Morgan Stanley SEC Filings

Morgan Stanley Finance has issued $1.434M in Callable Contingent Income Memory Securities due April 12, 2028, linked to the performance of three ETFs: VanEck Semiconductor, iShares U.S. Aerospace & Defense, and SPDR S&P Bank ETF.

Key features include:

• 17% annual contingent coupon rate, payable if all underliers are above 75% of initial levels
• Early call feature starting July 10, 2025, based on risk-neutral valuation model
• Principal at risk: 1-for-1 loss if any underlier falls below 70% of initial level at maturity
• Initial pricing at $1,000 per security with estimated value of $954.90

The securities are unsecured obligations of Morgan Stanley Finance, fully guaranteed by Morgan Stanley. They offer potential above-market returns but carry significant risks including possible loss of principal, no guaranteed coupons, and early redemption risk. The worst-performing underlier determines returns.

Morgan Stanley Finance has announced Contingent Income Memory Buffered Auto-Callable Securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40), due August 5, 2030. Key features include:

• Contingent Coupon Rate: 11.25% to 12.25% per annum with memory feature
• Auto-Call Feature: Monthly redemption after 6 months if index closes at or above 100% of initial level
• Downside Protection: 15% buffer (85% maximum loss)
• Coupon Barrier: 65% of initial level

The securities, priced at an estimated value of $938.90, offer conditional monthly payments but no participation in index appreciation. Notable risks include credit risk of Morgan Stanley, early redemption risk, and the underlier's limited operating history since March 2022. The 4% annual decrement feature will impact index performance regardless of market direction. These securities are not listed on any exchange, limiting secondary market trading opportunities.

Morgan Stanley Finance has announced Worst-of SPX, NDX and RTY Trigger PLUS securities due August 5, 2030. These structured notes offer leveraged exposure to the worst-performing index among the S&P 500, Nasdaq-100, and Russell 2000 indices.

Key features include:

• Maximum payment at maturity: 176% to 181% of principal ($1,760 to $1,810 per security)
• Leverage factor: 400%
• Downside threshold: 70% of initial level
• Estimated value: $944.10 per security

Notable risks include no principal protection, limited appreciation potential, and exposure to the worst-performing index. The securities don't pay interest and are subject to Morgan Stanley's credit risk. The payment at maturity will be determined solely by the worst-performing underlier's value on July 31, 2030. If any underlier declines more than 30% from its initial level, investors will be fully exposed to the downside of the worst performer.

Morgan Stanley Finance has announced SX5E Market-Linked Notes due August 5, 2030, offering investors exposure to the EURO STOXX 50® Index with enhanced upside potential. Key features include:

• A 130% to 135% participation rate in the index's positive performance
• Principal protection against negative index performance
• Estimated value of $952.00 per note
• 5-year maturity with observation date on July 31, 2030

The notes' payment structure offers asymmetric returns: investors receive 130-135% of any positive index performance while being protected against losses, maintaining the $1,000 principal even if the index declines. Notable risks include credit risk of Morgan Stanley, no interim interest payments, and limited secondary market liquidity. The notes are guaranteed by Morgan Stanley and will trade under CUSIP 61778NAV3.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, plans to issue market-linked notes tied to the EURO STOXX 50 Index (SX5E). The notes offer 114%-119% upside participation on any positive index performance observed on July 31 2029, with full principal repayment at maturity even if the index declines. Key terms include a $1,000 face value, pricing on July 31 2025, and maturity on August 3 2029 (4-year term). The preliminary estimated value is $958.80 (≈95.9% of face), reflecting issuance and hedging costs.

Key structural features

• No periodic coupons; all return realized at maturity.
• Amount payable depends solely on index level at the single observation date; interim movements are irrelevant.
• Notes will not be listed, and secondary liquidity may be limited.
• Credit exposure to Morgan Stanley; MS Finance LLC is a wholly owned funding vehicle without independent assets.

Principal risk highlights

• Investors may earn only principal if SX5E is flat or negative.
• The 4.1% issue-price premium versus estimated value creates negative yield if held to maturity without index appreciation.
• Market value can be volatile, influenced by MS credit spreads and trading in related instruments.
• Investors may incur taxable income annually under U.S. OID rules.

Overall, the product suits investors seeking European equity exposure with principal protection and are comfortable with MS credit risk and the lack of interim income.

Morgan Stanley Finance has announced Market-Linked Notes due August 5, 2030, tied to the S&P 500® Futures Excess Return Index (SPXFP). Key features include:

• Participation rate of 128% to 133% in the index's positive performance
• Principal protection against negative index performance
• Estimated value of $954.30 per note
• 5-year maturity (2025-2030)

The notes offer enhanced upside potential while maintaining principal protection, with payments at maturity ranging from $1,000 (minimum) to potentially higher returns based on index performance. For example, a 40% index increase would yield a 51.2% return (at 128% participation rate).

Key risks include credit risk of Morgan Stanley, no interest payments, limited secondary market trading, and potential tax implications prior to maturity. The notes' value may be affected by market factors, and the final payment depends solely on the index's performance at maturity.

Morgan Stanley Finance LLC announces Worst-of SPX and SX5E Dual Directional Buffered PLUS securities due August 5, 2030. Key features include:

• Underliers: S&P 500® Index (SPX) and EURO STOXX 50® Index (SX5E)
• Leverage factor: 212% to 227%
• Buffer amount: 20% with 80% maximum loss
• Absolute return participation rate: 50%
• Estimated value: $953.00 per security (±$55.00)

The payment at maturity will be based on the worst-performing underlier's performance. Notable risks include: no interest payments, exposure to both indices' price risks, credit risk of Morgan Stanley, and limited secondary market trading. The security offers leveraged upside potential with some downside protection through the buffer, making it suitable for investors seeking enhanced returns while accepting some market risk.