[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC is marketing Trigger PLUS securities due Aug-1-2030 that are linked to the worst performing of the S&P 500 (SPX), Nasdaq-100 (NDX) and Russell 2000 (RTY) equity indices. Investors will pay $1,000 per note.
Upside: If, on the single observation date (Jul-29-2030), the worst performing index is flat or up, the note pays the principal plus a leveraged return of 148 %-158 % of that positive performance. For example, a 20 % gain would deliver roughly $1,296 per note at the 148 % leverage factor.
Downside protection: Principal is protected only if the worst index has not fallen more than 30 % from its initial level. Should the worst index close below 70 % of its start value, holders are fully exposed to that loss on a 1-for-1 basis, risking total principal.
Key terms: Estimated value is $915.80 (≈8.4 % below issue price), reflecting structuring and hedging costs. The securities are unsecured obligations of Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, and carry both issuer and guarantor credit risk. No periodic coupons are paid, the notes will not be listed, and secondary market liquidity may be limited.
Principal risk factors highlighted include: lack of principal guarantee below the 70 % trigger, single-day observation risk, market and volatility sensitivity, model-based estimated value, potential conflicts of interest as Morgan Stanley acts as calculation agent, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC sta promuovendo titoli Trigger PLUS con scadenza il 1 agosto 2030 legati al peggior rendimento tra gli indici azionari S&P 500 (SPX), Nasdaq-100 (NDX) e Russell 2000 (RTY). Gli investitori pagheranno 1.000 $ per ogni nota.
Potenziale di guadagno: Se, alla data di osservazione unica (29 luglio 2030), l'indice peggiore risulta stabile o in crescita, la nota pagherà il capitale più un rendimento maggiorato pari al 148%-158% di tale performance positiva. Ad esempio, un guadagno del 20% genererebbe circa 1.296 $ per nota con un fattore di leva del 148%.
Protezione al ribasso: Il capitale è protetto solo se l'indice peggiore non è sceso di più del 30% rispetto al valore iniziale. Se l'indice peggiore chiude sotto il 70% del valore iniziale, gli investitori sono esposti interamente a tale perdita in proporzione 1 a 1, rischiando la perdita totale del capitale.
Termini chiave: Il valore stimato è di 915,80 $ (circa l'8,4% sotto il prezzo di emissione), riflettendo costi di strutturazione e copertura. Questi titoli sono obbligazioni non garantite di Morgan Stanley Finance LLC, garantite da Morgan Stanley, e comportano rischi di credito sia dell'emittente che del garante. Non sono previste cedole periodiche, le note non saranno quotate e la liquidità sul mercato secondario potrebbe essere limitata.
Principali fattori di rischio includono: assenza di garanzia del capitale sotto la soglia del 70%, rischio legato all'osservazione su un solo giorno, sensibilità al mercato e alla volatilità, valore stimato basato su modelli, potenziali conflitti di interesse poiché Morgan Stanley agisce come agente di calcolo, e trattamento fiscale USA incerto.
Morgan Stanley Finance LLC está comercializando valores Trigger PLUS con vencimiento el 1 de agosto de 2030 vinculados al peor desempeño entre los índices bursátiles S&P 500 (SPX), Nasdaq-100 (NDX) y Russell 2000 (RTY). Los inversores pagarán 1.000 $ por nota.
Potencial de ganancia: Si, en la fecha única de observación (29 de julio de 2030), el índice con peor desempeño está estable o al alza, la nota pagará el principal más un rendimiento apalancado del 148 %-158 % de esa ganancia positiva. Por ejemplo, una ganancia del 20 % entregaría aproximadamente 1.296 $ por nota con un factor de apalancamiento del 148 %.
Protección a la baja: El principal está protegido solo si el índice con peor desempeño no ha caído más del 30 % desde su nivel inicial. Si el índice peor cierra por debajo del 70 % de su valor inicial, los tenedores están completamente expuestos a esa pérdida en una proporción 1 a 1, arriesgando la totalidad del principal.
Términos clave: El valor estimado es de 915,80 $ (aproximadamente un 8,4 % por debajo del precio de emisión), reflejando costos de estructuración y cobertura. Estos valores son obligaciones no garantizadas de Morgan Stanley Finance LLC, garantizadas por Morgan Stanley, y conllevan riesgos de crédito tanto del emisor como del garante. No se pagan cupones periódicos, las notas no estarán listadas y la liquidez en el mercado secundario puede ser limitada.
Principales factores de riesgo incluyen: falta de garantía del principal por debajo del umbral del 70 %, riesgo de observación en un solo día, sensibilidad al mercado y a la volatilidad, valor estimado basado en modelos, posibles conflictos de interés ya que Morgan Stanley actúa como agente de cálculo, y tratamiento fiscal estadounidense incierto.
Morgan Stanley Finance LLC는 20230년 8월 1일 만기 Trigger PLUS 증권을 마케팅 중이며, 이는 S&P 500 (SPX), 나스닥-100 (NDX), 러셀 2000 (RTY) 주가지수 중 가장 부진한 성과와 연계되어 있습니다. 투자자는 노트당 1,000달러를 지불합니다.
상승 가능성: 단일 관찰일(2030년 7월 29일)에 가장 부진한 지수가 변동 없거나 상승한 경우, 노트는 원금과 그 긍정적 성과의 148%-158%에 해당하는 레버리지 수익을 지급합니다. 예를 들어, 20% 상승 시 148% 레버리지 기준으로 노트당 약 1,296달러를 지급합니다.
하락 보호: 가장 부진한 지수가 초기 수준에서 30% 이상 하락하지 않은 경우에만 원금이 보호됩니다. 만약 가장 부진한 지수가 시작 가치의 70% 미만으로 마감하면, 투자자는 1대 1 비율로 손실에 완전히 노출되어 원금 전액 손실 위험이 있습니다.
주요 조건: 추정 가치는 915.80달러(발행가 대비 약 8.4% 낮음)이며, 구조화 및 헤지 비용이 반영되어 있습니다. 이 증권은 Morgan Stanley Finance LLC의 무담보 채무이며 Morgan Stanley가 보증하며, 발행자 및 보증인의 신용 위험이 있습니다. 정기 쿠폰은 없으며, 노트는 상장되지 않고 2차 시장 유동성이 제한될 수 있습니다.
주요 위험 요인으로는 70% 트리거 이하 원금 보장 부재, 단일 관찰일 위험, 시장 및 변동성 민감도, 모델 기반 추정 가치, Morgan Stanley가 계산 대리인 역할을 하면서 발생할 수 있는 이해 상충, 그리고 불확실한 미국 세금 처리가 포함됩니다.
Morgan Stanley Finance LLC commercialise des titres Trigger PLUS arrivant à échéance le 1er août 2030 liés à la performance la plus faible parmi les indices boursiers S&P 500 (SPX), Nasdaq-100 (NDX) et Russell 2000 (RTY). Les investisseurs paieront 1 000 $ par note.
Potentiel de gain : Si, à la date d'observation unique (29 juillet 2030), l'indice le moins performant est stable ou en hausse, la note verse le principal plus un rendement à effet de levier de 148 % à 158 % de cette performance positive. Par exemple, un gain de 20 % rapporterait environ 1 296 $ par note avec un facteur de levier de 148 %.
Protection à la baisse : Le principal est protégé uniquement si l'indice le plus faible n'a pas chuté de plus de 30 % par rapport à son niveau initial. Si l'indice le plus faible clôture en dessous de 70 % de sa valeur de départ, les détenteurs sont pleinement exposés à cette perte sur une base 1 pour 1, risquant la perte totale du principal.
Conditions clés : La valeur estimée est de 915,80 $ (soit environ 8,4 % en dessous du prix d'émission), reflétant les coûts de structuration et de couverture. Les titres sont des obligations non garanties de Morgan Stanley Finance LLC, garanties par Morgan Stanley, comportant des risques de crédit liés à l'émetteur et au garant. Aucun coupon périodique n'est versé, les notes ne seront pas cotées, et la liquidité sur le marché secondaire peut être limitée.
Principaux facteurs de risque mis en avant : absence de garantie du principal en dessous du seuil de 70 %, risque lié à l'observation sur une seule journée, sensibilité au marché et à la volatilité, valeur estimée basée sur des modèles, conflits d'intérêts potentiels car Morgan Stanley agit en tant qu'agent de calcul, et traitement fiscal américain incertain.
Morgan Stanley Finance LLC bietet Trigger PLUS Wertpapiere mit Fälligkeit am 1. August 2030 an, die an den schlechtesten der Aktienindizes S&P 500 (SPX), Nasdaq-100 (NDX) und Russell 2000 (RTY) gekoppelt sind. Investoren zahlen 1.000 $ pro Note.
Aufwärtspotenzial: Wenn am einzigen Beobachtungstag (29. Juli 2030) der schlechteste Index unverändert oder im Plus ist, zahlt die Note den Kapitalbetrag plus eine gehebelte Rendite von 148 %-158 % der positiven Performance. Zum Beispiel würde ein Gewinn von 20 % bei einem Hebelfaktor von 148 % etwa 1.296 $ pro Note ergeben.
Absicherung nach unten: Das Kapital ist nur geschützt, wenn der schlechteste Index nicht mehr als 30 % vom Anfangswert gefallen ist. Schließt der schlechteste Index unter 70 % seines Startwerts, sind die Inhaber vollständig diesem Verlust im Verhältnis 1:1 ausgesetzt und riskieren den Totalverlust des Kapitals.
Wesentliche Bedingungen: Der geschätzte Wert beträgt 915,80 $ (ca. 8,4 % unter dem Ausgabepreis), was Strukturierungs- und Absicherungskosten widerspiegelt. Die Wertpapiere sind unbesicherte Verbindlichkeiten von Morgan Stanley Finance LLC, garantiert von Morgan Stanley, und tragen sowohl Emittenten- als auch Garantiegeber-Risiken. Es werden keine periodischen Kupons gezahlt, die Notes werden nicht börsennotiert sein, und die Liquidität am Sekundärmarkt kann eingeschränkt sein.
Wesentliche Risikofaktoren umfassen: fehlende Kapitalgarantie unterhalb der 70%-Schwelle, Risiko der Einzelbeobachtung, Marktrisiko und Volatilitätsempfindlichkeit, modellbasierter geschätzter Wert, mögliche Interessenkonflikte, da Morgan Stanley als Berechnungsstelle fungiert, sowie unsichere US-Steuerbehandlung.
- Leveraged upside: 148-158 % participation on gains of the worst performing index.
- 30 % downside buffer: Principal is unharmed provided the worst index does not fall more than 30 % over five years.
- Diversified reference basket: Exposure to large-cap, tech-heavy, and small-cap U.S. equities.
- No principal protection below 70 % trigger; losses mirror worst index beyond that point.
- Estimated value ($915.80) below issue price, implying an 8 % cost to investors at inception.
- Single observation date risk eliminates benefit of interim gains.
- Issuer and guarantor credit risk with no collateral backing.
- Illiquid secondary market and no exchange listing.
Insights
TL;DR: Leveraged upside with 30 % buffer but material credit, valuation and liquidity risks; moderately speculative wealth-management product.
The note provides an easy way to gain amplified equity exposure with built-in partial protection, suiting investors who believe none of the three indices will decline >30 % over five years. However, the 8 % issue-price premium versus estimated value immediately puts investors at a disadvantage. Because payoff depends on the single observation date, interim index gains are irrelevant, raising path-dependency risk. Credit spreads for Morgan Stanley will directly affect secondary pricing, while the absence of exchange listing further hampers liquidity. Overall impact: neutral-to-slightly negative for risk-sensitive investors given asymmetric payoff and embedded costs.
TL;DR: Attractive for bullish outlook with 20-30 % downside cushion, but poor value relative to direct equity exposure.
At 148-158 % leverage, the product outperforms the underlying indices if the worst performer gains more than ~6-7 %, net of initial valuation drag. Yet the worst-of structure makes positive outcomes statistically less probable than single-index notes. The 30 % buffer is helpful but not sufficient in a severe bear market; drawdowns in 2001-2002 or 2008 exceeded the trigger. Tax deferral until maturity may appeal to certain U.S. taxable accounts, but uncertain treatment adds complexity. When sizing positions, I would cap exposure at <1 % of portfolio NAV due to idiosyncratic payoff profile and credit dependency. Impact rated neutral.
Morgan Stanley Finance LLC sta promuovendo titoli Trigger PLUS con scadenza il 1 agosto 2030 legati al peggior rendimento tra gli indici azionari S&P 500 (SPX), Nasdaq-100 (NDX) e Russell 2000 (RTY). Gli investitori pagheranno 1.000 $ per ogni nota.
Potenziale di guadagno: Se, alla data di osservazione unica (29 luglio 2030), l'indice peggiore risulta stabile o in crescita, la nota pagherà il capitale più un rendimento maggiorato pari al 148%-158% di tale performance positiva. Ad esempio, un guadagno del 20% genererebbe circa 1.296 $ per nota con un fattore di leva del 148%.
Protezione al ribasso: Il capitale è protetto solo se l'indice peggiore non è sceso di più del 30% rispetto al valore iniziale. Se l'indice peggiore chiude sotto il 70% del valore iniziale, gli investitori sono esposti interamente a tale perdita in proporzione 1 a 1, rischiando la perdita totale del capitale.
Termini chiave: Il valore stimato è di 915,80 $ (circa l'8,4% sotto il prezzo di emissione), riflettendo costi di strutturazione e copertura. Questi titoli sono obbligazioni non garantite di Morgan Stanley Finance LLC, garantite da Morgan Stanley, e comportano rischi di credito sia dell'emittente che del garante. Non sono previste cedole periodiche, le note non saranno quotate e la liquidità sul mercato secondario potrebbe essere limitata.
Principali fattori di rischio includono: assenza di garanzia del capitale sotto la soglia del 70%, rischio legato all'osservazione su un solo giorno, sensibilità al mercato e alla volatilità, valore stimato basato su modelli, potenziali conflitti di interesse poiché Morgan Stanley agisce come agente di calcolo, e trattamento fiscale USA incerto.
Morgan Stanley Finance LLC está comercializando valores Trigger PLUS con vencimiento el 1 de agosto de 2030 vinculados al peor desempeño entre los índices bursátiles S&P 500 (SPX), Nasdaq-100 (NDX) y Russell 2000 (RTY). Los inversores pagarán 1.000 $ por nota.
Potencial de ganancia: Si, en la fecha única de observación (29 de julio de 2030), el índice con peor desempeño está estable o al alza, la nota pagará el principal más un rendimiento apalancado del 148 %-158 % de esa ganancia positiva. Por ejemplo, una ganancia del 20 % entregaría aproximadamente 1.296 $ por nota con un factor de apalancamiento del 148 %.
Protección a la baja: El principal está protegido solo si el índice con peor desempeño no ha caído más del 30 % desde su nivel inicial. Si el índice peor cierra por debajo del 70 % de su valor inicial, los tenedores están completamente expuestos a esa pérdida en una proporción 1 a 1, arriesgando la totalidad del principal.
Términos clave: El valor estimado es de 915,80 $ (aproximadamente un 8,4 % por debajo del precio de emisión), reflejando costos de estructuración y cobertura. Estos valores son obligaciones no garantizadas de Morgan Stanley Finance LLC, garantizadas por Morgan Stanley, y conllevan riesgos de crédito tanto del emisor como del garante. No se pagan cupones periódicos, las notas no estarán listadas y la liquidez en el mercado secundario puede ser limitada.
Principales factores de riesgo incluyen: falta de garantía del principal por debajo del umbral del 70 %, riesgo de observación en un solo día, sensibilidad al mercado y a la volatilidad, valor estimado basado en modelos, posibles conflictos de interés ya que Morgan Stanley actúa como agente de cálculo, y tratamiento fiscal estadounidense incierto.
Morgan Stanley Finance LLC는 20230년 8월 1일 만기 Trigger PLUS 증권을 마케팅 중이며, 이는 S&P 500 (SPX), 나스닥-100 (NDX), 러셀 2000 (RTY) 주가지수 중 가장 부진한 성과와 연계되어 있습니다. 투자자는 노트당 1,000달러를 지불합니다.
상승 가능성: 단일 관찰일(2030년 7월 29일)에 가장 부진한 지수가 변동 없거나 상승한 경우, 노트는 원금과 그 긍정적 성과의 148%-158%에 해당하는 레버리지 수익을 지급합니다. 예를 들어, 20% 상승 시 148% 레버리지 기준으로 노트당 약 1,296달러를 지급합니다.
하락 보호: 가장 부진한 지수가 초기 수준에서 30% 이상 하락하지 않은 경우에만 원금이 보호됩니다. 만약 가장 부진한 지수가 시작 가치의 70% 미만으로 마감하면, 투자자는 1대 1 비율로 손실에 완전히 노출되어 원금 전액 손실 위험이 있습니다.
주요 조건: 추정 가치는 915.80달러(발행가 대비 약 8.4% 낮음)이며, 구조화 및 헤지 비용이 반영되어 있습니다. 이 증권은 Morgan Stanley Finance LLC의 무담보 채무이며 Morgan Stanley가 보증하며, 발행자 및 보증인의 신용 위험이 있습니다. 정기 쿠폰은 없으며, 노트는 상장되지 않고 2차 시장 유동성이 제한될 수 있습니다.
주요 위험 요인으로는 70% 트리거 이하 원금 보장 부재, 단일 관찰일 위험, 시장 및 변동성 민감도, 모델 기반 추정 가치, Morgan Stanley가 계산 대리인 역할을 하면서 발생할 수 있는 이해 상충, 그리고 불확실한 미국 세금 처리가 포함됩니다.
Morgan Stanley Finance LLC commercialise des titres Trigger PLUS arrivant à échéance le 1er août 2030 liés à la performance la plus faible parmi les indices boursiers S&P 500 (SPX), Nasdaq-100 (NDX) et Russell 2000 (RTY). Les investisseurs paieront 1 000 $ par note.
Potentiel de gain : Si, à la date d'observation unique (29 juillet 2030), l'indice le moins performant est stable ou en hausse, la note verse le principal plus un rendement à effet de levier de 148 % à 158 % de cette performance positive. Par exemple, un gain de 20 % rapporterait environ 1 296 $ par note avec un facteur de levier de 148 %.
Protection à la baisse : Le principal est protégé uniquement si l'indice le plus faible n'a pas chuté de plus de 30 % par rapport à son niveau initial. Si l'indice le plus faible clôture en dessous de 70 % de sa valeur de départ, les détenteurs sont pleinement exposés à cette perte sur une base 1 pour 1, risquant la perte totale du principal.
Conditions clés : La valeur estimée est de 915,80 $ (soit environ 8,4 % en dessous du prix d'émission), reflétant les coûts de structuration et de couverture. Les titres sont des obligations non garanties de Morgan Stanley Finance LLC, garanties par Morgan Stanley, comportant des risques de crédit liés à l'émetteur et au garant. Aucun coupon périodique n'est versé, les notes ne seront pas cotées, et la liquidité sur le marché secondaire peut être limitée.
Principaux facteurs de risque mis en avant : absence de garantie du principal en dessous du seuil de 70 %, risque lié à l'observation sur une seule journée, sensibilité au marché et à la volatilité, valeur estimée basée sur des modèles, conflits d'intérêts potentiels car Morgan Stanley agit en tant qu'agent de calcul, et traitement fiscal américain incertain.
Morgan Stanley Finance LLC bietet Trigger PLUS Wertpapiere mit Fälligkeit am 1. August 2030 an, die an den schlechtesten der Aktienindizes S&P 500 (SPX), Nasdaq-100 (NDX) und Russell 2000 (RTY) gekoppelt sind. Investoren zahlen 1.000 $ pro Note.
Aufwärtspotenzial: Wenn am einzigen Beobachtungstag (29. Juli 2030) der schlechteste Index unverändert oder im Plus ist, zahlt die Note den Kapitalbetrag plus eine gehebelte Rendite von 148 %-158 % der positiven Performance. Zum Beispiel würde ein Gewinn von 20 % bei einem Hebelfaktor von 148 % etwa 1.296 $ pro Note ergeben.
Absicherung nach unten: Das Kapital ist nur geschützt, wenn der schlechteste Index nicht mehr als 30 % vom Anfangswert gefallen ist. Schließt der schlechteste Index unter 70 % seines Startwerts, sind die Inhaber vollständig diesem Verlust im Verhältnis 1:1 ausgesetzt und riskieren den Totalverlust des Kapitals.
Wesentliche Bedingungen: Der geschätzte Wert beträgt 915,80 $ (ca. 8,4 % unter dem Ausgabepreis), was Strukturierungs- und Absicherungskosten widerspiegelt. Die Wertpapiere sind unbesicherte Verbindlichkeiten von Morgan Stanley Finance LLC, garantiert von Morgan Stanley, und tragen sowohl Emittenten- als auch Garantiegeber-Risiken. Es werden keine periodischen Kupons gezahlt, die Notes werden nicht börsennotiert sein, und die Liquidität am Sekundärmarkt kann eingeschränkt sein.
Wesentliche Risikofaktoren umfassen: fehlende Kapitalgarantie unterhalb der 70%-Schwelle, Risiko der Einzelbeobachtung, Marktrisiko und Volatilitätsempfindlichkeit, modellbasierter geschätzter Wert, mögliche Interessenkonflikte, da Morgan Stanley als Berechnungsstelle fungiert, sowie unsichere US-Steuerbehandlung.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,120
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of SPX, NDX and RTY Trigger PLUS due August 1, 2030
This document provides a summary of the terms of the securities. 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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Underliers: |
S&P 500® Index (SPX), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
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Leverage factor: |
148% to 158% |
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Downside threshold level: |
70% of the initial level for each underlier |
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Pricing date: |
July 28, 2025 |
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Observation date: |
July 29, 2030 |
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Maturity date: |
August 1, 2030 |
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CUSIP: |
61778NDK4 |
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Estimated value: |
$915.80 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036097/ms9120_424b2-19757.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payment at maturity will be based solely on the performance of the worst performing underlier, which could be any underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
|
+60.00% |
$1,888.00* |
|
+40.00% |
$1,592.00* |
|
+20.00% |
$1,296.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-30.00% |
$1,000.00 |
|
-31.00% |
$690.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
|
*Assumes a leverage factor of 148% |
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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 Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date.
●The market price of the securities may 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 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.
●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.
●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.
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.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.
oAdjustments to an underlying index could adversely affect the value of the securities.
●The securities are subject to risks associated with small-capitalization companies.
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 securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities– United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
FAQ
What is the leverage factor for Morgan Stanley's Trigger PLUS (MS)?
How much downside protection do the MS Trigger PLUS notes provide?
What is the estimated value versus the $1,000 issue price?
Do the MS Trigger PLUS securities pay periodic interest or coupons?
Can I sell the Trigger PLUS notes before maturity?
What indices determine the payoff of the Trigger PLUS notes?
