[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC is offering Market Linked Securities auto-callable with leveraged upside participation, linked to the lowest performing stocks of Broadcom, Alphabet (Class C), and Netflix, due July 21, 2028. Key features include:
- Face amount of $1,000 per security with automatic call feature if lowest performing stock meets/exceeds starting price
- Call payment of at least 43.25% premium if called on July 23, 2026
- 300% participation rate in upside performance at maturity
- Downside protection until 60% threshold price, with absolute return feature
- Full exposure to losses if lowest performing stock falls below threshold price
Estimated value per security is $962.10. Notable risks include credit risk, no interest payments, capped returns, and exposure to worst-performing stock. Securities are not FDIC insured and involve complex features. Morgan Stanley & Co. LLC and Wells Fargo Securities act as agents with specified commissions.
Morgan Stanley Finance LLC offre titoli Market Linked auto-richiamabili con partecipazione al rialzo con leva, collegati alle azioni con la performance più bassa di Broadcom, Alphabet (Classe C) e Netflix, con scadenza il 21 luglio 2028. Le caratteristiche principali includono:
- Importo nominale di 1.000$ per titolo con funzione di richiamo automatico se l'azione con la performance più bassa raggiunge o supera il prezzo iniziale
- Pagamento alla richiamata di almeno un premio del 43,25% se richiamato il 23 luglio 2026
- Tasso di partecipazione del 300% all’andamento positivo a scadenza
- Protezione al ribasso fino a una soglia del 60% del prezzo, con funzione di rendimento assoluto
- Esposizione completa alle perdite se l’azione con la performance peggiore scende sotto la soglia
Il valore stimato per titolo è di 962,10$. I rischi principali includono rischio di credito, assenza di pagamenti di interessi, rendimenti limitati e esposizione all’azione peggiore. I titoli non sono assicurati FDIC e presentano caratteristiche complesse. Morgan Stanley & Co. LLC e Wells Fargo Securities agiscono come agenti con commissioni specificate.
Morgan Stanley Finance LLC ofrece valores vinculados al mercado auto-llamables con participación al alza apalancada, ligados a las acciones de peor desempeño de Broadcom, Alphabet (Clase C) y Netflix, con vencimiento el 21 de julio de 2028. Las características clave incluyen:
- Importe nominal de $1,000 por valor con función de llamada automática si la acción de peor desempeño alcanza o supera el precio inicial
- Pago de llamada con una prima mínima del 43.25% si se llama el 23 de julio de 2026
- Tasa de participación del 300% en el rendimiento al alza al vencimiento
- Protección a la baja hasta un precio umbral del 60%, con función de rendimiento absoluto
- Exposición total a pérdidas si la acción de peor desempeño cae por debajo del precio umbral
El valor estimado por valor es de $962.10. Los riesgos notables incluyen riesgo crediticio, ausencia de pagos de intereses, rendimientos limitados y exposición a la acción de peor desempeño. Los valores no están asegurados por la FDIC y tienen características complejas. Morgan Stanley & Co. LLC y Wells Fargo Securities actúan como agentes con comisiones especificadas.
Morgan Stanley Finance LLC는 Broadcom, Alphabet (Class C), Netflix 중 최저 실적 주식과 연계된 레버리지 상승 참여가 가능한 자동 콜 기능이 있는 시장 연계 증권을 2028년 7월 21일 만기 조건으로 제공합니다. 주요 특징은 다음과 같습니다:
- 증권당 $1,000 액면가, 최저 실적 주식이 시작 가격 이상일 경우 자동 콜 기능
- 2026년 7월 23일 콜 시 최소 43.25% 프리미엄 지급
- 만기 시 상승 성과에 대해 300% 참여율
- 60% 가격 임계값까지 하락 보호 및 절대 수익 기능
- 최저 실적 주식이 임계값 아래로 떨어지면 손실에 전면 노출
증권당 예상 가치는 $962.10입니다. 주요 위험 요소로는 신용 위험, 이자 지급 없음, 수익 상한, 최저 실적 주식에 대한 노출 등이 있습니다. 증권은 FDIC 보험 대상이 아니며 복잡한 특성을 포함합니다. Morgan Stanley & Co. LLC와 Wells Fargo Securities가 지정된 수수료와 함께 대리인 역할을 합니다.
Morgan Stanley Finance LLC propose des titres liés au marché, auto-remboursables, avec une participation à effet de levier à la hausse, liés aux actions les moins performantes de Broadcom, Alphabet (Classe C) et Netflix, arrivant à échéance le 21 juillet 2028. Les caractéristiques clés comprennent :
- Montant nominal de 1 000 $ par titre avec option de rappel automatique si l'action la moins performante atteint ou dépasse le prix de départ
- Paiement de rappel avec une prime d'au moins 43,25% si rappelé le 23 juillet 2026
- Taux de participation de 300% à la performance à la hausse à l'échéance
- Protection à la baisse jusqu'au seuil de 60%, avec fonction de rendement absolu
- Exposition totale aux pertes si l'action la moins performante tombe en dessous du seuil
La valeur estimée par titre est de 962,10 $. Les risques notables incluent le risque de crédit, l'absence de paiements d'intérêts, des rendements plafonnés et une exposition à l'action la moins performante. Les titres ne sont pas assurés par la FDIC et comportent des caractéristiques complexes. Morgan Stanley & Co. LLC et Wells Fargo Securities agissent en tant qu'agents avec des commissions spécifiées.
Morgan Stanley Finance LLC bietet marktgebundene Wertpapiere mit automatischer Rückrufoption und gehebelter Aufwärtsbeteiligung an, die an die am schlechtesten performenden Aktien von Broadcom, Alphabet (Klasse C) und Netflix gekoppelt sind, mit Fälligkeit am 21. Juli 2028. Die Hauptmerkmale sind:
- Nennbetrag von 1.000 $ pro Wertpapier mit automatischer Rückrufoption, wenn die am schlechtesten performende Aktie den Startpreis erreicht oder übersteigt
- Rückzahlungsprämie von mindestens 43,25%, falls am 23. Juli 2026 zurückgerufen wird
- 300% Beteiligungsrate an der Aufwärtsentwicklung bei Fälligkeit
- Abwärtsschutz bis zur 60%-Schwelle mit absoluter Renditefunktion
- Volle Verlustaussetzung, falls die am schlechtesten performende Aktie unter die Schwelle fällt
Der geschätzte Wert pro Wertpapier beträgt 962,10 $. Wesentliche Risiken umfassen Kreditrisiko, keine Zinszahlungen, begrenzte Renditen und Exponierung gegenüber der am schlechtesten performenden Aktie. Die Wertpapiere sind nicht FDIC-versichert und weisen komplexe Merkmale auf. Morgan Stanley & Co. LLC und Wells Fargo Securities fungieren als Agenten mit angegebenen Provisionen.
- Significant upside potential with 300% participation rate on the upside if the lowest performing stock among AVGO, GOOG, and NFLX appreciates
- Built-in downside protection with absolute return feature if stocks decline but remain above 60% threshold
- Attractive early call premium of at least 43.25% if called after first year
- High risk of principal loss - investors can lose over 40% of investment if any underlying stock falls below threshold price
- Complex structure makes valuation difficult - estimated initial value ($962.10) is below face value ($1,000)
- Limited liquidity with no exchange listing and potentially limited secondary market trading
- Exposure to worst performing stock among three tech companies increases downside risk compared to single-stock exposure
Morgan Stanley Finance LLC offre titoli Market Linked auto-richiamabili con partecipazione al rialzo con leva, collegati alle azioni con la performance più bassa di Broadcom, Alphabet (Classe C) e Netflix, con scadenza il 21 luglio 2028. Le caratteristiche principali includono:
- Importo nominale di 1.000$ per titolo con funzione di richiamo automatico se l'azione con la performance più bassa raggiunge o supera il prezzo iniziale
- Pagamento alla richiamata di almeno un premio del 43,25% se richiamato il 23 luglio 2026
- Tasso di partecipazione del 300% all’andamento positivo a scadenza
- Protezione al ribasso fino a una soglia del 60% del prezzo, con funzione di rendimento assoluto
- Esposizione completa alle perdite se l’azione con la performance peggiore scende sotto la soglia
Il valore stimato per titolo è di 962,10$. I rischi principali includono rischio di credito, assenza di pagamenti di interessi, rendimenti limitati e esposizione all’azione peggiore. I titoli non sono assicurati FDIC e presentano caratteristiche complesse. Morgan Stanley & Co. LLC e Wells Fargo Securities agiscono come agenti con commissioni specificate.
Morgan Stanley Finance LLC ofrece valores vinculados al mercado auto-llamables con participación al alza apalancada, ligados a las acciones de peor desempeño de Broadcom, Alphabet (Clase C) y Netflix, con vencimiento el 21 de julio de 2028. Las características clave incluyen:
- Importe nominal de $1,000 por valor con función de llamada automática si la acción de peor desempeño alcanza o supera el precio inicial
- Pago de llamada con una prima mínima del 43.25% si se llama el 23 de julio de 2026
- Tasa de participación del 300% en el rendimiento al alza al vencimiento
- Protección a la baja hasta un precio umbral del 60%, con función de rendimiento absoluto
- Exposición total a pérdidas si la acción de peor desempeño cae por debajo del precio umbral
El valor estimado por valor es de $962.10. Los riesgos notables incluyen riesgo crediticio, ausencia de pagos de intereses, rendimientos limitados y exposición a la acción de peor desempeño. Los valores no están asegurados por la FDIC y tienen características complejas. Morgan Stanley & Co. LLC y Wells Fargo Securities actúan como agentes con comisiones especificadas.
Morgan Stanley Finance LLC는 Broadcom, Alphabet (Class C), Netflix 중 최저 실적 주식과 연계된 레버리지 상승 참여가 가능한 자동 콜 기능이 있는 시장 연계 증권을 2028년 7월 21일 만기 조건으로 제공합니다. 주요 특징은 다음과 같습니다:
- 증권당 $1,000 액면가, 최저 실적 주식이 시작 가격 이상일 경우 자동 콜 기능
- 2026년 7월 23일 콜 시 최소 43.25% 프리미엄 지급
- 만기 시 상승 성과에 대해 300% 참여율
- 60% 가격 임계값까지 하락 보호 및 절대 수익 기능
- 최저 실적 주식이 임계값 아래로 떨어지면 손실에 전면 노출
증권당 예상 가치는 $962.10입니다. 주요 위험 요소로는 신용 위험, 이자 지급 없음, 수익 상한, 최저 실적 주식에 대한 노출 등이 있습니다. 증권은 FDIC 보험 대상이 아니며 복잡한 특성을 포함합니다. Morgan Stanley & Co. LLC와 Wells Fargo Securities가 지정된 수수료와 함께 대리인 역할을 합니다.
Morgan Stanley Finance LLC propose des titres liés au marché, auto-remboursables, avec une participation à effet de levier à la hausse, liés aux actions les moins performantes de Broadcom, Alphabet (Classe C) et Netflix, arrivant à échéance le 21 juillet 2028. Les caractéristiques clés comprennent :
- Montant nominal de 1 000 $ par titre avec option de rappel automatique si l'action la moins performante atteint ou dépasse le prix de départ
- Paiement de rappel avec une prime d'au moins 43,25% si rappelé le 23 juillet 2026
- Taux de participation de 300% à la performance à la hausse à l'échéance
- Protection à la baisse jusqu'au seuil de 60%, avec fonction de rendement absolu
- Exposition totale aux pertes si l'action la moins performante tombe en dessous du seuil
La valeur estimée par titre est de 962,10 $. Les risques notables incluent le risque de crédit, l'absence de paiements d'intérêts, des rendements plafonnés et une exposition à l'action la moins performante. Les titres ne sont pas assurés par la FDIC et comportent des caractéristiques complexes. Morgan Stanley & Co. LLC et Wells Fargo Securities agissent en tant qu'agents avec des commissions spécifiées.
Morgan Stanley Finance LLC bietet marktgebundene Wertpapiere mit automatischer Rückrufoption und gehebelter Aufwärtsbeteiligung an, die an die am schlechtesten performenden Aktien von Broadcom, Alphabet (Klasse C) und Netflix gekoppelt sind, mit Fälligkeit am 21. Juli 2028. Die Hauptmerkmale sind:
- Nennbetrag von 1.000 $ pro Wertpapier mit automatischer Rückrufoption, wenn die am schlechtesten performende Aktie den Startpreis erreicht oder übersteigt
- Rückzahlungsprämie von mindestens 43,25%, falls am 23. Juli 2026 zurückgerufen wird
- 300% Beteiligungsrate an der Aufwärtsentwicklung bei Fälligkeit
- Abwärtsschutz bis zur 60%-Schwelle mit absoluter Renditefunktion
- Volle Verlustaussetzung, falls die am schlechtesten performende Aktie unter die Schwelle fällt
Der geschätzte Wert pro Wertpapier beträgt 962,10 $. Wesentliche Risiken umfassen Kreditrisiko, keine Zinszahlungen, begrenzte Renditen und Exponierung gegenüber der am schlechtesten performenden Aktie. Die Wertpapiere sind nicht FDIC-versichert und weisen komplexe Merkmale auf. Morgan Stanley & Co. LLC und Wells Fargo Securities fungieren als Agenten mit angegebenen Provisionen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,143
Filed pursuant to Rule 433
Registration Statement Nos. 333-275587; 333-275587-01
June 27, 2025
Morgan Stanley Finance LLC
Structured Investments
Market Linked Securities— Auto-Callable with Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Broadcom Inc., the Class C Common Stock of Alphabet Inc. and the Common Stock of Netflix, Inc. due July 21, 2028
Fully and Unconditionally Guaranteed by Morgan Stanley
Summary of terms
|
Issuer and guarantor |
Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
|
Underlying stocks |
Common stock of Broadcom Inc. (the “AVGO Stock”), class C common stock of Alphabet Inc. (the “GOOG Stock”) and the common stock of Netflix, Inc. (the “NFLX Stock”) |
|
Pricing date* |
July 18, 2025 |
|
Original issue date* |
July 23, 2025 |
|
Face amount |
$1,000 per security |
|
Automatic call |
If, on the call date, the stock closing price of the lowest performing underlying stock is greater than or equal to its starting price, the securities will be automatically called for the call payment on the call settlement date. |
|
Call date* |
July 23, 2026 |
|
Call settlement date |
Three business days after the call date |
|
Call payment |
At least $1,432.50 per security, which corresponds to a call premium of at least approximately 43.25% of the face amount (to be determined on the pricing date). |
|
Maturity payment amount (per security) |
If the securities are not automatically called prior to maturity, you will be entitled to receive on the maturity date a cash payment per security as follows: ●if the ending price of the lowest performing underlying stock is greater than its starting price: $1,000 + ($1,000 × stock return of the lowest performing underlying stock × participation rate) ●if the ending price of the lowest performing underlying stock is equal to or less than its starting price but greater than or equal to its threshold price: $1,000 + ($1,000 × absolute stock return of lowest performing underlying stock) ●if the ending price of the lowest performing underlying stock is less than its threshold price: $1,000 + $1,000 × (stock return of the lowest performing underlying stock) |
|
Stock return |
For each underlying stock, (ending price - starting price) / (starting price) |
|
Absolute stock return |
The absolute value of the stock return. For example, a -5% stock return for the lowest performing underlying stock will result in a +5% absolute stock return. |
|
Lowest performing underlying stock |
The underlying stock with the lower stock return |
|
Maturity date* |
July 21, 2028 |
|
Starting price |
For each underlying stock, the stock closing price on the pricing date |
|
Ending price |
For each underlying stock, the stock closing price on the calculation day |
|
Threshold price |
For each underlying stock, 60% of the starting price |
|
Participation rate |
300% |
|
Calculation day* |
July 18, 2028, subject to postponement for non-trading days and certain market disruption events. |
|
Calculation agent |
Morgan Stanley & Co. LLC, an affiliate of the issuer and the guarantor |
|
Denominations |
$1,000 and any integral multiple of $1,000 |
|
Agent discount** |
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $25.75 for each security it sells. Dealers, including Wells Fargo Advisors (“WFA”), may receive a selling concession of up to $20.00 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
|
CUSIP |
61778NEM9 |
|
Tax considerations |
See preliminary pricing supplement |
Hypothetical payout profile**
**assumes a call premium equal to the lowest possible call premium that may be determined on the pricing date
If the securities are not automatically called prior to maturity and the ending price of ANY underlying stock is less than its threshold price, you will be exposed to the decline in the stock closing price of the lowest performing underlying stock. You may lose more than 40%, and possibly all, of your investment.
The face amount of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000 per security. We estimate that the value of each security on the pricing date will be approximately $962.10, or within $45.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement. See “Estimated Value of the Securities” in the accompanying preliminary pricing supplement for further information.
This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement referenced below, product supplement for principal at risk securities and prospectus, and the “Selected risk considerations” on the following page, before making a decision to invest in the securities.
Preliminary pricing supplement:
https://www.sec.gov/Archives/edgar/data/895421/000183988225035273/ms9143_424b2-19257.htm
*subject to change
** In addition, selected dealers may receive a fee of up to 0.2% for marketing and other services
The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Selected risk considerations” in this term sheet and “Risk Factors” in the accompanying preliminary pricing supplement and product supplement. All payments on the securities are subject to our credit risk.
This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.
Selected risk considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement, product supplement for principal at risk securities and prospectus. Please review those risk factors carefully.
Risks Relating to an Investment in the Securities
●The securities do not pay interest or guarantee the return of the face amount of your securities at maturity.
●Any positive return based on the depreciation of the lowest performing underlying stock is effectively capped.
●If the securities are automatically called prior to maturity, the appreciation potential of the securities is limited by the fixed call payment specified for the call date.
●The market price will 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.
●Investing in the securities is not equivalent to investing in the underlying stocks.
●Reinvestment risk.
●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 face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount 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.
●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.
●The maturity date may be postponed if the calculation day is postponed.
●Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlying Stocks
●You are exposed to the price risk of each underlying stock.
●Because the securities are linked to the performance of the lowest performing underlying stock, you are exposed to greater risk of sustaining a loss on your investment than if the securities were linked to just one underlying stock.
●No affiliation with Broadcom Inc., Alphabet Inc. or Netflix, Inc.
●We may engage in business with or involving Broadcom Inc., Alphabet Inc. or Netflix, Inc. without regard to your interests.
●The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stocks.
●Historical closing prices of the underlying stocks should not be taken as an indication of the future performance of the underlying stocks during the term of the securities.
For more information about the underlying stocks, including historical performance information, see the accompanying preliminary pricing supplement.
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the applicable product supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the applicable product supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable product supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.
2
FAQ
What are the key terms of MS's Market Linked Securities offering linked to Broadcom, Alphabet, and Netflix stocks?
What is the estimated value of MS's new structured notes offering per $1,000 face amount?
How much commission and fees are dealers receiving for MS's Market Linked Securities offering?
What is the threshold price and downside risk for MS's structured notes linked to AVGO, GOOG, and NFLX?
When will MS price and issue these Market Linked Securities?
