[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Worst-of Dual Directional Trigger PLUS securities due August 1, 2030, linked to the performance of Dow Jones Industrial Average, S&P 500, and Russell 2000 indices. Key features include:
- A leverage factor of 133% to 148% for positive underlier performance
- 50% absolute return participation rate for negative performance above threshold
- Downside threshold level of 60% of initial level for each underlier
- Payment at maturity based on worst-performing underlier
- Estimated value of $920.80 per security
Notable risks include no principal guarantee, effectively capped returns, credit risk exposure to Morgan Stanley, and complex tax implications. The securities offer potential upside leverage in rising markets and partial downside protection, but investors could lose their entire investment if the worst-performing underlier falls significantly. The structure provides positive returns in both moderately up and down markets, subject to specified conditions and limitations.
Morgan Stanley Finance ha annunciato i titoli Worst-of Dual Directional Trigger PLUS con scadenza il 1° agosto 2030, collegati alla performance degli indici Dow Jones Industrial Average, S&P 500 e Russell 2000. Le caratteristiche principali includono:
- Un fattore di leva dal 133% al 148% per la performance positiva degli strumenti sottostanti
- una partecipazione al rendimento assoluto del 50% in caso di performance negativa superiore alla soglia
- una soglia di ribasso del 60% rispetto al livello iniziale per ciascun sottostante
- Pagamento a scadenza basato sul sottostante con la performance peggiore
- Valore stimato di 920,80 $ per titolo
I rischi principali includono l'assenza di garanzia del capitale, rendimenti effettivamente limitati, esposizione al rischio di credito di Morgan Stanley e implicazioni fiscali complesse. I titoli offrono un potenziale di leva al rialzo in mercati in crescita e una protezione parziale in caso di ribasso, ma gli investitori potrebbero perdere l'intero capitale se il sottostante peggiore dovesse scendere significativamente. La struttura consente rendimenti positivi sia in mercati moderatamente in rialzo che in ribasso, entro condizioni e limiti specifici.
Morgan Stanley Finance ha anunciado los valores Worst-of Dual Directional Trigger PLUS con vencimiento el 1 de agosto de 2030, vinculados al desempeño de los índices Dow Jones Industrial Average, S&P 500 y Russell 2000. Las características clave incluyen:
- Un factor de apalancamiento del 133% al 148% para el desempeño positivo de los subyacentes
- una tasa de participación del 50% en el rendimiento absoluto para desempeño negativo por encima del umbral
- un nivel umbral de caída del 60% del nivel inicial para cada subyacente
- Pago al vencimiento basado en el subyacente con peor desempeño
- Valor estimado de $920.80 por valor
Los riesgos destacados incluyen la ausencia de garantía de capital, retornos efectivamente limitados, exposición al riesgo crediticio de Morgan Stanley e implicaciones fiscales complejas. Los valores ofrecen potencial de apalancamiento al alza en mercados en crecimiento y protección parcial a la baja, pero los inversores podrían perder toda su inversión si el subyacente con peor desempeño cae significativamente. La estructura proporciona retornos positivos tanto en mercados moderadamente alcistas como bajistas, sujetos a condiciones y limitaciones específicas.
모건 스탠리 파이낸스는 2030년 8월 1일 만기인 Worst-of Dual Directional Trigger PLUS 증권을 발표했으며, 이는 다우 존스 산업평균지수, S&P 500, 러셀 2000 지수의 성과에 연동됩니다. 주요 특징은 다음과 같습니다:
- 긍정적인 기초자산 성과에 대해 133%에서 148%까지의 레버리지 비율
- 임계값 이상 부정적 성과에 대해 50% 절대 수익 참여율
- 각 기초자산의 초기 수준 대비 60%의 하락 임계 수준
- 만기 시 최저 성과 기초자산을 기준으로 지급
- 증권당 예상 가치 $920.80
주요 위험 요소로는 원금 보장 없음, 수익률 제한, 모건 스탠리에 대한 신용 위험 노출, 복잡한 세무 영향이 포함됩니다. 이 증권은 상승장에서는 레버리지 효과를 제공하고 하락장에서는 부분적 보호를 하지만, 최악의 기초자산이 크게 하락할 경우 투자 원금 전액 손실 가능성이 있습니다. 이 구조는 특정 조건과 제한에 따라 완만한 상승 및 하락 시장 모두에서 긍정적인 수익을 제공합니다.
Morgan Stanley Finance a annoncé des titres Worst-of Dual Directional Trigger PLUS arrivant à échéance le 1er août 2030, liés à la performance des indices Dow Jones Industrial Average, S&P 500 et Russell 2000. Les caractéristiques clés comprennent :
- Un facteur de levier de 133 % à 148 % pour une performance positive des sous-jacents
- un taux de participation de 50 % au rendement absolu en cas de performance négative au-dessus du seuil
- un seuil de baisse de 60 % du niveau initial pour chaque sous-jacent
- Un paiement à l’échéance basé sur le sous-jacent le moins performant
- Valeur estimée à 920,80 $ par titre
Les risques notables incluent l’absence de garantie du capital, des rendements effectivement plafonnés, une exposition au risque de crédit envers Morgan Stanley, ainsi que des implications fiscales complexes. Ces titres offrent un effet de levier potentiel à la hausse sur les marchés haussiers et une protection partielle à la baisse, mais les investisseurs pourraient perdre la totalité de leur investissement si le sous-jacent le moins performant chute fortement. La structure permet des rendements positifs aussi bien sur des marchés modérément haussiers que baissiers, sous réserve de conditions et limitations spécifiques.
Morgan Stanley Finance hat Worst-of Dual Directional Trigger PLUS Wertpapiere mit Fälligkeit am 1. August 2030 angekündigt, die an die Entwicklung der Dow Jones Industrial Average, S&P 500 und Russell 2000 Indizes gekoppelt sind. Die wichtigsten Merkmale sind:
- Ein Hebelfaktor von 133 % bis 148 % bei positiver Performance der Basiswerte
- 50 % absolute Renditebeteiligung bei negativer Performance oberhalb der Schwelle
- Abwärts-Schwellenwert von 60 % des Anfangswertes für jeden Basiswert
- Auszahlung bei Fälligkeit basierend auf dem schlechtesten Basiswert
- Geschätzter Wert von 920,80 $ pro Wertpapier
Zu den wesentlichen Risiken zählen keine Kapitalgarantie, effektiv begrenzte Renditen, Kreditrisiko gegenüber Morgan Stanley sowie komplexe steuerliche Auswirkungen. Die Wertpapiere bieten potenzielle Hebelwirkung bei steigenden Märkten und teilweisen Schutz bei fallenden Kursen, jedoch könnten Anleger ihr gesamtes Investment verlieren, wenn der schlechteste Basiswert deutlich fällt. Die Struktur ermöglicht positive Renditen sowohl in moderat steigenden als auch fallenden Märkten, vorbehaltlich bestimmter Bedingungen und Einschränkungen.
- Morgan Stanley is offering innovative dual directional investment product with 133-148% leverage on upside potential
- Product offers downside protection up to 40% loss (threshold at 60% of initial level)
- Investors can benefit from both upside and downside market movements within certain ranges
- Maximum potential return of 79.8% (with 133% leverage) if worst-performing index rises 60%
- Estimated value ($920.80) is significantly below the issue price ($1000), indicating high embedded costs
- Returns are capped and limited to the worst-performing of three indices (INDU, SPX, RTY)
- No principal protection if worst-performing index falls below 60% threshold
- No periodic interest payments during the 5-year term
- Product is subject to Morgan Stanley's credit risk and has limited secondary market liquidity
Morgan Stanley Finance ha annunciato i titoli Worst-of Dual Directional Trigger PLUS con scadenza il 1° agosto 2030, collegati alla performance degli indici Dow Jones Industrial Average, S&P 500 e Russell 2000. Le caratteristiche principali includono:
- Un fattore di leva dal 133% al 148% per la performance positiva degli strumenti sottostanti
- una partecipazione al rendimento assoluto del 50% in caso di performance negativa superiore alla soglia
- una soglia di ribasso del 60% rispetto al livello iniziale per ciascun sottostante
- Pagamento a scadenza basato sul sottostante con la performance peggiore
- Valore stimato di 920,80 $ per titolo
I rischi principali includono l'assenza di garanzia del capitale, rendimenti effettivamente limitati, esposizione al rischio di credito di Morgan Stanley e implicazioni fiscali complesse. I titoli offrono un potenziale di leva al rialzo in mercati in crescita e una protezione parziale in caso di ribasso, ma gli investitori potrebbero perdere l'intero capitale se il sottostante peggiore dovesse scendere significativamente. La struttura consente rendimenti positivi sia in mercati moderatamente in rialzo che in ribasso, entro condizioni e limiti specifici.
Morgan Stanley Finance ha anunciado los valores Worst-of Dual Directional Trigger PLUS con vencimiento el 1 de agosto de 2030, vinculados al desempeño de los índices Dow Jones Industrial Average, S&P 500 y Russell 2000. Las características clave incluyen:
- Un factor de apalancamiento del 133% al 148% para el desempeño positivo de los subyacentes
- una tasa de participación del 50% en el rendimiento absoluto para desempeño negativo por encima del umbral
- un nivel umbral de caída del 60% del nivel inicial para cada subyacente
- Pago al vencimiento basado en el subyacente con peor desempeño
- Valor estimado de $920.80 por valor
Los riesgos destacados incluyen la ausencia de garantía de capital, retornos efectivamente limitados, exposición al riesgo crediticio de Morgan Stanley e implicaciones fiscales complejas. Los valores ofrecen potencial de apalancamiento al alza en mercados en crecimiento y protección parcial a la baja, pero los inversores podrían perder toda su inversión si el subyacente con peor desempeño cae significativamente. La estructura proporciona retornos positivos tanto en mercados moderadamente alcistas como bajistas, sujetos a condiciones y limitaciones específicas.
모건 스탠리 파이낸스는 2030년 8월 1일 만기인 Worst-of Dual Directional Trigger PLUS 증권을 발표했으며, 이는 다우 존스 산업평균지수, S&P 500, 러셀 2000 지수의 성과에 연동됩니다. 주요 특징은 다음과 같습니다:
- 긍정적인 기초자산 성과에 대해 133%에서 148%까지의 레버리지 비율
- 임계값 이상 부정적 성과에 대해 50% 절대 수익 참여율
- 각 기초자산의 초기 수준 대비 60%의 하락 임계 수준
- 만기 시 최저 성과 기초자산을 기준으로 지급
- 증권당 예상 가치 $920.80
주요 위험 요소로는 원금 보장 없음, 수익률 제한, 모건 스탠리에 대한 신용 위험 노출, 복잡한 세무 영향이 포함됩니다. 이 증권은 상승장에서는 레버리지 효과를 제공하고 하락장에서는 부분적 보호를 하지만, 최악의 기초자산이 크게 하락할 경우 투자 원금 전액 손실 가능성이 있습니다. 이 구조는 특정 조건과 제한에 따라 완만한 상승 및 하락 시장 모두에서 긍정적인 수익을 제공합니다.
Morgan Stanley Finance a annoncé des titres Worst-of Dual Directional Trigger PLUS arrivant à échéance le 1er août 2030, liés à la performance des indices Dow Jones Industrial Average, S&P 500 et Russell 2000. Les caractéristiques clés comprennent :
- Un facteur de levier de 133 % à 148 % pour une performance positive des sous-jacents
- un taux de participation de 50 % au rendement absolu en cas de performance négative au-dessus du seuil
- un seuil de baisse de 60 % du niveau initial pour chaque sous-jacent
- Un paiement à l’échéance basé sur le sous-jacent le moins performant
- Valeur estimée à 920,80 $ par titre
Les risques notables incluent l’absence de garantie du capital, des rendements effectivement plafonnés, une exposition au risque de crédit envers Morgan Stanley, ainsi que des implications fiscales complexes. Ces titres offrent un effet de levier potentiel à la hausse sur les marchés haussiers et une protection partielle à la baisse, mais les investisseurs pourraient perdre la totalité de leur investissement si le sous-jacent le moins performant chute fortement. La structure permet des rendements positifs aussi bien sur des marchés modérément haussiers que baissiers, sous réserve de conditions et limitations spécifiques.
Morgan Stanley Finance hat Worst-of Dual Directional Trigger PLUS Wertpapiere mit Fälligkeit am 1. August 2030 angekündigt, die an die Entwicklung der Dow Jones Industrial Average, S&P 500 und Russell 2000 Indizes gekoppelt sind. Die wichtigsten Merkmale sind:
- Ein Hebelfaktor von 133 % bis 148 % bei positiver Performance der Basiswerte
- 50 % absolute Renditebeteiligung bei negativer Performance oberhalb der Schwelle
- Abwärts-Schwellenwert von 60 % des Anfangswertes für jeden Basiswert
- Auszahlung bei Fälligkeit basierend auf dem schlechtesten Basiswert
- Geschätzter Wert von 920,80 $ pro Wertpapier
Zu den wesentlichen Risiken zählen keine Kapitalgarantie, effektiv begrenzte Renditen, Kreditrisiko gegenüber Morgan Stanley sowie komplexe steuerliche Auswirkungen. Die Wertpapiere bieten potenzielle Hebelwirkung bei steigenden Märkten und teilweisen Schutz bei fallenden Kursen, jedoch könnten Anleger ihr gesamtes Investment verlieren, wenn der schlechteste Basiswert deutlich fällt. Die Struktur ermöglicht positive Renditen sowohl in moderat steigenden als auch fallenden Märkten, vorbehaltlich bestimmter Bedingungen und Einschränkungen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,025
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU, SPX and RTY Dual Directional Trigger PLUS 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.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underliers: |
Dow Jones Industrial AverageSM (INDU), S&P 500® Index (SPX) and Russell 2000® Index (RTY) |
|
Leverage factor: |
133% to 148% |
|
Absolute return participation rate: |
50% |
|
Downside threshold level: |
60% of the initial level for each underlier |
|
Pricing date: |
July 28, 2025 |
|
Observation date: |
July 29, 2030 |
|
Maturity date: |
August 1, 2030 |
|
CUSIP: |
61778K7G6 |
|
Estimated value: |
$920.80 per security, or within $55.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034330/ms9025_424b2-18653.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% |
$1,798.00* |
|
40.00% |
$1,532.00* |
|
20.00% |
$1,266.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,100.00 |
|
-40.00% |
$1,200.00 |
|
-41.00% |
$590.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
|
*Assumes a leverage factor of 133% |
|
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.
●Any positive return on the securities that is based on the depreciation of the worst performing underlier is effectively capped.
●The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a 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 are the key terms of MS's Dual Directional Trigger PLUS notes due August 1, 2030?
What is the maximum potential return for MS's Trigger PLUS notes?
What happens if the worst performing index falls below 60% in MS's Trigger PLUS?
What are the main risk factors for MS's Dual Directional Trigger PLUS?
How is the estimated value of MS's Trigger PLUS determined?
