[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing a five-year structured note titled Worst-of RTY, SPX & INDU Buffered PLUS due 08/02/2029.
- Underlying indices: Russell 2000 (RTY), S&P 500 (SPX) and Dow Jones Industrial Average (INDU). Return is based solely on the worst-performing index.
- Upside participation: investors receive 150-160% of any positive performance of the worst underlier; the illustrative table shows a +20 % move would pay $1,300 on a $1,000 note.
- Downside protection: a 10 % buffer shields losses up to -10 %. Beyond that, investors lose one-for-one, exposing them to as much as a 90 % loss.
- No periodic coupons; payment occurs only at maturity (08/02/2029) based on the observation date (07/30/2029).
- Estimated value: $932.10 per $1,000 note (±$45), reflecting issuing, structuring and hedging costs.
- Credit considerations: repayment depends on Morgan Stanley’s credit; MSFL is a finance subsidiary with no independent assets.
- Liquidity & valuation: securities will not be listed, secondary trading may be limited, and prices may differ from the issuer’s model-based estimated value.
- Key risks: worst-of exposure, market volatility, credit spread movements, tax uncertainty and potential conflicts of interest by the affiliated calculation agent.
The offering is made under Registration Statement Nos. 333-275587 and 333-275587-01. Full terms, risks and tax considerations are detailed in the preliminary pricing supplement (link provided) and related prospectus materials.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, sta promuovendo una nota strutturata quinquennale intitolata Worst-of RTY, SPX & INDU Buffered PLUS con scadenza 02/08/2029.
- Indici sottostanti: Russell 2000 (RTY), S&P 500 (SPX) e Dow Jones Industrial Average (INDU). Il rendimento dipende esclusivamente dall'indice con la performance peggiore.
- Partecipazione al rialzo: gli investitori ricevono il 150-160% di qualsiasi performance positiva dell'indice peggiore; la tabella esemplificativa mostra che un aumento del +20% pagherebbe $1.300 su una nota da $1.000.
- Protezione al ribasso: un buffer del 10% protegge dalle perdite fino al -10%. Oltre tale soglia, gli investitori subiscono perdite in proporzione uno a uno, con un'esposizione fino al 90% di perdita.
- Nessuna cedola periodica; il pagamento avviene solo alla scadenza (02/08/2029) basandosi sulla data di osservazione (30/07/2029).
- Valore stimato: $932,10 per ogni nota da $1.000 (±$45), che riflette i costi di emissione, strutturazione e copertura.
- Considerazioni sul credito: il rimborso dipende dalla solidità creditizia di Morgan Stanley; MSFL è una controllata finanziaria senza asset indipendenti.
- Liquidità e valutazione: i titoli non saranno quotati, il trading secondario potrebbe essere limitato e i prezzi potrebbero differire dal valore stimato basato sul modello dell’emittente.
- Rischi principali: esposizione worst-of, volatilità di mercato, variazioni degli spread di credito, incertezza fiscale e potenziali conflitti di interesse dell’agente di calcolo affiliato.
L’offerta è effettuata ai sensi delle dichiarazioni di registrazione n. 333-275587 e 333-275587-01. Termini completi, rischi e considerazioni fiscali sono dettagliati nel supplemento preliminare al prezzo (link fornito) e nei materiali del prospetto correlati.
Morgan Stanley Finance LLC, garantizada por Morgan Stanley, está comercializando una nota estructurada a cinco años titulada Worst-of RTY, SPX & INDU Buffered PLUS con vencimiento el 02/08/2029.
- Índices subyacentes: Russell 2000 (RTY), S&P 500 (SPX) y Dow Jones Industrial Average (INDU). El rendimiento se basa únicamente en el índice con peor desempeño.
- Participación al alza: los inversores reciben entre el 150-160% de cualquier rendimiento positivo del índice peor; la tabla ilustrativa muestra que un movimiento del +20% pagaría $1,300 por una nota de $1,000.
- Protección a la baja: un colchón del 10% protege contra pérdidas hasta -10%. Más allá de eso, los inversores pierden uno a uno, exponiéndose a una pérdida de hasta el 90%.
- Sin cupones periódicos; el pago se realiza solo al vencimiento (02/08/2029) basado en la fecha de observación (30/07/2029).
- Valor estimado: $932.10 por cada nota de $1,000 (±$45), reflejando costos de emisión, estructuración y cobertura.
- Consideraciones crediticias: el reembolso depende del crédito de Morgan Stanley; MSFL es una subsidiaria financiera sin activos independientes.
- Liquidez y valoración: los valores no estarán listados, el comercio secundario puede ser limitado y los precios pueden diferir del valor estimado basado en el modelo del emisor.
- Riesgos clave: exposición worst-of, volatilidad del mercado, movimientos en los spreads de crédito, incertidumbre fiscal y posibles conflictos de interés del agente de cálculo afiliado.
La oferta se realiza bajo los números de registro 333-275587 y 333-275587-01. Los términos completos, riesgos y consideraciones fiscales se detallan en el suplemento preliminar de precios (enlace proporcionado) y en los materiales del prospecto relacionados.
Morgan Stanley Finance LLC는 Morgan Stanley의 보증을 받아 Worst-of RTY, SPX & INDU Buffered PLUS 만기 2029년 8월 2일라는 5년 만기 구조화 노트를 마케팅하고 있습니다.
- 기초 지수: 러셀 2000(RTY), S&P 500(SPX), 다우 존스 산업평균지수(INDU). 수익률은 최저 성과 지수에만 기반합니다.
- 상승 참여: 투자자는 최저 기초자산의 긍정적 성과에 대해 150-160%를 받습니다; 예시 표에 따르면 +20% 상승 시 $1,000 노트에 대해 $1,300를 지급합니다.
- 하락 보호: 10% 버퍼가 -10%까지 손실을 보호합니다. 그 이상 손실 시 1대1 비율로 손실을 입으며 최대 90% 손실 위험에 노출됩니다.
- 정기 쿠폰 없음; 지급은 만기(2029년 8월 2일)에만 관찰일(2029년 7월 30일)을 기준으로 지급됩니다.
- 추정 가치: 발행, 구조화 및 헤지 비용을 반영하여 $1,000 노트당 $932.10(±$45)입니다.
- 신용 고려 사항: 상환은 Morgan Stanley의 신용도에 달려 있으며, MSFL은 독립 자산이 없는 금융 자회사입니다.
- 유동성 및 평가: 증권은 상장되지 않으며, 이차 거래가 제한될 수 있고, 가격은 발행자의 모델 기반 추정 가치와 다를 수 있습니다.
- 주요 위험: 최저 지수 노출, 시장 변동성, 신용 스프레드 변동, 세금 불확실성 및 관련 계산 대리인의 잠재적 이해 상충.
본 공시는 등록번호 333-275587 및 333-275587-01에 따라 이루어집니다. 전체 조건, 위험 및 세금 고려사항은 예비 가격 보충서(링크 제공)와 관련 설명서 자료에 자세히 나와 있습니다.
Morgan Stanley Finance LLC, garantie par Morgan Stanley, commercialise une note structurée de cinq ans intitulée Worst-of RTY, SPX & INDU Buffered PLUS échéance 02/08/2029.
- Indices sous-jacents : Russell 2000 (RTY), S&P 500 (SPX) et Dow Jones Industrial Average (INDU). Le rendement dépend uniquement de l'indice le moins performant.
- Participation à la hausse : les investisseurs reçoivent 150-160% de toute performance positive de l’indice le plus faible ; le tableau illustratif montre qu’un mouvement de +20 % paierait 1 300 $ pour une note de 1 000 $.
- Protection à la baisse : un tampon de 10 % protège contre les pertes jusqu’à -10 %. Au-delà, les investisseurs subissent une perte au prorata un pour un, avec un risque pouvant atteindre 90 %.
- Pas de coupons périodiques ; le paiement intervient uniquement à l’échéance (02/08/2029) sur la base de la date d’observation (30/07/2029).
- Valeur estimée : 932,10 $ par note de 1 000 $ (±45 $), reflétant les coûts d’émission, de structuration et de couverture.
- Considérations de crédit : le remboursement dépend de la solvabilité de Morgan Stanley ; MSFL est une filiale financière sans actifs indépendants.
- Liquidité et valorisation : les titres ne seront pas cotés, les échanges secondaires peuvent être limités, et les prix peuvent différer de la valeur estimée basée sur le modèle de l’émetteur.
- Principaux risques : exposition worst-of, volatilité du marché, variations des spreads de crédit, incertitudes fiscales et conflits d’intérêts potentiels de l’agent de calcul affilié.
L’offre est réalisée sous les numéros d’enregistrement 333-275587 et 333-275587-01. Les conditions complètes, risques et considérations fiscales sont détaillés dans le supplément préliminaire au prix (lien fourni) et les documents de prospectus associés.
Morgan Stanley Finance LLC, garantiert durch Morgan Stanley, bietet eine fünfjährige strukturierte Note mit dem Titel Worst-of RTY, SPX & INDU Buffered PLUS fällig am 02.08.2029 an.
- Basisindizes: Russell 2000 (RTY), S&P 500 (SPX) und Dow Jones Industrial Average (INDU). Die Rendite basiert ausschließlich auf dem schwächsten Index.
- Aufwärtsbeteiligung: Investoren erhalten 150-160% der positiven Performance des schlechtesten Basiswerts; die Beispielstabelle zeigt, dass eine +20% Bewegung $1.300 bei einer $1.000 Note auszahlt.
- Abwärtsschutz: Ein 10%-Puffer schützt vor Verlusten bis -10%. Darüber hinaus verlieren Investoren eins zu eins und sind einem Verlust von bis zu 90% ausgesetzt.
- Keine periodischen Kupons; die Auszahlung erfolgt nur bei Fälligkeit (02.08.2029) basierend auf dem Beobachtungsdatum (30.07.2029).
- Geschätzter Wert: $932,10 pro $1.000 Note (±$45), was Emissions-, Strukturierungs- und Absicherungskosten widerspiegelt.
- Kreditwürdigkeit: Die Rückzahlung hängt von der Bonität von Morgan Stanley ab; MSFL ist eine Finanztochter ohne eigene Vermögenswerte.
- Liquidität & Bewertung: Die Wertpapiere werden nicht börslich gehandelt, der Sekundärhandel kann eingeschränkt sein, und die Preise können vom modellbasierten Schätzwert des Emittenten abweichen.
- Hauptrisiken: Worst-of-Exponierung, Marktvolatilität, Kreditspread-Bewegungen, steuerliche Unsicherheiten und mögliche Interessenkonflikte des verbundenen Berechnungsagenten.
Das Angebot erfolgt unter den Registrierungsnummern 333-275587 und 333-275587-01. Vollständige Bedingungen, Risiken und steuerliche Hinweise sind im vorläufigen Preiszusatz (Link bereitgestellt) und den zugehörigen Prospektunterlagen enthalten.
- None.
- None.
Insights
TL;DR: 150-160% upside, 10% buffer, but worst-of feature and sub-par estimated value materially raise risk; neutral for MS credit.
The note targets yield-hungry investors willing to trade liquidity and principal certainty for leveraged equity exposure. A 10 % soft buffer offers limited protection versus sizeable downside beyond that threshold. Worst-of construction magnifies the probability the cushion will be breached, particularly given small-cap RTY volatility. The estimated value (~93 % of face) signals a hefty 70-80 bp fee load, common but material. From Morgan Stanley’s standpoint, issuance diversifies funding at attractive spreads; the size is not disclosed, so balance-sheet impact appears immaterial. Overall, the structure is complex, offers asymmetric returns and is best suited for tactical investors with strong index views.
TL;DR: Investor payout hinges on MS credit; note adds no incremental credit risk to firm, minimal impact on ratings.
Because MSFL is fully guaranteed by the parent, default risk mirrors Morgan Stanley senior unsecured obligations. The product neither improves nor worsens MS’s credit profile; proceeds likely support ordinary funding needs. For investors, a downgrade or widening spreads could depress secondary prices, especially given the lack of listing. Tax treatment remains uncertain, potentially classified as a contingent payment debt instrument. From a credit perspective, the FWP is routine funding activity with negligible systemic implications.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, sta promuovendo una nota strutturata quinquennale intitolata Worst-of RTY, SPX & INDU Buffered PLUS con scadenza 02/08/2029.
- Indici sottostanti: Russell 2000 (RTY), S&P 500 (SPX) e Dow Jones Industrial Average (INDU). Il rendimento dipende esclusivamente dall'indice con la performance peggiore.
- Partecipazione al rialzo: gli investitori ricevono il 150-160% di qualsiasi performance positiva dell'indice peggiore; la tabella esemplificativa mostra che un aumento del +20% pagherebbe $1.300 su una nota da $1.000.
- Protezione al ribasso: un buffer del 10% protegge dalle perdite fino al -10%. Oltre tale soglia, gli investitori subiscono perdite in proporzione uno a uno, con un'esposizione fino al 90% di perdita.
- Nessuna cedola periodica; il pagamento avviene solo alla scadenza (02/08/2029) basandosi sulla data di osservazione (30/07/2029).
- Valore stimato: $932,10 per ogni nota da $1.000 (±$45), che riflette i costi di emissione, strutturazione e copertura.
- Considerazioni sul credito: il rimborso dipende dalla solidità creditizia di Morgan Stanley; MSFL è una controllata finanziaria senza asset indipendenti.
- Liquidità e valutazione: i titoli non saranno quotati, il trading secondario potrebbe essere limitato e i prezzi potrebbero differire dal valore stimato basato sul modello dell’emittente.
- Rischi principali: esposizione worst-of, volatilità di mercato, variazioni degli spread di credito, incertezza fiscale e potenziali conflitti di interesse dell’agente di calcolo affiliato.
L’offerta è effettuata ai sensi delle dichiarazioni di registrazione n. 333-275587 e 333-275587-01. Termini completi, rischi e considerazioni fiscali sono dettagliati nel supplemento preliminare al prezzo (link fornito) e nei materiali del prospetto correlati.
Morgan Stanley Finance LLC, garantizada por Morgan Stanley, está comercializando una nota estructurada a cinco años titulada Worst-of RTY, SPX & INDU Buffered PLUS con vencimiento el 02/08/2029.
- Índices subyacentes: Russell 2000 (RTY), S&P 500 (SPX) y Dow Jones Industrial Average (INDU). El rendimiento se basa únicamente en el índice con peor desempeño.
- Participación al alza: los inversores reciben entre el 150-160% de cualquier rendimiento positivo del índice peor; la tabla ilustrativa muestra que un movimiento del +20% pagaría $1,300 por una nota de $1,000.
- Protección a la baja: un colchón del 10% protege contra pérdidas hasta -10%. Más allá de eso, los inversores pierden uno a uno, exponiéndose a una pérdida de hasta el 90%.
- Sin cupones periódicos; el pago se realiza solo al vencimiento (02/08/2029) basado en la fecha de observación (30/07/2029).
- Valor estimado: $932.10 por cada nota de $1,000 (±$45), reflejando costos de emisión, estructuración y cobertura.
- Consideraciones crediticias: el reembolso depende del crédito de Morgan Stanley; MSFL es una subsidiaria financiera sin activos independientes.
- Liquidez y valoración: los valores no estarán listados, el comercio secundario puede ser limitado y los precios pueden diferir del valor estimado basado en el modelo del emisor.
- Riesgos clave: exposición worst-of, volatilidad del mercado, movimientos en los spreads de crédito, incertidumbre fiscal y posibles conflictos de interés del agente de cálculo afiliado.
La oferta se realiza bajo los números de registro 333-275587 y 333-275587-01. Los términos completos, riesgos y consideraciones fiscales se detallan en el suplemento preliminar de precios (enlace proporcionado) y en los materiales del prospecto relacionados.
Morgan Stanley Finance LLC는 Morgan Stanley의 보증을 받아 Worst-of RTY, SPX & INDU Buffered PLUS 만기 2029년 8월 2일라는 5년 만기 구조화 노트를 마케팅하고 있습니다.
- 기초 지수: 러셀 2000(RTY), S&P 500(SPX), 다우 존스 산업평균지수(INDU). 수익률은 최저 성과 지수에만 기반합니다.
- 상승 참여: 투자자는 최저 기초자산의 긍정적 성과에 대해 150-160%를 받습니다; 예시 표에 따르면 +20% 상승 시 $1,000 노트에 대해 $1,300를 지급합니다.
- 하락 보호: 10% 버퍼가 -10%까지 손실을 보호합니다. 그 이상 손실 시 1대1 비율로 손실을 입으며 최대 90% 손실 위험에 노출됩니다.
- 정기 쿠폰 없음; 지급은 만기(2029년 8월 2일)에만 관찰일(2029년 7월 30일)을 기준으로 지급됩니다.
- 추정 가치: 발행, 구조화 및 헤지 비용을 반영하여 $1,000 노트당 $932.10(±$45)입니다.
- 신용 고려 사항: 상환은 Morgan Stanley의 신용도에 달려 있으며, MSFL은 독립 자산이 없는 금융 자회사입니다.
- 유동성 및 평가: 증권은 상장되지 않으며, 이차 거래가 제한될 수 있고, 가격은 발행자의 모델 기반 추정 가치와 다를 수 있습니다.
- 주요 위험: 최저 지수 노출, 시장 변동성, 신용 스프레드 변동, 세금 불확실성 및 관련 계산 대리인의 잠재적 이해 상충.
본 공시는 등록번호 333-275587 및 333-275587-01에 따라 이루어집니다. 전체 조건, 위험 및 세금 고려사항은 예비 가격 보충서(링크 제공)와 관련 설명서 자료에 자세히 나와 있습니다.
Morgan Stanley Finance LLC, garantie par Morgan Stanley, commercialise une note structurée de cinq ans intitulée Worst-of RTY, SPX & INDU Buffered PLUS échéance 02/08/2029.
- Indices sous-jacents : Russell 2000 (RTY), S&P 500 (SPX) et Dow Jones Industrial Average (INDU). Le rendement dépend uniquement de l'indice le moins performant.
- Participation à la hausse : les investisseurs reçoivent 150-160% de toute performance positive de l’indice le plus faible ; le tableau illustratif montre qu’un mouvement de +20 % paierait 1 300 $ pour une note de 1 000 $.
- Protection à la baisse : un tampon de 10 % protège contre les pertes jusqu’à -10 %. Au-delà, les investisseurs subissent une perte au prorata un pour un, avec un risque pouvant atteindre 90 %.
- Pas de coupons périodiques ; le paiement intervient uniquement à l’échéance (02/08/2029) sur la base de la date d’observation (30/07/2029).
- Valeur estimée : 932,10 $ par note de 1 000 $ (±45 $), reflétant les coûts d’émission, de structuration et de couverture.
- Considérations de crédit : le remboursement dépend de la solvabilité de Morgan Stanley ; MSFL est une filiale financière sans actifs indépendants.
- Liquidité et valorisation : les titres ne seront pas cotés, les échanges secondaires peuvent être limités, et les prix peuvent différer de la valeur estimée basée sur le modèle de l’émetteur.
- Principaux risques : exposition worst-of, volatilité du marché, variations des spreads de crédit, incertitudes fiscales et conflits d’intérêts potentiels de l’agent de calcul affilié.
L’offre est réalisée sous les numéros d’enregistrement 333-275587 et 333-275587-01. Les conditions complètes, risques et considérations fiscales sont détaillés dans le supplément préliminaire au prix (lien fourni) et les documents de prospectus associés.
Morgan Stanley Finance LLC, garantiert durch Morgan Stanley, bietet eine fünfjährige strukturierte Note mit dem Titel Worst-of RTY, SPX & INDU Buffered PLUS fällig am 02.08.2029 an.
- Basisindizes: Russell 2000 (RTY), S&P 500 (SPX) und Dow Jones Industrial Average (INDU). Die Rendite basiert ausschließlich auf dem schwächsten Index.
- Aufwärtsbeteiligung: Investoren erhalten 150-160% der positiven Performance des schlechtesten Basiswerts; die Beispielstabelle zeigt, dass eine +20% Bewegung $1.300 bei einer $1.000 Note auszahlt.
- Abwärtsschutz: Ein 10%-Puffer schützt vor Verlusten bis -10%. Darüber hinaus verlieren Investoren eins zu eins und sind einem Verlust von bis zu 90% ausgesetzt.
- Keine periodischen Kupons; die Auszahlung erfolgt nur bei Fälligkeit (02.08.2029) basierend auf dem Beobachtungsdatum (30.07.2029).
- Geschätzter Wert: $932,10 pro $1.000 Note (±$45), was Emissions-, Strukturierungs- und Absicherungskosten widerspiegelt.
- Kreditwürdigkeit: Die Rückzahlung hängt von der Bonität von Morgan Stanley ab; MSFL ist eine Finanztochter ohne eigene Vermögenswerte.
- Liquidität & Bewertung: Die Wertpapiere werden nicht börslich gehandelt, der Sekundärhandel kann eingeschränkt sein, und die Preise können vom modellbasierten Schätzwert des Emittenten abweichen.
- Hauptrisiken: Worst-of-Exponierung, Marktvolatilität, Kreditspread-Bewegungen, steuerliche Unsicherheiten und mögliche Interessenkonflikte des verbundenen Berechnungsagenten.
Das Angebot erfolgt unter den Registrierungsnummern 333-275587 und 333-275587-01. Vollständige Bedingungen, Risiken und steuerliche Hinweise sind im vorläufigen Preiszusatz (Link bereitgestellt) und den zugehörigen Prospektunterlagen enthalten.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,117
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of RTY, SPX and INDU Buffered PLUS due August 2, 2029
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.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underliers: |
Russell 2000® Index (RTY), S&P 500® Index (SPX) and Dow Jones Industrial AverageSM (INDU) |
|
Leverage factor: |
150% to 160% |
|
Buffer amount: |
10% (90% maximum loss)1 |
|
Pricing date: |
July 28, 2025 |
|
Observation date: |
July 30, 2029 |
|
Maturity date: |
August 2, 2029 |
|
CUSIP: |
61778NDG3 |
|
Estimated value: |
$932.10 per security, or within $45.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035593/ms9117_424b2-19363.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% |
$1,900.00* |
|
+40.00% |
$1,600.00* |
|
+20.00% |
$1,300.00* |
|
+10.00% |
$1,150.00* |
|
0.00% |
$1,000.00 |
|
-10.00% |
$1,000.00 |
|
-11.00% |
$990.00 |
|
-20.00% |
$900.00 |
|
-40.00% |
$700.00 |
|
-60.00% |
$500.00 |
|
-80.00% |
$300.00 |
|
-100.00% |
$100.00 |
|
*Assumes a leverage factor of 150% |
|
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 provide for only the minimum payment at maturity 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 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 indices underlie Morgan Stanley's Worst-of Buffered PLUS (MS)?
How does the 10% buffer work on the MS structured note?
What upside participation does the Morgan Stanley note offer?
What is the estimated value versus face value of the security?
When do the securities mature and what dates matter?
Do these notes pay periodic interest or coupons?
