[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Worst-of Dual Directional Buffered PLUS securities linked to INDU, NDX, and RTY indices, maturing August 1, 2030. Key features include:
- Leverage factor of 134% to 149% on positive index performance
- Buffer amount of 20% protecting against initial market decline
- 100% absolute return participation rate for negative performance up to buffer
- Maximum loss capped at 80% of initial investment
- Estimated value of $917.50 per security
Payment at maturity will be based on the worst-performing underlier. The securities offer leveraged upside potential and partial downside protection, but involve significant risks including credit risk, no interest payments, and limited secondary market liquidity. Notable is exposure to small-cap risk through RTY index inclusion. The structure provides asymmetric returns, with enhanced upside through leverage and partial downside protection through the buffer.
Morgan Stanley Finance ha annunciato i titoli Worst-of Dual Directional Buffered PLUS collegati agli indici INDU, NDX e RTY, con scadenza il 1° agosto 2030. Le caratteristiche principali includono:
- Fattore di leva dal 134% al 149% in caso di performance positiva degli indici
- Buffer del 20% a protezione da un calo iniziale del mercato
- Partecipazione al rendimento assoluto del 100% per performance negativa fino al buffer
- Perdita massima limitata all'80% dell'investimento iniziale
- Valore stimato di 917,50 $ per titolo
Il pagamento a scadenza sarà basato sull'indice peggiore in termini di performance. I titoli offrono un potenziale di rialzo con leva e una protezione parziale al ribasso, ma comportano rischi significativi tra cui rischio di credito, assenza di pagamenti di interessi e scarsa liquidità sul mercato secondario. Da notare l'esposizione al rischio small-cap tramite l'inclusione dell'indice RTY. La struttura garantisce rendimenti asimmetrici, con un potenziamento del rialzo grazie alla leva e una protezione parziale al ribasso tramite il buffer.
Morgan Stanley Finance ha anunciado los valores Worst-of Dual Directional Buffered PLUS vinculados a los índices INDU, NDX y RTY, con vencimiento el 1 de agosto de 2030. Las características clave incluyen:
- Factor de apalancamiento del 134% al 149% en caso de rendimiento positivo de los índices
- Buffer del 20% que protege contra una caída inicial del mercado
- Tasa de participación del 100% en rendimiento absoluto para desempeño negativo hasta el buffer
- Pérdida máxima limitada al 80% de la inversión inicial
- Valor estimado de $917.50 por título
El pago al vencimiento se basará en el activo subyacente con peor desempeño. Los valores ofrecen potencial de ganancia apalancada y protección parcial contra pérdidas, pero implican riesgos significativos incluyendo riesgo crediticio, ausencia de pagos de intereses y liquidez limitada en el mercado secundario. Es destacable la exposición al riesgo de pequeña capitalización mediante la inclusión del índice RTY. La estructura proporciona rendimientos asimétricos, con aumento del potencial alcista gracias al apalancamiento y protección parcial a la baja mediante el buffer.
Morgan Stanley Finance는 2030년 8월 1일 만기인 INDU, NDX, RTY 지수에 연계된 Worst-of Dual Directional Buffered PLUS 증권을 발표했습니다. 주요 특징은 다음과 같습니다:
- 긍정적 지수 성과에 대해 134%에서 149%의 레버리지 비율
- 초기 시장 하락에 대해 20%의 버퍼 보호
- 버퍼 한도 내에서 부정적 성과에 대해 100%의 절대 수익 참여율
- 최대 손실은 초기 투자금의 80%로 제한
- 증권당 추정 가치 $917.50
만기 시 지급금은 최악의 성과를 보인 기초자산을 기준으로 합니다. 이 증권은 레버리지 상승 잠재력과 부분적 하락 보호를 제공하지만, 신용 위험, 이자 지급 없음, 제한된 2차 시장 유동성 등 중요한 위험이 수반됩니다. RTY 지수 포함으로 인한 스몰캡 리스크 노출도 주목할 만합니다. 이 구조는 레버리지로 상승 잠재력을 높이고 버퍼를 통해 부분적 하락 보호를 제공하는 비대칭 수익 구조를 갖추고 있습니다.
Morgan Stanley Finance a annoncé des titres Worst-of Dual Directional Buffered PLUS liés aux indices INDU, NDX et RTY, arrivant à échéance le 1er août 2030. Les caractéristiques clés comprennent :
- Facteur de levier de 134 % à 149 % en cas de performance positive des indices
- Montant du buffer de 20 % protégeant contre une baisse initiale du marché
- Taux de participation au rendement absolu de 100 % pour une performance négative jusqu'au buffer
- Perte maximale plafonnée à 80 % de l'investissement initial
- Valeur estimée de 917,50 $ par titre
Le paiement à l'échéance sera basé sur le pire sous-jacent en termes de performance. Ces titres offrent un potentiel de hausse avec effet de levier et une protection partielle à la baisse, mais comportent des risques importants, notamment un risque de crédit, l'absence de paiements d'intérêts et une liquidité limitée sur le marché secondaire. Il est à noter une exposition au risque des petites capitalisations via l'inclusion de l'indice RTY. La structure propose des rendements asymétriques, avec un effet de levier pour augmenter le potentiel de hausse et une protection partielle à la baisse via le buffer.
Morgan Stanley Finance hat Worst-of Dual Directional Buffered PLUS Wertpapiere angekündigt, die an die INDU-, NDX- und RTY-Indizes gekoppelt sind und am 1. August 2030 fällig werden. Die wichtigsten Merkmale sind:
- Hebelfaktor von 134 % bis 149 % bei positiver Indexentwicklung
- 20 % Puffer zum Schutz vor anfänglichen Marktrückgängen
- 100 % absolute Renditebeteiligung bei negativer Performance bis zur Puffergrenze
- Maximalverlust begrenzt auf 80 % des Anfangsinvestments
- Geschätzter Wert von 917,50 $ pro Wertpapier
Die Auszahlung bei Fälligkeit basiert auf dem schwächsten zugrunde liegenden Index. Die Wertpapiere bieten ein gehebeltes Aufwärtspotenzial und einen teilweisen Abwärtsschutz, bergen jedoch erhebliche Risiken wie Kreditrisiko, keine Zinszahlungen und begrenzte Liquidität am Sekundärmarkt. Besonders hervorzuheben ist das Small-Cap-Risiko durch die Einbeziehung des RTY-Index. Die Struktur ermöglicht asymmetrische Renditen mit erhöhtem Aufwärtspotenzial durch Hebelwirkung und teilweisem Schutz nach unten durch den Puffer.
- Offers 134-149% leverage on upside potential, enhancing returns in bullish scenarios
- Provides downside protection with 20% buffer against losses, limiting maximum loss to 80%
- Features dual directional returns, allowing investors to profit from both upside and moderate downside movements
- Backed by Morgan Stanley's credit guarantee, providing institutional-grade counterparty strength
- Returns are capped and limited by the leverage factor, potentially underperforming in strong bull markets
- Performance is based on worst-performing underlying index among INDU, NDX, and RTY, increasing downside risk
- No periodic interest payments, limiting income potential for investors
- Significant credit risk exposure to Morgan Stanley, with potential for loss of principal in default scenario
- Limited secondary market liquidity as securities won't be listed on exchanges
Morgan Stanley Finance ha annunciato i titoli Worst-of Dual Directional Buffered PLUS collegati agli indici INDU, NDX e RTY, con scadenza il 1° agosto 2030. Le caratteristiche principali includono:
- Fattore di leva dal 134% al 149% in caso di performance positiva degli indici
- Buffer del 20% a protezione da un calo iniziale del mercato
- Partecipazione al rendimento assoluto del 100% per performance negativa fino al buffer
- Perdita massima limitata all'80% dell'investimento iniziale
- Valore stimato di 917,50 $ per titolo
Il pagamento a scadenza sarà basato sull'indice peggiore in termini di performance. I titoli offrono un potenziale di rialzo con leva e una protezione parziale al ribasso, ma comportano rischi significativi tra cui rischio di credito, assenza di pagamenti di interessi e scarsa liquidità sul mercato secondario. Da notare l'esposizione al rischio small-cap tramite l'inclusione dell'indice RTY. La struttura garantisce rendimenti asimmetrici, con un potenziamento del rialzo grazie alla leva e una protezione parziale al ribasso tramite il buffer.
Morgan Stanley Finance ha anunciado los valores Worst-of Dual Directional Buffered PLUS vinculados a los índices INDU, NDX y RTY, con vencimiento el 1 de agosto de 2030. Las características clave incluyen:
- Factor de apalancamiento del 134% al 149% en caso de rendimiento positivo de los índices
- Buffer del 20% que protege contra una caída inicial del mercado
- Tasa de participación del 100% en rendimiento absoluto para desempeño negativo hasta el buffer
- Pérdida máxima limitada al 80% de la inversión inicial
- Valor estimado de $917.50 por título
El pago al vencimiento se basará en el activo subyacente con peor desempeño. Los valores ofrecen potencial de ganancia apalancada y protección parcial contra pérdidas, pero implican riesgos significativos incluyendo riesgo crediticio, ausencia de pagos de intereses y liquidez limitada en el mercado secundario. Es destacable la exposición al riesgo de pequeña capitalización mediante la inclusión del índice RTY. La estructura proporciona rendimientos asimétricos, con aumento del potencial alcista gracias al apalancamiento y protección parcial a la baja mediante el buffer.
Morgan Stanley Finance는 2030년 8월 1일 만기인 INDU, NDX, RTY 지수에 연계된 Worst-of Dual Directional Buffered PLUS 증권을 발표했습니다. 주요 특징은 다음과 같습니다:
- 긍정적 지수 성과에 대해 134%에서 149%의 레버리지 비율
- 초기 시장 하락에 대해 20%의 버퍼 보호
- 버퍼 한도 내에서 부정적 성과에 대해 100%의 절대 수익 참여율
- 최대 손실은 초기 투자금의 80%로 제한
- 증권당 추정 가치 $917.50
만기 시 지급금은 최악의 성과를 보인 기초자산을 기준으로 합니다. 이 증권은 레버리지 상승 잠재력과 부분적 하락 보호를 제공하지만, 신용 위험, 이자 지급 없음, 제한된 2차 시장 유동성 등 중요한 위험이 수반됩니다. RTY 지수 포함으로 인한 스몰캡 리스크 노출도 주목할 만합니다. 이 구조는 레버리지로 상승 잠재력을 높이고 버퍼를 통해 부분적 하락 보호를 제공하는 비대칭 수익 구조를 갖추고 있습니다.
Morgan Stanley Finance a annoncé des titres Worst-of Dual Directional Buffered PLUS liés aux indices INDU, NDX et RTY, arrivant à échéance le 1er août 2030. Les caractéristiques clés comprennent :
- Facteur de levier de 134 % à 149 % en cas de performance positive des indices
- Montant du buffer de 20 % protégeant contre une baisse initiale du marché
- Taux de participation au rendement absolu de 100 % pour une performance négative jusqu'au buffer
- Perte maximale plafonnée à 80 % de l'investissement initial
- Valeur estimée de 917,50 $ par titre
Le paiement à l'échéance sera basé sur le pire sous-jacent en termes de performance. Ces titres offrent un potentiel de hausse avec effet de levier et une protection partielle à la baisse, mais comportent des risques importants, notamment un risque de crédit, l'absence de paiements d'intérêts et une liquidité limitée sur le marché secondaire. Il est à noter une exposition au risque des petites capitalisations via l'inclusion de l'indice RTY. La structure propose des rendements asymétriques, avec un effet de levier pour augmenter le potentiel de hausse et une protection partielle à la baisse via le buffer.
Morgan Stanley Finance hat Worst-of Dual Directional Buffered PLUS Wertpapiere angekündigt, die an die INDU-, NDX- und RTY-Indizes gekoppelt sind und am 1. August 2030 fällig werden. Die wichtigsten Merkmale sind:
- Hebelfaktor von 134 % bis 149 % bei positiver Indexentwicklung
- 20 % Puffer zum Schutz vor anfänglichen Marktrückgängen
- 100 % absolute Renditebeteiligung bei negativer Performance bis zur Puffergrenze
- Maximalverlust begrenzt auf 80 % des Anfangsinvestments
- Geschätzter Wert von 917,50 $ pro Wertpapier
Die Auszahlung bei Fälligkeit basiert auf dem schwächsten zugrunde liegenden Index. Die Wertpapiere bieten ein gehebeltes Aufwärtspotenzial und einen teilweisen Abwärtsschutz, bergen jedoch erhebliche Risiken wie Kreditrisiko, keine Zinszahlungen und begrenzte Liquidität am Sekundärmarkt. Besonders hervorzuheben ist das Small-Cap-Risiko durch die Einbeziehung des RTY-Index. Die Struktur ermöglicht asymmetrische Renditen mit erhöhtem Aufwärtspotenzial durch Hebelwirkung und teilweisem Schutz nach unten durch den Puffer.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,024
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU, NDX and RTY Dual Directional Buffered 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), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
|
Leverage factor: |
134% to 149% |
|
Absolute return participation rate: |
100% |
|
Buffer amount: |
20% (80% maximum loss)1 |
|
Pricing date: |
July 28, 2025 |
|
Observation date: |
July 29, 2030 |
|
Maturity date: |
August 1, 2030 |
|
CUSIP: |
61778K7F8 |
|
Estimated value: |
$917.50 per security, or within $55.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034717/ms9024_424b2-18933.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% |
$1,804.00* |
|
|
+40.00% |
$1,536.00* |
|
|
+20.00% |
$1,268.00* |
|
|
0.00% |
$1,000.00 |
|
|
-10.00% |
$1,100.00 |
|
|
-20.00% |
$1,200.00 |
|
|
-21.00% |
$990.00 |
|
|
-40.00% |
$800.00 |
|
|
-60.00% |
$600.00 |
|
|
-80.00% |
$400.00 |
|
|
-100.00% |
$200.00 |
|
|
*Assumes a leverage factor of 134% |
||
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 provide for only the minimum payment at maturity 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 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.
