[FWP] Morgan Stanley Free Writing Prospectus
Product overview. Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, intends to issue $1,000-denominated Market-Linked Securities that pay a contingent quarterly coupon of at least 11.20% per annum whenever Netflix, Inc. (NFLX) closes at or above 70% of its initial level on the relevant observation date. Starting in October 2025, if NFLX closes at or above the starting price on any quarterly calculation day, the notes are automatically called at par plus the current coupon, ending the investment early.
Downside mechanics. If the notes are not called and, on the July 2028 final calculation day, Netflix finishes below the 70% downside threshold, investors receive $1,000 × (ending price / starting price), resulting in losses beyond a 30% buffer and up to a full principal loss. Investors do not share in any stock appreciation beyond the coupon stream.
Valuation & distribution. Morgan Stanley estimates the fair value on the pricing date at roughly $963.10 (±$45), reflecting structuring and hedging costs that are embedded in the $1,000 face amount. Selling concessions can reach $23.25 per note, with additional dealer fees up to 0.3%. The securities will not be exchange-listed; secondary liquidity is therefore expected to be limited.
Key considerations.
- High double-digit contingent income in a single-stock trade linked to Netflix volatility.
- 30% downside buffer—but full exposure below that level at maturity.
- Quarterly auto-call feature shortens duration if the stock performs well.
- Credit exposure to Morgan Stanley; payments depend on the guarantor’s ability to honor obligations.
Panoramica del prodotto. Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, intende emettere titoli Market-Linked denominati in tagli da $1.000 che pagano un cedola trimestrale condizionata di almeno l'11,20% annuo ogni volta che Netflix, Inc. (NFLX) chiude a o sopra il 70% del livello iniziale nella data di osservazione rilevante. A partire da ottobre 2025, se NFLX chiude a o sopra il prezzo iniziale in una qualsiasi giornata di calcolo trimestrale, le obbligazioni vengono richiamate automaticamente alla pari più la cedola corrente, con conseguente chiusura anticipata dell'investimento.
Meccanismo di protezione al ribasso. Se le obbligazioni non vengono richiamate e, nell'ultima giornata di calcolo di luglio 2028, Netflix termina al di sotto della soglia del 70%, gli investitori ricevono $1.000 × (prezzo finale / prezzo iniziale), subendo perdite superiori al 30% di margine di protezione fino a una perdita totale del capitale. Gli investitori non partecipano ad alcuna rivalutazione azionaria oltre al flusso cedolare.
Valutazione e distribuzione. Morgan Stanley stima il valore equo alla data di prezzo intorno a $963,10 (±$45), riflettendo i costi di strutturazione e copertura inclusi nel valore nominale di $1.000. Le commissioni di vendita possono arrivare a $23,25 per obbligazione, con ulteriori commissioni dealer fino allo 0,3%. I titoli non saranno quotati in borsa; pertanto, la liquidità secondaria è prevista limitata.
Considerazioni chiave.
- Reddito condizionato a doppia cifra elevata in un investimento su azioni singole legato alla volatilità di Netflix.
- Protezione al ribasso del 30%, con esposizione totale sotto tale livello alla scadenza.
- Funzione di richiamo automatico trimestrale che riduce la durata se il titolo performa bene.
- Esposizione creditizia a Morgan Stanley; i pagamenti dipendono dalla capacità del garante di rispettare gli obblighi.
Resumen del producto. Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, tiene la intención de emitir valores vinculados al mercado denominados en $1,000 que pagan un cupón trimestral contingente de al menos 11.20% anual siempre que Netflix, Inc. (NFLX) cierre en o por encima del 70% de su nivel inicial en la fecha de observación relevante. A partir de octubre de 2025, si NFLX cierra en o por encima del precio inicial en cualquier día de cálculo trimestral, los bonos son llamados automáticamente a la par más el cupón actual, terminando la inversión anticipadamente.
Mecánica a la baja. Si los bonos no son llamados y, en el último día de cálculo de julio de 2028, Netflix termina por debajo del umbral del 70%, los inversionistas reciben $1,000 × (precio final / precio inicial), resultando en pérdidas que superan el 30% de protección y hasta la pérdida total del principal. Los inversionistas no participan en ninguna apreciación de las acciones más allá del flujo de cupones.
Valoración y distribución. Morgan Stanley estima el valor justo en la fecha de precio en aproximadamente $963.10 (±$45), reflejando costos de estructuración y cobertura incluidos en el valor nominal de $1,000. Las concesiones de venta pueden alcanzar $23.25 por bono, con tarifas adicionales de distribuidores hasta 0.3%. Los valores no estarán listados en bolsa; por lo tanto, se espera una liquidez secundaria limitada.
Consideraciones clave.
- Ingreso contingente de dos dígitos altos en una operación de acción individual vinculada a la volatilidad de Netflix.
- Protección a la baja del 30%, pero exposición total por debajo de ese nivel al vencimiento.
- Función de llamada automática trimestral que acorta la duración si la acción tiene buen desempeño.
- Exposición crediticia a Morgan Stanley; los pagos dependen de la capacidad del garante para cumplir con las obligaciones.
상품 개요. Morgan Stanley Finance LLC는 Morgan Stanley의 전액 보증을 받아 1,000달러 단위로 발행되는 시장 연계 증권을 발행할 예정이며, Netflix, Inc. (NFLX)가 관련 관찰일에 초기 가격의 70% 이상으로 마감할 경우 연 11.20% 이상의 조건부 분기 쿠폰을 지급합니다. 2025년 10월부터 NFLX가 분기별 계산일에 초기 가격 이상으로 마감하면 해당 노트는 현재 쿠폰과 함께 액면가로 자동 상환되어 조기 투자가 종료됩니다.
하락 메커니즘. 노트가 상환되지 않고 2028년 7월 최종 계산일에 Netflix가 70% 하락 한계선 아래로 마감하면 투자자는 $1,000 × (종가 / 시작가)를 받게 되어 30% 보호 범위를 초과한 손실과 최대 원금 전액 손실이 발생할 수 있습니다. 투자자는 쿠폰 수익 외에 주가 상승에 참여하지 않습니다.
평가 및 배포. Morgan Stanley는 가격 결정일에 공정 가치를 약 $963.10(±$45)로 추정하며, 이는 1,000달러 액면가에 포함된 구조화 및 헤지 비용을 반영합니다. 판매 수수료는 노트당 최대 $23.25에 달할 수 있으며, 추가 딜러 수수료는 최대 0.3%입니다. 이 증권은 거래소 상장이 되지 않아 2차 유동성은 제한될 것으로 예상됩니다.
주요 고려 사항.
- Netflix 변동성에 연계된 단일 주식 거래에서 높은 두 자릿수 조건부 수입.
- 30% 하락 보호 장치 — 만기 시 그 이하에서는 전액 노출.
- 주가가 좋을 경우 분기별 자동 상환 기능으로 투자 기간 단축.
- Morgan Stanley에 대한 신용 노출; 지급은 보증인의 지급 능력에 달려 있음.
Présentation du produit. Morgan Stanley Finance LLC, entièrement garantie par Morgan Stanley, prévoit d'émettre des titres liés au marché d'une valeur nominale de 1 000 $ qui versent un coupon trimestriel conditionnel d'au moins 11,20 % par an chaque fois que Netflix, Inc. (NFLX) clôture à ou au-dessus de 70 % de son niveau initial à la date d'observation pertinente. À partir d'octobre 2025, si NFLX clôture au-dessus ou à son prix de départ lors d'une journée de calcul trimestrielle, les titres sont appelés automatiquement à leur valeur nominale plus le coupon courant, mettant fin à l'investissement de manière anticipée.
Mécanisme de protection à la baisse. Si les titres ne sont pas appelés et que, lors du dernier jour de calcul en juillet 2028, Netflix clôture en dessous du seuil de 70 %, les investisseurs reçoivent 1 000 $ × (prix de clôture / prix de départ), ce qui entraîne des pertes au-delà d'une protection de 30 % et jusqu'à une perte totale du capital. Les investisseurs ne participent pas à une appréciation du titre au-delà du flux de coupons.
Évaluation et distribution. Morgan Stanley estime la juste valeur à la date de tarification à environ 963,10 $ (±45 $), reflétant les coûts de structuration et de couverture intégrés dans la valeur nominale de 1 000 $. Les commissions de vente peuvent atteindre 23,25 $ par titre, avec des frais supplémentaires pour les distributeurs allant jusqu'à 0,3 %. Les titres ne seront pas cotés en bourse ; la liquidité secondaire devrait donc être limitée.
Points clés.
- Revenu conditionnel à deux chiffres élevé dans un investissement sur action unique lié à la volatilité de Netflix.
- Protection à la baisse de 30 %, mais exposition totale en dessous de ce niveau à l’échéance.
- Fonction de rappel automatique trimestriel qui réduit la durée si l’action performe bien.
- Exposition au crédit de Morgan Stanley ; les paiements dépendent de la capacité du garant à honorer ses obligations.
Produktübersicht. Morgan Stanley Finance LLC, vollständig von Morgan Stanley garantiert, beabsichtigt, marktgebundene Wertpapiere mit einem Nennwert von 1.000 USD auszugeben, die eine bedingte vierteljährliche Kuponzahlung von mindestens 11,20 % pro Jahr leisten, sofern Netflix, Inc. (NFLX) am relevanten Beobachtungstag bei oder über 70 % seines Anfangswerts schließt. Ab Oktober 2025 werden die Notes automatisch zum Nennwert zuzüglich des aktuellen Kupons zurückgerufen, wenn NFLX an einem vierteljährlichen Berechnungstag auf oder über dem Startpreis schließt, wodurch die Investition vorzeitig beendet wird.
Absicherungsmechanismus nach unten. Werden die Notes nicht zurückgerufen und schließt Netflix am letzten Berechnungstag im Juli 2028 unterhalb der 70%-Abschwungsgrenze, erhalten Anleger 1.000 $ × (Endpreis / Startpreis), was Verluste über den 30%-Puffer hinaus bis hin zum vollständigen Kapitalverlust bedeutet. Anleger partizipieren nicht an Kurssteigerungen über die Kuponzahlungen hinaus.
Bewertung & Vertrieb. Morgan Stanley schätzt den fairen Wert am Preistag auf etwa 963,10 $ (±45 $), was die in den 1.000 $ Nennwert eingebetteten Strukturierungs- und Absicherungskosten widerspiegelt. Verkaufsprovisionen können bis zu 23,25 $ pro Note betragen, zusätzlich Händlergebühren von bis zu 0,3 %. Die Wertpapiere werden nicht börslich gehandelt; die sekundäre Liquidität wird daher voraussichtlich begrenzt sein.
Wichtige Überlegungen.
- Hohe zweistellige bedingte Erträge bei einem Einzelaktieninvestment, das an die Volatilität von Netflix gekoppelt ist.
- 30 % Absicherung nach unten – jedoch volle Exponierung unterhalb dieses Niveaus bei Fälligkeit.
- Vierteljährliche automatische Rückrufoption verkürzt die Laufzeit bei guter Aktienentwicklung.
- Kreditrisiko gegenüber Morgan Stanley; Zahlungen hängen von der Fähigkeit des Garanten ab, Verpflichtungen zu erfüllen.
- Double-digit contingent coupon (≥11.20% p.a.) offers high income relative to traditional investment-grade debt.
- 30% downside buffer before principal erosion occurs at maturity.
- Quarterly auto-call feature can return par early, reducing interest-rate and credit-duration risk.
- Full guarantee by Morgan Stanley provides investment-grade credit backing.
- Principal at risk below the 70% barrier, exposing holders to potentially 100% loss.
- No upside participation beyond fixed coupons, capping total return versus direct NFLX ownership.
- Estimated value ($963.10) below face indicates embedded fees and immediate mark-to-market discount.
- Limited secondary market—securities will not be exchange-listed, heightening liquidity risk.
- Credit exposure to Morgan Stanley; widening credit spreads can depress note prices irrespective of Netflix performance.
Insights
TL;DR: High 11%+ contingent coupon offsets full downside risk below 70% barrier; neutral to MS equity, product suits yield-seeking investors.
The note offers attractive income relative to comparable investment-grade bonds, but investors take concentrated single-name risk and forfeit upside beyond coupons. The 30% buffer provides limited protection; any 31%+ drop in Netflix by July 2028 triggers proportional principal loss. From Morgan Stanley’s standpoint the structure is revenue-generating but immaterial to its balance sheet, so overall market impact is neutral.
TL;DR: Investors assume Morgan Stanley credit and liquidity risk on an illiquid, unlisted note—reward is a contingent 11%+ coupon.
Because the securities are senior unsecured obligations, deterioration in Morgan Stanley’s credit spreads could compress secondary prices regardless of Netflix performance. The embedded fees (≈3.7% below face) signal negative carry if sold before call or maturity. Limited market-making support further restricts exit flexibility. For most portfolios, exposure size should remain modest relative to liquid core holdings.
Panoramica del prodotto. Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, intende emettere titoli Market-Linked denominati in tagli da $1.000 che pagano un cedola trimestrale condizionata di almeno l'11,20% annuo ogni volta che Netflix, Inc. (NFLX) chiude a o sopra il 70% del livello iniziale nella data di osservazione rilevante. A partire da ottobre 2025, se NFLX chiude a o sopra il prezzo iniziale in una qualsiasi giornata di calcolo trimestrale, le obbligazioni vengono richiamate automaticamente alla pari più la cedola corrente, con conseguente chiusura anticipata dell'investimento.
Meccanismo di protezione al ribasso. Se le obbligazioni non vengono richiamate e, nell'ultima giornata di calcolo di luglio 2028, Netflix termina al di sotto della soglia del 70%, gli investitori ricevono $1.000 × (prezzo finale / prezzo iniziale), subendo perdite superiori al 30% di margine di protezione fino a una perdita totale del capitale. Gli investitori non partecipano ad alcuna rivalutazione azionaria oltre al flusso cedolare.
Valutazione e distribuzione. Morgan Stanley stima il valore equo alla data di prezzo intorno a $963,10 (±$45), riflettendo i costi di strutturazione e copertura inclusi nel valore nominale di $1.000. Le commissioni di vendita possono arrivare a $23,25 per obbligazione, con ulteriori commissioni dealer fino allo 0,3%. I titoli non saranno quotati in borsa; pertanto, la liquidità secondaria è prevista limitata.
Considerazioni chiave.
- Reddito condizionato a doppia cifra elevata in un investimento su azioni singole legato alla volatilità di Netflix.
- Protezione al ribasso del 30%, con esposizione totale sotto tale livello alla scadenza.
- Funzione di richiamo automatico trimestrale che riduce la durata se il titolo performa bene.
- Esposizione creditizia a Morgan Stanley; i pagamenti dipendono dalla capacità del garante di rispettare gli obblighi.
Resumen del producto. Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, tiene la intención de emitir valores vinculados al mercado denominados en $1,000 que pagan un cupón trimestral contingente de al menos 11.20% anual siempre que Netflix, Inc. (NFLX) cierre en o por encima del 70% de su nivel inicial en la fecha de observación relevante. A partir de octubre de 2025, si NFLX cierra en o por encima del precio inicial en cualquier día de cálculo trimestral, los bonos son llamados automáticamente a la par más el cupón actual, terminando la inversión anticipadamente.
Mecánica a la baja. Si los bonos no son llamados y, en el último día de cálculo de julio de 2028, Netflix termina por debajo del umbral del 70%, los inversionistas reciben $1,000 × (precio final / precio inicial), resultando en pérdidas que superan el 30% de protección y hasta la pérdida total del principal. Los inversionistas no participan en ninguna apreciación de las acciones más allá del flujo de cupones.
Valoración y distribución. Morgan Stanley estima el valor justo en la fecha de precio en aproximadamente $963.10 (±$45), reflejando costos de estructuración y cobertura incluidos en el valor nominal de $1,000. Las concesiones de venta pueden alcanzar $23.25 por bono, con tarifas adicionales de distribuidores hasta 0.3%. Los valores no estarán listados en bolsa; por lo tanto, se espera una liquidez secundaria limitada.
Consideraciones clave.
- Ingreso contingente de dos dígitos altos en una operación de acción individual vinculada a la volatilidad de Netflix.
- Protección a la baja del 30%, pero exposición total por debajo de ese nivel al vencimiento.
- Función de llamada automática trimestral que acorta la duración si la acción tiene buen desempeño.
- Exposición crediticia a Morgan Stanley; los pagos dependen de la capacidad del garante para cumplir con las obligaciones.
상품 개요. Morgan Stanley Finance LLC는 Morgan Stanley의 전액 보증을 받아 1,000달러 단위로 발행되는 시장 연계 증권을 발행할 예정이며, Netflix, Inc. (NFLX)가 관련 관찰일에 초기 가격의 70% 이상으로 마감할 경우 연 11.20% 이상의 조건부 분기 쿠폰을 지급합니다. 2025년 10월부터 NFLX가 분기별 계산일에 초기 가격 이상으로 마감하면 해당 노트는 현재 쿠폰과 함께 액면가로 자동 상환되어 조기 투자가 종료됩니다.
하락 메커니즘. 노트가 상환되지 않고 2028년 7월 최종 계산일에 Netflix가 70% 하락 한계선 아래로 마감하면 투자자는 $1,000 × (종가 / 시작가)를 받게 되어 30% 보호 범위를 초과한 손실과 최대 원금 전액 손실이 발생할 수 있습니다. 투자자는 쿠폰 수익 외에 주가 상승에 참여하지 않습니다.
평가 및 배포. Morgan Stanley는 가격 결정일에 공정 가치를 약 $963.10(±$45)로 추정하며, 이는 1,000달러 액면가에 포함된 구조화 및 헤지 비용을 반영합니다. 판매 수수료는 노트당 최대 $23.25에 달할 수 있으며, 추가 딜러 수수료는 최대 0.3%입니다. 이 증권은 거래소 상장이 되지 않아 2차 유동성은 제한될 것으로 예상됩니다.
주요 고려 사항.
- Netflix 변동성에 연계된 단일 주식 거래에서 높은 두 자릿수 조건부 수입.
- 30% 하락 보호 장치 — 만기 시 그 이하에서는 전액 노출.
- 주가가 좋을 경우 분기별 자동 상환 기능으로 투자 기간 단축.
- Morgan Stanley에 대한 신용 노출; 지급은 보증인의 지급 능력에 달려 있음.
Présentation du produit. Morgan Stanley Finance LLC, entièrement garantie par Morgan Stanley, prévoit d'émettre des titres liés au marché d'une valeur nominale de 1 000 $ qui versent un coupon trimestriel conditionnel d'au moins 11,20 % par an chaque fois que Netflix, Inc. (NFLX) clôture à ou au-dessus de 70 % de son niveau initial à la date d'observation pertinente. À partir d'octobre 2025, si NFLX clôture au-dessus ou à son prix de départ lors d'une journée de calcul trimestrielle, les titres sont appelés automatiquement à leur valeur nominale plus le coupon courant, mettant fin à l'investissement de manière anticipée.
Mécanisme de protection à la baisse. Si les titres ne sont pas appelés et que, lors du dernier jour de calcul en juillet 2028, Netflix clôture en dessous du seuil de 70 %, les investisseurs reçoivent 1 000 $ × (prix de clôture / prix de départ), ce qui entraîne des pertes au-delà d'une protection de 30 % et jusqu'à une perte totale du capital. Les investisseurs ne participent pas à une appréciation du titre au-delà du flux de coupons.
Évaluation et distribution. Morgan Stanley estime la juste valeur à la date de tarification à environ 963,10 $ (±45 $), reflétant les coûts de structuration et de couverture intégrés dans la valeur nominale de 1 000 $. Les commissions de vente peuvent atteindre 23,25 $ par titre, avec des frais supplémentaires pour les distributeurs allant jusqu'à 0,3 %. Les titres ne seront pas cotés en bourse ; la liquidité secondaire devrait donc être limitée.
Points clés.
- Revenu conditionnel à deux chiffres élevé dans un investissement sur action unique lié à la volatilité de Netflix.
- Protection à la baisse de 30 %, mais exposition totale en dessous de ce niveau à l’échéance.
- Fonction de rappel automatique trimestriel qui réduit la durée si l’action performe bien.
- Exposition au crédit de Morgan Stanley ; les paiements dépendent de la capacité du garant à honorer ses obligations.
Produktübersicht. Morgan Stanley Finance LLC, vollständig von Morgan Stanley garantiert, beabsichtigt, marktgebundene Wertpapiere mit einem Nennwert von 1.000 USD auszugeben, die eine bedingte vierteljährliche Kuponzahlung von mindestens 11,20 % pro Jahr leisten, sofern Netflix, Inc. (NFLX) am relevanten Beobachtungstag bei oder über 70 % seines Anfangswerts schließt. Ab Oktober 2025 werden die Notes automatisch zum Nennwert zuzüglich des aktuellen Kupons zurückgerufen, wenn NFLX an einem vierteljährlichen Berechnungstag auf oder über dem Startpreis schließt, wodurch die Investition vorzeitig beendet wird.
Absicherungsmechanismus nach unten. Werden die Notes nicht zurückgerufen und schließt Netflix am letzten Berechnungstag im Juli 2028 unterhalb der 70%-Abschwungsgrenze, erhalten Anleger 1.000 $ × (Endpreis / Startpreis), was Verluste über den 30%-Puffer hinaus bis hin zum vollständigen Kapitalverlust bedeutet. Anleger partizipieren nicht an Kurssteigerungen über die Kuponzahlungen hinaus.
Bewertung & Vertrieb. Morgan Stanley schätzt den fairen Wert am Preistag auf etwa 963,10 $ (±45 $), was die in den 1.000 $ Nennwert eingebetteten Strukturierungs- und Absicherungskosten widerspiegelt. Verkaufsprovisionen können bis zu 23,25 $ pro Note betragen, zusätzlich Händlergebühren von bis zu 0,3 %. Die Wertpapiere werden nicht börslich gehandelt; die sekundäre Liquidität wird daher voraussichtlich begrenzt sein.
Wichtige Überlegungen.
- Hohe zweistellige bedingte Erträge bei einem Einzelaktieninvestment, das an die Volatilität von Netflix gekoppelt ist.
- 30 % Absicherung nach unten – jedoch volle Exponierung unterhalb dieses Niveaus bei Fälligkeit.
- Vierteljährliche automatische Rückrufoption verkürzt die Laufzeit bei guter Aktienentwicklung.
- Kreditrisiko gegenüber Morgan Stanley; Zahlungen hängen von der Fähigkeit des Garanten ab, Verpflichtungen zu erfüllen.
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Morgan Stanley Finance LLC Structured Investments |
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,315 Filed pursuant to Rule 433 Registration Statement Nos. 333-275587; 333-275587-01 July 14, 2025 |
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Netflix, Inc. due August 3, 2028
Fully and Unconditionally Guaranteed by Morgan Stanley
Summary of terms
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Issuer and guarantor |
Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
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Underlying stock |
Netflix, Inc. common stock |
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Pricing date* |
July 31, 2025 |
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Original issue date* |
August 5, 2025 |
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Face amount |
$1,000 per security |
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Contingent coupon payments |
On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price on the related calculation day is greater than or equal to the coupon threshold price. Each “contingent coupon payment”, if any, will be calculated per security as follows: ($1,000 × contingent coupon rate) / 4. |
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Contingent coupon rate |
At least 11.20% per annum, to be determined on the pricing date |
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Automatic call |
If, on any calculation day (other than the final calculation day), beginning in October 2025, the stock closing price is greater than or equal to the starting price, the securities will be automatically called for a cash payment per security equal to the face amount plus a final contingent coupon payment on the related call settlement date. |
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Calculation days |
Quarterly, on the 30th of each January, April, July and October, commencing in October 2025 and ending on the final calculation day. We also refer to the July 2028 calculation day as the final calculation day. |
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Contingent coupon payment dates |
Three business days after the applicable calculation day; provided that the coupon payment date for the final calculation day is the maturity date. |
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Call settlement date |
Three business days after the applicable calculation day. |
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Maturity payment amount (per security) |
●if the ending price is greater than or equal to the downside threshold price: $1,000; or ●if the ending price is less than the downside threshold price: $1,000 × performance factor |
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Maturity date* |
August 3, 2028 |
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Starting price |
The stock closing price on the pricing date |
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Ending price |
The stock closing price on the final calculation day |
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Performance factor |
The ending price divided by the starting price. |
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Coupon threshold price |
70% of the starting price |
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Downside threshold price |
70% of the starting price |
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Calculation agent |
Morgan Stanley & Co. LLC, an affiliate of the issuer |
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Denominations |
$1,000 and any integral multiple of $1,000 |
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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 $23.25 for each security it sells. Dealers, including Wells Fargo Advisors (“WFA”), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
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CUSIP |
61778NMD0 |
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Tax considerations |
See preliminary pricing supplement |
*Subject to change
** In addition, selected dealers may receive a fee of up to 0.3% for marketing and other services
Hypothetical payout profile (excluding contingent coupon payments)
If the securities are not automatically called prior to the maturity date and the ending price is less than the downside threshold price, you will lose more than 30%, and possibly all, of the face amount of your securities at the maturity date.
Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the underlying stock, but you will have full downside exposure to the underlying stock on the final calculation day if the ending price is less than the downside threshold price.
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 $963.10, 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 “Investment Summary” and “Risk Factors” 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, product supplement for principal at risk securities and prospectus before making a decision to invest in the securities.
Preliminary Pricing Supplement:
https://www.sec.gov/Archives/edgar/data/895421/000183988225038575/ms9315_424b2-21100.htm
The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” in the accompanying preliminary pricing 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.
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Risks Relating to an Investment in the Securities ●The securities do not guarantee the return of the face amount of your securities at maturity. ●The securities do not provide for the regular payment of interest. ●The contingent coupon payment, if any, is based on the stock closing price of the underlying stock on only the related quarterly calculation day at the end of the related interest period. ●Investors will not participate in any appreciation in the price of the underlying stock. ●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 stock. ●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 final 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 Stock ●No affiliation with Netflix, Inc. ●We may engage in business with or involving 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 stock. ●Historical closing prices of the underlying stock should not be taken as an indication of the future performance of the underlying stock during the term of the securities. |
For more information about the underlying stock, 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.
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FAQ
What coupon rate do Morgan Stanley's NFLX-linked notes pay?
When can the notes be automatically called?
How much principal protection do investors have?
What happens if Netflix falls below the downside threshold at maturity?
Are these Morgan Stanley securities listed or FDIC-insured?
What is the estimated initial value versus the $1,000 face amount?
