Morgan Stanley SEC Filings

AC Immune SA (ACIU) filed a Form 6-K summarizing the outcomes of its 19 June 2025 Annual General Meeting (AGM). All resolutions that remained on the agenda were approved by shareholders.

• Financial statements: 2024 IFRS consolidated and statutory financial statements received shareholder approval. The company posted a CHF 45.8 million net loss, lifting accumulated losses to CHF 356.8 million.
• Compensation report: The 2024 compensation report passed on an advisory basis. Shareholders also approved maximum board compensation of CHF 1.03 million for the period AGM 2025-AGM 2026 and executive-committee compensation of CHF 7.50 million for FY 2026.
• Board changes: Four directors—Monika Bütler, Carl June, Andrea Pfeifer, Roy Twyman—were re-elected. Renée Aguiar-Lucander joined the board, while Martin Zügel was elected both director and new chair. The same individuals were confirmed for the Compensation, Nomination & Corporate Governance Committee.
• Auditor & proxy: PwC SA was re-appointed as statutory auditor for 2025; Reymond & Associés remains independent proxy through 2026.

No new financial guidance, operational updates, or transaction announcements accompanied the filing. The exhibit list references a management presentation (Ex. 99.1) not included in the text.

Morgan Stanley Finance (MSFL) has issued $350,000 in Contingent Income Auto-Callable Securities due June 25, 2030, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. These structured notes offer potential 17% annual contingent coupons if the index closes at or above the 70% barrier level on observation dates.

Key features include:

• Automatic early redemption if index closes at or above initial level (2,188.74) on redemption dates
• Principal protection if index doesn't fall below 50% of initial level at maturity
• 1:1 downside exposure if index falls below 50% threshold at maturity
• Estimated value of $928.10 per $1,000 security on pricing date

The securities are unsecured obligations fully guaranteed by Morgan Stanley, with no FDIC insurance. Investors face potential loss of principal and rely on Morgan Stanley's credit worthiness. Securities will be sold through fee-based advisory accounts with MS & Co. acting as agent.

Morgan Stanley Finance has issued $1.664 million in Contingent Income Memory Auto-Callable Securities due June 24, 2027, linked to the performance of VanEck Gold Miners ETF, iShares Silver Trust, and Global X Uranium ETF.

Key features include:

• Principal at risk securities with $1,000 per security issue price
• 12% annual contingent coupon paid only if all underliers close above their barrier levels
• Automatic early redemption if all underliers close at or above their call threshold levels (100% of initial)
• Downside protection until 55.70% of initial levels, below which investors lose 1% for every 1% decline in worst-performing underlier

The securities are unsecured obligations of Morgan Stanley Finance, guaranteed by Morgan Stanley. The estimated value per security is $971.00, below the issue price due to structuring and hedging costs. First possible redemption date is December 22, 2025.

Instrument: Morgan Stanley Finance LLC Contingent Income Memory Auto-Callable Securities due July 7, 2026, fully and unconditionally guaranteed by Morgan Stanley.

Structure & Pay-offs

• Principal at risk: repayment of the $1,000 principal is protected only if the final price of Hims & Hers Health, Inc. ("HIMS") Class A shares is ≥ $36.642 (60 % of the $61.07 initial level). Below that threshold, investors lose 1 % of principal for each 1 % decline in the stock, potentially down to $0.
• Contingent coupon: a rich 47.30 % p.a. (≈ $118.25 per quarter) is paid only when the closing share price on an observation date is ≥ the 60 % coupon barrier ($36.642). Missed coupons “accrue” and are payable on the next date the barrier is met, but no interest compounds.
• Automatic early redemption: if on the first and only call test date (Apr 1 2026) HIMS closes ≥ $61.07 (100 % of the initial level) the note is redeemed at par plus the then-due coupon and any accrued coupons; no further payments thereafter.
• Maturity payment: If not called and the final level is ≥ 60 % of initial, holders receive par plus any due coupon(s); otherwise they receive par × (final/initial).

Key Terms

• Issue price: $1,000 (minimum ticket $10,000); aggregate size: $500,000.
• Estimated value at pricing: $964.00 (reflects issuer’s models, funding spread and embedded fees).
• Fees: up to $10 per note to placement agents (J.P. Morgan entities); proceeds to issuer $990.
• Observation / coupon dates: Oct 1 2025, Jan 2 2026, Apr 1 2026, Jul 1 2026 (final).
• Listing: none; MS & Co. may provide, but is not obliged to make, a secondary market.
• Credit risk: unsecured obligation of MSFL, guaranteed by Morgan Stanley senior debt.
• CUSIP/ISIN: 61778K6M4 / US61778K6M47.

Investor Profile & Risks

The note targets yield-oriented investors willing to accept (i) single-name equity risk in a relatively young, high-volatility stock, (ii) potential loss of principal below a 40 % drawdown, (iii) the possibility of receiving few or no coupons, and (iv) limited liquidity. The elevated coupon compensates for these risks and for the fact the bond can be called at par after nine months, capping upside.

Notable Considerations

• The first (and only) call test occurs just three months before maturity, reducing reinvestment risk versus structures with monthly call tests.
• The estimated value is 3.6 % below issue price, signalling an initial mark-to-market drag.
• Tax treatment is uncertain; issuer counsel views the note as a prepaid forward with ordinary-income coupons, but IRS could disagree.

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 has announced Market-Linked Notes due August 1, 2030, tied to the S&P 500® Futures Excess Return Index (SPXFP). Key features include:

• Participation rate of 113% to 118% in the index's positive performance
• Principal protection against negative index performance
• Estimated value of $935.50 per note (±$55.00)
• 5-year term from July 28, 2025 to August 1, 2030

The notes offer asymmetric returns: investors receive 113-118% participation in positive index performance while maintaining full principal protection if the index declines. Notable risks include credit risk of Morgan Stanley, no interim interest payments, and limited secondary market liquidity. The notes' pricing reflects Morgan Stanley's hedging costs and credit spreads, resulting in an estimated value below the issue price.

Morgan Stanley Finance LLC announces Auto-Callable Buffered Downside Securities linked to SPDR S&P Homebuilders ETF, due June 29, 2028. The securities, priced at $1,000 per unit with CUSIP 61778NAN1, feature automatic call triggers if fund price exceeds 90% of starting price on calculation dates. Call premiums range from 9.15% to 27.45%. Key features include principal-at-risk structure, no interest payments, and full Morgan Stanley guarantee. The estimated security value at pricing is $952.40. Notable risks include limited appreciation potential, market price volatility, credit risk, and sector concentration in homebuilding. Securities will not be exchange-listed, with limited secondary trading. Wells Fargo Securities and Morgan Stanley & Co. LLC serve as agents, with Wells Fargo receiving up to $25.75 commission per security.

Morgan Stanley Finance has announced Enhanced Trigger Jump Securities linked to the worst-performing of the EURO STOXX 50® Index and Russell 2000® Index, due January 2, 2030. The securities, priced at $1,000 per unit, are fully guaranteed by Morgan Stanley.

Key features include:

• No interest payments
• Minimum return of 42.50% ($425) if both indices are at/above 75% of initial value at maturity
• Uncapped 1-to-1 participation in worst-performing index if appreciation exceeds 42.50%
• Risk of significant losses if either index falls below 75% threshold
• 4.5-year maturity with estimated initial value of $950.30 per security

The securities involve substantial risk, as investors could lose their entire investment if either index declines more than 25%. This product targets investors seeking enhanced equity index returns who can accept principal risk and exposure to the worst-performing of two major indices.

Offering overview: Morgan Stanley Finance LLC will issue Callable Contingent Income Securities with Daily Coupon Observation due 7 Jan 2030, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security offers an annual contingent coupon of 10.05%–12.05%, but a coupon is paid only if, on every trading day in the quarterly observation period, the iShares MSCI EAFE ETF (EFA), the S&P 500 Index (SPX) and the Russell 2000 Index (RTY) all close at or above 80 % of their respective initial levels.

Principal repayment: The notes are principal-at-risk. If, at maturity, any underlier finishes below 60 % of its initial level, repayment is reduced in line with the worst performer—potentially to $0. Full principal is returned only when every underlier is at or above its downside threshold.

Issuer call feature: Starting 7 Jan 2026 and quarterly thereafter, Morgan Stanley may redeem the notes early at par plus any due coupon if an internal risk-neutral valuation model deems redemption economically rational. Investors have no control over this decision and, once called, receive no further coupons.

Economic terms & mechanics:

• Issue price: $1,000; estimated value: ≈ $954.40, reflecting issuance, structuring and hedging costs borne by investors.
• Observation periods: successive quarters, each monitored daily for barrier breaches.
• Not listed on any exchange; secondary liquidity depends on the agent, MS & Co.
• CUSIP 61778K6P7; ISIN US61778K6P77.

Key risks: (1) credit risk of Morgan Stanley/MSFL; (2) loss of coupons for any single-day barrier breach; (3) potential loss of some or all principal; (4) reinvestment risk if called; (5) estimated value < issue price implies an immediate economic cost to investors. Asset diversification is limited because performance is governed by the worst underlier.