[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC is marketing PLTR Dual Directional Trigger Jump Securities due 3 Aug 2027. The structured notes reference Palantir Technologies Inc. (PLTR) Class A shares and are fully guaranteed by Morgan Stanley. Each $1,000 security offers a fixed Upside Payment of $640鈥�$660 (64 %鈥�66 % of principal), delivered at maturity provided PLTR鈥檚 price on the 29 Jul 2027 observation date is at, above, or up to 40 % below its 29 Jul 2025 initial level. The notes also provide 100 % absolute return participation for declines between 0 % and 鈥�40 %, but principal is fully at risk below the 60 % downside threshold; a 鈥�60 % move would return $400, and a 鈥�100 % move $0.
Key terms include: estimated value $954.30 (卤$35); CUSIP 61778NES6; not exchange-listed; secondary liquidity uncertain. The issuer highlights numerous risks: no coupon, capped appreciation, credit exposure to Morgan Stanley, model-dependent valuation, limited anti-dilution protection, and uncertain U.S. tax treatment. The product supplement and amended preliminary pricing supplement (link provided) contain full historical underlier data and risk factors.
Investors should weigh the defined but limited upside, the 60 % loss buffer, and the possibility of total loss against Morgan Stanley鈥檚 credit profile and market, liquidity, and tax uncertainties before subscribing at the 29 Jul 2025 pricing date.
Morgan Stanley Finance LLC sta promuovendo i PLTR Dual Directional Trigger Jump Securities con scadenza al 3 agosto 2027. Questi titoli strutturati fanno riferimento alle azioni di Classe A di Palantir Technologies Inc. (PLTR) e sono completamente garantiti da Morgan Stanley. Ogni titolo da $1.000 offre un Pagamento Fisso al Rialzo di $640鈥�$660 (64%鈥�66% del capitale), erogato alla scadenza a condizione che il prezzo di PLTR alla data di osservazione del 29 luglio 2027 sia pari, superiore o fino al 40% inferiore rispetto al livello iniziale del 29 luglio 2025. I titoli prevedono inoltre una partecipazione del 100% al rendimento assoluto per ribassi compresi tra 0% e 鈥�40%, ma il capitale 猫 completamente a rischio al di sotto della soglia di perdita del 60%; una variazione del 鈥�60% restituirebbe $400, mentre una perdita totale del 鈥�100% porterebbe a $0.
I termini chiave includono: valore stimato $954,30 (卤$35); CUSIP 61778NES6; non quotati in borsa; liquidit脿 secondaria incerta. L'emittente evidenzia numerosi rischi: assenza di cedola, apprezzamento limitato, esposizione creditizia a Morgan Stanley, valutazione dipendente da modelli, protezione anti-diluizione limitata e trattamento fiscale statunitense incerto. Il supplemento al prodotto e il supplemento preliminare di prezzo modificato (link fornito) contengono dati storici completi sull'attivit脿 sottostante e fattori di rischio.
Gli investitori dovrebbero valutare il potenziale rialzo definito ma limitato, il margine di perdita del 60% e la possibilit脿 di perdita totale, tenendo conto del profilo creditizio di Morgan Stanley e delle incertezze di mercato, liquidit脿 e fiscali prima di sottoscrivere alla data di prezzo del 29 luglio 2025.
Morgan Stanley Finance LLC est谩 promocionando los PLTR Dual Directional Trigger Jump Securities con vencimiento el 3 de agosto de 2027. Estos bonos estructurados hacen referencia a las acciones Clase A de Palantir Technologies Inc. (PLTR) y est谩n totalmente garantizados por Morgan Stanley. Cada t铆tulo de $1,000 ofrece un Pago Fijo al Alza de $640鈥�$660 (64%鈥�66% del principal), entregado al vencimiento siempre que el precio de PLTR en la fecha de observaci贸n del 29 de julio de 2027 est茅 igual, por encima, o hasta un 40% por debajo de su nivel inicial del 29 de julio de 2025. Los bonos tambi茅n ofrecen una participaci贸n del 100% en el rendimiento absoluto para ca铆das entre 0% y 鈥�40%, pero el principal est谩 completamente en riesgo por debajo del umbral de p茅rdida del 60%; un movimiento del 鈥�60% devolver铆a $400, y una ca铆da del 鈥�100% devolver铆a $0.
Los t茅rminos clave incluyen: valor estimado $954.30 (卤$35); CUSIP 61778NES6; no cotizan en bolsa; liquidez secundaria incierta. El emisor destaca varios riesgos: sin cup贸n, apreciaci贸n limitada, exposici贸n crediticia a Morgan Stanley, valoraci贸n dependiente de modelos, protecci贸n anti-diluci贸n limitada y tratamiento fiscal estadounidense incierto. El suplemento del producto y el suplemento preliminar de precios modificado (enlace proporcionado) contienen datos hist贸ricos completos del subyacente y factores de riesgo.
Los inversores deben sopesar la subida definida pero limitada, el margen de p茅rdida del 60% y la posibilidad de p茅rdida total frente al perfil crediticio de Morgan Stanley y las incertidumbres de mercado, liquidez y fiscales antes de suscribir en la fecha de precio del 29 de julio de 2025.
Morgan Stanley Finance LLC电� 2027雲� 8鞗� 3鞚� 毵岅赴鞚� PLTR Dual Directional Trigger Jump Securities毳� 頇嶋炒頃橁碃 鞛堨姷雼堧嫟. 鞚� 甑“頇� 歃濌秾鞚� Palantir Technologies Inc.(PLTR) 韥措灅鞀� A 欤检嫕鞚� 旮办磮鞛愳偘鞙茧 頃橂┌ Morgan Stanley臧� 鞝勳暋 氤挫頃╇媹雼�. 臧� $1,000 歃濌秾鞚� PLTR鞚� 2027雲� 7鞗� 29鞚� 甏�彀办澕 臧�瓴╈澊 2025雲� 7鞗� 29鞚� 齑堦赴 靾橃瓿� 臧欔卑雮� 靸來殞頃橁卑雮� 斓滊寑 40% 頃橂澖頃� 瓴届毎鞐愲弰 毵岅赴 鞁� $640鈥�$660鞚� 瓿犾爼 靸侅姽 歆�旮夓暋 (鞗愱笀鞚� 64%鈥�66%)鞚� 鞝滉车頃╇媹雼�. 霕愴暅 鞚� 雲疙姼电� 0%鞐愳劀 鈥�40% 靷澊 頃橂澖鞐� 雽�頃� 100% 鞝堧寑 靾橃澋 彀胳棳毳� 鞝滉车頃橃毵�, 60% 頃橂澖 頃滉硠靹� 鞚错晿鞐愳劀电� 鞗愱笀 鞝勳暋鞚� 鞙勴棙鞐� 觳橅暕雼堧嫟; 鈥�60% 頃橂澖 鞁� $400, 鈥�100% 頃橂澖 鞁� $0臧� 歆�旮夒惄雼堧嫟.
欤检殧 臁瓣贝鞙茧电� 於旍爼 臧�旃� $954.30 (卤$35), CUSIP 61778NES6, 瓯半灅靻� 氙胳儊鞛�, 2彀� 鞙犽彊靹� 攵堩檿鞁れ劚鞚� 鞛堨姷雼堧嫟. 氚滍枆鞛惖鐢 氍挫澊鞛�, 靸侅姽 鞝滍暅, Morgan Stanley 鞁犾毄 雲胳稖, 氇嵏 鞚橃〈鞝� 韽夑皜, 鞝滍暅霅� 頋劃 氚╈, 攵堩檿鞁ろ暅 氙戈淡 靹鸽 觳橂Μ 霌� 鞐煬 鞙勴棙鞚� 臧曥“頃╇媹雼�. 鞝滍拡 氤挫订 鞛愲鞕� 靾橃爼霅� 鞓堧箘 臧�瓴� 氤挫订 鞛愲(毵來伂 鞝滉车)鞐惖鐢 旮办磮鞛愳偘鞚� 鞝勳泊 瓿缄卑 雿办澊韯办檧 鞙勴棙 鞖旍唽臧� 韽暔霅橃柎 鞛堨姷雼堧嫟.
韴瀽鞛惖鐢 2025雲� 7鞗� 29鞚� 臧�瓴� 靷办爼鞚检棎 甑弲頃橁赴 鞝勳棎 鞝曥潣霅橃棃歆�毵� 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 60% 靻愳嫟 鞕勳订 鞛レ箻, 鞝勳暋 靻愳嫟 臧�電レ劚, Morgan Stanley鞚� 鞁犾毄 頂勲頃勱臣 鞁滌灔, 鞙犽彊靹�, 靹戈笀 攵堩檿鞁れ劚鞚� 鞁犾頌� 瓿犽牑頃挫暭 頃╇媹雼�.
Morgan Stanley Finance LLC commercialise les PLTR Dual Directional Trigger Jump Securities arrivant 脿 茅ch茅ance le 3 ao没t 2027. Ces notes structur茅es font r茅f茅rence aux actions de classe A de Palantir Technologies Inc. (PLTR) et sont enti猫rement garanties par Morgan Stanley. Chaque titre de 1 000 $ offre un paiement fixe 脿 la hausse de 640 $ 脿 660 $ (64 % 脿 66 % du capital), vers茅 脿 l鈥櫭ヽh茅ance 脿 condition que le cours de PLTR 脿 la date d鈥檕bservation du 29 juillet 2027 soit au moins 茅gal, sup茅rieur ou jusqu鈥櫭� 40 % inf茅rieur 脿 son niveau initial du 29 juillet 2025. Les notes offrent 茅galement une participation 脿 100 % au rendement absolu pour les baisses comprises entre 0 % et 鈥�40 %, mais le capital est enti猫rement 脿 risque en dessous du seuil de baisse de 60 % ; une baisse de 鈥�60 % restituerait 400 $, et une perte totale de 鈥�100 % 0 $.
Les conditions cl茅s incluent : valeur estim茅e 954,30 $ (卤35 $) ; CUSIP 61778NES6 ; non cot茅es en bourse ; liquidit茅 secondaire incertaine. L鈥櫭﹎etteur souligne de nombreux risques : absence de coupon, appr茅ciation plafonn茅e, exposition au cr茅dit de Morgan Stanley, valorisation d茅pendante de mod猫les, protection anti-dilution limit茅e et traitement fiscal am茅ricain incertain. Le suppl茅ment produit et le suppl茅ment pr茅liminaire de prix modifi茅 (lien fourni) contiennent des donn茅es historiques compl猫tes sur l鈥檃ctif sous-jacent et les facteurs de risque.
Les investisseurs doivent 茅valuer la hausse d茅finie mais limit茅e, la marge de perte de 60 % et la possibilit茅 de perte totale en tenant compte du profil de cr茅dit de Morgan Stanley ainsi que des incertitudes li茅es au march茅, 脿 la liquidit茅 et 脿 la fiscalit茅 avant de souscrire 脿 la date de prix du 29 juillet 2025.
Morgan Stanley Finance LLC vermarktet PLTR Dual Directional Trigger Jump Securities mit F盲lligkeit am 3. August 2027. Die strukturierten Notes beziehen sich auf die Klasse-A-Aktien von Palantir Technologies Inc. (PLTR) und sind vollst盲ndig von Morgan Stanley garantiert. Jede $1.000-Anleihe bietet eine feste Aufw盲rtszahlung von $640鈥�$660 (64 %鈥�66 % des Kapitals), die bei F盲lligkeit gezahlt wird, sofern der Kurs von PLTR am Beobachtungstag 29. Juli 2027 auf oder 眉ber, oder bis zu 40 % unter dem Anfangsniveau vom 29. Juli 2025 liegt. Die Notes bieten zudem eine 100%ige absolute Renditebeteiligung f眉r R眉ckg盲nge zwischen 0 % und 鈥�40 %, das Kapital ist jedoch unterhalb der 60%-Abschwung-Schwelle vollst盲ndig gef盲hrdet; eine 鈥�60%-Bewegung w眉rde $400 zur眉ckzahlen, eine 鈥�100%-Bewegung $0.
Wichtige Eckdaten: gesch盲tzter Wert $954,30 (卤$35); CUSIP 61778NES6; nicht b枚rsennotiert; sekund盲re Liquidit盲t ungewiss. Der Emittent weist auf zahlreiche Risiken hin: keine Kuponzahlung, begrenztes Aufw盲rtspotenzial, Kreditrisiko gegen眉ber Morgan Stanley, modellabh盲ngige Bewertung, eingeschr盲nkter Verw盲sserungsschutz und unsichere US-Steuerbehandlung. Das Produktsupplement und das ge盲nderte vorl盲ufige Preis-Supplement (Link enthalten) enthalten vollst盲ndige historische Basiswertdaten und Risikofaktoren.
Investoren sollten vor der Zeichnung zum 29. Juli 2025 den definierten, aber begrenzten Aufw盲rtsspielraum, den 60%-Verlustpuffer und das Risiko eines Totalverlusts gegen das Kreditprofil von Morgan Stanley sowie Markt-, Liquidit盲ts- und Steuerunsicherheiten abw盲gen.
- 60 % downside threshold provides a substantial buffer before principal is at risk.
- Fixed upside payment of 64 %鈥�66 % delivers enhanced return even if PLTR is unchanged or moderately lower at maturity.
- No principal protection; investors lose dollar-for-dollar below the 60 % threshold, up to total loss.
- Cap on appreciation limits gains to $1,640 regardless of PLTR performance above initial level.
- Credit exposure to Morgan Stanley; any widening of spreads can depress secondary prices.
- Notes are not exchange-listed, leading to potentially thin and issuer-controlled liquidity.
Insights
TL;DR 鈥� Routine PLTR-linked structured note; capped upside, 60 % buffer, full credit & liquidity risk make it neutral overall.
The offering follows Morgan Stanley鈥檚 standard dual-directional design. Investors get an attractive headline return (鈮�64鈥�66 %) for flat-to-modestly negative PLTR performance and 1:1 positive payoff down to 鈥�40 %, but the cap removes further upside. Economic value ($954.30) is 4.6 % below issue price, typical for retail notes and underscores placement fees and hedging costs. Because the securities are not listed, exit liquidity will rely on the issuer鈥檚 bid, likely at a discount, especially if credit spreads widen. The 60 % threshold is generous relative to PLTR鈥檚 historic volatility, yet the binary loss beyond that point is severe. For Morgan Stanley, issuance is immaterial; for retail investors, suitability hinges on risk appetite and view that PLTR will stay within 卤40 % over two years. Overall impact: neutral.
TL;DR 鈥� Note exposes holders to Morgan Stanley credit risk and PLTR tail risk; no material impact to MS.
The securities are obligations of MSFL, guaranteed by Morgan Stanley. Should Morgan Stanley鈥檚 credit profile deteriorate, note values could compress irrespective of PLTR鈥檚 performance. The bank benefits from cost-effective funding鈥攊ssue price exceeds model value by 鈮�$46鈥攚hile transferring market risk via hedging desks. Investors face concentration in a single tech equity plus illiquidity. There are no novel structural protections, and the tax treatment remains uncertain. Given routine size and structure, the instrument does not alter Morgan Stanley鈥檚 risk or earnings outlook; hence the disclosure is considered non-impactful from a corporate credit perspective.
Morgan Stanley Finance LLC sta promuovendo i PLTR Dual Directional Trigger Jump Securities con scadenza al 3 agosto 2027. Questi titoli strutturati fanno riferimento alle azioni di Classe A di Palantir Technologies Inc. (PLTR) e sono completamente garantiti da Morgan Stanley. Ogni titolo da $1.000 offre un Pagamento Fisso al Rialzo di $640鈥�$660 (64%鈥�66% del capitale), erogato alla scadenza a condizione che il prezzo di PLTR alla data di osservazione del 29 luglio 2027 sia pari, superiore o fino al 40% inferiore rispetto al livello iniziale del 29 luglio 2025. I titoli prevedono inoltre una partecipazione del 100% al rendimento assoluto per ribassi compresi tra 0% e 鈥�40%, ma il capitale 猫 completamente a rischio al di sotto della soglia di perdita del 60%; una variazione del 鈥�60% restituirebbe $400, mentre una perdita totale del 鈥�100% porterebbe a $0.
I termini chiave includono: valore stimato $954,30 (卤$35); CUSIP 61778NES6; non quotati in borsa; liquidit脿 secondaria incerta. L'emittente evidenzia numerosi rischi: assenza di cedola, apprezzamento limitato, esposizione creditizia a Morgan Stanley, valutazione dipendente da modelli, protezione anti-diluizione limitata e trattamento fiscale statunitense incerto. Il supplemento al prodotto e il supplemento preliminare di prezzo modificato (link fornito) contengono dati storici completi sull'attivit脿 sottostante e fattori di rischio.
Gli investitori dovrebbero valutare il potenziale rialzo definito ma limitato, il margine di perdita del 60% e la possibilit脿 di perdita totale, tenendo conto del profilo creditizio di Morgan Stanley e delle incertezze di mercato, liquidit脿 e fiscali prima di sottoscrivere alla data di prezzo del 29 luglio 2025.
Morgan Stanley Finance LLC est谩 promocionando los PLTR Dual Directional Trigger Jump Securities con vencimiento el 3 de agosto de 2027. Estos bonos estructurados hacen referencia a las acciones Clase A de Palantir Technologies Inc. (PLTR) y est谩n totalmente garantizados por Morgan Stanley. Cada t铆tulo de $1,000 ofrece un Pago Fijo al Alza de $640鈥�$660 (64%鈥�66% del principal), entregado al vencimiento siempre que el precio de PLTR en la fecha de observaci贸n del 29 de julio de 2027 est茅 igual, por encima, o hasta un 40% por debajo de su nivel inicial del 29 de julio de 2025. Los bonos tambi茅n ofrecen una participaci贸n del 100% en el rendimiento absoluto para ca铆das entre 0% y 鈥�40%, pero el principal est谩 completamente en riesgo por debajo del umbral de p茅rdida del 60%; un movimiento del 鈥�60% devolver铆a $400, y una ca铆da del 鈥�100% devolver铆a $0.
Los t茅rminos clave incluyen: valor estimado $954.30 (卤$35); CUSIP 61778NES6; no cotizan en bolsa; liquidez secundaria incierta. El emisor destaca varios riesgos: sin cup贸n, apreciaci贸n limitada, exposici贸n crediticia a Morgan Stanley, valoraci贸n dependiente de modelos, protecci贸n anti-diluci贸n limitada y tratamiento fiscal estadounidense incierto. El suplemento del producto y el suplemento preliminar de precios modificado (enlace proporcionado) contienen datos hist贸ricos completos del subyacente y factores de riesgo.
Los inversores deben sopesar la subida definida pero limitada, el margen de p茅rdida del 60% y la posibilidad de p茅rdida total frente al perfil crediticio de Morgan Stanley y las incertidumbres de mercado, liquidez y fiscales antes de suscribir en la fecha de precio del 29 de julio de 2025.
Morgan Stanley Finance LLC电� 2027雲� 8鞗� 3鞚� 毵岅赴鞚� PLTR Dual Directional Trigger Jump Securities毳� 頇嶋炒頃橁碃 鞛堨姷雼堧嫟. 鞚� 甑“頇� 歃濌秾鞚� Palantir Technologies Inc.(PLTR) 韥措灅鞀� A 欤检嫕鞚� 旮办磮鞛愳偘鞙茧 頃橂┌ Morgan Stanley臧� 鞝勳暋 氤挫頃╇媹雼�. 臧� $1,000 歃濌秾鞚� PLTR鞚� 2027雲� 7鞗� 29鞚� 甏�彀办澕 臧�瓴╈澊 2025雲� 7鞗� 29鞚� 齑堦赴 靾橃瓿� 臧欔卑雮� 靸來殞頃橁卑雮� 斓滊寑 40% 頃橂澖頃� 瓴届毎鞐愲弰 毵岅赴 鞁� $640鈥�$660鞚� 瓿犾爼 靸侅姽 歆�旮夓暋 (鞗愱笀鞚� 64%鈥�66%)鞚� 鞝滉车頃╇媹雼�. 霕愴暅 鞚� 雲疙姼电� 0%鞐愳劀 鈥�40% 靷澊 頃橂澖鞐� 雽�頃� 100% 鞝堧寑 靾橃澋 彀胳棳毳� 鞝滉车頃橃毵�, 60% 頃橂澖 頃滉硠靹� 鞚错晿鞐愳劀电� 鞗愱笀 鞝勳暋鞚� 鞙勴棙鞐� 觳橅暕雼堧嫟; 鈥�60% 頃橂澖 鞁� $400, 鈥�100% 頃橂澖 鞁� $0臧� 歆�旮夒惄雼堧嫟.
欤检殧 臁瓣贝鞙茧电� 於旍爼 臧�旃� $954.30 (卤$35), CUSIP 61778NES6, 瓯半灅靻� 氙胳儊鞛�, 2彀� 鞙犽彊靹� 攵堩檿鞁れ劚鞚� 鞛堨姷雼堧嫟. 氚滍枆鞛惖鐢 氍挫澊鞛�, 靸侅姽 鞝滍暅, Morgan Stanley 鞁犾毄 雲胳稖, 氇嵏 鞚橃〈鞝� 韽夑皜, 鞝滍暅霅� 頋劃 氚╈, 攵堩檿鞁ろ暅 氙戈淡 靹鸽 觳橂Μ 霌� 鞐煬 鞙勴棙鞚� 臧曥“頃╇媹雼�. 鞝滍拡 氤挫订 鞛愲鞕� 靾橃爼霅� 鞓堧箘 臧�瓴� 氤挫订 鞛愲(毵來伂 鞝滉车)鞐惖鐢 旮办磮鞛愳偘鞚� 鞝勳泊 瓿缄卑 雿办澊韯办檧 鞙勴棙 鞖旍唽臧� 韽暔霅橃柎 鞛堨姷雼堧嫟.
韴瀽鞛惖鐢 2025雲� 7鞗� 29鞚� 臧�瓴� 靷办爼鞚检棎 甑弲頃橁赴 鞝勳棎 鞝曥潣霅橃棃歆�毵� 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 60% 靻愳嫟 鞕勳订 鞛レ箻, 鞝勳暋 靻愳嫟 臧�電レ劚, Morgan Stanley鞚� 鞁犾毄 頂勲頃勱臣 鞁滌灔, 鞙犽彊靹�, 靹戈笀 攵堩檿鞁れ劚鞚� 鞁犾頌� 瓿犽牑頃挫暭 頃╇媹雼�.
Morgan Stanley Finance LLC commercialise les PLTR Dual Directional Trigger Jump Securities arrivant 脿 茅ch茅ance le 3 ao没t 2027. Ces notes structur茅es font r茅f茅rence aux actions de classe A de Palantir Technologies Inc. (PLTR) et sont enti猫rement garanties par Morgan Stanley. Chaque titre de 1 000 $ offre un paiement fixe 脿 la hausse de 640 $ 脿 660 $ (64 % 脿 66 % du capital), vers茅 脿 l鈥櫭ヽh茅ance 脿 condition que le cours de PLTR 脿 la date d鈥檕bservation du 29 juillet 2027 soit au moins 茅gal, sup茅rieur ou jusqu鈥櫭� 40 % inf茅rieur 脿 son niveau initial du 29 juillet 2025. Les notes offrent 茅galement une participation 脿 100 % au rendement absolu pour les baisses comprises entre 0 % et 鈥�40 %, mais le capital est enti猫rement 脿 risque en dessous du seuil de baisse de 60 % ; une baisse de 鈥�60 % restituerait 400 $, et une perte totale de 鈥�100 % 0 $.
Les conditions cl茅s incluent : valeur estim茅e 954,30 $ (卤35 $) ; CUSIP 61778NES6 ; non cot茅es en bourse ; liquidit茅 secondaire incertaine. L鈥櫭﹎etteur souligne de nombreux risques : absence de coupon, appr茅ciation plafonn茅e, exposition au cr茅dit de Morgan Stanley, valorisation d茅pendante de mod猫les, protection anti-dilution limit茅e et traitement fiscal am茅ricain incertain. Le suppl茅ment produit et le suppl茅ment pr茅liminaire de prix modifi茅 (lien fourni) contiennent des donn茅es historiques compl猫tes sur l鈥檃ctif sous-jacent et les facteurs de risque.
Les investisseurs doivent 茅valuer la hausse d茅finie mais limit茅e, la marge de perte de 60 % et la possibilit茅 de perte totale en tenant compte du profil de cr茅dit de Morgan Stanley ainsi que des incertitudes li茅es au march茅, 脿 la liquidit茅 et 脿 la fiscalit茅 avant de souscrire 脿 la date de prix du 29 juillet 2025.
Morgan Stanley Finance LLC vermarktet PLTR Dual Directional Trigger Jump Securities mit F盲lligkeit am 3. August 2027. Die strukturierten Notes beziehen sich auf die Klasse-A-Aktien von Palantir Technologies Inc. (PLTR) und sind vollst盲ndig von Morgan Stanley garantiert. Jede $1.000-Anleihe bietet eine feste Aufw盲rtszahlung von $640鈥�$660 (64 %鈥�66 % des Kapitals), die bei F盲lligkeit gezahlt wird, sofern der Kurs von PLTR am Beobachtungstag 29. Juli 2027 auf oder 眉ber, oder bis zu 40 % unter dem Anfangsniveau vom 29. Juli 2025 liegt. Die Notes bieten zudem eine 100%ige absolute Renditebeteiligung f眉r R眉ckg盲nge zwischen 0 % und 鈥�40 %, das Kapital ist jedoch unterhalb der 60%-Abschwung-Schwelle vollst盲ndig gef盲hrdet; eine 鈥�60%-Bewegung w眉rde $400 zur眉ckzahlen, eine 鈥�100%-Bewegung $0.
Wichtige Eckdaten: gesch盲tzter Wert $954,30 (卤$35); CUSIP 61778NES6; nicht b枚rsennotiert; sekund盲re Liquidit盲t ungewiss. Der Emittent weist auf zahlreiche Risiken hin: keine Kuponzahlung, begrenztes Aufw盲rtspotenzial, Kreditrisiko gegen眉ber Morgan Stanley, modellabh盲ngige Bewertung, eingeschr盲nkter Verw盲sserungsschutz und unsichere US-Steuerbehandlung. Das Produktsupplement und das ge盲nderte vorl盲ufige Preis-Supplement (Link enthalten) enthalten vollst盲ndige historische Basiswertdaten und Risikofaktoren.
Investoren sollten vor der Zeichnung zum 29. Juli 2025 den definierten, aber begrenzten Aufw盲rtsspielraum, den 60%-Verlustpuffer und das Risiko eines Totalverlusts gegen das Kreditprofil von Morgan Stanley sowie Markt-, Liquidit盲ts- und Steuerunsicherheiten abw盲gen.
Free Writing Prospectus to Amendment No. 1 dated July 8, 2025 relating to
Preliminary Pricing Supplement No. 9,151
Registration Statement Nos. 333-275587; 333-275587-01
Dated June 27, 2025; Filed pursuant to Rule 433
Morgan Stanley
PLTR Dual Directional Trigger Jump Securities due August 3, 2027
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying amended preliminary pricing supplement referenced below, product supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underlier: |
Palantir Technologies Inc. class A common stock (PLTR) |
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Upside payment: |
$640 to $660 per security (64% to 66% of the stated principal amount) |
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Absolute return participation rate: |
100% |
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Downside threshold level: |
60% of the initial level |
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Pricing date: |
July 29, 2025 |
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Observation date: |
July 29, 2027 |
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Maturity date: |
August 3, 2027 |
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CUSIP: |
61778NES6 |
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Estimated value: |
$954.30 per security, or within $35.00 of that estimate |
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Amended preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225037597/ms9151_424b2-20463.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Security |
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+100.00% |
$1,640.00 |
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+80.00% |
$1,640.00 |
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+60.00% |
$1,640.00 |
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+40.00% |
$1,640.00 |
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+20.00% |
$1,640.00 |
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0.00% |
$1,640.00 |
|
-10.00% |
$1,100.00 |
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-20.00% |
$1,200.00 |
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-40.00% |
$1,400.00 |
|
-41.00% |
$590.00 |
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-60.00% |
$400.00 |
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-80.00% |
$200.00 |
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-100.00% |
$0.00 |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying amended preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying amended preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●Any positive return on the securities that is based on the depreciation of the underlier is effectively capped.
●The appreciation potential of the securities is fixed and limited.
●The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oWe have no affiliation with any underlying stock issuer.
oWe may engage in business with or involving any underlying stock issuer without regard to your interests.
oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying amended preliminary pricing supplement under the caption “Additional Information About the Securities–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
Source:
FAQ
What is the maturity date of Morgan Stanley's PLTR Dual Directional Trigger Jump Securities?
How much upside can investors in CUSIP 61778NES6 earn?
What happens if PLTR falls more than 60 % by the observation date?
Are the PLTR Trigger Jump Securities principal-protected or interest-bearing?
Will these Morgan Stanley notes trade on an exchange?
What is the estimated initial value versus the issue price?
