HSBC Securities USA Inc

Item 5: Fees and Compensation

 Fees for all Programs are generally charged and collected in accordance with the Investment Advisory
 Agreement provided to clients. Fees are generally negotiable. HSBC Securities, in its sole discretion, can
 discount the Program Fee. Negotiated fees, including discounts, are subject to review and adjustment. This
 review can occur at any time after account opening.

 HSBC Securities and its affiliates encourage our employees to invest in the services we offer to clients,
 including the use of brokerage and investment management services. Eligible U.S. Employees (and eligible
 household members) may receive discounts on managed account program fees charged by the firm and on
 our brokerage fees, up to a full waiver where applicable. Employees (and eligible household members) are
 still responsible for any external and third-party charges, which apply at standard rates.

 For purposes of determining the Fee Rate, you may request we consider the Account assets held by you and/or
 others in your designated relationship as determined by us at our discretion.

 Spectrum, Spectrum II and Offshore Spectrum Program Fees

 Fees for the Programs are paid in arrears. The fees payable for any calendar quarter will be based on the
 average daily Account asset value during the prior calendar quarter and the annual fee rate(s) set forth in
 the following schedule.

 Clients pay a contractual fee (See Standard Fee Schedule below) for the services provided through the
 Programs, which include investment advice, brokerage commissions when HSBC Securities buys and sells
 Funds for the Account, custody, and reporting. HSBC Securities expects that it will perform all trading
 for Accounts.

 The following schedule for the Spectrum, Spectrum II and Offshore Spectrum Program fees was made
 effective on or about April 1, 2026.

     Average Assets            Annual Rate
     First $250,000            1.50%
     Next $250,000             1.20%
     Next $500,000             1.00%
     Next $1,000,000            .90%
     Next $3,000,000            .80%
     Next $5,000,000            .65%
     Above 10,000,000           .55%

 Fees for the Programs are also described in the Program Account Agreements. On a quarterly basis, fees are
 debited from Accounts. HSBC Securities pays a portion of these fees to AMUS and the other third- party
 service providers.

 The Program fee rates are subject to change from time to time, upon notice to you. Your continued use of
 Program Services will constitute your agreement to the change in the program fee rate.

                                  HSBC Securities (USA) Inc. - Form ADV Part 2A

 General Fee Information
 In connection with investments in an HSBC affiliated fund by a retirement account an IRA or an employee
 benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), HSBC
 Securities will offset any additional compensation it (or an affiliate) receives in connection with such
 investments by crediting against the account fee an amount that is equal to such additional fees and
 compensation HSBC Securities (and its affiliates) receive for the applicable billing period with respect to such
 investment.

 Program clients, as part of their contractual fee, also pay for administrative services provided to HSBC
 Securities by AMUS and our custodian BNY Pershing.

 The contractual fee does not cover miscellaneous fees and expenses that BNY Pershing may charge to the
 Account such as wire fees, outgoing transfer fees, bank charges and IRA/retirement account fees.

 In addition to the Program contractual fees, clients pay their share of a Fund’s fees and expenses, which
 include management fees, administrative fees, operating costs, and all other costs the Fund incurs. If the firm
 receives 12b-1 fees, the Firm will credit the Account in an amount equal to the amount of the client’s share
 of any Rule 12b-1 fees paid by the applicable Funds in which the Account is invested.

 For information regarding the structure, fees, and risks associated with investing in Mutual Funds and
 ETFs, see applicable SEC’s Investor Bulletins under Investor Alerts and Bulletins | Investor.gov

 Clients should consider the total fees and expenses, including the contractual Spectrum Program fee, that the
 client will pay to participate in the Programs. Fees and expenses will reduce the return on investments.

 Comparison Cost of Service
 The Programs can cost clients more or less than purchasing such services separately depending on the
 frequency of trading in the client’s account, commissions charged at other broker-dealers or investment
 firms (including through other account types available at HSBC Securities) for similar products, advisory
 fees charged by other investment firms, and other factors.

     Account Funding
     Clients can fund their Spectrum Program account(s) with cash equivalents or shares in Funds/Securities
     that are acceptable to HSBC Securities or a combination thereof.

     If a prospective client intends to fund a Program account with assets from the redemption of mutual funds,
     the surrender of an insurance product, early withdrawal from a certificate of deposit, or the sale of any other
     financial instruments, the client should consider the cost of any possible sales charges or commissions
     previously paid or to be paid upon the redemption or sale, or any penalties that the client will incur in order
     to surrender or withdraw from, such an instrument. It can be costly or inappropriate for the client to fund an
     Account in this manner.

     For Offshore Spectrum:
     All assets transferred into this program are subject to review and approval from our custodian BNY
     Pershing prior to liquidation. In the event an investment cannot be transferred or liquidated for funding into
...

Item 7: Types of Clients and Account Requirements
 The Spectrum and Spectrum II Programs are offered to retail clients including individuals, trusts, estates or
 charitable organizations; retirement accounts; and corporations, limited liability companies and/or other
 business entities. The Firm offers the Spectrum and Spectrum II Programs to U.S. citizens and U.S. residents.
 The Spectrum II ETF portfolios are available to U.S. citizens and U.S. residents, and to certain U.S. citizens
 living outside of the U.S. If an account holder moves to a foreign jurisdiction or is no longer considered a U.S
 citizen or U.S. resident, HSBC Securities in its sole discretion can remove the account from management.

 A fund company in its sole discretion may decide to no longer offer its fund in a specific foreign jurisdiction
 which will impact the management of your account. In addition, if a client moves to a jurisdiction that is not
 approved by a specific fund company, HSBC Securities will be required to redeem that holding(s) and in the
 case of certain fund companies, HSBC Securities can cause your Account to be terminated with all account
 holdings required to be redeemed.

 Offshore Spectrum is currently offered to Non-Resident Aliens who reside in approved jurisdictions.

 Clients should consider legal and/or tax implications when considering their options. Clients should consult
 with their attorney or tax advisor.

 Program Minimums
 Effective October 16, 2024, the minimum Account opening balances are $100,000 for the Spectrum Program
 and $50,000 for the Spectrum II Program.
 The minimum Account opening balance for Offshore Spectrum is $100,000.
 For all Programs, HSBC Securities reserves the right to increase or decrease the minimum Account size if
 deemed necessary. HSBC Securities can establish other or lower minimum account sizes for other types of
 accounts. Accounts that fall below the program minimums can be removed from management at HSBC
 Securities’ sole discretion.

                               HSBC Securities (USA) Inc. - Form ADV Part 2A