# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-000875
**Filing Date:** 2026-1
**Character Count:** 12963
**Document Hash:** a078b01007e591ca742d4096a018e52f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000875.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001104659-26-000875

**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:** 26509152

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

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

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_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 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 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. An Artificially Intelligent Equity Index The suite of 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 Adjusted Total Return Index ("AiPEXAR") 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. AiPEXAR 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 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Adjusted Total Return Index 2 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. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_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 AiPEXAR 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. AiPEXAR is a new kind of equity strategy utilizing IBM Watson's Artificial Intelligence. Watson enables AiPEXAR 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, AiPEXAR is able to build intuition, experience, and to continuously learn as headlines break and new information becomes available. Applying what it has learned, AiPEXAR objectively evaluates and scores a universe of Large and Mid Cap 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. AiPEXAR is 100% composed of US equities selected by the AI at all times and will not invest in cash or other instruments. AiPEXAR can identify and quantify relationships that are not readily apparent to humans. Rather than one analyst's opinion, AiPEXAR 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 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Adjusted Total Return Index 4 1 Constraints include: diversification; market liquidity limits; weight allocation; and caps at 2.6% of the Solactive US 500 Index's volatility at each monthly rebalance. For more information on the index methodology, please see the AI Powered US Equity Adjusted Total Return 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. AiPEXAR 3-Step Monthly Equity Selection Process: Companies are assigned portfolio weights, with the largest weights going to the companies with the highest combined scores, subject to strategic constraints1 . 3. Diversify & Adjust Approximately 250 companies with the highest combined Financial Health, Management, and News and Information Scores are selected for the portfolio. 2. Select Scores for the companies included in the Solactive US Large & Mid Cap Index 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. 1. Score |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 0 1000 2000 3000 4000 5000 6000 7000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 AiPEXAR SPX The AI Powered US Equity Adjusted Total Return Index 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 July 14, 2021, the graph below illustrates how AiPEXAR would have provided long-term positive returns with low volatility. Performance: Simulated & Historical 1 AiPEXAR Index values shown here, and as calculated and published by Solactive AG, are net of the 5.0% p.a. Adjustment Factor, or decrement. The graph and table above set forth the hypothetical back-tested performance of the Index from January 3, 2011 through July 14, 2021 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 Adjusted Total Return Index (TR) S&P 500 Index (PR) 1 Y 12.25% 16.39% 3 Y 58.24% 78.29% 5 Y 44.41% 82.25% 10 Y 169.52% 234.92% Volatility Since Inception 17.54% 17.29% Key Statistics and Characteristics Bloomberg Ticker AiPEXAR Asset Class Equity Geographical Focus United States Launch Date 7/14/2021 Type of Return Adjusted Return Index Sponsor EquBot, Inc. Calculation Agent Solactive AG Adjustment Factor1 5.0% per year 12.46% compound annual return 11.87% compound annual return AiPEXAR SPX AI Powered US Equity Adjusted Total Return Index (TR) AiPEXAR S&P 500 Index (PR) SPX |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Adjusted Total Return Index 6 Performance: Simulated & Historical 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 AiPEXAR 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 AI suite of indexes. Index Collaborators  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_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 AiPEXAR 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. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Powered US Equity Adjusted Total Return Index 8 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 For more information on AiPEXAR go to: aipexar.gbm.hsbc.com |

---

&nbsp;&nbsp;![GRAPHIC](tm2534578d47_fwpimg012.jpg)<br>

### Attached PDF Documents

**Attachment 1:** `tm2534578d47_fwp.pdf`

_No text found in this document._