[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing SPX Dual Directional Buffered Participation Securities maturing on August 1, 2030. The note’s performance is linked to the S&P 500 Index (SPX) and offers both upside participation and limited protection against moderate declines.
- Upside mechanics: Investors receive 100% of any index gain, capped by a maximum payment of 147.5%–152.5% of principal (≈ $1,475–$1,525).
- Downside mechanics: A 20% buffer absorbs the first 20% of index losses. Within this range, the note pays an amount equal to the absolute return (e.g., –10% SPX = +10% payout). Losses beyond –20% are borne on a 1-for-1 basis, up to an 80% maximum loss.
- Key dates: Pricing 7/28/2025, single observation 7/29/2030, maturity 8/1/2030.
- Issue price: $1,000; estimated value: ≈ $926.70 (reflects dealer margin and hedging costs).
- Credit & liquidity: Payments depend on Morgan Stanley’s credit. The securities are unlisted, and secondary trading may be limited.
The offering is made under Registration Statement Nos. 333-275587 and 333-275587-01, via preliminary pricing supplement No. 9,061. Prospective investors should review the detailed risk factors and tax considerations before investing.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, sta promuovendo le SPX Dual Directional Buffered Participation Securities con scadenza il 1 agosto 2030. La performance del titolo è collegata all'Indice S&P 500 (SPX) e offre sia partecipazione al rialzo che una protezione limitata contro cali moderati.
- Meccanismo di rialzo: Gli investitori ricevono il 100% di qualsiasi guadagno dell'indice, con un pagamento massimo compreso tra il 147,5% e il 152,5% del capitale investito (circa $1.475–$1.525).
- Meccanismo di ribasso: Un buffer del 20% assorbe le prime perdite dell'indice fino al 20%. In questo intervallo, il titolo paga un importo pari al rendimento assoluto (es. –10% SPX = +10% di pagamento). Perdite oltre il –20% sono a carico dell'investitore in proporzione 1:1, fino a una perdita massima dell'80%.
- Date chiave: Prezzo 28/07/2025, osservazione unica 29/07/2030, scadenza 01/08/2030.
- Prezzo di emissione: $1.000; valore stimato: circa $926,70 (include margine del dealer e costi di copertura).
- Credito e liquidità: I pagamenti dipendono dal merito creditizio di Morgan Stanley. I titoli non sono quotati e il trading secondario potrebbe essere limitato.
L'offerta è effettuata ai sensi delle Registrazioni No. 333-275587 e 333-275587-01, tramite il supplemento preliminare di prezzo No. 9.061. Gli investitori potenziali dovrebbero esaminare attentamente i fattori di rischio e le considerazioni fiscali prima di investire.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, está comercializando los SPX Dual Directional Buffered Participation Securities con vencimiento el 1 de agosto de 2030. El rendimiento del bono está vinculado al Índice S&P 500 (SPX) y ofrece participación al alza junto con una protección limitada frente a caídas moderadas.
- Mecánica al alza: Los inversores reciben el 100% de cualquier ganancia del índice, con un pago máximo entre el 147,5% y 152,5% del principal (aproximadamente $1,475–$1,525).
- Mecánica a la baja: Un amortiguador del 20% absorbe las primeras pérdidas del índice hasta el 20%. Dentro de este rango, el bono paga una cantidad igual al rendimiento absoluto (por ejemplo, –10% SPX = +10% de pago). Las pérdidas que excedan el –20% se asumen 1 a 1, hasta una pérdida máxima del 80%.
- Fechas clave: Precio 28/07/2025, observación única 29/07/2030, vencimiento 01/08/2030.
- Precio de emisión: $1,000; valor estimado: aproximadamente $926.70 (incluye margen del distribuidor y costos de cobertura).
- Crédito y liquidez: Los pagos dependen del crédito de Morgan Stanley. Los valores no están listados y el comercio secundario puede ser limitado.
La oferta se realiza bajo las Declaraciones de Registro Nos. 333-275587 y 333-275587-01, mediante el suplemento preliminar de precios No. 9,061. Los inversores potenciales deben revisar detalladamente los factores de riesgo y consideraciones fiscales antes de invertir.
Morgan Stanley Finance LLC는 Morgan Stanley의 보증을 받아 SPX 이중 방향 버퍼 참여 증권을 2030년 8월 1일 만기로 판매 중입니다. 이 증권의 성과는 S&P 500 지수(SPX)에 연동되며, 상승 참여와 완만한 하락에 대한 제한된 보호를 제공합니다.
- 상승 메커니즘: 투자자는 지수 상승분의 100%를 받으며, 원금의 최대 147.5%~152.5%까지 지급됩니다(약 $1,475~$1,525).
- 하락 메커니즘: 20% 버퍼가 지수 손실의 처음 20%를 흡수합니다. 이 범위 내에서는 증권이 절대 수익률에 해당하는 금액을 지급합니다(예: –10% SPX = +10% 지급). –20%를 초과하는 손실은 1대1 비율로 투자자가 부담하며 최대 80% 손실까지 가능합니다.
- 주요 일정: 가격 책정 2025년 7월 28일, 단일 관찰일 2030년 7월 29일, 만기 2030년 8월 1일.
- 발행 가격: $1,000; 추정 가치: 약 $926.70 (딜러 마진 및 헤지 비용 반영).
- 신용 및 유동성: 지급은 Morgan Stanley의 신용도에 따라 달라집니다. 증권은 비상장되어 있으며, 2차 거래가 제한될 수 있습니다.
본 제안은 등록 명세서 번호 333-275587 및 333-275587-01에 따라 예비 가격 보충서 번호 9,061을 통해 이루어졌습니다. 투자자는 투자 전 상세한 위험 요소와 세금 관련 사항을 검토해야 합니다.
Morgan Stanley Finance LLC, garantie par Morgan Stanley, commercialise les SPX Dual Directional Buffered Participation Securities arrivant à échéance le 1er août 2030. La performance de la note est liée à l'indice S&P 500 (SPX) et offre à la fois une participation à la hausse et une protection limitée contre des baisses modérées.
- Mécanisme à la hausse : Les investisseurs reçoivent 100 % de toute hausse de l'indice, plafonnée par un paiement maximum de 147,5 % à 152,5 % du principal (environ 1 475 $–1 525 $).
- Mécanisme à la baisse : Un buffer de 20 % absorbe les premières pertes de l'indice jusqu'à 20 %. Dans cette fourchette, la note verse un montant égal au rendement absolu (par exemple, –10 % SPX = +10 % de paiement). Les pertes au-delà de –20 % sont supportées au prorata de 1 pour 1, jusqu'à une perte maximale de 80 %.
- Dates clés : Prix fixé au 28/07/2025, observation unique au 29/07/2030, échéance au 01/08/2030.
- Prix d'émission : 1 000 $ ; valeur estimée : environ 926,70 $ (inclut la marge du vendeur et les coûts de couverture).
- Crédit et liquidité : Les paiements dépendent de la solvabilité de Morgan Stanley. Les titres ne sont pas cotés et le marché secondaire peut être limité.
L'offre est réalisée dans le cadre des déclarations d'enregistrement n° 333-275587 et 333-275587-01, via le supplément préliminaire de prix n° 9 061. Les investisseurs potentiels doivent examiner attentivement les facteurs de risque détaillés et les considérations fiscales avant d'investir.
Morgan Stanley Finance LLC, garantiert durch Morgan Stanley, bietet SPX Dual Directional Buffered Participation Securities mit Fälligkeit am 1. August 2030 an. Die Wertentwicklung der Note ist an den S&P 500 Index (SPX) gekoppelt und bietet sowohl Aufwärtsbeteiligung als auch begrenzten Schutz vor moderaten Rückgängen.
- Aufwärtsmechanik: Anleger erhalten 100 % jeglicher Indexgewinne, begrenzt durch eine maximale Auszahlung von 147,5 %–152,5 % des Kapitals (ca. $1.475–$1.525).
- Abwärtsmechanik: Ein 20 % Puffer absorbiert die ersten 20 % Indexverluste. Innerhalb dieses Bereichs zahlt die Note einen Betrag in Höhe der absoluten Rendite (z. B. –10 % SPX = +10 % Auszahlung). Verluste über –20 % trägt der Anleger 1:1, bis zu einem maximalen Verlust von 80 %.
- Wichtige Termine: Preisfeststellung 28.07.2025, einmalige Beobachtung 29.07.2030, Fälligkeit 01.08.2030.
- Ausgabepreis: $1.000; geschätzter Wert: ca. $926,70 (berücksichtigt Händleraufschlag und Absicherungskosten).
- Kredit- & Liquiditätsrisiko: Zahlungen hängen von der Bonität von Morgan Stanley ab. Die Wertpapiere sind nicht börsennotiert und der Sekundärhandel kann eingeschränkt sein.
Das Angebot erfolgt unter den Registrierungsnummern 333-275587 und 333-275587-01 über das vorläufige Preiszusatzblatt Nr. 9.061. Potenzielle Anleger sollten die ausführlichen Risikofaktoren und steuerlichen Aspekte vor einer Investition sorgfältig prüfen.
- 20% downside buffer offers partial principal protection against moderate market drops.
- 100% upside and absolute return participation provide potential gains in both modestly positive and modestly negative SPX scenarios.
- Credit support from Morgan Stanley, an A-rated global bank, underpins payment obligations.
- Upside cap of ~47.5%–52.5% limits participation in strong bull markets.
- No periodic interest payments; investors rely solely on maturity value.
- Estimated value 7.3% below issue price reflects significant embedded costs.
- Unlisted security may suffer from poor liquidity and wide bid-ask spreads.
- Full downside beyond –20% exposes investors to up to 80% loss of principal.
Insights
TL;DR Neutral impact; routine launch of capped-upside, buffered SPX note with standard MS credit risk and 20% downside cushion.
The note is a typical dual-directional buffered structure: it provides full upside participation subject to a cap (≈ 47.5%–52.5%), and converts moderate declines into positive returns via the absolute return feature up to the 20% buffer. Beyond that, investors face linear downside exposure. Estimated value at 92.7% of issue price implies an embedded fee of roughly 7.3%, in line with peer offerings. Credit exposure is to Morgan Stanley, rated A-/A1; no new information changes the credit profile. Because issuance size is not disclosed and these notes are ordinarily hedged delta-neutral, the impact on Morgan Stanley’s earnings and capital is immaterial. From an investor standpoint, attractiveness hinges on market view of SPX range-bound moves and tolerance for illiquidity. The product may suit tactically bullish or moderately bearish investors seeking defined outcomes, but opportunity cost versus direct index exposure and fee drag are notable.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, sta promuovendo le SPX Dual Directional Buffered Participation Securities con scadenza il 1 agosto 2030. La performance del titolo è collegata all'Indice S&P 500 (SPX) e offre sia partecipazione al rialzo che una protezione limitata contro cali moderati.
- Meccanismo di rialzo: Gli investitori ricevono il 100% di qualsiasi guadagno dell'indice, con un pagamento massimo compreso tra il 147,5% e il 152,5% del capitale investito (circa $1.475–$1.525).
- Meccanismo di ribasso: Un buffer del 20% assorbe le prime perdite dell'indice fino al 20%. In questo intervallo, il titolo paga un importo pari al rendimento assoluto (es. –10% SPX = +10% di pagamento). Perdite oltre il –20% sono a carico dell'investitore in proporzione 1:1, fino a una perdita massima dell'80%.
- Date chiave: Prezzo 28/07/2025, osservazione unica 29/07/2030, scadenza 01/08/2030.
- Prezzo di emissione: $1.000; valore stimato: circa $926,70 (include margine del dealer e costi di copertura).
- Credito e liquidità: I pagamenti dipendono dal merito creditizio di Morgan Stanley. I titoli non sono quotati e il trading secondario potrebbe essere limitato.
L'offerta è effettuata ai sensi delle Registrazioni No. 333-275587 e 333-275587-01, tramite il supplemento preliminare di prezzo No. 9.061. Gli investitori potenziali dovrebbero esaminare attentamente i fattori di rischio e le considerazioni fiscali prima di investire.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, está comercializando los SPX Dual Directional Buffered Participation Securities con vencimiento el 1 de agosto de 2030. El rendimiento del bono está vinculado al Índice S&P 500 (SPX) y ofrece participación al alza junto con una protección limitada frente a caídas moderadas.
- Mecánica al alza: Los inversores reciben el 100% de cualquier ganancia del índice, con un pago máximo entre el 147,5% y 152,5% del principal (aproximadamente $1,475–$1,525).
- Mecánica a la baja: Un amortiguador del 20% absorbe las primeras pérdidas del índice hasta el 20%. Dentro de este rango, el bono paga una cantidad igual al rendimiento absoluto (por ejemplo, –10% SPX = +10% de pago). Las pérdidas que excedan el –20% se asumen 1 a 1, hasta una pérdida máxima del 80%.
- Fechas clave: Precio 28/07/2025, observación única 29/07/2030, vencimiento 01/08/2030.
- Precio de emisión: $1,000; valor estimado: aproximadamente $926.70 (incluye margen del distribuidor y costos de cobertura).
- Crédito y liquidez: Los pagos dependen del crédito de Morgan Stanley. Los valores no están listados y el comercio secundario puede ser limitado.
La oferta se realiza bajo las Declaraciones de Registro Nos. 333-275587 y 333-275587-01, mediante el suplemento preliminar de precios No. 9,061. Los inversores potenciales deben revisar detalladamente los factores de riesgo y consideraciones fiscales antes de invertir.
Morgan Stanley Finance LLC는 Morgan Stanley의 보증을 받아 SPX 이중 방향 버퍼 참여 증권을 2030년 8월 1일 만기로 판매 중입니다. 이 증권의 성과는 S&P 500 지수(SPX)에 연동되며, 상승 참여와 완만한 하락에 대한 제한된 보호를 제공합니다.
- 상승 메커니즘: 투자자는 지수 상승분의 100%를 받으며, 원금의 최대 147.5%~152.5%까지 지급됩니다(약 $1,475~$1,525).
- 하락 메커니즘: 20% 버퍼가 지수 손실의 처음 20%를 흡수합니다. 이 범위 내에서는 증권이 절대 수익률에 해당하는 금액을 지급합니다(예: –10% SPX = +10% 지급). –20%를 초과하는 손실은 1대1 비율로 투자자가 부담하며 최대 80% 손실까지 가능합니다.
- 주요 일정: 가격 책정 2025년 7월 28일, 단일 관찰일 2030년 7월 29일, 만기 2030년 8월 1일.
- 발행 가격: $1,000; 추정 가치: 약 $926.70 (딜러 마진 및 헤지 비용 반영).
- 신용 및 유동성: 지급은 Morgan Stanley의 신용도에 따라 달라집니다. 증권은 비상장되어 있으며, 2차 거래가 제한될 수 있습니다.
본 제안은 등록 명세서 번호 333-275587 및 333-275587-01에 따라 예비 가격 보충서 번호 9,061을 통해 이루어졌습니다. 투자자는 투자 전 상세한 위험 요소와 세금 관련 사항을 검토해야 합니다.
Morgan Stanley Finance LLC, garantie par Morgan Stanley, commercialise les SPX Dual Directional Buffered Participation Securities arrivant à échéance le 1er août 2030. La performance de la note est liée à l'indice S&P 500 (SPX) et offre à la fois une participation à la hausse et une protection limitée contre des baisses modérées.
- Mécanisme à la hausse : Les investisseurs reçoivent 100 % de toute hausse de l'indice, plafonnée par un paiement maximum de 147,5 % à 152,5 % du principal (environ 1 475 $–1 525 $).
- Mécanisme à la baisse : Un buffer de 20 % absorbe les premières pertes de l'indice jusqu'à 20 %. Dans cette fourchette, la note verse un montant égal au rendement absolu (par exemple, –10 % SPX = +10 % de paiement). Les pertes au-delà de –20 % sont supportées au prorata de 1 pour 1, jusqu'à une perte maximale de 80 %.
- Dates clés : Prix fixé au 28/07/2025, observation unique au 29/07/2030, échéance au 01/08/2030.
- Prix d'émission : 1 000 $ ; valeur estimée : environ 926,70 $ (inclut la marge du vendeur et les coûts de couverture).
- Crédit et liquidité : Les paiements dépendent de la solvabilité de Morgan Stanley. Les titres ne sont pas cotés et le marché secondaire peut être limité.
L'offre est réalisée dans le cadre des déclarations d'enregistrement n° 333-275587 et 333-275587-01, via le supplément préliminaire de prix n° 9 061. Les investisseurs potentiels doivent examiner attentivement les facteurs de risque détaillés et les considérations fiscales avant d'investir.
Morgan Stanley Finance LLC, garantiert durch Morgan Stanley, bietet SPX Dual Directional Buffered Participation Securities mit Fälligkeit am 1. August 2030 an. Die Wertentwicklung der Note ist an den S&P 500 Index (SPX) gekoppelt und bietet sowohl Aufwärtsbeteiligung als auch begrenzten Schutz vor moderaten Rückgängen.
- Aufwärtsmechanik: Anleger erhalten 100 % jeglicher Indexgewinne, begrenzt durch eine maximale Auszahlung von 147,5 %–152,5 % des Kapitals (ca. $1.475–$1.525).
- Abwärtsmechanik: Ein 20 % Puffer absorbiert die ersten 20 % Indexverluste. Innerhalb dieses Bereichs zahlt die Note einen Betrag in Höhe der absoluten Rendite (z. B. –10 % SPX = +10 % Auszahlung). Verluste über –20 % trägt der Anleger 1:1, bis zu einem maximalen Verlust von 80 %.
- Wichtige Termine: Preisfeststellung 28.07.2025, einmalige Beobachtung 29.07.2030, Fälligkeit 01.08.2030.
- Ausgabepreis: $1.000; geschätzter Wert: ca. $926,70 (berücksichtigt Händleraufschlag und Absicherungskosten).
- Kredit- & Liquiditätsrisiko: Zahlungen hängen von der Bonität von Morgan Stanley ab. Die Wertpapiere sind nicht börsennotiert und der Sekundärhandel kann eingeschränkt sein.
Das Angebot erfolgt unter den Registrierungsnummern 333-275587 und 333-275587-01 über das vorläufige Preiszusatzblatt Nr. 9.061. Potenzielle Anleger sollten die ausführlichen Risikofaktoren und steuerlichen Aspekte vor einer Investition sorgfältig prüfen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,061
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
SPX Dual Directional Buffered Participation Securities 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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Underlier: |
S&P 500® Index (SPX) |
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Maximum upside payment at maturity: |
$1,475 to $1,525 per security (147.50% to 152.50% of the stated principal amount) |
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Upside participation rate: |
100% |
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Absolute return participation rate: |
100% |
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Buffer amount: |
20% (80% maximum loss)1 |
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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: |
61778NBF7 |
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Estimated value: |
$926.70 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035651/ms9061_424b2-19402.htm |
1All payments are subject to our credit risk
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Hypothetical Payment at Maturity1 The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities.
|
|
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Security |
|
+100.00% |
$1,475.00* |
|
+80.00% |
$1,475.00* |
|
+60.00% |
$1,475.00* |
|
+47.50% |
$1,475.00 |
|
+40.00% |
$1,400.00 |
|
+20.00% |
$1,200.00 |
|
0.00% |
$1,000.00 |
|
-10.00% |
$1,100.00 |
|
-20.00% |
$1,200.00 |
|
-21.00% |
$990.00 |
|
-40.00% |
$800.00 |
|
-60.00% |
$600.00 |
|
-80.00% |
$400.00 |
|
-100.00% |
$200.00 |
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*Assumes a maximum upside payment at maturity of $1,475 per security |
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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 provide for only the minimum payment at maturity and do not pay interest.
●The appreciation potential of the securities is limited by the maximum upside payment at maturity.
●Any positive return on the securities that is based on the depreciation of the underlier is effectively capped.
●The amount payable on the securities is not linked to the value of the underlier 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.
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 is the ticker symbol or CUSIP for Morgan Stanley’s SPX Dual Directional Buffered Securities?
How much upside can investors earn on these Morgan Stanley (MS) notes?
What protection do investors have against SPX declines?
When do these structured notes from Morgan Stanley mature?
Why is the estimated value lower than the $1,000 issue price?
