[FWP] Morgan Stanley Free Writing Prospectus
Offering overview: Morgan Stanley Finance LLC, guaranteed by Morgan Stanley (“MS”), is marketing five-year “Trigger PLUS” structured notes that settle on August 5, 2030. The notes are linked to the worst-performing of three U.S. equity benchmarks -- the S&P 500 (SPX), Nasdaq-100 (NDX) and Russell 2000 (RTY).
- Upside participation: Final payment equals principal plus 160%–175% of any positive performance of the worst index.
- Downside buffer: Principal is repaid in full as long as the worst index has not fallen more than 35 percent (i.e., it remains at or above 65 percent of its initial level) on the single observation date of July 31, 2030.
- Full downside exposure below the threshold: If that 65 percent trigger is breached, repayment equals principal multiplied by the worst index’s percentage return, generating dollar-for-dollar losses and potentially zero recovery.
- No interim coupons, no early call: Investors receive no periodic interest and their return depends solely on the final index levels.
- Credit & liquidity considerations: All cash flows rely on Morgan Stanley’s credit; the notes will not be listed, and MS expects limited secondary trading. The indicative estimated value is $943.40 versus the assumed $1,000 issue price, reflecting embedded fees and hedging costs.
- Key dates: Pricing - July 31, 2025 | Observation - July 31, 2030 | Maturity - August 5, 2030
- CUSIP: 61778NAZ4 | Registration Nos.: 333-275587 / 333-275587-01
Investor take-away: The structure offers leveraged upside and a 35% buffer, but embeds significant risks: (i) worst-of design magnifies downside probability, (ii) principal is unprotected below the trigger, (iii) valuation is below par at issuance, (iv) tax treatment is uncertain, and (v) investors assume MS credit and secondary-market liquidity risk.
Panoramica dell'offerta: Morgan Stanley Finance LLC, garantita da Morgan Stanley ("MS"), propone note strutturate "Trigger PLUS" a cinque anni con scadenza il 5 agosto 2030. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500 (SPX), Nasdaq-100 (NDX) e Russell 2000 (RTY).
- Partecipazione al rialzo: Il pagamento finale corrisponde al capitale più il 160%–175% di qualsiasi performance positiva del peggior indice.
- Protezione dal ribasso: Il capitale viene rimborsato per intero purché il peggior indice non sia sceso oltre il 35% (ossia rimanga al 65% o più del livello iniziale) nella data di osservazione unica del 31 luglio 2030.
- Esposizione totale al ribasso sotto la soglia: Se viene superata la soglia del 65%, il rimborso sarà pari al capitale moltiplicato per la performance percentuale del peggior indice, comportando perdite in proporzione diretta e potenzialmente un recupero nullo.
- Nessuna cedola intermedia, nessuna chiamata anticipata: Gli investitori non ricevono interessi periodici e il rendimento dipende esclusivamente dai livelli finali degli indici.
- Considerazioni su credito e liquidità: Tutti i flussi di cassa dipendono dal credito di Morgan Stanley; le note non saranno quotate e MS prevede un mercato secondario limitato. Il valore stimato indicativo è di $943,40 rispetto al prezzo di emissione ipotizzato di $1.000, riflettendo costi incorporati e di copertura.
- Date chiave: Prezzo - 31 luglio 2025 | Osservazione - 31 luglio 2030 | Scadenza - 5 agosto 2030
- CUSIP: 61778NAZ4 | Numeri di registrazione: 333-275587 / 333-275587-01
Considerazioni per l'investitore: La struttura offre leva al rialzo e una protezione del 35%, ma presenta rischi significativi: (i) il meccanismo "worst-of" aumenta la probabilità di perdita, (ii) il capitale non è protetto oltre la soglia, (iii) la valutazione è inferiore al valore nominale all'emissione, (iv) il trattamento fiscale è incerto e (v) gli investitori assumono il rischio di credito di MS e di liquidità nel mercato secondario.
Resumen de la oferta: Morgan Stanley Finance LLC, garantizada por Morgan Stanley ("MS"), está comercializando notas estructuradas "Trigger PLUS" a cinco años que vencen el 5 de agosto de 2030. Las notas están vinculadas al peor desempeño entre tres índices bursátiles estadounidenses: S&P 500 (SPX), Nasdaq-100 (NDX) y Russell 2000 (RTY).
- Participación al alza: El pago final equivale al principal más el 160%–175% de cualquier rendimiento positivo del peor índice.
- Protección a la baja: El principal se reembolsa en su totalidad siempre que el peor índice no haya caído más del 35% (es decir, se mantenga en o por encima del 65% de su nivel inicial) en la única fecha de observación del 31 de julio de 2030.
- Exposición total a la baja por debajo del umbral: Si se rompe el umbral del 65%, el reembolso será igual al principal multiplicado por el rendimiento porcentual del peor índice, generando pérdidas dólar por dólar y potencialmente sin recuperación.
- No hay cupones intermedios ni llamada anticipada: Los inversores no reciben intereses periódicos y su rendimiento depende únicamente de los niveles finales de los índices.
- Consideraciones de crédito y liquidez: Todos los flujos de efectivo dependen del crédito de Morgan Stanley; las notas no estarán listadas y MS espera un comercio secundario limitado. El valor estimado indicativo es de $943.40 frente al precio de emisión supuesto de $1,000, reflejando costos incorporados y de cobertura.
- Fechas clave: Precio - 31 de julio de 2025 | Observación - 31 de julio de 2030 | Vencimiento - 5 de agosto de 2030
- CUSIP: 61778NAZ4 | Números de registro: 333-275587 / 333-275587-01
Conclusión para el inversor: La estructura ofrece apalancamiento al alza y un colchón del 35%, pero con riesgos significativos: (i) el diseño "worst-of" amplifica la probabilidad de pérdidas, (ii) el principal no está protegido bajo el umbral, (iii) la valoración está por debajo del valor nominal en la emisión, (iv) el tratamiento fiscal es incierto y (v) los inversores asumen el riesgo crediticio de MS y la liquidez del mercado secundario.
상품 개요: Morgan Stanley Finance LLC는 Morgan Stanley("MS")의 보증을 받아 2030년 8월 5일 만기인 5년 만기 "Trigger PLUS" 구조화 노트를 판매 중입니다. 이 노트는 미국 주식 벤치마크 세 가지 중 최악의 성과를 보인 지수인 S&P 500(SPX), Nasdaq-100(NDX), Russell 2000(RTY)에 연동됩니다.
- 상승 참여율: 만기 시 지급액은 원금에 최악 지수의 긍정적 수익률에 대한 160%–175%를 더한 금액입니다.
- 하락 보호 장치: 최악 지수가 2030년 7월 31일 단일 관측일 기준으로 초기 수준의 65% 이상(즉, 35% 이상 하락하지 않은 경우)일 때 원금 전액을 상환합니다.
- 임계값 이하 시 전액 손실 가능: 65% 임계값이 깨지면 상환액은 원금에 최악 지수의 수익률을 곱한 금액으로, 1:1 손실과 잠재적 원금 손실이 발생할 수 있습니다.
- 중간 쿠폰 없음, 조기 상환 없음: 투자자는 정기 이자를 받지 않으며 수익은 최종 지수 수준에만 의존합니다.
- 신용 및 유동성 고려사항: 모든 현금 흐름은 Morgan Stanley의 신용에 의존하며, 노트는 상장되지 않으며 MS는 2차 시장 거래가 제한적일 것으로 예상합니다. 예상 가치는 발행가 $1,000 대비 $943.40로 내재 비용과 헤지 비용이 반영되어 있습니다.
- 주요 일정: 가격 결정 - 2025년 7월 31일 | 관측일 - 2030년 7월 31일 | 만기 - 2030년 8월 5일
- CUSIP: 61778NAZ4 | 등록 번호: 333-275587 / 333-275587-01
투자자 유의사항: 이 구조는 레버리지 상승과 35% 보호 장치를 제공하지만, 다음과 같은 주요 위험이 내포되어 있습니다: (i) 최악 지수 구조로 하락 위험이 증폭됨, (ii) 임계값 이하에서는 원금 보호 없음, (iii) 발행 시 평가액이 액면가 이하, (iv) 세금 처리 불확실, (v) 투자자는 MS 신용 위험과 2차 시장 유동성 위험을 부담합니다.
Présentation de l'offre : Morgan Stanley Finance LLC, garantie par Morgan Stanley ("MS"), commercialise des notes structurées "Trigger PLUS" à cinq ans arrivant à échéance le 5 août 2030. Ces notes sont liées à la performance la plus faible parmi trois indices boursiers américains : le S&P 500 (SPX), le Nasdaq-100 (NDX) et le Russell 2000 (RTY).
- Participation à la hausse : Le paiement final correspond au capital plus 160%–175% de toute performance positive du pire indice.
- Protection contre la baisse : Le capital est remboursé intégralement tant que le pire indice n’a pas chuté de plus de 35% (c’est-à-dire qu’il reste à 65% ou plus de son niveau initial) à la date d’observation unique du 31 juillet 2030.
- Exposition complète à la baisse sous le seuil : Si le seuil de 65% est franchi, le remboursement correspond au capital multiplié par la performance en pourcentage du pire indice, entraînant des pertes au dollar près et potentiellement une perte totale.
- Pas de coupons intermédiaires, pas de remboursement anticipé : Les investisseurs ne reçoivent aucun intérêt périodique et leur rendement dépend uniquement des niveaux finaux des indices.
- Considérations de crédit et de liquidité : Tous les flux de trésorerie dépendent du crédit de Morgan Stanley ; les notes ne seront pas cotées et MS prévoit un marché secondaire limité. La valeur indicative estimée est de 943,40 $ contre un prix d’émission supposé de 1 000 $, reflétant les frais incorporés et les coûts de couverture.
- Dates clés : Prix - 31 juillet 2025 | Observation - 31 juillet 2030 | Échéance - 5 août 2030
- CUSIP : 61778NAZ4 | Numéros d’enregistrement : 333-275587 / 333-275587-01
À retenir pour l’investisseur : La structure offre un effet de levier à la hausse et une protection de 35%, mais comporte des risques importants : (i) le mécanisme "worst-of" amplifie la probabilité de baisse, (ii) le capital n’est pas protégé en dessous du seuil, (iii) la valorisation est inférieure à la valeur nominale à l’émission, (iv) le traitement fiscal est incertain, et (v) les investisseurs supportent le risque de crédit de MS et la liquidité du marché secondaire.
Angebotsübersicht: Morgan Stanley Finance LLC, garantiert von Morgan Stanley ("MS"), bietet fünfjährige "Trigger PLUS" Strukturierte Notes an, die am 5. August 2030 fällig werden. Die Notes sind an den schlechtesten von drei US-Aktienindizes gekoppelt – S&P 500 (SPX), Nasdaq-100 (NDX) und Russell 2000 (RTY).
- Partizipation am Aufwärtspotenzial: Die Endzahlung entspricht dem Kapital plus 160%–175% der positiven Performance des schlechtesten Index.
- Abwärtspuffer: Das Kapital wird vollständig zurückgezahlt, sofern der schlechteste Index am einzigen Beobachtungstag, dem 31. Juli 2030, nicht mehr als 35% gefallen ist (d.h. mindestens 65% seines Anfangswerts erreicht).
- Volle Abwärtsrisiken unterhalb der Schwelle: Wird die 65%-Marke unterschritten, entspricht die Rückzahlung dem Kapital multipliziert mit der prozentualen Rendite des schlechtesten Index, was verlustbringende Eins-zu-eins-Verluste und möglicherweise eine vollständige Kapitalvernichtung bedeutet.
- Keine Zwischenkupons, keine vorzeitige Kündigung: Investoren erhalten keine periodischen Zinszahlungen und die Rendite hängt ausschließlich von den Endständen der Indizes ab.
- Kredit- und Liquiditätsaspekte: Sämtliche Cashflows hängen von der Bonität von Morgan Stanley ab; die Notes werden nicht börsennotiert sein, und MS erwartet einen begrenzten Sekundärhandel. Der indikative geschätzte Wert liegt bei $943,40 im Vergleich zum angenommenen Ausgabepreis von $1.000, was eingebettete Gebühren und Absicherungskosten widerspiegelt.
- Wichtige Termine: Preisfestsetzung - 31. Juli 2025 | Beobachtung - 31. Juli 2030 | Fälligkeit - 5. August 2030
- CUSIP: 61778NAZ4 | Registrierungsnummern: 333-275587 / 333-275587-01
Fazit für Investoren: Die Struktur bietet einen Hebel nach oben und einen 35%-Puffer, beinhaltet jedoch erhebliche Risiken: (i) das "Worst-of"-Design erhöht die Abwärtswahrscheinlichkeit, (ii) das Kapital ist unterhalb des Schwellenwerts ungeschützt, (iii) die Bewertung liegt bei Emission unter dem Nennwert, (iv) die steuerliche Behandlung ist unklar, und (v) Investoren tragen das Kredit- und Sekundärmarktrisiko von MS.
- Enhanced upside: 160%–175% participation in any positive performance of the worst index.
- 35% downside buffer: Principal is intact unless the worst index falls below 65% of its start level.
- Diversified underliers: Exposure spans large-cap, tech-heavy, and small-cap U.S. segments.
- Short five-year tenor: Defined maturity gives clarity on investment horizon.
- Principal at risk: Losses become linear once the 35% buffer is breached; maximum loss is 100%.
- Worst-of structure: Return driven by the poorest-performing index, eroding diversification benefits.
- No coupon or interim income: Investors forego dividends and receive no interest.
- Credit exposure: Payments depend solely on Morgan Stanley’s ability to pay.
- Estimated value below par: $943.40 vs. $1,000 issue price implies 5–6% initial cost drag.
- Limited liquidity: Unlisted note; secondary trading subject to dealer discretion and wide spreads.
- Tax uncertainty: U.S. federal income tax treatment remains unclear.
Insights
TL;DR: 160–175% upside and 35% buffer are attractive, but worst-of linkage and credit risk make risk-reward balanced, not compelling.
The Trigger PLUS note provides equity exposure with 1.6–1.75× leverage, exceeding typical 1:1 participation in buffered notes. However, the payoff depends on the single worst index, so diversification benefits are lost once any one of SPX, NDX or RTY underperforms. Historically, a 35% drawdown over five years is not uncommon, particularly for the small-cap RTY, making breach probability meaningful. Investors foregoing dividends on the three indices face opportunity cost. The quoted $943.40 estimated value indicates roughly 5.6% in structuring fees and hedging costs, immediately eroding economic value. Because the note is unsecured, all returns hinge on MS’s credit profile—currently investment-grade but still subject to systemic stress. Overall, a specialized product suited only to investors comfortable trading credit risk for leveraged equity exposure.
TL;DR: Product adds asymmetric equity exposure, but tail risk below −35% and illiquidity raise portfolio-level downside.
From a portfolio construction lens, the note may improve upside convexity versus direct equity, yet embeds gap risk: once the 65% trigger is breached, losses accelerate one-for-one with the index decline, removing the buffer exactly when volatility spikes. Correlation among the three U.S. indices remains high in stress periods, so “worst-of” effectively prices near-singular exposure. Lack of interim coupons offers no carry, and secondary market depth is dealer-driven; bid-offer spreads can widen materially. Practitioners should model stressed scenarios (e.g., 2008, 2020 drawdowns): worst-case recovery approaches zero while re-hedging becomes costly. The instrument is therefore best capped at a small tactical sleeve, not as core equity replacement.
Panoramica dell'offerta: Morgan Stanley Finance LLC, garantita da Morgan Stanley ("MS"), propone note strutturate "Trigger PLUS" a cinque anni con scadenza il 5 agosto 2030. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500 (SPX), Nasdaq-100 (NDX) e Russell 2000 (RTY).
- Partecipazione al rialzo: Il pagamento finale corrisponde al capitale più il 160%–175% di qualsiasi performance positiva del peggior indice.
- Protezione dal ribasso: Il capitale viene rimborsato per intero purché il peggior indice non sia sceso oltre il 35% (ossia rimanga al 65% o più del livello iniziale) nella data di osservazione unica del 31 luglio 2030.
- Esposizione totale al ribasso sotto la soglia: Se viene superata la soglia del 65%, il rimborso sarà pari al capitale moltiplicato per la performance percentuale del peggior indice, comportando perdite in proporzione diretta e potenzialmente un recupero nullo.
- Nessuna cedola intermedia, nessuna chiamata anticipata: Gli investitori non ricevono interessi periodici e il rendimento dipende esclusivamente dai livelli finali degli indici.
- Considerazioni su credito e liquidità: Tutti i flussi di cassa dipendono dal credito di Morgan Stanley; le note non saranno quotate e MS prevede un mercato secondario limitato. Il valore stimato indicativo è di $943,40 rispetto al prezzo di emissione ipotizzato di $1.000, riflettendo costi incorporati e di copertura.
- Date chiave: Prezzo - 31 luglio 2025 | Osservazione - 31 luglio 2030 | Scadenza - 5 agosto 2030
- CUSIP: 61778NAZ4 | Numeri di registrazione: 333-275587 / 333-275587-01
Considerazioni per l'investitore: La struttura offre leva al rialzo e una protezione del 35%, ma presenta rischi significativi: (i) il meccanismo "worst-of" aumenta la probabilità di perdita, (ii) il capitale non è protetto oltre la soglia, (iii) la valutazione è inferiore al valore nominale all'emissione, (iv) il trattamento fiscale è incerto e (v) gli investitori assumono il rischio di credito di MS e di liquidità nel mercato secondario.
Resumen de la oferta: Morgan Stanley Finance LLC, garantizada por Morgan Stanley ("MS"), está comercializando notas estructuradas "Trigger PLUS" a cinco años que vencen el 5 de agosto de 2030. Las notas están vinculadas al peor desempeño entre tres índices bursátiles estadounidenses: S&P 500 (SPX), Nasdaq-100 (NDX) y Russell 2000 (RTY).
- Participación al alza: El pago final equivale al principal más el 160%–175% de cualquier rendimiento positivo del peor índice.
- Protección a la baja: El principal se reembolsa en su totalidad siempre que el peor índice no haya caído más del 35% (es decir, se mantenga en o por encima del 65% de su nivel inicial) en la única fecha de observación del 31 de julio de 2030.
- Exposición total a la baja por debajo del umbral: Si se rompe el umbral del 65%, el reembolso será igual al principal multiplicado por el rendimiento porcentual del peor índice, generando pérdidas dólar por dólar y potencialmente sin recuperación.
- No hay cupones intermedios ni llamada anticipada: Los inversores no reciben intereses periódicos y su rendimiento depende únicamente de los niveles finales de los índices.
- Consideraciones de crédito y liquidez: Todos los flujos de efectivo dependen del crédito de Morgan Stanley; las notas no estarán listadas y MS espera un comercio secundario limitado. El valor estimado indicativo es de $943.40 frente al precio de emisión supuesto de $1,000, reflejando costos incorporados y de cobertura.
- Fechas clave: Precio - 31 de julio de 2025 | Observación - 31 de julio de 2030 | Vencimiento - 5 de agosto de 2030
- CUSIP: 61778NAZ4 | Números de registro: 333-275587 / 333-275587-01
Conclusión para el inversor: La estructura ofrece apalancamiento al alza y un colchón del 35%, pero con riesgos significativos: (i) el diseño "worst-of" amplifica la probabilidad de pérdidas, (ii) el principal no está protegido bajo el umbral, (iii) la valoración está por debajo del valor nominal en la emisión, (iv) el tratamiento fiscal es incierto y (v) los inversores asumen el riesgo crediticio de MS y la liquidez del mercado secundario.
상품 개요: Morgan Stanley Finance LLC는 Morgan Stanley("MS")의 보증을 받아 2030년 8월 5일 만기인 5년 만기 "Trigger PLUS" 구조화 노트를 판매 중입니다. 이 노트는 미국 주식 벤치마크 세 가지 중 최악의 성과를 보인 지수인 S&P 500(SPX), Nasdaq-100(NDX), Russell 2000(RTY)에 연동됩니다.
- 상승 참여율: 만기 시 지급액은 원금에 최악 지수의 긍정적 수익률에 대한 160%–175%를 더한 금액입니다.
- 하락 보호 장치: 최악 지수가 2030년 7월 31일 단일 관측일 기준으로 초기 수준의 65% 이상(즉, 35% 이상 하락하지 않은 경우)일 때 원금 전액을 상환합니다.
- 임계값 이하 시 전액 손실 가능: 65% 임계값이 깨지면 상환액은 원금에 최악 지수의 수익률을 곱한 금액으로, 1:1 손실과 잠재적 원금 손실이 발생할 수 있습니다.
- 중간 쿠폰 없음, 조기 상환 없음: 투자자는 정기 이자를 받지 않으며 수익은 최종 지수 수준에만 의존합니다.
- 신용 및 유동성 고려사항: 모든 현금 흐름은 Morgan Stanley의 신용에 의존하며, 노트는 상장되지 않으며 MS는 2차 시장 거래가 제한적일 것으로 예상합니다. 예상 가치는 발행가 $1,000 대비 $943.40로 내재 비용과 헤지 비용이 반영되어 있습니다.
- 주요 일정: 가격 결정 - 2025년 7월 31일 | 관측일 - 2030년 7월 31일 | 만기 - 2030년 8월 5일
- CUSIP: 61778NAZ4 | 등록 번호: 333-275587 / 333-275587-01
투자자 유의사항: 이 구조는 레버리지 상승과 35% 보호 장치를 제공하지만, 다음과 같은 주요 위험이 내포되어 있습니다: (i) 최악 지수 구조로 하락 위험이 증폭됨, (ii) 임계값 이하에서는 원금 보호 없음, (iii) 발행 시 평가액이 액면가 이하, (iv) 세금 처리 불확실, (v) 투자자는 MS 신용 위험과 2차 시장 유동성 위험을 부담합니다.
Présentation de l'offre : Morgan Stanley Finance LLC, garantie par Morgan Stanley ("MS"), commercialise des notes structurées "Trigger PLUS" à cinq ans arrivant à échéance le 5 août 2030. Ces notes sont liées à la performance la plus faible parmi trois indices boursiers américains : le S&P 500 (SPX), le Nasdaq-100 (NDX) et le Russell 2000 (RTY).
- Participation à la hausse : Le paiement final correspond au capital plus 160%–175% de toute performance positive du pire indice.
- Protection contre la baisse : Le capital est remboursé intégralement tant que le pire indice n’a pas chuté de plus de 35% (c’est-à-dire qu’il reste à 65% ou plus de son niveau initial) à la date d’observation unique du 31 juillet 2030.
- Exposition complète à la baisse sous le seuil : Si le seuil de 65% est franchi, le remboursement correspond au capital multiplié par la performance en pourcentage du pire indice, entraînant des pertes au dollar près et potentiellement une perte totale.
- Pas de coupons intermédiaires, pas de remboursement anticipé : Les investisseurs ne reçoivent aucun intérêt périodique et leur rendement dépend uniquement des niveaux finaux des indices.
- Considérations de crédit et de liquidité : Tous les flux de trésorerie dépendent du crédit de Morgan Stanley ; les notes ne seront pas cotées et MS prévoit un marché secondaire limité. La valeur indicative estimée est de 943,40 $ contre un prix d’émission supposé de 1 000 $, reflétant les frais incorporés et les coûts de couverture.
- Dates clés : Prix - 31 juillet 2025 | Observation - 31 juillet 2030 | Échéance - 5 août 2030
- CUSIP : 61778NAZ4 | Numéros d’enregistrement : 333-275587 / 333-275587-01
À retenir pour l’investisseur : La structure offre un effet de levier à la hausse et une protection de 35%, mais comporte des risques importants : (i) le mécanisme "worst-of" amplifie la probabilité de baisse, (ii) le capital n’est pas protégé en dessous du seuil, (iii) la valorisation est inférieure à la valeur nominale à l’émission, (iv) le traitement fiscal est incertain, et (v) les investisseurs supportent le risque de crédit de MS et la liquidité du marché secondaire.
Angebotsübersicht: Morgan Stanley Finance LLC, garantiert von Morgan Stanley ("MS"), bietet fünfjährige "Trigger PLUS" Strukturierte Notes an, die am 5. August 2030 fällig werden. Die Notes sind an den schlechtesten von drei US-Aktienindizes gekoppelt – S&P 500 (SPX), Nasdaq-100 (NDX) und Russell 2000 (RTY).
- Partizipation am Aufwärtspotenzial: Die Endzahlung entspricht dem Kapital plus 160%–175% der positiven Performance des schlechtesten Index.
- Abwärtspuffer: Das Kapital wird vollständig zurückgezahlt, sofern der schlechteste Index am einzigen Beobachtungstag, dem 31. Juli 2030, nicht mehr als 35% gefallen ist (d.h. mindestens 65% seines Anfangswerts erreicht).
- Volle Abwärtsrisiken unterhalb der Schwelle: Wird die 65%-Marke unterschritten, entspricht die Rückzahlung dem Kapital multipliziert mit der prozentualen Rendite des schlechtesten Index, was verlustbringende Eins-zu-eins-Verluste und möglicherweise eine vollständige Kapitalvernichtung bedeutet.
- Keine Zwischenkupons, keine vorzeitige Kündigung: Investoren erhalten keine periodischen Zinszahlungen und die Rendite hängt ausschließlich von den Endständen der Indizes ab.
- Kredit- und Liquiditätsaspekte: Sämtliche Cashflows hängen von der Bonität von Morgan Stanley ab; die Notes werden nicht börsennotiert sein, und MS erwartet einen begrenzten Sekundärhandel. Der indikative geschätzte Wert liegt bei $943,40 im Vergleich zum angenommenen Ausgabepreis von $1.000, was eingebettete Gebühren und Absicherungskosten widerspiegelt.
- Wichtige Termine: Preisfestsetzung - 31. Juli 2025 | Beobachtung - 31. Juli 2030 | Fälligkeit - 5. August 2030
- CUSIP: 61778NAZ4 | Registrierungsnummern: 333-275587 / 333-275587-01
Fazit für Investoren: Die Struktur bietet einen Hebel nach oben und einen 35%-Puffer, beinhaltet jedoch erhebliche Risiken: (i) das "Worst-of"-Design erhöht die Abwärtswahrscheinlichkeit, (ii) das Kapital ist unterhalb des Schwellenwerts ungeschützt, (iii) die Bewertung liegt bei Emission unter dem Nennwert, (iv) die steuerliche Behandlung ist unklar, und (v) Investoren tragen das Kredit- und Sekundärmarktrisiko von MS.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,055
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 5, 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.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underliers: |
S&P 500® Index (SPX), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
|
Leverage factor: |
160% to 175% |
|
Downside threshold level: |
65% of the initial level for each underlier |
|
Pricing date: |
July 31, 2025 |
|
Observation date: |
July 31, 2030 |
|
Maturity date: |
August 5, 2030 |
|
CUSIP: |
61778NAZ4 |
|
Estimated value: |
$943.40 per security, or within $55.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036023/ms9055_424b2-19691.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% |
$1,960.00* |
|
+40.00% |
$1,640.00* |
|
+20.00% |
$1,320.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-35.00% |
$1,000.00 |
|
-36.00% |
$640.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
|
*Assumes a leverage factor of 160% |
|
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 leverage factor do the Morgan Stanley Trigger PLUS notes (MS) offer?
How much downside protection is built into the SPX/NDX/RTY Trigger PLUS?
What happens if the worst index breaches the 65% threshold?
Are the Trigger PLUS notes listed on an exchange?
What is the estimated value versus the $1,000 issue price?
Do the notes pay periodic interest or dividends?
What are the key credit considerations for investors?
