What does Ephesians 4 v5 mean by terms like one faith one baptism and one hope?

Ephesians 4:5 one Lord, one faith, one baptism;

One Lord. "For even if there are so-called gods, whether in heaven or on earth (as there are many gods and many lords), yet for us there is one God, ... and one Lord Jesus Christ, through whom are all things, and through whom we live" (1Cor 8:5-6; 1Cor 1:2.)

One faith. This is the Christian faith, the body of doctrine "once for all delivered to the saints" (Jude 1:3), and preserved for us in the NT.

One baptism. There is a twofold sense in which this is true. First, there is one baptism by the Spirit, by which those who trust Christ are placed in the body (1Cor 12:13). Then there is one baptism by which converts confess their identification with Christ in death, burial, and resurrection. - adapted from Bible Believers Commentary