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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.
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Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing SPXF40D4 Step-Down Jump Securities maturing 22 July 2030. The $1,000-denominated notes are linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index and feature quarterly automatic call opportunities beginning 20 July 2026. Call thresholds step down from 100 % to 62.5 % of the initial index level and, if triggered, pay $1,150–$1,712.50 per note, ending the investment early.
- Fixed payoff at maturity: If not called and the index closes at or above 60 % of its initial level on 17 July 2030, investors receive $1,750 (a 75 % gain).
- Downside risk: If the index closes below 50 % of its initial level, repayment falls point-for-point, potentially to $0.
- No coupons or principal protection: the notes are unsecured obligations of the issuer.
- Estimated value: $911.10, materially below issue price, reflecting structuring and hedging costs.
- Liquidity & credit: unlisted, subject to Morgan Stanley credit, and secondary trading may be limited.
- Underlier risk: the decrement index began 30 Aug 2024, employs leverage and a 4 % annual deduction, and lacks a long performance record.
Morgan Stanley Finance LLC is offering Jump Securities with an Auto-Callable Feature maturing 23 July 2030 and linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index (Bloomberg: SPXF40D4). The notes are principal-at-risk, unsecured and unlisted, and are fully and unconditionally guaranteed by Morgan Stanley.
Key economic terms
- Issue price / face amount: $1,000 per note
- Estimated value on pricing date: ≈ $898.50 (reflects distributor fees, hedging and funding adjustments)
- Strike & pricing date: 18 July 2025 | Issue date: 23 July 2025
- Auto-call schedule: 48 monthly determination dates starting 27 July 2026. If the underlier closes at or above the call threshold (100 % of initial), the note is redeemed early for the amount shown in the table (≈ 20 % p.a. stepped).
- Maturity payment (if not called):
- Underlier ≥ Upside threshold (80 %): fixed redemption $2,000 (≈ 15 % p.a.)
- Underlier ≥ Downside threshold (60 %) but < 80 %: principal returned ($1,000)
- Underlier < 60 %: principal lost 1-for-1 with index decline (payment = $1,000 × underlier performance)
- No coupon; investors do not participate in any index gains beyond the fixed payout.
- CUSIP / ISIN: 61778NKG5 / US61778NKG50
Reference index highlights
- Launched 30 Aug 2024; limited live history—pre-2024 values are back-tested.
- Rules-based strategy targeting 40 % volatility with leverage up to 4× and daily rebalancing.
- A 4 % per-annum decrement is deducted daily, causing systematic under-performance versus the standard S&P 500 Futures index.
- Closing level on 9 Jul 2025: 2,592.36.
Main risks disclosed
- No principal protection; payment can be zero if index falls > 40 %.
- Limited upside (fixed early-call / maturity amounts) and no participation in further appreciation.
- Liquidity risk: notes are unlisted; any secondary market depends on MS&Co acting as dealer.
- Credit risk of Morgan Stanley/MSFL; securities are senior unsecured obligations.
- Complex, newly created index with leverage & decrement feature may amplify losses.
- Issue price embeds sales commissions; secondary value expected to be below $1,000 at pricing.
Suitability: targeted at investors willing to assume issuer credit risk, complex index risk and potential loss of entire principal in exchange for the possibility of 20 % p.a. auto-call returns or a capped 100 % upside at maturity.