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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 review carefully these risk factors, and any risk factors in an offering document for any security or financial instrument referencing the Index, before making any investment. S&P. the Index Calculation Agent. may adjust the Index 1n a way that affects its level. and S&P has no ob l1gat1on to consider your interests. The Index may not be successful and may not outperform any alternative strategy that might be employed 1n respect of the ETFs or achieve its target volatiIity. The Index has a limited operat ing history and may perform in unanticipated ways . The ETFs composing the Index may be replaced by a substitute ETF in certain extraordinary events. The Index may perform poorly during periods characterized by short-term volat1l1ty. 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 1s sub1ect to market risks Changes 1n 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 USO 3 Month interest rate and a fee. The Index comprises notional assets.

Important Information Any 1nformat1on relating to pertormance contained in these materials prior to March 15, 2017 1s illustrative only. No assurance 1s given 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 undertakes 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 betvveen the information presented herein and any such term sheet, disclosure or prospectus supplement, and/or offering circular or similar document, such term sheet, disclosure or prospectus supplement, and/or offering circular or similar 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 should note that the index constituents have not traded toget her in the manner shown in the composite hypothetical historical results. No representation 1s being made that the indices 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 material provided to you in connection with the explanations of the potentialreturns associated with an investment 1n the Index use simulated analysis and hypothetical assumptions in order to illustrate the manner in which the Index may have performed in 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 volat1l1ty results were achieved by means of a retroactive application of a back-tested volatility model designed with the benef it of hindsight. All hypothetical levels shown have inherent limitations. Alternative modelling techniques or assumptions may produce different hypothetical information that might prove to be more appropriate and that might differ significantly from the hypothetical information set forth above. Actua l annualized performance and volat1l1t1es may vary materially from the information shown. The results obtained from "back-testing" information should not be considered indicative of actualresults that might be obtained from an investment or participation in a financial instrument or tra nsaction referencing the Index. You should not place undue reliance on the "back-testing" informat ion, which is provided for il ustrative purposes only. HSBC provides no assurance or guarantee that the I ndex will operate or would have operated in the past in a manner consistent with the results presented in these materials. Hypothetical back-tested results are neither an indicator nor a guarantee of f uture returns . Actual results will va ry, perhaps materially, from the analysis implied in the hypothetica l information. You should review and consider the hypothetical information only with the full Index methodology. 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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 cap can increase 1n increments of 10% (subj ect to a maximum weight of 100%) as described further in the offering document. IDHSBC ISSUER FREE WR ITING PROSPECTUS Filed Pursuant to Rule 433 Registration Statement No. 333-223208 February 4, 202 1