[424B2] MORGAN STANLEY Prospectus Supplement
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed a 424(b)(2) preliminary pricing supplement for Contingent Income Auto-Callable Securities linked to Hims & Hers Health, Inc. Class A common stock. These principal-at-risk notes offer a 46.60% per annum contingent coupon, paid only when the underlier’s closing level is at or above the coupon barrier on each observation date.
The initial level is $49.78 (strike date October 17, 2025). The coupon barrier is $29.868 (60% of the initial level) and the downside threshold is $24.89 (50%). The call threshold is $49.78 (100%). The notes may auto-call on scheduled quarterly dates starting April 17, 2026; if called, holders receive the $1,000 stated principal plus the applicable coupon and no further payments. If held to maturity on October 20, 2028 and the final level is below the downside threshold, repayment is reduced 1% for each 1% decline, potentially to zero.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $979 per security. The securities will not be listed, are sold to fee-based advisory accounts, and all payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC, interamente garantita da Morgan Stanley, ha presentato un supplemento di prezzo preliminare 424(b)(2) per Contingent Income Auto-Callable Securities legati alle azioni ordinarie Classe A di Hims & Hers Health, Inc. Queste note a capitale a rischio offrono una cedola contingente del 46,60% annuo, pagata solo quando il livello di chiusura dell'antecedente sia pari o superiore al livello della barriera cedolare in ciascuna data di osservazione.
Il livello iniziale è $49,78 (data di strike 17 ottobre 2025). La barriera cedolare è $29,868 (60% del livello iniziale) e la soglia ribassista è $24,89 (50%). La soglia di richiamo è $49,78 (100%). I certificati possono auto-chiamarsi in date trimestrali programmate a partire dal 17 aprile 2026; se richiamati, i possessori ricevono il capitale dichiarato di $1,000 più la cedola applicabile e nessun ulteriore pagamento. Se mantenuti fino alla scadenza il 20 ottobre 2028 e il livello finale è al di sotto della soglia ribassista, il rimborso è ridotto dell'1% per ogni calo dell'1%, potenzialmente fino a zero.
Il prezzo di emissione è $1,000 per security; il valore stimato alla data di prezzo è di circa $979 per security. I titoli non saranno quotati, sono venduti a conti di consulenza basati su commissioni/fee-based, e tutti i pagamenti sono soggetti al rischio di credito degli emittenti.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, presentó un suplemento de precios preliminar 424(b)(2) para Valores de Ingreso Contingente Auto-Callable vinculados a las acciones Clase A de Hims & Hers Health, Inc. Estas notas con principal en riesgo ofrecen un cupón contingente del 46,60% anual, que se paga solo cuando el nivel de cierre del subyacente está igual o por encima de la barrera de cupón en cada fecha de observación.
El nivel inicial es $49.78 (fecha de strike 17 de octubre de 2025). La barrera de cupón es $29.868 (60% del nivel inicial) y el umbral descendente es $24.89 (50%). El umbral de llamada es $49.78 (100%). Las notas pueden auto-llamarse en fechas trimestrales programadas a partir del 17 de abril de 2026; si son llamadas, los tenedores reciben el principal declarado de $1,000 más el cupón aplicable y no hay pagos adicionales. Si se mantienen hasta el vencimiento el 20 de octubre de 2028 y el nivel final está por debajo del umbral descendente, el reembolso se reduce 1% por cada caída del 1%, potencialmente hasta cero.
El precio de emisión es de $1,000 por valor; el valor estimado en la fecha de pricing es de aproximadamente $979 por security. Los valores no estarán listados, se venden a cuentas de asesoría basadas en comisiones y todos los pagos están sujetos al riesgo de crédito de los emisores.
Morgan Stanley Finance LLC, Morgan Stanley의 전액 보증으로, Hims & Hers Health, Inc.의 Class A 보통주와 연계된 Contingent Income Auto-Callable Securities에 대한 424(b)(2) 예비 가격 부록을 제출했습니다. 이 주된 위험 노트는 매 관찰일마다 쿠폰 바람직한 조건을 충족할 때만 지급되는 연간 46.60%의 조건부 쿠폰을 제공합니다.
초기 수준은 $49.78(행사가 2025년 10월 17일). 쿠폰 바 barrier은 $29.868(초기 수준의 60%), 하향 임계치는 $24.89(50%). 콜 임계치는 $49.78(100%). 이 노트는 2026년 4월 17일 이후 예정된 분기별 날짜에 자동으로 호출될 수 있습니다; 호출되면 보유자는 명시된 원금 $1,000과 적용 가능한 쿠폰을 받고 추가로 지급되지 않습니다. 2028년 10월 20일 만기까지 보유하고 최종 수준이 하향 임계치 이하일 경우, 상환은 1%당 1%씩 감소하여 잠재적으로 0까지 될 수 있습니다.
발행가는 $1,000 per security; 가격일의 추정 가치는 약 $979 per security입니다. 이 증서는 상장되지 않으며, 수수료 기반 자문 계좌에 판매되고 모든 지급은 발행자의 신용 위험에 달려 있습니다.
Morgan Stanley Finance LLC, entièrement garantie par Morgan Stanley, a déposé un supplément de tarification préliminaire 424(b)(2) pour des Contingent Income Auto-Callable Securities liées aux actions ordinaires Classe A de Hims & Hers Health, Inc. Ces valeurs à capital en jeu offrent un coupon contingent de 46,60% par an, payé uniquement lorsque le niveau de clôture du sous-jacent est égal ou supérieur à la barrière de coupon à chaque date d'observation.
Le niveau initial est $49,78 (date de strike 17 octobre 2025). La barrière de coupon est $29,868 (60% du niveau initial) et le seuil à la baisse est $24,89 (50%). Le seuil d'appel est $49,78 (100%). Les obligations peuvent être appelées automatiquement à des dates trimestrielles prévues à partir du 17 avril 2026; si elles sont appelées, les détenteurs reçoivent le principal déclaré de $1,000 plus le coupon applicable et aucun autre paiement n'est effectué. Si détenues jusqu'à l'échéance du 20 octobre 2028 et que le niveau final se situe en dessous du seuil de baisse, le remboursement est réduit de 1% pour chaque baisse de 1%, potentiellement jusqu'à zéro.
Le prix d'émission est de $1,000 par titre; la valeur estimée à la date de tarification est d'environ $979 par titre. Les titres ne seront pas cotés, se vendent à des comptes de conseil basés sur des honoraires, et tous les paiements sont soumis au risque de crédit de l'émetteur.
Morgan Stanley Finance LLC, vollständig garantiert durch Morgan Stanley, hat einen 424(b)(2) Preliminary Pricing Supplement für Contingent Income Auto-Callable Securities vorgelegt, die an die Class A Stammaktien von Hims & Hers Health, Inc. gebunden sind. Diese principal-at-risk-notes bieten einen kontingenten Kupon von 46,60% pro Jahr, der nur gezahlt wird, wenn der Schlusskurs des Basiswerts auf oder über der Coupon-Barriere an jedem Beobachtungstag liegt.
Das Anfangsniveau beträgt $49,78 (Strike-Datum 17. Oktober 2025). Die Coupon-Barriere ist $29,868 (60% des Anfangsniveaus) und der Abwärts-Schwellenwert liegt bei $24,89 (50%). Die Call-Schwelle ist $49,78 (100%). Die Anleihen können ab dem 17. April 2026 zu geplanten vierteljährlichen Terminen automatisch gerufen werden; wenn sie gerufen werden, erhalten Inhaber den angegebenen Nennwert von $1.000 plus den anwendbaren Kupon und es erfolgen keine weiteren Zahlungen. Wenn sie bis zur Fälligkeit am 20. Oktober 2028 gehalten werden und das Endniveau unterhalb der Abwärts-Schwelle liegt, wird die Rückzahlung um 1% für jeden 1%-Rückgang reduziert, potenziell bis auf Null.
Der Ausgabepreis beträgt $1.000 pro Wertpapier; der geschätzte Wert am Pricing-Datum liegt bei etwa $979 pro Wertpapier. Die Wertpapiere werden nicht gelistet, sie werden an fee-based Advisory-Konten verkauft, und alle Zahlungen unterliegen dem Kreditrisiko des Emittenten.
Morgan Stanley Finance LLC، المضمون بالكامل من قبل Morgan Stanley، قدمت ملحق تسعير ابتدائي 424(b)(2) لسندات الدخل الشرطي القابلة للإصدار تلقائياً المرتبطة بأسهم Hims & Hers Health, Inc. Class A العادية. هذه الأوراق المالية ذات رأس المال المعرض للمخاطر تقدم كوبوناً شرطياً بنسبة 46.60% سنوياً، يُدفع فقط عند وصول مستوى الإغلاق للسند الأساسي إلى أو فوق عتبة الكوبون في كل تاريخ ملاحظة.
المستوى الابتدائي هو $49.78 (تاريخ الضرب 17 أكتوبر 2025). عتبة الكوبون هي $29.868 (60% من المستوى الابتدائي) والعتبة الهابطة هي $24.89 (50%). عتبة الاستدعاء هي $49.78 (100%). قد تُستدعى الأوراق تلقائياً في التواريخ الربعية المخطط لها بدءاً من 17 أبريل 2026؛ إذا تم الاستدعاء، يتلقى holders رأس المال المذكور 1,000 دولار بالإضافة إلى الكوبون المعمول به ولا توجد دفعات إضافية. إذا وُجدت حتى تاريخ الاستحقاق في 20 أكتوبر 2028 وكان المستوى النهائي أقل من عتبة الهبوط، يتم تقليل سداد القرض بنسبة 1% عن كل انخفاض قدره 1%، وقد يصل إلى الصفر.
سعر الإصدار هو 1,000 دولار لكل ورقة؛ وتقدير القيمة في تاريخ التسعير يقرب من 979 دولاراً لكل ورقة. الأوراق المالية لن تكون مدرجة، وتُباع إلى حسابات استشارية قائمة على العمولات، وكل المدفوعات خاضعة لخطر الائتمان للمصدر.
Morgan Stanley Finance LLC，由 Morgan Stanley 全面担保，已就与 Hims & Hers Health, Inc. 的 Class A 普通股相关的 Contingent Income Auto-Callable Securities 提交了 424(b)(2) 初步定价补充资料。这些本金有风险的票据提供 46.60% 的年化有条件票息，只有在每个观察日的收盘水平达到或高于票息屏障时才支付。
初始水平为 $49.78（敲定日为 2025 年 10 月 17 日）。票息屏障为 $29.868（初始水平的 60%），下行阈值为 $24.89（50%）。认购阈值为 $49.78（100%）。这些票据可在自 2026 年 4 月 17 日起的计划季度日期自动敲回；如被敲回，持有者将收到指定的本金 $1,000 以及适用的票息，且不再有其他支付。如在 2028 年 10 月 20 日到期时维持到期，且最终水平低于下行阈值，偿付将按每下降 1% decreases 1% 的比例减少，可能降至为零。
发行价格为每份证券 $1,000；在定价日的估值约为每份 $979。证券将不上市，向基于费率的咨询账户出售，所有支付均受发行人信用风险影响。
- None.
- None.
Morgan Stanley Finance LLC, interamente garantita da Morgan Stanley, ha presentato un supplemento di prezzo preliminare 424(b)(2) per Contingent Income Auto-Callable Securities legati alle azioni ordinarie Classe A di Hims & Hers Health, Inc. Queste note a capitale a rischio offrono una cedola contingente del 46,60% annuo, pagata solo quando il livello di chiusura dell'antecedente sia pari o superiore al livello della barriera cedolare in ciascuna data di osservazione.
Il livello iniziale è $49,78 (data di strike 17 ottobre 2025). La barriera cedolare è $29,868 (60% del livello iniziale) e la soglia ribassista è $24,89 (50%). La soglia di richiamo è $49,78 (100%). I certificati possono auto-chiamarsi in date trimestrali programmate a partire dal 17 aprile 2026; se richiamati, i possessori ricevono il capitale dichiarato di $1,000 più la cedola applicabile e nessun ulteriore pagamento. Se mantenuti fino alla scadenza il 20 ottobre 2028 e il livello finale è al di sotto della soglia ribassista, il rimborso è ridotto dell'1% per ogni calo dell'1%, potenzialmente fino a zero.
Il prezzo di emissione è $1,000 per security; il valore stimato alla data di prezzo è di circa $979 per security. I titoli non saranno quotati, sono venduti a conti di consulenza basati su commissioni/fee-based, e tutti i pagamenti sono soggetti al rischio di credito degli emittenti.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, presentó un suplemento de precios preliminar 424(b)(2) para Valores de Ingreso Contingente Auto-Callable vinculados a las acciones Clase A de Hims & Hers Health, Inc. Estas notas con principal en riesgo ofrecen un cupón contingente del 46,60% anual, que se paga solo cuando el nivel de cierre del subyacente está igual o por encima de la barrera de cupón en cada fecha de observación.
El nivel inicial es $49.78 (fecha de strike 17 de octubre de 2025). La barrera de cupón es $29.868 (60% del nivel inicial) y el umbral descendente es $24.89 (50%). El umbral de llamada es $49.78 (100%). Las notas pueden auto-llamarse en fechas trimestrales programadas a partir del 17 de abril de 2026; si son llamadas, los tenedores reciben el principal declarado de $1,000 más el cupón aplicable y no hay pagos adicionales. Si se mantienen hasta el vencimiento el 20 de octubre de 2028 y el nivel final está por debajo del umbral descendente, el reembolso se reduce 1% por cada caída del 1%, potencialmente hasta cero.
El precio de emisión es de $1,000 por valor; el valor estimado en la fecha de pricing es de aproximadamente $979 por security. Los valores no estarán listados, se venden a cuentas de asesoría basadas en comisiones y todos los pagos están sujetos al riesgo de crédito de los emisores.
Morgan Stanley Finance LLC, Morgan Stanley의 전액 보증으로, Hims & Hers Health, Inc.의 Class A 보통주와 연계된 Contingent Income Auto-Callable Securities에 대한 424(b)(2) 예비 가격 부록을 제출했습니다. 이 주된 위험 노트는 매 관찰일마다 쿠폰 바람직한 조건을 충족할 때만 지급되는 연간 46.60%의 조건부 쿠폰을 제공합니다.
초기 수준은 $49.78(행사가 2025년 10월 17일). 쿠폰 바 barrier은 $29.868(초기 수준의 60%), 하향 임계치는 $24.89(50%). 콜 임계치는 $49.78(100%). 이 노트는 2026년 4월 17일 이후 예정된 분기별 날짜에 자동으로 호출될 수 있습니다; 호출되면 보유자는 명시된 원금 $1,000과 적용 가능한 쿠폰을 받고 추가로 지급되지 않습니다. 2028년 10월 20일 만기까지 보유하고 최종 수준이 하향 임계치 이하일 경우, 상환은 1%당 1%씩 감소하여 잠재적으로 0까지 될 수 있습니다.
발행가는 $1,000 per security; 가격일의 추정 가치는 약 $979 per security입니다. 이 증서는 상장되지 않으며, 수수료 기반 자문 계좌에 판매되고 모든 지급은 발행자의 신용 위험에 달려 있습니다.
Morgan Stanley Finance LLC, entièrement garantie par Morgan Stanley, a déposé un supplément de tarification préliminaire 424(b)(2) pour des Contingent Income Auto-Callable Securities liées aux actions ordinaires Classe A de Hims & Hers Health, Inc. Ces valeurs à capital en jeu offrent un coupon contingent de 46,60% par an, payé uniquement lorsque le niveau de clôture du sous-jacent est égal ou supérieur à la barrière de coupon à chaque date d'observation.
Le niveau initial est $49,78 (date de strike 17 octobre 2025). La barrière de coupon est $29,868 (60% du niveau initial) et le seuil à la baisse est $24,89 (50%). Le seuil d'appel est $49,78 (100%). Les obligations peuvent être appelées automatiquement à des dates trimestrielles prévues à partir du 17 avril 2026; si elles sont appelées, les détenteurs reçoivent le principal déclaré de $1,000 plus le coupon applicable et aucun autre paiement n'est effectué. Si détenues jusqu'à l'échéance du 20 octobre 2028 et que le niveau final se situe en dessous du seuil de baisse, le remboursement est réduit de 1% pour chaque baisse de 1%, potentiellement jusqu'à zéro.
Le prix d'émission est de $1,000 par titre; la valeur estimée à la date de tarification est d'environ $979 par titre. Les titres ne seront pas cotés, se vendent à des comptes de conseil basés sur des honoraires, et tous les paiements sont soumis au risque de crédit de l'émetteur.
Morgan Stanley Finance LLC, vollständig garantiert durch Morgan Stanley, hat einen 424(b)(2) Preliminary Pricing Supplement für Contingent Income Auto-Callable Securities vorgelegt, die an die Class A Stammaktien von Hims & Hers Health, Inc. gebunden sind. Diese principal-at-risk-notes bieten einen kontingenten Kupon von 46,60% pro Jahr, der nur gezahlt wird, wenn der Schlusskurs des Basiswerts auf oder über der Coupon-Barriere an jedem Beobachtungstag liegt.
Das Anfangsniveau beträgt $49,78 (Strike-Datum 17. Oktober 2025). Die Coupon-Barriere ist $29,868 (60% des Anfangsniveaus) und der Abwärts-Schwellenwert liegt bei $24,89 (50%). Die Call-Schwelle ist $49,78 (100%). Die Anleihen können ab dem 17. April 2026 zu geplanten vierteljährlichen Terminen automatisch gerufen werden; wenn sie gerufen werden, erhalten Inhaber den angegebenen Nennwert von $1.000 plus den anwendbaren Kupon und es erfolgen keine weiteren Zahlungen. Wenn sie bis zur Fälligkeit am 20. Oktober 2028 gehalten werden und das Endniveau unterhalb der Abwärts-Schwelle liegt, wird die Rückzahlung um 1% für jeden 1%-Rückgang reduziert, potenziell bis auf Null.
Der Ausgabepreis beträgt $1.000 pro Wertpapier; der geschätzte Wert am Pricing-Datum liegt bei etwa $979 pro Wertpapier. Die Wertpapiere werden nicht gelistet, sie werden an fee-based Advisory-Konten verkauft, und alle Zahlungen unterliegen dem Kreditrisiko des Emittenten.
Preliminary Pricing Supplement No. 11,469
Registration Statement Nos. 333-275587; 333-275587-01
Dated October 20, 2025
Filed pursuant to Rule 424(b)(2)
Morgan Stanley Finance LLC
Structured Investments
Contingent Income Auto-Callable Securities due October 20, 2028
Based on the Performance of the Class A Common Stock of Hims & Hers Health, Inc.
Fully and Unconditionally Guaranteed by Morgan Stanley
Principal at Risk Securities
￭The securities are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document. The securities do not guarantee the repayment of principal and do not provide for the regular payment of interest.
￭Contingent coupon. The securities will pay a contingent coupon but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. However, if the closing level of the underlier is less than the coupon barrier level on any observation date, we will pay no interest with respect to the related interest period.
￭Automatic early redemption. The securities will be automatically redeemed if the closing level of the underlier is greater than or equal to the call threshold level on any redemption determination date for an early redemption payment equal to the stated principal amount plus the contingent coupon with respect to the related interest period. No further payments will be made on the securities once they have been automatically redeemed.
￭Payment at maturity. If the securities have not been automatically redeemed prior to maturity and the final level is greater than or equal to the downside threshold level, investors will receive (in addition to the contingent coupon with respect to the final observation date, if payable) the stated principal amount at maturity. If, however, the final level is less than the downside threshold level, investors will lose 1% for every 1% decline in the level of the underlier over the term of the securities. Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.
￭The securities are for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of losing a significant portion or all of their principal and the risk of receiving no coupons over the entire term of the securities. You will not participate in any appreciation of the underlier. Investors in the securities must be willing to accept the risk of losing their entire 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.
|
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: |
$ |
|||
|
Underlier: |
Hims & Hers Health, Inc. class A common stock (the “underlying stock”) |
|||
|
Strike date: |
October 17, 2025 |
|||
|
Pricing date: |
October 20, 2025 |
|||
|
Original issue date: |
October 23, 2025 |
|||
|
Final observation date: |
October 17, 2028, subject to postponement for non-trading days and certain market disruption events |
|||
|
Maturity date: |
October 17, 2028 |
|||
|
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: |
Approximately $979.00 per security, or within $30.00 of that estimate. See “Estimated Value of the Securities” on page 4. |
|||
|
Commissions and issue price: |
Price to public |
Agent’s commissions and fees(1)(2) |
Proceeds to us(3) |
|
|
Per security |
$1,000 |
$ |
$ |
|
|
Total |
$ |
$ |
$ |
|
(1)The securities will be sold only to investors purchasing the securities in fee-based advisory accounts.
(2)MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities. 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.
(3)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 7.
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 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 and prospectus, each of which can be accessed via the hyperlinks below. 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 Prospectus dated April 12, 2024
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
|
Terms continued from the previous page |
|
|
Automatic early redemption: |
The securities are not subject to automatic early redemption until the first redemption determination date. If, on any redemption determination date, the closing level of the underlier is greater than or equal to the call threshold level, the securities will be automatically redeemed for the early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been automatically redeemed. The securities will not be redeemed on any early redemption date if the closing level of the underlier is less than the call threshold level on the related redemption determination date. |
|
Early redemption payment: |
The stated principal amount plus the contingent coupon with respect to the related interest period |
|
Contingent coupon: |
A contingent coupon at an annual rate of 46.60% will be paid on the securities on each coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. If, on any observation date, the closing level of the underlier is less than the coupon barrier level, we will pay no coupon with respect to the applicable interest period. |
|
Downside threshold level: |
$24.89, which is 50% of the initial level |
|
Coupon barrier level: |
$29.868, which is 60% of the initial level |
|
Call threshold level: |
$49.78, which is 100% of the initial level |
|
Payment at maturity per security: |
If the securities have not been automatically redeemed prior to maturity, investors will receive (in addition to the contingent coupon with respect to the final observation date, if payable) a payment at maturity determined as follows: •If the final level is greater than or equal to the downside threshold level: stated principal amount •If the final level is less than the downside threshold level: stated principal amount × performance factor Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero. |
|
Redemption determination dates: |
April 17, 2026, July 17, 2026, October 19, 2026, January 19, 2027, April 19, 2027, July 19, 2027, October 18, 2027, January 18, 2028, April 17, 2028 and July 17, 2028, subject to postponement for non-trading days and certain market disruption events. |
|
First redemption determination date: |
April 17, 2026. Under no circumstances will the securities be redeemed prior to the first redemption determination date. |
|
Early redemption dates: |
April 22, 2026, July 22, 2026, October 22, 2026, January 22, 2027, April 22, 2027, July 22, 2027, October 21, 2027, January 21, 2028, April 20, 2028 and July 20, 2028 |
|
Observation dates: |
As set forth under “Observation Dates and Coupon Payment Dates” below, subject to postponement for non-trading days and certain market disruption events. |
|
Coupon payment dates: |
As set forth under “Observation Dates and Coupon Payment Dates” below. If any coupon payment date is not a business day, the coupon payment with respect to such date, if any, will be made on the next succeeding business day and no adjustment will be made to any coupon payment made on that succeeding business day. The coupon payment, if any, with respect to the final observation date shall be made on the maturity date. |
|
Initial level: |
$49.78, which is the closing level of the underlier on the strike date |
|
Final level: |
The closing level of the underlier on the final observation date |
|
Closing level: |
“Closing level” and “adjustment factor” have the meanings set forth under “General Terms of the Securities—Some Definitions” in the accompanying product supplement. |
|
Performance factor: |
final level / initial level |
|
CUSIP: |
61779P4P7 |
|
ISIN: |
US61779P4P76 |
|
Listing: |
The securities will not be listed on any securities exchange. |
Page 2
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
Observation Dates and Coupon Payment Dates
|
Observation Dates |
Coupon Payment Dates |
|
November 17, 2025 |
November 20, 2025 |
|
December 17, 2025 |
December 22, 2025 |
|
January 20, 2026 |
January 23, 2026 |
|
February 17, 2026 |
February 20, 2026 |
|
March 17, 2026 |
March 20, 2026 |
|
April 17, 2026 |
April 22, 2026 |
|
May 18, 2026 |
May 21, 2026 |
|
June 17, 2026 |
June 23, 2026 |
|
July 17, 2026 |
July 22, 2026 |
|
August 17, 2026 |
August 20, 2026 |
|
September 17, 2026 |
September 22, 2026 |
|
October 19, 2026 |
October 22, 2026 |
|
November 17, 2026 |
November 20, 2026 |
|
December 17, 2026 |
December 22, 2026 |
|
January 19, 2027 |
January 22, 2027 |
|
February 17, 2027 |
February 22, 2027 |
|
March 17, 2027 |
March 22, 2027 |
|
April 19, 2027 |
April 22, 2027 |
|
May 17, 2027 |
May 20, 2027 |
|
June 17, 2027 |
June 22, 2027 |
|
July 19, 2027 |
July 22, 2027 |
|
August 17, 2027 |
August 20, 2027 |
|
September 17, 2027 |
September 22, 2027 |
|
October 18, 2027 |
October 21, 2027 |
|
November 17, 2027 |
November 22, 2027 |
|
December 17, 2027 |
December 22, 2027 |
|
January 18, 2028 |
January 21, 2028 |
|
February 17, 2028 |
February 23, 2028 |
|
March 17, 2028 |
March 22, 2028 |
|
April 17, 2028 |
April 20, 2028 |
|
May 17, 2028 |
May 22, 2028 |
|
June 20, 2028 |
June 23, 2028 |
|
July 17, 2028 |
July 20, 2028 |
|
August 17, 2028 |
August 22, 2028 |
|
September 18, 2028 |
September 21, 2028 |
|
October 17, 2028 (final observation date) |
October 20, 2028 (maturity date) |
Page 3
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities 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 will be less than $1,000. Our estimate of the value of the securities as determined on the pricing date will be within the range specified on the cover hereof and will be set forth on the cover of the final pricing supplement.
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 4
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
Hypothetical Examples
The following hypothetical examples illustrate how to determine whether the securities will be automatically redeemed with respect to a redemption determination date, whether a contingent coupon is payable with respect to an observation date and how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity. The following examples are for illustrative purposes only. Whether the securities are automatically redeemed prior to maturity will be determined by reference to the closing level of the underlier on each redemption determination date. Whether you receive a contingent coupon will be determined by reference to the closing level of the underlier on each observation date. The payment at maturity will be determined by reference to the closing level of the underlier on the final observation date. The actual initial level, call threshold level, coupon barrier level and downside threshold level were determined on the strike date. All payments on the securities are subject to our credit risk. The numbers in the hypothetical examples below may have been rounded for ease of analysis. The below examples are based on the following terms:
|
Stated principal amount: |
$1,000 per security |
|
Hypothetical initial level: |
$100.00* |
|
Hypothetical call threshold level: |
$100.00, which is 100% of the hypothetical initial level |
|
Hypothetical coupon barrier level: |
$60.00, which is 60% of the hypothetical initial level |
|
Hypothetical downside threshold level: |
$50.00, which is 50% of the hypothetical initial level |
|
Contingent coupon: |
46.60% per annum (corresponding to approximately $38.833 per interest period per security). The actual contingent coupon will be an amount determined by the calculation agent based on the number of days in the applicable payment period, calculated on a 30/360 day-count basis. The hypothetical contingent coupon of $38.833 is used in these examples for ease of analysis. |
*The hypothetical initial level of $100.00 for the underlier has been chosen for illustrative purposes only and does not represent the actual initial level of the underlier. Please see “Historical Information” below for historical data regarding the actual closing levels of the underlier.
How to determine whether the securities will be automatically redeemed with respect to a redemption determination date:
|
|
Closing Level of the Underlier |
Early Redemption Payment |
|
Hypothetical Redemption Determination Date #1 |
$65.00 (less than the call threshold level) |
N/A |
|
Hypothetical Redemption Determination Date #2 |
$110.00 (greater than or equal to the call threshold level) |
$1,000 + $38.833 (the stated principal amount + the contingent coupon with respect to the related interest period) For more information, please see “How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously automatically redeemed)” below. |
On hypothetical redemption determination date #1, because the closing level of the underlier is less than the call threshold level, the securities are not automatically redeemed on the related early redemption date.
On hypothetical redemption determination date #2, because the closing level of the underlier is greater than or equal to the call threshold level, the securities are automatically redeemed on the related early redemption date for an early redemption payment equal to the stated principal amount plus the contingent coupon with respect to the related interest period. No further payments are made on the securities once they have been automatically redeemed.
If the closing level of the underlier is less than the call threshold level on each redemption determination date, the securities will not be automatically redeemed prior to maturity.
Page 5
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously automatically redeemed):
|
|
Closing Level of the Underlier |
Payment per Security |
|
Hypothetical Observation Date #1 |
$90.00 (greater than or equal to the coupon barrier level) |
$38.833 |
|
Hypothetical Observation Date #2 |
$30.00 (less than the coupon barrier level) |
$0 |
|
Hypothetical Observation Date #3 |
$120.00 (greater than or equal to the coupon barrier level) |
$1,000 + $38.833 (the stated principal amount + the contingent coupon with respect to the related interest period) For more information, please see “How to determine whether the securities will be automatically redeemed with respect to a redemption determination date” above. |
On hypothetical observation date #1, because the closing level of the underlier is greater than or equal to the coupon barrier level, the contingent coupon is paid on the related coupon payment date.
On hypothetical observation date #2, because the closing level of the underlier is less than the coupon barrier level, no contingent coupon is paid on the related coupon payment date.
On hypothetical observation date #3, the closing level of the underlier is greater than or equal to the coupon barrier level. Because the closing level of the underlier is also greater than or equal to the call threshold level, the securities are automatically redeemed for an early redemption payment equal to the stated principal amount plus the contingent coupon with respect to the related interest period. No further payments are made on the securities once they have been automatically redeemed.
If the closing level of the underlier is less than the coupon barrier level on each observation date, you will not receive any contingent coupons for the entire term of the securities.
How to calculate the payment at maturity (if the securities have not been automatically redeemed):
The hypothetical examples below illustrate how to calculate the payment at maturity if the securities have not been automatically redeemed prior to maturity.
|
|
Final Level |
Payment at Maturity per Security |
|
Example #1 |
$130.00 (greater than or equal to the downside threshold level) |
$1,000 + $38.833 (the stated principal amount + the contingent coupon with respect to the final observation date) For more information, please see “How to determine whether a contingent coupon is payable with respect to an observation date (if the securities have not been previously automatically redeemed)” above. |
|
Example #2 |
$20.00 (less than the downside threshold level) |
$1,000 × performance factor = $1,000 × ($20.00 / $100.00) = $200.00 |
In example #1, the final level is greater than or equal to the downside threshold level. Therefore, investors receive at maturity the stated principal amount. Because the final level is also greater than or equal to the coupon barrier level, investors receive the contingent coupon with respect to the final observation date. Investors do not participate in any appreciation of the underlier.
In example #2, the final level is less than the downside threshold level. Therefore, investors receive at maturity a payment that reflects a loss of 1% of principal for each 1% decline in the level of the underlier. Moreover, because the final level is also less than the coupon barrier level, investors do not receive a contingent coupon with respect to the final observation date.
If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, you will be exposed to the negative performance of the underlier at maturity, and your payment at maturity will be significantly less than the stated principal amount of the securities and could be zero.
Page 6
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities 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 do not guarantee the return of any principal. The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal. If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, the payout at maturity will be an amount in cash that is significantly 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. There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities.
￭The securities do not provide for the regular payment of interest. The terms of the securities differ from those of ordinary debt securities in that they do not provide for the regular payment of interest. Instead, the securities will pay a contingent coupon on a coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. However, if the closing level of the underlier is less than the coupon barrier level on any observation date, we will pay no coupon with respect to the applicable interest period. It is possible that the closing level of the underlier will remain below the coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons. If you do not earn sufficient contingent coupons over the term of the securities, the overall return on the securities may be less than the amount that would be paid on a conventional debt security of ours of comparable maturity.
￭Payment of the contingent coupon is based on the closing level of the underlier on only the related observation date at the end of the related interest period. Whether the contingent coupon will be paid on any coupon payment date will be determined at the end of the related interest period based on the closing level of the underlier on the related observation date. As a result, you will not know whether you will receive the contingent coupon on a coupon payment date until near the end of the relevant interest period. Moreover, because the contingent coupon is based solely on the closing level of the underlier on the observation dates, if the closing level of the underlier on any observation date is less than the coupon barrier level, you will receive no coupon with respect to the related interest period, even if the closing level of the underlier was greater than or equal to the coupon barrier level on other days during that interest period.
￭Investors will not participate in any appreciation in the value of the underlier. Investors will not participate in any appreciation in the value of the underlier from the strike date to the final observation date, and the return on the securities will be limited to the contingent coupons that are paid with respect to the observation dates on which the closing level of the underlier is greater than or equal to the coupon barrier level. It is possible that the closing level of the underlier will remain below the coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons.
￭The securities are subject to early redemption risk. The term of your investment in the securities may be shortened due to the automatic early redemption feature of the securities. If the securities are automatically redeemed prior to maturity, you will receive no further payments on the securities, may be forced to invest in a lower interest rate environment and may not be able to reinvest at comparable terms or returns. However, under no circumstances will the securities be redeemed prior to the first redemption determination 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;
odividend rates on the underlier;
ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlier or equity markets generally;
othe availability of comparable instruments;
othe occurrence of certain events affecting the underlier that may or may not require an adjustment to the adjustment factor;
othe time remaining until the securities mature; and
oany actual or anticipated changes in our credit ratings or credit spreads.
Page 7
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
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 downside threshold level and/or coupon barrier 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 closing level of the underlier will be greater than or equal to the coupon barrier level on any observation date so that you will receive a contingent coupon with respect to the applicable interest period, or that the final level will be greater than or equal to the downside threshold level so that you do not suffer a significant 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 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
Page 8
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
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. Moreover, non-U.S. investors should note that persons having withholding responsibility in respect of the securities are, absent an exception, expected to withhold on any coupon paid to a non-U.S. investor, generally at a rate of 30%. We will not pay any additional amounts in respect of such withholding. 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.
oWe have no affiliation with any underlying stock issuer.
oWe may engage in business with or involving any underlying stock issuer without regard to your interests.
oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.
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 9
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
Historical Information
Hims & Hers Health, Inc. Overview
Bloomberg Ticker Symbol: HIMS
Hims & Hers Health, Inc. operates a digital platform that coordinates health and wellness care for consumers.The underlier is registered under the Securities Exchange Act of 1934, as amended. Information provided to or filed with the Securities and Exchange Commission by the underlying stock issuer pursuant to the Securities Exchange Act of 1934, as amended, can be located by reference to Securities and Exchange Commission file number 001-38986 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the underlying stock issuer may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete.
The closing level of the underlier on October 17, 2025 was $49.78. 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 October 17, 2025 |
|
|
This document relates only to the securities referenced hereby and does not relate to the underlier or other securities of the underlying stock issuer. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stock issuer. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stock issuer is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value received with respect to the securities and therefore the value of the securities.
Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.
Page 10
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities 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 or prospectus, the terms described herein shall control. |
|
|
Denominations: |
$1,000 per security and integral multiples thereof |
|
Day-count convention: |
Interest will be computed on the basis of a 360-day year of twelve 30-day months. |
|
Interest period: |
The period from and including the original issue date (in the case of the first interest period) or the previous scheduled coupon payment date, as applicable, to but excluding the following scheduled coupon payment date, with no adjustment for any postponement thereof. |
|
Underlying stock issuer: |
Hims & Hers Health, Inc. |
|
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 11
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities 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 with associated coupons, and any coupons as ordinary income, as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts with Associated Coupons” in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel’s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. 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 particular, there is a risk that the securities could be characterized as debt instruments for U.S. federal income tax purposes, in which case the tax consequences of an investment in the securities could be different from those described herein and possibly adverse to certain investors. 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. The U.S. federal income tax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the securities, we would expect generally to treat the coupons paid to Non-U.S. Holders (as defined in the accompanying product supplement) as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent determines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from, or a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the coupons. 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 determinations made by us, we expect that Section 871(m) will 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. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities. 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. |
Page 12
Morgan Stanley Finance LLC
|
Contingent Income Auto-Callable Securities Principal at Risk Securities |
|
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: |
MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities. 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. |
|
Where you can find more information: |
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product 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 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. 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 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 or in the prospectus. Each of the product supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document. |
Page 13
FAQ
What is Morgan Stanley (MS) offering in this 424(b)(2) filing?
What is the contingent coupon rate on the MS securities?
What are the key barrier and threshold levels for the MS notes?
When can the MS notes be automatically called?
What happens at maturity for these MS notes?
What are the pricing details for the MS structured notes?
Will the MS notes be listed or provide regular interest?
