[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Worst-of INDU and NDX Market-Linked Notes due August 2, 2028, guaranteed by Morgan Stanley. The structured notes track the performance of the Dow Jones Industrial Average and Nasdaq-100 Index, with payment at maturity based on the worst-performing index.
Key features include:
- 100% participation rate with capped maximum payment of 120.50% to 125.50% ($1,205 to $1,255 per $1,000 note)
- Principal protection feature maintaining $1,000 minimum payment even if underliers decline
- Estimated value of $951.90 per note
- No periodic interest payments
Notable risks include credit risk exposure to Morgan Stanley, limited appreciation potential due to payment cap, and dependence on worst-performing index. The notes will not be listed on exchanges, potentially limiting secondary market trading. Pricing date set for July 28, 2025 with maturity on August 2, 2028.
Morgan Stanley Finance ha annunciato le Note Collegate al Mercato Worst-of INDU e NDX con scadenza il 2 agosto 2028, garantite da Morgan Stanley. Le note strutturate seguono la performance del Dow Jones Industrial Average e del Nasdaq-100 Index, con il pagamento a scadenza basato sull'indice con la performance peggiore.
Caratteristiche principali includono:
- tasso di partecipazione del 100% con pagamento massimo limitato tra 120,50% e 125,50% (da $1.205 a $1.255 per ogni nota da $1.000)
- protezione del capitale che garantisce un pagamento minimo di $1.000 anche in caso di ribasso degli indici sottostanti
- valore stimato di $951,90 per nota
- assenza di pagamenti di interessi periodici
I rischi principali comprendono l'esposizione al rischio di credito di Morgan Stanley, il potenziale limitato di apprezzamento dovuto al tetto di pagamento e la dipendenza dall'indice con la performance peggiore. Le note non saranno quotate in borsa, il che potrebbe limitare il trading sul mercato secondario. La data di prezzo è fissata per il 28 luglio 2025 con scadenza il 2 agosto 2028.
Morgan Stanley Finance ha anunciado Notas Vinculadas al Mercado Worst-of INDU y NDX con vencimiento el 2 de agosto de 2028, garantizadas por Morgan Stanley. Las notas estructuradas siguen el desempeño del Dow Jones Industrial Average y Nasdaq-100 Index, con el pago al vencimiento basado en el índice con peor rendimiento.
Las características clave incluyen:
- tasa de participación del 100% con pago máximo limitado entre 120.50% y 125.50% ($1,205 a $1,255 por cada nota de $1,000)
- protección del capital que garantiza un pago mínimo de $1,000 incluso si los subyacentes caen
- valor estimado de $951.90 por nota
- sin pagos periódicos de intereses
Los riesgos notables incluyen la exposición al riesgo crediticio de Morgan Stanley, el potencial limitado de apreciación debido al tope de pago y la dependencia del índice con peor rendimiento. Las notas no estarán listadas en bolsas, lo que podría limitar el comercio en el mercado secundario. La fecha de precio está fijada para el 28 de julio de 2025 con vencimiento el 2 de agosto de 2028.
모건 스탠리 파이낸스는 2028년 8월 2일 만기인 Worst-of INDU 및 NDX 시장연계 노트를 발표했으며, 모건 스탠리가 보증합니다. 이 구조화 노트는 다우 존스 산업평균지수와 나스닥-100 지수의 성과를 추적하며, 만기 시 가장 성과가 저조한 지수를 기준으로 지급됩니다.
주요 특징은 다음과 같습니다:
- 100% 참여율과 최대 지급 한도 120.50%에서 125.50% (노트 1,000달러당 1,205달러에서 1,255달러)
- 기초자산 하락 시에도 1,000달러 최소 원금 보호 기능
- 노트당 예상 가치 951.90달러
- 정기 이자 지급 없음
주요 위험 요소로는 모건 스탠리 신용 위험 노출, 지급 한도로 인한 제한된 상승 잠재력, 최저 성과 지수에 대한 의존성이 있습니다. 노트는 거래소에 상장되지 않아 2차 시장 거래가 제한될 수 있습니다. 가격 결정일은 2025년 7월 28일, 만기일은 2028년 8월 2일입니다.
Morgan Stanley Finance a annoncé des Notes liées au marché Worst-of INDU et NDX arrivant à échéance le 2 août 2028, garanties par Morgan Stanley. Ces notes structurées suivent la performance du Dow Jones Industrial Average et du Nasdaq-100 Index, avec un paiement à l'échéance basé sur l'indice ayant la moins bonne performance.
Les caractéristiques clés comprennent :
- taux de participation de 100 % avec un paiement maximum plafonné entre 120,50 % et 125,50 % (de 1 205 $ à 1 255 $ par note de 1 000 $)
- fonction de protection du capital garantissant un paiement minimum de 1 000 $ même en cas de baisse des sous-jacents
- valeur estimée à 951,90 $ par note
- pas de paiements d’intérêts périodiques
Les risques notables incluent une exposition au risque de crédit de Morgan Stanley, un potentiel d’appréciation limité en raison du plafond de paiement, et une dépendance à l’indice le moins performant. Les notes ne seront pas cotées en bourse, ce qui pourrait limiter les échanges sur le marché secondaire. La date de tarification est fixée au 28 juillet 2025 avec une échéance au 2 août 2028.
Morgan Stanley Finance hat Worst-of INDU und NDX marktgebundene Schuldverschreibungen mit Fälligkeit am 2. August 2028 angekündigt, garantiert von Morgan Stanley. Die strukturierten Notes verfolgen die Entwicklung des Dow Jones Industrial Average und Nasdaq-100 Index, wobei die Auszahlung bei Fälligkeit auf dem schlechtesten Index basiert.
Wesentliche Merkmale umfassen:
- 100% Partizipationsrate mit begrenzter maximaler Auszahlung von 120,50% bis 125,50% (1.205 bis 1.255 USD pro 1.000 USD Note)
- Kapitalschutz, der eine Mindestzahlung von 1.000 USD garantiert, selbst wenn die Basiswerte fallen
- geschätzter Wert von 951,90 USD pro Note
- keine periodischen Zinszahlungen
Wesentliche Risiken umfassen das Kreditrisiko gegenüber Morgan Stanley, begrenztes Aufwärtspotenzial aufgrund der Auszahlungskappung und die Abhängigkeit vom schlechtesten Index. Die Notes werden nicht an Börsen gehandelt, was den Sekundärmarkt einschränken könnte. Das Preisdatenfestlegung ist auf den 28. Juli 2025 gesetzt, mit Fälligkeit am 2. August 2028.
- Morgan Stanley is offering notes with 100% downside protection, ensuring investors won't lose principal even if underliers decline significantly
- The notes offer upside participation of 100% up to a maximum return of 20.50-25.50% over a 3-year term
- The product provides diversified exposure to both Dow Jones Industrial Average and Nasdaq-100 Index, major market benchmarks
- The notes' maximum return is capped at 20.50-25.50%, limiting potential upside if markets perform strongly
- The payment is based on the worst-performing underlier, which could significantly reduce returns even if one index performs well
- The estimated value of the notes ($951.90) is significantly below the offering price, indicating high embedded costs
- The notes do not provide any interim interest payments during the 3-year term
Morgan Stanley Finance ha annunciato le Note Collegate al Mercato Worst-of INDU e NDX con scadenza il 2 agosto 2028, garantite da Morgan Stanley. Le note strutturate seguono la performance del Dow Jones Industrial Average e del Nasdaq-100 Index, con il pagamento a scadenza basato sull'indice con la performance peggiore.
Caratteristiche principali includono:
- tasso di partecipazione del 100% con pagamento massimo limitato tra 120,50% e 125,50% (da $1.205 a $1.255 per ogni nota da $1.000)
- protezione del capitale che garantisce un pagamento minimo di $1.000 anche in caso di ribasso degli indici sottostanti
- valore stimato di $951,90 per nota
- assenza di pagamenti di interessi periodici
I rischi principali comprendono l'esposizione al rischio di credito di Morgan Stanley, il potenziale limitato di apprezzamento dovuto al tetto di pagamento e la dipendenza dall'indice con la performance peggiore. Le note non saranno quotate in borsa, il che potrebbe limitare il trading sul mercato secondario. La data di prezzo è fissata per il 28 luglio 2025 con scadenza il 2 agosto 2028.
Morgan Stanley Finance ha anunciado Notas Vinculadas al Mercado Worst-of INDU y NDX con vencimiento el 2 de agosto de 2028, garantizadas por Morgan Stanley. Las notas estructuradas siguen el desempeño del Dow Jones Industrial Average y Nasdaq-100 Index, con el pago al vencimiento basado en el índice con peor rendimiento.
Las características clave incluyen:
- tasa de participación del 100% con pago máximo limitado entre 120.50% y 125.50% ($1,205 a $1,255 por cada nota de $1,000)
- protección del capital que garantiza un pago mínimo de $1,000 incluso si los subyacentes caen
- valor estimado de $951.90 por nota
- sin pagos periódicos de intereses
Los riesgos notables incluyen la exposición al riesgo crediticio de Morgan Stanley, el potencial limitado de apreciación debido al tope de pago y la dependencia del índice con peor rendimiento. Las notas no estarán listadas en bolsas, lo que podría limitar el comercio en el mercado secundario. La fecha de precio está fijada para el 28 de julio de 2025 con vencimiento el 2 de agosto de 2028.
모건 스탠리 파이낸스는 2028년 8월 2일 만기인 Worst-of INDU 및 NDX 시장연계 노트를 발표했으며, 모건 스탠리가 보증합니다. 이 구조화 노트는 다우 존스 산업평균지수와 나스닥-100 지수의 성과를 추적하며, 만기 시 가장 성과가 저조한 지수를 기준으로 지급됩니다.
주요 특징은 다음과 같습니다:
- 100% 참여율과 최대 지급 한도 120.50%에서 125.50% (노트 1,000달러당 1,205달러에서 1,255달러)
- 기초자산 하락 시에도 1,000달러 최소 원금 보호 기능
- 노트당 예상 가치 951.90달러
- 정기 이자 지급 없음
주요 위험 요소로는 모건 스탠리 신용 위험 노출, 지급 한도로 인한 제한된 상승 잠재력, 최저 성과 지수에 대한 의존성이 있습니다. 노트는 거래소에 상장되지 않아 2차 시장 거래가 제한될 수 있습니다. 가격 결정일은 2025년 7월 28일, 만기일은 2028년 8월 2일입니다.
Morgan Stanley Finance a annoncé des Notes liées au marché Worst-of INDU et NDX arrivant à échéance le 2 août 2028, garanties par Morgan Stanley. Ces notes structurées suivent la performance du Dow Jones Industrial Average et du Nasdaq-100 Index, avec un paiement à l'échéance basé sur l'indice ayant la moins bonne performance.
Les caractéristiques clés comprennent :
- taux de participation de 100 % avec un paiement maximum plafonné entre 120,50 % et 125,50 % (de 1 205 $ à 1 255 $ par note de 1 000 $)
- fonction de protection du capital garantissant un paiement minimum de 1 000 $ même en cas de baisse des sous-jacents
- valeur estimée à 951,90 $ par note
- pas de paiements d’intérêts périodiques
Les risques notables incluent une exposition au risque de crédit de Morgan Stanley, un potentiel d’appréciation limité en raison du plafond de paiement, et une dépendance à l’indice le moins performant. Les notes ne seront pas cotées en bourse, ce qui pourrait limiter les échanges sur le marché secondaire. La date de tarification est fixée au 28 juillet 2025 avec une échéance au 2 août 2028.
Morgan Stanley Finance hat Worst-of INDU und NDX marktgebundene Schuldverschreibungen mit Fälligkeit am 2. August 2028 angekündigt, garantiert von Morgan Stanley. Die strukturierten Notes verfolgen die Entwicklung des Dow Jones Industrial Average und Nasdaq-100 Index, wobei die Auszahlung bei Fälligkeit auf dem schlechtesten Index basiert.
Wesentliche Merkmale umfassen:
- 100% Partizipationsrate mit begrenzter maximaler Auszahlung von 120,50% bis 125,50% (1.205 bis 1.255 USD pro 1.000 USD Note)
- Kapitalschutz, der eine Mindestzahlung von 1.000 USD garantiert, selbst wenn die Basiswerte fallen
- geschätzter Wert von 951,90 USD pro Note
- keine periodischen Zinszahlungen
Wesentliche Risiken umfassen das Kreditrisiko gegenüber Morgan Stanley, begrenztes Aufwärtspotenzial aufgrund der Auszahlungskappung und die Abhängigkeit vom schlechtesten Index. Die Notes werden nicht an Börsen gehandelt, was den Sekundärmarkt einschränken könnte. Das Preisdatenfestlegung ist auf den 28. Juli 2025 gesetzt, mit Fälligkeit am 2. August 2028.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,022
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU and NDX Market-Linked Notes due August 2, 2028
This document provides a summary of the terms of the notes. 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: |
Dow Jones Industrial AverageSM (INDU) and Nasdaq-100 Index® (NDX) |
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Participation rate: |
100% |
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Maximum payment at maturity: |
$1,205 to $1,255 per note (120.50% to 125.50% of the stated principal amount) |
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Pricing date: |
July 28, 2025 |
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Observation date: |
July 28, 2028 |
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Maturity date: |
August 2, 2028 |
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CUSIP: |
61778K7D3 |
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Estimated value: |
$951.90 per note, or within $45.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034262/ms9022_424b2-18599.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 notes.
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Note |
|
+100.00% |
$1,205.00* |
|
+80.00% |
$1,205.00* |
|
+60.00% |
$1,205.00* |
|
+40.00% |
$1,205.00* |
|
+20.50% |
$1,205.00 |
|
+20.00% |
$1,200.00 |
|
+10.00% |
$1,100.00 |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-60.00% |
$1,000.00 |
|
-80.00% |
$1,000.00 |
|
-100.00% |
$1,000.00 |
|
*Assumes a maximum payment at maturity of $1,205.00 per note |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Notes
●The notes may not pay more than the stated principal amount at maturity.
●The notes do not pay interest.
●The appreciation potential of the notes is limited by the maximum payment at maturity.
●The amount payable on the notes is not linked to the values of the underliers at any time other than the observation date.
●The market price of the notes may be influenced by many unpredictable factors.
●The notes 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 notes.
●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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the notes 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 notes 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 notes is not equivalent to investing in the underlier(s).
●You may be required to recognize taxable income on the notes prior to maturity.
Risks Relating to the Underlier(s)
●Because your return on the notes will depend upon the performance of the underlier(s), the notes 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 notes 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 notes and/or sustaining a significant loss on your investment than if the notes were linked to just one underlier.
oAdjustments to an underlying index could adversely affect the value of the notes.
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 notes.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Notes–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.
