[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Worst-of INDU and NDX Dual Directional Trigger PLUS notes due August 3, 2028. These structured notes offer unique investment characteristics:
- Linked to performance of Dow Jones Industrial Average and Nasdaq-100 Index
- Features a leverage factor of 126% to 141% for positive returns
- 50% participation rate in absolute negative returns above threshold
- Downside protection threshold at 70% of initial level
- Estimated value of $961.10 per security
Key risks include: no principal guarantee or interest payments, exposure to worst-performing underlier, limited secondary market trading, and Morgan Stanley credit risk. Payment at maturity examples show potential returns ranging from total loss to 75.6% gain based on worst-performing underlier. The notes offer sophisticated investors exposure to two major indices with built-in leverage and partial downside protection.
Morgan Stanley Finance ha annunciato le note Worst-of INDU e NDX Dual Directional Trigger PLUS con scadenza il 3 agosto 2028. Questi strumenti strutturati offrono caratteristiche di investimento uniche:
- Collegati alla performance del Dow Jones Industrial Average e del Nasdaq-100 Index
- Presentano un fattore di leva dal 126% al 141% per rendimenti positivi
- Partecipazione del 50% a rendimenti negativi assoluti oltre la soglia
- Soglia di protezione al ribasso al 70% del livello iniziale
- Valore stimato di 961,10 $ per titolo
I rischi principali includono: assenza di garanzia del capitale o pagamenti di interessi, esposizione all’underlier con peggior rendimento, limitata negoziabilità sul mercato secondario e rischio di credito Morgan Stanley. Gli esempi di pagamento a scadenza mostrano potenziali rendimenti che vanno dalla perdita totale fino a un guadagno del 75,6% basato sull’underlier peggiore. Le note offrono agli investitori sofisticati un’esposizione a due indici principali con leva incorporata e protezione parziale al ribasso.
Morgan Stanley Finance ha anunciado las notas Worst-of INDU y NDX Dual Directional Trigger PLUS con vencimiento el 3 de agosto de 2028. Estos bonos estructurados ofrecen características de inversión únicas:
- Vinculados al rendimiento del Dow Jones Industrial Average y Nasdaq-100 Index
- Presentan un factor de apalancamiento del 126% al 141% para rendimientos positivos
- Tasa de participación del 50% en rendimientos negativos absolutos por encima del umbral
- Umbral de protección a la baja del 70% del nivel inicial
- Valor estimado de $961.10 por título
Los riesgos clave incluyen: ausencia de garantía de capital o pagos de intereses, exposición al subyacente con peor desempeño, negociación limitada en el mercado secundario y riesgo crediticio de Morgan Stanley. Los ejemplos de pago al vencimiento muestran retornos potenciales que van desde la pérdida total hasta una ganancia del 75.6% basada en el peor subyacente. Las notas ofrecen a los inversores sofisticados exposición a dos índices principales con apalancamiento incorporado y protección parcial a la baja.
모건 스탠리 파이낸스는 2028년 8월 3일 만기인 Worst-of INDU 및 NDX Dual Directional Trigger PLUS 노트를 발표했습니다. 이 구조화 노트는 독특한 투자 특성을 제공합니다:
- 다우 존스 산업평균지수와 나스닥-100 지수의 성과에 연동됨
- 긍정적 수익에 대해 126%에서 141%의 레버리지 비율 적용
- 임계값을 초과하는 절대 음수 수익에 대해 50% 참여율
- 초기 수준의 70%에 해당하는 하락 보호 임계값
- 증권당 $961.10의 추정 가치
주요 위험 요소로는 원금 보장 및 이자 지급 없음, 최악 성과 기초자산에 대한 노출, 제한된 2차 시장 거래, 모건 스탠리 신용 위험이 포함됩니다. 만기 시 지급 예시는 최악 성과 기초자산에 따라 전액 손실에서 75.6% 이익까지 잠재적 수익을 보여줍니다. 이 노트는 정교한 투자자에게 두 주요 지수에 대한 레버리지 및 부분 하락 보호가 내장된 노출을 제공합니다.
Morgan Stanley Finance a annoncé les notes Worst-of INDU et NDX Dual Directional Trigger PLUS échéant le 3 août 2028. Ces notes structurées offrent des caractéristiques d’investissement uniques :
- Liées à la performance du Dow Jones Industrial Average et du Nasdaq-100 Index
- Présentent un facteur de levier de 126 % à 141 % pour des rendements positifs
- Taux de participation de 50 % aux rendements négatifs absolus au-delà du seuil
- Seuil de protection à la baisse à 70 % du niveau initial
- Valeur estimée à 961,10 $ par titre
Les principaux risques incluent : absence de garantie du capital ou de paiements d’intérêts, exposition au sous-jacent le moins performant, liquidité limitée sur le marché secondaire et risque de crédit Morgan Stanley. Des exemples de paiement à l’échéance montrent des rendements potentiels allant d’une perte totale à un gain de 75,6 % selon le sous-jacent le moins performant. Ces notes offrent aux investisseurs avertis une exposition à deux indices majeurs avec effet de levier intégré et protection partielle à la baisse.
Morgan Stanley Finance hat die Worst-of INDU und NDX Dual Directional Trigger PLUS Notes mit Fälligkeit am 3. August 2028 angekündigt. Diese strukturierten Notes bieten einzigartige Anlageeigenschaften:
- Verknüpft mit der Entwicklung des Dow Jones Industrial Average und Nasdaq-100 Index
- Verfügt über einen Hebelfaktor von 126 % bis 141 % für positive Renditen
- 50 % Beteiligungsrate an absoluten negativen Renditen über dem Schwellenwert
- Abwärtsschutz-Schwelle bei 70 % des Anfangsniveaus
- Geschätzter Wert von 961,10 $ pro Wertpapier
Wesentliche Risiken umfassen: keine Kapitalgarantie oder Zinszahlungen, Exponierung gegenüber dem am schlechtesten performenden Basiswert, begrenzten Handel am Sekundärmarkt und Morgan Stanley Kreditrisiko. Beispiele für Zahlungen bei Fälligkeit zeigen potenzielle Renditen von Totalverlust bis zu 75,6 % Gewinn basierend auf dem schlechtesten Basiswert. Die Notes bieten anspruchsvollen Investoren eine Beteiligung an zwei wichtigen Indizes mit eingebautem Hebel und teilweisem Abwärtsschutz.
- Offers leveraged upside potential with 126% to 141% participation in positive returns
- Provides downside protection up to 30% loss (threshold level at 70%)
- Features unique dual directional structure offering positive returns even in moderately negative market scenarios (-30% to 0%)
- Backed by Morgan Stanley's credit guarantee
- No principal protection - potential for complete loss of investment if worst-performing index falls more than 30%
- Return is capped and based only on worst-performing index between INDU and NDX
- Estimated value ($961.10) is significantly below the issue price, indicating high embedded costs
- Limited secondary market liquidity due to no exchange listing
- Complex structure with credit risk exposure to Morgan Stanley
Morgan Stanley Finance ha annunciato le note Worst-of INDU e NDX Dual Directional Trigger PLUS con scadenza il 3 agosto 2028. Questi strumenti strutturati offrono caratteristiche di investimento uniche:
- Collegati alla performance del Dow Jones Industrial Average e del Nasdaq-100 Index
- Presentano un fattore di leva dal 126% al 141% per rendimenti positivi
- Partecipazione del 50% a rendimenti negativi assoluti oltre la soglia
- Soglia di protezione al ribasso al 70% del livello iniziale
- Valore stimato di 961,10 $ per titolo
I rischi principali includono: assenza di garanzia del capitale o pagamenti di interessi, esposizione all’underlier con peggior rendimento, limitata negoziabilità sul mercato secondario e rischio di credito Morgan Stanley. Gli esempi di pagamento a scadenza mostrano potenziali rendimenti che vanno dalla perdita totale fino a un guadagno del 75,6% basato sull’underlier peggiore. Le note offrono agli investitori sofisticati un’esposizione a due indici principali con leva incorporata e protezione parziale al ribasso.
Morgan Stanley Finance ha anunciado las notas Worst-of INDU y NDX Dual Directional Trigger PLUS con vencimiento el 3 de agosto de 2028. Estos bonos estructurados ofrecen características de inversión únicas:
- Vinculados al rendimiento del Dow Jones Industrial Average y Nasdaq-100 Index
- Presentan un factor de apalancamiento del 126% al 141% para rendimientos positivos
- Tasa de participación del 50% en rendimientos negativos absolutos por encima del umbral
- Umbral de protección a la baja del 70% del nivel inicial
- Valor estimado de $961.10 por título
Los riesgos clave incluyen: ausencia de garantía de capital o pagos de intereses, exposición al subyacente con peor desempeño, negociación limitada en el mercado secundario y riesgo crediticio de Morgan Stanley. Los ejemplos de pago al vencimiento muestran retornos potenciales que van desde la pérdida total hasta una ganancia del 75.6% basada en el peor subyacente. Las notas ofrecen a los inversores sofisticados exposición a dos índices principales con apalancamiento incorporado y protección parcial a la baja.
모건 스탠리 파이낸스는 2028년 8월 3일 만기인 Worst-of INDU 및 NDX Dual Directional Trigger PLUS 노트를 발표했습니다. 이 구조화 노트는 독특한 투자 특성을 제공합니다:
- 다우 존스 산업평균지수와 나스닥-100 지수의 성과에 연동됨
- 긍정적 수익에 대해 126%에서 141%의 레버리지 비율 적용
- 임계값을 초과하는 절대 음수 수익에 대해 50% 참여율
- 초기 수준의 70%에 해당하는 하락 보호 임계값
- 증권당 $961.10의 추정 가치
주요 위험 요소로는 원금 보장 및 이자 지급 없음, 최악 성과 기초자산에 대한 노출, 제한된 2차 시장 거래, 모건 스탠리 신용 위험이 포함됩니다. 만기 시 지급 예시는 최악 성과 기초자산에 따라 전액 손실에서 75.6% 이익까지 잠재적 수익을 보여줍니다. 이 노트는 정교한 투자자에게 두 주요 지수에 대한 레버리지 및 부분 하락 보호가 내장된 노출을 제공합니다.
Morgan Stanley Finance a annoncé les notes Worst-of INDU et NDX Dual Directional Trigger PLUS échéant le 3 août 2028. Ces notes structurées offrent des caractéristiques d’investissement uniques :
- Liées à la performance du Dow Jones Industrial Average et du Nasdaq-100 Index
- Présentent un facteur de levier de 126 % à 141 % pour des rendements positifs
- Taux de participation de 50 % aux rendements négatifs absolus au-delà du seuil
- Seuil de protection à la baisse à 70 % du niveau initial
- Valeur estimée à 961,10 $ par titre
Les principaux risques incluent : absence de garantie du capital ou de paiements d’intérêts, exposition au sous-jacent le moins performant, liquidité limitée sur le marché secondaire et risque de crédit Morgan Stanley. Des exemples de paiement à l’échéance montrent des rendements potentiels allant d’une perte totale à un gain de 75,6 % selon le sous-jacent le moins performant. Ces notes offrent aux investisseurs avertis une exposition à deux indices majeurs avec effet de levier intégré et protection partielle à la baisse.
Morgan Stanley Finance hat die Worst-of INDU und NDX Dual Directional Trigger PLUS Notes mit Fälligkeit am 3. August 2028 angekündigt. Diese strukturierten Notes bieten einzigartige Anlageeigenschaften:
- Verknüpft mit der Entwicklung des Dow Jones Industrial Average und Nasdaq-100 Index
- Verfügt über einen Hebelfaktor von 126 % bis 141 % für positive Renditen
- 50 % Beteiligungsrate an absoluten negativen Renditen über dem Schwellenwert
- Abwärtsschutz-Schwelle bei 70 % des Anfangsniveaus
- Geschätzter Wert von 961,10 $ pro Wertpapier
Wesentliche Risiken umfassen: keine Kapitalgarantie oder Zinszahlungen, Exponierung gegenüber dem am schlechtesten performenden Basiswert, begrenzten Handel am Sekundärmarkt und Morgan Stanley Kreditrisiko. Beispiele für Zahlungen bei Fälligkeit zeigen potenzielle Renditen von Totalverlust bis zu 75,6 % Gewinn basierend auf dem schlechtesten Basiswert. Die Notes bieten anspruchsvollen Investoren eine Beteiligung an zwei wichtigen Indizes mit eingebautem Hebel und teilweisem Abwärtsschutz.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,028
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU and NDX Dual Directional Trigger PLUS due August 3, 2028
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: |
Dow Jones Industrial AverageSM (INDU) and Nasdaq-100 Index® (NDX) |
|
Leverage factor: |
126% to 141% |
|
Absolute return participation rate: |
50% |
|
Downside threshold level: |
70% of the initial level for each underlier |
|
Pricing date: |
July 31, 2025 |
|
Observation date: |
July 31, 2028 |
|
Maturity date: |
August 3, 2028 |
|
CUSIP: |
61778K7K7 |
|
Estimated value: |
$961.10 per security, or within $45.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034306/ms9028_424b2-18594.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 either 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% |
$1,756.00* |
|
40.00% |
$1,504.00* |
|
20.00% |
$1,252.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,100.00 |
|
-30.00% |
$1,150.00 |
|
-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 126% |
|
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.
●Any positive return on the securities that is based on the depreciation of the worst performing underlier is effectively capped.
●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.
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 are the key terms of MS's Dual Directional Trigger PLUS offering due August 2028?
What is the maximum potential loss for investors in MS's Trigger PLUS securities?
How does MS calculate the payment at maturity for the Trigger PLUS securities?
What are the primary risk factors for MS's Dual Directional Trigger PLUS?
What is the CUSIP and pricing date for MS's new Trigger PLUS offering?
