[FWP] Morgan Stanley Free Writing Prospectus
Offering overview. Morgan Stanley Finance LLC, guaranteed by Morgan Stanley (NYSE: MS), is marketing “Worst-of SPX and RTY Trigger PLUS” notes maturing on August 3 2028. The $1,000-denominated securities deliver 142%-152% leveraged upside linked to the worst performer of the S&P 500® (SPX) and Russell 2000® (RTY) indices.
Key terms.
- Leverage factor: 142%–152% on any positive index return.
- Downside threshold: 75% of the initial level (25% buffer).
- Pricing date: July 31 2025; Observation date: July 31 2028; Maturity: Aug 3 2028.
- Estimated value: $963.30 versus the $1,000 issue price (reflects structuring & hedging costs).
- No coupons; securities will not be listed; full credit exposure to Morgan Stanley.
Payoff mechanics. At maturity investors receive: (i) principal plus 1.42-1.52× any positive move in the worst index; (ii) full principal if the worst index has not fallen more than 25%; (iii) a dollar-for-dollar loss if the worst index closes below 75% of its start level—potentially down to zero.
Risk highlights. Investors are exposed to (1) market risk on two equity indices, including small-cap volatility, (2) issuer/guarantor credit risk, (3) liquidity risk because the notes are unlisted, (4) valuation starting below par, and (5) uncertain U.S. tax treatment.
Bottom line. The notes suit investors with a moderately bullish 3-year view on U.S. equities who can absorb potential principal loss and illiquidity in exchange for enhanced upside and a 25% buffer.
Panoramica dell'offerta. Morgan Stanley Finance LLC, garantita da Morgan Stanley (NYSE: MS), propone i titoli "Worst-of SPX and RTY Trigger PLUS" con scadenza il 3 agosto 2028. I titoli denominati in $1.000 offrono un rendimento potenziato tra il 142% e il 152% legato al peggior rendimento tra gli indici S&P 500® (SPX) e Russell 2000® (RTY).
Termini principali.
- Fattore di leva: 142%–152% su qualsiasi rendimento positivo dell’indice.
- Soglia di ribasso: 75% del livello iniziale (buffer del 25%).
- Data di pricing: 31 luglio 2025; Data di osservazione: 31 luglio 2028; Scadenza: 3 agosto 2028.
- Valore stimato: $963,30 rispetto al prezzo di emissione di $1.000 (include costi di strutturazione e copertura).
- Assenza di cedole; i titoli non saranno quotati; esposizione creditizia completa a Morgan Stanley.
Meccanismo di rimborso. Alla scadenza gli investitori riceveranno: (i) il capitale più 1,42-1,52 volte qualsiasi rialzo dell’indice peggiore; (ii) il capitale pieno se l’indice peggiore non è sceso oltre il 25%; (iii) una perdita pari al valore nominale se l’indice peggiore chiude sotto il 75% del valore iniziale, con possibile perdita totale.
Rischi principali. Gli investitori sono esposti a (1) rischio di mercato su due indici azionari, inclusa la volatilità delle small cap, (2) rischio di credito dell’emittente/garante, (3) rischio di liquidità poiché i titoli non sono quotati, (4) valutazione iniziale sotto la pari, e (5) trattamento fiscale USA incerto.
Conclusione. Questi titoli sono adatti a investitori con una visione moderatamente rialzista sul mercato azionario USA a 3 anni, disposti ad accettare potenziali perdite di capitale e illiquidità in cambio di un potenziale rendimento maggiorato e un buffer del 25%.
Resumen de la oferta. Morgan Stanley Finance LLC, garantizada por Morgan Stanley (NYSE: MS), está comercializando notas "Worst-of SPX and RTY Trigger PLUS" con vencimiento el 3 de agosto de 2028. Los valores denominados en $1,000 ofrecen un rendimiento apalancado del 142% al 152% vinculado al peor desempeño entre los índices S&P 500® (SPX) y Russell 2000® (RTY).
Términos clave.
- Factor de apalancamiento: 142%–152% sobre cualquier retorno positivo del índice.
- Umbral de caída: 75% del nivel inicial (amortiguador del 25%).
- Fecha de fijación de precio: 31 de julio de 2025; Fecha de observación: 31 de julio de 2028; Vencimiento: 3 de agosto de 2028.
- Valor estimado: $963.30 frente al precio de emisión de $1,000 (refleja costos de estructuración y cobertura).
- Sin cupones; los valores no estarán listados; exposición crediticia total a Morgan Stanley.
Mecánica del pago. Al vencimiento, los inversores reciben: (i) el principal más 1.42-1.52 veces cualquier movimiento positivo en el índice peor; (ii) el principal completo si el índice peor no ha caído más del 25%; (iii) una pérdida dólar por dólar si el índice peor cierra por debajo del 75% de su nivel inicial, con posible pérdida total.
Aspectos de riesgo. Los inversores están expuestos a (1) riesgo de mercado en dos índices bursátiles, incluida la volatilidad de las small caps, (2) riesgo crediticio del emisor/garante, (3) riesgo de liquidez debido a que las notas no están listadas, (4) valoración inicial por debajo del valor nominal, y (5) tratamiento fiscal estadounidense incierto.
Conclusión. Estas notas son adecuadas para inversores con una visión moderadamente alcista a 3 años sobre las acciones estadounidenses que pueden absorber posibles pérdidas de capital e iliquidez a cambio de un potencial rendimiento mejorado y un amortiguador del 25%.
상품 개요. Morgan Stanley Finance LLC는 Morgan Stanley(NYSE: MS)의 보증을 받아 2028년 8월 3일 만기인 "Worst-of SPX and RTY Trigger PLUS" 노트를 판매하고 있습니다. $1,000 단위로 발행되는 이 증권은 S&P 500® (SPX)과 Russell 2000® (RTY) 지수 중 최저 성과 지수에 연동되어 142%~152%의 레버리지 수익을 제공합니다.
주요 조건.
- 레버리지 비율: 지수 수익이 양수일 경우 142%–152% 적용.
- 손실 임계점: 초기 수준의 75% (25% 버퍼).
- 가격 결정일: 2025년 7월 31일; 관찰일: 2028년 7월 31일; 만기일: 2028년 8월 3일.
- 예상 가치: $1,000 발행가 대비 $963.30 (구조화 및 헤지 비용 포함).
- 쿠폰 없음; 증권은 상장되지 않음; Morgan Stanley에 대한 전액 신용 노출.
수익 구조. 만기 시 투자자는 (i) 최저 지수의 양수 변동에 대해 원금과 1.42~1.52배 수익, (ii) 최저 지수가 25% 이상 하락하지 않은 경우 원금 전액, (iii) 최저 지수가 시작 수준의 75% 아래로 마감하면 원금 전액 손실(최대 전액 손실 가능)을 받습니다.
주요 위험. 투자자는 (1) 두 주가지수의 시장 위험(중소형주 변동성 포함), (2) 발행자/보증인 신용 위험, (3) 비상장으로 인한 유동성 위험, (4) 액면가 이하의 평가 가치, (5) 불확실한 미국 세금 처리에 노출됩니다.
요약. 이 노트는 3년간 미국 주식에 대해 다소 긍정적인 전망을 가지고 있으며, 원금 손실과 유동성 부족 위험을 감수할 수 있는 투자자에게 적합하며, 향상된 수익 잠재력과 25% 버퍼를 제공합니다.
Présentation de l'offre. Morgan Stanley Finance LLC, garantie par Morgan Stanley (NYSE : MS), commercialise des notes "Worst-of SPX and RTY Trigger PLUS" arrivant à échéance le 3 août 2028. Ces titres libellés en 1 000 $ offrent un effet de levier de 142 % à 152 % lié au moins bon des indices S&P 500® (SPX) et Russell 2000® (RTY).
Principaux termes.
- Facteur de levier : 142 %–152 % sur tout rendement positif de l’indice.
- Seuil de baisse : 75 % du niveau initial (marge de 25 %).
- Date de tarification : 31 juillet 2025 ; Date d’observation : 31 juillet 2028 ; Échéance : 3 août 2028.
- Valeur estimée : 963,30 $ par rapport au prix d’émission de 1 000 $ (inclut les coûts de structuration et de couverture).
- Pas de coupons ; les titres ne seront pas cotés ; exposition totale au crédit de Morgan Stanley.
Mécanisme de remboursement. À l’échéance, les investisseurs recevront : (i) le principal plus 1,42 à 1,52 fois toute hausse positive du moins bon indice ; (ii) le principal intégral si le moins bon indice n’a pas chuté de plus de 25 % ; (iii) une perte au dollar près si le moins bon indice clôture en dessous de 75 % de son niveau initial, avec une perte potentielle totale.
Points clés de risque. Les investisseurs sont exposés à (1) un risque de marché sur deux indices actions, y compris la volatilité des petites capitalisations, (2) un risque de crédit émetteur/garant, (3) un risque de liquidité car les notes ne sont pas cotées, (4) une valorisation initiale inférieure à la valeur nominale, et (5) un traitement fiscal américain incertain.
En résumé. Ces notes conviennent aux investisseurs ayant une vision modérément haussière à 3 ans sur les actions américaines, capables d’absorber une perte de capital potentielle et une illiquidité en échange d’un gain potentiel accru et d’une marge de sécurité de 25 %.
Angebotsübersicht. Morgan Stanley Finance LLC, garantiert von Morgan Stanley (NYSE: MS), bietet "Worst-of SPX and RTY Trigger PLUS" Notes mit Fälligkeit am 3. August 2028 an. Die auf $1.000 lautenden Wertpapiere bieten eine Hebelwirkung von 142% bis 152% auf die schlechteste Performance der Indizes S&P 500® (SPX) und Russell 2000® (RTY).
Wesentliche Bedingungen.
- Hebelfaktor: 142%–152% bei positivem Indexertrag.
- Abwärtsgrenze: 75% des Anfangswerts (25% Puffer).
- Preisfeststellung: 31. Juli 2025; Beobachtungsdatum: 31. Juli 2028; Fälligkeit: 3. August 2028.
- Geschätzter Wert: $963,30 gegenüber dem Ausgabepreis von $1.000 (berücksichtigt Strukturierungs- und Absicherungskosten).
- Keine Kupons; Wertpapiere werden nicht börsennotiert; volles Kreditrisiko gegenüber Morgan Stanley.
Auszahlungsmechanik. Bei Fälligkeit erhalten Anleger: (i) das Kapital plus das 1,42- bis 1,52-fache einer positiven Bewegung des schlechteren Index; (ii) das volle Kapital, wenn der schlechtere Index nicht mehr als 25% gefallen ist; (iii) einen Dollar-für-Dollar-Verlust, wenn der schlechtere Index unter 75% seines Anfangswerts schließt – mit möglichem Totalverlust.
Risikohinweise. Anleger sind ausgesetzt an (1) Marktrisiko bei zwei Aktienindizes, einschließlich Small-Cap-Volatilität, (2) Emittenten-/Garanten-Kreditrisiko, (3) Liquiditätsrisiko, da die Notes nicht börsennotiert sind, (4) Bewertung unter dem Nominalwert bei Ausgabe und (5) unsichere US-Steuerbehandlung.
Fazit. Die Notes eignen sich für Anleger mit moderat bullisher Dreijahres-Sicht auf US-Aktien, die potenzielle Kapitalverluste und Illiquidität akzeptieren können, um eine erhöhte Chance auf Kursgewinne und einen 25%igen Puffer zu erhalten.
- 142%–152% participation in index gains provides enhanced upside versus direct equity exposure.
- 25% downside buffer protects full principal unless the worst index falls more than 25% by July 31 2028.
- Diversification across large-cap (SPX) and small-cap (RTY) indices may capture broader market rallies.
- Full Morgan Stanley guarantee adds investment-grade credit backing.
- No coupon payments; total return entirely deferred to maturity.
- Worst-of structure materially raises breach probability versus single-index notes.
- Estimated value $963.30 (≈3.7% below par) signals high embedded fees and negative roll-down.
- Unlisted security may suffer wide bid-ask spreads and limited liquidity.
- Issuer credit risk; repayment depends on Morgan Stanley’s solvency.
- Uncertain U.S. tax treatment could reduce after-tax returns.
Insights
TL;DR: Leveraged upside with 25% buffer, but fees, credit and worst-of risk drag; neutral overall.
The Trigger PLUS note offers an attractive 142-152% participation rate on the better of two major U.S. benchmarks, yet embeds several investor disadvantages. The estimated value of $963.30 is roughly 3.7% below par, indicating meaningful distribution and hedging costs. Worst-of construction magnifies downside probability because both SPX and higher-beta RTY must stay above 75% to preserve capital. Lack of interim coupons or secondary-market depth further reduces appeal for income-oriented or liquidity-sensitive accounts. For Morgan Stanley, the deal adds fee revenue with minimal balance-sheet usage and is not material to earnings. From an investor standpoint, expected return is comparable to a bullish options spread; position sizing should be conservative.
TL;DR: Downside gap risk after 25% buffer and unlisted status make this product risk-heavy; mildly negative.
Historically, the Russell 2000 posts drawdowns beyond 25% about once every four years, elevating breach probability during the note’s 3-year life. The worst-of feature means that even a benign SPX result cannot offset small-cap weakness. Because the payoff depends on a single end-date observation, interim gains offer no protection against late-cycle volatility. Illiquidity creates valuation opacity, and credit-spread widening in a stress event can further erode secondary prices. While the structure may complement speculative allocations, it increases portfolio tail risk. Absent a specific tactical view, traditional equity exposure or listed options provide clearer risk-reward.
Panoramica dell'offerta. Morgan Stanley Finance LLC, garantita da Morgan Stanley (NYSE: MS), propone i titoli "Worst-of SPX and RTY Trigger PLUS" con scadenza il 3 agosto 2028. I titoli denominati in $1.000 offrono un rendimento potenziato tra il 142% e il 152% legato al peggior rendimento tra gli indici S&P 500® (SPX) e Russell 2000® (RTY).
Termini principali.
- Fattore di leva: 142%–152% su qualsiasi rendimento positivo dell’indice.
- Soglia di ribasso: 75% del livello iniziale (buffer del 25%).
- Data di pricing: 31 luglio 2025; Data di osservazione: 31 luglio 2028; Scadenza: 3 agosto 2028.
- Valore stimato: $963,30 rispetto al prezzo di emissione di $1.000 (include costi di strutturazione e copertura).
- Assenza di cedole; i titoli non saranno quotati; esposizione creditizia completa a Morgan Stanley.
Meccanismo di rimborso. Alla scadenza gli investitori riceveranno: (i) il capitale più 1,42-1,52 volte qualsiasi rialzo dell’indice peggiore; (ii) il capitale pieno se l’indice peggiore non è sceso oltre il 25%; (iii) una perdita pari al valore nominale se l’indice peggiore chiude sotto il 75% del valore iniziale, con possibile perdita totale.
Rischi principali. Gli investitori sono esposti a (1) rischio di mercato su due indici azionari, inclusa la volatilità delle small cap, (2) rischio di credito dell’emittente/garante, (3) rischio di liquidità poiché i titoli non sono quotati, (4) valutazione iniziale sotto la pari, e (5) trattamento fiscale USA incerto.
Conclusione. Questi titoli sono adatti a investitori con una visione moderatamente rialzista sul mercato azionario USA a 3 anni, disposti ad accettare potenziali perdite di capitale e illiquidità in cambio di un potenziale rendimento maggiorato e un buffer del 25%.
Resumen de la oferta. Morgan Stanley Finance LLC, garantizada por Morgan Stanley (NYSE: MS), está comercializando notas "Worst-of SPX and RTY Trigger PLUS" con vencimiento el 3 de agosto de 2028. Los valores denominados en $1,000 ofrecen un rendimiento apalancado del 142% al 152% vinculado al peor desempeño entre los índices S&P 500® (SPX) y Russell 2000® (RTY).
Términos clave.
- Factor de apalancamiento: 142%–152% sobre cualquier retorno positivo del índice.
- Umbral de caída: 75% del nivel inicial (amortiguador del 25%).
- Fecha de fijación de precio: 31 de julio de 2025; Fecha de observación: 31 de julio de 2028; Vencimiento: 3 de agosto de 2028.
- Valor estimado: $963.30 frente al precio de emisión de $1,000 (refleja costos de estructuración y cobertura).
- Sin cupones; los valores no estarán listados; exposición crediticia total a Morgan Stanley.
Mecánica del pago. Al vencimiento, los inversores reciben: (i) el principal más 1.42-1.52 veces cualquier movimiento positivo en el índice peor; (ii) el principal completo si el índice peor no ha caído más del 25%; (iii) una pérdida dólar por dólar si el índice peor cierra por debajo del 75% de su nivel inicial, con posible pérdida total.
Aspectos de riesgo. Los inversores están expuestos a (1) riesgo de mercado en dos índices bursátiles, incluida la volatilidad de las small caps, (2) riesgo crediticio del emisor/garante, (3) riesgo de liquidez debido a que las notas no están listadas, (4) valoración inicial por debajo del valor nominal, y (5) tratamiento fiscal estadounidense incierto.
Conclusión. Estas notas son adecuadas para inversores con una visión moderadamente alcista a 3 años sobre las acciones estadounidenses que pueden absorber posibles pérdidas de capital e iliquidez a cambio de un potencial rendimiento mejorado y un amortiguador del 25%.
상품 개요. Morgan Stanley Finance LLC는 Morgan Stanley(NYSE: MS)의 보증을 받아 2028년 8월 3일 만기인 "Worst-of SPX and RTY Trigger PLUS" 노트를 판매하고 있습니다. $1,000 단위로 발행되는 이 증권은 S&P 500® (SPX)과 Russell 2000® (RTY) 지수 중 최저 성과 지수에 연동되어 142%~152%의 레버리지 수익을 제공합니다.
주요 조건.
- 레버리지 비율: 지수 수익이 양수일 경우 142%–152% 적용.
- 손실 임계점: 초기 수준의 75% (25% 버퍼).
- 가격 결정일: 2025년 7월 31일; 관찰일: 2028년 7월 31일; 만기일: 2028년 8월 3일.
- 예상 가치: $1,000 발행가 대비 $963.30 (구조화 및 헤지 비용 포함).
- 쿠폰 없음; 증권은 상장되지 않음; Morgan Stanley에 대한 전액 신용 노출.
수익 구조. 만기 시 투자자는 (i) 최저 지수의 양수 변동에 대해 원금과 1.42~1.52배 수익, (ii) 최저 지수가 25% 이상 하락하지 않은 경우 원금 전액, (iii) 최저 지수가 시작 수준의 75% 아래로 마감하면 원금 전액 손실(최대 전액 손실 가능)을 받습니다.
주요 위험. 투자자는 (1) 두 주가지수의 시장 위험(중소형주 변동성 포함), (2) 발행자/보증인 신용 위험, (3) 비상장으로 인한 유동성 위험, (4) 액면가 이하의 평가 가치, (5) 불확실한 미국 세금 처리에 노출됩니다.
요약. 이 노트는 3년간 미국 주식에 대해 다소 긍정적인 전망을 가지고 있으며, 원금 손실과 유동성 부족 위험을 감수할 수 있는 투자자에게 적합하며, 향상된 수익 잠재력과 25% 버퍼를 제공합니다.
Présentation de l'offre. Morgan Stanley Finance LLC, garantie par Morgan Stanley (NYSE : MS), commercialise des notes "Worst-of SPX and RTY Trigger PLUS" arrivant à échéance le 3 août 2028. Ces titres libellés en 1 000 $ offrent un effet de levier de 142 % à 152 % lié au moins bon des indices S&P 500® (SPX) et Russell 2000® (RTY).
Principaux termes.
- Facteur de levier : 142 %–152 % sur tout rendement positif de l’indice.
- Seuil de baisse : 75 % du niveau initial (marge de 25 %).
- Date de tarification : 31 juillet 2025 ; Date d’observation : 31 juillet 2028 ; Échéance : 3 août 2028.
- Valeur estimée : 963,30 $ par rapport au prix d’émission de 1 000 $ (inclut les coûts de structuration et de couverture).
- Pas de coupons ; les titres ne seront pas cotés ; exposition totale au crédit de Morgan Stanley.
Mécanisme de remboursement. À l’échéance, les investisseurs recevront : (i) le principal plus 1,42 à 1,52 fois toute hausse positive du moins bon indice ; (ii) le principal intégral si le moins bon indice n’a pas chuté de plus de 25 % ; (iii) une perte au dollar près si le moins bon indice clôture en dessous de 75 % de son niveau initial, avec une perte potentielle totale.
Points clés de risque. Les investisseurs sont exposés à (1) un risque de marché sur deux indices actions, y compris la volatilité des petites capitalisations, (2) un risque de crédit émetteur/garant, (3) un risque de liquidité car les notes ne sont pas cotées, (4) une valorisation initiale inférieure à la valeur nominale, et (5) un traitement fiscal américain incertain.
En résumé. Ces notes conviennent aux investisseurs ayant une vision modérément haussière à 3 ans sur les actions américaines, capables d’absorber une perte de capital potentielle et une illiquidité en échange d’un gain potentiel accru et d’une marge de sécurité de 25 %.
Angebotsübersicht. Morgan Stanley Finance LLC, garantiert von Morgan Stanley (NYSE: MS), bietet "Worst-of SPX and RTY Trigger PLUS" Notes mit Fälligkeit am 3. August 2028 an. Die auf $1.000 lautenden Wertpapiere bieten eine Hebelwirkung von 142% bis 152% auf die schlechteste Performance der Indizes S&P 500® (SPX) und Russell 2000® (RTY).
Wesentliche Bedingungen.
- Hebelfaktor: 142%–152% bei positivem Indexertrag.
- Abwärtsgrenze: 75% des Anfangswerts (25% Puffer).
- Preisfeststellung: 31. Juli 2025; Beobachtungsdatum: 31. Juli 2028; Fälligkeit: 3. August 2028.
- Geschätzter Wert: $963,30 gegenüber dem Ausgabepreis von $1.000 (berücksichtigt Strukturierungs- und Absicherungskosten).
- Keine Kupons; Wertpapiere werden nicht börsennotiert; volles Kreditrisiko gegenüber Morgan Stanley.
Auszahlungsmechanik. Bei Fälligkeit erhalten Anleger: (i) das Kapital plus das 1,42- bis 1,52-fache einer positiven Bewegung des schlechteren Index; (ii) das volle Kapital, wenn der schlechtere Index nicht mehr als 25% gefallen ist; (iii) einen Dollar-für-Dollar-Verlust, wenn der schlechtere Index unter 75% seines Anfangswerts schließt – mit möglichem Totalverlust.
Risikohinweise. Anleger sind ausgesetzt an (1) Marktrisiko bei zwei Aktienindizes, einschließlich Small-Cap-Volatilität, (2) Emittenten-/Garanten-Kreditrisiko, (3) Liquiditätsrisiko, da die Notes nicht börsennotiert sind, (4) Bewertung unter dem Nominalwert bei Ausgabe und (5) unsichere US-Steuerbehandlung.
Fazit. Die Notes eignen sich für Anleger mit moderat bullisher Dreijahres-Sicht auf US-Aktien, die potenzielle Kapitalverluste und Illiquidität akzeptieren können, um eine erhöhte Chance auf Kursgewinne und einen 25%igen Puffer zu erhalten.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,111
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of SPX and RTY Trigger PLUS due August 3, 2028
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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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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Underliers: |
S&P 500® Index (SPX) and Russell 2000® Index (RTY) |
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Leverage factor: |
142% to 152% |
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Downside threshold level: |
75% of the initial level for each underlier |
|
Pricing date: |
July 31, 2025 |
|
Observation date: |
July 31, 2028 |
|
Maturity date: |
August 3, 2028 |
|
CUSIP: |
61778NDA6 |
|
Estimated value: |
$963.30 per security, or within $45.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035579/ms9111_424b2-19357.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payment at maturity will be based solely on the performance of the worst performing underlier, which could be either underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
|
+60.00% |
$1,852.00* |
|
+40.00% |
$1,568.00* |
|
+20.00% |
$1,284.00* |
|
+10.00% |
$1,142.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-25.00% |
$1,000.00 |
|
-26.00% |
$740.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
*Assumes a leverage factor of 142%
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 is the leverage factor on Morgan Stanley's Trigger PLUS notes?
How much downside protection do the SPX/RTY Trigger PLUS notes provide?
When do the MS Trigger PLUS notes mature?
What is the estimated value versus the $1,000 issue price?
Are the notes listed on an exchange for trading?
Which indices determine the payoff of the Trigger PLUS notes?
