Morgan Stanley SEC Filings

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities due 1 Aug 2030. The $1,000-denominated notes reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (ticker SPUMP40).

• Contingent coupon: 11.00 % – 12.00 % p.a., paid monthly only if the index closes ≥ 75 % of the initial level on the observation date. A memory feature allows missed coupons to be caught up.
• Auto-call: From month 13 onward, the notes are automatically redeemed at par if the index closes ≥ 100 % of the initial level on any monthly determination date.
• Downside protection: 15 % buffer. At maturity investors receive par as long as the index is not below 85 % of the initial level. Below that, repayment is reduced point-for-point, exposing investors to up to an 85 % loss.
• Pricing metrics: Pricing date 28 Jul 2025; maturity 1 Aug 2030. Morgan Stanley’s estimated value is $899 per $1,000 note (≈10 % below issue price).
• Liquidity & listing: The securities will not be listed. Secondary trading is expected to be limited and at prices set by affiliates.

The preliminary pricing supplement and risk sections highlight material risks: no participation in index upside, coupon dependence on monthly barriers, early redemption risk, credit risk of Morgan Stanley, a newly created index with limited history, 4 % annual decrement drag, leverage in index construction, and uncertain U.S. tax treatment.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities due 1 Aug 2030. The $1,000-denominated notes reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (ticker SPUMP40).

• Contingent coupon: 11.00 % – 12.00 % p.a., paid monthly only if the index closes ≥ 75 % of the initial level on the observation date. A memory feature allows missed coupons to be caught up.
• Auto-call: From month 13 onward, the notes are automatically redeemed at par if the index closes ≥ 100 % of the initial level on any monthly determination date.
• Downside protection: 15 % buffer. At maturity investors receive par as long as the index is not below 85 % of the initial level. Below that, repayment is reduced point-for-point, exposing investors to up to an 85 % loss.
• Pricing metrics: Pricing date 28 Jul 2025; maturity 1 Aug 2030. Morgan Stanley’s estimated value is $899 per $1,000 note (≈10 % below issue price).
• Liquidity & listing: The securities will not be listed. Secondary trading is expected to be limited and at prices set by affiliates.

The preliminary pricing supplement and risk sections highlight material risks: no participation in index upside, coupon dependence on monthly barriers, early redemption risk, credit risk of Morgan Stanley, a newly created index with limited history, 4 % annual decrement drag, leverage in index construction, and uncertain U.S. tax treatment.

The Free Writing Prospectus outlines the key terms of Morgan Stanley Finance LLC’s Contingent Income Auto-Callable Securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (ticker: SPUMP40). The notes offer a contingent coupon of 9.00%-10.00% per annum, paid monthly if the index closes at or above the 50% coupon-barrier on the relevant observation date. Beginning one year after issuance, the securities are auto-callable quarterly at par if the index is at or above its initial level (100% call threshold). If not redeemed early, investors receive par at maturity on 1 Aug 2030 provided the index has not fallen more than 50%. Should the index close below the 50% downside threshold on the final observation date, principal is reduced 1-for-1, exposing investors to substantial loss (e.g., a 51% decline delivers $490 per $1,000 note).

The issue price is $1,000, but Morgan Stanley’s estimated value is $882.50 (±$32.50), reflecting embedded fees and hedging costs. The notes are unsecured, unsubordinated obligations of Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, and will not be listed on any exchange, limiting secondary-market liquidity. Key risks include credit exposure to Morgan Stanley, potential loss of principal, lack of upside participation beyond coupon payments, early-redemption reinvestment risk, tax uncertainty, and the limited operating history and leveraged methodology of the underlier, which incorporates a 4% annual decrement.

• Issuer: Morgan Stanley Finance LLC (guaranteed by Morgan Stanley)
• Maturity: 5 years (Aug 1 2030) with quarterly call from year 1
• Barriers: 50% coupon & downside threshold; 100% call threshold
• CUSIP: 61778NEA5 | Pricing date: 28 Jul 2025 | Estimated value: $882.50

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing a five-year structured note titled Worst-of RTY, SPX & INDU Buffered PLUS due 08/02/2029.

• Underlying indices: Russell 2000 (RTY), S&P 500 (SPX) and Dow Jones Industrial Average (INDU). Return is based solely on the worst-performing index.
• Upside participation: investors receive 150-160% of any positive performance of the worst underlier; the illustrative table shows a +20 % move would pay $1,300 on a $1,000 note.
• Downside protection: a 10 % buffer shields losses up to -10 %. Beyond that, investors lose one-for-one, exposing them to as much as a 90 % loss.
• No periodic coupons; payment occurs only at maturity (08/02/2029) based on the observation date (07/30/2029).
• Estimated value: $932.10 per $1,000 note (±$45), reflecting issuing, structuring and hedging costs.
• Credit considerations: repayment depends on Morgan Stanley’s credit; MSFL is a finance subsidiary with no independent assets.
• Liquidity & valuation: securities will not be listed, secondary trading may be limited, and prices may differ from the issuer’s model-based estimated value.
• Key risks: worst-of exposure, market volatility, credit spread movements, tax uncertainty and potential conflicts of interest by the affiliated calculation agent.

The offering is made under Registration Statement Nos. 333-275587 and 333-275587-01. Full terms, risks and tax considerations are detailed in the preliminary pricing supplement (link provided) and related prospectus materials.

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering five-year S&P 500 Futures Excess Return Index Uncapped Accelerated Barrier Notes (CUSIP 48136FDM1). The notes are linked to the performance of the S&P 500® Futures Excess Return Index and require a $1,000 minimum denomination.

Key economic terms

• Pricing Date: 28 July 2025
• Maturity: 28 June 2030 (single Observation Date 25 June 2030)
• Upside Leverage Factor: ≥ 1.71 (final level set on pricing date)
• Barrier Amount: 70% of the Initial Value
• Estimated Value: not less than $900 per $1,000 note, lower than issue price

Payment at maturity

• If the Final Value > Initial Value: principal + (principal × Index Return × Leverage Factor).
• If Final Value between Barrier and Initial (inclusive): full principal returned.
• If Final Value < Barrier: principal + (principal × Index Return) — investors lose more than 30% and up to 100% of principal.

Illustrative total returns range from +111.15% (Index +65%) to –100% (Index –100%).

Risk highlights

• Principal risk: no principal guarantee below the 70% barrier.
• Credit risk: repayment depends on JPMorgan Chase Financial Company LLC and the guarantor JPMorgan Chase & Co.
• No coupons: investors receive no periodic interest.
• Liquidity: JPMS may repurchase in the secondary market but is not obligated; exit prices could be well below par.
• Structural complexities: index differs from spot S&P 500 due to futures roll, potential negative carry and trading halts.
• Estimated value gap: internal valuation is expected to be at least $900, reflecting upfront fees and hedging costs.
• Potential conflicts: JPMorgan acts as calculation agent, hedger and market-maker.

The offering is being made under an effective shelf registration statement; investors should review the prospectus, product supplement and preliminary pricing supplement before investing.

Morgan Stanley Finance LLC, with a full guarantee from Morgan Stanley (NYSE: MS), is marketing BAUSE5X Step-Up Jump Notes with an Auto-Callable Feature that mature on August 2, 2032. The notes are linked to the BlackRock Adaptive U.S. Equity 5% Index ("BAUSE5X").

Key terms include: (1) Issue price of $1,000 per note; (2) Pricing date: July 28 2025; (3) Maturity: 7-year tenor; (4) Estimated value: $927 (±$55), reflecting upfront fees and hedging costs; (5) No periodic coupons; (6) Principal repayment floor: investors receive at least the stated principal at maturity, regardless of index performance, provided Morgan Stanley remains solvent.

Auto-call mechanics: Beginning July 28 2026, the notes are evaluated annually. If the BAUSE5X closes at or above the specified Call Threshold (starting at 101.25% and stair-stepping to 107.50% of the initial level), the notes are redeemed early for a fixed step-up payment that rises from ≥$1,105 to ≥$1,630 per note. If not called, holders retain exposure until maturity, where payouts vary from $1,000 (flat/down index) up to $1,600 when the index is ≥60% above its initial level.

Risk highlights (summarised from the supplement): credit risk of Morgan Stanley; illiquidity (no exchange listing); zero coupon; limited upside if auto-called; economic value 7.3% below issue price; performance tied to a young, volatility-targeted index launched in March 2023 that applies a 0.50% daily decrement.

Investors should read the full preliminary pricing supplement (SEC link provided) for complete terms, tax treatment, and detailed risk factors before considering an investment.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Fixed Income Buffered Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (ticker: SPUMP40). The notes price on July 28 2025, may be called monthly after the first year, and mature on August 1 2030.

Key economic terms

• Fixed coupon: 7.00%-8.00% p.a., paid monthly until the earlier of redemption or maturity.
• Automatic early redemption: triggered when the underlier’s closing level on a determination date is ≥ 100% of the initial level; investors then receive par plus final coupon, with no further upside participation.
• Downside protection: 15% buffer. If the underlier falls > 15% at final observation and the notes were not called, principal is reduced 1-for-1 beyond the buffer, exposing investors to up to an 85% loss.
• Estimated value: $919.60 per $1,000 note (± $55), reflecting issuer pricing models and embedded costs, and below the issue price.

Risk highlights (summarised from “Risk Considerations”): investors forgo all upside beyond coupons, face early-redemption reinvestment risk, bear Morgan Stanley credit risk, lack exchange listing and may encounter limited liquidity. The underlier itself includes a 4% decrement, leverage, limited operating history (since March 14 2022) and potential regulatory, futures-market and small-cap exposure risks.

Overall, the security appeals to income-oriented investors comfortable with issuer credit exposure, potential principal loss beyond a 15% buffer, and the possibility of early call that caps returns.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing SPUMP40 Buffered Jump Securities with an Auto-Callable feature maturing 1 Aug 2030. The $1,000 face-value notes are linked to the S&P U.S. Equity Momentum 40 % VT 4 % Decrement Index (ticker SPUMP40).

Key economic terms

• Pricing Date: 28 Jul 2025   Maturity: 1 Aug 2030
• Automatic Early Redemption: 48 monthly observation dates starting 29 Jul 2026. If the index closes at or above its initial level on any date, the note is called and pays the predetermined “jump” amount shown in the schedule (≈ 17.25 % annualized on the first call date, gradually increasing thereafter).
• Upside: Capped at the fixed call payment; maximum payment at final maturity is $1,862.50 (86.25 % total, identical to first-call payoff) if the note has not been called and the index is flat or positive.
• Downside Buffer: 15 %. At maturity investors receive full principal unless the index has declined by more than 15 %; thereafter they lose 1 % of principal for every 1 % loss in the index, down to a minimum repayment of $150.
• Estimated Value: $900.60 (≈ 90 % of issue price) reflecting distributor fees, hedging and structuring costs.
• Credit: All payments are subject to the credit risk of Morgan Stanley and its subsidiary MSFL; the notes will not be listed.

Risk highlights

• No periodic coupons; upside is capped and path-dependent.
• Early redemption risk—high underlying performance may shorten holding period.
• The 4 % decrement reduces index performance; the index launched in 2022 and employs leverage, adding uncertainty.
• Secondary market liquidity likely limited; bid/offer prices may be materially below issue price.
• The estimated value is materially below face value, signaling substantial embedded costs.

CorMedix Inc. (CRMD) filed an 8-K to disclose completion of a common-stock offering. On 30 June 2025 the company closed the sale of 6,604,507 shares at terms set in a June 26 underwriting agreement with RBC Capital Markets, generating approximately $82.2 million in net proceeds. The underwriters hold a 30-day option for a further 990,676 shares that would raise proceeds to roughly $94.8 million. The deal was executed from CorMedix’s effective May 2024 shelf registration. Customary indemnification, market-standoff and termination clauses apply.

• The offering strengthens cash reserves but increases the share count by 9.4 % (or 10.8 % if the option is exercised).
• Exhibits include the underwriting agreement, legal opinion and two press releases announcing commencement and pricing.