# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-078494
**Filing Date:** 2025-8
**Character Count:** 57767
**Document Hash:** 06e506f349ae461734d75c67f3ea9ab6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-078494.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001104659-25-078494

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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:** 251217954

**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

---

| | |
|:---|:---|
| ![](tm2522797d72_fwpimg001.jpg) | **August 2025** |
| ![](tm2522797d72_fwpimg001.jpg) | Free Writing Prospectus |
| ![](tm2522797d72_fwpimg001.jpg) | Registration Statement No. 333-277211 |
| ![](tm2522797d72_fwpimg001.jpg) | Dated August 14, 2025 |
| ![](tm2522797d72_fwpimg001.jpg) | Filed Pursuant to Rule 433 |

---

Structured Investments

Opportunities in International Equities

**Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030**

**Principal at Risk Securities**

The Dual Directional Trigger Jump Securities, which we refer to as the securities, offered are senior unsecured debt securities of HSBC USA Inc. ("HSBC"), will not pay interest, do not guarantee any return of principal at maturity and have the terms described in the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus, as supplemented or modified by this free writing prospectus. All references to "Reference Asset" in the prospectus supplement and the Equity Index Underlying Supplement shall refer to the "underlying index" herein. At maturity, if the level of the underlying index has stayed the same or appreciated by any amount, investors will receive a positive return on the securities equal to the greater of (1) the digital return and (2) the index performance factor (as each term is defined below). If the level of the underlying index has depreciated by no more than 25%, the investor will receive the stated principal amount plus an unleveraged positive return equal to the absolute value of the percentage decline, which will effectively be limited to a positive return of 25%. However, if the level of the underlying index has depreciated by more than 25%, investors will be negatively exposed to the full amount of the percentage decline in the underlying index and will lose 1% of the stated principal amount for every 1% decline in the underlying index from the pricing date to the valuation date. These securities 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 potential benefit of the digital return, and the unleveraged absolute return feature, which applies to a limited range of negative performance of the underlying index. **Investors may lose up to 100% of the stated principal amount of the securities. All payments on the securities are subject to the credit risk of HSBC.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**INDICATIVE TERMS** | |
| &nbsp;&nbsp;**Issuer:** | HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;**Maturity date\*:** | September 5, 2030, 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;**Underlying Index:** | EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: SX5E) |
| &nbsp;&nbsp;**Aggregate principal amount:** | $ |
| &nbsp;&nbsp;**Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · If the final level is *greater than or equal to* the initial level: $1,000 + the product of (a) $1,000 and (b) the greater of (1) the digital return and (2) the index performance factor<br> · If the final level is *less than* the initial level but is *greater than or equal to* the trigger level:<br> $1,000 + ($1,000 x absolute index return)<br> *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the underlying index. In no event will this amount exceed the stated principal amount plus $250.00 for each security.*<br> · If the final level is *less than* the trigger level:<br> $1,000 + ($1,000 x the index performance factor)<br> *This amount will be less than $750.00. You will lose at least 25% of the stated principal amount if the final level is less than the trigger level. All payments on the securities are subject to the credit risk of HSBC.*  |
| &nbsp;&nbsp;**Digital return:** | At least 44.90% (to be determined on the pricing date) |
| &nbsp;&nbsp;**Index performance factor:** | (final level – initial level) / initial level |
| &nbsp;&nbsp;**Absolute index return:** | The absolute value of the index performance factor. For example, a -5% Index performance factor will result in a +5% absolute index return. |
| &nbsp;&nbsp;**Trigger level:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which is 75% of the initial level |
| &nbsp;&nbsp;**Initial level:** | The closing level of the underlying index on the pricing date |
| &nbsp;&nbsp;**Final level:** | The closing level of the underlying index on the valuation date |
| &nbsp;&nbsp;**Valuation date\*:** | August 30, 2030, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement |
| &nbsp;&nbsp;**Stated principal amount:** | $1,000 per security |
| &nbsp;&nbsp;**Issue price:** | $1,000 per security |
| &nbsp;&nbsp;**Pricing date\*:** | On or about August 29, 2025 |
| &nbsp;&nbsp;**Original issue date\*:** | On or about September 4, 2025 (3 business days after the pricing date) |
| &nbsp;&nbsp;**Estimated initial value:** | The estimated initial value of the securities will be less than the price you pay to purchase the securities. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your securities in the secondary market, if any, at any time. The estimated initial value will be calculated on the pricing date and will be set forth in the pricing supplement to which this free writing prospectus relates. See "Risk Factors—The estimated initial value of the securities, which will be determined by us on the pricing date, will be less than the price to public and may differ from the market value of the securities in the secondary market, if any." |
| &nbsp;&nbsp;**CUSIP / ISIN:** | 40447CUE8 / US40447CUE82 |
| &nbsp;&nbsp;**Listing:** | The securities will not be listed on any securities exchange. |
| &nbsp;&nbsp;**Agent:** | HSBC Securities (USA) Inc., an affiliate of HSBC. See "Supplemental plan of distribution." |
| &nbsp;&nbsp;**Commissions and issue price:** | **Fees and commissions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per security** | $30.00<sup>(1)</sup> |
|  | $5.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *HSBC Securities (USA) Inc., acting as agent for HSBC, will receive a fee of $35.00 per $1,000 stated principal amount and will pay Morgan Stanley Wealth Management a fixed sales commission of $30.00 for each security they sell. See "Supplemental plan of distribution."* 

&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 security.* 

**\* *The pricing date, original issue date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the securities.***

**The estimated initial value of the securities on the pricing date is expected to be between $**900.00 **and $**950.00 **per security, which will be less than the price to public. The market value of the securities 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 securities involves certain risks. See "Risk Factors" beginning on page 6 of this free writing prospectus, page S-1 of the Equity Index Underlying Supplement and page S-1 of the prospectus supplement.**

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

**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 free writing prospectus 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 toll-free 1-866-811-8049.**

**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 securities 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.**

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

Investment Summary

**Dual Directional Trigger Jump Securities**<br> Principal at Risk Securities**

The Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030 (the "securities") can be used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ As an alternative to direct exposure to the underlying index that provides for the minimum positive return of at least 44.90% (to
be determined on the pricing date) for any positive performance of the underlying index, and offers an uncapped 1 to 1 participation in
any increase in the level of the underlying index if the final level is greater than the initial level by more than 44.90%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To obtain an unleveraged positive return for a limited range of negative performance of the underlying index

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Maturity:** | 5 years |
| &nbsp;&nbsp;**Digital return:** | At least 44.90% (to be determined on the pricing date) |
| &nbsp;&nbsp;**Trigger level:** | 75% of the initial level |
| &nbsp;&nbsp;**Minimum payment at maturity:** | None. You may lose your entire initial investment in the securities. |
| &nbsp;&nbsp;**Coupon:** |  |

---

Key Investment Rationale

The securities offer a positive return of at least 44.90% (to be determined on the pricing date) if the value of the underlying index increases or remains unchanged, and an unleveraged positive return on the absolute value of a limited range of negative performance of the underlying index. At maturity, if the level of the underlying index has stayed the same or appreciated, investors will receive a positive return equal to the greater of (1) the digital return and (2) the index performance factor. If the level of the underlying index has depreciated by no more than 25%, investors will receive the stated principal amount plus an unleveraged positive return equal to the absolute value of the percentage decline, which will effectively be limited to a positive return of 25%. However, if the level of the underlying index has decreased by more than 25%, investors will lose 1% of the principal amount for every 1% that the level has declined in the final level from the initial level. **Investors may lose up to 100% of the stated principal amount of the securities.**

These securities are for investors who seek an equity-based return and who are willing to risk their principal and forgo current income in order to potentially receive the digital return, and the unleveraged absolute return feature, which applies to a limited range of negative performance of the underlying index. All payments on the securities are subject to the credit risk of HSBC.

---

| | |
|:---|:---|
| **Digital Return** | The securities offer investors an opportunity to receive the digital return if the value of the underlying index remains the same or increases up to 44.90%. |
| **Absolute Return Feature** | The securities enable investors to obtain an unleveraged positive return if the final level is less than the initial level but is greater than or equal to the trigger level. |
| **Upside Scenario Above the Digital Return** | The securities offer 1 to 1 uncapped participation in any increase in the level of the underlying index above the digital return. |
| **Absolute Return Scenario** | The final level is less than the initial level but is greater than or equal to the trigger level, which is 75% of the initial level. In this case, investors receive a 1% positive return on the securities for each 1% decline in the level of the underlying index. For example, if the final level is 10% less than the initial level, the securities will provide a total positive return of 10% at maturity. The maximum return you may receive in this scenario is a positive 25% return at maturity. |

---

August 2025 Page 2

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| | |
|:---|:---|
| **Downside Scenario** | The final level is less than the trigger level, at maturity for each security, we will pay less than the stated principal amount in an amount that is proportionate to the decline in the final level from the initial level. This amount will be less than $750.00 per security. For example, if the final level is 75% less than the initial level, the payment on the securities will result in a loss of 75% of principal at $250.00, or 25% of the stated principal amount. There is no minimum payment at maturity on the securities. |

---

August 2025 Page 3

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

How the Trigger Jump Securities Work

**Payoff Diagram**

The payoff diagram below illustrates the payment at maturity on the securities assuming the following terms:

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per security |
| **Hypothetical digital return:** | At least 44.90% (to be determined on the pricing date) |
| **Trigger level:** | 75% of the initial level |
| &nbsp;&nbsp;**Trigger Jump Securities Payoff Diagram** | &nbsp;&nbsp;**Trigger Jump Securities Payoff Diagram** |

---

------

**How it works**

▪ Upside Scenario: If the final level is greater than or equal to the initial level, the payment at maturity
per security is $1,000 plus the product of (a) $1,000 and (b) the greater of (1) the digital return and (2) the index performance factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the level of the underlying index appreciates 3%, investors would receive a 44.90% return, or $1,449.00 per security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the level of the underlying index appreciates 70%, investors would receive $1,700.00 per security, or 170% of the
stated principal amount.

▪ Absolute Return Scenario: If the final level is less than the initial level but is greater than or equal
to the trigger level, investors would receive a 1% positive return on the securities for each 1% decline in the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the level of the underlying index declines by 10%, investors would receive a 10% return,
or $1,100.00 per security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The maximum return under this scenario is a positive 25% return at maturity, or $1,250.00 per security.

▪ Downside Scenario: If the final 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.
This amount will be less than $750.00 per security. There is no minimum payment at maturity on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlying index decline by 40%, investors would lose 40% of their principal and receive only $600.00 per security
at maturity, or 60% of the stated principal amount.

August 2025 Page 4

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

Investor Suitability

**The securities may be suitable for you if:** 

▪ You seek an investment with a return linked to the performance of the underlying index and you believe
the final level will not be less than the trigger level.

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

▪ 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 to holders of 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 securities may not be suitable for you if:** 

▪ You believe the final level will be less than the trigger level.

▪ You are unwilling to make an investment that is exposed to any negative final level on a 1-to-1 basis
if the final level is less than the trigger level.

▪ 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.

August 2025 Page 5

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

Risk Factors

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

"— 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 Securities***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities do not pay interest or guarantee any return of principal.** The terms of the securities
differ from those of ordinary debt securities in that the securities do not pay interest or guarantee payment of any of the principal
amount at maturity. If the final level is less than the trigger level (which is 75% of the initial level), the absolute return feature
will no longer be available and you will receive for each security that you hold a payment at maturity that is at least 25% less than
the stated principal amount of each security. If the final level is less than the trigger level, you will receive a payment at maturity
that is less than the stated principal amount by an amount proportionate to the decrease in the closing level of the underlying index
from the initial level. In this scenario, you may lose a significant portion or all of your investment. **You may lose up to 100% of the stated principal amount of the securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The amount payable on the securities is not linked to the level of the underlying index at any time other than the valuation date.** The final level will be based on the 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 increases prior to the valuation date (or does not
decrease below the trigger level) but then decreases by the valuation date, the payment at maturity will 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 the valuation date.
Although the actual level of the underlying index on the stated maturity date or at other times during the term of the securities may
be higher than the final level, the payment at maturity will be based solely on the 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 securities is not equivalent to investing in the stocks included in the underlying index.** Investing in the securities is not equivalent to investing in the component securities of the underlying index. Investors in
the securities 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 SX5E 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 securities. 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

August 2025 Page 6

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| | |
|:---|:---|
|  | 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 SX5E and, as a result, the value of the securities. |
| ▪ | **The securities will not be adjusted for changes in exchange rates.** Although the equity securities included in the SX5E are traded in currencies other than U.S. dollars, and the securities are denominated in U.S. dollars, the amount payable on the securities 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 level of the SX5E and therefore the securities. The amount we pay in respect of the securities on the maturity date, if any, will be determined solely in accordance with the procedures described in this document. |

---

***General Risk Factors***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Credit risk of HSBC USA Inc.** The securities 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 securities 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 securities 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 securities 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 securities and could lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The estimated initial value of the securities, which will be determined by us on the pricing date, is expected to be less than the price to public and may differ from the market value of the securities in the secondary market, if any.** The estimated initial value of the securities will be calculated by us on the pricing date and is expected to be less than the price to
public. The estimated initial value will reflect 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 securities. This internal funding
rate is typically lower than the rate we would use 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 securities may be lower if it were based on the levels at which our fixed or floating rate debt securities
trade in the secondary market. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances,
we would expect the economic terms of the securities to be more favorable to you. We will determine the value of the embedded derivatives
in the securities 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
securities 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 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 securities in the secondary market (if any exists) at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The price of your securities 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 include the underwriting
discount, our affiliates' projected hedging profits (which may or may not be realized) for assuming risks inherent in hedging our
obligations under the securities and the costs associated with structuring and hedging our obligations under the securities. 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 securities in
the secondary market, if any, the price you would receive for your securities 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 securities in the secondary market, if any, at any time after
issuance will vary based on many factors, including the level of the underlying index and changes in market conditions, and cannot be
predicted with accuracy. The securities are not designed to be short-term trading instruments, and you should, therefore, be able and
willing to hold the securities to maturity. Any sale of the securities prior to maturity could result in a loss to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **If HSBC Securities (USA) Inc. were to repurchase your securities immediately after the original issue date, the price you receive may be higher than the estimated initial value of the securities.** 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 securities in the
secondary market, if any, and the value that may initially be used for customer account statements, if any, may exceed the estimated initial
value on the pricing date for a temporary

August 2025 Page 7

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| | |
|:---|:---|
|  | period expected to be approximately 8 months 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 securities and other costs in connection with the securities that we will no longer expect to incur over the term of the securities. 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 securities and any agreement we may have with the distributors of the securities. 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 securities based on changes in market conditions and other factors that cannot be predicted. |
| ▪ | **The calculation agent, which is HSBC or one of its affiliates, will make determinations with respect to the securities.** As calculation agent, HSBC or one of its affiliates will determine the initial level and the final level, and will calculate the amount of cash, if any, that you will receive at maturity. Moreover, certain 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, such as with respect to the occurrence or non-occurrence of market disruption events and the selection of a successor index or the calculation of the final level in the event of a discontinuance of the underlying index. These determinations, which may be subjective, may adversely affect the payout to you at maturity. Although the calculation agent will make all determinations and take all action in relation to the securities in good faith, it should be noted that such discretion could have an impact (positive or negative) on the value of your securities. The calculation agent is under no obligation to consider your interests as a holder of the securities in taking any actions, including the determination of the initial level, that might affect the value of your securities. See "Additional Terms of the Notes—Discontinuance or Modification of an Index" and "—Market Disruption Event" in the Equity Index Underlying Supplement. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.** One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the securities
(and possibly to other instruments linked to the underlying index or the securities comprising the underlying index), including trading
in the securities comprising 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 securities, 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 those securities
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 potentially increase the initial 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 securities. Additionally, hedging or trading activities during the term of the securities, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities are not insured by any governmental agency of the United States or any other jurisdiction.** The securities are not deposit liabilities or other obligations of a bank and are not insured 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 securities 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
amounts due on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The market price of the securities will be influenced by many unpredictable factors.** Several factors
will influence the market price of the securities in the secondary market and the price at which HSBC Securities (USA) Inc. may be willing
to purchase or sell the securities in the secondary market, including: the value, volatility and dividend yield, as applicable, of the
underlying index and the securities included in 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. The level of the underlying index may be, and has recently been, volatile, and we can give you no assurance that the
volatility will lessen. See "Information about the EURO STOXX 50<sup>®</sup> Index" below. You may receive less, and possibly
significantly less, than the stated principal amount if you try to sell your securities prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities will not be listed on any securities exchange and secondary trading may be limited.** The securities will not be listed on any securities exchange or automated quotation system. Therefore, there may be little or no secondary
market for the securities. HSBC Securities (USA) Inc. may, but is not obligated to, make a market in the securities. Even if there is
a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Because we do not expect
that other broker-dealers will participate significantly in

August 2025 Page 8

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| | |
|:---|:---|
|  | the secondary market for the securities, the price at which you may be able to trade your securities 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 securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity. |
| ▪ | **The U.S. federal income tax consequences of an investment in the securities are uncertain.** For a discussion of certain of the U.S. federal income tax consequences of your investment in the securities, please see the discussion under "Additional Information About the Trigger Jump Securities – Additional Provisions – Tax considerations" herein, and the discussion under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement. |

---

August 2025 Page 9

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

The EURO STOXX 50<sup>®</sup> Index

The EURO STOXX 50<sup>®</sup> Index is derived from the EURO STOXX index and represents the performance of the 50 largest companies among the 20 supersectors in terms of free-float market capitalization in the Eurozone. The index has a fixed number of components and is part of the STOXX blue-chip index family. The index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).

 ****

***For more information about the SX5E, see "The EURO STOXX 50****<sup>®</sup> **Index" beginning on page S-12 of the accompanying Equity Index Underlying Supplement.***

The following graph sets forth the historical performance of the EURO STOXX 50<sup>®</sup> Index based on the daily historical closing levels from August 11, 2015 through August 11, 2025. We obtained the closing levels below from the Bloomberg Professional<sup>®</sup> service. We have not independently verified the accuracy or completeness of the information obtained from the Bloomberg Professional<sup>®</sup> service. The historical levels of the EURO STOXX 50<sup>®</sup> Index should not be taken as an indication of future performance, and no assurance can be given as to the level of the EURO STOXX 50<sup>®</sup> Index on the valuation date.

**EURO STOXX 50<sup>®</sup> Index<br> Daily Closing Levels<br> August 11, 2015 through August 11, 2025**

![](tm2522797d72_fwpimg004.jpg)

August 2025 Page 10

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

Additional Information About the Trigger Jump Securities

Please read this information in conjunction with the summary terms on the cover page of this document.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **General Information** |  |
| **Listing:** | The securities will not be listed on any securities exchange. |
| **CUSIP:** | 40447CUE8 |
| **ISIN:** | US40447CUE82 |
| **Minimum ticketing size:** | $1,000 / 1 security |
| **Denominations:** | **$1,000 per security and integral multiples thereof** |
| **Interest:** |  |
| Tax considerations:<br>| There is no direct legal authority as to the proper tax treatment of the securities, and therefore significant aspects of the tax treatment of the securities are uncertain as to both the timing and character of any inclusion in income in respect of the securities. Under one approach, the securities could be treated as pre-paid executory contracts with respect to the underlying index. We intend to treat the securities consistent with this approach. Pursuant to the terms of the securities, you agree to treat the securities 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 the securities as pre-paid executory contracts with respect to the underlying index. Pursuant to this approach we do not intend to report any income or gain with respect to the securities 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 securities for more than one year at such time for U.S. federal income tax purposes.<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 securities) 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 (as defined in the accompanying prospectus supplement) of a security is required to accrue income in respect of the security prior to the receipt of payments under the security 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 a security as ordinary income (including gain on a sale or exchange). Finally, it is possible that a non-U.S. holder (as defined in the accompanying prospectus supplement) of a security could be subject to U.S. withholding tax in respect of a security. It is unclear whether any regulations or other guidance would apply to the securities (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 securities.<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 ("PFIC") or United States real property holding corporation ("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. 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, Internal Revenue Service 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 securities are not "delta-one" instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the securities. However, it is possible that the securities 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 securities, and following such occurrence the securities 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 securities should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the securities 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 |

---

August 2025 Page 11

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| | |
|:---|:---|
|  | 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 securities are 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 securities.<br>For a further discussion of U.S. federal income tax consequences related to the securities, 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**:** | Pursuant to the terms of a distribution agreement, HSBC Securities (USA) Inc., an affiliate of HSBC, will purchase the securities from HSBC for distribution to Morgan Stanley Wealth Management. HSBC Securities (USA) Inc. will act as agent for the securities, will receive a fee of $35.00 per $1,000 stated principal amount, and will pay Morgan Stanley Wealth Management a fixed sales commission of $30.00 for each security 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 security.<br>In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market-making transactions after the initial sale of the securities, but is under no obligation to make a market in the securities and may discontinue any market-making activities at any time without notice.<br>We expect that delivery of the securities will be made against payment for the securities on or about the original issue date set forth above, 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 securities 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. |
| **Events of default and acceleration:** | If the securities have become immediately due and payable following an event of default (as defined in the accompanying prospectus) with respect to the securities, 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 free writing prospectus. 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 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 fifth 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 free writing prospectus relates to an offering of the securities linked to the underlying index. The purchaser of a security will acquire a senior unsecured debt security of HSBC USA Inc. We reserve the right to withdraw, cancel or modify any offering and to reject orders in whole or in part. Although the offering of securities 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 any security included in the underlying index or as to the suitability of an investment in the securities.<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 free writing prospectus 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 toll-free 1-866-811-8049.<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 securities offered hereby are inconsistent with those described in the accompanying prospectus supplement, prospectus, or Equity Index Underlying Supplement, the terms described in this free writing prospectus shall control. You should carefully consider, among other things, the matters set forth in "Risk Factors" herein, on page S-1 of the accompanying Equity Index Underlying Supplement and page S-1 of the accompanying prospectus supplement**,** as the securities 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 securities. 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>|

---

August 2025 Page 12

![](tm2522797d72_fwpimg002.jpg)

Dual Directional Trigger Jump Securities Based on the Level of the EURO STOXX 50<sup>®</sup> Index due September 5, 2030

**Trigger Jump Securities<sup>SM</sup>**

**Principal at Risk Securities**

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)<br>

*This document provides a summary of the terms and conditions of the securities. 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 .*

August 2025 Page 13

### Attached PDF Documents

**Attachment 1:** `tm2522797d72_fwp.pdf`

_No text found in this document._