[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley (ticker MS), is marketing Worst-of INDU and SPX Dual Directional Market-Linked Notes maturing on August 1, 2030. The structured note allocates exposure to the worst performer of the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX). Key economic terms include a 100% upside participation rate and a 100% 鈥渁bsolute return鈥� participation on index declines of up to 20%. Positive index performance is capped at 137-140% of principal (maximum cash payment $1,370-$1,400). If the worst performing index closes below the 80% knock-out level on the single observation date (July 29, 2030), principal is fully at risk; the payment then reflects only the indexed return, potentially below par. The notes do not pay coupons and are not listed on any exchange.
The preliminary estimated value is $938.10 per $1,000 note鈥攔oughly 6% below issue price鈥攈ighlighting built-in fees and hedging costs. Investors face issuer and guarantor credit risk, limited secondary liquidity, tax complexity and valuation determined by Morgan Stanley鈥檚 internal models. All payments occur at maturity and depend solely on the closing level of the worst index on the observation date; interim movements are irrelevant. The offering is made under Registration Statement Nos. 333-275587 and 333-275587-01, with pricing set for July 28, 2025.
Morgan Stanley Finance LLC, garantita da Morgan Stanley (ticker MS), propone sul mercato le Note Strutturate Worst-of INDU e SPX Dual Directional Market-Linked con scadenza il 1 agosto 2030. Questa nota strutturata offre un'esposizione al peggior rendimento tra il Dow Jones Industrial Average (INDU) e l'Indice S&P 500 (SPX). I termini economici principali includono un tasso di partecipazione al rialzo del 100% e una partecipazione 鈥渁 rendimento assoluto鈥� del 100% sulle perdite dell鈥檌ndice fino al 20%. La performance positiva degli indici 猫 limitata tra il 137% e il 140% del capitale investito (pagamento massimo in contanti $1.370-$1.400). Se l鈥檌ndice con la performance peggiore chiude al di sotto del livello di knock-out dell鈥�80% nella data di osservazione unica (29 luglio 2030), il capitale 猫 completamente a rischio; il pagamento rifletter脿 solo il rendimento indicizzato, che potrebbe essere inferiore al valore nominale. Le note non pagano cedole e non sono quotate su alcuna borsa.
Il valore stimato preliminare 猫 di $938,10 per ogni nota da $1.000, circa il 6% sotto il prezzo di emissione, evidenziando costi incorporati e spese di copertura. Gli investitori affrontano rischio di credito dell鈥檈mittente e del garante, liquidit脿 secondaria limitata, complessit脿 fiscale e valutazioni determinate dai modelli interni di Morgan Stanley. Tutti i pagamenti avvengono a scadenza e dipendono esclusivamente dal livello di chiusura dell鈥檌ndice peggiore nella data di osservazione; i movimenti intermedi non hanno rilevanza. L鈥檕fferta 猫 effettuata sotto i Registri n. 333-275587 e 333-275587-01, con prezzo fissato per il 28 luglio 2025.
Morgan Stanley Finance LLC, garantizada por Morgan Stanley (s铆mbolo MS), est谩 comercializando Notas Vinculadas al Mercado Worst-of INDU y SPX Dual Directional que vencen el 1 de agosto de 2030. La nota estructurada asigna exposici贸n al peor desempe帽o entre el Dow Jones Industrial Average (INDU) y el 脥ndice S&P 500 (SPX). Los t茅rminos econ贸micos clave incluyen una tasa de participaci贸n al alza del 100% y una participaci贸n del 100% en 鈥渞endimiento absoluto鈥� en ca铆das de 铆ndice de hasta el 20%. El rendimiento positivo del 铆ndice est谩 limitado entre el 137% y 140% del principal (pago m谩ximo en efectivo $1,370-$1,400). Si el 铆ndice con peor desempe帽o cierra por debajo del nivel de knock-out del 80% en la fecha 煤nica de observaci贸n (29 de julio de 2030), el principal est谩 completamente en riesgo; el pago reflejar谩 solo el retorno indexado, que podr铆a estar por debajo del valor nominal. Las notas no pagan cupones y no est谩n listadas en ninguna bolsa.
El valor estimado preliminar es de $938.10 por cada nota de $1,000, aproximadamente un 6% por debajo del precio de emisi贸n, destacando costos incorporados y gastos de cobertura. Los inversionistas enfrentan riesgo crediticio del emisor y garante, liquidez secundaria limitada, complejidad fiscal y valoraci贸n determinada por modelos internos de Morgan Stanley. Todos los pagos ocurren al vencimiento y dependen 煤nicamente del nivel de cierre del peor 铆ndice en la fecha de observaci贸n; los movimientos intermedios son irrelevantes. La oferta se realiza bajo las Declaraciones de Registro Nos. 333-275587 y 333-275587-01, con precio fijado para el 28 de julio de 2025.
Morgan Stanley Finance LLC電� Morgan Stanley(韹办护 MS)臧� 氤挫頃橂姅 Worst-of INDU 氚� SPX Dual Directional Market-Linked Notes毳� 2030雲� 8鞗� 1鞚� 毵岅赴搿� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 鞚� 甑“頇� 雲疙姼電� Dow Jones Industrial Average (INDU)鞕赌 S&P 500 歆�靾� (SPX) 欷� 斓滌爛 靹标臣 歆�靾橃棎 雽�頃� 雲胳稖鞚� 頃犽嫻頃╇媹雼�. 欤检殧 瓴届牅 臁瓣贝鞙茧電� 100% 靸侅姽 彀胳棳鞙�瓿� 斓滊寑 20%旯岇 歆�靾� 頃橂澖鞐� 雽�頃� 100% 鈥滌爤雽� 靾橃澋鈥� 彀胳棳臧� 韽暔霅╇媹雼�. 旮嶌爼鞝侅澑 歆�靾� 靹标臣電� 鞗愱笀鞚� 137-140%搿� 靸來暅鞚� 靹れ爼霅橃柎 鞛堨姷雼堧嫟(斓滊寑 順勱笀 歆�旮夓暋 $1,370-$1,400). 斓滌爛 靹标臣 歆�靾橁皜 雼澕 甏�彀办澕(2030雲� 7鞗� 29鞚�)鞐� 80% 雲轨晞鞗� 霠堧波 鞎勲灅搿� 毵堦皭頃橂┐ 鞗愱笀 鞝勳暋鞚� 鞙勴棙鞐� 觳橅晿氅�, 歆�旮夓暋鞚� 歆�靾� 靾橃澋毳犽 氚橃榿霅橃柎 鞗愱笀 鞚错晿鞚� 靾� 鞛堨姷雼堧嫟. 鞚� 雲疙姼電� 炜犿彴鞚� 歆�旮夗晿歆� 鞎婌溂氅� 鞏措姁 瓯半灅靻岇棎霃� 靸侅灔霅橃柎 鞛堨 鞎婌姷雼堧嫟.
鞓堧箘 於旍爼 臧�旃橂姅 $1,000 雲疙姼雼� $938.10搿�, 氚滍枆臧� 雽�牍� 鞎� 6% 雮晞 雮挫灛 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�. 韴瀽鞛愲姅 氚滍枆鞛� 氚� 氤挫鞚� 鞁犾毄 鞙勴棙, 鞝滍暅霅� 2彀� 鞙犽彊靹�, 靹戈笀 氤奠灐靹� 氚� Morgan Stanley 雮措秬 氇嵏鞐� 霐半ジ 韽夑皜 鞙勴棙鞐� 歆侂┐頃╇媹雼�. 氇摖 歆�旮夓潃 毵岅赴 鞁� 鞚措（鞏挫氅� 甏�彀办澕 斓滌爛 歆�靾� 膦呹皜鞐愲 鞚橃〈頃橂┌ 欷戧皠 氤�霃欖潃 氍挫潣氙疙暕雼堧嫟. 鞚� 靸來拡鞚� 霌彪氩堩樃 333-275587 氚� 333-275587-01鞐� 霐半澕 鞝滉车霅橂┌, 臧�瓴╈潃 2025雲� 7鞗� 28鞚�鞐� 瓴办爼霅╇媹雼�.
Morgan Stanley Finance LLC, garantie par Morgan Stanley (symbole MS), commercialise des Notes li茅es au march茅 Worst-of INDU et SPX Dual Directional arrivant 脿 茅ch茅ance le 1er ao没t 2030. Cette note structur茅e offre une exposition au moins performant entre le Dow Jones Industrial Average (INDU) et le Indice S&P 500 (SPX). Les principaux termes 茅conomiques incluent un taux de participation 脿 la hausse de 100% et une participation 芦 rendement absolu 禄 de 100% sur les baisses d鈥檌ndice jusqu鈥櫭� 20%. La performance positive de l鈥檌ndice est plafonn茅e entre 137% et 140% du capital (paiement maximum en esp猫ces de 1 370 $ 脿 1 400 $). Si l鈥檌ndice le moins performant cl么ture en dessous du niveau de knock-out 脿 80% 脿 la date d鈥檕bservation unique (29 juillet 2030), le capital est enti猫rement 脿 risque ; le paiement refl猫tera alors uniquement le rendement index茅, pouvant 锚tre inf茅rieur 脿 la valeur nominale. Les notes ne versent pas de coupons et ne sont pas cot茅es en bourse.
La valeur estim茅e pr茅liminaire est de 938,10 $ par note de 1 000 $, soit environ 6% en dessous du prix d鈥櫭﹎ission, refl茅tant les frais int茅gr茅s et les co没ts de couverture. Les investisseurs font face 脿 un risque de cr茅dit de l鈥櫭﹎etteur et du garant, une liquidit茅 secondaire limit茅e, une complexit茅 fiscale et une valorisation d茅termin茅e par les mod猫les internes de Morgan Stanley. Tous les paiements interviennent 脿 l鈥櫭ヽh茅ance et d茅pendent uniquement du niveau de cl么ture de l鈥檌ndice le plus faible 脿 la date d鈥檕bservation ; les fluctuations interm茅diaires sont sans importance. L鈥檕ffre est r茅alis茅e sous les num茅ros d鈥檈nregistrement 333-275587 et 333-275587-01, avec un prix fix茅 au 28 juillet 2025.
Morgan Stanley Finance LLC, garantiert durch Morgan Stanley (Ticker MS), bietet Worst-of INDU und SPX Dual Directional Market-Linked Notes mit F盲lligkeit am 1. August 2030 an. Die strukturierte Note gew盲hrt eine Beteiligung am schlechtesten Performer des Dow Jones Industrial Average (INDU) und des S&P 500 Index (SPX). Wichtige wirtschaftliche Bedingungen umfassen eine 100%ige Aufw盲rtsbeteiligung sowie eine 100%ige 鈥濧bsolute Return鈥�-Beteiligung bei Indexverlusten bis zu 20%. Positive Indexentwicklungen sind auf 137-140% des Kapitals begrenzt (maximale Barauszahlung $1.370-$1.400). Schlie脽t der schlechteste Index am einzigen Beobachtungstag (29. Juli 2030) unterhalb der 80%-Knock-out-Schwelle, ist das Kapital vollst盲ndig gef盲hrdet; die Auszahlung entspricht dann nur der indexierten Rendite, die unter dem Nominalwert liegen kann. Die Notes zahlen keine Kupons und sind nicht an einer B枚rse notiert.
Der vorl盲ufig gesch盲tzte Wert liegt bei $938,10 pro $1.000 Note 鈥� etwa 6% unter dem Ausgabepreis 鈥� was eingebaute Geb眉hren und Absicherungskosten widerspiegelt. Anleger tragen Emittenten- und Garantiegeber-Kreditrisiken, eingeschr盲nkte Sekund盲rliquidit盲t, steuerliche Komplexit盲t und eine Bewertung, die auf internen Modellen von Morgan Stanley basiert. Alle Zahlungen erfolgen bei F盲lligkeit und h盲ngen ausschlie脽lich vom Schlusskurs des schlechtesten Index am Beobachtungstag ab; Zwischenbewegungen sind irrelevant. Das Angebot erfolgt unter den Registrierungsnummern 333-275587 und 333-275587-01, der Preis wird am 28. Juli 2025 festgelegt.
- 100% participation in both gains and moderate (鈮�20%) declines of the worst index offers diversified directional exposure.
- Capped upside of 37-40% provides higher potential return than traditional principal-protected notes if indices rise modestly.
- Principal is at full risk if either index falls more than 20%, due to worst-of design and 80% knock-out level.
- No interim coupons means investors forego income for five years, increasing opportunity cost.
- Estimated value ($938) is ~6% below issue price, reflecting fees that create negative carry from day one.
- Credit and liquidity risks: unlisted security depends on Morgan Stanley solvency and has limited secondary market.
Insights
TL;DR Dual-direction note offers capped upside and limited downside buffer; credit and liquidity risks dominate, minimal impact on MS equity.
Product economics: 100% participation on 卤20% moves and capped 37-40% upside can appeal to range-bound market views, yet the initial estimated value (鈮�$938) implies a 6% embedded cost to buyers. Risk profile: Because payoff depends on the worst of INDU or SPX, correlation risk increases probability of knock-out; below the 20% buffer, investors bear full index losses. Issuer considerations: For Morgan Stanley, the transaction generates fee income but is immaterial relative to its balance sheet鈥攈ence neutral for shareholders. Liquidity & valuation: Unlisted nature and internal valuation models likely lead to wide bid/ask spreads, hindering exit prior to maturity.
TL;DR Note concentrates downside risk in a worst-of structure; absence of coupons and cap reduce risk-adjusted appeal.
Investors gain no periodic income, so time value erosion is unmitigated. The absolute return feature only benefits to a 20% decline; steeper drops result in loss of principal. Credit-spread widening in MS could further depress secondary prices. Tax treatment as contingent payment debt may trigger annual phantom income. Given these factors, the product suits sophisticated investors with specific market and credit views, not broad retail portfolios.
Morgan Stanley Finance LLC, garantita da Morgan Stanley (ticker MS), propone sul mercato le Note Strutturate Worst-of INDU e SPX Dual Directional Market-Linked con scadenza il 1 agosto 2030. Questa nota strutturata offre un'esposizione al peggior rendimento tra il Dow Jones Industrial Average (INDU) e l'Indice S&P 500 (SPX). I termini economici principali includono un tasso di partecipazione al rialzo del 100% e una partecipazione 鈥渁 rendimento assoluto鈥� del 100% sulle perdite dell鈥檌ndice fino al 20%. La performance positiva degli indici 猫 limitata tra il 137% e il 140% del capitale investito (pagamento massimo in contanti $1.370-$1.400). Se l鈥檌ndice con la performance peggiore chiude al di sotto del livello di knock-out dell鈥�80% nella data di osservazione unica (29 luglio 2030), il capitale 猫 completamente a rischio; il pagamento rifletter脿 solo il rendimento indicizzato, che potrebbe essere inferiore al valore nominale. Le note non pagano cedole e non sono quotate su alcuna borsa.
Il valore stimato preliminare 猫 di $938,10 per ogni nota da $1.000, circa il 6% sotto il prezzo di emissione, evidenziando costi incorporati e spese di copertura. Gli investitori affrontano rischio di credito dell鈥檈mittente e del garante, liquidit脿 secondaria limitata, complessit脿 fiscale e valutazioni determinate dai modelli interni di Morgan Stanley. Tutti i pagamenti avvengono a scadenza e dipendono esclusivamente dal livello di chiusura dell鈥檌ndice peggiore nella data di osservazione; i movimenti intermedi non hanno rilevanza. L鈥檕fferta 猫 effettuata sotto i Registri n. 333-275587 e 333-275587-01, con prezzo fissato per il 28 luglio 2025.
Morgan Stanley Finance LLC, garantizada por Morgan Stanley (s铆mbolo MS), est谩 comercializando Notas Vinculadas al Mercado Worst-of INDU y SPX Dual Directional que vencen el 1 de agosto de 2030. La nota estructurada asigna exposici贸n al peor desempe帽o entre el Dow Jones Industrial Average (INDU) y el 脥ndice S&P 500 (SPX). Los t茅rminos econ贸micos clave incluyen una tasa de participaci贸n al alza del 100% y una participaci贸n del 100% en 鈥渞endimiento absoluto鈥� en ca铆das de 铆ndice de hasta el 20%. El rendimiento positivo del 铆ndice est谩 limitado entre el 137% y 140% del principal (pago m谩ximo en efectivo $1,370-$1,400). Si el 铆ndice con peor desempe帽o cierra por debajo del nivel de knock-out del 80% en la fecha 煤nica de observaci贸n (29 de julio de 2030), el principal est谩 completamente en riesgo; el pago reflejar谩 solo el retorno indexado, que podr铆a estar por debajo del valor nominal. Las notas no pagan cupones y no est谩n listadas en ninguna bolsa.
El valor estimado preliminar es de $938.10 por cada nota de $1,000, aproximadamente un 6% por debajo del precio de emisi贸n, destacando costos incorporados y gastos de cobertura. Los inversionistas enfrentan riesgo crediticio del emisor y garante, liquidez secundaria limitada, complejidad fiscal y valoraci贸n determinada por modelos internos de Morgan Stanley. Todos los pagos ocurren al vencimiento y dependen 煤nicamente del nivel de cierre del peor 铆ndice en la fecha de observaci贸n; los movimientos intermedios son irrelevantes. La oferta se realiza bajo las Declaraciones de Registro Nos. 333-275587 y 333-275587-01, con precio fijado para el 28 de julio de 2025.
Morgan Stanley Finance LLC電� Morgan Stanley(韹办护 MS)臧� 氤挫頃橂姅 Worst-of INDU 氚� SPX Dual Directional Market-Linked Notes毳� 2030雲� 8鞗� 1鞚� 毵岅赴搿� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 鞚� 甑“頇� 雲疙姼電� Dow Jones Industrial Average (INDU)鞕赌 S&P 500 歆�靾� (SPX) 欷� 斓滌爛 靹标臣 歆�靾橃棎 雽�頃� 雲胳稖鞚� 頃犽嫻頃╇媹雼�. 欤检殧 瓴届牅 臁瓣贝鞙茧電� 100% 靸侅姽 彀胳棳鞙�瓿� 斓滊寑 20%旯岇 歆�靾� 頃橂澖鞐� 雽�頃� 100% 鈥滌爤雽� 靾橃澋鈥� 彀胳棳臧� 韽暔霅╇媹雼�. 旮嶌爼鞝侅澑 歆�靾� 靹标臣電� 鞗愱笀鞚� 137-140%搿� 靸來暅鞚� 靹れ爼霅橃柎 鞛堨姷雼堧嫟(斓滊寑 順勱笀 歆�旮夓暋 $1,370-$1,400). 斓滌爛 靹标臣 歆�靾橁皜 雼澕 甏�彀办澕(2030雲� 7鞗� 29鞚�)鞐� 80% 雲轨晞鞗� 霠堧波 鞎勲灅搿� 毵堦皭頃橂┐ 鞗愱笀 鞝勳暋鞚� 鞙勴棙鞐� 觳橅晿氅�, 歆�旮夓暋鞚� 歆�靾� 靾橃澋毳犽 氚橃榿霅橃柎 鞗愱笀 鞚错晿鞚� 靾� 鞛堨姷雼堧嫟. 鞚� 雲疙姼電� 炜犿彴鞚� 歆�旮夗晿歆� 鞎婌溂氅� 鞏措姁 瓯半灅靻岇棎霃� 靸侅灔霅橃柎 鞛堨 鞎婌姷雼堧嫟.
鞓堧箘 於旍爼 臧�旃橂姅 $1,000 雲疙姼雼� $938.10搿�, 氚滍枆臧� 雽�牍� 鞎� 6% 雮晞 雮挫灛 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�. 韴瀽鞛愲姅 氚滍枆鞛� 氚� 氤挫鞚� 鞁犾毄 鞙勴棙, 鞝滍暅霅� 2彀� 鞙犽彊靹�, 靹戈笀 氤奠灐靹� 氚� Morgan Stanley 雮措秬 氇嵏鞐� 霐半ジ 韽夑皜 鞙勴棙鞐� 歆侂┐頃╇媹雼�. 氇摖 歆�旮夓潃 毵岅赴 鞁� 鞚措（鞏挫氅� 甏�彀办澕 斓滌爛 歆�靾� 膦呹皜鞐愲 鞚橃〈頃橂┌ 欷戧皠 氤�霃欖潃 氍挫潣氙疙暕雼堧嫟. 鞚� 靸來拡鞚� 霌彪氩堩樃 333-275587 氚� 333-275587-01鞐� 霐半澕 鞝滉车霅橂┌, 臧�瓴╈潃 2025雲� 7鞗� 28鞚�鞐� 瓴办爼霅╇媹雼�.
Morgan Stanley Finance LLC, garantie par Morgan Stanley (symbole MS), commercialise des Notes li茅es au march茅 Worst-of INDU et SPX Dual Directional arrivant 脿 茅ch茅ance le 1er ao没t 2030. Cette note structur茅e offre une exposition au moins performant entre le Dow Jones Industrial Average (INDU) et le Indice S&P 500 (SPX). Les principaux termes 茅conomiques incluent un taux de participation 脿 la hausse de 100% et une participation 芦 rendement absolu 禄 de 100% sur les baisses d鈥檌ndice jusqu鈥櫭� 20%. La performance positive de l鈥檌ndice est plafonn茅e entre 137% et 140% du capital (paiement maximum en esp猫ces de 1 370 $ 脿 1 400 $). Si l鈥檌ndice le moins performant cl么ture en dessous du niveau de knock-out 脿 80% 脿 la date d鈥檕bservation unique (29 juillet 2030), le capital est enti猫rement 脿 risque ; le paiement refl猫tera alors uniquement le rendement index茅, pouvant 锚tre inf茅rieur 脿 la valeur nominale. Les notes ne versent pas de coupons et ne sont pas cot茅es en bourse.
La valeur estim茅e pr茅liminaire est de 938,10 $ par note de 1 000 $, soit environ 6% en dessous du prix d鈥櫭﹎ission, refl茅tant les frais int茅gr茅s et les co没ts de couverture. Les investisseurs font face 脿 un risque de cr茅dit de l鈥櫭﹎etteur et du garant, une liquidit茅 secondaire limit茅e, une complexit茅 fiscale et une valorisation d茅termin茅e par les mod猫les internes de Morgan Stanley. Tous les paiements interviennent 脿 l鈥櫭ヽh茅ance et d茅pendent uniquement du niveau de cl么ture de l鈥檌ndice le plus faible 脿 la date d鈥檕bservation ; les fluctuations interm茅diaires sont sans importance. L鈥檕ffre est r茅alis茅e sous les num茅ros d鈥檈nregistrement 333-275587 et 333-275587-01, avec un prix fix茅 au 28 juillet 2025.
Morgan Stanley Finance LLC, garantiert durch Morgan Stanley (Ticker MS), bietet Worst-of INDU und SPX Dual Directional Market-Linked Notes mit F盲lligkeit am 1. August 2030 an. Die strukturierte Note gew盲hrt eine Beteiligung am schlechtesten Performer des Dow Jones Industrial Average (INDU) und des S&P 500 Index (SPX). Wichtige wirtschaftliche Bedingungen umfassen eine 100%ige Aufw盲rtsbeteiligung sowie eine 100%ige 鈥濧bsolute Return鈥�-Beteiligung bei Indexverlusten bis zu 20%. Positive Indexentwicklungen sind auf 137-140% des Kapitals begrenzt (maximale Barauszahlung $1.370-$1.400). Schlie脽t der schlechteste Index am einzigen Beobachtungstag (29. Juli 2030) unterhalb der 80%-Knock-out-Schwelle, ist das Kapital vollst盲ndig gef盲hrdet; die Auszahlung entspricht dann nur der indexierten Rendite, die unter dem Nominalwert liegen kann. Die Notes zahlen keine Kupons und sind nicht an einer B枚rse notiert.
Der vorl盲ufig gesch盲tzte Wert liegt bei $938,10 pro $1.000 Note 鈥� etwa 6% unter dem Ausgabepreis 鈥� was eingebaute Geb眉hren und Absicherungskosten widerspiegelt. Anleger tragen Emittenten- und Garantiegeber-Kreditrisiken, eingeschr盲nkte Sekund盲rliquidit盲t, steuerliche Komplexit盲t und eine Bewertung, die auf internen Modellen von Morgan Stanley basiert. Alle Zahlungen erfolgen bei F盲lligkeit und h盲ngen ausschlie脽lich vom Schlusskurs des schlechtesten Index am Beobachtungstag ab; Zwischenbewegungen sind irrelevant. Das Angebot erfolgt unter den Registrierungsnummern 333-275587 und 333-275587-01, der Preis wird am 28. Juli 2025 festgelegt.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,192
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU and SPX Dual Directional 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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Underliers: |
Dow Jones Industrial AverageSM (INDU) and S&P 500® Index (SPX) |
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Upside participation rate: |
100% |
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Absolute return participation rate: |
100% |
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Knock-out level: |
80% of the initial level for each underlier |
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Maximum upside payment at maturity: |
$1,370 to $1,400 per note (137% to 140% of the stated principal amount) |
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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: |
61778NGJ4 |
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Estimated value: |
$938.10 per note, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036095/ms9192_424b2-19745.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 either 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 notes.
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% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Note |
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+100.00% |
$1,370.00* |
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+80.00% |
$1,370.00* |
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+60.00% |
$1,370.00* |
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+37.00% |
$1,370.00* |
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+20.00% |
$1,200.00 |
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+10.00% |
$1,100.00 |
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0.00% |
$1,000.00 |
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-5.00% |
$1,050.00 |
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-10.00% |
$1,100.00 |
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-15.00% |
$1,150.00 |
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-20.00% |
$1,200.00 |
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-40.00% |
$1,000.00 |
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-60.00% |
$1,000.00 |
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*Assumes a maximum upside payment at maturity of $1,370.00 per note. |
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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 appreciation potential of the notes is limited by the maximum upside payment at maturity.
●Any positive return on the notes that is based on the depreciation of the worst performing underlier is effectively capped.
●The amount payable on the notes is not linked to the values of the underliers 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.
oYou are exposed to the price risk of each underlier.
oBecause the notes 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 notes and/or sustaining a significant loss on your investment than if the notes were linked to just one underlier.
oAdjustments to an underlying 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 are the underliers for Morgan Stanley鈥檚 Dual Directional Notes (MS)?
How much can investors earn if the indices rise?
What happens if either index falls more than 20%?
Do the notes pay periodic interest?
What is the preliminary estimated value versus issue price?
Can I sell the notes before maturity?
