# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-045366
**Filing Date:** 2026-4
**Character Count:** 77586
**Document Hash:** b2b54b948ab9f585324f3cb583498eff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-045366.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0001104659-26-045366

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-277211
- **FILM NUMBER:** 26874250

**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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| | |
|:---|:---|
| ![](tm2610868d172_424b2img001.jpg) | **April 2026**<br> Pricing Supplement<br>Registration Statement No. 333-277211<br> Dated April 16, 2026<br> Filed Pursuant to Rule 424(b)(2) |

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Structured Investments

Opportunities in International Equities

**$815,000 Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028**

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

The Auto-Callable Trigger PLUS offered are senior unsecured debt securities of HSBC USA Inc. ("HSBC"), will not pay interest, do not guarantee any return of principal at maturity. The Auto-Callable Trigger PLUS have the terms described in the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus, as supplemented or modified by this pricing supplement. All references to "Reference Asset" in the prospectus supplement and the Equity Index Underlying Supplement shall refer to the "underlying index" herein. If the closing level of the underlying index is greater than or equal to the initial index level on the determination date, the Auto-Callable Trigger PLUS will be automatically redeemed for an amount per Auto-Callable Trigger PLUS equal to $1,178.00, and no further payments will be made on the Auto-Callable Trigger PLUS. If the Auto-Callable Trigger PLUS have not been previously redeemed and the final index level of the underlying index is greater than or equal to the initial index level, at maturity, the investors will receive the stated principal amount of their investment plus a payment reflecting leveraged upside performance of the underlying index. However, at maturity, if the level of the underlying index does not change or has depreciated, and (i) if the level of the underlying index is greater than or equal to the specified trigger level, investors will receive the stated principal amount of their investment, or (ii) if the level of the underlying index is less than the specified trigger level, the investor will lose 1% for every 1% decline in the underlying index from the pricing date to the valuation date. The Auto-Callable Trigger PLUS are for investors who seek an equity-based return and who are willing to risk their principal and forgo current income in exchange for the leverage feature, which applies to the positive performance of the underlying index, and the limited protection against loss but only if the final index level is not less than the trigger level. **Investors may lose up to 100% of the stated principal amount of the Auto-Callable Trigger PLUS. All payments on the Auto-Callable Trigger PLUS are subject to the credit risk of HSBC.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**FINAL TERMS** | | | |
| &nbsp;&nbsp;&nbsp;**Issuer:** | HSBC USA Inc. ("HSBC") | HSBC USA Inc. ("HSBC") | HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;&nbsp;**Maturity date:** | May 8, 2028, subject to adjustment as described under "Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Equity Index Underlying Supplement | May 8, 2028, subject to adjustment as described under "Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Equity Index Underlying Supplement | May 8, 2028, subject to adjustment as described under "Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Equity Index Underlying Supplement |
| &nbsp;&nbsp;&nbsp;**Underlying index:** | The TOPIX<sup>®</sup> Index (Bloomberg symbol: TPX) | The TOPIX<sup>®</sup> Index (Bloomberg symbol: TPX) | The TOPIX<sup>®</sup> Index (Bloomberg symbol: TPX) |
| &nbsp;&nbsp;&nbsp;**Aggregate principal amount:** | $815000 | $815000 | $815000 |
| &nbsp;&nbsp;&nbsp;**Early redemption:** | If, on the determination date, the determination closing level of the underlying index is greater than or equal to the initial index level, the Auto-Callable Trigger PLUS will be automatically redeemed for an early redemption payment on the third business day following the determination date. No further payments will be made on the Auto-Callable Trigger PLUS once they have been redeemed.<br>The Auto-Callable Trigger PLUS will not be redeemed if the determination closing level of the underlying index on the determination date is below its initial index level. | If, on the determination date, the determination closing level of the underlying index is greater than or equal to the initial index level, the Auto-Callable Trigger PLUS will be automatically redeemed for an early redemption payment on the third business day following the determination date. No further payments will be made on the Auto-Callable Trigger PLUS once they have been redeemed.<br>The Auto-Callable Trigger PLUS will not be redeemed if the determination closing level of the underlying index on the determination date is below its initial index level. | If, on the determination date, the determination closing level of the underlying index is greater than or equal to the initial index level, the Auto-Callable Trigger PLUS will be automatically redeemed for an early redemption payment on the third business day following the determination date. No further payments will be made on the Auto-Callable Trigger PLUS once they have been redeemed.<br>The Auto-Callable Trigger PLUS will not be redeemed if the determination closing level of the underlying index on the determination date is below its initial index level. |
| &nbsp;&nbsp;&nbsp;**Early redemption payment:** | The early redemption payment will be an amount equal to $1,178.00 per Auto-Callable Trigger PLUS. | The early redemption payment will be an amount equal to $1,178.00 per Auto-Callable Trigger PLUS. | The early redemption payment will be an amount equal to $1,178.00 per Auto-Callable Trigger PLUS. |
| &nbsp;&nbsp;&nbsp;**Determination closing level:** | The official closing level on the determination date, as determined by the calculation agent. | The official closing level on the determination date, as determined by the calculation agent. | The official closing level on the determination date, as determined by the calculation agent. |
| &nbsp;&nbsp;&nbsp;**Determination date:** | April 23, 2027, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement. | April 23, 2027, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement. | April 23, 2027, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement. |
| &nbsp;&nbsp;&nbsp;**Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · If the final index level is *greater than* the initial index level:<br>$1,000 + the leveraged upside payment<br>· If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level:<br>$1,000<br>· If the final index level is *less than* the trigger level:<br>$1,000 x the index performance factor<br>*This amount will be less than the stated principal amount of $1,000 and will result in a loss of at least 20%, and possibly all, of your investment. All payments on the Auto-Callable Trigger PLUS are subject to the credit risk of HSBC.*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · If the final index level is *greater than* the initial index level:<br>$1,000 + the leveraged upside payment<br>· If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level:<br>$1,000<br>· If the final index level is *less than* the trigger level:<br>$1,000 x the index performance factor<br>*This amount will be less than the stated principal amount of $1,000 and will result in a loss of at least 20%, and possibly all, of your investment. All payments on the Auto-Callable Trigger PLUS are subject to the credit risk of HSBC.*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · If the final index level is *greater than* the initial index level:<br>$1,000 + the leveraged upside payment<br>· If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level:<br>$1,000<br>· If the final index level is *less than* the trigger level:<br>$1,000 x the index performance factor<br>*This amount will be less than the stated principal amount of $1,000 and will result in a loss of at least 20%, and possibly all, of your investment. All payments on the Auto-Callable Trigger PLUS are subject to the credit risk of HSBC.*  |
| &nbsp;&nbsp;&nbsp;**Leveraged upside payment:** | $1,000 x leverage factor x index percent change | $1,000 x leverage factor x index percent change | $1,000 x leverage factor x index percent change |
| &nbsp;&nbsp;&nbsp;**Leverage factor:** | 125% | 125% | 125% |
| &nbsp;&nbsp;&nbsp;**Index percent change:** | (final index level – initial index level) / initial index level | (final index level – initial index level) / initial index level | (final index level – initial index level) / initial index level |
| &nbsp;&nbsp;&nbsp;**Initial index level:** | 3,814.46, which was the official closing level of the underlying index on the pricing date. | 3,814.46, which was the official closing level of the underlying index on the pricing date. | 3,814.46, which was the official closing level of the underlying index on the pricing date. |
| &nbsp;&nbsp;&nbsp;**Final index level:** | The official closing level of the underlying index on the valuation date. | The official closing level of the underlying index on the valuation date. | The official closing level of the underlying index on the valuation date. |
| &nbsp;&nbsp;&nbsp;**Trigger level:** | 3,051.568, which is 80% of the initial index level | 3,051.568, which is 80% of the initial index level | 3,051.568, which is 80% of the initial index level |
| &nbsp;&nbsp;&nbsp;**Valuation date:** | April 28, 2028, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement | April 28, 2028, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement | April 28, 2028, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement |
| &nbsp;&nbsp;&nbsp;**Index performance factor:** | final index level / initial index level | final index level / initial index level | final index level / initial index level |
| &nbsp;&nbsp;&nbsp;**Stated principal amount:** | $1,000 per Auto-Callable Trigger PLUS | $1,000 per Auto-Callable Trigger PLUS | $1,000 per Auto-Callable Trigger PLUS |
| &nbsp;&nbsp;&nbsp;**Issue price:** | $1,000 per Auto-Callable Trigger PLUS | $1,000 per Auto-Callable Trigger PLUS | $1,000 per Auto-Callable Trigger PLUS |
| &nbsp;&nbsp;&nbsp;**Pricing date:** | April 16, 2026 | April 16, 2026 | April 16, 2026 |
| &nbsp;&nbsp;&nbsp;**Original issue date:** | April 21, 2026 | April 21, 2026 | April 21, 2026 |
| &nbsp;&nbsp;&nbsp;**Estimated initial value:** | The estimated initial value of the Auto-Callable Trigger PLUS is less than the price you pay to purchase the Auto-Callable Trigger PLUS. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Auto-Callable Trigger PLUS in the secondary market, if any, at any time. See "Risk Factors — The estimated initial value of the Auto-Callable Trigger PLUS, which was determined by us on the pricing date, is less than the price to public and may differ from the market value of the Auto-Callable Trigger PLUS in the secondary market, if any." | The estimated initial value of the Auto-Callable Trigger PLUS is less than the price you pay to purchase the Auto-Callable Trigger PLUS. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Auto-Callable Trigger PLUS in the secondary market, if any, at any time. See "Risk Factors — The estimated initial value of the Auto-Callable Trigger PLUS, which was determined by us on the pricing date, is less than the price to public and may differ from the market value of the Auto-Callable Trigger PLUS in the secondary market, if any." | The estimated initial value of the Auto-Callable Trigger PLUS is less than the price you pay to purchase the Auto-Callable Trigger PLUS. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Auto-Callable Trigger PLUS in the secondary market, if any, at any time. See "Risk Factors — The estimated initial value of the Auto-Callable Trigger PLUS, which was determined by us on the pricing date, is less than the price to public and may differ from the market value of the Auto-Callable Trigger PLUS in the secondary market, if any." |
| &nbsp;&nbsp;&nbsp;**CUSIP:** | 40447EC61 | 40447EC61 | 40447EC61 |
| &nbsp;&nbsp;&nbsp;**ISIN:** | US40447EC615 | US40447EC615 | US40447EC615 |
| &nbsp;&nbsp;&nbsp;**Listing:** | The Auto-Callable Trigger PLUS will not be listed on any securities exchange. | The Auto-Callable Trigger PLUS will not be listed on any securities exchange. | The Auto-Callable Trigger PLUS will not be listed on any securities exchange. |
| &nbsp;&nbsp;&nbsp;**Agent:** | HSBC Securities (USA) Inc., an affiliate of HSBC. See "Additional Information About the Auto-Callable Trigger PLUS - Supplemental plan of distribution (conflicts of interest)". | HSBC Securities (USA) Inc., an affiliate of HSBC. See "Additional Information About the Auto-Callable Trigger PLUS - Supplemental plan of distribution (conflicts of interest)". | HSBC Securities (USA) Inc., an affiliate of HSBC. See "Additional Information About the Auto-Callable Trigger PLUS - Supplemental plan of distribution (conflicts of interest)". |
| &nbsp;&nbsp;&nbsp;**Commissions and issue price:** | **Price to public** | **Fees and commissions** | **Proceeds to issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per Auto-Callable Trigger PLUS** | $1000.00 | $20.00<sup>(1)</sup> | $975.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per Auto-Callable Trigger PLUS** | $1000.00 | $5.00<sup>(2)</sup> | $975.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $815000.00 | $16,300.00<br>$4,075.00 | $794625.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *HSBC Securities (USA) Inc., acting as agent for HSBC, will receive a fee of $25.00 per $1,000 stated principal amount and will pay Morgan Stanley Wealth Management a fixed sales commission of $20.00 for each Auto-Callable Trigger PLUS they sell. See "Additional Information About the Auto-Callable Trigger PLUS - Supplemental plan of distribution (conflicts of interest)."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Of the amount per $1,000 stated principal amount received by HSBC Securities (USA) Inc., acting as agent for HSBC, HSBC Securities (USA) Inc. will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each Auto-Callable Trigger PLUS.* 

**The estimated initial value of the Auto-Callable Trigger PLUS on the pricing date is $975.50 per Auto-Callable Trigger PLUS, which is less than the price to public. The market value of the Auto-Callable Trigger PLUS at any time will reflect many factors and cannot be predicted with accuracy. See "Estimated initial value" above and "Risk Factors" beginning on page 6 of this document for additional information.**

**An investment in the Auto-Callable Trigger PLUS involves certain risks. See "Risk Factors" beginning on page 6 of this pricing supplement, page S-1 of the accompanying Equity Index Underlying Supplement and page S-1 of the accompanying prospectus supplement.**

**Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved the Auto-Callable Trigger PLUS, or determined that this pricing supplement or the accompanying Equity Index Underlying Supplement, prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

![](tm2610868d172_424b2img002.jpg)

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|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX® Index due May 8, 2028 |
| **Performance Leveraged Upside SecuritiesSM** |

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**HSBC has filed a registration statement (including a prospectus, a prospectus supplement and Equity Index Underlying Supplement) with the SEC for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus, prospectus supplement, and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling 212-525-8010.**

**You should read this document together with the related Equity Index Underlying Supplement, prospectus supplement and prospectus, each of which can be accessed via the hyperlinks below.**

The Equity Index Underlying Supplement at: [https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm)

The prospectus supplement at: [https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm)

The prospectus at: [https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm)

**The Auto-Callable Trigger PLUS are not deposit liabilities or other obligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States or any other jurisdiction, and involve investment risks including possible loss of the stated principal amount invested due to the credit risk of HSBC.**

April 2026 Page 2

![](tm2610868d172_424b2img002.jpg)

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| |
|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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Investment Summary

**Auto-Callable Trigger Performance Leveraged Upside Securities**

**Principal at Risk Securities**

The Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 (the "Auto-Callable Trigger PLUS") can be used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ As an alternative to direct exposure to the underlying index that enhances returns for the positive performance of the underlying
index, if not redeemed before the maturity date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To enhance positive returns and potentially outperform the underlying index in a moderately bullish scenario

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To achieve similar levels of upside exposure to the underlying index as a direct investment while using fewer dollars by taking advantage
of the leverage factor, if not redeemed before the maturity date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To provide limited protection against a loss of principal in the event of a decline of the underlying index as of the valuation date,
but only if the final index level is greater than or equal to the trigger level. All payments on the Auto-Callable Trigger PLUS are subject
to the credit risk of HSBC.

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| | |
|:---|:---|
| **Underlying index:** | TOPIX<sup>®</sup> Index |
| **Maturity:** | Approximately two years |
| **Early redemption payment:** | $1,178.00 per Auto-Callable Trigger PLUS |
| **Leverage factor:** | 125% (applicable only if the Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final index level is greater than the initial index level) |
| **Trigger level:** | 80% of the initial index level |
| **Minimum payment at maturity:** | None. You may lose your entire initial investment in the Auto-Callable Trigger PLUS. |
| **Coupon:** |  |

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Key Investment Rationale

The Auto-Callable Trigger PLUS may be redeemed prior to maturity if the determination closing level of the underlying index is greater than or equal to the initial index level for an amount per Auto-Callable Trigger PLUS equal to $1,178.00. If not previously redeemed, at maturity, the Auto-Callable Trigger PLUS offer 125% leveraged upside on the positive performance of the underlying index. However, if the level of the underlying index has decreased below the trigger level as of the valuation date, investors will lose 1% for every 1% that the level has decreased. **Investors may lose up to 100% of the stated principal amount of the Auto-Callable Trigger PLUS.**

Investors can use the Auto-Callable Trigger PLUS to enhance upside returns and obtain limited downside protection against a loss of principal in the event of a decline of the underlying index as of the valuation date, but only if the final index level is greater than or equal to the trigger level. All payments on the Auto-Callable Trigger PLUS are subject to the credit risk of HSBC.

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| | |
|:---|:---|
| **Early redemption** | If, on the determination date, the determination closing level of the underlying index is greater than or equal to the initial index level, the Auto-Callable Trigger PLUS will be automatically redeemed for an early redemption payment on the third business day following the determination date. No further payments will be made on the Auto-Callable Trigger PLUS once they have been redeemed. |
| **Leveraged Upside Performance at maturity** | If not previously redeemed, the Auto-Callable Trigger PLUS offer investors an opportunity to capture enhanced returns for the positive performance relative to a direct investment in the underlying index. |
| **Trigger Feature** | At maturity, even if the level of the underlying index has declined over the term of the Auto-Callable Trigger PLUS, you will receive your stated principal amount, but only if the final index level is greater than or equal to the trigger level. |
| **Upside Scenario** | This scenario assumes that the underlying index closes below the initial index level on the determination date. The level of the underlying index increases and, at maturity for each Auto-Callable Trigger PLUS, we will pay the stated principal amount of $1,000 plus 125% of the index percent change. |
| **Par Scenario** | This scenario assumes that the underlying index closes below the initial index level on the determination date. The level of the underlying index does not change or declines but the final index level is greater than or equal to the trigger level and, at maturity for each Auto-Callable Trigger PLUS, we will pay the stated principal amount of $1,000. |
| **Downside Scenario** | This scenario assumes that the underlying index closes below the initial index level on the determination date. The level of the underlying index declines and the final index level is less than the trigger level and, at maturity for each Auto-Callable Trigger PLUS, we will pay significantly less than the stated principal amount by an amount that is proportionate to the decline in the final index level from the initial index level. |

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| |
|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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How the Auto-Callable Trigger PLUS Work

The following diagrams illustrate the potential outcomes for the securities depending on (1) the determination closing level and (2) the final index level of the underlying index.

**Diagram #** **1: On the Determination Date**

April 2026 Page 4

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| |
|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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**Payoff Diagram #2:** **Payment at Maturity if No Automatic Early Redemption Occurs**

The payoff diagram below illustrates the payment at maturity on the Auto-Callable Trigger PLUS based on the following terms:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Stated principal amount:** | $1,000 per Auto-Callable Trigger PLUS |
| &nbsp;&nbsp;**Leverage factor:** | 125% |
| &nbsp;&nbsp;**Trigger level:** | 80% of the initial index level |

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| |
|:---|
| &nbsp;&nbsp;**Auto-Callable Trigger PLUS Payoff Diagram at maturity** |
| &nbsp;&nbsp;![](tm2610868d172_424b2img004.jpg) |

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**How it works – if the Auto-Callable Trigger Plus are not previously redeemed**

▪ Upside Scenario: If the final index level is greater than the initial index level, investors would receive
the $1,000 stated principal amount plus 125% of the appreciation of the underlying index over the term of the Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the level of the underlying index appreciates
10%, investors would receive a 12.50% return, or $1,125.00 per Auto-Callable Trigger PLUS.

▪ Par Scenario: If the final index level is less than or equal to the initial index level but is greater
than or equal to the trigger level, investors would receive the stated principal amount of $1,000 per Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the level of the underlying index depreciates 10%, investors would receive the $1,000
stated principal amount.

▪ Downside Scenario: If the final index level is less than the trigger level, investors would receive an
amount that is less than the stated principal amount, based on a 1% loss of principal for each 1% decline in the level of the underlying
index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the level of the underlying index depreciates 40%, investors would lose 40% of their principal
and receive only $600 per Auto-Callable Trigger PLUS at maturity, or 60% of the stated principal amount.

April 2026 Page 5

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| |
|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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Investor Suitability

**The Auto-Callable Trigger PLUS may be suitable for you if:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment with an enhanced return linked to the potential positive performance of the underlying index and you believe
the level of the underlying index will increase over the term of the securities.

▪ You are willing to make an investment that is exposed to any decrease in the level of the underlying index on a 1-to-1 basis if the
final index level is less than the trigger level.

▪ You are willing to hold the securities that will be automatically called on the determination date if the closing level of the underlying
index is at or above the initial index level.

▪ You are willing to be exposed to the possibility of early redemption.

▪ You are willing to accept the risk and return profile of the securities versus a conventional debt security with a comparable maturity
issued by HSBC or another issuer with a similar credit rating.

▪ You are willing to forgo dividends or other distributions paid on the stocks included in the underlying index.

▪ You do not seek current income from your investment.

▪ You do not seek an investment for which there is an active secondary market.

▪ You are willing to hold the securities to maturity.

▪ You are comfortable with the creditworthiness of HSBC, as Issuer of the securities.

**The Auto-Callable Trigger PLUS may not be suitable for you if:**

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| | |
|:---|:---|
| ▪ | You believe the level of the underlying index will decrease, or that it will not increase sufficiently to provide you with your desired return. |
| ▪ | You are unwilling to make an investment that is exposed to the potential loss of 1% of the principal amount for each percentage point that the underlying index decreases over the term of the PLUS, if the final index level is less than the trigger level. |
| ▪ | You are unable or unwilling to hold the securities that will be automatically called on the determination date if the closing level of the underlying index is at or above the initial index level. |
| ▪ | You are unwilling to be exposed to the possibility of early redemption. |
| ▪ | You seek an investment that provides full return of principal. |
| ▪ | You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities issued by HSBC or another issuer with a similar credit rating. |
| ▪ | You prefer to receive the dividends or other distributions paid on the stocks included in the underlying index. |
| ▪ | You seek current income from your investment. |
| ▪ | You seek an investment for which there will be an active secondary market. |
| ▪ | You are unable or unwilling to hold the securities to maturity. |
| ▪ |  |
|  | You are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of the securities. |

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April 2026 Page 6

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|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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Risk Factors

*We urge you to read the section "Risk Factors" on page S-1 of both the accompanying Equity Index Underlying Supplement and the prospectus supplement**.** Investing in the Auto-Callable Trigger PLUS is not equivalent to investing directly in any of the stocks included in the underlying index. You should understand the risks of investing in the Auto-Callable Trigger PLUS and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the Auto-Callable Trigger PLUS in light of your particular financial circumstances and the information set forth in this pricing supplement and the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus.*

 

In addition to the risks discussed below, you should review "Risk Factors" in the accompanying prospectus supplement and Equity Index Underlying Supplement, including the explanation of risks relating to the Auto-Callable Trigger PLUS described in the following sections:

"—Risks Relating to All Note Issuances" in the prospectus supplement;

"—General Risks Related to Indices" in the Equity Index Underlying Supplement;

"—Securities Prices Generally Are Subject to Political, Economic, Financial and Social Factors that Apply to the Markets in which They Trade and, to a Lesser Extent, Foreign Markets" in the Equity Index Underlying Supplement; and

"—Time Differences Between the Domestic and Foreign Markets and New York City May Create Discrepancies in the Trading Level or Price of the Notes" in the Equity Index Underlying Supplement.

You will be subject to significant risks not associated with conventional fixed-rate or floating-rate debt securities.

***Risks Relating to the Structure or Features of the*** Auto-Callable Trigger PLUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Auto-Callable Trigger PLUS do not pay interest** **and may result in a loss .** The terms of the Auto-Callable Trigger PLUS differ from those of ordinary debt securities
 in that the Auto-Callable Trigger PLUS do not pay interest or guarantee payment of the principal
 amount at maturity. If the final index level is less than the trigger
 level (which is 80% of the initial index level), you will receive for each Auto-Callable
 Trigger PLUS that you hold a payment at maturity that is less than the stated principal amount
 of each Auto-Callable Trigger PLUS by at least
 20% and by an amount proportionate to the decline in the level of the underlying index,
 subject to the credit risk of HSBC. **You may lose up to 100% of the stated principal amount of the Auto-Callable Trigger PLUS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **If the Auto-Callable Trigger PLUS are called prior to maturity, the appreciation potential of the Auto-Callable Trigger PLUS is limited by the early redemption payment.** If the underlying index closes at or above the initial index value on the
determination date, the securities will be automatically called. In this scenario, the appreciation potential of the Auto-Callable Trigger
PLUS is limited to the early redemption payment, and no further payments will be made on the Auto-Callable Trigger PLUS once they have
been redeemed. In addition, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, you will not participate in any appreciation
of the underlying index, which could be significant. Moreover, the early redemption payment may be less than the payment at maturity you
would receive for the same level of appreciation of the underlying index had the securities not been called early and instead remained
outstanding until maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Auto-Callable Trigger PLUS may be called prior to the maturity date.** If the securities are called early, you
will receive no further payments on the Auto-Callable Trigger PLUS . There is no guarantee that you would be able to reinvest the
proceeds from an investment in the securities at a comparable return for a similar level of risk following an automatic call **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The amount payable on the Auto-Callable Trigger PLUS is not linked to the level of the underlying index at any time other than on the valuation date.** The final index level will be based on the official closing level of the underlying
index on the valuation date, subject to postponement for non-trading days and certain market disruption events. Even if the level of the
underlying index appreciates prior to the valuation date, but then decreases by the valuation date, the payment at maturity may be less,
and may be significantly less, than it would have been had the payment at maturity been linked to the level of the underlying index prior
to that decrease. Although the actual level of the underlying index on the stated maturity date or at other times during the term of the
Auto-Callable Trigger PLUS may be higher than the final index level on the valuation date, the payment at maturity will be based solely
on the official closing level of the underlying index on the valuation date.

***Risks Relating to the Underlying Index***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Investing in the Auto-Callable Trigger PLUS is not equivalent to investing in the securities included in the underlying index**. Investing in the Auto-Callable Trigger PLUS is not
 equivalent to investing in the

April 2026 Page 7

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| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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component securities of the underlying index. Investors in the Auto-Callable Trigger PLUS will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the securities included in the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Risks associated with non-U.S. companies.** The level of the TPX depends upon the stocks of non-U.S.
companies, and thus involves risks associated with the home countries of those non-U.S. companies. The prices of these non-U.S. stocks
may be affected by political, economic, financial and social factors in the home country of each applicable company, including changes
in that country's government, economic and fiscal policies, currency exchange laws or other laws or restrictions, which could affect
the value of the Auto-Callable Trigger PLUS. These foreign securities may have less liquidity and could be more volatile than many of
the securities traded in U.S. or other securities markets. Direct or indirect government intervention to stabilize the relevant foreign
securities markets, as well as cross shareholdings in foreign companies, may affect trading levels or prices and volumes in those markets.
The other special risks associated with foreign securities may include, but are not limited to: less liquidity and smaller market capitalizations;
less rigorous regulation of securities markets; different accounting and disclosure standards; governmental interference; currency fluctuations;
higher inflation; and social, economic and political uncertainties. These factors may adversely affect the performance of the TPX and,
as a result, the value of the Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Auto-Callable Trigger PLUS will not be adjusted for changes in exchange rates.** Although
 the equity securities included in the TPX are traded in currencies other than U.S. dollars,
 and the Auto-Callable Trigger PLUS are denominated in U.S. dollars, the amount payable on
 the Auto-Callable Trigger PLUS at maturity, if any, will not be adjusted for changes in the
 exchange rates between the U.S. dollar and the currencies in which these non-U.S. equity
 securities are denominated. Changes in exchange rates, however, may also reflect changes
 in the applicable non-U.S. economies that in turn may affect the value of the TPX and therefore
 the Auto-Callable Trigger PLUS. The amount we pay in respect of the Auto-Callable Trigger
 PLUS on the maturity date, if any, will be determined solely in accordance with the procedures
 described in this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjustments to the underlying index could adversely affect the value of the Auto-Callable Trigger PLUS.** The Tokyo Stock Exchange, Inc., the sponsor of the underlying index, may add, delete or substitute the stocks
included in the underlying index. In addition, the publisher of the underlying index may make other methodological changes that could
change the level of the underlying index. Further, the publisher of the underlying index may discontinue or suspend calculation or publication
of the underlying index at any time. Any such actions could affect the value of and the return on the Auto-Callable Trigger PLUS.

***General Risk Factors***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Credit risk of HSBC USA Inc.** The Auto-Callable Trigger PLUS are senior unsecured debt obligations
of the issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying
prospectus supplement and prospectus, the Auto-Callable Trigger PLUS will rank on par with all of the other unsecured and unsubordinated
debt obligations of HSBC, except such obligations as may be preferred by operation of law. Any payment to be made on the Auto-Callable
Trigger PLUS depends on the ability of HSBC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness
of HSBC may affect the market value of the Auto-Callable Trigger PLUS and, in the event HSBC were to default on its obligations, you may
not receive the amounts owed to you under the terms of the Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The estimated initial value of the Auto-Callable Trigger PLUS, which was determined by us on the pricing date, is less than the price to public and may differ from the market value of the Auto-Callable Trigger PLUS in the secondary market, if any.** The estimated initial
value of the Auto-Callable Trigger PLUS was calculated by us on the pricing date and is less
than the price to public . The estimated initial value reflects our and our affiliates' internal funding rate, which is the
borrowing rate paid to issue market-linked securities, as well as the mid-market value of the embedded derivatives in the Auto-Callable
Trigger PLUS. This internal funding rate is typically lower than the rate we would pay when we issue conventional fixed or floating rate
debt securities. 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 Auto-Callable Trigger PLUS may be lower if it were based on
the prices 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 Auto-Callable Trigger PLUS
to be more favorable to you. We determined the value of the embedded derivatives in the Auto-Callable
Trigger PLUS 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. Different pricing models
and assumptions could provide valuations for the Auto-Callable Trigger PLUS that are different from our estimated initial value. These
pricing models rely in part on certain forecasts about future events, which may prove to be

April 2026 Page 8

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|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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| | |
|:---|:---|
|  | incorrect. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Auto-Callable Trigger PLUS in the secondary market (if any exists) at any time. |
| ▪ | **The price of your Auto-Callable Trigger PLUS in the secondary market, if any, immediately after the pricing date is expected to be less than the price to public.** The price to public takes into account certain costs. These costs will include our affiliates' projected hedging profits (which may or may not be realized) for assuming risks inherent in hedging our obligations under the Auto-Callable Trigger PLUS, the underwriting discount and the costs associated with structuring and hedging our obligations under the Auto-Callable Trigger PLUS. These costs, except for the underwriting discount, will be used or retained by us or one of our affiliates. If you were to sell your Auto-Callable Trigger PLUS in the secondary market, if any, the price you would receive for your Auto-Callable Trigger PLUS may be less than the price you paid for them because secondary market prices will not take into account these costs. The price of your Auto-Callable Trigger PLUS in the secondary market, if any, at any time after issuance will vary based on many factors, including the price of the underlying index and changes in market conditions, and cannot be predicted with accuracy. The Auto-Callable Trigger PLUS are not designed to be short-term trading instruments, and you should, therefore, be able and willing to hold the Auto-Callable Trigger PLUS to maturity. Any sale of the Auto-Callable Trigger PLUS prior to maturity could result in a loss to you. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **If HSBC Securities (USA) Inc. were to repurchase your Auto-Callable Trigger PLUS immediately after the original issue date, the price you receive may be higher than the estimated initial value of the Auto-Callable Trigger PLUS.** Assuming that all relevant factors remain constant
 after the original issue date, the price at which HSBC Securities (USA) Inc. may initially
 buy or sell the Auto-Callable Trigger PLUS in the secondary market, if any, and the value
 that we may initially use for customer account statements, if we provide any customer account
 statements at all, may exceed the estimated initial value on the pricing date for a temporary
 period expected to be approximately 1 month after the original issue date. This temporary
 price difference may exist because, in our discretion, we may elect to effectively reimburse
 to investors a portion of the estimated cost of hedging our obligations under the Auto-Callable
 Trigger PLUS and other costs in connection with the Auto-Callable Trigger PLUS that we will
 no longer expect to incur over the term of the Auto-Callable Trigger PLUS. We will make such
 discretionary election and determine this temporary reimbursement period on the basis of
 a number of factors, including the tenor of the Auto-Callable Trigger PLUS and any agreement
 we may have with the distributors of the Auto-Callable Trigger PLUS. The amount of our estimated
 costs which we effectively reimburse to investors in this way may not be allocated ratably
 throughout the reimbursement period, and we may discontinue such reimbursement at any time
 or revise the duration of the reimbursement period after the original issue date of the Auto-Callable
 Trigger PLUS based on changes in market conditions and other factors that cannot be predicted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Auto-Callable Trigger PLUS will not be listed on any securities exchange and secondary trading may be limited.** The Auto-Callable Trigger PLUS will not be listed on any securities exchange. Therefore, there may be little or no
secondary market for the Auto-Callable Trigger PLUS. HSBC Securities (USA) Inc. may, but is not obligated to, make a market in the Auto-Callable
Trigger PLUS. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Auto-Callable
Trigger PLUS easily. Because we do not expect that other broker-dealers will participate significantly in the secondary market for the
Auto-Callable Trigger PLUS, the price at which you may be able to trade your Auto-Callable Trigger PLUS is likely to depend on the price,
if any, at which HSBC Securities (USA) Inc. is willing to transact. If, at any time, HSBC Securities (USA) Inc. were to cease making a
market in the Auto-Callable Trigger PLUS, it is likely that there would be no secondary market for the Auto-Callable Trigger PLUS. Accordingly,
you should be willing to hold your Auto-Callable Trigger PLUS to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The market price will be influenced by many unpredictable factors.** Several factors will influence the value of the Auto-Callable Trigger PLUS in the secondary market and the price at which HSBC Securities (USA) Inc. may be willing to purchase or sell the Auto-Callable Trigger PLUS in the secondary market, including: the value, volatility and dividend yield, as applicable, of the underlying index
and the securities comprising the underlying index, interest and yield rates, time remaining to maturity, geopolitical conditions and
economic, financial, political and regulatory or judicial events and any actual or anticipated changes in our credit ratings or credit
spreads. Generally, the longer the time remaining to maturity, the more the market price of the Auto-Callable Trigger PLUS will be affected by the other factors described above. The levels of the underlying index may be, and have recently been,
volatile, and we can give you no assurance that the volatility will lessen. See "Information about the Underlying Index" below.
You may receive less, and possibly significantly less, than the stated principal amount per Auto-Callable Trigger PLUS if you try to sell your Trigger PLUS prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The calculation agent, which is HSBC or one of its affiliates, will make determinations with respect to the Auto-Callable Trigger PLUS.** As calculation agent, HSBC or one of its affiliates determined the initial index level, will determine
the final index level and will calculate the amount of cash, if any, that you will receive at maturity and

April 2026 Page 9

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| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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| | |
|:---|:---|
|  | whether the Auto-Callable Trigger PLUS will be automatically redeemed prior to maturity. Determinations made by HSBC or one of its affiliates in its capacity as calculation agent may require it to exercise discretion and make subjective judgments, including with respect to the occurrence or non-occurrence of market disruption events, and the selection of successor underlying index or the calculation of the final index levels in the event of a discontinuance of the underlying index, may adversely affect the payout to you at maturity, if any. Although the calculation agent has made and will make all determinations and take all action in relation to the Auto-Callable Trigger PLUS in good faith, it should be noted that such discretion could have an impact (positive or negative) on the value of your Auto-Callable Trigger PLUS. The calculation agent is under no obligation to consider your interests as a holder of the Auto-Callable Trigger PLUS in taking any actions, including the determination of the initial index level, that might affect the value of your Auto-Callable Trigger PLUS. |
| ▪ | **Hedging and trading activity by our affiliates could potentially adversely affect the value of the Auto-Callable Trigger PLUS.** One or more of our affiliates and/or third party dealers has carried out and will continue to carry out hedging activities related to the Auto-Callable Trigger PLUS (and possibly to other instruments linked to the underlying index or its component stocks), including trading in the underlying index as well as in other instruments related to the underlying index. As a result, these entities may be unwinding or adjusting hedge positions during the term of the Auto-Callable Trigger PLUS, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the valuation date approaches. Some of our affiliates also trade the underlying index and other financial instruments related to the underlying index on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could have increased the initial index level and, therefore, could increase the level at which the underlying index must close so that an investor does not suffer a loss on the investor's initial investment in the Auto-Callable Trigger PLUS. Additionally, such hedging or trading activities during the term of the Auto-Callable Trigger PLUS, including on the valuation date, could adversely affect the level of the underlying index on the valuation date and, accordingly, the amount of cash, if any, an investor will receive at maturity. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Auto-Callable Trigger PLUS are not insured or guaranteed by any governmental agency of the United States or any other jurisdiction.** The Auto-Callable Trigger PLUS are not deposit liabilities or other obligations of a bank and are
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or program of the United States
or any other jurisdiction. An investment in the Auto-Callable Trigger PLUS is subject to the credit risk of HSBC, and in the event that
HSBC is unable to pay its obligations as they become due, you may not receive the full payment at maturity of the Auto-Callable Trigger
PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The U.S. federal income tax consequences of an investment in the Auto-Callable Trigger PLUS are uncertain.** For a discussion of certain of the U.S. federal income tax consequences of your investment in an Auto-Callable Trigger PLUS, please see
the discussion under "Additional Information About the Auto-Callable Trigger PLUS—Tax considerations" herein, and the
discussion under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement.

April 2026 Page 10

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| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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Information About the Underlying Index

The TOPIX<sup>®</sup> Index ("TPX") is a free float-adjusted market capitalization-weighted index of all companies listed on the Prime Market of the Tokyo Stock Exchange (the "TSE"). Publication of the TPX began on July 1, 1969, with a base point of 100 as of the base date of January 4, 1968.The TPX is published by the TSE and the TSE is responsible for calculating the TPX.

***For more information about the TPX, see "The TOPIX****<sup>®</sup> **Index" beginning on page S-82 of the accompanying Equity Index Underlying Supplement.***

**Historical Information**

The following graph sets forth the historical performance of the TPX based on the daily historical closing values from April 16, 2016 to April 16, 2026. We obtained the closing values below from the Bloomberg Professional<sup>®</sup> service. We have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional<sup>®</sup> service.

**Historical Performance of the TOPIX® Index – Daily Closing Levels**<br>**April 16, 2016 to April 16, 2026**<br>

April 2026 Page 11

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| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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Additional Information About the Auto-Callable Trigger PLUS

Please read this information in conjunction with the final terms on the front cover of this document.

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|:---|:---|
| **<br> General Information** |  |
| **Listing:** | The Auto-Callable Trigger PLUS will not be listed on any securities exchange. |
| **CUSIP:** | 40447EC61 |
| **ISIN:** | US40447EC615 |
| **Minimum ticketing size:** | $1,000 / 1 Auto-Callable Trigger PLUS |
| **Denominations:** | **$1,000 per Auto-Callable Trigger PLUS and integral multiples thereof** |
| **Interest:** |  |
| Tax considerations:<br>| There is no direct legal authority as to the proper tax treatment of each Auto-Callable Trigger PLUS, and therefore significant aspects of the tax treatment of each Auto-Callable Trigger PLUS are uncertain as to both the timing and character of any inclusion in income in respect of each Auto-Callable Trigger PLUS. Under one approach, each Auto-Callable Trigger PLUS could be treated as a pre-paid executory contract with respect to the underlying index. We intend to treat each Auto-Callable Trigger PLUS consistent with this approach. Pursuant to the terms of each Auto-Callable Trigger PLUS, you agree to treat each Auto-Callable Trigger PLUS under this approach for all U.S. federal income tax purposes. Subject to the limitations described therein, and based on certain factual representations received from us, in the opinion of our special U.S. tax counsel, Mayer Brown LLP, it is reasonable to treat each Auto-Callable Trigger PLUS as a pre-paid executory contract with respect to the underlying index. Pursuant to this approach, we do not intend to report any income or gain with respect to each Auto-Callable Trigger PLUS prior to maturity or an earlier sale or exchange, and we intend to treat any gain or loss upon maturity or an earlier sale or exchange as long-term capital gain or loss, provided that you have held the Auto-Callable Trigger PLUS for more than one year at such time for U.S. federal income tax purposes. If an Auto-Callable Trigger PLUS is held by the same United States holder until maturity, that holder's holding period will generally include the maturity date.<br>In Notice 2008-2, the Internal Revenue Service ("IRS") and the Treasury Department requested comments as to whether the purchaser of certain securities (which may include the Auto-Callable Trigger PLUS) should be required to accrue income during its term under a mark-to-market, accrual or other methodology, whether income and gain on such a security or contract should be ordinary or capital and whether foreign holders should be subject to withholding tax on any deemed income accrual. Accordingly, it is possible that regulations or other guidance could provide that a U.S. holder of an Auto-Callable Trigger PLUS is required to accrue income in respect of the Auto-Callable Trigger PLUS prior to the receipt of payments under the Auto-Callable Trigger PLUS or its earlier sale or exchange. Moreover, it is possible that any such regulations or other guidance could treat all income and gain of a U.S. holder in respect of an Auto-Callable Trigger PLUS as ordinary income (including gain on a sale or exchange). Finally, it is possible that a non-U.S. holder (as defined under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement) of the Auto-Callable Trigger PLUS could be subject to U.S. withholding tax in respect of an Auto-Callable Trigger PLUS. It is unclear whether any regulations or other guidance would apply to the Auto-Callable Trigger PLUS (possibly on a retroactive basis). Prospective investors are urged to consult with their tax advisors regarding Notice 2008-2 and the possible effect to them of the issuance of regulations or other guidance that affects the U.S. federal income tax treatment of the Auto-Callable Trigger PLUS.<br>We will not attempt to ascertain whether any of the entities whose stock is included in the underlying index would be treated as a passive foreign investment company (a "PFIC") or United States real property holding corporation (a "USRPHC"), both as defined for U.S. federal income tax purposes. If one or more of the entities whose stock is included in the underlying index were so treated, certain adverse U.S. federal income tax consequences might apply to a U.S. holder in the case of a PFIC and to a non-U.S. holder in the case of a USRPHC. You should refer to information filed with the SEC and other authorities by the entities whose stock is included in the underlying index and consult your tax advisor regarding the possible consequences to you if one or more of the entities whose stock is included in the underlying index is or becomes a PFIC or a USRPHC.<br>A "dividend equivalent" payment is treated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholding tax if paid to a Non-U.S. Holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend equivalents if such specified ELIs reference an interest in an "underlying security," which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, IRS guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027. Based on the Issuer's determination that the Auto-Callable Trigger PLUS is not "delta-one" instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if |

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April 2026 Page 12

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| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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| | |
|:---|:---|
|  | any, under an Auto-Callable Trigger PLUS. However, it is possible that the Auto-Callable Trigger PLUS could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the underlying index or the Auto-Callable Trigger PLUS, and following such occurrence the Auto-Callable Trigger PLUS could be treated as subject to withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of the underlying index or the Auto-Callable Trigger PLUS should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Auto-Callable Trigger PLUS and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.<br>Under current law, while the matter is not entirely clear, individual non-U.S. holders, and entities whose property is potentially includible in those individuals' gross estates for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers), should note that, absent an applicable treaty benefit, the Auto-Callable Trigger PLUS is likely to be treated as U.S. situs property, subject to U.S. federal estate tax. These individuals and entities should consult their tax advisors regarding the U.S. federal estate tax consequences of investing in the Auto-Callable Trigger PLUS<br>For a further discussion of U.S. federal income tax consequences related to each Auto-Callable Trigger PLUS, see the section "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement. |
| **Calculation agent:** | HSBC USA Inc., or one of its affiliates. |
| **Supplemental plan of distribution** **(conflicts of interest)**: | Pursuant to the terms of a distribution agreement, HSBC Securities (USA) Inc., an affiliate of HSBC, will purchase the Auto-Callable Trigger PLUS from HSBC for distribution to Morgan Stanley Wealth Management. HSBC Securities (USA) Inc. will act as agent for the Auto-Callable Trigger PLUS, will receive a fee of $25.00 per $1,000 stated principal amount, and will pay Morgan Stanley Wealth Management a fixed sales commission of $20.00 for each Auto-Callable Trigger PLUS they sell. Of the amount per $1,000 stated principal amount received by HSBC Securities (USA) Inc., acting as agent for HSBC, HSBC Securities (USA) Inc. will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each Auto-Callable Trigger PLUS.<br>In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use this pricing supplement in market-making transactions after the initial sale of the Auto-Callable Trigger PLUS, but is under no obligation to make a market in the Auto-Callable Trigger PLUS and may discontinue any market-making activities at any time without notice.<br>Delivery of the Auto-Callable Trigger PLUS will be made against payment for the Auto-Callable Trigger PLUS on the original issue date set forth on the cover page of this document, which is more than one business day following the Pricing Date. Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Auto-Callable Trigger PLUS more than one business day prior to the original issue date will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors.<br>See "Supplemental Plan of Distribution (Conflicts of Interest)" on page S-87 in the prospectus supplement. |
| **Payment upon an event of default:** | If the Auto-Callable Trigger PLUS have become immediately due and payable following an event of default (as defined in the accompanying prospectus) with respect to the Auto-Callable Trigger PLUS, the calculation agent will determine the accelerated payment at maturity due and payable in the same general manner as described in "payment at maturity" in this pricing supplement. In such a case, the third scheduled trading day for the underlying index immediately preceding the date of acceleration will be used as the valuation date for purposes of determining the accelerated final index level. If a market disruption event exists on that scheduled trading day, then the accelerated valuation date will be postponed for up to five scheduled trading days (in the same general manner used for postponing the originally scheduled valuation date). The accelerated maturity date will be the third business day following such accelerated postponed valuation date.<br>For more information, see "Description of Debt Securities — Senior Debt Securities — Events of Default" in the accompanying prospectus. |
| **Where you can find more information**:** | This pricing supplement relates to an offering of the Auto-Callable Trigger PLUS linked to the underlying index. The purchaser of a Auto-Callable Trigger PLUS will acquire a senior unsecured debt security of HSBC USA Inc. Although the offering of Auto-Callable Trigger PLUS relates to the underlying index, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the underlying index or as to the suitability of an investment in the Auto-Callable Trigger PLUS.<br>HSBC has filed a registration statement (including a prospectus, a prospectus supplement and Equity Index Underlying Supplement) with the SEC for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the |

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April 2026 Page 13

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|:---|
| Auto-Callable Trigger PLUS Based on the TOPIX<sup>®</sup> Index due May 8, 2028 |
| **Trigger Performance Leveraged Upside Securities<sup>SM</sup><br> Principal at Risk Securities**  |

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|:---|:---|
|  | SEC for more complete information about HSBC and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling 212-525-8010.<br>You should read this document together with the prospectus dated February 21, 2024, the prospectus supplement dated February 21, 2024 and Equity Index Underlying Supplement dated February 21, 2024. If the terms of the Auto-Callable Trigger PLUS offered hereby are inconsistent with those described in the accompanying prospectus supplement, prospectus, or Equity Index Underlying Supplement, the terms described in this pricing supplement shall control. You should carefully consider, among other things, the matters set forth in "Risk Factors" herein, on page S-1 of both the accompanying Equity Index Underlying Supplement and the prospectus supplement, as the Auto-Callable Trigger PLUS involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Auto-Callable Trigger PLUS. As used herein, references to the "Issuer", "HSBC", "we", "us" and "our" are to HSBC USA Inc.<br>You may access these documents on the SEC web site at www.sec.gov as follows:<br>The Equity Index Underlying Supplement at:<br>[https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm)<br>The prospectus supplement at:<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>The prospectus at:<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) |
| **Validity of the Auto-Callable Trigger PLUS:** | In the opinion of Mayer Brown LLP, as counsel to the Issuer, when this pricing supplement has been attached to, and duly notated on, the master note that represents the Auto-Callable Trigger PLUS pursuant to the Senior Indenture referred to in the prospectus supplement dated February 21, 2024, and issued and paid for as contemplated herein, the Auto-Callable Trigger PLUS offered by this pricing supplement will be valid, binding and enforceable obligations of the Issuer, entitled to the benefits of the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of New York, the Maryland General Corporation Law (including the statutory provisions, all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Senior Indenture and the genuineness of signatures and to such counsel's reliance on the Issuer and other sources as to certain factual matters, all as stated in the legal opinion dated February 21, 2024, which has been filed as Exhibit 5.3 to the Issuer's registration statement on Form S-3 dated February 21, 2024. |

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*This document provides a summary of the terms and conditions of the Auto-Callable Trigger PLUS. We encourage you to read the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus for this offering, which can be accessed via the hyperlinks above .*

"Performance Leveraged Upside Securities<sup>SM</sup>" and "PLUS<sup>SM</sup>" are service marks of Morgan Stanley.

April 2026 Page 14

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HSBC USA INC /MD/**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Debt | Debt Securities | 457(r) | $815000.00 | 0.0001381 | $112.55 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $815000.00  |  | $112.55  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $112.55  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Registrant has elected to pay the filing fees on a deferred basis pursuant to Rules 456(b) and 457(r) under the Securities Act of 1933. <br>

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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The maximum aggregate offering price of the securities to which the prospectus relates is $815,000.00. The prospectus is a final prospectus for the related offering.

### Attached PDF Documents

**Attachment 1:** `tm2610868d172_424b2.pdf`

_No text found in this document._