[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Market-Linked Notes due August 1, 2030, tied to the S&P 500庐 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 (卤$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 ha annunciato le Note collegate al mercato con scadenza il 1掳 agosto 2030, legate all'indice S&P 500庐 Futures Excess Return (SPXFP). Le caratteristiche principali includono:
- Tasso di partecipazione dal 113% al 118% alla performance positiva dell'indice
- Protezione del capitale contro la performance negativa dell'indice
- Valore stimato di 935,50 $ per nota (卤55,00 $)
- Durata di 5 anni dal 28 luglio 2025 al 1掳 agosto 2030
Le note offrono rendimenti asimmetrici: gli investitori partecipano al 113-118% alla performance positiva dell'indice mantenendo la protezione totale del capitale in caso di calo dell'indice. I rischi principali includono il rischio di credito di Morgan Stanley, l'assenza di pagamenti di interessi intermedi e la liquidit脿 limitata sul mercato secondario. Il prezzo delle note riflette i costi di copertura e gli spread di credito di Morgan Stanley, risultando in un valore stimato inferiore al prezzo di emissione.
Morgan Stanley Finance ha anunciado Notas vinculadas al mercado con vencimiento el 1 de agosto de 2030, ligadas al 铆ndice S&P 500庐 Futures Excess Return (SPXFP). Las caracter铆sticas clave incluyen:
- Tasa de participaci贸n del 113% al 118% en el rendimiento positivo del 铆ndice
- Protecci贸n del principal contra el rendimiento negativo del 铆ndice
- Valor estimado de $935.50 por nota (卤$55.00)
- Plazo de 5 a帽os desde el 28 de julio de 2025 hasta el 1 de agosto de 2030
Las notas ofrecen rendimientos asim茅tricos: los inversores reciben una participaci贸n del 113-118% en el rendimiento positivo del 铆ndice, manteniendo la protecci贸n total del principal si el 铆ndice disminuye. Los riesgos notables incluyen el riesgo crediticio de Morgan Stanley, la ausencia de pagos de intereses intermedios y la liquidez limitada en el mercado secundario. El precio de las notas refleja los costos de cobertura y los diferenciales crediticios de Morgan Stanley, resultando en un valor estimado inferior al precio de emisi贸n.
Morgan Stanley Finance電� 2030雲� 8鞗� 1鞚� 毵岅赴 鞁滌灔 鞐瓣硠 雲疙姼毳� 氚滍憸頄堨溂氅�, 鞚措姅 S&P 500庐 靹犽 齑堦臣 靾橃澋 歆�靾�(SPXFP)鞐� 鞐半彊霅╇媹雼�. 欤检殧 韸轨鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 歆�靾橃潣 旮嶌爼鞝� 靹标臣鞐� 雽�頃� 113%鞐愳劀 118%鞚� 彀胳棳鞙�
- 歆�靾� 靹标臣臧� 攵�鞝曥爜鞚� 瓴届毎 鞗愱笀 氤错樃
- 雲疙姼 雼� 鞓堨儊 臧�旃� $935.50 (卤$55.00)
- 2025雲� 7鞗� 28鞚茧秬韯� 2030雲� 8鞗� 1鞚缄箤歆� 5雲� 毵岅赴
鞚� 雲疙姼電� 牍勲寑旃� 靾橃澋鞚� 鞝滉车頃╇媹雼�: 韴瀽鞛愲姅 歆�靾橃潣 旮嶌爼鞝� 靹标臣鞐� 雽�頃� 113-118% 彀胳棳鞙潉 氚涭溂氅挫劀, 歆�靾橁皜 頃橂澖頃� 瓴届毎 鞗愱笀 鞝勳暋 氤错樃毳� 鞙犾頃╇媹雼�. 欤检殧 鞙勴棙 鞖旍唽搿滊姅 Morgan Stanley鞚� 鞁犾毄 鞙勴棙, 欷戧皠 鞚挫瀽 歆�旮� 鞐嗢潓, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹膘澊 韽暔霅╇媹雼�. 雲疙姼 臧�瓴╈潃 Morgan Stanley鞚� 項れ 牍勳毄瓿� 鞁犾毄 鞀ろ攧霠堧摐毳� 氚橃榿頃橃棳 氚滍枆臧�氤措嫟 雮潃 鞓堨儊 臧�旃橂ゼ 雮橅儉雰呺媹雼�.
Morgan Stanley Finance a annonc茅 des Notes li茅es au march茅 arrivant 脿 茅ch茅ance le 1er ao没t 2030, index茅es sur l'indice S&P 500庐 Futures Excess Return (SPXFP). Les caract茅ristiques principales comprennent :
- Taux de participation de 113% 脿 118% sur la performance positive de l'indice
- Protection du capital contre une performance n茅gative de l'indice
- Valeur estim茅e de 935,50 $ par note (卤55,00 $)
- Dur茅e de 5 ans du 28 juillet 2025 au 1er ao没t 2030
Ces notes offrent des rendements asym茅triques : les investisseurs b茅n茅ficient d'une participation de 113 脿 118 % 脿 la performance positive de l'indice tout en conservant une protection compl猫te du capital en cas de baisse de l'indice. Les risques notables comprennent le risque de cr茅dit de Morgan Stanley, l'absence de paiements d'int茅r锚ts interm茅diaires et une liquidit茅 limit茅e sur le march茅 secondaire. La tarification des notes refl猫te les co没ts de couverture et les 茅carts de cr茅dit de Morgan Stanley, ce qui se traduit par une valeur estim茅e inf茅rieure au prix d'茅mission.
Morgan Stanley Finance hat Marktgebundene Schuldverschreibungen mit F盲lligkeit am 1. August 2030 angek眉ndigt, die an den S&P 500庐 Futures Excess Return Index (SPXFP) gekoppelt sind. Die wichtigsten Merkmale sind:
- Partizipationsrate von 113% bis 118% an der positiven Indexentwicklung
- Kapitalschutz gegen negative Indexentwicklung
- Gesch盲tzter Wert von 935,50 $ pro Note (卤55,00 $)
- 5-j盲hrige Laufzeit vom 28. Juli 2025 bis 1. August 2030
Die Notes bieten asymmetrische Renditen: Anleger erhalten eine Partizipation von 113-118% an der positiven Indexentwicklung und behalten den vollen Kapitalschutz bei einem Indexr眉ckgang. Zu den wesentlichen Risiken geh枚ren das Kreditrisiko von Morgan Stanley, keine Zwischenzinszahlungen und eine begrenzte Liquidit盲t am Sekund盲rmarkt. Die Preisgestaltung der Notes spiegelt die Absicherungskosten und Kreditspreads von Morgan Stanley wider, was zu einem gesch盲tzten Wert unter dem Ausgabepreis f眉hrt.
- Offers 113-118% participation rate in S&P 500 Futures Excess Return Index upside potential
- Provides principal protection with $1,000 minimum payment at maturity regardless of index performance
- Morgan Stanley's guarantee adds credit support to the notes
- Estimated value of $935.50 per note represents a 6.45% discount to the issue price, indicating significant embedded costs
- No interest payments over the 5-year term of the notes
- Limited secondary market liquidity as notes won't be listed on any exchange
- Notes only track index performance at maturity, ignoring any interim gains
- Exposure to futures market risks including potential contango effects that could reduce returns
Morgan Stanley Finance ha annunciato le Note collegate al mercato con scadenza il 1掳 agosto 2030, legate all'indice S&P 500庐 Futures Excess Return (SPXFP). Le caratteristiche principali includono:
- Tasso di partecipazione dal 113% al 118% alla performance positiva dell'indice
- Protezione del capitale contro la performance negativa dell'indice
- Valore stimato di 935,50 $ per nota (卤55,00 $)
- Durata di 5 anni dal 28 luglio 2025 al 1掳 agosto 2030
Le note offrono rendimenti asimmetrici: gli investitori partecipano al 113-118% alla performance positiva dell'indice mantenendo la protezione totale del capitale in caso di calo dell'indice. I rischi principali includono il rischio di credito di Morgan Stanley, l'assenza di pagamenti di interessi intermedi e la liquidit脿 limitata sul mercato secondario. Il prezzo delle note riflette i costi di copertura e gli spread di credito di Morgan Stanley, risultando in un valore stimato inferiore al prezzo di emissione.
Morgan Stanley Finance ha anunciado Notas vinculadas al mercado con vencimiento el 1 de agosto de 2030, ligadas al 铆ndice S&P 500庐 Futures Excess Return (SPXFP). Las caracter铆sticas clave incluyen:
- Tasa de participaci贸n del 113% al 118% en el rendimiento positivo del 铆ndice
- Protecci贸n del principal contra el rendimiento negativo del 铆ndice
- Valor estimado de $935.50 por nota (卤$55.00)
- Plazo de 5 a帽os desde el 28 de julio de 2025 hasta el 1 de agosto de 2030
Las notas ofrecen rendimientos asim茅tricos: los inversores reciben una participaci贸n del 113-118% en el rendimiento positivo del 铆ndice, manteniendo la protecci贸n total del principal si el 铆ndice disminuye. Los riesgos notables incluyen el riesgo crediticio de Morgan Stanley, la ausencia de pagos de intereses intermedios y la liquidez limitada en el mercado secundario. El precio de las notas refleja los costos de cobertura y los diferenciales crediticios de Morgan Stanley, resultando en un valor estimado inferior al precio de emisi贸n.
Morgan Stanley Finance電� 2030雲� 8鞗� 1鞚� 毵岅赴 鞁滌灔 鞐瓣硠 雲疙姼毳� 氚滍憸頄堨溂氅�, 鞚措姅 S&P 500庐 靹犽 齑堦臣 靾橃澋 歆�靾�(SPXFP)鞐� 鞐半彊霅╇媹雼�. 欤检殧 韸轨鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 歆�靾橃潣 旮嶌爼鞝� 靹标臣鞐� 雽�頃� 113%鞐愳劀 118%鞚� 彀胳棳鞙�
- 歆�靾� 靹标臣臧� 攵�鞝曥爜鞚� 瓴届毎 鞗愱笀 氤错樃
- 雲疙姼 雼� 鞓堨儊 臧�旃� $935.50 (卤$55.00)
- 2025雲� 7鞗� 28鞚茧秬韯� 2030雲� 8鞗� 1鞚缄箤歆� 5雲� 毵岅赴
鞚� 雲疙姼電� 牍勲寑旃� 靾橃澋鞚� 鞝滉车頃╇媹雼�: 韴瀽鞛愲姅 歆�靾橃潣 旮嶌爼鞝� 靹标臣鞐� 雽�頃� 113-118% 彀胳棳鞙潉 氚涭溂氅挫劀, 歆�靾橁皜 頃橂澖頃� 瓴届毎 鞗愱笀 鞝勳暋 氤错樃毳� 鞙犾頃╇媹雼�. 欤检殧 鞙勴棙 鞖旍唽搿滊姅 Morgan Stanley鞚� 鞁犾毄 鞙勴棙, 欷戧皠 鞚挫瀽 歆�旮� 鞐嗢潓, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹膘澊 韽暔霅╇媹雼�. 雲疙姼 臧�瓴╈潃 Morgan Stanley鞚� 項れ 牍勳毄瓿� 鞁犾毄 鞀ろ攧霠堧摐毳� 氚橃榿頃橃棳 氚滍枆臧�氤措嫟 雮潃 鞓堨儊 臧�旃橂ゼ 雮橅儉雰呺媹雼�.
Morgan Stanley Finance a annonc茅 des Notes li茅es au march茅 arrivant 脿 茅ch茅ance le 1er ao没t 2030, index茅es sur l'indice S&P 500庐 Futures Excess Return (SPXFP). Les caract茅ristiques principales comprennent :
- Taux de participation de 113% 脿 118% sur la performance positive de l'indice
- Protection du capital contre une performance n茅gative de l'indice
- Valeur estim茅e de 935,50 $ par note (卤55,00 $)
- Dur茅e de 5 ans du 28 juillet 2025 au 1er ao没t 2030
Ces notes offrent des rendements asym茅triques : les investisseurs b茅n茅ficient d'une participation de 113 脿 118 % 脿 la performance positive de l'indice tout en conservant une protection compl猫te du capital en cas de baisse de l'indice. Les risques notables comprennent le risque de cr茅dit de Morgan Stanley, l'absence de paiements d'int茅r锚ts interm茅diaires et une liquidit茅 limit茅e sur le march茅 secondaire. La tarification des notes refl猫te les co没ts de couverture et les 茅carts de cr茅dit de Morgan Stanley, ce qui se traduit par une valeur estim茅e inf茅rieure au prix d'茅mission.
Morgan Stanley Finance hat Marktgebundene Schuldverschreibungen mit F盲lligkeit am 1. August 2030 angek眉ndigt, die an den S&P 500庐 Futures Excess Return Index (SPXFP) gekoppelt sind. Die wichtigsten Merkmale sind:
- Partizipationsrate von 113% bis 118% an der positiven Indexentwicklung
- Kapitalschutz gegen negative Indexentwicklung
- Gesch盲tzter Wert von 935,50 $ pro Note (卤55,00 $)
- 5-j盲hrige Laufzeit vom 28. Juli 2025 bis 1. August 2030
Die Notes bieten asymmetrische Renditen: Anleger erhalten eine Partizipation von 113-118% an der positiven Indexentwicklung und behalten den vollen Kapitalschutz bei einem Indexr眉ckgang. Zu den wesentlichen Risiken geh枚ren das Kreditrisiko von Morgan Stanley, keine Zwischenzinszahlungen und eine begrenzte Liquidit盲t am Sekund盲rmarkt. Die Preisgestaltung der Notes spiegelt die Absicherungskosten und Kreditspreads von Morgan Stanley wider, was zu einem gesch盲tzten Wert unter dem Ausgabepreis f眉hrt.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,040
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
SPXFP Market-Linked Notes due August 1, 2030
This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index 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: |
S&P 500® Futures Excess Return Index (SPXFP) |
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Participation rate: |
113% to 118% |
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Pricing date: |
July 28, 2025 |
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Observation date: |
July 29, 2030 |
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Maturity date: |
August 1, 2030 |
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CUSIP: |
61778NAF8 |
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Estimated value: |
$935.50 per note, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034259/ms9040_424b2-18596.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 notes.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Note |
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|
+60.00% |
$1,678.00* |
|
|
+40.00% |
$1,452.00* |
|
|
+20.00% |
$1,226.00* |
|
|
0.00% |
$1,000.00 |
|
|
-20.00% |
$1,000.00 |
|
|
-40.00% |
$1,000.00 |
|
|
-60.00% |
$1,000.00 |
|
|
-80.00% |
$1,000.00 |
|
|
-100.00% |
$1,000.00 |
|
|
*Assumes a participation rate of 113% |
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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 preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Notes
●The notes may not pay more than the stated principal amount at maturity.
●The notes do not pay interest.
●The amount payable on the notes is not linked to the value of the underlier at any time other than the observation date.
●The market price of the notes may be influenced by many unpredictable factors.
●The notes 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 notes.
●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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the notes 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 notes 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 notes is not equivalent to investing in the underlier(s).
●You may be required to recognize taxable income on the notes prior to maturity.
Risks Relating to the Underlier(s)
●Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oHigher future prices of a futures contract to which the underlier is linked relative to its current prices may adversely affect the value of the underlier and the value of the notes.
oSuspensions or disruptions of market trading in futures markets could adversely affect the value of the notes.
oLegal and regulatory changes could adversely affect the return on and value of the notes.
●Adjustments to the S&P 500® Futures Excess Return Index could adversely affect the value of the notes.
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 notes.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Notes–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.
Source:
FAQ
What is the maturity date and participation rate for MS's SPXFP Market-Linked Notes?
What is the estimated value per note for MS's new Market-Linked Notes (CUSIP: 61778NAF8)?
What is the minimum guaranteed payment at maturity for MS's SPXFP Market-Linked Notes?
What are the key risks of investing in Morgan Stanley's (MS) SPXFP Market-Linked Notes?
What is the maximum potential return for MS's Market-Linked Notes based on the example scenarios?
