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[FWP] Morgan Stanley Free Writing Prospectus

Filing Impact
(Low)
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(Neutral)
Form Type
FWP
Rhea-AI Filing Summary

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering 1.5-Year NVDA Trigger Jump Securities maturing February 3, 2027. Each $1,000 note references NVIDIA Corporation (NVDA) common stock and provides a fixed, capped upside payment of $299.30 (29.93%) if the final share price is at or above the initial share price on the January 29, 2027 valuation date. Should NVDA decline by up to 35%, investors still receive full principal. If NVDA falls by more than 35%, repayment equals $1,000 × share performance factor, exposing investors to uncapped downside.

Key structural points include a 65% downside threshold, no interim interest, and an estimated value of $962.70—about 3.7% below the $1,000 issue price—reflecting issuance and hedging costs. The securities will not be listed; liquidity will depend on Morgan Stanley’s willingness to make a market. All payments carry credit risk of the issuer and guarantor. Investors should also consider tax uncertainty and that the calculation agent is a Morgan Stanley affiliate, which may create conflicts of interest.

The product may appeal to investors comfortable with Morgan Stanley credit exposure who seek enhanced, but capped, equity-linked returns in exchange for accepting the risk of significant loss if NVDA declines more than 35%.

Morgan Stanley Finance LLC, garantita da Morgan Stanley, offre titoli NVDA Trigger Jump della durata di 1,5 anni con scadenza il 3 febbraio 2027. Ogni obbligazione da 1.000$ fa riferimento alle azioni ordinarie di NVIDIA Corporation (NVDA) e offre un pagamento fisso con rendimento massimo di 299,30$ (29,93%) se il prezzo finale delle azioni è pari o superiore al prezzo iniziale alla data di valutazione del 29 gennaio 2027. Qualora NVDA dovesse diminuire fino al 35%, gli investitori riceveranno comunque l'intero capitale. Se NVDA scende oltre il 35%, il rimborso sarà pari a 1.000$ × fattore di performance azionaria, esponendo gli investitori a perdite potenzialmente illimitate.

I punti strutturali principali includono una soglia di ribasso del 65%, nessun interesse intermedio e un valore stimato di 962,70$, circa il 3,7% inferiore al prezzo di emissione di 1.000$, a riflettere i costi di emissione e copertura. I titoli non saranno quotati; la liquidità dipenderà dalla disponibilità di Morgan Stanley a fare mercato. Tutti i pagamenti comportano un rischio di credito dell'emittente e del garante. Gli investitori devono inoltre considerare l'incertezza fiscale e il fatto che l'agente di calcolo è una controllata di Morgan Stanley, il che potrebbe generare conflitti di interesse.

Il prodotto può essere interessante per investitori disposti ad assumersi il rischio di credito di Morgan Stanley e che cercano rendimenti azionari potenziati ma limitati, accettando il rischio di perdite significative se NVDA scende oltre il 35%.

Morgan Stanley Finance LLC, garantizada por Morgan Stanley, ofrece valores NVDA Trigger Jump a 1,5 años con vencimiento el 3 de febrero de 2027. Cada nota de $1,000 referencia las acciones comunes de NVIDIA Corporation (NVDA) y proporciona un pago fijo con rendimiento máximo de $299.30 (29.93%) si el precio final de la acción es igual o superior al precio inicial en la fecha de valoración del 29 de enero de 2027. Si NVDA cae hasta un 35%, los inversores aún reciben el capital completo. Si NVDA cae más del 35%, el reembolso será $1,000 × factor de rendimiento de la acción, exponiendo a los inversores a pérdidas ilimitadas.

Los puntos estructurales clave incluyen un umbral de caída del 65%, sin intereses intermedios y un valor estimado de $962.70, aproximadamente un 3.7% por debajo del precio de emisión de $1,000, reflejando costos de emisión y cobertura. Los valores no estarán listados; la liquidez dependerá de la disposición de Morgan Stanley para hacer mercado. Todos los pagos conllevan riesgo crediticio del emisor y garante. Los inversores también deben considerar la incertidumbre fiscal y que el agente de cálculo es una filial de Morgan Stanley, lo que podría generar conflictos de interés.

El producto puede atraer a inversores cómodos con la exposición crediticia a Morgan Stanley que buscan rendimientos vinculados a acciones mejorados pero limitados, a cambio de aceptar el riesgo de pérdidas significativas si NVDA cae más del 35%.

Morgan Stanley Finance LLCMorgan Stanley의 보증을 받아 1.5년 만기 NVDA 트리거 점프 증권을 2027년 2월 3일에 만기하는 상품을 제공합니다. 각 $1,000 노트는 NVIDIA Corporation (NVDA) 보통주를 기준으로 하며, 2027년 1월 29일 평가일에 최종 주가가 초기 주가 이상일 경우 고정 상한 수익금 $299.30 (29.93%)를 지급합니다. NVDA 주가가 최대 35% 하락해도 투자자는 원금을 전액 수령합니다. 만약 NVDA가 35% 이상 하락하면 상환금은 $1,000 × 주가 성과 지수로 계산되어 투자자는 무제한 하락 위험에 노출됩니다.

주요 구조적 특징으로는 65% 하락 한계, 중간 이자 없음, 그리고 발행 및 헤지 비용을 반영한 예상 가치 $962.70로, 발행가 $1,000보다 약 3.7% 낮습니다. 이 증권은 상장되지 않으며, 유동성은 Morgan Stanley의 시장 조성 의지에 달려 있습니다. 모든 지급은 발행자 및 보증자의 신용 위험을 수반합니다. 투자자는 세금 불확실성과 Morgan Stanley 계열사가 산정 대리인인 점으로 인한 이해 상충 가능성도 고려해야 합니다.

이 상품은 Morgan Stanley 신용 노출에 편안함을 느끼며, NVDA가 35% 이상 하락할 경우 상당한 손실 위험을 감수하는 대신 향상되었으나 상한이 있는 주식 연계 수익을 원하는 투자자에게 적합할 수 있습니다.

Morgan Stanley Finance LLC, garantie par Morgan Stanley, propose des titres NVDA Trigger Jump d'une durée de 1,5 an arrivant à échéance le 3 février 2027. Chaque note de 1 000 $ référence les actions ordinaires de NVIDIA Corporation (NVDA) et offre un paiement fixe avec un plafond de 299,30 $ (29,93%) si le cours final est égal ou supérieur au cours initial à la date d'évaluation du 29 janvier 2027. Si NVDA baisse jusqu'à 35 %, les investisseurs récupèrent le capital intégral. Si NVDA chute de plus de 35 %, le remboursement correspond à 1 000 $ × facteur de performance de l'action, exposant les investisseurs à un risque de perte illimité.

Les points structurels clés incluent un seuil de baisse de 65 %, aucun intérêt intermédiaire, et une valeur estimée à 962,70 $, soit environ 3,7 % en dessous du prix d'émission de 1 000 $, reflétant les coûts d'émission et de couverture. Les titres ne seront pas cotés ; la liquidité dépendra de la volonté de Morgan Stanley de faire le marché. Tous les paiements comportent un risque de crédit de l'émetteur et du garant. Les investisseurs doivent également prendre en compte l'incertitude fiscale et le fait que l'agent de calcul est une filiale de Morgan Stanley, ce qui peut engendrer des conflits d'intérêts.

Ce produit peut intéresser les investisseurs à l'aise avec l'exposition au crédit de Morgan Stanley, recherchant des rendements liés à l'action améliorés mais plafonnés, en acceptant le risque de pertes significatives si NVDA baisse de plus de 35 %.

Morgan Stanley Finance LLC, garantiert von Morgan Stanley, bietet 1,5-jährige NVDA Trigger Jump Wertpapiere mit Fälligkeit am 3. Februar 2027 an. Jede $1.000-Anleihe bezieht sich auf die Stammaktien der NVIDIA Corporation (NVDA) und bietet eine feste, gedeckelte Höchstzahlung von $299,30 (29,93%), wenn der Schlusskurs am 29. Januar 2027 Bewertungsdatum gleich oder höher als der Anfangskurs ist. Fällt NVDA um bis zu 35%, erhalten Anleger dennoch den vollen Kapitalbetrag zurück. Fällt NVDA um mehr als 35%, entspricht die Rückzahlung $1.000 × Aktienperformancefaktor, wodurch Anleger einem unbegrenzten Abwärtsrisiko ausgesetzt sind.

Wesentliche strukturelle Merkmale sind eine 65% Abwärtsschwelle, keine Zwischenzinsen und ein geschätzter Wert von $962,70 – etwa 3,7% unter dem Ausgabepreis von $1.000 – was Ausgabe- und Absicherungskosten widerspiegelt. Die Wertpapiere werden nicht notiert; die Liquidität hängt von Morgan Stanleys Bereitschaft zur Marktstellung ab. Alle Zahlungen tragen das Kreditrisiko des Emittenten und des Bürgen. Anleger sollten zudem steuerliche Unsicherheiten und die Tatsache berücksichtigen, dass der Berechnungsagent eine Morgan Stanley-Tochter ist, was Interessenkonflikte verursachen kann.

Das Produkt könnte für Anleger interessant sein, die mit Morgan Stanley Kreditrisiken vertraut sind und verbesserte, aber gedeckelte aktiengebundene Renditen suchen, wobei sie das Risiko erheblicher Verluste akzeptieren, falls NVDA um mehr als 35% fällt.

Positive
  • 29.93% fixed upside attainable even if NVDA is flat, providing enhanced return versus direct equity ownership over 18 months
  • 35% downside buffer offers partial principal protection against moderate NVDA declines
Negative
  • No uncapped participation; gains above 29.93% are forfeited
  • Capital at risk below 65% of initial price, exposing investors to substantial loss if NVDA drops sharply
  • Issuer credit risk; repayment depends on Morgan Stanley’s solvency
  • Estimated value ($962.70) below issue price indicates an initial economic drag of ~3.7%
  • Securities are unlisted, restricting liquidity and potentially widening bid-ask spreads
  • No periodic interest; total return entirely back-loaded

Insights

TL;DR: Capped 29.93% upside with 35% downside buffer, but no listing and issuer credit risk keep risk/return profile balanced.

The deal offers an 18-month play on NVDA with a hard cap of 29.93%. A 35% buffer shields moderate drawdowns, yet investors face 1:1 downside thereafter. With the note’s fair value at $962.70, buyers pay roughly a 3.7% premium to modeled value—typical for retail structured notes but materially reduces risk-adjusted return. Absence of interim coupons heightens reinvestment risk, and lack of exchange listing limits exit options. Overall, structure suits investors who are moderately bullish or range-bound on NVDA and confident in Morgan Stanley’s credit, but upside cap may be unattractive if NVDA rallies sharply.

TL;DR: Principal protected only to 35% NVDA drop; beyond that, loss is uncapped and compounded by issuer credit exposure.

Credit-linked nature means repayment relies on Morgan Stanley’s creditworthiness; widening spreads could erode secondary values. The downside threshold merely delays loss recognition—historical NVDA volatility easily exceeds 35%, so tail risk is non-trivial. Investors also absorb tax and liquidity uncertainty, as securities are unlisted. Given the 18-month tenor, market dislocations or adverse corporate actions could impair recovery. Risk profile is skewed: limited upside versus potentially large downside, making the instrument appropriate only within a diversified, high-risk allocation.

Morgan Stanley Finance LLC, garantita da Morgan Stanley, offre titoli NVDA Trigger Jump della durata di 1,5 anni con scadenza il 3 febbraio 2027. Ogni obbligazione da 1.000$ fa riferimento alle azioni ordinarie di NVIDIA Corporation (NVDA) e offre un pagamento fisso con rendimento massimo di 299,30$ (29,93%) se il prezzo finale delle azioni è pari o superiore al prezzo iniziale alla data di valutazione del 29 gennaio 2027. Qualora NVDA dovesse diminuire fino al 35%, gli investitori riceveranno comunque l'intero capitale. Se NVDA scende oltre il 35%, il rimborso sarà pari a 1.000$ × fattore di performance azionaria, esponendo gli investitori a perdite potenzialmente illimitate.

I punti strutturali principali includono una soglia di ribasso del 65%, nessun interesse intermedio e un valore stimato di 962,70$, circa il 3,7% inferiore al prezzo di emissione di 1.000$, a riflettere i costi di emissione e copertura. I titoli non saranno quotati; la liquidità dipenderà dalla disponibilità di Morgan Stanley a fare mercato. Tutti i pagamenti comportano un rischio di credito dell'emittente e del garante. Gli investitori devono inoltre considerare l'incertezza fiscale e il fatto che l'agente di calcolo è una controllata di Morgan Stanley, il che potrebbe generare conflitti di interesse.

Il prodotto può essere interessante per investitori disposti ad assumersi il rischio di credito di Morgan Stanley e che cercano rendimenti azionari potenziati ma limitati, accettando il rischio di perdite significative se NVDA scende oltre il 35%.

Morgan Stanley Finance LLC, garantizada por Morgan Stanley, ofrece valores NVDA Trigger Jump a 1,5 años con vencimiento el 3 de febrero de 2027. Cada nota de $1,000 referencia las acciones comunes de NVIDIA Corporation (NVDA) y proporciona un pago fijo con rendimiento máximo de $299.30 (29.93%) si el precio final de la acción es igual o superior al precio inicial en la fecha de valoración del 29 de enero de 2027. Si NVDA cae hasta un 35%, los inversores aún reciben el capital completo. Si NVDA cae más del 35%, el reembolso será $1,000 × factor de rendimiento de la acción, exponiendo a los inversores a pérdidas ilimitadas.

Los puntos estructurales clave incluyen un umbral de caída del 65%, sin intereses intermedios y un valor estimado de $962.70, aproximadamente un 3.7% por debajo del precio de emisión de $1,000, reflejando costos de emisión y cobertura. Los valores no estarán listados; la liquidez dependerá de la disposición de Morgan Stanley para hacer mercado. Todos los pagos conllevan riesgo crediticio del emisor y garante. Los inversores también deben considerar la incertidumbre fiscal y que el agente de cálculo es una filial de Morgan Stanley, lo que podría generar conflictos de interés.

El producto puede atraer a inversores cómodos con la exposición crediticia a Morgan Stanley que buscan rendimientos vinculados a acciones mejorados pero limitados, a cambio de aceptar el riesgo de pérdidas significativas si NVDA cae más del 35%.

Morgan Stanley Finance LLCMorgan Stanley의 보증을 받아 1.5년 만기 NVDA 트리거 점프 증권을 2027년 2월 3일에 만기하는 상품을 제공합니다. 각 $1,000 노트는 NVIDIA Corporation (NVDA) 보통주를 기준으로 하며, 2027년 1월 29일 평가일에 최종 주가가 초기 주가 이상일 경우 고정 상한 수익금 $299.30 (29.93%)를 지급합니다. NVDA 주가가 최대 35% 하락해도 투자자는 원금을 전액 수령합니다. 만약 NVDA가 35% 이상 하락하면 상환금은 $1,000 × 주가 성과 지수로 계산되어 투자자는 무제한 하락 위험에 노출됩니다.

주요 구조적 특징으로는 65% 하락 한계, 중간 이자 없음, 그리고 발행 및 헤지 비용을 반영한 예상 가치 $962.70로, 발행가 $1,000보다 약 3.7% 낮습니다. 이 증권은 상장되지 않으며, 유동성은 Morgan Stanley의 시장 조성 의지에 달려 있습니다. 모든 지급은 발행자 및 보증자의 신용 위험을 수반합니다. 투자자는 세금 불확실성과 Morgan Stanley 계열사가 산정 대리인인 점으로 인한 이해 상충 가능성도 고려해야 합니다.

이 상품은 Morgan Stanley 신용 노출에 편안함을 느끼며, NVDA가 35% 이상 하락할 경우 상당한 손실 위험을 감수하는 대신 향상되었으나 상한이 있는 주식 연계 수익을 원하는 투자자에게 적합할 수 있습니다.

Morgan Stanley Finance LLC, garantie par Morgan Stanley, propose des titres NVDA Trigger Jump d'une durée de 1,5 an arrivant à échéance le 3 février 2027. Chaque note de 1 000 $ référence les actions ordinaires de NVIDIA Corporation (NVDA) et offre un paiement fixe avec un plafond de 299,30 $ (29,93%) si le cours final est égal ou supérieur au cours initial à la date d'évaluation du 29 janvier 2027. Si NVDA baisse jusqu'à 35 %, les investisseurs récupèrent le capital intégral. Si NVDA chute de plus de 35 %, le remboursement correspond à 1 000 $ × facteur de performance de l'action, exposant les investisseurs à un risque de perte illimité.

Les points structurels clés incluent un seuil de baisse de 65 %, aucun intérêt intermédiaire, et une valeur estimée à 962,70 $, soit environ 3,7 % en dessous du prix d'émission de 1 000 $, reflétant les coûts d'émission et de couverture. Les titres ne seront pas cotés ; la liquidité dépendra de la volonté de Morgan Stanley de faire le marché. Tous les paiements comportent un risque de crédit de l'émetteur et du garant. Les investisseurs doivent également prendre en compte l'incertitude fiscale et le fait que l'agent de calcul est une filiale de Morgan Stanley, ce qui peut engendrer des conflits d'intérêts.

Ce produit peut intéresser les investisseurs à l'aise avec l'exposition au crédit de Morgan Stanley, recherchant des rendements liés à l'action améliorés mais plafonnés, en acceptant le risque de pertes significatives si NVDA baisse de plus de 35 %.

Morgan Stanley Finance LLC, garantiert von Morgan Stanley, bietet 1,5-jährige NVDA Trigger Jump Wertpapiere mit Fälligkeit am 3. Februar 2027 an. Jede $1.000-Anleihe bezieht sich auf die Stammaktien der NVIDIA Corporation (NVDA) und bietet eine feste, gedeckelte Höchstzahlung von $299,30 (29,93%), wenn der Schlusskurs am 29. Januar 2027 Bewertungsdatum gleich oder höher als der Anfangskurs ist. Fällt NVDA um bis zu 35%, erhalten Anleger dennoch den vollen Kapitalbetrag zurück. Fällt NVDA um mehr als 35%, entspricht die Rückzahlung $1.000 × Aktienperformancefaktor, wodurch Anleger einem unbegrenzten Abwärtsrisiko ausgesetzt sind.

Wesentliche strukturelle Merkmale sind eine 65% Abwärtsschwelle, keine Zwischenzinsen und ein geschätzter Wert von $962,70 – etwa 3,7% unter dem Ausgabepreis von $1.000 – was Ausgabe- und Absicherungskosten widerspiegelt. Die Wertpapiere werden nicht notiert; die Liquidität hängt von Morgan Stanleys Bereitschaft zur Marktstellung ab. Alle Zahlungen tragen das Kreditrisiko des Emittenten und des Bürgen. Anleger sollten zudem steuerliche Unsicherheiten und die Tatsache berücksichtigen, dass der Berechnungsagent eine Morgan Stanley-Tochter ist, was Interessenkonflikte verursachen kann.

Das Produkt könnte für Anleger interessant sein, die mit Morgan Stanley Kreditrisiken vertraut sind und verbesserte, aber gedeckelte aktiengebundene Renditen suchen, wobei sie das Risiko erheblicher Verluste akzeptieren, falls NVDA um mehr als 35% fällt.

Free Writing Prospectus to Preliminary Pricing Supplement No. 9,333

Registration Statement Nos. 333-275587; 333-275587-01

Dated July 15, 2025; Filed pursuant to Rule 433

Morgan Stanley

1.5-Year NVDA Trigger Jump Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.


Summary Terms

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Maturity date:

February 3, 2027

Underlying stock:

NVIDIA Corporation common stock (“NVDA”)

Payment at maturity:

If the final share price is greater than or equal to the initial share price:

$1,000 + the upside payment

If the final share price is less than the initial share price but greater than or equal to the downside threshold level, meaning the value of the underlying stock has declined by no more than 35% from its initial share price:

$1,000

If the final share price is less than the downside threshold level, meaning the value of the underlying stock has declined by more than 35% from its initial share price:

$1,000 × share performance factor

Under these circumstances, the payment at maturity will be significantly less than the stated principal amount of $1,000, and will represent a loss of more than 35%, and possibly all, of your investment.

Upside payment:

$299.30‬ per security (29.93% of the stated principal amount)

Downside threshold level:

65% of the initial share price

Share performance factor:

final share price / initial share price

Initial share price:

The closing price of the underlying stock on the pricing date

Final share price:

The closing price of the underlying stock on the valuation date times the adjustment factor on such date

Valuation date:

January 29, 2027, subject to postponement for non-trading days and certain market disruption events

Adjustment factor:

1.0, subject to adjustment in the event of certain corporate events affecting the underlying stock

Stated principal amount:

$1,000 per security 

Issue price:

$1,000 per security

Pricing date:

July 31, 2025

Original issue date:

August 5, 2025 (3 business days after the pricing date)

CUSIP/ISIN:

61778NNB3 / US61778NNB37

Preliminary pricing supplement:

https://www.sec.gov/Archives/edgar/data/895421/000183988225038780/ms9333_424b2-21253.htm

1All payments are subject to our credit risk

Hypothetical Payout at Maturity1

Change in Underlying Stock

Return on the Securities

+80.00%

29.93%

+70.00%

29.93%

+60.00%

29.93%

+50.00%

29.93%

+40.00%

29.93%

+30.00%

29.93%

+29.93%

29.93%

+20.00%

29.93%

+10.00%

29.93%

0.00%

29.93%

-5.00%

0.00%

-10.00%

0.00%

-20.00%

0.00%

-30.00%

0.00%

-35.00%

0.00%

-36.00%

-36.00%

-40.00%

-40.00%

-50.00%

-50.00%

-60.00%

-60.00%


 

 

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.

Underlying Stock

For more information about the underlying stock, 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 pay interest or guarantee any return of principal.

The appreciation potential is fixed and limited.

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 amount payable on the securities is not linked to the value of the underlying stock at any time other than the valuation date.

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 $962.70 per security, or within $35.00 of that estimate, and 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.

Investing in the securities is not equivalent to investing in the common stock of NVIDIA Corporation.

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 U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to the Underlying Stock

No affiliation with NVIDIA Corporation.

We may engage in business with or involving NVIDIA Corporation without regard to your interests.

Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.

The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stock.

 

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities–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 maturity date of Morgan Stanley’s NVDA Trigger Jump Securities?

February 3, 2027.

How much upside can investors earn on the NVDA Trigger Jump Securities (MS)?

Upside is fixed at $299.30 per $1,000 note, equating to 29.93%.

What protection exists if NVIDIA stock falls?

Principal is fully protected only if NVDA declines by 35% or less; beyond that, losses match the share performance factor.

Are the NVDA Trigger Jump Securities listed on an exchange?

No; they will not be listed, so secondary trading depends on Morgan Stanley making a market.

What is the estimated value versus the $1,000 issue price?

Morgan Stanley estimates fair value at $962.70, about 3.7% below par.

Do the securities pay periodic interest?

No; there are no coupon payments before maturity.
Morgan Stanley

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