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Detailed Monthly Performance-Simulated & Historical 'YTD return for current year Yearly Average Monthly Allocation-Simulated & Historical 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2012 2013 2014 2015 2016 2017 2018 2019 2020 0% 2021 Jan YTD •Developed Equities •Developed Bonds •Emerging Markets •Real Assets •Inflation•Cash Quarterly Average Monthly Allocation-Simulated & Historical Developed Equities SPY SPLV IWM QQQ EFA Fixed IncomeEmerging Markets TLT LQD HYG EEM EMB Real Assets IYRGLD Inflation Cash TIP 04 2020 03 0.0% 0.3% 4.9% 7.3% 0.1% 9.4% 9.0% 2.3% 7.0% 3.2% 0.0% 1.5 % 5.0% 50.0 % 2020 02 2020 01 2020 0.0% 0.0% 23.5% 0.0% 0.0% 14.2% 0.0% 0.0% 6.3 % 3.3% 3.6% 20.0% 0.0% 19.4% 0.0% 30.7% 0.0% 14.0% 0.0% 0.0% 16.9% 0.2% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.7% 0.0% 0.0% 1.0% 4.4% 0.6% 13.9% 2.5% 1.7% 0.8% 59.2% 55.7% 1.3% 04 2019 03 11.4% 6.9% 4.4% 2.9% 7.6% 19.4% 13.2% 5.0% 1.2% 0.0% 4.0% 11.4% 0.0% 12.7% 2019 2.4% 15.4% 0.0% 10.8% 0.0% 29.2% 30.4% 1.9% 0.0% 1.7% 0.0% 8.2% 0.0% 0.0% 02 2019 0.0% 17.8% 0.0% 1.8% 0.0% 30.2% 29.1 % 0.4% 3.3% 5.0% 5.7% 5.7% 0.8% 0.0%

01 2019 04 2018 03 2018 02 2018 01 2018 04 2017 03 2017 02 2017 01 2017 04 2016 03 2016 02 2016 01 2016 04 2015 03 2015 02 2015 01 2015 04 2014 03 2014 02 2014 01 2014 04 2013 03 2013 02 2013 01 2013 04 2012 0.0% 11.3% 1.0% 0.0% 30.3% 30.9% 7.6% 12.2% 24.3% 0.7% 0.0% 3.9% 0.0% 0.0% 1.6% 0.0% 0.3% 8.3% 8.1% 13.0% 16.5% 9.6% 17.1% 19.9% 0.0% 2.3% 7.4% 18.6% 4.3% 0.0% 4.7% 5.0% 13.2% 10.9% 0.0% 0.0% 4.3% 10.3% 10.9% 12.5% 3.3% 0.0% 16.7% 11.1% 6.7% 6.1% 0.0% 0.0% 8.8% 20.0% 6.7% 6.7% 0.0% 1.2% 11.3% 9.6% 2.1% 5.0% 0.0% 1.0% 8.1% 10.4% 6.7% 0.5% 0.0% 0.0% 7.0% 12.5% 4.3% 0.0% 0.0% 0.0% 1.1% 3.8% 7.9% 7.9% 11.2% 0.0% 0.0% 3.0% 6.3% 11.2% 13.6% 5.1% 12.0% 20.0% 13.3% 12.3% 1.0% 0.0% 1.4% 7.7% 10.8% 5.5% 11.9% 18.6% 11.4% 7.9% 20.0% 18.2% 10.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 0.0% 0.0% 13.3% 16.4% 11.7% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 5.8% 12.7% 0.0% 0.0% 0.3% 0.0% 0.2% 3.1% 0.0% 6.2% 16.8% 5.3% 32.3% 0.0% 5.4% 2.6% 1.9% 5.9% 18.3% 2.2% 0.0% 0.3% 19.8% 21.1% 33.1% 10.3% 9.9% 18.0% 39.4% 38.5% 35.8% 24.4% 0.1% 0.7% 0.8% 26.3% 13.8% 11.3% 15.5% 4.2% 2.4% 0.0% 0.2% 3.9% 14.0% 4.4% 0.0% 12.7% 27.6% 31.1% 1.1% 18.6% 3.4% 2.7% 0.8% 0.2% 0.0% 16.9% 22.8% 4.4% 0.4% 0.0% 20.0% 38.8% 0.0% 5.2% 11.7% 4.7% 0.5% 0.0% 0.0% 0.0% 8.1% 15.0% 13.3% 5.0% 0.0% 0.0% 1.6% 0.9% 0.0% 0.0% 0.0% 5.0% 12.3% 9.1% 5.1% 4.4% 7.7% 6.3% 2.9% 0.0% 0.0% 0.5% 11.5% 18.1% 16.9% 7.8% 0.1% 2.4% 1.3% 0.0% 0.0% 0.0% 0.0% 0.9% 0.0% 1.4% 15.4% 2.6% 0.0% 0.0% 0.0% 0.0% 3.2% 2.0% 6.5% 0.0% 0.0% 0.0% 1.8% 0.7% 0.0% 4.0% 0.4% 6.6% 8.8% 8.3% 1.7% 3.3% 3.3% 3.3% 0.0% 1.7% 3.3% 5.0% 0.0% 0.0% 0.0% 0.0% 5.0% 10.0% 3.7% 11.5% 14.0% 2.4% 0.0% 2.2% 1.5% 0.0% 0.0% 0.0% 3.4% 3.8% 0.5% 0.0% 0.0% 1.5% 7.6% 4.4% 16.6% 11.7% 0.9% 0.0% 0.0% 11.0% 6.4% 1.4% 16.7% 6.7% 0.2% 14.9% 8.6% 6.0% 0.0% 7.3% 1.6% 4.1% 8.7% 11.4% 5.8% 4.9% 0.0% 0.7% 0.0% 0.0% 2.1% 1.6% 1.8% 0.3% 0.2% 0.0% 0.0% 10.0% 0.0% 0.0% 5.0% 4.0% 1.3% 0.0% 0.0% 0.0% 0.0% 3.3% 0.0% 0.2% 0.8% 0.8% 3.2% 1.7% 0.0% 0.0% 0.3% 0.8% 0.0% 0.8% 0.0% 0.8% 2.2% 1.7% 15.1% 38.3% 38.3% 50.0% 23.6% 3.9% 0.0% 18.2% 42.5% 32.2% 5.2% 4.6% 44.7% 41.8% 50.0% 39.6% 19.1% 15.8% 0.0% 5.1% 24.3% 50.0% 49.8% 3.4% 7.0% 2.4% Risks related to the index Please rev1ew carefully these risk factors, and any nsk factors in an offering document for any security or financial1nstrument referencing the Index, before mak1ng any investment. S&P, the Index Calculation Agent, may adjust the Index 1n a way that affects 1ts level, and S&P has no obligation to consider your interests. The Index may not be successful and may not outperform any alternative strategy that m1ght be employed 1n respect of the ETFs or ach1eve 1ts target volatility. The Index has a limited operating history and may perform in unanticipated ways The ETFs compos1ng the Index may be replaced by a substitute ETF 1n certain extraordinary events. The Index may perform poorly during periods characterized by short-term volatility. An investment linked to the Index carries the risks associated with the Index's momentum Investment strategy The Index may be partially uninvested. Correlation of performances among the ETFs may reduce the performance of the Index. The Index is subject to market r1sks Changes in the value of the ETFs may offset each other The level of the Index will include the deduction of a change in the ICE LIBOR USD 3 Month interest rate and a fee. The Index comprises not1onal assets.

Important Information Any information relating to performance contained in these materials prior to March 15, 201 7 is illustrative only. No assurance IS g1ven that any indicative returns, performance or results, whether historical or hypothetical, will be achieved. Any specific terms or methodology remains subject to change, and HSBC underta kes no duty to update this information. This document may be amended, superseded or replaced in its entirety by a subsequent term sheet, disclosure or prospectus supplement. and/or offering circular or similar document and the documents referred to therein. In the event of any inconsistency between the information presented herein and any such term sheet, disclosure or prospectus supplement, and/or offering c1rcular or similar document, such term sheet. disclosure or prospectus supplement, and/or offenng circular or s1milar document shall govern. Use of simulated returns Any historical performance information Included in this document prior to March 15, 2017 represents only hypothetical historical results. You shoul d note that the index constituents have not traded together in the manner shown in the composite hypothetical historical results. No representation is being made that the ndices will achieve a performance record similar to that shown. In fact. there may often be sharp differences between hypothetical performance and actual performance. Back-testing and other statistical analysis matenal provided to you in connection with the explanations of the potential returns associated With an investment in the Index use simulated analysis and hypothetical assumptions in order to illustrate the manner in which the Index may have performed 1n periods prior to the actual existence of the Index. The hypothetical back-tested annualized performance and annualized volatility of the Index have inherent limitations. These performance and volatility results were achieved by means of a retroactive a pplication of a back-tested volatility model designed w1th the benefit of hindsight. All hypothetical levels shown have inherent limitations. Alternative modelling techniques or assumptions may produce different hypothetical information that m1ght prove to be more appropriate and that might differ Significantly from the hypothetical information set forth above. Actual annualized performance and volatilities may vary materially from the information shown. The results obtained fr om "back-testing" information should not be considered Indicative of actualresults that might be obtained from an investment or participation in a financialinstrument or transaction referencing the Index. You should not place undue reliance on the "back-testing" information,which is prov1ded for illustrative purposes only. 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The index calculation agent has relied on these sources and has not Independently verified the Information extracted from these sources and accept no responsibility or liability in respect thereof. 1 This ca p can increase in increments of 10% (subject to a maximum weight of 100%) as described further 1n the offering document. ID HSBC ISSUER FREE WR ITING PROSPECTUS Filed Pursuant to Rule 433 Registration Statement No. 333-223208 January 4, 2021