[Form 4] Apogee Enterprises Inc Insider Trading Activity

Q: What are the buffer levels for MS’s Buffered Jump Securities linked to GDX and XME?

GDX: $45.484; XME: $56.746 – both equal 85% of their respective initial levels.

Q: What is the maximum payment an investor can receive?

Whether via auto-call or at maturity, the cap is $1,226.875 per $1,000 note, reflecting ~22.7% total return.

Q: What was the estimated value on the pricing date?

Morgan Stanley calculated an estimated value of $957.30 per $1,000 note.

Q: Are the notes principal-protected or insured by the FDIC?

No. They are unsecured, principal-at-risk obligations and are not FDIC-insured.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Morgan Stanley Finance LLC (Series A GMTN Program) is issuing $3.254 million of Buffered Jump Securities with an Auto-Callable Feature maturing 22 March 2028. The unsecured notes are fully and unconditionally guaranteed by Morgan Stanley and are linked to the worst-performing of two sector ETFs: the VanEck Gold Miners ETF (GDX) and the SPDR S&P Metals & Mining ETF (XME).

Key economics

Issue price: $1,000; estimated value on the pricing date: $957.30 (≈4.3% issuer discount).
Sales commission: $32.50 per security (3.25%).
Aggregate principal issued: $3.254 million.
No periodic coupons; investors rely solely on redemption features.

Auto-call profile

First observation: 17 Dec 2025; thereafter monthly until Feb 2028 (27 observation dates).
If on any observation (other than final) both ETFs close ≥85% of their initial levels (“call threshold”), the notes are automatically redeemed at a price that compounds to ≈8.25% simple annualised return (e.g., $1,041.25 at observation #1 rising to $1,220.00 at observation #27).
Once called, no further payments are made.

Payment at maturity (if not called)

If the final level of each ETF ≥ 85% of its initial level (the 15% buffer), investors receive a fixed $1,226.875 (≈22.7% total return, identical to the final auto-call payout).
If either ETF ends below its buffer, repayment = $1,000 × (worst-performer performance factor + 15%). Loss is therefore 1-for-1 beyond the 15% buffer, subject to a minimum $150 (15% of principal).

Risk / structural considerations

Principal at risk; no participation above the fixed payouts.
“Worst-of” design materially increases downside probability versus single-underlier structures.
Credit exposure to Morgan Stanley; MSFL is a finance subsidiary with no independent operations.
Liquidity risk: the notes will not be listed; secondary market making is discretionary by MS & Co.
Estimated value is below issue price due to embedded fees, hedging and an internal funding rate advantageous to the issuer.

Suitable only for investors comfortable with (1) sector-concentrated equity risk in metals & mining and precious-metal miners, (2) limited upside, (3) potential loss of principal beyond 15%, and (4) unsecured exposure to Morgan Stanley’s credit.

Morgan Stanley Finance LLC (Programma Series A GMTN) emette 3,254 milioni di dollari di Buffered Jump Securities con funzione Auto-Callable con scadenza il 22 marzo 2028. Le note non garantite sono pienamente e incondizionatamente garantite da Morgan Stanley e sono collegate al peggior ETF tra due settori: VanEck Gold Miners ETF (GDX) e SPDR S&P Metals & Mining ETF (XME).

Principali caratteristiche economiche

Prezzo di emissione: 1.000 $; valore stimato alla data di prezzo: 957,30 $ (circa 4,3% di sconto emittente).
Commissione di vendita: 32,50 $ per titolo (3,25%).
Capitale complessivo emesso: 3,254 milioni di dollari.
Nessuna cedola periodica; gli investitori contano esclusivamente sulle caratteristiche di rimborso.

Profilo Auto-call

Prima osservazione: 17 dicembre 2025; poi mensile fino a febbraio 2028 (27 date di osservazione).
Se in qualsiasi data di osservazione (esclusa l’ultima) entrambi gli ETF chiudono ≥85% dei livelli iniziali (“soglia di call”), le note vengono rimborsate automaticamente a un prezzo che corrisponde a un rendimento semplice annualizzato di circa 8,25% (es. 1.041,25 $ alla prima osservazione fino a 1.220,00 $ alla 27ª).
Una volta richiamate, non sono previsti ulteriori pagamenti.

Pagamento a scadenza (se non richiamate)

Se il livello finale di entrambi gli ETF è ≥ 85% del livello iniziale (buffer del 15%), gli investitori ricevono un importo fisso di 1.226,875 $ (circa 22,7% di rendimento totale, identico al pagamento finale auto-call).
Se uno dei due ETF termina al di sotto del buffer, il rimborso è pari a 1.000 $ × (fattore di performance del peggior ETF + 15%). La perdita è quindi 1 a 1 oltre il buffer del 15%, con un minimo di 150 $ (15% del capitale).

Rischi e considerazioni strutturali

Capitale a rischio; nessuna partecipazione oltre i pagamenti fissi.
La struttura “worst-of” aumenta significativamente la probabilità di perdita rispetto a strumenti con un solo sottostante.
Esposizione creditizia a Morgan Stanley; MSFL è una controllata finanziaria senza operazioni indipendenti.
Rischio di liquidità: le note non saranno quotate; la negoziazione sul mercato secondario è discrezionale da parte di MS & Co.
Il valore stimato è inferiore al prezzo di emissione a causa di commissioni incorporate, coperture e un tasso di finanziamento interno favorevole all’emittente.

Adatto solo a investitori che accettano (1) rischio azionario concentrato nei settori metalli e minerario e dei produttori di metalli preziosi, (2) rendimento limitato, (3) possibile perdita di capitale oltre il 15% e (4) esposizione non garantita al credito di Morgan Stanley.

Morgan Stanley Finance LLC (Programa Series A GMTN) emite 3,254 millones de dólares en Valores Buffered Jump con función Auto-Callable que vencen el 22 de marzo de 2028. Los bonos no garantizados están totalmente respaldados e incondicionalmente garantizados por Morgan Stanley y están vinculados al ETF de peor desempeño entre dos sectores: VanEck Gold Miners ETF (GDX) y SPDR S&P Metals & Mining ETF (XME).

Aspectos económicos clave

Precio de emisión: 1,000 $; valor estimado en la fecha de precio: 957.30 $ (≈4.3% de descuento para el emisor).
Comisión de venta: 32.50 $ por título (3.25%).
Principal total emitido: 3.254 millones de dólares.
No hay cupones periódicos; los inversores dependen únicamente de las características de redención.

Perfil Auto-call

Primera observación: 17 de diciembre de 2025; luego mensual hasta febrero de 2028 (27 fechas de observación).
Si en cualquier observación (excepto la final) ambos ETFs cierran ≥85% de sus niveles iniciales (“umbral de llamada”), las notas se redimen automáticamente a un precio que compone un rendimiento simple anualizado ≈8.25% (por ejemplo, 1,041.25 $ en la observación #1 hasta 1,220.00 $ en la observación #27).
Una vez llamadas, no se realizan más pagos.

Pago al vencimiento (si no son llamadas)

Si el nivel final de cada ETF es ≥ 85% de su nivel inicial (buffer del 15%), los inversores reciben un pago fijo de 1,226.875 $ (≈22.7% de retorno total, idéntico al pago final auto-call).
Si cualquiera de los ETFs termina por debajo de su buffer, el reembolso es 1,000 $ × (factor de desempeño del peor ETF + 15%). La pérdida es 1 a 1 más allá del buffer del 15%, con un mínimo de 150 $ (15% del principal).

Riesgos y consideraciones estructurales

Principal en riesgo; sin participación por encima de los pagos fijos.
El diseño “worst-of” aumenta significativamente la probabilidad de pérdidas en comparación con estructuras de un solo subyacente.
Exposición crediticia a Morgan Stanley; MSFL es una subsidiaria financiera sin operaciones independientes.
Riesgo de liquidez: las notas no estarán listadas; la creación de mercado secundario es discrecional por parte de MS & Co.
El valor estimado está por debajo del precio de emisión debido a comisiones incorporadas, cobertura y una tasa interna de financiamiento favorable para el emisor.

Adecuado solo para inversores que estén cómodos con (1) riesgo accionario concentrado en los sectores de metales y minería y mineras de metales preciosos, (2) rendimiento limitado, (3) posible pérdida de principal más allá del 15%, y (4) exposición no garantizada al crédito de Morgan Stanley.

Morgan Stanley Finance LLC(시리즈 A GMTN 프로그램)는 2028년 3월 22일 만기인 자동 콜 기능이 있는 버퍼드 점프 증권 325만 4천 달러를 발행합니다. 이 무담보 채권은 Morgan Stanley가 전액 무조건적으로 보증하며, 두 개의 섹터 ETF 중 최악의 성과를 내는 VanEck Gold Miners ETF(GDX)와 SPDR S&P Metals & Mining ETF(XME)에 연동됩니다.

주요 경제 조건

발행 가격: 1,000달러; 가격 결정일 추정 가치: 957.30달러 (약 4.3% 발행인 할인).
판매 수수료: 증권당 32.50달러 (3.25%).
총 발행 원금: 325만 4천 달러.
정기 쿠폰 없음; 투자자는 상환 기능에만 의존.

자동 콜 프로필

첫 관측일: 2025년 12월 17일; 이후 2028년 2월까지 매월(총 27회 관측일).
최종 관측일을 제외한 어느 관측일에든 두 ETF 모두 초기 수준의 85% 이상(“콜 임계값”)으로 마감하면, 채권은 약 연 8.25% 단순 연환산 수익률에 해당하는 가격으로 자동 상환됩니다(예: 1회차 관측 시 1,041.25달러, 27회차 관측 시 1,220.00달러).
콜되면 추가 지급 없음.

만기 시 지급(콜되지 않은 경우)

각 ETF의 최종 수준이 초기 수준의 85% 이상(15% 버퍼)인 경우, 투자자는 고정된 1,226.875달러를 받습니다(약 22.7% 총 수익, 최종 자동 콜 지급과 동일).
어느 한 ETF라도 버퍼 이하로 마감하면 상환금액은 1,000달러 × (최악 성과 ETF의 수익률 + 15%)입니다. 따라서 15% 버퍼를 초과하는 손실은 1대1로 발생하며, 최소 상환금액은 150달러(원금의 15%)입니다.

위험 및 구조적 고려사항

원금 위험 존재; 고정 지급액 이상 참여 없음.
“최악 성과” 구조는 단일 기초자산 구조 대비 하락 위험을 크게 증가시킵니다.
Morgan Stanley에 대한 신용 노출; MSFL은 독립 운영이 없는 금융 자회사입니다.
유동성 위험: 채권은 상장되지 않으며, 2차 시장 조성은 MS & Co. 재량에 따릅니다.
추정 가치는 내재 수수료, 헤지 비용 및 발행인에게 유리한 내부 자금 조달 금리로 인해 발행 가격보다 낮습니다.

금속 및 광산, 귀금속 채굴업 섹터에 집중된 주식 위험, 제한된 상승 잠재력, 15% 초과 원금 손실 가능성, Morgan Stanley 신용에 대한 무담보 노출을 감수할 수 있는 투자자에게만 적합합니다.

Morgan Stanley Finance LLC (Programme Series A GMTN) émet 3,254 millions de dollars de Buffered Jump Securities avec une fonction Auto-Callable arrivant à échéance le 22 mars 2028. Les billets non garantis sont entièrement et inconditionnellement garantis par Morgan Stanley et sont liés au moins performant de deux ETF sectoriels : le VanEck Gold Miners ETF (GDX) et le SPDR S&P Metals & Mining ETF (XME).

Principaux aspects économiques

Prix d’émission : 1 000 $ ; valeur estimée à la date de tarification : 957,30 $ (≈4,3 % de décote émetteur).
Commission de vente : 32,50 $ par titre (3,25 %).
Principal total émis : 3,254 millions de dollars.
Pas de coupons périodiques ; les investisseurs comptent uniquement sur les caractéristiques de remboursement.

Profil de l’auto-call

Première observation : 17 décembre 2025 ; puis mensuellement jusqu’en février 2028 (27 dates d’observation).
Si lors de toute observation (sauf la dernière) les deux ETF clôturent à ≥85 % de leur niveau initial (« seuil d’appel »), les titres sont automatiquement remboursés à un prix correspondant à un rendement simple annualisé d’environ 8,25 % (par exemple, 1 041,25 $ à la 1ère observation jusqu’à 1 220,00 $ à la 27e).
Une fois rappelés, aucun autre paiement n’est effectué.

Remboursement à l’échéance (si non rappelés)

Si le niveau final de chaque ETF est ≥ 85 % de son niveau initial (buffer de 15 %), les investisseurs reçoivent un montant fixe de 1 226,875 $ (≈22,7 % de rendement total, identique au paiement final de l’auto-call).
Si l’un des ETF termine en dessous de son buffer, le remboursement est égal à 1 000 $ × (facteur de performance du moins performant + 15 %). La perte est donc de 1 pour 1 au-delà du buffer de 15 %, avec un minimum de 150 $ (15 % du principal).

Risques et considérations structurelles

Capital à risque ; pas de participation au-delà des paiements fixes.
La structure « worst-of » augmente significativement la probabilité de perte par rapport aux structures à sous-jacent unique.
Exposition au crédit de Morgan Stanley ; MSFL est une filiale financière sans opérations indépendantes.
Risque de liquidité : les titres ne seront pas cotés ; la tenue de marché secondaire est discrétionnaire de MS & Co.
La valeur estimée est inférieure au prix d’émission en raison des frais intégrés, de la couverture et d’un taux de financement interne avantageux pour l’émetteur.

Convient uniquement aux investisseurs à l’aise avec (1) un risque actions concentré dans les secteurs des métaux, de l’extraction minière et des mineurs de métaux précieux, (2) un potentiel de gain limité, (3) une perte possible du capital au-delà de 15 %, et (4) une exposition non garantie au crédit de Morgan Stanley.

Morgan Stanley Finance LLC (Series A GMTN Programm) gibt 3,254 Millionen US-Dollar an Buffered Jump Securities mit Auto-Callable-Funktion aus, die am 22. März 2028 fällig werden. Die unbesicherten Schuldverschreibungen sind vollständig und bedingungslos von Morgan Stanley garantiert und sind an den schlechtesten Performer von zwei Sektor-ETFs gebunden: VanEck Gold Miners ETF (GDX) und SPDR S&P Metals & Mining ETF (XME).

Wesentliche wirtschaftliche Eckdaten

Ausgabepreis: 1.000 $; geschätzter Wert am Preistag: 957,30 $ (ca. 4,3 % Emittentenabschlag).
Verkaufsprovision: 32,50 $ pro Wertpapier (3,25 %).
Gesamtausgabe: 3,254 Millionen US-Dollar.
Keine periodischen Kupons; Anleger verlassen sich ausschließlich auf Rückzahlungsmerkmale.

Auto-Call-Profil

Erste Beobachtung: 17. Dez. 2025; danach monatlich bis Feb. 2028 (27 Beobachtungstermine).
Wenn an einem Beobachtungstermin (außer dem letzten) beide ETFs ≥85 % ihres Anfangsniveaus schließen („Call-Schwelle“), werden die Notes automatisch zu einem Preis zurückgezahlt, der einer einfachen jährlichen Rendite von ca. 8,25 % entspricht (z.B. 1.041,25 $ bei Beobachtung #1 bis 1.220,00 $ bei Beobachtung #27).
Nach dem Call erfolgen keine weiteren Zahlungen.

Zahlung bei Fälligkeit (wenn nicht vorzeitig zurückgerufen)

Wenn das Endniveau jedes ETFs ≥ 85 % des Anfangsniveaus (15 % Puffer) beträgt, erhalten Anleger eine feste Zahlung von 1.226,875 $ (ca. 22,7 % Gesamtrendite, identisch mit der finalen Auto-Call-Auszahlung).
Wenn einer der ETFs unter seinen Puffer fällt, beträgt die Rückzahlung 1.000 $ × (Leistungsfaktor des schlechtesten ETFs + 15 %). Der Verlust erfolgt somit 1:1 über den 15 %-Puffer hinaus, mit einem Minimum von 150 $ (15 % des Kapitals).

Risiko- und Strukturüberlegungen

Kapital ist riskant; keine Beteiligung über die festen Auszahlungen hinaus.
Das „Worst-of“-Design erhöht die Abwärtswahrscheinlichkeit im Vergleich zu Einzelwertstrukturen erheblich.
Kreditrisiko gegenüber Morgan Stanley; MSFL ist eine Finanztochter ohne eigenständige Geschäftstätigkeit.
Liquiditätsrisiko: Die Notes werden nicht börslich gehandelt; der Sekundärmarkt wird von MS & Co. nach Ermessen bedient.
Der geschätzte Wert liegt aufgrund eingebetteter Gebühren, Absicherungen und eines für den Emittenten günstigen internen Finanzierungssatzes unter dem Ausgabepreis.

Geeignet nur für Anleger, die mit (1) sektorspezifischem Aktienrisiko im Bereich Metalle & Bergbau und Edelmetallminen, (2) begrenztem Aufwärtspotenzial, (3) möglichem Kapitalverlust über 15 % hinaus und (4) unbesicherter Kreditexponierung gegenüber Morgan Stanley vertraut sind.

Positive

15% downside buffer provides limited protection against moderate declines in either ETF.
Auto-call schedule offers 27 monthly opportunities to lock in ~8.25% annualised gains, potentially shortening duration.
Fixed minimum payment of $150 ensures some recovery even in severe downside scenarios.
Obligations are fully guaranteed by Morgan Stanley, an A-rated bank holding company.

Negative

Principal at risk beyond 15% buffer; investors can lose up to 85% of capital.
Worst-performing ETF determines outcome, increasing probability of loss compared with single-index notes.
Estimated value ($957.30) < issue price, indicating an immediate mark-to-market deficit for buyers.
Limited upside; investors forego any appreciation above the fixed payouts.
Liquidity risk: unlisted security, market-making solely at MS & Co.’s discretion.
Credit risk of Morgan Stanley and structurally subordinated MSFL.
High sales commission (3.25%) and embedded structuring costs reduce investor value.

Insights

TL;DR – High-risk, worst-of auto-call note offers ~8.25% p.a. cap with 15% buffer; credit & liquidity risks material.

The security is classic Morgan Stanley “Buffered Jump” paper. Upside is locked at roughly 8.25% simple annual rate through monthly auto-call or, failing that, a fixed 22.7% bullet at maturity. Downside beyond a modest 15% buffer is open-ended to a floor of 85% loss. Because payout is tied to the lower-performing ETF, correlation risk is punitive—either GDX or XME could breach the buffer. Both ETFs are volatile and highly cyclical, historically exhibiting drawdowns >30% in short periods. The embedded fee (issue – EV spread of 4.3% plus 3.25% sales load) is sizeable, eroding secondary values. The note is most attractive if an investor has a moderately bullish/sideways view on both sectors over 6-36 months yet wants some downside cushion versus direct equity exposure. Absent that view, risk-adjusted return is poor compared with investment-grade bonds or traditional structured notes with higher caps or wider buffers.

TL;DR – From an allocation standpoint, note monetises metals-sector volatility; low-notional deal, immaterial for MS balance-sheet.

At $3.3 million size, the transaction is negligible for Morgan Stanley’s funding mix, but illustrates the bank’s continued appetite for fee-rich retail structured products. The 15% buffer combined with an 8.25% per-annum cap prices in implied vol near 30%; investors effectively sell a corridor option on two correlated, high-beta ETFs while taking unsecured MS credit risk. With the estimated value at 95.7% of par, all-in frictional costs approach 4.5-5%, meaning secondary bids could open near 92-94 shortly after issuance. For portfolio construction, the note behaves like a short put spread on the worst-performer, adding cyclical commodity exposure and credit exposure in one wrapper. Unless the investor has a strong conviction that both commodity-linked ETFs will hold above –15% on a monthly basis, a direct purchase of IG corporate bonds plus out-of-the-money call options may deliver better risk-adjusted outcomes.

Principali caratteristiche economiche

Prezzo di emissione: 1.000 $; valore stimato alla data di prezzo: 957,30 $ (circa 4,3% di sconto emittente).
Commissione di vendita: 32,50 $ per titolo (3,25%).
Capitale complessivo emesso: 3,254 milioni di dollari.
Nessuna cedola periodica; gli investitori contano esclusivamente sulle caratteristiche di rimborso.

Profilo Auto-call

Prima osservazione: 17 dicembre 2025; poi mensile fino a febbraio 2028 (27 date di osservazione).
Se in qualsiasi data di osservazione (esclusa l’ultima) entrambi gli ETF chiudono ≥85% dei livelli iniziali (“soglia di call”), le note vengono rimborsate automaticamente a un prezzo che corrisponde a un rendimento semplice annualizzato di circa 8,25% (es. 1.041,25 $ alla prima osservazione fino a 1.220,00 $ alla 27ª).
Una volta richiamate, non sono previsti ulteriori pagamenti.

Pagamento a scadenza (se non richiamate)

Se il livello finale di entrambi gli ETF è ≥ 85% del livello iniziale (buffer del 15%), gli investitori ricevono un importo fisso di 1.226,875 $ (circa 22,7% di rendimento totale, identico al pagamento finale auto-call).
Se uno dei due ETF termina al di sotto del buffer, il rimborso è pari a 1.000 $ × (fattore di performance del peggior ETF + 15%). La perdita è quindi 1 a 1 oltre il buffer del 15%, con un minimo di 150 $ (15% del capitale).

Rischi e considerazioni strutturali

Capitale a rischio; nessuna partecipazione oltre i pagamenti fissi.
La struttura “worst-of” aumenta significativamente la probabilità di perdita rispetto a strumenti con un solo sottostante.
Esposizione creditizia a Morgan Stanley; MSFL è una controllata finanziaria senza operazioni indipendenti.
Rischio di liquidità: le note non saranno quotate; la negoziazione sul mercato secondario è discrezionale da parte di MS & Co.
Il valore stimato è inferiore al prezzo di emissione a causa di commissioni incorporate, coperture e un tasso di finanziamento interno favorevole all’emittente.

Aspectos económicos clave

Precio de emisión: 1,000 $; valor estimado en la fecha de precio: 957.30 $ (≈4.3% de descuento para el emisor).
Comisión de venta: 32.50 $ por título (3.25%).
Principal total emitido: 3.254 millones de dólares.
No hay cupones periódicos; los inversores dependen únicamente de las características de redención.

Perfil Auto-call

Primera observación: 17 de diciembre de 2025; luego mensual hasta febrero de 2028 (27 fechas de observación).
Si en cualquier observación (excepto la final) ambos ETFs cierran ≥85% de sus niveles iniciales (“umbral de llamada”), las notas se redimen automáticamente a un precio que compone un rendimiento simple anualizado ≈8.25% (por ejemplo, 1,041.25 $ en la observación #1 hasta 1,220.00 $ en la observación #27).
Una vez llamadas, no se realizan más pagos.

Pago al vencimiento (si no son llamadas)

Si el nivel final de cada ETF es ≥ 85% de su nivel inicial (buffer del 15%), los inversores reciben un pago fijo de 1,226.875 $ (≈22.7% de retorno total, idéntico al pago final auto-call).
Si cualquiera de los ETFs termina por debajo de su buffer, el reembolso es 1,000 $ × (factor de desempeño del peor ETF + 15%). La pérdida es 1 a 1 más allá del buffer del 15%, con un mínimo de 150 $ (15% del principal).

Riesgos y consideraciones estructurales

Principal en riesgo; sin participación por encima de los pagos fijos.
El diseño “worst-of” aumenta significativamente la probabilidad de pérdidas en comparación con estructuras de un solo subyacente.
Exposición crediticia a Morgan Stanley; MSFL es una subsidiaria financiera sin operaciones independientes.
Riesgo de liquidez: las notas no estarán listadas; la creación de mercado secundario es discrecional por parte de MS & Co.
El valor estimado está por debajo del precio de emisión debido a comisiones incorporadas, cobertura y una tasa interna de financiamiento favorable para el emisor.

주요 경제 조건

발행 가격: 1,000달러; 가격 결정일 추정 가치: 957.30달러 (약 4.3% 발행인 할인).
판매 수수료: 증권당 32.50달러 (3.25%).
총 발행 원금: 325만 4천 달러.
정기 쿠폰 없음; 투자자는 상환 기능에만 의존.

자동 콜 프로필

첫 관측일: 2025년 12월 17일; 이후 2028년 2월까지 매월(총 27회 관측일).
최종 관측일을 제외한 어느 관측일에든 두 ETF 모두 초기 수준의 85% 이상(“콜 임계값”)으로 마감하면, 채권은 약 연 8.25% 단순 연환산 수익률에 해당하는 가격으로 자동 상환됩니다(예: 1회차 관측 시 1,041.25달러, 27회차 관측 시 1,220.00달러).
콜되면 추가 지급 없음.

만기 시 지급(콜되지 않은 경우)

각 ETF의 최종 수준이 초기 수준의 85% 이상(15% 버퍼)인 경우, 투자자는 고정된 1,226.875달러를 받습니다(약 22.7% 총 수익, 최종 자동 콜 지급과 동일).
어느 한 ETF라도 버퍼 이하로 마감하면 상환금액은 1,000달러 × (최악 성과 ETF의 수익률 + 15%)입니다. 따라서 15% 버퍼를 초과하는 손실은 1대1로 발생하며, 최소 상환금액은 150달러(원금의 15%)입니다.

위험 및 구조적 고려사항

원금 위험 존재; 고정 지급액 이상 참여 없음.
“최악 성과” 구조는 단일 기초자산 구조 대비 하락 위험을 크게 증가시킵니다.
Morgan Stanley에 대한 신용 노출; MSFL은 독립 운영이 없는 금융 자회사입니다.
유동성 위험: 채권은 상장되지 않으며, 2차 시장 조성은 MS & Co. 재량에 따릅니다.
추정 가치는 내재 수수료, 헤지 비용 및 발행인에게 유리한 내부 자금 조달 금리로 인해 발행 가격보다 낮습니다.

Principaux aspects économiques

Prix d’émission : 1 000 $ ; valeur estimée à la date de tarification : 957,30 $ (≈4,3 % de décote émetteur).
Commission de vente : 32,50 $ par titre (3,25 %).
Principal total émis : 3,254 millions de dollars.
Pas de coupons périodiques ; les investisseurs comptent uniquement sur les caractéristiques de remboursement.

Profil de l’auto-call

Première observation : 17 décembre 2025 ; puis mensuellement jusqu’en février 2028 (27 dates d’observation).
Si lors de toute observation (sauf la dernière) les deux ETF clôturent à ≥85 % de leur niveau initial (« seuil d’appel »), les titres sont automatiquement remboursés à un prix correspondant à un rendement simple annualisé d’environ 8,25 % (par exemple, 1 041,25 $ à la 1ère observation jusqu’à 1 220,00 $ à la 27e).
Une fois rappelés, aucun autre paiement n’est effectué.

Remboursement à l’échéance (si non rappelés)

Si le niveau final de chaque ETF est ≥ 85 % de son niveau initial (buffer de 15 %), les investisseurs reçoivent un montant fixe de 1 226,875 $ (≈22,7 % de rendement total, identique au paiement final de l’auto-call).
Si l’un des ETF termine en dessous de son buffer, le remboursement est égal à 1 000 $ × (facteur de performance du moins performant + 15 %). La perte est donc de 1 pour 1 au-delà du buffer de 15 %, avec un minimum de 150 $ (15 % du principal).

Risques et considérations structurelles

Capital à risque ; pas de participation au-delà des paiements fixes.
La structure « worst-of » augmente significativement la probabilité de perte par rapport aux structures à sous-jacent unique.
Exposition au crédit de Morgan Stanley ; MSFL est une filiale financière sans opérations indépendantes.
Risque de liquidité : les titres ne seront pas cotés ; la tenue de marché secondaire est discrétionnaire de MS & Co.
La valeur estimée est inférieure au prix d’émission en raison des frais intégrés, de la couverture et d’un taux de financement interne avantageux pour l’émetteur.

Wesentliche wirtschaftliche Eckdaten

Ausgabepreis: 1.000 $; geschätzter Wert am Preistag: 957,30 $ (ca. 4,3 % Emittentenabschlag).
Verkaufsprovision: 32,50 $ pro Wertpapier (3,25 %).
Gesamtausgabe: 3,254 Millionen US-Dollar.
Keine periodischen Kupons; Anleger verlassen sich ausschließlich auf Rückzahlungsmerkmale.

Auto-Call-Profil

Erste Beobachtung: 17. Dez. 2025; danach monatlich bis Feb. 2028 (27 Beobachtungstermine).
Wenn an einem Beobachtungstermin (außer dem letzten) beide ETFs ≥85 % ihres Anfangsniveaus schließen („Call-Schwelle“), werden die Notes automatisch zu einem Preis zurückgezahlt, der einer einfachen jährlichen Rendite von ca. 8,25 % entspricht (z.B. 1.041,25 $ bei Beobachtung #1 bis 1.220,00 $ bei Beobachtung #27).
Nach dem Call erfolgen keine weiteren Zahlungen.

Zahlung bei Fälligkeit (wenn nicht vorzeitig zurückgerufen)

Wenn das Endniveau jedes ETFs ≥ 85 % des Anfangsniveaus (15 % Puffer) beträgt, erhalten Anleger eine feste Zahlung von 1.226,875 $ (ca. 22,7 % Gesamtrendite, identisch mit der finalen Auto-Call-Auszahlung).
Wenn einer der ETFs unter seinen Puffer fällt, beträgt die Rückzahlung 1.000 $ × (Leistungsfaktor des schlechtesten ETFs + 15 %). Der Verlust erfolgt somit 1:1 über den 15 %-Puffer hinaus, mit einem Minimum von 150 $ (15 % des Kapitals).

Risiko- und Strukturüberlegungen

Kapital ist riskant; keine Beteiligung über die festen Auszahlungen hinaus.
Das „Worst-of“-Design erhöht die Abwärtswahrscheinlichkeit im Vergleich zu Einzelwertstrukturen erheblich.
Kreditrisiko gegenüber Morgan Stanley; MSFL ist eine Finanztochter ohne eigenständige Geschäftstätigkeit.
Liquiditätsrisiko: Die Notes werden nicht börslich gehandelt; der Sekundärmarkt wird von MS & Co. nach Ermessen bedient.
Der geschätzte Wert liegt aufgrund eingebetteter Gebühren, Absicherungen und eines für den Emittenten günstigen internen Finanzierungssatzes unter dem Ausgabepreis.

07/02/2025 - 11:34 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

POMPA MARK A

(Last)

(First)

(Middle)

C/O APOGEE ENTERPRISES, INC.

4400 WEST 78TH STREET, SUITE 520

(Street)

MINNEAPOLIS

55435

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
APOGEE ENTERPRISES, INC. [ APOG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units⁽¹⁾	⁽²⁾	06/30/2025		A⁽³⁾		62		⁽¹⁾	⁽¹⁾	Common Stock	62	$40.6	9,865	D
Deferred Restricted Stock Units⁽⁴⁾	⁽²⁾	06/30/2025		A⁽⁵⁾		134		⁽⁴⁾	⁽⁴⁾	Common Stock	134	$40.6	24,322	D

Explanation of Responses:

1. The phantom stock units were allocated under the Deferred Compensation Plan for Non-Employee Directors. The phantom stock units will be settled in shares of common stock following the director's termination from the Board in accordance with the election of the reporting person, or following the occurrence of other events specified in the Plan.

2. Settled 1-for-1.

3. Additional phantom stock units acquired pursuant to a dividend equivalent reinvestment feature of the Deferred Compensation Plan for Non-Employee Directors.

4. The deferred restricted stock units were allocated under the 2009 Non-Employee Director Stock Incentive Plan and the 2019 Non-Employee Director Stock Plan. The deferred restricted stock units will be settled in shares of common stock following the director's termination from the Board in accordance with the election of the reporting person, or following the occurrence of other events specified in the Plan.

5. Additional deferred restricted stock units acquired pursuant to a dividend equivalent reinvestment feature of the 2009 Non-Employee Director Stock Incentive Plan and the 2019 Non-Employee Director Stock Plan.

Remarks:

	/s/ Meghan M. Elliott, Attorney-in-Fact for Mark A. Pompa	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What are the buffer levels for MS’s Buffered Jump Securities linked to GDX and XME?

GDX: $45.484; XME: $56.746 – both equal 85% of their respective initial levels.

When can the securities be automatically redeemed?

Starting 17 December 2025 and on each monthly determination date thereafter (27 in total) if both ETFs close ≥ their call thresholds.

What is the maximum payment an investor can receive?

Whether via auto-call or at maturity, the cap is $1,226.875 per $1,000 note, reflecting ~22.7% total return.

What happens if either ETF falls more than 15% by maturity?

Principal is reduced 1-for-1 beyond the 15% buffer, with a minimum repayment of $150 per note.

What was the estimated value on the pricing date?

Morgan Stanley calculated an estimated value of $957.30 per $1,000 note.

Are the notes principal-protected or insured by the FDIC?

No. They are unsecured, principal-at-risk obligations and are not FDIC-insured.

Will the securities trade on an exchange?

No listing is planned; any secondary liquidity will depend on discretionary market-making by MS & Co.

[Form 4] Apogee Enterprises Inc Insider Trading Activity

Insights

FAQ

What are the buffer levels for MS’s Buffered Jump Securities linked to GDX and XME?

When can the securities be automatically redeemed?

What is the maximum payment an investor can receive?

What happens if either ETF falls more than 15% by maturity?

What was the estimated value on the pricing date?

Are the notes principal-protected or insured by the FDIC?

Will the securities trade on an exchange?

NASDAQ:APOG

APOG Rankings

APOG Latest News

APOG Latest SEC Filings

APOG Stock Data

Trending News

[Form 4] Apogee Enterprises Inc Insider Trading Activity

Insights

Structured Products Analyst neutral

Multi-Asset Portfolio Manager negative

FAQ

What are the buffer levels for MS’s Buffered Jump Securities linked to GDX and XME?

When can the securities be automatically redeemed?

What is the maximum payment an investor can receive?

What happens if either ETF falls more than 15% by maturity?

What was the estimated value on the pricing date?

Are the notes principal-protected or insured by the FDIC?

Will the securities trade on an exchange?

NASDAQ:APOG

APOG Rankings

APOG Latest News

APOG Latest SEC Filings

APOG Stock Data