[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities due July 16, 2030. The notes are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (ticker SPUMP40).
Key commercial terms:
- Contingent coupon: at least 9.0% per annum, paid monthly, with a memory feature if the index closes ≥70% of its initial level on the relevant observation date.
- Automatic early redemption: monthly, starting after the first year, if the index closes at or above 90% of its initial level; investors then receive 100% principal plus accrued coupon.
- Downside exposure: a 15% buffer protects principal for index declines up to 15%. Below that, investors lose 1% of principal for each percentage point decline beyond the buffer, with a maximum loss of 85%.
- Estimated value: approximately $906 versus the $1,000 issue price, reflecting structuring and hedging costs.
- No listing; secondary liquidity will be limited and prices may be volatile.
Primary risks highlighted include (i) no participation in any index appreciation, (ii) reliance on Morgan Stanley鈥檚 credit, (iii) potential early redemption that caps income stream, (iv) the index鈥檚 limited operating history and 4% decrement drag, (v) uncertain U.S. tax treatment, and (vi) model-based valuation that may differ from secondary market pricing.
Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, offre i SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con scadenza il 16 luglio 2030. I titoli sono collegati all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
Termini commerciali principali:
- Coupon condizionato: almeno il 9,0% annuo, pagato mensilmente, con una funzione di memoria se l'indice chiude a ≥70% del suo livello iniziale nella data di osservazione rilevante.
- Rimborso anticipato automatico: mensile, a partire dal secondo anno, se l'indice chiude al 90% o pi霉 del livello iniziale; gli investitori ricevono allora il 100% del capitale pi霉 il coupon maturato.
- Esposizione al ribasso: un buffer del 15% protegge il capitale per cali dell'indice fino al 15%. Oltre tale soglia, gli investitori perdono l'1% del capitale per ogni punto percentuale di calo eccedente il buffer, con una perdita massima dell'85%.
- Valore stimato: circa 906$ rispetto al prezzo di emissione di 1.000$, riflettendo costi di strutturazione e copertura.
- Non quotato; la liquidit脿 sul mercato secondario sar脿 limitata e i prezzi potrebbero essere volatili.
I rischi principali evidenziati includono (i) nessuna partecipazione all鈥檃pprezzamento dell鈥檌ndice, (ii) dipendenza dal credito di Morgan Stanley, (iii) potenziale rimborso anticipato che limita il flusso di reddito, (iv) storia operativa limitata dell鈥檌ndice e il decremento del 4%, (v) trattamento fiscale USA incerto, e (vi) valutazione basata su modelli che potrebbe differire dai prezzi di mercato secondari.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, ofrece los SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con vencimiento el 16 de julio de 2030. Los bonos est谩n vinculados al 铆ndice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
T茅rminos comerciales clave:
- Cupones contingentes: al menos un 9.0% anual, pagados mensualmente, con una funci贸n de memoria si el 铆ndice cierra en ≥70% de su nivel inicial en la fecha de observaci贸n correspondiente.
- Redenci贸n autom谩tica anticipada: mensual, comenzando despu茅s del primer a帽o, si el 铆ndice cierra en o por encima del 90% de su nivel inicial; los inversores reciben entonces el 100% del principal m谩s los cupones acumulados.
- Exposici贸n a la baja: un amortiguador del 15% protege el principal frente a ca铆das del 铆ndice hasta el 15%. Por debajo de ese nivel, los inversores pierden un 1% del principal por cada punto porcentual de ca铆da m谩s all谩 del amortiguador, con una p茅rdida m谩xima del 85%.
- Valor estimado: aproximadamente $906 frente al precio de emisi贸n de $1,000, reflejando costos de estructuraci贸n y cobertura.
- No listado; la liquidez secundaria ser谩 limitada y los precios pueden ser vol谩tiles.
Los riesgos principales destacados incluyen (i) no participar en la apreciaci贸n del 铆ndice, (ii) dependencia del cr茅dito de Morgan Stanley, (iii) posible redenci贸n anticipada que limita el flujo de ingresos, (iv) historia operativa limitada del 铆ndice y decremento del 4%, (v) tratamiento fiscal estadounidense incierto, y (vi) valoraci贸n basada en modelos que puede diferir del precio en el mercado secundario.
Morgan Stanley Finance LLC電� Morgan Stanley臧� 鞝勳暋 氤挫頃橂┌, SPUMP40 臁瓣贝攵� 靾橃澋 氅旊毽� 氩勴嵓霌� 鞛愲彊靸來櫂 歃濌秾鞚� 2030雲� 7鞗� 16鞚� 毵岅赴搿� 鞝滉车頃橁碃 鞛堨姷雼堧嫟. 鞚� 毂勱秾鞚� S&P 氙戈淡 欤检嫕 氇韰� 40% VT 4% 臧愳唽 歆�靾�(韹办护 SPUMP40)鞐� 鞐半彊霅橃柎 鞛堨姷雼堧嫟.
欤检殧 靸侅梾 臁瓣贝:
- 臁瓣贝攵� 炜犿彴: 鞐� 斓滌唽 9.0%, 毵れ洈 歆�旮夒悩氅�, 歆�靾橁皜 甏�霠� 甏�彀办澕鞐� 斓滌磮 靾橃鞚� 70% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎 氅旊毽� 旮半姤鞚� 鞝侅毄霅╇媹雼�.
- 鞛愲彊 臁瓣赴 靸來櫂: 觳� 頃� 鞚错泟 毵れ洈, 歆�靾橁皜 斓滌磮 靾橃鞚� 90% 鞚挫儊鞙茧 毵堦皭頃橂┐ 臁瓣赴 靸來櫂霅橂┌, 韴瀽鞛愲姅 鞗愱笀 100%鞕� 雸勳爜 炜犿彴鞚� 氚涭姷雼堧嫟.
- 頃橂澖 鞙勴棙 雲胳稖: 15% 氩勴嵓臧� 歆�靾� 頃橂澖 15%旯岇 鞗愱笀鞚� 氤错樃頃╇媹雼�. 攴� 鞚错晿搿� 頃橂澖 鞁� 氩勴嵓毳� 齑堦臣頃橂姅 頃橂澖韽� 1%毵堧嫟 鞗愱笀鞚� 1%毳� 鞛冹溂氅�, 斓滊寑 靻愳嫟鞚� 85%鞛呺媹雼�.
- 於旍爼 臧�旃�: 氚滍枆臧� 1,000雼煬 雽�牍� 鞎� 906雼煬搿�, 甑“頇� 氚� 項れ 牍勳毄鞚� 氚橃榿霅� 靾橃箻鞛呺媹雼�.
- 靸侅灔 鞐嗢潓; 2彀� 鞁滌灔 鞙犽彊靹膘潃 鞝滍暅鞝侅澊氅� 臧�瓴� 氤�霃欖劚鞚� 韥� 靾� 鞛堨姷雼堧嫟.
欤检殧 鞙勴棙 鞖旍唽電� (i) 歆�靾� 靸侅姽鞐� 雽�頃� 彀胳棳 攵堦皜, (ii) Morgan Stanley 鞁犾毄 鞚橃〈, (iii) 靾橃澋 頋愲鞚� 鞝滍暅頃橂姅 臁瓣赴 靸來櫂 臧�電レ劚, (iv) 歆�靾橃潣 鞝滍暅霅� 鞖挫榿 鞚措牓瓿� 4% 臧愳唽 須臣, (v) 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚, (vi) 2彀� 鞁滌灔 臧�瓴╆臣 彀澊臧� 鞛堨潉 靾� 鞛堧姅 氇嵏 旮半皹 韽夑皜鞛呺媹雼�.
Morgan Stanley Finance LLC, enti猫rement garantie par Morgan Stanley, propose les SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities arrivant 脿 茅ch茅ance le 16 juillet 2030. Les titres sont li茅s 脿 l'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (symbole SPUMP40).
Principaux termes commerciaux :
- Coupon conditionnel : au moins 9,0% par an, vers茅 mensuellement, avec une fonction m茅moire si l'indice cl么ture 脿 ≥70% de son niveau initial 脿 la date d'observation pertinente.
- Remboursement anticip茅 automatique : mensuel, 脿 partir de la deuxi猫me ann茅e, si l'indice cl么ture 脿 ou au-dessus de 90% de son niveau initial ; les investisseurs re莽oivent alors 100% du capital plus le coupon accumul茅.
- Exposition 脿 la baisse : un buffer de 15% prot猫ge le capital contre les baisses de l'indice jusqu'脿 15%. En dessous, les investisseurs perdent 1% du capital pour chaque point de pourcentage de baisse au-del脿 du buffer, avec une perte maximale de 85%.
- Valeur estim茅e : environ 906 $ contre un prix d'茅mission de 1 000 $, refl茅tant les co没ts de structuration et de couverture.
- Non cot茅 ; la liquidit茅 sur le march茅 secondaire sera limit茅e et les prix peuvent 锚tre volatils.
Les principaux risques soulign茅s incluent (i) aucune participation 脿 l鈥檃ppr茅ciation de l鈥檌ndice, (ii) d茅pendance 脿 la solvabilit茅 de Morgan Stanley, (iii) possibilit茅 de remboursement anticip茅 limitant le flux de revenus, (iv) historique op茅rationnel limit茅 de l鈥檌ndice et d茅cr茅ment de 4%, (v) traitement fiscal am茅ricain incertain, et (vi) valorisation bas茅e sur des mod猫les pouvant diff茅rer des prix du march茅 secondaire.
Morgan Stanley Finance LLC, vollst盲ndig von Morgan Stanley garantiert, bietet SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities mit F盲lligkeit am 16. Juli 2030 an. Die Notes sind an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index (Ticker SPUMP40) gekoppelt.
Wichtige kommerzielle Bedingungen:
- Bedingter Kupon: mindestens 9,0% pro Jahr, monatlich zahlbar, mit Memory-Funktion, wenn der Index an dem jeweiligen Beobachtungstag auf ≥70% seines Anfangsniveaus schlie脽t.
- Automatische vorzeitige R眉ckzahlung: monatlich, beginnend nach dem ersten Jahr, wenn der Index bei oder 眉ber 90% seines Anfangsniveaus schlie脽t; Anleger erhalten dann 100% des Kapitals plus aufgelaufene Kupons.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Ein 15% Puffer sch眉tzt das Kapital bei Indexr眉ckg盲ngen bis zu 15%. Darunter verlieren Anleger 1% des Kapitals f眉r jeden Prozentpunkt R眉ckgang 眉ber den Puffer hinaus, mit maximalem Verlust von 85%.
- Gesch盲tzter Wert: etwa 906 USD im Vergleich zum Ausgabepreis von 1.000 USD, was Strukturierungs- und Absicherungskosten widerspiegelt.
- Keine B枚rsennotierung; die Liquidit盲t am Sekund盲rmarkt ist begrenzt und die Preise k枚nnen volatil sein.
Haupts盲chliche Risiken umfassen (i) keine Teilnahme an einer Indexsteigerung, (ii) Abh盲ngigkeit von der Kreditw眉rdigkeit von Morgan Stanley, (iii) m枚gliche vorzeitige R眉ckzahlung, die den Einkommensstrom begrenzt, (iv) begrenzte Betriebshistorie des Index und 4% Decrement, (v) unsichere US-Steuerbehandlung und (vi) modellbasierte Bewertung, die vom Sekund盲rmarktpreis abweichen kann.
- At least 9% annual contingent coupon with memory feature provides attractive income potential.
- 15% downside buffer offers limited principal protection against moderate market declines.
- Monthly auto-call feature at 90% of initial level can return capital early with accrued coupon.
- Guarantee from Morgan Stanley parent may enhance perceived credit strength versus standalone issuers.
- Estimated value of $906 vs. $1,000 issue price signals an immediate economic drag of roughly 9.4%.
- No upside participation; maximum redemption is par, capping total return to coupons received.
- Credit risk: payments depend on Morgan Stanley鈥檚 ability to pay, not on collateral.
- Illiquidity risk: securities will not be exchange-listed; secondary trading may be limited.
- Underlying index is new (incepted 2022) and employs a 4% decrement, increasing model and performance uncertainty.
- Potential loss up to 85% if index declines beyond the 15% buffer at maturity.
Insights
TL;DR: High coupon and 15% buffer attractive, but limited upside, credit risk and 9% value discount temper appeal.
The 9% memory coupon, monthly observations and 90% call threshold make these notes competitive for income-seeking investors willing to accept equity risk. The 15% buffer is standard for five-year notes and shields against moderate market pullbacks. However, upside is capped at par, so total return relies entirely on coupons. The estimated value of $906 indicates roughly 9.4% in fees and hedging costs at issuance, an immediate economic drag. With no exchange listing, exit liquidity and pricing transparency are limited. Because the underlying SPUMP40 index is new, uses leverage and a 4% decrement, historical analysis is thin, adding model risk. Overall, risk-reward skews neutral: appealing carry, but notable structural and credit risks.
TL;DR: Novel index, credit exposure and illiquidity elevate downside; buffer only partial protection.
Investors face Morgan Stanley senior unsecured credit risk for up to five years. If spreads widen, secondary prices could fall irrespective of index moves. The 15% buffer still allows an 85% loss in severe markets, and coupons stop if the index breaches the 70% barrier. Monthly auto-call at 90% may shorten duration, reinvestment risk arises if markets recover early. The index鈥檚 leverage and decrement methodology introduce tracking uncertainty versus traditional benchmarks, while its inception date of March 2022 limits stress-tested data. Given these factors, the instrument is suitable only for investors with a strong credit view on Morgan Stanley and comfort with structured-note liquidity constraints.
Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, offre i SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con scadenza il 16 luglio 2030. I titoli sono collegati all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
Termini commerciali principali:
- Coupon condizionato: almeno il 9,0% annuo, pagato mensilmente, con una funzione di memoria se l'indice chiude a ≥70% del suo livello iniziale nella data di osservazione rilevante.
- Rimborso anticipato automatico: mensile, a partire dal secondo anno, se l'indice chiude al 90% o pi霉 del livello iniziale; gli investitori ricevono allora il 100% del capitale pi霉 il coupon maturato.
- Esposizione al ribasso: un buffer del 15% protegge il capitale per cali dell'indice fino al 15%. Oltre tale soglia, gli investitori perdono l'1% del capitale per ogni punto percentuale di calo eccedente il buffer, con una perdita massima dell'85%.
- Valore stimato: circa 906$ rispetto al prezzo di emissione di 1.000$, riflettendo costi di strutturazione e copertura.
- Non quotato; la liquidit脿 sul mercato secondario sar脿 limitata e i prezzi potrebbero essere volatili.
I rischi principali evidenziati includono (i) nessuna partecipazione all鈥檃pprezzamento dell鈥檌ndice, (ii) dipendenza dal credito di Morgan Stanley, (iii) potenziale rimborso anticipato che limita il flusso di reddito, (iv) storia operativa limitata dell鈥檌ndice e il decremento del 4%, (v) trattamento fiscale USA incerto, e (vi) valutazione basata su modelli che potrebbe differire dai prezzi di mercato secondari.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, ofrece los SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities con vencimiento el 16 de julio de 2030. Los bonos est谩n vinculados al 铆ndice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker SPUMP40).
T茅rminos comerciales clave:
- Cupones contingentes: al menos un 9.0% anual, pagados mensualmente, con una funci贸n de memoria si el 铆ndice cierra en ≥70% de su nivel inicial en la fecha de observaci贸n correspondiente.
- Redenci贸n autom谩tica anticipada: mensual, comenzando despu茅s del primer a帽o, si el 铆ndice cierra en o por encima del 90% de su nivel inicial; los inversores reciben entonces el 100% del principal m谩s los cupones acumulados.
- Exposici贸n a la baja: un amortiguador del 15% protege el principal frente a ca铆das del 铆ndice hasta el 15%. Por debajo de ese nivel, los inversores pierden un 1% del principal por cada punto porcentual de ca铆da m谩s all谩 del amortiguador, con una p茅rdida m谩xima del 85%.
- Valor estimado: aproximadamente $906 frente al precio de emisi贸n de $1,000, reflejando costos de estructuraci贸n y cobertura.
- No listado; la liquidez secundaria ser谩 limitada y los precios pueden ser vol谩tiles.
Los riesgos principales destacados incluyen (i) no participar en la apreciaci贸n del 铆ndice, (ii) dependencia del cr茅dito de Morgan Stanley, (iii) posible redenci贸n anticipada que limita el flujo de ingresos, (iv) historia operativa limitada del 铆ndice y decremento del 4%, (v) tratamiento fiscal estadounidense incierto, y (vi) valoraci贸n basada en modelos que puede diferir del precio en el mercado secundario.
Morgan Stanley Finance LLC電� Morgan Stanley臧� 鞝勳暋 氤挫頃橂┌, SPUMP40 臁瓣贝攵� 靾橃澋 氅旊毽� 氩勴嵓霌� 鞛愲彊靸來櫂 歃濌秾鞚� 2030雲� 7鞗� 16鞚� 毵岅赴搿� 鞝滉车頃橁碃 鞛堨姷雼堧嫟. 鞚� 毂勱秾鞚� S&P 氙戈淡 欤检嫕 氇韰� 40% VT 4% 臧愳唽 歆�靾�(韹办护 SPUMP40)鞐� 鞐半彊霅橃柎 鞛堨姷雼堧嫟.
欤检殧 靸侅梾 臁瓣贝:
- 臁瓣贝攵� 炜犿彴: 鞐� 斓滌唽 9.0%, 毵れ洈 歆�旮夒悩氅�, 歆�靾橁皜 甏�霠� 甏�彀办澕鞐� 斓滌磮 靾橃鞚� 70% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎 氅旊毽� 旮半姤鞚� 鞝侅毄霅╇媹雼�.
- 鞛愲彊 臁瓣赴 靸來櫂: 觳� 頃� 鞚错泟 毵れ洈, 歆�靾橁皜 斓滌磮 靾橃鞚� 90% 鞚挫儊鞙茧 毵堦皭頃橂┐ 臁瓣赴 靸來櫂霅橂┌, 韴瀽鞛愲姅 鞗愱笀 100%鞕� 雸勳爜 炜犿彴鞚� 氚涭姷雼堧嫟.
- 頃橂澖 鞙勴棙 雲胳稖: 15% 氩勴嵓臧� 歆�靾� 頃橂澖 15%旯岇 鞗愱笀鞚� 氤错樃頃╇媹雼�. 攴� 鞚错晿搿� 頃橂澖 鞁� 氩勴嵓毳� 齑堦臣頃橂姅 頃橂澖韽� 1%毵堧嫟 鞗愱笀鞚� 1%毳� 鞛冹溂氅�, 斓滊寑 靻愳嫟鞚� 85%鞛呺媹雼�.
- 於旍爼 臧�旃�: 氚滍枆臧� 1,000雼煬 雽�牍� 鞎� 906雼煬搿�, 甑“頇� 氚� 項れ 牍勳毄鞚� 氚橃榿霅� 靾橃箻鞛呺媹雼�.
- 靸侅灔 鞐嗢潓; 2彀� 鞁滌灔 鞙犽彊靹膘潃 鞝滍暅鞝侅澊氅� 臧�瓴� 氤�霃欖劚鞚� 韥� 靾� 鞛堨姷雼堧嫟.
欤检殧 鞙勴棙 鞖旍唽電� (i) 歆�靾� 靸侅姽鞐� 雽�頃� 彀胳棳 攵堦皜, (ii) Morgan Stanley 鞁犾毄 鞚橃〈, (iii) 靾橃澋 頋愲鞚� 鞝滍暅頃橂姅 臁瓣赴 靸來櫂 臧�電レ劚, (iv) 歆�靾橃潣 鞝滍暅霅� 鞖挫榿 鞚措牓瓿� 4% 臧愳唽 須臣, (v) 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚, (vi) 2彀� 鞁滌灔 臧�瓴╆臣 彀澊臧� 鞛堨潉 靾� 鞛堧姅 氇嵏 旮半皹 韽夑皜鞛呺媹雼�.
Morgan Stanley Finance LLC, enti猫rement garantie par Morgan Stanley, propose les SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities arrivant 脿 茅ch茅ance le 16 juillet 2030. Les titres sont li茅s 脿 l'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (symbole SPUMP40).
Principaux termes commerciaux :
- Coupon conditionnel : au moins 9,0% par an, vers茅 mensuellement, avec une fonction m茅moire si l'indice cl么ture 脿 ≥70% de son niveau initial 脿 la date d'observation pertinente.
- Remboursement anticip茅 automatique : mensuel, 脿 partir de la deuxi猫me ann茅e, si l'indice cl么ture 脿 ou au-dessus de 90% de son niveau initial ; les investisseurs re莽oivent alors 100% du capital plus le coupon accumul茅.
- Exposition 脿 la baisse : un buffer de 15% prot猫ge le capital contre les baisses de l'indice jusqu'脿 15%. En dessous, les investisseurs perdent 1% du capital pour chaque point de pourcentage de baisse au-del脿 du buffer, avec une perte maximale de 85%.
- Valeur estim茅e : environ 906 $ contre un prix d'茅mission de 1 000 $, refl茅tant les co没ts de structuration et de couverture.
- Non cot茅 ; la liquidit茅 sur le march茅 secondaire sera limit茅e et les prix peuvent 锚tre volatils.
Les principaux risques soulign茅s incluent (i) aucune participation 脿 l鈥檃ppr茅ciation de l鈥檌ndice, (ii) d茅pendance 脿 la solvabilit茅 de Morgan Stanley, (iii) possibilit茅 de remboursement anticip茅 limitant le flux de revenus, (iv) historique op茅rationnel limit茅 de l鈥檌ndice et d茅cr茅ment de 4%, (v) traitement fiscal am茅ricain incertain, et (vi) valorisation bas茅e sur des mod猫les pouvant diff茅rer des prix du march茅 secondaire.
Morgan Stanley Finance LLC, vollst盲ndig von Morgan Stanley garantiert, bietet SPUMP40 Contingent Income Memory Buffered Auto-Callable Securities mit F盲lligkeit am 16. Juli 2030 an. Die Notes sind an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index (Ticker SPUMP40) gekoppelt.
Wichtige kommerzielle Bedingungen:
- Bedingter Kupon: mindestens 9,0% pro Jahr, monatlich zahlbar, mit Memory-Funktion, wenn der Index an dem jeweiligen Beobachtungstag auf ≥70% seines Anfangsniveaus schlie脽t.
- Automatische vorzeitige R眉ckzahlung: monatlich, beginnend nach dem ersten Jahr, wenn der Index bei oder 眉ber 90% seines Anfangsniveaus schlie脽t; Anleger erhalten dann 100% des Kapitals plus aufgelaufene Kupons.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Ein 15% Puffer sch眉tzt das Kapital bei Indexr眉ckg盲ngen bis zu 15%. Darunter verlieren Anleger 1% des Kapitals f眉r jeden Prozentpunkt R眉ckgang 眉ber den Puffer hinaus, mit maximalem Verlust von 85%.
- Gesch盲tzter Wert: etwa 906 USD im Vergleich zum Ausgabepreis von 1.000 USD, was Strukturierungs- und Absicherungskosten widerspiegelt.
- Keine B枚rsennotierung; die Liquidit盲t am Sekund盲rmarkt ist begrenzt und die Preise k枚nnen volatil sein.
Haupts盲chliche Risiken umfassen (i) keine Teilnahme an einer Indexsteigerung, (ii) Abh盲ngigkeit von der Kreditw眉rdigkeit von Morgan Stanley, (iii) m枚gliche vorzeitige R眉ckzahlung, die den Einkommensstrom begrenzt, (iv) begrenzte Betriebshistorie des Index und 4% Decrement, (v) unsichere US-Steuerbehandlung und (vi) modellbasierte Bewertung, die vom Sekund盲rmarktpreis abweichen kann.
FAQ
What coupon rate do the Morgan Stanley SPUMP40 notes pay?
When can the securities be automatically redeemed?
How much principal protection does the 15% buffer provide?
What happens if the index is below the 70% coupon barrier on a payment date?
Why is the estimated value $906 per $1,000 note?
Do the notes trade on an exchange?
