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[424B2] Morgan Stanley Prospectus Supplement

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
424B2
Rhea-AI Filing Summary

Morgan Stanley Finance LLC is issuing $280,000 aggregate principal amount of Buffered PLUS due July 2, 2030, unsecured and fully guaranteed by Morgan Stanley. Each $1,000 note offers:

  • Upside participation: 150 % leverage on any S&P 500 Index appreciation, capped at a maximum redemption of $1,455 (45.5 % total return).
  • Downside protection: 20 % buffer. If the index falls <=20 %, principal is returned. Beyond that, investors lose 1 % of principal for every additional 1 % decline, subject to a minimum payment of $200.
  • No coupons; repayment occurs only at maturity on July 2, 2030.
  • Issue price: $1,000; estimated value: $945.80 (reflects structuring/hedging costs and Morgan Stanley’s internal funding rate).
  • Sales commission: $32 per note (3.2 %). Selected dealers receive the full amount.
  • Credit considerations: Notes are senior unsecured obligations of MSFL; repayment depends solely on Morgan Stanley’s creditworthiness. They are not FDIC-insured and will not be listed on an exchange, so secondary liquidity may be limited.
  • Key dates: Strike/Pricing – Jun 27 2025; Maturity – Jul 2 2030; Observation – Jun 27 2030.

The product targets investors seeking leveraged, but capped, equity exposure with partial downside protection, who can tolerate principal-at-risk, illiquidity, and credit risk in exchange for the structured payoff.

Morgan Stanley Finance LLC emette un ammontare aggregato di 280.000 dollari in Buffered PLUS con scadenza il 2 luglio 2030, non garantiti e completamente garantiti da Morgan Stanley. Ogni nota da 1.000 dollari offre:

  • Partecipazione al rialzo: leva del 150% su qualsiasi apprezzamento dell'indice S&P 500, limitata a un rimborso massimo di 1.455 dollari (45,5% di rendimento totale).
  • Protezione dal ribasso: buffer del 20%. Se l'indice scende di <=20%, il capitale viene restituito. Oltre tale soglia, gli investitori perdono l'1% del capitale per ogni ulteriore calo dell'1%, con un pagamento minimo di 200 dollari.
  • Nessuna cedola; il rimborso avviene solo alla scadenza, il 2 luglio 2030.
  • Prezzo di emissione: 1.000 dollari; valore stimato: 945,80 dollari (riflette costi di strutturazione/copertura e il tasso di finanziamento interno di Morgan Stanley).
  • Commissione di vendita: 32 dollari per nota (3,2%). I dealer selezionati ricevono l'intero importo.
  • Considerazioni sul credito: Le note sono obbligazioni senior non garantite di MSFL; il rimborso dipende esclusivamente dalla solidità creditizia di Morgan Stanley. Non sono assicurate dalla FDIC e non saranno quotate in borsa, pertanto la liquidità secondaria potrebbe essere limitata.
  • Date chiave: Strike/Pricing – 27 giugno 2025; Scadenza – 2 luglio 2030; Osservazione – 27 giugno 2030.

Il prodotto è rivolto a investitori che cercano un'esposizione azionaria con leva, ma limitata, e protezione parziale dal ribasso, disposti a tollerare rischio sul capitale, illiquidità e rischio di credito in cambio di un rendimento strutturato.

Morgan Stanley Finance LLC emite un monto principal agregado de 280,000 dólares en Buffered PLUS con vencimiento el 2 de julio de 2030, sin garantía y totalmente respaldado por Morgan Stanley. Cada nota de 1,000 dólares ofrece:

  • Participación al alza: apalancamiento del 150% sobre cualquier apreciación del índice S&P 500, limitado a un reembolso máximo de 1,455 dólares (45.5% de rendimiento total).
  • Protección a la baja: buffer del 20%. Si el índice cae <=20%, se devuelve el principal. Más allá de eso, los inversores pierden el 1% del principal por cada 1% adicional de caída, sujeto a un pago mínimo de 200 dólares.
  • Sin cupones; el reembolso ocurre solo al vencimiento el 2 de julio de 2030.
  • Precio de emisión: 1,000 dólares; valor estimado: 945.80 dólares (refleja costos de estructuración/cobertura y la tasa interna de financiamiento de Morgan Stanley).
  • Comisión de venta: 32 dólares por nota (3.2%). Los distribuidores seleccionados reciben el monto completo.
  • Consideraciones de crédito: Las notas son obligaciones senior no garantizadas de MSFL; el reembolso depende únicamente de la solvencia crediticia de Morgan Stanley. No están aseguradas por la FDIC y no se cotizarán en bolsa, por lo que la liquidez secundaria puede ser limitada.
  • Fechas clave: Strike/Pricing – 27 de junio de 2025; Vencimiento – 2 de julio de 2030; Observación – 27 de junio de 2030.

El producto está dirigido a inversores que buscan exposición accionaria apalancada, pero limitada, con protección parcial a la baja, y que pueden tolerar riesgo sobre el principal, iliquidez y riesgo crediticio a cambio de un rendimiento estructurado.

Morgan Stanley Finance LLC는 2억 8천만 달러 규모의 2030년 7월 2일 만기 Buffered PLUS를 발행하며, 무담보이고 Morgan Stanley가 전액 보증합니다. 각 1,000달러 노트는 다음과 같은 조건을 제공합니다:

  • 상승 참여: S&P 500 지수 상승에 대해 150% 레버리지, 최대 상환액 1,455달러로 제한 (총 수익률 45.5%).
  • 하락 보호: 20% 버퍼 제공. 지수가 20% 이하로 하락하면 원금이 반환됩니다. 그 이상 하락 시 투자자는 추가 1% 하락마다 원금의 1%를 손실하며, 최소 지급액은 200달러입니다.
  • 쿠폰 없음; 상환은 2030년 7월 2일 만기에만 이루어집니다.
  • 발행가: 1,000달러; 추정 가치: 945.80달러 (구조화 및 헤지 비용과 Morgan Stanley 내부 자금 조달 금리 반영).
  • 판매 수수료: 노트당 32달러 (3.2%). 선정된 딜러는 전액을 받습니다.
  • 신용 고려사항: 노트는 MSFL의 선순위 무담보 채무이며, 상환은 Morgan Stanley의 신용도에 전적으로 의존합니다. FDIC 보험이 없으며 거래소에 상장되지 않아 2차 유동성이 제한될 수 있습니다.
  • 주요 일정: 행사가격/가격 결정 – 2025년 6월 27일; 만기 – 2030년 7월 2일; 관찰일 – 2030년 6월 27일.

이 상품은 레버리지가 있으나 상한이 설정된 주식 노출과 부분적인 하락 보호를 원하는 투자자를 대상으로 하며, 원금 위험, 유동성 부족, 신용 위험을 감수할 수 있는 투자자에게 적합합니다.

Morgan Stanley Finance LLC émet un montant principal agrégé de 280 000 $ en Buffered PLUS échéance 2 juillet 2030, non garanti et entièrement garanti par Morgan Stanley. Chaque note de 1 000 $ offre :

  • Participation à la hausse : effet de levier de 150 % sur toute appréciation de l'indice S&P 500, plafonné à un rachat maximal de 1 455 $ (rendement total de 45,5 %).
  • Protection à la baisse : buffer de 20 %. Si l'indice baisse de <=20 %, le principal est remboursé. Au-delà, les investisseurs perdent 1 % du principal pour chaque baisse supplémentaire de 1 %, avec un paiement minimum de 200 $.
  • Pas de coupons ; le remboursement intervient uniquement à l’échéance, le 2 juillet 2030.
  • Prix d’émission : 1 000 $ ; valeur estimée : 945,80 $ (reflète les coûts de structuration/couverture et le taux de financement interne de Morgan Stanley).
  • Commission de vente : 32 $ par note (3,2 %). Les distributeurs sélectionnés reçoivent le montant total.
  • Considérations de crédit : Les notes sont des obligations senior non garanties de MSFL ; le remboursement dépend uniquement de la solvabilité de Morgan Stanley. Elles ne sont pas assurées par la FDIC et ne seront pas cotées en bourse, ce qui peut limiter la liquidité secondaire.
  • Dates clés : Strike/Prix – 27 juin 2025 ; Échéance – 2 juillet 2030 ; Observation – 27 juin 2030.

Le produit s’adresse aux investisseurs recherchant une exposition actions à effet de levier, mais plafonnée, avec une protection partielle à la baisse, capables de tolérer le risque en capital, l’illiquidité et le risque de crédit en échange d’un rendement structuré.

Morgan Stanley Finance LLC gibt eine Gesamtsumme von 280.000 US-Dollar an Buffered PLUS mit Fälligkeit am 2. Juli 2030 aus, unbesichert und vollständig von Morgan Stanley garantiert. Jede 1.000-Dollar-Anleihe bietet:

  • Aufwärtsteilnahme: 150 % Hebel auf jede Wertsteigerung des S&P 500 Index, begrenzt auf eine maximale Rückzahlung von 1.455 USD (45,5 % Gesamtrendite).
  • Abwärtsschutz: 20 % Puffer. Fällt der Index um <=20 %, wird das Kapital zurückgezahlt. Darüber hinaus verlieren Anleger 1 % des Kapitals für jeden weiteren 1 % Rückgang, mit einer Mindestzahlung von 200 USD.
  • Keine Kupons; Rückzahlung erfolgt nur bei Fälligkeit am 2. Juli 2030.
  • Ausgabepreis: 1.000 USD; geschätzter Wert: 945,80 USD (berücksichtigt Strukturierungs-/Hedging-Kosten und Morgan Stanleys interne Finanzierungskosten).
  • Verkaufsprovision: 32 USD pro Note (3,2 %). Ausgewählte Händler erhalten den vollen Betrag.
  • Kreditüberlegungen: Die Notes sind unbesicherte vorrangige Verbindlichkeiten von MSFL; die Rückzahlung hängt ausschließlich von der Kreditwürdigkeit von Morgan Stanley ab. Sie sind nicht FDIC-versichert und werden nicht an einer Börse gehandelt, daher kann die Sekundärliquidität begrenzt sein.
  • Wichtige Termine: Strike/Pricing – 27. Juni 2025; Fälligkeit – 2. Juli 2030; Beobachtung – 27. Juni 2030.

Das Produkt richtet sich an Anleger, die eine gehebelte, aber begrenzte Aktienexponierung mit teilweisem Abwärtsschutz suchen und bereit sind, Kapitalrisiko, Illiquidität und Kreditrisiko im Austausch für eine strukturierte Auszahlung zu akzeptieren.

Positive
  • 150 % upside leverage on S&P 500 gains provides enhanced participation compared with direct index ownership, up to the 45.5 % cap.
  • 20 % downside buffer shields investors from moderate market declines before principal loss begins.
Negative
  • Appreciation capped at 45.5 %; investors forego any gains above this level over the entire 5-year term.
  • Estimated value is 5.4 % below issue price, reflecting structuring costs that create negative carry from day one.
  • No secondary-market listing; liquidity depends on the dealer and may result in material bid/ask concessions.
  • Credit-linked to Morgan Stanley; principal is at risk if the guarantor defaults.
  • No coupon payments; investors receive no interim cash flow and must hold to maturity for potential upside.

Insights

TL;DR — 5-year note offers 1.5× upside to S&P 500 with 20 % buffer, but capped at 45.5 % and priced below par.

The terms are standard for retail-focused buffered PLUS notes. A 150 % participation rate with a 20 % buffer provides modest convexity relative to direct index exposure, yet the hard cap at 45.5 % meaningfully truncates gains if the S&P 500 rallies strongly over five years. Investors pay a 5.42 % premium over model value (issue price vs. $945.80 estimate) plus a 3.2 % sales load, reducing expected returns. Credit risk is non-trivial given the unsecured nature, though Morgan Stanley remains investment-grade. Liquidity will hinge on the dealer’s willingness to make markets and is likely thin. Overall, this is a niche product appropriate only for investors with a defined market view who accept limited liquidity and a negative carry profile.

TL;DR — Neutral impact; tiny issuance, minimal balance-sheet effect, retail suitability concerns.

The $280k offering is immaterial to Morgan Stanley’s funding mix and earnings, so it carries no corporate-level impact. From a portfolio construction standpoint, the note functions as a capped call spread financed with downside risk beyond 20 %. Using options pricing, the embedded cost roughly equals the disclosed 5.4 % discount to par. For clients, it may replace a partial equity position, but the cap creates reinvestment risk if equities outperform. Given the long tenor, lack of periodic coupons, and uncertain secondary liquidity, the instrument fits a narrow investor profile. I view it as tactically interesting but strategically neutral.

Morgan Stanley Finance LLC emette un ammontare aggregato di 280.000 dollari in Buffered PLUS con scadenza il 2 luglio 2030, non garantiti e completamente garantiti da Morgan Stanley. Ogni nota da 1.000 dollari offre:

  • Partecipazione al rialzo: leva del 150% su qualsiasi apprezzamento dell'indice S&P 500, limitata a un rimborso massimo di 1.455 dollari (45,5% di rendimento totale).
  • Protezione dal ribasso: buffer del 20%. Se l'indice scende di <=20%, il capitale viene restituito. Oltre tale soglia, gli investitori perdono l'1% del capitale per ogni ulteriore calo dell'1%, con un pagamento minimo di 200 dollari.
  • Nessuna cedola; il rimborso avviene solo alla scadenza, il 2 luglio 2030.
  • Prezzo di emissione: 1.000 dollari; valore stimato: 945,80 dollari (riflette costi di strutturazione/copertura e il tasso di finanziamento interno di Morgan Stanley).
  • Commissione di vendita: 32 dollari per nota (3,2%). I dealer selezionati ricevono l'intero importo.
  • Considerazioni sul credito: Le note sono obbligazioni senior non garantite di MSFL; il rimborso dipende esclusivamente dalla solidità creditizia di Morgan Stanley. Non sono assicurate dalla FDIC e non saranno quotate in borsa, pertanto la liquidità secondaria potrebbe essere limitata.
  • Date chiave: Strike/Pricing – 27 giugno 2025; Scadenza – 2 luglio 2030; Osservazione – 27 giugno 2030.

Il prodotto è rivolto a investitori che cercano un'esposizione azionaria con leva, ma limitata, e protezione parziale dal ribasso, disposti a tollerare rischio sul capitale, illiquidità e rischio di credito in cambio di un rendimento strutturato.

Morgan Stanley Finance LLC emite un monto principal agregado de 280,000 dólares en Buffered PLUS con vencimiento el 2 de julio de 2030, sin garantía y totalmente respaldado por Morgan Stanley. Cada nota de 1,000 dólares ofrece:

  • Participación al alza: apalancamiento del 150% sobre cualquier apreciación del índice S&P 500, limitado a un reembolso máximo de 1,455 dólares (45.5% de rendimiento total).
  • Protección a la baja: buffer del 20%. Si el índice cae <=20%, se devuelve el principal. Más allá de eso, los inversores pierden el 1% del principal por cada 1% adicional de caída, sujeto a un pago mínimo de 200 dólares.
  • Sin cupones; el reembolso ocurre solo al vencimiento el 2 de julio de 2030.
  • Precio de emisión: 1,000 dólares; valor estimado: 945.80 dólares (refleja costos de estructuración/cobertura y la tasa interna de financiamiento de Morgan Stanley).
  • Comisión de venta: 32 dólares por nota (3.2%). Los distribuidores seleccionados reciben el monto completo.
  • Consideraciones de crédito: Las notas son obligaciones senior no garantizadas de MSFL; el reembolso depende únicamente de la solvencia crediticia de Morgan Stanley. No están aseguradas por la FDIC y no se cotizarán en bolsa, por lo que la liquidez secundaria puede ser limitada.
  • Fechas clave: Strike/Pricing – 27 de junio de 2025; Vencimiento – 2 de julio de 2030; Observación – 27 de junio de 2030.

El producto está dirigido a inversores que buscan exposición accionaria apalancada, pero limitada, con protección parcial a la baja, y que pueden tolerar riesgo sobre el principal, iliquidez y riesgo crediticio a cambio de un rendimiento estructurado.

Morgan Stanley Finance LLC는 2억 8천만 달러 규모의 2030년 7월 2일 만기 Buffered PLUS를 발행하며, 무담보이고 Morgan Stanley가 전액 보증합니다. 각 1,000달러 노트는 다음과 같은 조건을 제공합니다:

  • 상승 참여: S&P 500 지수 상승에 대해 150% 레버리지, 최대 상환액 1,455달러로 제한 (총 수익률 45.5%).
  • 하락 보호: 20% 버퍼 제공. 지수가 20% 이하로 하락하면 원금이 반환됩니다. 그 이상 하락 시 투자자는 추가 1% 하락마다 원금의 1%를 손실하며, 최소 지급액은 200달러입니다.
  • 쿠폰 없음; 상환은 2030년 7월 2일 만기에만 이루어집니다.
  • 발행가: 1,000달러; 추정 가치: 945.80달러 (구조화 및 헤지 비용과 Morgan Stanley 내부 자금 조달 금리 반영).
  • 판매 수수료: 노트당 32달러 (3.2%). 선정된 딜러는 전액을 받습니다.
  • 신용 고려사항: 노트는 MSFL의 선순위 무담보 채무이며, 상환은 Morgan Stanley의 신용도에 전적으로 의존합니다. FDIC 보험이 없으며 거래소에 상장되지 않아 2차 유동성이 제한될 수 있습니다.
  • 주요 일정: 행사가격/가격 결정 – 2025년 6월 27일; 만기 – 2030년 7월 2일; 관찰일 – 2030년 6월 27일.

이 상품은 레버리지가 있으나 상한이 설정된 주식 노출과 부분적인 하락 보호를 원하는 투자자를 대상으로 하며, 원금 위험, 유동성 부족, 신용 위험을 감수할 수 있는 투자자에게 적합합니다.

Morgan Stanley Finance LLC émet un montant principal agrégé de 280 000 $ en Buffered PLUS échéance 2 juillet 2030, non garanti et entièrement garanti par Morgan Stanley. Chaque note de 1 000 $ offre :

  • Participation à la hausse : effet de levier de 150 % sur toute appréciation de l'indice S&P 500, plafonné à un rachat maximal de 1 455 $ (rendement total de 45,5 %).
  • Protection à la baisse : buffer de 20 %. Si l'indice baisse de <=20 %, le principal est remboursé. Au-delà, les investisseurs perdent 1 % du principal pour chaque baisse supplémentaire de 1 %, avec un paiement minimum de 200 $.
  • Pas de coupons ; le remboursement intervient uniquement à l’échéance, le 2 juillet 2030.
  • Prix d’émission : 1 000 $ ; valeur estimée : 945,80 $ (reflète les coûts de structuration/couverture et le taux de financement interne de Morgan Stanley).
  • Commission de vente : 32 $ par note (3,2 %). Les distributeurs sélectionnés reçoivent le montant total.
  • Considérations de crédit : Les notes sont des obligations senior non garanties de MSFL ; le remboursement dépend uniquement de la solvabilité de Morgan Stanley. Elles ne sont pas assurées par la FDIC et ne seront pas cotées en bourse, ce qui peut limiter la liquidité secondaire.
  • Dates clés : Strike/Prix – 27 juin 2025 ; Échéance – 2 juillet 2030 ; Observation – 27 juin 2030.

Le produit s’adresse aux investisseurs recherchant une exposition actions à effet de levier, mais plafonnée, avec une protection partielle à la baisse, capables de tolérer le risque en capital, l’illiquidité et le risque de crédit en échange d’un rendement structuré.

Morgan Stanley Finance LLC gibt eine Gesamtsumme von 280.000 US-Dollar an Buffered PLUS mit Fälligkeit am 2. Juli 2030 aus, unbesichert und vollständig von Morgan Stanley garantiert. Jede 1.000-Dollar-Anleihe bietet:

  • Aufwärtsteilnahme: 150 % Hebel auf jede Wertsteigerung des S&P 500 Index, begrenzt auf eine maximale Rückzahlung von 1.455 USD (45,5 % Gesamtrendite).
  • Abwärtsschutz: 20 % Puffer. Fällt der Index um <=20 %, wird das Kapital zurückgezahlt. Darüber hinaus verlieren Anleger 1 % des Kapitals für jeden weiteren 1 % Rückgang, mit einer Mindestzahlung von 200 USD.
  • Keine Kupons; Rückzahlung erfolgt nur bei Fälligkeit am 2. Juli 2030.
  • Ausgabepreis: 1.000 USD; geschätzter Wert: 945,80 USD (berücksichtigt Strukturierungs-/Hedging-Kosten und Morgan Stanleys interne Finanzierungskosten).
  • Verkaufsprovision: 32 USD pro Note (3,2 %). Ausgewählte Händler erhalten den vollen Betrag.
  • Kreditüberlegungen: Die Notes sind unbesicherte vorrangige Verbindlichkeiten von MSFL; die Rückzahlung hängt ausschließlich von der Kreditwürdigkeit von Morgan Stanley ab. Sie sind nicht FDIC-versichert und werden nicht an einer Börse gehandelt, daher kann die Sekundärliquidität begrenzt sein.
  • Wichtige Termine: Strike/Pricing – 27. Juni 2025; Fälligkeit – 2. Juli 2030; Beobachtung – 27. Juni 2030.

Das Produkt richtet sich an Anleger, die eine gehebelte, aber begrenzte Aktienexponierung mit teilweisem Abwärtsschutz suchen und bereit sind, Kapitalrisiko, Illiquidität und Kreditrisiko im Austausch für eine strukturierte Auszahlung zu akzeptieren.

Pricing Supplement No. 9,142

Registration Statement Nos. 333-275587; 333-275587-01

Dated June 27, 2025

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Buffered PLUS due July 2, 2030

Based on the Performance of the S&P 500® Index

Buffered Performance Leveraged Upside SecuritiesSM

Fully and Unconditionally Guaranteed by Morgan Stanley

Principal at Risk Securities

The Buffered PLUS (the “securities”) are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest and have the terms described in the accompanying product supplement, index supplement and prospectus, as supplemented or modified by this document.

Payment at maturity. At maturity, if the final level is greater than the initial level, investors will receive the stated principal amount plus the leveraged upside payment, subject to the maximum payment at maturity. If the final level is equal to or less than the initial level but is greater than or equal to the buffer level, investors will receive only the stated principal amount at maturity. If, however, the final level is less than the buffer level, investors will lose 1% for every 1% decline in the level of the underlier beyond the specified buffer amount. Under these circumstances, the payment at maturity will be less, and may be significantly less, than the stated principal amount of the securities, subject to the minimum payment at maturity.

The securities are for investors who seek a return based on the performance of the underlier and who are willing to risk their principal and forgo current income and returns above the maximum payment at maturity in exchange for the upside leverage and buffer features, each of which applies to a limited range of performance of the underlier over the term of the securities. Investors in the securities must be willing to accept the risk of losing a significant portion of their initial investment. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program.

All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.

FINAL TERMS

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Stated principal amount:

$1,000 per security 

Issue price:

$1,000 per security (see “Commissions and issue price” below) 

Aggregate principal amount:

$280,000

Underlier:

S&P 500® Index (the “underlying index”)

Strike date:

June 27, 2025

Pricing date:

June 27, 2025

Original issue date:

July 2, 2025

Observation date:

June 27, 2030, subject to postponement for non-trading days and certain market disruption events

Maturity date:

July 2, 2030

 

Terms continued on the following page

Agent:

Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See “Supplemental information regarding plan of distribution; conflicts of interest.”

Estimated value on the pricing date:

$945.80 per security. See “Estimated Value of the Securities” on page 3.

Commissions and issue price:

Price to public

Agent’s commissions and fees(1)

Proceeds to us(2)

Per security

$1,000

$32

$968

Total

$280,000

$8,960

$271,040

(1)Selected dealers and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $32 for each security they sell. See “Supplemental information regarding plan of distribution; conflicts of interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

(2)See “Use of Proceeds and Hedging” in the accompanying product supplement.

The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 5.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement, index supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.

You should read this document together with the related product supplement, index supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying index supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see “Additional Terms of the Securities” and “Additional Information About the Securities” at the end of this document.

References to “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.

Product Supplement for Principal at Risk Securities dated February 7, 2025 Index Supplement dated November 16, 2023

Prospectus dated April 12, 2024

 

 

 

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Terms continued from the previous page

Payment at maturity per security:

If the final level is greater than the initial level:

(stated principal amount + leveraged upside payment), subject to the maximum payment at maturity

If the final level is equal to or less than the initial level but is greater than or equal to the buffer level:

stated principal amount

If the final level is less than the buffer level:

stated principal amount × (performance factor + buffer amount)

Under these circumstances, the payment at maturity will be less, and may be significantly less, than the stated principal amount, subject to the minimum payment at maturity.

Final level:

The closing level of the underlier on the observation date

Initial level:

6,173.07, which is the closing level of the underlier on the strike date

Leveraged upside payment:

stated principal amount × leverage factor × underlier percent change

Leverage factor:

150%

Underlier percent change:

(final level – initial level) / initial level

Maximum payment at maturity:

$1,455 per security (145.50% of the stated principal amount)

Buffer level:

4,938.456, which is 80% of the initial level

Performance factor:

final level / initial level

Buffer amount:

20%

Minimum payment at maturity:

20% of the stated principal amount

CUSIP:

61778NEG2

ISIN:

US61778NEG25

Listing:

The securities will not be listed on any securities exchange.

 Page 2

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Estimated Value of the Securities

The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date is less than $1,000. Our estimate of the value of the securities as determined on the pricing date is set forth on the cover of this document.

What goes into the estimated value on the pricing date?

In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlier. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlier, instruments based on the underlier, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.

What determines the economic terms of the securities?

In determining the economic terms of the securities, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.

What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?

The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlier, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.

MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.

 Page 3

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Hypothetical Examples

Hypothetical Payoff Diagram 

The payoff diagram below illustrates the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities, based on the following terms:

Stated principal amount:

$1,000 per security

Leverage factor:

150%

Maximum payment at maturity:

$1,455 per security (145.50% of the stated principal amount)

Buffer level:

80% of the initial level

Buffer amount:

20%

Minimum payment at maturity:

20% of the stated principal amount

Hypothetical Payoff Diagram

 

Upside Scenario. If the final level is greater than the initial level, investors will receive the stated principal amount plus 150% of the appreciation of the underlier over the term of the securities, subject to the maximum payment at maturity.

oIf the underlier appreciates 10%, investors will receive $1,150‬ per security, or 115% of the stated principal amount.

oIf the underlier appreciates 100%, investors will receive only the maximum payment at maturity of $1,455 per security, or 145.50% of the stated principal amount.

Par Scenario. If the final level is equal to or less than the initial level but is greater than or equal to the buffer level, investors will receive the stated principal amount.

oIf the underlier depreciates 10%, investors will receive $1,000 per security.

Downside Scenario. If the final level is less than the buffer level, investors will receive an amount that is less, and may be significantly less, than the stated principal amount, based on a 1% loss of principal for each 1% decline in the level of the underlier beyond the buffer amount.

oIf the underlier depreciates 85%, investors will lose 65% of their principal and receive only $350 per security at maturity, or 35% of the stated principal amount.

 Page 4

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Risk Factors

This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.

Risks Relating to an Investment in the Securities

The securities provide for only the minimum payment at maturity and do not pay interest. The terms of the securities differ from those of ordinary debt securities in that they provide for only the minimum payment at maturity and do not pay interest. If the final level is less than the buffer level, the payout at maturity will be an amount in cash that is less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the underlier over the term of the securities beyond the buffer amount. You could lose a significant portion of your initial investment in the securities.

The appreciation potential of the securities is limited by the maximum payment at maturity. Where the final level is greater than the initial level, the appreciation potential of the securities is limited by the maximum payment at maturity. Although the leverage factor provides enhanced exposure to any increase in the final level over the initial level, if the underlier appreciates over the term of the securities, under no circumstances will the payment at maturity exceed the maximum payment at maturity.

The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date. The final level will be based on the closing level of the underlier on the observation date, subject to postponement for non-trading days and certain market disruption events. Even if the value of the underlier appreciates prior to the observation date but then drops by the observation date, the payment at maturity may be less, and may be significantly less, than it would have been had the payment at maturity been linked to the value of the underlier prior to such drop. Although the actual value of the underlier on the stated maturity date or at other times during the term of the securities may be higher than the closing level of the underlier on the observation date, the payment at maturity will be based solely on the closing level of the underlier on the observation date.

The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the value of the underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:

othe volatility (frequency and magnitude of changes in value) of the underlier;

ointerest and yield rates in the market;

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlier or equity markets generally;

othe availability of comparable instruments;

othe composition of the underlier and changes in the component securities of the underlier;

othe time remaining until the securities mature; and

oany actual or anticipated changes in our credit ratings or credit spreads.

Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. For example, you may have to sell your securities at a substantial discount from the stated principal amount if, at the time of sale, the closing level of the underlier is at, below or not sufficiently above the buffer level, or if market interest rates rise.

You can review the historical closing levels of the underlier in the section of this document called “Historical Information.” You cannot predict the future performance of the underlier based on its historical performance. The value of the underlier may be, and has recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that the final level will be greater than or equal to the buffer level so that you do not suffer a loss on your initial investment in the securities.

The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. You are dependent on our ability to pay all amounts due on the securities, and, therefore, you are subject to our credit risk. The securities are not guaranteed by any other entity. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market’s view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

As a finance subsidiary, MSFL has no independent operations and will have no independent assets. As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no

 Page 5

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.

The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by many unpredictable factors” above.

The securities will not be listed on any securities exchange and secondary trading may be limited. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).

The U.S. federal income tax consequences of an investment in the securities are uncertain. There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. You should review carefully the section entitled “United States Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.

Risks Relating to the Underlier(s)

Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

 Page 6

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

oAdjustments to an underlying index could adversely affect the value of the securities.

Risks Relating to Conflicts of Interest

In engaging in certain activities described below and as discussed in more detail in the accompanying product supplement, our affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities.

The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities. As calculation agent, MS & Co. will make any determinations necessary to calculate any payment(s) on the securities. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, which may adversely affect your return on the securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

 Page 7

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Historical Information

S&P 500® Index Overview

Bloomberg Ticker Symbol: SPX

The S&P 500® Index is intended to provide a benchmark for performance measurement of the large capitalization segment of the U.S. equity markets by tracking the stock price movement of 500 companies with large market capitalizations. The underlying index publisher with respect to the S&P 500® Index is S&P® Dow Jones Indices LLC, or any successor thereof. Component stocks of the S&P 500® Index are required to have a total company level market capitalization that reflects approximately the 85th percentile of the S&P® Total Market Index. The S&P 500® Index measures the relative performance of the common stocks of 500 companies as of a particular time as compared to the performance of the common stocks of 500 similar companies during the base period of the years 1941 through 1943. For additional information about the S&P 500® Index, see the information set forth under “S&P® U.S. Indices—S&P 500® Index” in the accompanying index supplement.

The closing level of the underlier on June 27, 2025 was 6,173.07. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

Underlier Daily Closing Levels

January 1, 2020 to June 27, 2025

 

 Page 8

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Additional Terms of the Securities

Please read this information in conjunction with the terms on the cover of this document.

Additional Terms:

If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control.

Denominations:

$1,000 per security and integral multiples thereof

Buffered PLUS:

The accompanying product supplement refers to these Buffered PLUS as the “securities.”

Amortization period:

The 6-month period following the issue date

Trustee:

The Bank of New York Mellon

Calculation agent:

Morgan Stanley & Co. LLC (“MS & Co.”)

 Page 9

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Additional Information About the Securities

Additional Information:

Minimum ticketing size:

$1,000 / 1 security

United States federal income tax considerations:

You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.

In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts that are “open transactions,” as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts that are Open Transactions” in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your securities (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your securities should be treated as capital gain or loss.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

Non-U.S. Holders. As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on certain representations made by us, our counsel is of the opinion that Section 871(m) should not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Additional considerations:

Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly.

Supplemental information regarding plan of distribution; conflicts of interest:

Selected dealers and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $32 for each security they sell.

MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities.

MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement.

 Page 10

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Validity of the securities:

In the opinion of Davis Polk & Wardwell LLP, as special counsel to MSFL and Morgan Stanley, when the securities offered by this pricing supplement have been executed and issued by MSFL, authenticated by the trustee pursuant to the MSFL Senior Debt Indenture (as defined in the accompanying prospectus) and delivered against payment as contemplated herein, such securities will be valid and binding obligations of MSFL and the related guarantee will be a valid and binding obligation of Morgan Stanley, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (ii) any provision of the MSFL Senior Debt Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of Morgan Stanley’s obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the MSFL Senior Debt Indenture and its authentication of the securities and the validity, binding nature and enforceability of the MSFL Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated February 26, 2024, which is Exhibit 5-a to Post-Effective Amendment No. 2 to the Registration Statement on Form S-3 filed by Morgan Stanley on February 26, 2024.

Where you can find more information:

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement and the index supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement, the index supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. When you read the accompanying index supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, the index supplement and the product supplement if you so request by calling toll-free 1-(800)-584-6837.

Terms used but not defined in this document are defined in the product supplement, in the index supplement or in the prospectus. Each of the product supplement, the index supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document.

“Performance Leveraged Upside SecuritiesSM” and “PLUSSM” are our service marks.

 

 Page 11

FAQ

What is the maximum return on Morgan Stanley's Buffered PLUS (symbol MS)?

The maximum payment at maturity is $1,455 per $1,000 note, equal to a 45.5 % total return.

How much downside protection do the MS Buffered PLUS notes provide?

The notes have a 20 % buffer; principal losses start only if the S&P 500 falls more than 20 % from the 6,173.07 initial level.

Do the Buffered PLUS pay any interest or coupons?

No. The securities are zero-coupon instruments; investors receive payment only at maturity.

What is the estimated value versus the issue price?

Morgan Stanley estimates the fair value at $945.80 per note, 5.42 % below the $1,000 issue price.

Can I sell the notes before maturity?

The notes are not exchange-listed. MS & Co. may offer to buy them, but secondary liquidity and pricing are uncertain.
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