# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-000878
**Filing Date:** 2026-1
**Character Count:** 14164
**Document Hash:** 5dc6eaf5507cd1148d2d94474042f1b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000878.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001104659-26-000878

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260105

**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:** 26509154

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

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

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

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

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

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

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Artificially Intelligent Equity Index with IBM Watson™ ISSUER FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 Registration Statement No. 333-277211 January 5, 2026 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 SUB 07/23 SUB SUB 07/23 SUB 07/23.54 SUB SUB 07/23.34 SUB 07/23 SUB SUB 07/23 SUB 07/23.54 SUB SUB 07/23.34 An Artificially Intelligent Equity Index The AI Powered US Equity Indexes are the first and only rules-based equity strategies to use IBM Watson to turn data into investment insight. By working around the clock to keep up with the increasing volume of data created every day, the AI Powered US Equity Index 6 ("AiPEX6") uses the power of Artificial Intelligence ("AI") to continually improve processes, in an effort to build an informational advantage as markets evolve and as new information becomes available. AiPEX6 seeks to identify companies whose stock prices are poised for potential growth through an objective selection process that is like a fundamental approach, only thousands of times faster and broader in scope. Award Winning Innovation SPi is a market intelligence company that provides market intelligence, reference data and lifecycle information for the structured products industry. In 2021, the HSBC AI Powered US Equity Indexes won the Best New Index award. This award recognises, following the Index Standard methodology, the best non-traditional index provider of the year, which outlines their methodology, innovation, and value to investors. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Index 6 2 SUB 07/23 SUB SUB 07/23 SUB 07/23.54 SUB SUB 07/23.34 SUB 07/23 SUB SUB 07/23 SUB 07/23.54 SUB SUB 07/23.34 The Future of Investing For investors seeking to grow their wealth by investing in equities, the birth of Big Data represents an unprecedented opportunity. Each new piece of data represents a new possible insight on a company or the markets that can lead to better investment decisions. However, the sheer amount of data now available to investors is staggering, and the gap between what is available and what humans can take in and analyze is wide and will only continue to grow. By some measures, 90% of the data that exists today has been created in just the past two years, and data continues to explode at an exponential pace.\* Much of this data is non-traditional; newer data such as social media posts, satellite imagery, and website traffic patterns must be analyzed and organized to be useful.\* Recent advances in machine learning and cloud computing enable AI systems to analyze and continuously learn from the vast amount of data being generated each day.\* Successful investment strategies of the future must keep up with the growing amount of data being generated each day. \* Please see the IBM website for more information. Information contained in IBM's website is not incorporated by reference in, and should not be considered as part of, this brochure. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 The AI professionals at EquBot developed AiPEX6 to not only keep up, but also to thrive in an increasingly complex world of data by using AI techniques including Natural Language Processing and Machine Learning. AiPEX6 is a new kind of equity strategy utilizing IBM Watson's Artificial Intelligence. Watson enables AiPEX6 to understand the equity markets and to read and analyze millions of traditional (e.g. financial statements) and non-traditional (e.g. news articles) data sources each day. With Watson, AiPEX6 is able to build intuition, experience, and to continuously learn as headlines break and new information becomes available. Applying what it has learned, AiPEX6 objectively evaluates and scores each of the 1,000 largest U.S. publicly traded companies in order to find those whose stock prices are poised for growth and rebalances its portfolio monthly by following a 3-step equity selection process. AiPEX6 can identify and quantify relationships that are not readily apparent to humans. Rather than one analyst's opinion, AiPEX6 selects stocks based on the insights uncovered by an entire army of simulated research analysts and traders who are in complete coordination, allowing for information learned by one to be instantly known by all. AI Powered Equity Investing |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Index 6 4 AiPEX6 3-Step Monthly Equity Selection Process: For more information on the index methodology, please see the AiPEX6 Index Guideline and the AI Powered US Equity Base Index Guideline published by Solactive AG. Information contained in these Index Guidelines or otherwise available from Solactive is not incorporated by reference in, and should not be considered a part of, this brochure. Scores for the 1,000 largest U.S. companies are calculated based on: • Financial Health Score: evaluates a company's fundamentals and key figures. • Management Score: assesses a company's management strength and thought leadership. • News & Information Score: measures a company's market sentiment, economic, and geopolitical risks. Approximately 250 companies with the highest combined Financial Health, Management, and News and Information Scores are selected for the portfolio. Companies are assigned portfolio weights, with the largest weights going to the companies with the highest combined scores (subject to diversification and market liquidity limits). 1. Score 2. Select 3. Diversify |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Daily Risk Control Helps Provide Smoother Returns AiPEX6 reacts daily to changing market conditions, as rapid movement in the market, or volatility, can create greater potential risk. AiPEX6 reduces the impact of short-term volatility in the equity markets through daily re-allocations between the equities selected by the AI algorithms and a cash component. AiPEX6 seeks a 6% daily volatility target. If the volatility falls below the target, the allocation to selected equities is increased up to a maximum of 150%. If the volatility is greater than the target, allocations to the selected equities may be reduced. Allocations below 100% to selected companies will be reallocated to a cash component. For more information on the index methodology, please see the AiPEX6 Index Guideline and the AI Powered US Equity Base Index Guideline published by Solactive AG. Information contained in these Index Guidelines or otherwise available from Solactive is not incorporated by reference in, and should not be considered a part of, this brochure. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Index 6 6 The AI Powered US Equity Index 6 would have provided growth through a variety of market environments due in part to a monthly equity selection process intended to adapt to market changes and mitigate potential risks. While real-time calculations began on November 19, 2019, the graph below illustrates how AiPEX6 would have provided long-term positive returns with low volatility. Performance: Historical & Simulated 1 AiPEX6 Index values shown here, and as calculated and published by Solactive AG, are a net of the 0.85% p.a. Index Fee. The graph and table above sets forth the hypothetical back-tested performance of the Index from April 30, 2004 through November 19, 2019 and actual index performance thereafter through December 31, 2025. See the risk factors and "Use of Simulated Returns" herein. Index returns as of 12/31/2025 AI Powered US Equity Index 6 (ER) S&P 500 Daily Risk Control 5% Index (ER) 1 Y 1.06% 1.11% 3 Y 2.28% 13.58% 5 Y -3.27% 16.60% 10 Y 27.14% 47.05% Annualized Volatility 5.85% 5.03% Key Statistics and Characteristics Bloomberg Ticker AiPEX6 Asset Class Equity Geographical Focus United States Launch Date 11/19/2019 Type of Return Excess Return Index Sponsor EquBot, Inc. Calculation Agent Solactive AG Index Fee1 0.85% per year 0 500 1000 1500 2000 2500 3000 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 3.80% compound annual return 3.04% compound annual return AiPEX6 SPXT5UE AiPEX6 SPXT5UE AI Powered US Equity Index 6 (ER) AiPEX6 S&P 500 Daily Risk Control 5% (ER) SPXT5UE |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Growing Presence of Artificial Intelligence The AiPEX indexes are the first of their kind, but likely not the first time investors have encountered AI. Technology similar to that which AiPEX6 uses to gain market insights is already helping to improve our daily lives, even if we don't realize it. AI is helping the Mayo Clinic improve their breast cancer early screening results and match patients with clinical trials.\* AI is helping our armed forces and law enforcement professionals identify persons of interest with facial recognition.\* AI is helping power the billions of online searches each day, and has transformed the communication industry with software such as text message auto completion.\* \* Please see IBM's Website for more details. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Index 6 8 Index Collaborators IBM Watson is IBM's suite of enterprise Artificial Intelligence applications and APIs. IBM Watson represents a new era in computing, where systems understand the world the way humans do: through intuition, learning, and experience. IBM Watson continuously learns, gaining value and knowledge from interactions over time. EquBot, Inc. ("EquBot"), a San Francisco based asset manager, is a member of the IBM Global Entrepreneur Program and developed AiPEX6 to provide investors access to the opportunities that AI can uncover. EquBot was co-founded by the former Director of Engineering at Intel, was the first manager to develop an AI based ETF, and currently manages several funds and separate accounts for institutional investors. HSBC is one of the world's largest banking and financial services companies, an award winning provider of US Structured Products, and is the exclusive licensor of the AiPEX suite of indexes. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534578d44_fwpimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Key Terms and Definitions Artificial Intelligence enables computers to do things normally requiring human intelligence, such as visual perception, speech recognition, interpretation of language, and decision-making Natural Language Processing is a branch of artificial intelligence that reads, deciphers, understands, and makes sense of human languages Machine Learning is a subset of artificial intelligence that gives computers the ability to learn without being explicitly programmed in order to identify patterns and make successful predictions Volatility is the range of price change a security experiences over a given period of time. If the price remains relatively stable, the security has low volatility and if the price moves erratically, the security has high volatility For more information on the AI Powered US Equity Index 6 (AiPEX6): Go to: aipex6.gbm.hsbc.com |

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### Attached PDF Documents

**Attachment 1:** `tm2534578d44_fwp.pdf`

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