[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, plans to issue market-linked notes tied to the EURO STOXX 50 Index (SX5E). The notes offer 114%-119% upside participation on any positive index performance observed on July 31 2029, with full principal repayment at maturity even if the index declines. Key terms include a $1,000 face value, pricing on July 31 2025, and maturity on August 3 2029 (4-year term). The preliminary estimated value is $958.80 (≈95.9% of face), reflecting issuance and hedging costs.
Key structural features
- No periodic coupons; all return realized at maturity.
- Amount payable depends solely on index level at the single observation date; interim movements are irrelevant.
- Notes will not be listed, and secondary liquidity may be limited.
- Credit exposure to Morgan Stanley; MS Finance LLC is a wholly owned funding vehicle without independent assets.
Principal risk highlights
- Investors may earn only principal if SX5E is flat or negative.
- The 4.1% issue-price premium versus estimated value creates negative yield if held to maturity without index appreciation.
- Market value can be volatile, influenced by MS credit spreads and trading in related instruments.
- Investors may incur taxable income annually under U.S. OID rules.
Overall, the product suits investors seeking European equity exposure with principal protection and are comfortable with MS credit risk and the lack of interim income.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, prevede di emettere note collegate al mercato legate all'indice EURO STOXX 50 (SX5E). Le note offrono una partecipazione al rialzo del 114%-119% su qualsiasi performance positiva dell'indice osservata al 31 luglio 2029, con rimborso integrale del capitale a scadenza anche in caso di ribasso dell'indice. I termini principali includono un valore nominale di 1.000 $, il prezzo fissato al 31 luglio 2025 e la scadenza al 3 agosto 2029 (durata di 4 anni). Il valore stimato preliminare è di 958,80 $ (circa il 95,9% del valore nominale), che riflette i costi di emissione e copertura.
Caratteristiche strutturali chiave
- Assenza di cedole periodiche; tutto il rendimento viene realizzato a scadenza.
- L'importo pagabile dipende esclusivamente dal livello dell'indice alla singola data di osservazione; i movimenti intermedi non influenzano il risultato.
- Le note non saranno quotate e la liquidità secondaria potrebbe essere limitata.
- Esposizione creditizia verso Morgan Stanley; MS Finance LLC è un veicolo di finanziamento interamente controllato senza attività indipendenti.
Principali rischi
- Gli investitori potrebbero ricevere solo il capitale se l'SX5E rimane stabile o negativo.
- Il premio di emissione del 4,1% rispetto al valore stimato genera un rendimento negativo se detenuto fino a scadenza senza apprezzamento dell'indice.
- Il valore di mercato può essere volatile, influenzato dagli spread creditizi di MS e dal trading degli strumenti correlati.
- Gli investitori potrebbero dover dichiarare reddito imponibile annuale secondo le regole statunitensi sull'OID.
In generale, il prodotto è adatto a investitori che cercano un'esposizione alle azioni europee con protezione del capitale e sono disposti ad accettare il rischio creditizio di MS e l'assenza di reddito intermedio.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, planea emitir notas vinculadas al mercado ligadas al índice EURO STOXX 50 (SX5E). Las notas ofrecen una participación al alza del 114%-119% sobre cualquier rendimiento positivo del índice observado el 31 de julio de 2029, con reembolso total del principal al vencimiento incluso si el índice baja. Los términos clave incluyen un valor nominal de $1,000, fijación de precio el 31 de julio de 2025 y vencimiento el 3 de agosto de 2029 (plazo de 4 años). El valor estimado preliminar es de $958.80 (aproximadamente 95.9% del nominal), reflejando costos de emisión y cobertura.
Características estructurales clave
- No hay cupones periódicos; todo el rendimiento se realiza al vencimiento.
- El monto pagadero depende únicamente del nivel del índice en la única fecha de observación; los movimientos intermedios no afectan.
- Las notas no estarán listadas y la liquidez secundaria puede ser limitada.
- Exposición crediticia a Morgan Stanley; MS Finance LLC es un vehículo de financiamiento totalmente controlado sin activos independientes.
Principales riesgos
- Los inversores podrían recibir solo el principal si el SX5E se mantiene plano o negativo.
- La prima de emisión del 4.1% respecto al valor estimado genera rendimiento negativo si se mantiene hasta vencimiento sin apreciación del índice.
- El valor de mercado puede ser volátil, influenciado por los diferenciales crediticios de MS y la negociación de instrumentos relacionados.
- Los inversores pueden incurrir en ingresos gravables anuales bajo las reglas estadounidenses de OID.
En general, el producto es adecuado para inversores que buscan exposición a acciones europeas con protección del capital y que están cómodos con el riesgo crediticio de MS y la ausencia de ingresos intermedios.
모건 스탠리 파이낸스 LLC는 모건 스탠리의 보증을 받아 EURO STOXX 50 지수(SX5E)에 연동된 시장 연계 노트를 발행할 계획입니다. 이 노트는 2029년 7월 31일에 관찰된 지수의 긍정적 성과에 대해 114%-119%의 상승 참여율을 제공하며, 지수가 하락하더라도 만기 시 원금 전액 상환을 보장합니다. 주요 조건으로는 액면가 1,000달러, 2025년 7월 31일 가격 결정, 2029년 8월 3일 만기(4년 만기)가 포함됩니다. 예비 추정 가치는 958.80달러(액면가의 약 95.9%)로, 발행 및 헤지 비용을 반영한 수치입니다.
주요 구조적 특징
- 정기 쿠폰 없음; 모든 수익은 만기 시 실현.
- 지급 금액은 단일 관찰일의 지수 수준에만 의존하며, 중간 변동은 무관.
- 노트는 상장되지 않으며, 2차 유동성은 제한될 수 있음.
- 모건 스탠리에 대한 신용 노출; MS Finance LLC는 독립 자산이 없는 전액 출자 자금 조달 기관임.
주요 위험 요인
- SX5E가 횡보하거나 하락할 경우 투자자는 원금만 받을 수 있음.
- 예상 가치 대비 4.1%의 발행가 프리미엄은 지수 상승 없이 만기까지 보유 시 음의 수익률을 초래함.
- 시장 가치는 MS 신용 스프레드 및 관련 상품 거래에 따라 변동성이 큼.
- 투자자는 미국 OID 규정에 따라 매년 과세 대상 소득이 발생할 수 있음.
전반적으로 이 상품은 유럽 주식 노출을 원하면서 원금 보호를 희망하고 MS 신용 위험 및 중간 수익 부재를 감수할 수 있는 투자자에게 적합합니다.
Morgan Stanley Finance LLC, garantie par Morgan Stanley, prévoit d’émettre des notes liées au marché indexées sur l’indice EURO STOXX 50 (SX5E). Les notes offrent une participation à la hausse de 114 % à 119 % sur toute performance positive de l’indice observée au 31 juillet 2029, avec un remboursement intégral du capital à l’échéance même si l’indice baisse. Les conditions clés incluent une valeur nominale de 1 000 $, une fixation du prix au 31 juillet 2025 et une échéance au 3 août 2029 (durée de 4 ans). La valeur estimée préliminaire est de 958,80 $ (environ 95,9 % de la valeur nominale), reflétant les coûts d’émission et de couverture.
Principales caractéristiques structurelles
- Pas de coupons périodiques ; tout le rendement est réalisé à l’échéance.
- Le montant payable dépend uniquement du niveau de l’indice à la date d’observation unique ; les fluctuations intermédiaires sont sans effet.
- Les notes ne seront pas cotées, et la liquidité secondaire peut être limitée.
- Exposition au risque de crédit de Morgan Stanley ; MS Finance LLC est un véhicule de financement entièrement détenu sans actifs indépendants.
Principaux risques
- Les investisseurs peuvent ne recevoir que le capital si le SX5E est stable ou en baisse.
- La prime d’émission de 4,1 % par rapport à la valeur estimée entraîne un rendement négatif si détenue jusqu’à l’échéance sans appréciation de l’indice.
- La valeur marchande peut être volatile, influencée par les spreads de crédit de MS et les transactions sur les instruments liés.
- Les investisseurs peuvent générer un revenu imposable annuel selon les règles américaines sur l’OID.
Globalement, ce produit convient aux investisseurs recherchant une exposition aux actions européennes avec protection du capital et acceptant le risque de crédit MS ainsi que l’absence de revenus intermédiaires.
Morgan Stanley Finance LLC, garantiert von Morgan Stanley, plant die Ausgabe von marktgebundenen Schuldverschreibungen, die an den EURO STOXX 50 Index (SX5E) gekoppelt sind. Die Schuldverschreibungen bieten eine Teilnahme von 114%-119% am positiven Indexergebnis, beobachtet am 31. Juli 2029, mit vollständiger Rückzahlung des Kapitals bei Fälligkeit, selbst wenn der Index fällt. Wichtige Bedingungen sind ein Nominalwert von 1.000 $, Preisfestsetzung am 31. Juli 2025 und Fälligkeit am 3. August 2029 (4 Jahre Laufzeit). Der vorläufig geschätzte Wert beträgt 958,80 $ (≈95,9% des Nominalwerts) und spiegelt Emissions- und Absicherungskosten wider.
Wesentliche strukturelle Merkmale
- Keine periodischen Kupons; alle Renditen werden bei Fälligkeit realisiert.
- Die Auszahlung hängt ausschließlich vom Indexstand am einzigen Beobachtungstag ab; Zwischenbewegungen sind unerheblich.
- Die Schuldverschreibungen werden nicht börslich gehandelt, und die Sekundärliquidität kann begrenzt sein.
- Kreditrisiko gegenüber Morgan Stanley; MS Finance LLC ist ein hundertprozentiges Finanzierungsvehikel ohne eigene Vermögenswerte.
Wesentliche Risikohinweise
- Investoren erhalten nur das Kapital zurück, wenn der SX5E unverändert oder negativ ist.
- Die 4,1%-Emissionaufschlag gegenüber dem geschätzten Wert führt zu negativer Rendite, falls bis zur Fälligkeit ohne Indexsteigerung gehalten.
- Der Marktwert kann volatil sein, beeinflusst durch MS-Kreditspreads und den Handel mit verwandten Instrumenten.
- Investoren können jährlich steuerpflichtige Erträge gemäß US-OID-Regeln erzielen.
Insgesamt eignet sich das Produkt für Anleger, die europäische Aktienexponierung mit Kapitalschutz suchen und mit dem Kreditrisiko von MS sowie dem Fehlen von Zwischenzahlungen leben können.
- Full principal protection at maturity regardless of index performance provides downside mitigation.
- Enhanced upside participation (114%-119%) offers leveraged exposure relative to direct index investment.
- Estimated value of $958.80 reflects a 4.1% premium that reduces economic efficiency.
- Notes pay no periodic interest, creating negative carry versus traditional fixed-income instruments.
- Single observation date subjects investors to timing risk and potential underperformance.
- Illiquid secondary market and unlisted status may prevent efficient exit.
- Credit risk of Morgan Stanley could erode protection if the issuer defaults.
Insights
TL;DR: Principal-protected note with 114-119% upside; 4-year term; 4% issue premium implies negative carry absent index gains.
The note offers attractive headline participation versus typical 100-110% structures, but investors effectively pre-pay this via a $41.20 premium over model value. Compared with a zero-coupon U.S. Treasury yielding ~4%, the opportunity cost is material unless SX5E rises ~6% at maturity. Lack of interim coupons increases reinvestment risk, and a single observation date concentrates timing risk. Credit profile is investment-grade, but wider MS spreads would pressure secondary pricing. For Morgan Stanley, the issuance is routine funding with favorable economics. Overall impact on MS equity or debt valuation is negligible, while investors must balance principal protection against foregone yield.
TL;DR: Structured note delivers equity-linked upside, no downside, but liquidity and tax complexity temper appeal.
By tying returns to the EURO STOXX 50, purchasers gain diversified Eurozone exposure without currency risk (index quoted in EUR but note settled in USD). The 114-119% participation is competitive, yet capped by time value erosion embedded in the 4-year structure. Absence of listing means exit will occur at dealer bid-offer, typically 1-2% wide. From an asset-allocation lens, the product may replace a bond allocation while adding equity beta, albeit at the cost of taxable OID accruals. Strategic investors should model breakeven scenarios and compare to low-cost ETF alternatives plus risk-free assets.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, prevede di emettere note collegate al mercato legate all'indice EURO STOXX 50 (SX5E). Le note offrono una partecipazione al rialzo del 114%-119% su qualsiasi performance positiva dell'indice osservata al 31 luglio 2029, con rimborso integrale del capitale a scadenza anche in caso di ribasso dell'indice. I termini principali includono un valore nominale di 1.000 $, il prezzo fissato al 31 luglio 2025 e la scadenza al 3 agosto 2029 (durata di 4 anni). Il valore stimato preliminare è di 958,80 $ (circa il 95,9% del valore nominale), che riflette i costi di emissione e copertura.
Caratteristiche strutturali chiave
- Assenza di cedole periodiche; tutto il rendimento viene realizzato a scadenza.
- L'importo pagabile dipende esclusivamente dal livello dell'indice alla singola data di osservazione; i movimenti intermedi non influenzano il risultato.
- Le note non saranno quotate e la liquidità secondaria potrebbe essere limitata.
- Esposizione creditizia verso Morgan Stanley; MS Finance LLC è un veicolo di finanziamento interamente controllato senza attività indipendenti.
Principali rischi
- Gli investitori potrebbero ricevere solo il capitale se l'SX5E rimane stabile o negativo.
- Il premio di emissione del 4,1% rispetto al valore stimato genera un rendimento negativo se detenuto fino a scadenza senza apprezzamento dell'indice.
- Il valore di mercato può essere volatile, influenzato dagli spread creditizi di MS e dal trading degli strumenti correlati.
- Gli investitori potrebbero dover dichiarare reddito imponibile annuale secondo le regole statunitensi sull'OID.
In generale, il prodotto è adatto a investitori che cercano un'esposizione alle azioni europee con protezione del capitale e sono disposti ad accettare il rischio creditizio di MS e l'assenza di reddito intermedio.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, planea emitir notas vinculadas al mercado ligadas al índice EURO STOXX 50 (SX5E). Las notas ofrecen una participación al alza del 114%-119% sobre cualquier rendimiento positivo del índice observado el 31 de julio de 2029, con reembolso total del principal al vencimiento incluso si el índice baja. Los términos clave incluyen un valor nominal de $1,000, fijación de precio el 31 de julio de 2025 y vencimiento el 3 de agosto de 2029 (plazo de 4 años). El valor estimado preliminar es de $958.80 (aproximadamente 95.9% del nominal), reflejando costos de emisión y cobertura.
Características estructurales clave
- No hay cupones periódicos; todo el rendimiento se realiza al vencimiento.
- El monto pagadero depende únicamente del nivel del índice en la única fecha de observación; los movimientos intermedios no afectan.
- Las notas no estarán listadas y la liquidez secundaria puede ser limitada.
- Exposición crediticia a Morgan Stanley; MS Finance LLC es un vehículo de financiamiento totalmente controlado sin activos independientes.
Principales riesgos
- Los inversores podrían recibir solo el principal si el SX5E se mantiene plano o negativo.
- La prima de emisión del 4.1% respecto al valor estimado genera rendimiento negativo si se mantiene hasta vencimiento sin apreciación del índice.
- El valor de mercado puede ser volátil, influenciado por los diferenciales crediticios de MS y la negociación de instrumentos relacionados.
- Los inversores pueden incurrir en ingresos gravables anuales bajo las reglas estadounidenses de OID.
En general, el producto es adecuado para inversores que buscan exposición a acciones europeas con protección del capital y que están cómodos con el riesgo crediticio de MS y la ausencia de ingresos intermedios.
모건 스탠리 파이낸스 LLC는 모건 스탠리의 보증을 받아 EURO STOXX 50 지수(SX5E)에 연동된 시장 연계 노트를 발행할 계획입니다. 이 노트는 2029년 7월 31일에 관찰된 지수의 긍정적 성과에 대해 114%-119%의 상승 참여율을 제공하며, 지수가 하락하더라도 만기 시 원금 전액 상환을 보장합니다. 주요 조건으로는 액면가 1,000달러, 2025년 7월 31일 가격 결정, 2029년 8월 3일 만기(4년 만기)가 포함됩니다. 예비 추정 가치는 958.80달러(액면가의 약 95.9%)로, 발행 및 헤지 비용을 반영한 수치입니다.
주요 구조적 특징
- 정기 쿠폰 없음; 모든 수익은 만기 시 실현.
- 지급 금액은 단일 관찰일의 지수 수준에만 의존하며, 중간 변동은 무관.
- 노트는 상장되지 않으며, 2차 유동성은 제한될 수 있음.
- 모건 스탠리에 대한 신용 노출; MS Finance LLC는 독립 자산이 없는 전액 출자 자금 조달 기관임.
주요 위험 요인
- SX5E가 횡보하거나 하락할 경우 투자자는 원금만 받을 수 있음.
- 예상 가치 대비 4.1%의 발행가 프리미엄은 지수 상승 없이 만기까지 보유 시 음의 수익률을 초래함.
- 시장 가치는 MS 신용 스프레드 및 관련 상품 거래에 따라 변동성이 큼.
- 투자자는 미국 OID 규정에 따라 매년 과세 대상 소득이 발생할 수 있음.
전반적으로 이 상품은 유럽 주식 노출을 원하면서 원금 보호를 희망하고 MS 신용 위험 및 중간 수익 부재를 감수할 수 있는 투자자에게 적합합니다.
Morgan Stanley Finance LLC, garantie par Morgan Stanley, prévoit d’émettre des notes liées au marché indexées sur l’indice EURO STOXX 50 (SX5E). Les notes offrent une participation à la hausse de 114 % à 119 % sur toute performance positive de l’indice observée au 31 juillet 2029, avec un remboursement intégral du capital à l’échéance même si l’indice baisse. Les conditions clés incluent une valeur nominale de 1 000 $, une fixation du prix au 31 juillet 2025 et une échéance au 3 août 2029 (durée de 4 ans). La valeur estimée préliminaire est de 958,80 $ (environ 95,9 % de la valeur nominale), reflétant les coûts d’émission et de couverture.
Principales caractéristiques structurelles
- Pas de coupons périodiques ; tout le rendement est réalisé à l’échéance.
- Le montant payable dépend uniquement du niveau de l’indice à la date d’observation unique ; les fluctuations intermédiaires sont sans effet.
- Les notes ne seront pas cotées, et la liquidité secondaire peut être limitée.
- Exposition au risque de crédit de Morgan Stanley ; MS Finance LLC est un véhicule de financement entièrement détenu sans actifs indépendants.
Principaux risques
- Les investisseurs peuvent ne recevoir que le capital si le SX5E est stable ou en baisse.
- La prime d’émission de 4,1 % par rapport à la valeur estimée entraîne un rendement négatif si détenue jusqu’à l’échéance sans appréciation de l’indice.
- La valeur marchande peut être volatile, influencée par les spreads de crédit de MS et les transactions sur les instruments liés.
- Les investisseurs peuvent générer un revenu imposable annuel selon les règles américaines sur l’OID.
Globalement, ce produit convient aux investisseurs recherchant une exposition aux actions européennes avec protection du capital et acceptant le risque de crédit MS ainsi que l’absence de revenus intermédiaires.
Morgan Stanley Finance LLC, garantiert von Morgan Stanley, plant die Ausgabe von marktgebundenen Schuldverschreibungen, die an den EURO STOXX 50 Index (SX5E) gekoppelt sind. Die Schuldverschreibungen bieten eine Teilnahme von 114%-119% am positiven Indexergebnis, beobachtet am 31. Juli 2029, mit vollständiger Rückzahlung des Kapitals bei Fälligkeit, selbst wenn der Index fällt. Wichtige Bedingungen sind ein Nominalwert von 1.000 $, Preisfestsetzung am 31. Juli 2025 und Fälligkeit am 3. August 2029 (4 Jahre Laufzeit). Der vorläufig geschätzte Wert beträgt 958,80 $ (≈95,9% des Nominalwerts) und spiegelt Emissions- und Absicherungskosten wider.
Wesentliche strukturelle Merkmale
- Keine periodischen Kupons; alle Renditen werden bei Fälligkeit realisiert.
- Die Auszahlung hängt ausschließlich vom Indexstand am einzigen Beobachtungstag ab; Zwischenbewegungen sind unerheblich.
- Die Schuldverschreibungen werden nicht börslich gehandelt, und die Sekundärliquidität kann begrenzt sein.
- Kreditrisiko gegenüber Morgan Stanley; MS Finance LLC ist ein hundertprozentiges Finanzierungsvehikel ohne eigene Vermögenswerte.
Wesentliche Risikohinweise
- Investoren erhalten nur das Kapital zurück, wenn der SX5E unverändert oder negativ ist.
- Die 4,1%-Emissionaufschlag gegenüber dem geschätzten Wert führt zu negativer Rendite, falls bis zur Fälligkeit ohne Indexsteigerung gehalten.
- Der Marktwert kann volatil sein, beeinflusst durch MS-Kreditspreads und den Handel mit verwandten Instrumenten.
- Investoren können jährlich steuerpflichtige Erträge gemäß US-OID-Regeln erzielen.
Insgesamt eignet sich das Produkt für Anleger, die europäische Aktienexponierung mit Kapitalschutz suchen und mit dem Kreditrisiko von MS sowie dem Fehlen von Zwischenzahlungen leben können.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,043
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
SX5E Market-Linked Notes due August 3, 2029
This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underlier: |
EURO STOXX 50® Index (SX5E) |
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Participation rate: |
114% to 119% |
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Pricing date: |
July 31, 2025 |
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Observation date: |
July 31, 2029 |
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Maturity date: |
August 3, 2029 |
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CUSIP: |
61778NAL5 |
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Estimated value: |
$958.80 per note, or within $45.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034661/ms9043_424b2-18896.htm |
1All payments are subject to our credit risk
|
Hypothetical Payment at Maturity1 The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the notes.
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||
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% Change in Closing Level of the Underlier |
Payment at Maturity per Note |
|
|
+60.00% |
$1,684.00* |
|
|
+40.00% |
$1,456.00* |
|
|
+20.00% |
$1,228.00* |
|
|
0.00% |
$1,000.00 |
|
|
-20.00% |
$1,000.00 |
|
|
-40.00% |
$1,000.00 |
|
|
-60.00% |
$1,000.00 |
|
|
-80.00% |
$1,000.00 |
|
|
-100.00% |
$1,000.00 |
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*Assumes a participation rate of 114% |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Notes
●The notes may not pay more than the stated principal amount at maturity.
●The notes do not pay interest.
●The amount payable on the notes is not linked to the value of the underlier at any time other than the observation date.
●The market price of the notes may be influenced by many unpredictable factors.
●The notes 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 notes.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the notes 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 notes will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s).
●You may be required to recognize taxable income on the notes prior to maturity.
Risks Relating to the Underlier(s)
●Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oAdjustments to an underlying index could adversely affect the value of the notes.
oThere are risks associated with investments in securities linked to the value of foreign equity securities.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Notes–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.
FAQ
What is the participation rate on Morgan Stanley's SX5E Market-Linked Notes?
Is the principal protected on these MS (symbol: MS) notes?
When do the Morgan Stanley notes mature and what is the observation date?
Why is the estimated value only $958.80 for a $1,000 note?
Do the notes pay any coupons or interest?
What risks should investors consider before buying the MS SX5E notes?
