[FWP] Morgan Stanley Free Writing Prospectus
Offering overview: Morgan Stanley Finance LLC, guaranteed by Morgan Stanley (“MS”), is marketing five-year “Trigger PLUS” structured notes that settle on August 5, 2030. The notes are linked to the worst-performing of three U.S. equity benchmarks -- the S&P 500 (SPX), Nasdaq-100 (NDX) and Russell 2000 (RTY).
- Upside participation: Final payment equals principal plus 160%鈥�175% of any positive performance of the worst index.
- Downside buffer: Principal is repaid in full as long as the worst index has not fallen more than 35 percent (i.e., it remains at or above 65 percent of its initial level) on the single observation date of July 31, 2030.
- Full downside exposure below the threshold: If that 65 percent trigger is breached, repayment equals principal multiplied by the worst index’s percentage return, generating dollar-for-dollar losses and potentially zero recovery.
- No interim coupons, no early call: Investors receive no periodic interest and their return depends solely on the final index levels.
- Credit & liquidity considerations: All cash flows rely on Morgan Stanley’s credit; the notes will not be listed, and MS expects limited secondary trading. The indicative estimated value is $943.40 versus the assumed $1,000 issue price, reflecting embedded fees and hedging costs.
- Key dates: Pricing - July 31, 2025 | Observation - July 31, 2030 | Maturity - August 5, 2030
- CUSIP: 61778NAZ4 | Registration Nos.: 333-275587 / 333-275587-01
Investor take-away: The structure offers leveraged upside and a 35% buffer, but embeds significant risks: (i) worst-of design magnifies downside probability, (ii) principal is unprotected below the trigger, (iii) valuation is below par at issuance, (iv) tax treatment is uncertain, and (v) investors assume MS credit and secondary-market liquidity risk.
Panoramica dell'offerta: Morgan Stanley Finance LLC, garantita da Morgan Stanley ("MS"), propone note strutturate "Trigger PLUS" a cinque anni con scadenza il 5 agosto 2030. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500 (SPX), Nasdaq-100 (NDX) e Russell 2000 (RTY).
- Partecipazione al rialzo: Il pagamento finale corrisponde al capitale pi霉 il 160%鈥�175% di qualsiasi performance positiva del peggior indice.
- Protezione dal ribasso: Il capitale viene rimborsato per intero purch茅 il peggior indice non sia sceso oltre il 35% (ossia rimanga al 65% o pi霉 del livello iniziale) nella data di osservazione unica del 31 luglio 2030.
- Esposizione totale al ribasso sotto la soglia: Se viene superata la soglia del 65%, il rimborso sar脿 pari al capitale moltiplicato per la performance percentuale del peggior indice, comportando perdite in proporzione diretta e potenzialmente un recupero nullo.
- Nessuna cedola intermedia, nessuna chiamata anticipata: Gli investitori non ricevono interessi periodici e il rendimento dipende esclusivamente dai livelli finali degli indici.
- Considerazioni su credito e liquidit脿: Tutti i flussi di cassa dipendono dal credito di Morgan Stanley; le note non saranno quotate e MS prevede un mercato secondario limitato. Il valore stimato indicativo 猫 di $943,40 rispetto al prezzo di emissione ipotizzato di $1.000, riflettendo costi incorporati e di copertura.
- Date chiave: Prezzo - 31 luglio 2025 | Osservazione - 31 luglio 2030 | Scadenza - 5 agosto 2030
- CUSIP: 61778NAZ4 | Numeri di registrazione: 333-275587 / 333-275587-01
Considerazioni per l'investitore: La struttura offre leva al rialzo e una protezione del 35%, ma presenta rischi significativi: (i) il meccanismo "worst-of" aumenta la probabilit脿 di perdita, (ii) il capitale non 猫 protetto oltre la soglia, (iii) la valutazione 猫 inferiore al valore nominale all'emissione, (iv) il trattamento fiscale 猫 incerto e (v) gli investitori assumono il rischio di credito di MS e di liquidit脿 nel mercato secondario.
Resumen de la oferta: Morgan Stanley Finance LLC, garantizada por Morgan Stanley ("MS"), est谩 comercializando notas estructuradas "Trigger PLUS" a cinco a帽os que vencen el 5 de agosto de 2030. Las notas est谩n vinculadas al peor desempe帽o entre tres 铆ndices burs谩tiles estadounidenses: S&P 500 (SPX), Nasdaq-100 (NDX) y Russell 2000 (RTY).
- Participaci贸n al alza: El pago final equivale al principal m谩s el 160%鈥�175% de cualquier rendimiento positivo del peor 铆ndice.
- Protecci贸n a la baja: El principal se reembolsa en su totalidad siempre que el peor 铆ndice no haya ca铆do m谩s del 35% (es decir, se mantenga en o por encima del 65% de su nivel inicial) en la 煤nica fecha de observaci贸n del 31 de julio de 2030.
- Exposici贸n total a la baja por debajo del umbral: Si se rompe el umbral del 65%, el reembolso ser谩 igual al principal multiplicado por el rendimiento porcentual del peor 铆ndice, generando p茅rdidas d贸lar por d贸lar y potencialmente sin recuperaci贸n.
- No hay cupones intermedios ni llamada anticipada: Los inversores no reciben intereses peri贸dicos y su rendimiento depende 煤nicamente de los niveles finales de los 铆ndices.
- Consideraciones de cr茅dito y liquidez: Todos los flujos de efectivo dependen del cr茅dito de Morgan Stanley; las notas no estar谩n listadas y MS espera un comercio secundario limitado. El valor estimado indicativo es de $943.40 frente al precio de emisi贸n supuesto de $1,000, reflejando costos incorporados y de cobertura.
- Fechas clave: Precio - 31 de julio de 2025 | Observaci贸n - 31 de julio de 2030 | Vencimiento - 5 de agosto de 2030
- CUSIP: 61778NAZ4 | N煤meros de registro: 333-275587 / 333-275587-01
Conclusi贸n para el inversor: La estructura ofrece apalancamiento al alza y un colch贸n del 35%, pero con riesgos significativos: (i) el dise帽o "worst-of" amplifica la probabilidad de p茅rdidas, (ii) el principal no est谩 protegido bajo el umbral, (iii) la valoraci贸n est谩 por debajo del valor nominal en la emisi贸n, (iv) el tratamiento fiscal es incierto y (v) los inversores asumen el riesgo crediticio de MS y la liquidez del mercado secundario.
靸來拡 臧滌殧: Morgan Stanley Finance LLC電� Morgan Stanley("MS")鞚� 氤挫鞚� 氚涭晞 2030雲� 8鞗� 5鞚� 毵岅赴鞚� 5雲� 毵岅赴 "Trigger PLUS" 甑“頇� 雲疙姼毳� 韺愲Г 欷戩瀰雼堧嫟. 鞚� 雲疙姼電� 氙戈淡 欤检嫕 氩れ箻毵堩伂 靹� 臧�歆� 欷� 斓滌晠鞚� 靹标臣毳� 氤挫澑 歆�靾橃澑 S&P 500(SPX), Nasdaq-100(NDX), Russell 2000(RTY)鞐� 鞐半彊霅╇媹雼�.
- 靸侅姽 彀胳棳鞙�: 毵岅赴 鞁� 歆�旮夓暋鞚� 鞗愱笀鞐� 斓滌晠 歆�靾橃潣 旮嶌爼鞝� 靾橃澋毳犾棎 雽�頃� 160%鈥�175%毳� 雿旐暅 旮堨暋鞛呺媹雼�.
- 頃橂澖 氤错樃 鞛レ箻: 斓滌晠 歆�靾橁皜 2030雲� 7鞗� 31鞚� 雼澕 甏�旄§澕 旮办鞙茧 齑堦赴 靾橃鞚� 65% 鞚挫儊(歃�, 35% 鞚挫儊 頃橂澖頃橃 鞎婌潃 瓴届毎)鞚� 霑� 鞗愱笀 鞝勳暋鞚� 靸來櫂頃╇媹雼�.
- 鞛勱硠臧� 鞚错晿 鞁� 鞝勳暋 靻愳嫟 臧�電�: 65% 鞛勱硠臧掛澊 旯氅� 靸來櫂鞎§潃 鞗愱笀鞐� 斓滌晠 歆�靾橃潣 靾橃澋毳犾潉 瓿表暅 旮堨暋鞙茧, 1:1 靻愳嫟瓿� 鞛犾灛鞝� 鞗愱笀 靻愳嫟鞚� 氚滌儩頃� 靾� 鞛堨姷雼堧嫟.
- 欷戧皠 炜犿彴 鞐嗢潓, 臁瓣赴 靸來櫂 鞐嗢潓: 韴瀽鞛愲姅 鞝曣赴 鞚挫瀽毳� 氚涭 鞎婌溂氅� 靾橃澋鞚� 斓滌 歆�靾� 靾橃鞐愲 鞚橃〈頃╇媹雼�.
- 鞁犾毄 氚� 鞙犽彊靹� 瓿犽牑靷暛: 氇摖 順勱笀 頋愲鞚� Morgan Stanley鞚� 鞁犾毄鞐� 鞚橃〈頃橂┌, 雲疙姼電� 靸侅灔霅橃 鞎婌溂氅� MS電� 2彀� 鞁滌灔 瓯半灅臧� 鞝滍暅鞝侅澕 瓴冹溂搿� 鞓堨儊頃╇媹雼�. 鞓堨儊 臧�旃橂姅 氚滍枆臧� $1,000 雽�牍� $943.40搿� 雮挫灛 牍勳毄瓿� 項れ 牍勳毄鞚� 氚橃榿霅橃柎 鞛堨姷雼堧嫟.
- 欤检殧 鞚检爼: 臧�瓴� 瓴办爼 - 2025雲� 7鞗� 31鞚� | 甏�旄§澕 - 2030雲� 7鞗� 31鞚� | 毵岅赴 - 2030雲� 8鞗� 5鞚�
- CUSIP: 61778NAZ4 | 霌彪 氩堩樃: 333-275587 / 333-275587-01
韴瀽鞛� 鞙犾潣靷暛: 鞚� 甑“電� 霠堧矂毽 靸侅姽瓿� 35% 氤错樃 鞛レ箻毳� 鞝滉车頃橃毵�, 雼れ潓瓿� 臧欖潃 欤检殧 鞙勴棙鞚� 雮错彫霅橃柎 鞛堨姷雼堧嫟: (i) 斓滌晠 歆�靾� 甑“搿� 頃橂澖 鞙勴棙鞚� 歃濏彮霅�, (ii) 鞛勱硠臧� 鞚错晿鞐愳劀電� 鞗愱笀 氤错樃 鞐嗢潓, (iii) 氚滍枆 鞁� 韽夑皜鞎§澊 鞎‰┐臧� 鞚错晿, (iv) 靹戈笀 觳橂Μ 攵堩檿鞁�, (v) 韴瀽鞛愲姅 MS 鞁犾毄 鞙勴棙瓿� 2彀� 鞁滌灔 鞙犽彊靹� 鞙勴棙鞚� 攵�雼错暕雼堧嫟.
Pr茅sentation de l'offre : Morgan Stanley Finance LLC, garantie par Morgan Stanley ("MS"), commercialise des notes structur茅es "Trigger PLUS" 脿 cinq ans arrivant 脿 茅ch茅ance le 5 ao没t 2030. Ces notes sont li茅es 脿 la performance la plus faible parmi trois indices boursiers am茅ricains : le S&P 500 (SPX), le Nasdaq-100 (NDX) et le Russell 2000 (RTY).
- Participation 脿 la hausse : Le paiement final correspond au capital plus 160%鈥�175% de toute performance positive du pire indice.
- Protection contre la baisse : Le capital est rembours茅 int茅gralement tant que le pire indice n鈥檃 pas chut茅 de plus de 35% (c鈥檈st-脿-dire qu鈥檌l reste 脿 65% ou plus de son niveau initial) 脿 la date d鈥檕bservation unique du 31 juillet 2030.
- Exposition compl猫te 脿 la baisse sous le seuil : Si le seuil de 65% est franchi, le remboursement correspond au capital multipli茅 par la performance en pourcentage du pire indice, entra卯nant des pertes au dollar pr猫s et potentiellement une perte totale.
- Pas de coupons interm茅diaires, pas de remboursement anticip茅 : Les investisseurs ne re莽oivent aucun int茅r锚t p茅riodique et leur rendement d茅pend uniquement des niveaux finaux des indices.
- Consid茅rations de cr茅dit et de liquidit茅 : Tous les flux de tr茅sorerie d茅pendent du cr茅dit de Morgan Stanley ; les notes ne seront pas cot茅es et MS pr茅voit un march茅 secondaire limit茅. La valeur indicative estim茅e est de 943,40 $ contre un prix d鈥櫭﹎ission suppos茅 de 1 000 $, refl茅tant les frais incorpor茅s et les co没ts de couverture.
- Dates cl茅s : Prix - 31 juillet 2025 | Observation - 31 juillet 2030 | 脡ch茅ance - 5 ao没t 2030
- CUSIP : 61778NAZ4 | Num茅ros d鈥檈nregistrement : 333-275587 / 333-275587-01
脌 retenir pour l鈥檌nvestisseur : La structure offre un effet de levier 脿 la hausse et une protection de 35%, mais comporte des risques importants : (i) le m茅canisme "worst-of" amplifie la probabilit茅 de baisse, (ii) le capital n鈥檈st pas prot茅g茅 en dessous du seuil, (iii) la valorisation est inf茅rieure 脿 la valeur nominale 脿 l鈥櫭﹎ission, (iv) le traitement fiscal est incertain, et (v) les investisseurs supportent le risque de cr茅dit de MS et la liquidit茅 du march茅 secondaire.
础苍驳别产辞迟蝉眉产别谤蝉颈肠丑迟: Morgan Stanley Finance LLC, garantiert von Morgan Stanley ("MS"), bietet f眉nfj盲hrige "Trigger PLUS" Strukturierte Notes an, die am 5. August 2030 f盲llig werden. Die Notes sind an den schlechtesten von drei US-Aktienindizes gekoppelt 鈥� S&P 500 (SPX), Nasdaq-100 (NDX) und Russell 2000 (RTY).
- Partizipation am Aufw盲rtspotenzial: Die Endzahlung entspricht dem Kapital plus 160%鈥�175% der positiven Performance des schlechtesten Index.
- 础产飞盲谤迟蝉辫耻蹿蹿别谤: Das Kapital wird vollst盲ndig zur眉ckgezahlt, sofern der schlechteste Index am einzigen Beobachtungstag, dem 31. Juli 2030, nicht mehr als 35% gefallen ist (d.h. mindestens 65% seines Anfangswerts erreicht).
- Volle Abw盲rtsrisiken unterhalb der Schwelle: Wird die 65%-Marke unterschritten, entspricht die R眉ckzahlung dem Kapital multipliziert mit der prozentualen Rendite des schlechtesten Index, was verlustbringende Eins-zu-eins-Verluste und m枚glicherweise eine vollst盲ndige Kapitalvernichtung bedeutet.
- Keine Zwischenkupons, keine vorzeitige K眉ndigung: Investoren erhalten keine periodischen Zinszahlungen und die Rendite h盲ngt ausschlie脽lich von den Endst盲nden der Indizes ab.
- Kredit- und Liquidit盲tsaspekte: S盲mtliche Cashflows h盲ngen von der Bonit盲t von Morgan Stanley ab; die Notes werden nicht b枚rsennotiert sein, und MS erwartet einen begrenzten Sekund盲rhandel. Der indikative gesch盲tzte Wert liegt bei $943,40 im Vergleich zum angenommenen Ausgabepreis von $1.000, was eingebettete Geb眉hren und Absicherungskosten widerspiegelt.
- Wichtige Termine: Preisfestsetzung - 31. Juli 2025 | Beobachtung - 31. Juli 2030 | F盲lligkeit - 5. August 2030
- CUSIP: 61778NAZ4 | Registrierungsnummern: 333-275587 / 333-275587-01
Fazit f眉r Investoren: Die Struktur bietet einen Hebel nach oben und einen 35%-Puffer, beinhaltet jedoch erhebliche Risiken: (i) das "Worst-of"-Design erh枚ht die Abw盲rtswahrscheinlichkeit, (ii) das Kapital ist unterhalb des Schwellenwerts ungesch眉tzt, (iii) die Bewertung liegt bei Emission unter dem Nennwert, (iv) die steuerliche Behandlung ist unklar, und (v) Investoren tragen das Kredit- und Sekund盲rmarktrisiko von MS.
- Enhanced upside: 160%鈥�175% participation in any positive performance of the worst index.
- 35% downside buffer: Principal is intact unless the worst index falls below 65% of its start level.
- Diversified underliers: Exposure spans large-cap, tech-heavy, and small-cap U.S. segments.
- Short five-year tenor: Defined maturity gives clarity on investment horizon.
- Principal at risk: Losses become linear once the 35% buffer is breached; maximum loss is 100%.
- Worst-of structure: Return driven by the poorest-performing index, eroding diversification benefits.
- No coupon or interim income: Investors forego dividends and receive no interest.
- Credit exposure: Payments depend solely on Morgan Stanley’s ability to pay.
- Estimated value below par: $943.40 vs. $1,000 issue price implies 5鈥�6% initial cost drag.
- Limited liquidity: Unlisted note; secondary trading subject to dealer discretion and wide spreads.
- Tax uncertainty: U.S. federal income tax treatment remains unclear.
Insights
TL;DR: 160鈥�175% upside and 35% buffer are attractive, but worst-of linkage and credit risk make risk-reward balanced, not compelling.
The Trigger PLUS note provides equity exposure with 1.6鈥�1.75脳 leverage, exceeding typical 1:1 participation in buffered notes. However, the payoff depends on the single worst index, so diversification benefits are lost once any one of SPX, NDX or RTY underperforms. Historically, a 35% drawdown over five years is not uncommon, particularly for the small-cap RTY, making breach probability meaningful. Investors foregoing dividends on the three indices face opportunity cost. The quoted $943.40 estimated value indicates roughly 5.6% in structuring fees and hedging costs, immediately eroding economic value. Because the note is unsecured, all returns hinge on MS’s credit profile鈥攃urrently investment-grade but still subject to systemic stress. Overall, a specialized product suited only to investors comfortable trading credit risk for leveraged equity exposure.
TL;DR: Product adds asymmetric equity exposure, but tail risk below 鈭�35% and illiquidity raise portfolio-level downside.
From a portfolio construction lens, the note may improve upside convexity versus direct equity, yet embeds gap risk: once the 65% trigger is breached, losses accelerate one-for-one with the index decline, removing the buffer exactly when volatility spikes. Correlation among the three U.S. indices remains high in stress periods, so “worst-of” effectively prices near-singular exposure. Lack of interim coupons offers no carry, and secondary market depth is dealer-driven; bid-offer spreads can widen materially. Practitioners should model stressed scenarios (e.g., 2008, 2020 drawdowns): worst-case recovery approaches zero while re-hedging becomes costly. The instrument is therefore best capped at a small tactical sleeve, not as core equity replacement.
Panoramica dell'offerta: Morgan Stanley Finance LLC, garantita da Morgan Stanley ("MS"), propone note strutturate "Trigger PLUS" a cinque anni con scadenza il 5 agosto 2030. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500 (SPX), Nasdaq-100 (NDX) e Russell 2000 (RTY).
- Partecipazione al rialzo: Il pagamento finale corrisponde al capitale pi霉 il 160%鈥�175% di qualsiasi performance positiva del peggior indice.
- Protezione dal ribasso: Il capitale viene rimborsato per intero purch茅 il peggior indice non sia sceso oltre il 35% (ossia rimanga al 65% o pi霉 del livello iniziale) nella data di osservazione unica del 31 luglio 2030.
- Esposizione totale al ribasso sotto la soglia: Se viene superata la soglia del 65%, il rimborso sar脿 pari al capitale moltiplicato per la performance percentuale del peggior indice, comportando perdite in proporzione diretta e potenzialmente un recupero nullo.
- Nessuna cedola intermedia, nessuna chiamata anticipata: Gli investitori non ricevono interessi periodici e il rendimento dipende esclusivamente dai livelli finali degli indici.
- Considerazioni su credito e liquidit脿: Tutti i flussi di cassa dipendono dal credito di Morgan Stanley; le note non saranno quotate e MS prevede un mercato secondario limitato. Il valore stimato indicativo 猫 di $943,40 rispetto al prezzo di emissione ipotizzato di $1.000, riflettendo costi incorporati e di copertura.
- Date chiave: Prezzo - 31 luglio 2025 | Osservazione - 31 luglio 2030 | Scadenza - 5 agosto 2030
- CUSIP: 61778NAZ4 | Numeri di registrazione: 333-275587 / 333-275587-01
Considerazioni per l'investitore: La struttura offre leva al rialzo e una protezione del 35%, ma presenta rischi significativi: (i) il meccanismo "worst-of" aumenta la probabilit脿 di perdita, (ii) il capitale non 猫 protetto oltre la soglia, (iii) la valutazione 猫 inferiore al valore nominale all'emissione, (iv) il trattamento fiscale 猫 incerto e (v) gli investitori assumono il rischio di credito di MS e di liquidit脿 nel mercato secondario.
Resumen de la oferta: Morgan Stanley Finance LLC, garantizada por Morgan Stanley ("MS"), est谩 comercializando notas estructuradas "Trigger PLUS" a cinco a帽os que vencen el 5 de agosto de 2030. Las notas est谩n vinculadas al peor desempe帽o entre tres 铆ndices burs谩tiles estadounidenses: S&P 500 (SPX), Nasdaq-100 (NDX) y Russell 2000 (RTY).
- Participaci贸n al alza: El pago final equivale al principal m谩s el 160%鈥�175% de cualquier rendimiento positivo del peor 铆ndice.
- Protecci贸n a la baja: El principal se reembolsa en su totalidad siempre que el peor 铆ndice no haya ca铆do m谩s del 35% (es decir, se mantenga en o por encima del 65% de su nivel inicial) en la 煤nica fecha de observaci贸n del 31 de julio de 2030.
- Exposici贸n total a la baja por debajo del umbral: Si se rompe el umbral del 65%, el reembolso ser谩 igual al principal multiplicado por el rendimiento porcentual del peor 铆ndice, generando p茅rdidas d贸lar por d贸lar y potencialmente sin recuperaci贸n.
- No hay cupones intermedios ni llamada anticipada: Los inversores no reciben intereses peri贸dicos y su rendimiento depende 煤nicamente de los niveles finales de los 铆ndices.
- Consideraciones de cr茅dito y liquidez: Todos los flujos de efectivo dependen del cr茅dito de Morgan Stanley; las notas no estar谩n listadas y MS espera un comercio secundario limitado. El valor estimado indicativo es de $943.40 frente al precio de emisi贸n supuesto de $1,000, reflejando costos incorporados y de cobertura.
- Fechas clave: Precio - 31 de julio de 2025 | Observaci贸n - 31 de julio de 2030 | Vencimiento - 5 de agosto de 2030
- CUSIP: 61778NAZ4 | N煤meros de registro: 333-275587 / 333-275587-01
Conclusi贸n para el inversor: La estructura ofrece apalancamiento al alza y un colch贸n del 35%, pero con riesgos significativos: (i) el dise帽o "worst-of" amplifica la probabilidad de p茅rdidas, (ii) el principal no est谩 protegido bajo el umbral, (iii) la valoraci贸n est谩 por debajo del valor nominal en la emisi贸n, (iv) el tratamiento fiscal es incierto y (v) los inversores asumen el riesgo crediticio de MS y la liquidez del mercado secundario.
靸來拡 臧滌殧: Morgan Stanley Finance LLC電� Morgan Stanley("MS")鞚� 氤挫鞚� 氚涭晞 2030雲� 8鞗� 5鞚� 毵岅赴鞚� 5雲� 毵岅赴 "Trigger PLUS" 甑“頇� 雲疙姼毳� 韺愲Г 欷戩瀰雼堧嫟. 鞚� 雲疙姼電� 氙戈淡 欤检嫕 氩れ箻毵堩伂 靹� 臧�歆� 欷� 斓滌晠鞚� 靹标臣毳� 氤挫澑 歆�靾橃澑 S&P 500(SPX), Nasdaq-100(NDX), Russell 2000(RTY)鞐� 鞐半彊霅╇媹雼�.
- 靸侅姽 彀胳棳鞙�: 毵岅赴 鞁� 歆�旮夓暋鞚� 鞗愱笀鞐� 斓滌晠 歆�靾橃潣 旮嶌爼鞝� 靾橃澋毳犾棎 雽�頃� 160%鈥�175%毳� 雿旐暅 旮堨暋鞛呺媹雼�.
- 頃橂澖 氤错樃 鞛レ箻: 斓滌晠 歆�靾橁皜 2030雲� 7鞗� 31鞚� 雼澕 甏�旄§澕 旮办鞙茧 齑堦赴 靾橃鞚� 65% 鞚挫儊(歃�, 35% 鞚挫儊 頃橂澖頃橃 鞎婌潃 瓴届毎)鞚� 霑� 鞗愱笀 鞝勳暋鞚� 靸來櫂頃╇媹雼�.
- 鞛勱硠臧� 鞚错晿 鞁� 鞝勳暋 靻愳嫟 臧�電�: 65% 鞛勱硠臧掛澊 旯氅� 靸來櫂鞎§潃 鞗愱笀鞐� 斓滌晠 歆�靾橃潣 靾橃澋毳犾潉 瓿表暅 旮堨暋鞙茧, 1:1 靻愳嫟瓿� 鞛犾灛鞝� 鞗愱笀 靻愳嫟鞚� 氚滌儩頃� 靾� 鞛堨姷雼堧嫟.
- 欷戧皠 炜犿彴 鞐嗢潓, 臁瓣赴 靸來櫂 鞐嗢潓: 韴瀽鞛愲姅 鞝曣赴 鞚挫瀽毳� 氚涭 鞎婌溂氅� 靾橃澋鞚� 斓滌 歆�靾� 靾橃鞐愲 鞚橃〈頃╇媹雼�.
- 鞁犾毄 氚� 鞙犽彊靹� 瓿犽牑靷暛: 氇摖 順勱笀 頋愲鞚� Morgan Stanley鞚� 鞁犾毄鞐� 鞚橃〈頃橂┌, 雲疙姼電� 靸侅灔霅橃 鞎婌溂氅� MS電� 2彀� 鞁滌灔 瓯半灅臧� 鞝滍暅鞝侅澕 瓴冹溂搿� 鞓堨儊頃╇媹雼�. 鞓堨儊 臧�旃橂姅 氚滍枆臧� $1,000 雽�牍� $943.40搿� 雮挫灛 牍勳毄瓿� 項れ 牍勳毄鞚� 氚橃榿霅橃柎 鞛堨姷雼堧嫟.
- 欤检殧 鞚检爼: 臧�瓴� 瓴办爼 - 2025雲� 7鞗� 31鞚� | 甏�旄§澕 - 2030雲� 7鞗� 31鞚� | 毵岅赴 - 2030雲� 8鞗� 5鞚�
- CUSIP: 61778NAZ4 | 霌彪 氩堩樃: 333-275587 / 333-275587-01
韴瀽鞛� 鞙犾潣靷暛: 鞚� 甑“電� 霠堧矂毽 靸侅姽瓿� 35% 氤错樃 鞛レ箻毳� 鞝滉车頃橃毵�, 雼れ潓瓿� 臧欖潃 欤检殧 鞙勴棙鞚� 雮错彫霅橃柎 鞛堨姷雼堧嫟: (i) 斓滌晠 歆�靾� 甑“搿� 頃橂澖 鞙勴棙鞚� 歃濏彮霅�, (ii) 鞛勱硠臧� 鞚错晿鞐愳劀電� 鞗愱笀 氤错樃 鞐嗢潓, (iii) 氚滍枆 鞁� 韽夑皜鞎§澊 鞎‰┐臧� 鞚错晿, (iv) 靹戈笀 觳橂Μ 攵堩檿鞁�, (v) 韴瀽鞛愲姅 MS 鞁犾毄 鞙勴棙瓿� 2彀� 鞁滌灔 鞙犽彊靹� 鞙勴棙鞚� 攵�雼错暕雼堧嫟.
Pr茅sentation de l'offre : Morgan Stanley Finance LLC, garantie par Morgan Stanley ("MS"), commercialise des notes structur茅es "Trigger PLUS" 脿 cinq ans arrivant 脿 茅ch茅ance le 5 ao没t 2030. Ces notes sont li茅es 脿 la performance la plus faible parmi trois indices boursiers am茅ricains : le S&P 500 (SPX), le Nasdaq-100 (NDX) et le Russell 2000 (RTY).
- Participation 脿 la hausse : Le paiement final correspond au capital plus 160%鈥�175% de toute performance positive du pire indice.
- Protection contre la baisse : Le capital est rembours茅 int茅gralement tant que le pire indice n鈥檃 pas chut茅 de plus de 35% (c鈥檈st-脿-dire qu鈥檌l reste 脿 65% ou plus de son niveau initial) 脿 la date d鈥檕bservation unique du 31 juillet 2030.
- Exposition compl猫te 脿 la baisse sous le seuil : Si le seuil de 65% est franchi, le remboursement correspond au capital multipli茅 par la performance en pourcentage du pire indice, entra卯nant des pertes au dollar pr猫s et potentiellement une perte totale.
- Pas de coupons interm茅diaires, pas de remboursement anticip茅 : Les investisseurs ne re莽oivent aucun int茅r锚t p茅riodique et leur rendement d茅pend uniquement des niveaux finaux des indices.
- Consid茅rations de cr茅dit et de liquidit茅 : Tous les flux de tr茅sorerie d茅pendent du cr茅dit de Morgan Stanley ; les notes ne seront pas cot茅es et MS pr茅voit un march茅 secondaire limit茅. La valeur indicative estim茅e est de 943,40 $ contre un prix d鈥櫭﹎ission suppos茅 de 1 000 $, refl茅tant les frais incorpor茅s et les co没ts de couverture.
- Dates cl茅s : Prix - 31 juillet 2025 | Observation - 31 juillet 2030 | 脡ch茅ance - 5 ao没t 2030
- CUSIP : 61778NAZ4 | Num茅ros d鈥檈nregistrement : 333-275587 / 333-275587-01
脌 retenir pour l鈥檌nvestisseur : La structure offre un effet de levier 脿 la hausse et une protection de 35%, mais comporte des risques importants : (i) le m茅canisme "worst-of" amplifie la probabilit茅 de baisse, (ii) le capital n鈥檈st pas prot茅g茅 en dessous du seuil, (iii) la valorisation est inf茅rieure 脿 la valeur nominale 脿 l鈥櫭﹎ission, (iv) le traitement fiscal est incertain, et (v) les investisseurs supportent le risque de cr茅dit de MS et la liquidit茅 du march茅 secondaire.
础苍驳别产辞迟蝉眉产别谤蝉颈肠丑迟: Morgan Stanley Finance LLC, garantiert von Morgan Stanley ("MS"), bietet f眉nfj盲hrige "Trigger PLUS" Strukturierte Notes an, die am 5. August 2030 f盲llig werden. Die Notes sind an den schlechtesten von drei US-Aktienindizes gekoppelt 鈥� S&P 500 (SPX), Nasdaq-100 (NDX) und Russell 2000 (RTY).
- Partizipation am Aufw盲rtspotenzial: Die Endzahlung entspricht dem Kapital plus 160%鈥�175% der positiven Performance des schlechtesten Index.
- 础产飞盲谤迟蝉辫耻蹿蹿别谤: Das Kapital wird vollst盲ndig zur眉ckgezahlt, sofern der schlechteste Index am einzigen Beobachtungstag, dem 31. Juli 2030, nicht mehr als 35% gefallen ist (d.h. mindestens 65% seines Anfangswerts erreicht).
- Volle Abw盲rtsrisiken unterhalb der Schwelle: Wird die 65%-Marke unterschritten, entspricht die R眉ckzahlung dem Kapital multipliziert mit der prozentualen Rendite des schlechtesten Index, was verlustbringende Eins-zu-eins-Verluste und m枚glicherweise eine vollst盲ndige Kapitalvernichtung bedeutet.
- Keine Zwischenkupons, keine vorzeitige K眉ndigung: Investoren erhalten keine periodischen Zinszahlungen und die Rendite h盲ngt ausschlie脽lich von den Endst盲nden der Indizes ab.
- Kredit- und Liquidit盲tsaspekte: S盲mtliche Cashflows h盲ngen von der Bonit盲t von Morgan Stanley ab; die Notes werden nicht b枚rsennotiert sein, und MS erwartet einen begrenzten Sekund盲rhandel. Der indikative gesch盲tzte Wert liegt bei $943,40 im Vergleich zum angenommenen Ausgabepreis von $1.000, was eingebettete Geb眉hren und Absicherungskosten widerspiegelt.
- Wichtige Termine: Preisfestsetzung - 31. Juli 2025 | Beobachtung - 31. Juli 2030 | F盲lligkeit - 5. August 2030
- CUSIP: 61778NAZ4 | Registrierungsnummern: 333-275587 / 333-275587-01
Fazit f眉r Investoren: Die Struktur bietet einen Hebel nach oben und einen 35%-Puffer, beinhaltet jedoch erhebliche Risiken: (i) das "Worst-of"-Design erh枚ht die Abw盲rtswahrscheinlichkeit, (ii) das Kapital ist unterhalb des Schwellenwerts ungesch眉tzt, (iii) die Bewertung liegt bei Emission unter dem Nennwert, (iv) die steuerliche Behandlung ist unklar, und (v) Investoren tragen das Kredit- und Sekund盲rmarktrisiko von MS.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,055
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of SPX, NDX and RTY Trigger PLUS due August 5, 2030
This document provides a summary of the terms of the securities. 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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Underliers: |
S&P 500® Index (SPX), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
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Leverage factor: |
160% to 175% |
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Downside threshold level: |
65% of the initial level for each underlier |
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Pricing date: |
July 31, 2025 |
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Observation date: |
July 31, 2030 |
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Maturity date: |
August 5, 2030 |
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CUSIP: |
61778NAZ4 |
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Estimated value: |
$943.40 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036023/ms9055_424b2-19691.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payment at maturity will be based solely on the performance of the worst performing underlier, which could be any underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
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+60.00% |
$1,960.00* |
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+40.00% |
$1,640.00* |
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+20.00% |
$1,320.00* |
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0.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-35.00% |
$1,000.00 |
|
-36.00% |
$640.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
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-100.00% |
$0.00 |
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*Assumes a leverage factor of 160% |
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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 Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●The amount payable on the securities is not linked to the values of the underliers 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.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.
oAdjustments to an underlying index could adversely affect the value of the securities.
●The securities are subject to risks associated with small-capitalization companies.
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 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 leverage factor do the Morgan Stanley Trigger PLUS notes (MS) offer?
How much downside protection is built into the SPX/NDX/RTY Trigger PLUS?
What happens if the worst index breaches the 65% threshold?
Are the Trigger PLUS notes listed on an exchange?
What is the estimated value versus the $1,000 issue price?
Do the notes pay periodic interest or dividends?
What are the key credit considerations for investors?
