Morgan Stanley Launches Gold Miners ETF Note with 150% Upside and 15% Buffer
Morgan Stanley Finance LLC announces Market Linked Securities tied to VanEck Gold Miners ETF, due July 6, 2028, with full guarantee from Morgan Stanley.
Rhea-AI Filing Summary
Morgan Stanley Finance LLC announces Market Linked Securities tied to VanEck Gold Miners ETF, due July 6, 2028, with full guarantee from Morgan Stanley. Key features include:
- Face Value: $1,000 per security with CUSIP 61778NBN0
- Upside Potential: 150% participation rate up to a maximum return of at least 65.65% ($656.50 per security)
- Downside Protection: 15% buffer against losses, with 1:1 exposure beyond the buffer
- Structure: If ending price exceeds starting price, investors receive leveraged upside to cap. If price falls within buffer zone, principal is protected. Maximum loss potential is 85%
Estimated initial value is $948.40 per security, reflecting issuance and structuring costs. Notable risks include credit risk, limited appreciation potential, market price volatility, and exposure to gold mining sector and foreign currency fluctuations. Securities will not be exchange-listed, limiting secondary market trading.
Positive
- Offers 150% participation rate on upside performance of Gold Miners ETF, providing enhanced returns potential
- Includes 15% downside buffer protection, limiting potential losses for investors
- Maximum return potential of at least 65.65% ($656.50 per $1,000 security) over 3-year term
Negative
- Product is capped at maximum return of 65.65%, limiting full upside potential in strong bull markets
- Investors can lose up to 85% of principal in severe market downturns
- Estimated initial value of $948.40 represents a 5.16% premium over fair value at issuance
- No periodic interest payments, reducing income potential for investors
FAQ
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What is the structure of MS's new Gold Miners ETF-linked securities offering in June 2025?
What is the maximum loss potential for MS's Gold Miners ETF-linked securities?
What is the estimated value of MS's Gold Miners ETF-linked securities at issuance?
What fees are associated with MS's Gold Miners ETF-linked securities offering?
What are the key dates for MS's Gold Miners ETF-linked securities?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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Morgan Stanley Finance LLC Structured Investments |
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,066 Filed pursuant to Rule 433 Registration Statement Nos. 333-275587; 333-275587-01 June 25, 2025 |
Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the VanEck® Gold Miners ETF due July 6, 2028
Fully and Unconditionally Guaranteed by Morgan Stanley
Summary of terms
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Issuer and guarantor |
Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
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Market measure |
VanEck® Gold Miners ETF (the “underlying”) |
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Pricing date* |
June 30, 2025 |
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Original issue date* |
July 3, 2025 |
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Face amount |
$1,000 per security |
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Maturity payment amount (per security) |
●If the ending price is greater than the starting price: $1,000 plus the lesser of: (i) [$1,000 × fund return × participation rate], and (ii) the maximum return ●If the ending price is less than or equal to the starting price, but greater than or equal to the threshold price: $1,000 ●If the ending price is less than the threshold price: $1,000 plus [$1,000 × (fund return + buffer amount)] |
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Fund return |
(ending price - starting price) / (starting price) |
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Maturity date* |
July 6, 2028 |
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Starting price |
The fund closing price on the pricing date |
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Ending price |
The fund closing price on the calculation day |
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Maximum return |
At least 65.65% of the face amount per security ($656.50 per security), to be determined on the pricing date |
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Threshold price |
85% of the starting price |
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Buffer amount |
15% |
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Participation rate |
150% |
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Calculation day* |
June 30, 2028 |
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Calculation agent |
Morgan Stanley & Co. LLC, an affiliate of the issuer and the guarantor |
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Denominations |
$1,000 and any integral multiple of $1,000 |
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Agent discount** |
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $28.25 for each security it sells. Dealers, including Wells Fargo Advisors (“WFA”), may receive a selling concession of up to $22.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
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CUSIP |
61778NBN0 |
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Tax considerations |
See preliminary pricing supplement |
Hypothetical payout profile
If the ending price is less than the threshold price, you will have 1-to-1 downside exposure to the decrease in the fund closing price of the underlying in excess of 15% and will lose some, and possibly up to 85%, of the face amount of your securities at maturity.
The face amount 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 per security. We estimate that the value of each security on the pricing date will be approximately $948.40, or within $30.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement. See “Estimated Value of the Securities” in the accompanying preliminary pricing supplement for further information.
This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement referenced below, product supplement for principal at risk securities, index supplement and prospectus, and the “Selected risk considerations” on the following page, before making a decision to invest in the securities.
Preliminary pricing supplement:
https://www.sec.gov/Archives/edgar/data/895421/000183988225034498/ms9066_424b2-18803.htm
*subject to change
**In addition, selected dealers may receive a fee of up to 0.30% for marketing and other services.
The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Selected risk considerations” in this term sheet and “Risk Factors” in the accompanying preliminary pricing supplement and product supplement. All payments on the securities are subject to our credit risk.
This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
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.
Selected risk considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index supplement and prospectus. Please review those risk factors carefully.
Risks Relating to an Investment in the Securities
●The securities do not pay interest, and you will receive less, and up to 85% less, than the face amount of your securities at maturity if the ending price is less than the threshold price.
●The appreciation potential of the securities is limited by the maximum return.
●The market price will be influenced by many unpredictable factors.
●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.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The amount payable on the securities is not linked to the value of the underlying at any time other than the calculation day.
●Investing in the securities is not equivalent to investing in the underlying or the stocks composing the fund underlying index.
●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 face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount and will adversely affect secondary market prices.
●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.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
●The maturity date may be postponed if the calculation day is postponed.
●Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlying
●Investing in the securities exposes investors to risks associated with investments in securities with a concentration in the gold and silver mining industry.
●There are risks associated with investments in securities linked to the value of foreign equity securities.
●The securities are subject to currency exchange risk.
●The performance and market price of the underlying, particularly during periods of market volatility, may not correlate with the performance of the fund underlying index, the performance of the component securities of the fund underlying index or the net asset value per share of the underlying.
●Adjustments to the underlying or the fund underlying index could adversely affect the value of the securities.
●The antidilution adjustments the calculation agent is required to make do not cover every event that could affect the shares of the underlying.
●Historical prices of the underlying should not be taken as an indication of the future performance of the underlying during the term of the securities.
For more information about the underlying, including historical performance information, see the accompanying preliminary pricing supplement.
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the applicable product supplement and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the applicable product supplement, the index supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable product supplement, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.
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