Morgan Stanley filings document the company’s financial services business, capital structure, governance and material events. The record includes 8-K reports for current events, proxy materials for annual meeting and shareholder voting matters, and securities listings covering common stock, depositary preferred shares and medium-term notes associated with Morgan Stanley Finance LLC.
Filings also disclose governance procedures, registered security classes, NYSE listing information, preferred stock series, debt-security registration matters and formal status changes such as a Form 25 notice for removal of a listed note class from exchange registration.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering SPX Market-Linked Notes due August 3, 2028. The notes give investors 100% upside participation in the S&P 500 Index (SPX) but cap total return at 120%-121% of principal. If the index declines, investors still receive the $1,000 principal at maturity, providing full downside protection provided Morgan Stanley meets its obligations.
Key economic terms
- Participation rate: 100%
- Maximum payment: $1,200-$1,210 per note
- Pricing date / Observation date: July 31 2025 / July 31 2028
- Maturity: August 3 2028 (3-year term)
- Estimated value: $971.70 (≈97% of issue price), reflecting dealer charges and hedging costs
- CUSIP: 61778NFT3
The hypothetical payoff table shows that any SPX gain up to 20% yields a proportional increase in redemption value; gains above 20% are capped at the maximum payment. Any negative SPX performance still results in full repayment of principal, but the notes pay no periodic interest.
Material risks highlighted
- Limited upside: returns above 20-21% are forfeited.
- No secondary-market listing; liquidity may be limited and pricing opaque.
- Credit risk: payments depend on Morgan Stanley’s ability to pay; the notes are unsecured and unsubordinated.
- Valuation discount: the $971.70 estimated value is below the $1,000 issue price, implying an initial cost to investors of roughly 2.8-3%.
- Tax: investors may recognize taxable income annually despite no cash distributions.
Prospective buyers should review the preliminary pricing supplement (SEC link provided) and the detailed “Risk Factors” before investing.