40 to $12.60], representing a Call Premium of [24.00% to 26.00%] of the principal amount, if called on the second Observation Date; [$13.60 to $13.90], representing a Call Premium of [36.00% to 39.00%] of the principal amount, if called on the third Observation Date; [$14.80 to $15.20], representing a Call Premium of [48.00% to 52.00%] of the principal amount, if called on the fourth Observation Date; and [$16.00 to $16.50], representing a Call Premium of [ 60.00% to 65.00%] of the principal amount, if called on the final Observation Date.<br>The actual Call Amounts and Call Premiums will be determined on the pricing date.<br>|
| &nbsp;&nbsp;**Call Settlement Dates:** | &nbsp;&nbsp;Approximately the fifth business day following the applicable Observation Date, subject to postponement as described on page PS-22 of product supplement EQUITY STR-1; provided however, that the Call Settlement Date related to the final Observation Date will be the maturity date. |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;85.00% of the Starting Value, rounded to two decimal places. |
| &nbsp;&nbsp;**Price Multiplier:** | &nbsp;&nbsp;1, subject to adjustment for certain corporate events relating to the Underlying Fund, as described beginning on page PS-27 of product supplement EQUITY STR-1. |
| &nbsp;&nbsp;**Fees Charged:** | &nbsp;&nbsp;The public offering price of the notes includes the underwriting discount of $0.20 per unit as listed on the cover page and an additional charge of $0.05 per unit more fully described on page TS-14. |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;BofA Securities, Inc. ("BofAS") and HSBC, acting jointly. |

---

Payment Determination

**Automatic Call Provision:**

![](tm267724d416_fwpimg002.jpg)

**Redemption Amount Determination:**

If the notes are not called, you will receive the Redemption Amount per unit on the maturity date, determined as follows:

![](tm267724d416_fwpimg003.jpg)

![](tm267724d416_fwpimg004.jpg)

***In this case, you will receive a payment that is less, and possibly significantly less, than the principal amount per unit.***

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-2

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

The terms and risks of the notes are contained in this term sheet and the documents listed below (together, the "Note Prospectus"). The documents have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated below or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322:

▪ Product
 supplement EQUITY STR-1 dated March 27, 2024:

[https://www.sec.gov/Archives/edgar/data/83246/000110465924039632/tm249697d30_424b5.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924039632/tm249697d30_424b5.htm) <br>

▪ Prospectus supplement dated February 21, 2024: <br> [https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm) <br>

▪ Prospectus dated February 21, 2024: <br> [https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm) <br>

*Our Central Index Key, or CIK, on the SEC website is 83246. Before* you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. You should carefully consider, among other things, the matters set forth under "Risk Factors" in the section indicated on the cover of this term sheet. The notes involve risks not associated with conventional debt securities. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY STR-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar references are to HSBC.

Investor Considerations

**You may wish to consider an investment in the notes if:**

▪ You anticipate
 that the Observation Level of the Underlying Fund on at least one of the Observation Dates
 will be equal to or greater than the Starting Value and, in that case, you accept an early
 exit from your investment.

▪ You accept that the return on the notes
 will be limited to the return represented by the applicable Call Premium even if the percentage
 change in the price of the Underlying Fund is significantly greater than the applicable Call
 Premium.

▪ You are willing to risk a substantial
 loss of principal if the notes are not automatically called and the Ending Value is below
 the Threshold Value.

▪ You are willing to forgo the interest
 payments that are paid on traditional interest bearing debt securities.

▪ You are willing to forgo dividends or
 other benefits of owning shares of the Underlying Fund or the securities held by the Underlying
 Fund.

▪ You are willing to accept that a secondary
 market is not expected to develop for the notes, and understand that the market prices for
 the notes, if any, may be less than the principal amount and will be affected by various
 factors, including our actual and perceived creditworthiness, our internal funding rate and
 the fees charged, as described on page TS-2.

▪ You are willing to assume our credit
 risk, as issuer of the notes, for all payments under the notes, including the Call Amount
 or the Redemption Amount.

**The notes may not be an appropriate investment for you if:**

▪ You wish to make
 an investment that cannot be automatically called prior to maturity.

▪ You anticipate that the Observation Level
 will be less than the Call Level on each Observation Date.

▪ You seek an uncapped return on your investment.

▪ You seek principal repayment or preservation
 of capital.

▪ You seek interest payments or other current
 income on your investment.

▪ You want to receive dividends or other
 distributions paid on shares of the Underlying Fund or the securities held by the Underlying
 Fund.

▪ You seek an investment for which there
 will be a liquid secondary market.

▪ You are unwilling or are unable to take
 market risk on the notes or to take our credit risk as issuer of the notes.

We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-3

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

Examples of Hypothetical Payments

The following examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Call Amount or Redemption Amount, as applicable, based on the hypothetical terms set forth below. **The actual amount you receive and the resulting return will depend on the actual Starting Value, Threshold Value, Call Level, Observation Levels, Call Premiums, and term of your investment.** The following examples do not take into account any tax consequences from investing in the notes. These examples are based on:

1) a Starting Value of 100.00;

2) a Threshold Value of 85.00;

3) a Call Level of 100.00;

4) an expected term of the notes of approximately five years, if the notes are not called on the first four Observation Dates;

5) a Call Premium of 12.50% of the principal amount if the notes are called on the first Observation Date; 25.00% if called on the second Observation Date; 37.50% if called on the third Observation Date; 50.00% if called on the fourth Observation Date; and 62.50% if called on the final Observation Date (the midpoint of the applicable Call Premium ranges); and

6) Observation Dates occurring approximately one, two, three, four, and five years after the pricing date.

The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not represent a likely actual Starting Value of the Underlying Fund. For recent actual prices of the Underlying Fund, see "The Underlying Fund" section below. In addition, all payments on the notes are subject to issuer credit risk.

*<u>Notes Are Called on an Observation Date</u>*

The notes will be called at $10.00 plus the applicable Call Premium if the Observation Level on one of the Observation Dates is equal to or greater than the Call Level. After the notes are called, they will no longer remain outstanding and there will not be any further payments on the notes.

**Example 1** - The Observation Level on the first Observation Date is 110.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $1.25 = $11.25 per unit.

**Example 2** - The Observation Level on the first Observation Date is below the Call Level, but the Observation Level on the second Observation Date is 150.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $2.50 = $12.50 per unit.

**Example 3** - The Observation Levels on the first two Observation Dates are below the Call Level, but the Observation Level on the third Observation Date is 105.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $3.75 = $13.75 per unit.

**Example 4** - The Observation Levels on the first three Observation Dates are below the Call Level, but the Observation Level on the fourth Observation Date is 110.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $5.00 = $15.00 per unit.

**Example 5** - The Observation Levels on the first four Observation Dates are below the Call Level, but the Observation Level on the fifth and final Observation Date is 105.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $6.25 = $16.25 per unit.

*<u>Notes Are Not Called on Any Observation Date</u>*

**Example 6** - The notes are not called on any Observation Date but the Ending Value is greater than or equal to the Threshold Value. The Redemption Amount will equal the principal amount. For example, if the Ending Value is 85.00, the Redemption Amount will be equal to $10.00 per unit.

**Example 7** - The notes are not called on any Observation Date and the Ending Value is less than the Threshold Value. The Redemption Amount will be less, and possibly significantly less, than the principal amount. For example, if the Ending Value is 50.00, the Redemption Amount per unit will be:

![](tm267724d416_fwpimg005.jpg)

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-4

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

**Summary of the Hypothetical Examples**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Notes Are Called on an Observation Date** | &nbsp;&nbsp;**Notes Are Called on an Observation Date** | &nbsp;&nbsp;**Notes Are Called on an Observation Date** | &nbsp;&nbsp;**Notes Are Called on an Observation Date** | &nbsp;&nbsp;**Notes Are Called on an Observation Date** | &nbsp;&nbsp;**Notes Are Not Called on Any Observation Date** | &nbsp;&nbsp;**Notes Are Not Called on Any Observation Date** |
|  | &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 3** | &nbsp;&nbsp;**Example 4** | &nbsp;&nbsp;**Example 5** | &nbsp;&nbsp;**Example 6** | &nbsp;&nbsp;**Example 7** |
| &nbsp;&nbsp;Starting Value | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Call Level | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Threshold Value | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 |
| &nbsp;&nbsp;Observation Level on the First Observation Date | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;88.00 | &nbsp;&nbsp;88.00 |
| &nbsp;&nbsp;Observation Level on the Second Observation Date | &nbsp;&nbsp;N/A | &nbsp;&nbsp;150.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;78.00 | &nbsp;&nbsp;78.00 |
| &nbsp;&nbsp;Observation Level on the Third Observation Date | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;105.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;85.00 |
| &nbsp;&nbsp;Observation Level on the Fourth Observation Date | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;95.00 | &nbsp;&nbsp;95.00 |
| &nbsp;&nbsp;Observation Level on the Final Observation Date | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;105.00 | &nbsp;&nbsp;85.00 | &nbsp;&nbsp;50.00 |
| &nbsp;&nbsp;Return of the Underlying Fund | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;-15.00% | &nbsp;&nbsp;-50.00% |
| &nbsp;&nbsp;Return of the Notes | &nbsp;&nbsp;12.50% | &nbsp;&nbsp;25.00% | &nbsp;&nbsp;37.50% | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;62.50% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;-35.00% |
| &nbsp;&nbsp;Call Amount / Redemption Amount per Unit | &nbsp;&nbsp;$11.25 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$13.75 | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;$16.25 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$6.50 |

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Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-5

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

Risk Factors

*We urge you to read the section "Risk Factors" in the product supplement and in the accompanying prospectus supplement. Investing in the notes is not equivalent to investing directly in the Underlying Fund or the securities held by the Underlying Fund. You should understand the risks of investing in the notes and should reach an investment decision only after careful consideration, with your advisers, with respect to the notes in light of your particular financial and other circumstances and the information set forth in this term sheet and the accompanying product supplement, prospectus supplement and prospectus.*

*In addition to the risks in the product supplement identified below, you should review "Risk Factors" in the accompanying prospectus supplement, including the explanation of risks relating to the notes described in the section "— Risks Relating to All Note Issuances."*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ If
 the notes are not automatically called, depending on the performance of the Underlying Fund
 as measured shortly before the maturity date, you may lose up to 85% of the principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your
 investment return is limited to the return represented by the applicable Call Premium and
 may be less than a comparable investment directly in the Underlying Fund or the securities
 held by the Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your
 return on the notes may be less than the yield you could earn by owning a conventional fixed
 or floating rate debt security of comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments
 on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness
 are expected to affect the value of the notes. If we become insolvent or are unable to pay
 our obligations, you may lose your entire investment.

**<u>Valuation- and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 estimated initial value of the notes will be less than the public offering price and may
 differ from the market value of the notes in the secondary market, if any. We will determine
 the estimated initial value by reference to our or our affiliates' internal pricing
 models. These pricing models consider certain assumptions and variables, which can include
 volatility and interest rates. These pricing models rely in part on certain forecasts about
 future events, which may prove to be incorrect. Different pricing models and assumptions
 could provide valuations for the notes that are different from our estimated initial value.
 The estimated initial value will reflect our internal funding rate we use to issue market-linked
 notes, as well as the mid-market value of the hedging arrangements related to the notes (which
 may include call options, put options or other derivatives).

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 internal funding rate for the issuance of these notes is lower than the rate we would use
 when we issue conventional fixed or floating rate debt securities. This is one of the factors
 that may result in the market value of the notes being less than their estimated initial
 value. As a result of the difference between our internal funding rate and the rate we would
 use when we issue conventional fixed or floating rate debt securities, the estimated initial
 value of the notes may be lower if it were based on the levels at which our fixed or floating
 rate debt securities trade in the secondary market. In addition, if we were to use the rate
 we use for our conventional fixed or floating rate debt issuances, we would expect the economic
 terms of the notes to be more favorable to you.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 price of your notes in the secondary market, if any, immediately after the pricing date is
 expected to be less than the public offering price. The public offering price takes into
 account certain costs, principally the underwriting discount, the hedging costs described
 on page TS-14 and the costs associated with issuing the notes. The costs associated
 with issuing the notes will be used or retained by us or one of our affiliates. If you were
 to sell your notes in the secondary market, if any, the price you would receive for your
 notes may be less than the price you paid for them.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 estimated initial value does not represent a minimum price at which we, MLPF&S, BofAS
 or any of our respective affiliates would be willing to purchase your notes in the secondary
 market (if any exists) at any time. The price of your notes in the secondary market, if any,
 at any time after issuance will vary based on many factors, including the price of the Underlying
 Fund and changes in market conditions, and cannot be predicted with accuracy. The notes are
 not designed to be short-term trading instruments, and you should, therefore, be able and
 willing to hold the notes to maturity. Any sale of the notes prior to maturity could result
 in a loss to you.

&nbsp;&nbsp;&nbsp;&nbsp;▪ A
 trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS
 is obligated to make a market for, or to repurchase, the notes. There is no assurance that
 any party will be willing to purchase your notes at any price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 business, hedging and trading activities, and those of MLPF&S, BofAS and our respective
 affiliates (including trades in shares of the Underlying Fund or the securities held by the
 Underlying Fund), and any hedging and trading activities we, MLPF&S, BofAS or our respective
 affiliates engage in for our clients' accounts, may affect the market value and return
 of the notes and may create conflicts of interest with you.

&nbsp;&nbsp;&nbsp;&nbsp;▪ There
 may be potential conflicts of interest involving the calculation agents, one of which is
 us and one of which is BofAS. We have the right to appoint and remove the calculation agents.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-6

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 Underlying Fund holds the stocks of foreign companies. Therefore, your return on the notes
 may be affected by factors affecting the international securities markets, including emerging
 markets. In addition, exchange rate movements may adversely impact the value of notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 sponsor and the investment advisor of the Underlying Fund or the sponsor of the Underlying
 Index may adjust the Underlying Fund or the Underlying Index in a way that could adversely
 affect the price of the Underlying Fund and consequently, the return on the notes, and they
 have no obligation to consider your interests.

&nbsp;&nbsp;&nbsp;&nbsp;▪ As
 a noteholder, you will have no rights of a holder of shares of the Underlying Fund or the
 securities held by the Underlying Fund, and you will not be entitled to receive securities,
 dividends or other distributions by the issuers of those securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ While
 we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of
 companies held by the Underlying Fund, we, MLPF&S, BofAS and our respective affiliates
 do not control any company held by the Underlying Fund, and have not verified any disclosure
 made by any other company.

&nbsp;&nbsp;&nbsp;&nbsp;▪ There
 are liquidity and management risks associated with the Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Risks
 associated with the Underlying Index or the securities held by the Underlying Fund will affect
 the price of the Underlying Fund and hence, the value of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 performance of the Underlying Fund may not correlate with the performance of its Underlying
 Index as well as the net asset value per share of the Underlying Fund, especially during
 periods of market volatility when the liquidity and the market price of shares of the Underlying
 Fund and/or the securities held by the Underlying Fund may be adversely affected, sometimes
 materially.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 payments on the notes will not be adjusted for all corporate events that could affect the
 Underlying Fund. See "Description of the Notes—Anti-Dilution and Discontinuance
 Adjustments Relating to Underlying Funds" beginning on page PS-27 of product supplement
 EQUITY STR-1.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a
 holder of the notes. See "Summary Tax Consequences" below and "U.S. Federal
 Income Tax Summary" beginning on page PS-37 of product supplement EQUITY STR-1.

Additional Risk Factors

**The securities held by the Underlying Fund are concentrated in one sector.** As a result, the securities that will determine the performance of the notes are concentrated in one sector. Although an investment in the notes will not give holders any ownership or other direct interests in the securities held by the Underlying Fund, the return on the notes will be subject to certain risks similar to those associated with direct equity investments in the uranium industry. Accordingly, by investing in the notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors.

**An investment in the notes is subject to risks associated with the uranium industry.** All or substantially all of the equity securities held by the Underlying Fund are issued by companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. As a result, the value of the notes may be subject to greater volatility and be more adversely affected by a single economic, political or regulatory occurrence affecting this industry than a different investment linked to securities of a more broadly diversified group of issuers. The uranium industry is exposed to risks related to the uranium mining industry, the exploration industry, the oil, gas and consumable fuels industry and the energy sector. The uranium mining industry can be significantly affected by competitive pressures in the uranium mining industry and the price of uranium. The exploration and development of mineral deposits involve significant financial risks over a significant period of time. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, mineral exploration companies typically operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an exploration company than for a more established counterpart. Companies in this sector are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies' earnings. Any of these factors could adversely affect the price of the Underlying Fund and consequently, the return on your notes.

**A limited number of securities may affect the price of the Underlying Fund, and the Underlying Index is not necessarily representative of the uranium industry.** The number of securities held by the Underlying Fund is limited. In addition, a few top securities held by the Underlying Fund may constitute a substantial portion of its net assets. Any reduction in the market price of those securities is likely to have a substantial adverse impact on the price of the Underlying Fund and the value of the notes.

While the securities included in the Underlying Index are equity securities of companies generally considered to be involved in the uranium industry, the securities included in the Underlying Index may not follow the price movements of the entire uranium industry generally. If the securities included in the Underlying Index (and, accordingly, the securities held by the Underlying Fund) decline in value, the Underlying Fund will decline in value even if security prices in the uranium industry generally increase in value.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-7

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

**The notes will be subject to small-capitalization or mid-capitalization companies risk.** The Underlying Fund may invest in companies that may be considered small-capitalization or mid-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore the Underlying Fund's share price may be more volatile than an investment in stocks issued by large-capitalization companies. Stock prices of small-capitalization or mid-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization or mid-capitalization companies may be thinly traded, making it difficult for the Underlying Fund to buy and sell them. In addition, small-capitalization or mid-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization or mid-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products. These factors could adversely affect the price of the Underlying Fund during the term of the notes, which may adversely affect the value of your notes.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-8

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

The Underlying Fund

All disclosures contained in this term sheet regarding the Underlying Fund and the Underlying Index, including, without limitation, their make-up, method of their calculation, and changes in their components, have been derived from publicly available sources, which we have not independently verified. The information reflects the policies of, and is subject to change by, Global X Management company, which is the investment advisor of the Underlying Fund. The consequences of any discontinuance of the Underlying Fund or the Underlying Index are discussed in the section entitled "Description of the Notes—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds—Discontinuance of or Material Change to an Underlying Fund" beginning on page PS-31 of product supplement EQUITY STR-1. None of us, the calculation agents, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Underlying Fund, the Underlying Index, or any successor fund or index.

**The Global X Uranium ETF**

The Underlying Fund is an investment portfolio of Global X Funds and is maintained and managed by Global X Management company. The Underlying Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive Global Uranium & Nuclear Components Total Return Index (the "Underlying Index"). The Underlying Index is a modified market capitalization-weighted index designed to measure the performance of international companies that have or are expected to have business operations or exposure in the uranium industry. The Underlying Fund trades on the NYSE Arca under the ticker symbol "URA."

Information provided to or filed with the SEC by the Global X Management company pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to SEC file numbers 333-151713 and 811-22209, respectively, through the SEC's website at http://www.sec.gov.

**Investment Approach**

The Underlying Fund uses a "passive" or indexing approach to try to achieve its investment objective. The Underlying Fund generally will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. However, the Underlying Fund may utilize a representative sampling strategy with respect to the Underlying Index when a replication strategy might be detrimental or disadvantageous to shareholders of the Underlying Fund, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index, in instances in which a security in the Underlying Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Underlying Fund but not the Underlying Index.

The Underlying Fund's return may not match the return of the Underlying Index for a number of reasons. For example, different returns may occur because of differences between the securities and other instruments held in the Underlying Fund's portfolio and those included in the Underlying Index, pricing differences (including differences between a security's price at the local market close and the Underlying Fund's valuation of a security at the time of calculation of the Underlying Fund's net asset value), transaction costs incurred by the Underlying Fund, the Underlying Fund's holding of uninvested cash, size of the Underlying Fund, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Underlying Index or the costs to the Underlying Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Underlying Fund incurs fees and expenses, while the Underlying Index does not. Exchange-traded funds that track indices with significant weight in emerging markets issuers may experience higher tracking error than other exchange-traded funds that do not track such indices.

***The Solactive Global Uranium & Nuclear Components Total Return Index***

The Underlying Index is a modified market capitalization-weighted index that is designed to track the performance of international companies that have or are expected to have business operations or exposure in the uranium industry. This particularly includes uranium mining, exploration, uranium investments and technologies related to the uranium industry. The Underlying Index was launched on January 30, 2018. The Underlying Index is reported by Bloomberg L.P. under the ticker symbol "SOLURANT."

The Underlying Index is calculated on each weekday on which the New York Stock Exchange ("NYSE"), The Nasdaq Stock Market and the London Stock Exchange are each open for general business (a "Calculation Day").

**Selection of Index Components**

The composition of the Underlying Index is adjusted twice a year on each Adjustment Day. An "Adjustment Day" is the last day that the NYSE is open for trading (a "NYSE trading day") in each January and July, *provided* that if that day is not a Calculation Day, then the relevant Adjustment Day will be the second following Calculation Day. On the tenth NYSE trading day before an Adjustment Day (a "Selection Day"), Solactive provides the "Selection Pool" which, in respect of a Selection Day, consists of the companies that fulfill the following conditions:

1. Primary listing
 in one of the countries that are part of the Developed Markets and Emerging Markets (excluding China, India and Taiwan) as defined
 by the Solactive Country Classification;

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-9

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

2. Significant
 business operations in the uranium industry (particularly in uranium mining and exploration for uranium) ("Pure Play Companies")
 or conducting business operations that are related to the uranium industry (particularly in uranium mining, exploration for uranium,
 physical uranium investments and technologies related to the uranium industry) in which they generate large absolute revenues ("Non-Pure
 Play Companies") or a nuclear component producer ("Nuclear Component Producer Companies");

3. Free float market capitalization
 of at least US$50 million for companies that are not currently included in the Underlying Index on the Selection Day or at least
 US$30 million for companies that are currently included in the Underlying Index on the Selection Day;

4. Average daily trading
 volume over all national exchanges within the listed country in the three months prior to the Selection Day (or, in the case of a
 company that has completed a significant initial public offering ("significant IPO") less than three months prior to
 the Selection Day, i.e. an IPO with a company-level total market capitalization greater than the company-level total market capitalization
 of at least 50% of the current Index Components as of the previous Selection Day, the period from the security's first trading
 day to the Selection Day) expressed in U.S. dollars (the "Relevant Trading Volume") of at least US$100,000 for companies
 that are not currently included in the Underlying Index on the Selection Day or at least US$50,000 for companies that are currently
 included in the Underlying Index on the Selection Day; and

5. Initial public offerings
 with less than three calendar months of trading history as of the Selection Day must have been listed at least 10 calendar days prior
 to the Selection Day, if considered as significant IPO, and three calendar months prior to the Selection Day, in the case of other
 IPOs.

Companies involved in the production, development or maintenance of, or producing or developing key and dedicated components for, certain controversial weapons are excluded from the Selection Pool, as are companies that own 20% or more of a company involved in controversial weapons or that are themselves owned 50% or more by a company involved in controversial weapons.

The overall number of Non-Pure Play Companies and Nuclear Component Producer Companies (in aggregate) will be capped at 15, with preference given to current index components first and then prioritized by free float market capitalization. Otherwise, all members of the Selection Pool are included as components of the Underlying Index ("Index Components"). The selection of the Index Components is fully rule-based and no discretionary decisions can be made.

**Re-Weighting Adjustments**

On each Selection Day, the weights of the selected Index Components are determined by applying an effective market capitalization weighting scheme that accounts for liquidity in determining final weights.

1. The weight
 of a selected Index Component is determined based on the lesser of free float market capitalization and average daily trading
 volume multiplied by 2000.

2. Non-Pure Play Companies and Nuclear
 Component Producer Companies are capped at 2%.

3. The maximum weight of a Pure Play Company is 22.50%.

4. The aggregate weight of all Pure
 Play Companies with a weight larger than or equal to 5% is capped at 47.50%.

5. All remaining Pure Play Companies are capped at 4.75%.

6. The aggregate weight of all Index
 Components structured as investment trusts which provide exposure to physical uranium is capped at 10%. Any excess weight resulting
 from this procedure is redistributed to all the remaining constituents which are not capped on a pro-rata basis.

**Weighting of Index Components**

The Index Components are subject to re-weighting adjustment on each Monitoring Adjustment Day. A "Monitoring Adjustment Day" is the last NYSE trading day in each April and October, provided that if that day is not a Calculation Day, then the relevant Monitoring Adjustment Day will be the second following Calculation Day. On the tenth NYSE trading day before each Monitoring Adjustment Day (a "Monitoring Selection Day"), the Index Components are reviewed for a breach of the following criteria:

1. The maximum weight of the top Index
 Component must not be greater than 25%. If this criterion is breached, that stock is capped at 22% and the excess weight is redistributed
 to other non-capped stocks.

2. The maximum aggregate weight of the top five Index
 Components must not exceed 60%. If this criterion is breached, the stocks is proportionally capped at 55% and the excess weight is
 redistributed to other non-capped stocks.

3. The maximum weight of Index Components with a market
 liquidity below 250,000 shares traded (monthly average of the previous 6 months or available history if shorter) and US$25 million
 monthly average daily traded value (monthly average of the previous 6 months or available history if shorter) must not exceed 30%.
 If this criterion is breached, the stocks with a market liquidity below 250,000 shares traded (monthly average of the previous 6
 months or available history if shorter) and US$25 million monthly average daily traded value (monthly average of the previous 6 months
 or available history if shorter) are proportionally capped at 25% and the excess weight is redistributed to other non-capped stocks.

4. The maximum weight of Index Components with a market
 capitalization below US$100 million must not account for more than 10%. If this criterion is breached, stocks with market capitalization
 below US$100 million are proportionally capped at 9% and the excess weight is redistributed to other non-capped stocks.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-10

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

This reweighting process is repeated until none of the constraints are breached. In the event that the above criteria cannot be satisfied using the buffers described above, the weighting will be reviewed by the Index Committee. After the review, the decision will be announced publicly.

**Calculation of the Solactive Global Uranium & Nuclear Components Total Return Index**

The Underlying Index is calculated as a net total return index. A net total return index seeks to replicate the overall return from holding a portfolio consisting of the Index Components. In order to achieve this aim, a net total return index considers payments, such as dividends, after the deduction of any withholding tax or other amounts an investor holding the Index Components would typically be exposed to.

The Underlying Index's index level on a given Calculation Day is calculated as the sum of the market capitalization of the Index Components divided by the divisor, which is a mathematical factor defined at the inception of the Underlying Index. The divisor is adjusted by certain corporate actions and index rebalances. Additionally, dividends paid by any Index Component are applied across the entire basket by changing the divisor. The level of the Underlying Index changes based on changes in the price of its Index Components taking into account their weight in the Underlying Index and any currency conversion.

For intraday calculation of the Underlying Index, prices of Index Components not in U.S. dollars are converted using the current Intercontinental Exchange spot foreign exchange rate. If there is no current price available for an Index Component, the most recent closing price or the last available trading price for the preceding trading day is used in the calculation. For the daily index closing value calculation, trading prices of Index Components not in U.S. dollars are converted using the 4pm London time WM Fixing quoted by Reuters. If there is no 4pm London time WM Fixing for the relevant Calculation Day, the last available 4pm London time WM Fixing will be used for the index closing value calculation.

Under certain circumstances, an adjustment of the Underlying Index may be necessary between two regular Rebalance Days. Such adjustment has to be made if a corporate action in relation of an Index Component occurs. Such adjustment may have to be done in relation to an Index Component and/or may also affect the number of Index Components and/or the weighting of certain Index Components.

**Index Maintenance**

The composition of the Underlying Index is reviewed on each Selection Day. Solactive will publish any changes made to the Index Components with sufficient notice before the relevant Adjustment Day.

As part of the Index maintenance, Solactive will consider various events—also referred to as corporate actions—which result in an adjustment to the Index between two regular rebalances. Such events have a material impact on the price, weighting or overall integrity of Index Components. Therefore, they need to be accounted for in the calculation of the Index. Corporate actions will be implemented from the cum-day to the ex-day of the corporate action, so that the adjustment to the Index coincides with the occurrence of the price effect of the respective corporate action. Solactive considers the following, but not conclusive, list of corporate action as relevant for Index maintenance: cash distributions, stock distributions, share splits, reverse splits, capital increases, share repurchases, spin-offs, mergers and acquisitions, delistings, nationalization of a company and insolvency.

**Index Oversight**

A committee composed of staff from Solactive (the "Index Committee") is responsible for any amendments to the rules governing the Underlying Index. Any amendment to these rules must be submitted to the Index Committee for prior approval and will be made in compliance with Solactive's methodology policy.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-11

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

***The following graph shows the daily historical performance of the Underlying Fund on its primary exchange in the period from January 1, 2016 through March 25, 2026. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On March 25, 2026, the Closing Market Price of the Underlying Fund was $48.95. The graph below may have been adjusted to reflect certain corporate actions, such as stock splits and reverse stock splits.***

**Historical Performance of the Underlying Fund**

![](tm267724d416_fwpimg006.jpg)

***This historical data on the Underlying Fund is not necessarily indicative of the future performance of the Underlying Fund or what the value of the notes may be. Any historical upward or downward trend in the price per share of the Underlying Fund during any period set forth above is not an indication that the price per share of the Underlying Fund is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of the Underlying Fund.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-12

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

Supplement to the Plan of Distribution

We may deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, if the initial settlement of the notes occurs more than one business day from the pricing date, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover of this term sheet.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the estimated initial value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Underlying Fund, the remaining term of the notes, and the issuer's creditworthiness. However, neither we nor any of our affiliates are obligated to purchase your notes at any price, or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the estimated initial value of the notes.

The value of the notes shown on your account statement provided by MLPF&S will be based on BofAS's estimate of the value of the notes if BofAS or one of its affiliates were to make a market in the notes, which it is not obligated to do. This estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions, and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the estimated initial value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding HSBC or for any purpose other than that described in the immediately preceding sentence.

An investor's household, as referenced on the cover of this term sheet, will generally include accounts held by any of the following, as determined by MLPF&S in its discretion and acting in good faith based upon information then available to MLPF&S:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 investor's spouse (including a domestic partner), siblings, parents, grandparents,
 spouse's parents, children and grandchildren, but excluding accounts held by aunts,
 uncles, cousins, nieces, nephews or any other family relationship not directly above or below
 the individual investor;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 family investment vehicle, including foundations, limited partnerships and personal holding
 companies, but only if the beneficial owners of the vehicle consist solely of the investor
 or members of the investor's household as described above; and

&nbsp;&nbsp;&nbsp;&nbsp;· a
 trust where the grantors and/or beneficiaries of the trust consist solely of the investor
 or members of the investor's household as described above; provided that, purchases
 of the notes by a trust generally cannot be aggregated together with any purchases made by
 a trustee's personal account.

Purchases in retirement accounts will not be considered part of the same household as an individual investor's personal or other non-retirement account, except for individual retirement accounts ("IRAs"), simplified employee pension plans ("SEPs"), savings incentive match plan for employees ("SIMPLEs"), and single-participant or owners only accounts (i.e., retirement accounts held by self-employed individuals, business owners or partners with no employees other than their spouses).

Please contact your Merrill financial advisor if you have any questions about the application of these provisions to your specific circumstances or think you are eligible.

**Role of MLPF&S and BofAS**

BofAS will participate as selling agent in the distribution of the notes. Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

Payments on the notes, including the amount you receive at maturity or upon an automatic call, will be calculated based on the $10 per unit principal amount and will depend on the performance of the Underlying Fund. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined by BofAS seeking bids from market participants, which could include one of our affiliates and MLPF&S, BofAS and their affiliates. These hedging arrangements take into account a number of factors, including the issuer's creditworthiness, interest rate movements, the volatility of the

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-13

<u>Autocallable Strategic Accelerated Redemption Securities<sup>®</sup> <br> Linked to the Global X Uranium ETF, due April , 2031</u>  

Underlying Fund, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes depend in part on the terms of the hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging-related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors" beginning on page PS-7 of product supplement EQUITY STR-1.

Summary Tax Consequences

You should consider the U.S. federal income tax consequences of an investment in the notes, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ There
 is no statutory, judicial, or administrative authority directly addressing the characterization
 of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You
 agree with us (in the absence of an administrative determination, or judicial ruling to the
 contrary) to characterize and treat the notes for all tax purposes as pre-paid executory
 contracts with respect to the Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Under
 this characterization and tax treatment of the notes, subject to the discussion of the constructive
 ownership rules of Section 1260 of the Code beginning on page PS-38 of product
 supplement EQUITY STR-1, a U.S. holder (as defined in the prospectus supplement) generally
 will recognize capital gain or loss upon maturity or upon a sale, call or exchange of the
 notes prior to maturity. This capital gain or loss generally will be long-term capital gain
 or loss if you held the notes for more than one year.

&nbsp;&nbsp;&nbsp;&nbsp;▪ No
 assurance can be given that the IRS or any court will agree with this characterization and
 tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Under
 current IRS guidance, withholding on "dividend equivalent" payments (as discussed
 in the product supplement), if any, should not apply to the notes unless the notes are "delta-one"
 instruments. Based on our determination that the notes are not delta-one instruments, non-U.S.
 holders (as defined in the prospectus supplement) should not generally be subject to withholding
 on dividend equivalent payments, if any, under the notes .

**You should consult your own tax advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of the notes, as well as any tax consequences arising under the laws of any state, local, foreign, or other tax jurisdiction and the possible effects of changes in U.S. federal or other tax laws. You should review carefully the discussion under the section entitled "U.S. Federal Income Tax Summary" beginning on page PS-37 of product supplement EQUITY STR-1.**

Where You Can Find More Information

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

"Strategic Accelerated Redemption Securities<sup>®</sup>" is a registered service mark of Bank of America Corporation, the parent company of MLPF&S and BofAS.

Autocallable Strategic Accelerated Redemption Securities<sup>®</sup><sup>®</sup> TS-14

### Attached PDF Documents

**Attachment 1:** `tm267724d416_fwp.pdf`

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