[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC is offering Worst-of SPX and RTY Dual Directional Buffered PLUS securities due July 20, 2028, guaranteed by Morgan Stanley. Key features include:
- Underliers: S&P 500® Index (SPX) and Russell 2000® Index (RTY)
- Key Terms: 108% leverage factor, 100% absolute return participation rate, and 18% buffer amount
- Estimated Value: $966.90 per security (±$45.00)
- Payment Structure: Based on worst-performing underlier with potential 82% maximum loss
Notable risks include: no interest payments, exposure to small-cap companies, credit risk of Morgan Stanley, and limited secondary market trading. The payment at maturity offers leveraged upside potential of 108% with a buffer against the first 18% of losses. The structure provides positive returns in both upward and downward market scenarios within specified ranges, subject to the performance of the worst-performing index.
Morgan Stanley Finance LLC offre titoli Worst-of SPX e RTY Dual Directional Buffered PLUS con scadenza il 20 luglio 2028, garantiti da Morgan Stanley. Le caratteristiche principali includono:
- Sottostanti: Indice S&P 500® (SPX) e Indice Russell 2000® (RTY)
- Termini chiave: fattore di leva 108%, tasso di partecipazione al rendimento assoluto del 100% e buffer del 18%
- Valore stimato: 966,90 $ per titolo (±45,00 $)
- Struttura di pagamento: basata sul sottostante con peggior performance, con una perdita massima potenziale dell'82%
I rischi principali includono: assenza di pagamenti di interessi, esposizione a società small-cap, rischio di credito di Morgan Stanley e scarsa liquidità nel mercato secondario. Il pagamento a scadenza offre un potenziale di rendimento aumentato del 108% con un buffer che copre le prime perdite fino al 18%. La struttura consente rendimenti positivi sia in scenari di mercato in crescita che in calo entro determinati intervalli, in base alla performance dell'indice peggiore.
Morgan Stanley Finance LLC ofrece valores Worst-of SPX y RTY Dual Directional Buffered PLUS con vencimiento el 20 de julio de 2028, garantizados por Morgan Stanley. Las características clave incluyen:
- Subyacentes: Índice S&P 500® (SPX) e Índice Russell 2000® (RTY)
- Términos principales: factor de apalancamiento del 108%, tasa de participación del 100% en el rendimiento absoluto y monto de protección del 18%
- Valor estimado: 966,90 $ por valor (±45,00 $)
- Estructura de pago: basada en el subyacente con peor desempeño, con una pérdida máxima potencial del 82%
Los riesgos notables incluyen: ausencia de pagos de intereses, exposición a empresas de pequeña capitalización, riesgo crediticio de Morgan Stanley y limitada negociación en el mercado secundario. El pago al vencimiento ofrece un potencial de ganancia apalancada del 108% con una protección contra las primeras pérdidas del 18%. La estructura proporciona rendimientos positivos tanto en escenarios de mercado alcista como bajista dentro de rangos específicos, sujeto al desempeño del índice con peor rendimiento.
Morgan Stanley Finance LLC는 2028년 7월 20일 만기인 Worst-of SPX 및 RTY Dual Directional Buffered PLUS 증권을 Morgan Stanley의 보증으로 제공하고 있습니다. 주요 특징은 다음과 같습니다:
- 기초자산: S&P 500® 지수(SPX) 및 Russell 2000® 지수(RTY)
- 주요 조건: 108% 레버리지 비율, 100% 절대 수익 참여율, 18% 버퍼 금액
- 추정 가치: 증권당 $966.90 (±$45.00)
- 지급 구조: 성과가 가장 저조한 기초자산을 기준으로 최대 82% 손실 가능성
주요 위험 요소로는 이자 지급 없음, 소형주 노출, Morgan Stanley의 신용 위험, 제한된 2차 시장 거래가 있습니다. 만기 시 지급은 최초 18% 손실에 대한 버퍼와 함께 108%의 레버리지 상승 잠재력을 제공합니다. 이 구조는 지정된 범위 내에서 상승 및 하락 시장 시나리오 모두에서 긍정적인 수익을 제공하며, 가장 저조한 지수의 성과에 따라 달라집니다.
Morgan Stanley Finance LLC propose des titres Worst-of SPX et RTY Dual Directional Buffered PLUS arrivant à échéance le 20 juillet 2028, garantis par Morgan Stanley. Les caractéristiques principales sont :
- Actifs sous-jacents : Indice S&P 500® (SPX) et Indice Russell 2000® (RTY)
- Conditions clés : facteur de levier de 108 %, taux de participation au rendement absolu de 100 % et montant de protection de 18 %
- Valeur estimée : 966,90 $ par titre (±45,00 $)
- Structure de paiement : basée sur l'actif sous-jacent le moins performant avec une perte maximale potentielle de 82 %
Les risques notables incluent : absence de paiements d’intérêts, exposition aux sociétés à petite capitalisation, risque de crédit de Morgan Stanley et marché secondaire limité. Le paiement à l’échéance offre un potentiel de hausse avec effet de levier de 108 % et une protection contre les 18 % premières pertes. La structure permet des rendements positifs dans des scénarios de marché à la hausse comme à la baisse, dans des plages définies, sous réserve de la performance de l’indice le moins performant.
Morgan Stanley Finance LLC bietet Worst-of SPX und RTY Dual Directional Buffered PLUS Wertpapiere mit Fälligkeit am 20. Juli 2028 an, garantiert von Morgan Stanley. Die Hauptmerkmale sind:
- Basiswerte: S&P 500® Index (SPX) und Russell 2000® Index (RTY)
- Wichtige Bedingungen: 108% Hebelfaktor, 100% Partizipationsrate am absoluten Ertrag und 18% Pufferbetrag
- Geschätzter Wert: 966,90 $ pro Wertpapier (±45,00 $)
- Zahlungsstruktur: Basierend auf dem schlechtesten Basiswert mit einem möglichen maximalen Verlust von 82%
Zu den wesentlichen Risiken zählen: keine Zinszahlungen, Exponierung gegenüber Small-Cap-Unternehmen, Kreditrisiko von Morgan Stanley und eingeschränkter Handel am Sekundärmarkt. Die Auszahlung bei Fälligkeit bietet ein gehebeltes Aufwärtspotenzial von 108% mit einem Puffer gegen die ersten 18% Verluste. Die Struktur ermöglicht positive Renditen sowohl in steigenden als auch fallenden Marktszenarien innerhalb bestimmter Bereiche, abhängig von der Performance des schlechtesten Index.
- Leveraged upside potential with 108% participation in positive returns of the worst-performing index
- Downside protection with 18% buffer against losses, limiting maximum potential loss to 82%
- Dual directional feature allows investors to potentially profit from both positive and negative index movements within certain ranges
- Returns are capped and based only on the worst-performing index between S&P 500 and Russell 2000
- No interest payments or dividends throughout the 3-year term
- Credit risk exposure to Morgan Stanley, with estimated value ($966.90) below the likely offering price
- Limited secondary market liquidity as securities won't be listed on any exchange
- Small-cap exposure through Russell 2000 increases volatility risk
Morgan Stanley Finance LLC offre titoli Worst-of SPX e RTY Dual Directional Buffered PLUS con scadenza il 20 luglio 2028, garantiti da Morgan Stanley. Le caratteristiche principali includono:
- Sottostanti: Indice S&P 500® (SPX) e Indice Russell 2000® (RTY)
- Termini chiave: fattore di leva 108%, tasso di partecipazione al rendimento assoluto del 100% e buffer del 18%
- Valore stimato: 966,90 $ per titolo (±45,00 $)
- Struttura di pagamento: basata sul sottostante con peggior performance, con una perdita massima potenziale dell'82%
I rischi principali includono: assenza di pagamenti di interessi, esposizione a società small-cap, rischio di credito di Morgan Stanley e scarsa liquidità nel mercato secondario. Il pagamento a scadenza offre un potenziale di rendimento aumentato del 108% con un buffer che copre le prime perdite fino al 18%. La struttura consente rendimenti positivi sia in scenari di mercato in crescita che in calo entro determinati intervalli, in base alla performance dell'indice peggiore.
Morgan Stanley Finance LLC ofrece valores Worst-of SPX y RTY Dual Directional Buffered PLUS con vencimiento el 20 de julio de 2028, garantizados por Morgan Stanley. Las características clave incluyen:
- Subyacentes: Índice S&P 500® (SPX) e Índice Russell 2000® (RTY)
- Términos principales: factor de apalancamiento del 108%, tasa de participación del 100% en el rendimiento absoluto y monto de protección del 18%
- Valor estimado: 966,90 $ por valor (±45,00 $)
- Estructura de pago: basada en el subyacente con peor desempeño, con una pérdida máxima potencial del 82%
Los riesgos notables incluyen: ausencia de pagos de intereses, exposición a empresas de pequeña capitalización, riesgo crediticio de Morgan Stanley y limitada negociación en el mercado secundario. El pago al vencimiento ofrece un potencial de ganancia apalancada del 108% con una protección contra las primeras pérdidas del 18%. La estructura proporciona rendimientos positivos tanto en escenarios de mercado alcista como bajista dentro de rangos específicos, sujeto al desempeño del índice con peor rendimiento.
Morgan Stanley Finance LLC는 2028년 7월 20일 만기인 Worst-of SPX 및 RTY Dual Directional Buffered PLUS 증권을 Morgan Stanley의 보증으로 제공하고 있습니다. 주요 특징은 다음과 같습니다:
- 기초자산: S&P 500® 지수(SPX) 및 Russell 2000® 지수(RTY)
- 주요 조건: 108% 레버리지 비율, 100% 절대 수익 참여율, 18% 버퍼 금액
- 추정 가치: 증권당 $966.90 (±$45.00)
- 지급 구조: 성과가 가장 저조한 기초자산을 기준으로 최대 82% 손실 가능성
주요 위험 요소로는 이자 지급 없음, 소형주 노출, Morgan Stanley의 신용 위험, 제한된 2차 시장 거래가 있습니다. 만기 시 지급은 최초 18% 손실에 대한 버퍼와 함께 108%의 레버리지 상승 잠재력을 제공합니다. 이 구조는 지정된 범위 내에서 상승 및 하락 시장 시나리오 모두에서 긍정적인 수익을 제공하며, 가장 저조한 지수의 성과에 따라 달라집니다.
Morgan Stanley Finance LLC propose des titres Worst-of SPX et RTY Dual Directional Buffered PLUS arrivant à échéance le 20 juillet 2028, garantis par Morgan Stanley. Les caractéristiques principales sont :
- Actifs sous-jacents : Indice S&P 500® (SPX) et Indice Russell 2000® (RTY)
- Conditions clés : facteur de levier de 108 %, taux de participation au rendement absolu de 100 % et montant de protection de 18 %
- Valeur estimée : 966,90 $ par titre (±45,00 $)
- Structure de paiement : basée sur l'actif sous-jacent le moins performant avec une perte maximale potentielle de 82 %
Les risques notables incluent : absence de paiements d’intérêts, exposition aux sociétés à petite capitalisation, risque de crédit de Morgan Stanley et marché secondaire limité. Le paiement à l’échéance offre un potentiel de hausse avec effet de levier de 108 % et une protection contre les 18 % premières pertes. La structure permet des rendements positifs dans des scénarios de marché à la hausse comme à la baisse, dans des plages définies, sous réserve de la performance de l’indice le moins performant.
Morgan Stanley Finance LLC bietet Worst-of SPX und RTY Dual Directional Buffered PLUS Wertpapiere mit Fälligkeit am 20. Juli 2028 an, garantiert von Morgan Stanley. Die Hauptmerkmale sind:
- Basiswerte: S&P 500® Index (SPX) und Russell 2000® Index (RTY)
- Wichtige Bedingungen: 108% Hebelfaktor, 100% Partizipationsrate am absoluten Ertrag und 18% Pufferbetrag
- Geschätzter Wert: 966,90 $ pro Wertpapier (±45,00 $)
- Zahlungsstruktur: Basierend auf dem schlechtesten Basiswert mit einem möglichen maximalen Verlust von 82%
Zu den wesentlichen Risiken zählen: keine Zinszahlungen, Exponierung gegenüber Small-Cap-Unternehmen, Kreditrisiko von Morgan Stanley und eingeschränkter Handel am Sekundärmarkt. Die Auszahlung bei Fälligkeit bietet ein gehebeltes Aufwärtspotenzial von 108% mit einem Puffer gegen die ersten 18% Verluste. Die Struktur ermöglicht positive Renditen sowohl in steigenden als auch fallenden Marktszenarien innerhalb bestimmter Bereiche, abhängig von der Performance des schlechtesten Index.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,141
Registration Statement Nos. 333-275587; 333-275587-01
Dated June 26, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of SPX and RTY Dual Directional Buffered PLUS due July 20, 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 |
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Guarantor: |
Morgan Stanley |
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Underliers: |
S&P 500® Index (SPX) and Russell 2000® Index (RTY) |
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Leverage factor: |
108% |
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Absolute return participation rate: |
100% |
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Buffer amount: |
18% (82% maximum loss)1 |
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Pricing date: |
July 17, 2025 |
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Observation date: |
July 17, 2028 |
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Maturity date: |
July 20, 2028 |
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CUSIP: |
61778NEE7 |
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Estimated value: |
$966.90 per security, or within $45.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034923/ms9141_424b2-19082.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 |
Payment at Maturity per Security |
|
+60.00% |
$1,648.00* |
|
+40.00% |
$1,432.00* |
|
+20.00% |
$1,216.00* |
|
0.00% |
$1,000.00 |
|
-18.00% |
$1,180.00 |
|
-19.00% |
$990.00 |
|
-20.00% |
$980.00 |
|
-40.00% |
$780.00 |
|
-60.00% |
$580.00 |
|
-80.00% |
$380.00 |
|
-100.00% |
$180.00 |
|
*Assumes a leverage factor of 108% |
|
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.
●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 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 are the key terms of MS's Dual Directional Buffered PLUS due July 2028?
What is the maximum loss potential for MS's Buffered PLUS security (CUSIP: 61778NEE7)?
How does the payment structure work for MS's Dual Directional Buffered PLUS?
What are the primary risk factors for MS's Dual Directional Buffered PLUS security?
When will MS's Dual Directional Buffered PLUS be priced and what's the observation date?
