AboutAIPEXARHSBCandSanFranciscobasedassetmanagerEquBothavedevelopedtheAIPoweredUSEquityAdjustedTotalRetur
nIndex(AiPEXAR).AiPEXARiscomprisedofLargeandMidCapU.S.publiclytradedcompanies,selectedmonthlybasedona3-stepselectionproces
sthatutilizesobjectiveartif_icialintelligencetodynamicallyselecttheunderlyingconstituents.Thisinvestmentprocessisintendedtoprovidegrowththrough
avarietyofmarketconditions.AiPEXARisatotalreturnindexwitha5.0%perannumadjustmentfactor. Performance:Historical&Simulated* 20072008200920102011201220132014201520162017201820192020202120221000200030004000500060007000 AI Powered US Equity Adjusted Total Return Index IndexOverview Websitehttp://aipexar.gbm.hsbc.com/AiPEXAR.htmlBloombergTickerAIPEXARIndexGeographicalFocusUnitedStatesLaunchDat
e7/14/2021TypeofReturnAdjustedReturnIndexSponsorEquBot,Inc.IndexCalculationAgentSolactiveAGAdjustmentFactor5.0%peryear IndexPerformance:Histori
cal&Simulated*Indexreturnsasof12/30/2022 YTD-24.34% 1Y-24.34% 3Y4.20% 5Y25.96% 10Y191.33% 10YVolatilit
y17.90% Source:Solactive,EquBot,HSBC,Bloomberg,from4/27/2006to12/30/2022Top10Holdings:Asof12/30/2022 IndexWeight(%)SectorAPPLEINC5.94%Electroni
cTechnologyMICROSOFTCORP4.47%TechnologyServicesAMAZON.COMINC2.17%Retail

TradeEXXONMOBILCORP2.02%EnergyMineralsALPHABETINC-CLA1.71%TechnologyServicesTESLAINC1.40%Consumer
DurablesALPHABETINCC-SHARES1.35%Technolog
yServicesJOHNSON&JOHNSON1.28%HealthTechnologyBERKSHIREHATHAWAYINC-CLB1.25%FinanceUNITE
DHEALTHGROUPINC1.25%HealthServicesTotal22.84% AnnualIndexPerformance:Historical&Simulated* 200820092010201120122013201420152016201720182019202020212022-30.3%30.8%

21.4
%4.4%22.2%37.6%21.0%2.7%10.6%22.3%-5.5%28.0%14.2%20.6%-24.3% Source:Solactive,EquBot,HSBC,Bloomberg,from4/27/2006to12/30/2022ISSUERFREEWRITINGPROSPEC
TUSFiledPursuanttoRule433RegistrationNo.333-253385January03,2023 MonthlyPerformanceReport-December2022

Top10SectorAllocations 15.69% 6.79% 3.64% 11.70% 14.70% 4.73% 14.36% 3.53% 5.63% 3.22% 15.76% 6.47% 3.47% 12.40% 13.26% 6.88% 14.64% 3.74% 5.73% 2.99% 0 5 10 15 Technology Services Retail Trade Producer Manufacturing Health Technology Finance Energy Minerals Electronic Technology Consumer Services Consumer Non-Durables Commercial Services Portfolio SolactiveUSLarge&MidCapIndex ContributionstoReturn -1.12% -0.60% -0.17% -0.19% -0.79% -0.23% -1.44% -0.32% -0.00% -0.15% -1.11% -0.60% -0.16% -0.18% -0.84% -0.20% -1.33% -0.27% -0.01% -0.14% −1.5 −1 −
0.
5 0 Technology Services Retail Trade Producer Manufacturing Health Technology Finance Energy Minerals Electronic Technology Consumer Services Consumer Non-Durables Commercial Services Portfolio SolactiveUSLarge&MidCapIndex RisksRelatingtotheI
ndex HSBCUSAInc.andHSBCBankUSA,N.A.(together,“HSBC”),aremembersoftheHSB
CGroup.AnymemberoftheHSBCGroupmayfromtimet
otimeunderwrite,makeamarketorotherwisebuyandsell,asprincipal,structuredinvestme
nts,ortogetherwiththeirdirectors,officersandemployersmayhaveeitherlongorshortposition
sinthestructuredinvestments,orstocks,commoditiesorcurrenciestowhichthestructuredinvestm
entsarelinked,ormayperformorseektoperforminvestmentbankingservicesforthoselinkedassetsmentioned
herein.Theseactivitiesmaybeinconflictwiththeinterestsofinvestorsofdebtobligationsorcertificatesofdepositissuedbym
embersoftheHSBCGroup. TheIndexmaybepartiallyuninvested.Thestrategytrackstheexce
ssreturnofanotionaldynamicbasketofequitiesandcashoverachangeintheICELIBORUS
D3Monthinterestrate.TheweightofaCashInvestment(ifany)foraMonthlyReferencePortfolioatanygiventim
erepresentstheportionoftheMonthlyReferencePortfoliothatisuninvestedintheapplicableequitybasketatthattime.Assuch
,anyallocationtoaCashInvestmentwithintheIndex,whichalsoaccruesattheICELIBORUSD3Monthinterestrate,willnota
ffecttheleveloftheIndex.TheIndexwillreflectnoreturnforanyuninvestedportion(i.e.,anyportionrepresentedbyaCashInvestment)
.Accordingly,totheextentthattheIndexisallocatedtotheCashInvestment,itmaynotreflectthefullincreaseofanyrelevantequitycompon

ent.Undercertaincircumstances,theIndexmaybe100%allocatedtotheCashInvestment. ImportantDisclaimerInformation Thisdocume
ntisforinformationalpurposesonlyandintendedtoprovideageneraloverviewoftheAIPoweredUSEquityIndex
anddoesnotprovidethetermsofanyspecificissuanceofstructuredinvestments.Thematerialpresenteddoesnotconstituteandsho
uldnotbeconstruedasarecommen-dationtoenterintoasecuritiesorderivativestransaction.Priortoanydecisiontoinvestinaspeci
ficstructuredinvestment,investorsshouldcarefullyreviewthedisclosuredocumentsforsuchissuancewhichcontainsadetailede
xplanationofthetermsoftheissuanceaswellastherisks,taxtreatmentandotherrelevantinformation. Investinginfinancialins
trumentslinkedtotheAIPoweredUSEquityIndexisnotequivalenttoadirectinvestmentinanypartofth
eAIPoweredUSEquityIndex.InvestmentslinkedtotheAIPoweredUSEquityIndexrequireinvestorstoassessseveralcharacteri
sticsandriskfactorsthatmaynotbepresentinothertypesoftransactions.Inreachingadeterminationastotheappropriaten
essofanyproposedtransaction,clientsshouldundertakeathoroughindependentreviewofthelegal,regulatory,credit,tax,accou
ntingandeconomicconsequencesofsuchtransactioninrelationtotheirparticularcircum-stances.Thisbrochurecontainsmarket
datafromvarioussourcesotherthanusandouraffiliates,and,accordingly,wemakenorepresentationorwarrantyastothemarketd

ata’saccuracyorcompletenessandwearenotobligatedtoupdateanymarketdatapresentedinthisdocument.Allinformationissubjecttochangewithou
tnotice.Weorouraffiliatedcompaniesmaymakeamarketordealasprincipalintheinvestmentsmentionedinthisdocumentorinoptions,futuresoroth
erderivativesbasedthereon. SolactiveAG SolactiveAGistheadministratorandcalculationagentoftheAIPoweredUSEquityIndex.Thefinancialinstrumentsthatarebase
dontheAIPoweredUSEquityIndexarenotsponsored,endorsed,promotedorsoldbySolactiveAGinanywayandSolactiveAGmakesnoex
press


orimpliedrepresentation,guaranteeorassurancewithregardto:(a)theadvisabilityininvestinginthefinancialinstrum
ents;(b)thequality,accuracyand/orcompletenessoftheIndex;and/or(c)theresultsobtainedortobeobtainedbyanyp
ersonorentityfromtheuseoftheIndex.SolactiveAGdoesnotguaranteetheaccuracyand/orthecompletenessoftheA
IPo
weredUSEquityIndexandshallnothaveanyliabilityforanyerrorsoromissionswithrespectthereto.SolactiveAGreservestheright
tochangethemethodsofcalculation orpublicationandSolactiveAGshallnotbeliableforanymiscalculationoforanyincorrect,del
ayedorinterruptedpublicationwithrespectto
theAIPoweredUSEquityIndex.SolactiveAGshallnotbeliableforanydamages,including,withoutlimitation,anylossofpr

ofitsorbusiness,ora
nyspecial,incidental,punitive,indirectorconsequentialdamagessufferedorincurredasaresultoftheuse(orinabilitytous
e)oftheAIPoweredUSEquityIndex. UseofSimulatedReturns Anyhistoricalperformanceinformationincludedinthisdo
cumentpriortoAugust9,2019representsonlyhypotheticalhistoricalresults.N
orepresentationisbeingmadethattheAIPoweredUSEquityIndexwillachieveaperformancerecordsimilartothatshown.Infa
ct,theremayoftenbesharpdiffer-encesbetweenhypotheticalperformanceandactualperformance.Back-tes
tingandotherstatisticalanalysismaterialprovidedtoyouinconnectionwiththeexplanationsofthepotentialreturnsassociatedwit
haninvestmentinadebtobligationorcertificateofdepositlinkedtotheAIPoweredUSEquityIndexusesimulatedanalysisandhypothetic
alassumptionsinordertoillustratethemannerinwhichtheAIPoweredUSEquityIndexmayhaveperformedinperiodspriortotheact
ualexistenceoftheAIPoweredUSEquityIndex.Alternativemodellingtechniquesorassumptionsmayproducedifferenthypotheticalinformationtha
tmightprovetobemoreappropriateandthatmightdiffersignificantlyfromthehypotheticalinformationsetforthabove. Theback-testeddata
wasproducedbyapplyingtheAIPoweredUSEquityIndexmethodologytohistoricaldata,includingin
for
mationandsourcesavailableateachspecificpointoftimeinhistory.Newinformationandsourceswereincorporatedonetimestepatatimean
donlyinformationwithvalidatedtimestampswasconsidered. Theresultsobtainedfrom“back-testing”informationshouldnotbeconsider
edindicativeofactualre-sultsthatmightbeobtainedfromaninves
tmentorparticipationinafinancialinstrumentortransactionreferencingtheAIPoweredUSEquityIndex.Youshouldnotplaceunduerelianceont
he“back-testing”information,whichisprovidedforillustrativepurposesonly.HSBCprovidesnoassuranceorguaranteethattheAIPoweredUSEquityInde
xwilloperateorwouldhaveoperatedinthepastinamannerconsistentwiththeresultspresentedinthesematerials. Hypotheticalback-testedresultsareneitheranindicatornoraguaranteeoffuturereturns.Actualresultswillvar
y,perhapsmaterially,fromtheanalysisimpliedinthehypotheticalinformation.Youshouldreviewandconsiderthehypotheticalinformationo
nlywiththefullAIPoweredUSEquityIndexmethodology. HSBChasfiledaregistrationstatement(includingaprospectusandprospectussupplement)withtheSecuritiesandExchangeCommissionforanyo

fferingtowhichthisfreewritingprospectusmayrelate.Beforeyouinvest,youshouldreadtheprospectusandprospectussupplementinthatregistrationst
atementandotherdocumentsHSBChasfiledwiththeSECformorecompleteinformationaboutHSBCandanyrelatedoffering.Youmaygetth
esedocumentsforfreebyvisitingEDGARontheSEC’swebsiteat www.sec.gov .Alternatively,HSBCSecurities(USA)Inc.oranydealerparticipatingintherelatedofferingwillarrangetosendyoutheprospectus
andprospectussupplementifyourequestthembycallingtoll-free1-866-811-8049. HSBCoperatesinvariousjurisdictionsthroughitsaffiliates,including,butnotlimitedto,HSBCSecuri-ties(USA)Inc.,memberofN
YSE,FINRA,andSIPC. ©2023HSBCUSAInc.Allrightsreserved. MonthlyPerformanceReport-December2022