[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing $1,000-denominated 鈥淜KR Jump Securities with Auto-Callable Feature鈥� maturing 3 Aug 2028. The notes are linked to KKR & Co. Inc. common stock. If on the first determination date (5 Aug 2026) KKR closes at or above its initial level, the notes are automatically redeemed for $1,135鈥�$1,145, delivering a 13.5-14.5 % gross return with no further upside. If not redeemed, at maturity investors receive 150 % of any positive stock performance, while principal is protected only down to the 60 % downside threshold; below that, losses mirror the stock decline (e.g., 鈥�41 % stock drop pays $590). No coupons are paid. The indicative value is $948.10, reflecting issuance fees and hedging costs, and the notes are unsecured, unlisted and subject to Morgan Stanley鈥檚 credit risk. Pricing date is 29 Jul 2025; CUSIP 61778NET4. Investors should consult the amended preliminary pricing supplement, product supplement and prospectus for full risk, tax and valuation details.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, sta proponendo i "KKR Jump Securities con funzione Auto-Callable" denominati in tagli da $1.000, con scadenza il 3 agosto 2028. Le note sono collegate alle azioni ordinarie di KKR & Co. Inc.. Se alla prima data di determinazione (5 agosto 2026) il prezzo di KKR chiude pari o superiore al livello iniziale, le note vengono automaticamente rimborsate tra $1.135 e $1.145, offrendo un rendimento lordo del 13,5-14,5% senza ulteriori guadagni. In caso contrario, alla scadenza gli investitori ricevono il 150% di qualsiasi apprezzamento positivo del titolo, mentre il capitale 猫 protetto fino alla soglia di ribasso del 60%; sotto questa soglia, le perdite riflettono il calo del titolo (es. un ribasso del 41% paga $590). Non sono previsti pagamenti di cedole. Il valore indicativo 猫 $948,10, comprensivo di commissioni di emissione e costi di copertura, e le note sono non garantite, non quotate e soggette al rischio di credito di Morgan Stanley. La data di prezzo 猫 il 29 luglio 2025; CUSIP 61778NET4. Gli investitori devono consultare il supplemento preliminare di prezzo modificato, il supplemento prodotto e il prospetto per dettagli completi su rischi, tassazione e valutazione.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, est谩 ofreciendo los "KKR Jump Securities con funci贸n Auto-Callable" denominados en $1,000, con vencimiento el 3 de agosto de 2028. Los bonos est谩n vinculados a las acciones ordinarias de KKR & Co. Inc.. Si en la primera fecha de determinaci贸n (5 de agosto de 2026) KKR cierra en o por encima de su nivel inicial, los bonos se redimen autom谩ticamente entre $1,135 y $1,145, proporcionando un rendimiento bruto del 13.5-14.5% sin ganancias adicionales. Si no se redimen, al vencimiento los inversores reciben el 150% de cualquier rendimiento positivo de la acci贸n, mientras que el principal est谩 protegido hasta el umbral de ca铆da del 60%; por debajo de eso, las p茅rdidas reflejan la ca铆da de la acci贸n (por ejemplo, una ca铆da del 41% paga $590). No se pagan cupones. El valor indicativo es $948.10, reflejando costos de emisi贸n y cobertura, y los bonos no est谩n garantizados, no cotizan y est谩n sujetos al riesgo crediticio de Morgan Stanley. La fecha de precio es el 29 de julio de 2025; CUSIP 61778NET4. Los inversores deben consultar el suplemento preliminar modificado, el suplemento de producto y el prospecto para detalles completos sobre riesgos, impuestos y valoraci贸n.
Morgan Stanley Finance LLC電� Morgan Stanley鞚� 氤挫鞚� 氚涭晞 2028雲� 8鞗� 3鞚� 毵岅赴鞚� $1,000 雼渼鞚� "KKR Jump Securities 鞛愲彊 靸來櫂 旮半姤 韽暔"鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 鞚� 雲疙姼電� KKR & Co. Inc. 氤错喌欤检檧 鞐瓣硠霅橃柎 鞛堨姷雼堧嫟. 觳� 氩堨Ц 瓴办爼鞚�(2026雲� 8鞗� 5鞚�)鞐� KKR 欤缄皜臧� 齑堦赴 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐, 雲疙姼電� 鞛愲彊鞙茧 $1,135~$1,145 靷澊鞐愳劀 靸來櫂霅橃柎 13.5~14.5%鞚� 齑� 靾橃澋毳犾潉 鞝滉车頃╇媹雼�. 靸來櫂霅橃 鞎婌溂氅� 毵岅赴 鞁� 韴瀽鞛愲姅 欤缄皜 靸侅姽攵勳潣 150%毳� 氚涭溂氅�, 鞗愱笀鞚� 60% 頃橂澖 頃滊弰旯岇 氤错樃霅╇媹雼�. 攴� 鞚错晿搿� 霒柎歆�氅� 靻愳嫟鞚� 欤缄皜 頃橂澖毳犾潉 氚橃榿頃╇媹雼�(鞓�: 欤缄皜臧� 41% 頃橂澖頃橂┐ $590 歆�旮�). 炜犿彴鞚� 歆�旮夒悩歆� 鞎婌姷雼堧嫟. 響滌嫓 臧�旃橂姅 氚滍枆 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃� $948.10鞚措┌, 雲疙姼電� 氍措嫶氤�, 牍勳儊鞛レ澊瓿� Morgan Stanley鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橃柎 鞛堨姷雼堧嫟. 臧�瓴� 瓴办爼鞚检潃 2025雲� 7鞗� 29鞚检澊氅�, CUSIP 氩堩樃電� 61778NET4鞛呺媹雼�. 韴瀽鞛愲姅 靾橃爼霅� 鞓堧箘 臧�瓴� 氤挫订靹�, 靸來拡 氤挫订靹� 氚� 靹る獏靹滊ゼ 彀戈碃頃橃棳 鞙勴棙, 靹戈笀 氚� 韽夑皜鞐� 甏�頃� 鞛愳劯頃� 雮挫毄鞚� 頇曥澑頃挫暭 頃╇媹雼�.
Morgan Stanley Finance LLC, garanti par Morgan Stanley, commercialise des "KKR Jump Securities avec fonction Auto-Callable" d'une valeur nominale de 1 000 $, arrivant 脿 茅ch茅ance le 3 ao没t 2028. Les notes sont li茅es aux actions ordinaires de KKR & Co. Inc.. Si 脿 la premi猫re date de d茅termination (5 ao没t 2026) KKR cl么ture 脿 son niveau initial ou au-dessus, les notes sont automatiquement rembours茅es entre 1 135 $ et 1 145 $, offrant un rendement brut de 13,5 脿 14,5 % sans potentiel de gain suppl茅mentaire. Si elles ne sont pas rembours茅es, 脿 l鈥櫭ヽh茅ance les investisseurs re莽oivent 150 % de la performance positive de l鈥檃ction, tandis que le capital est prot茅g茅 jusqu鈥檃u seuil de baisse de 60 % ; en dessous, les pertes suivent la baisse du titre (par exemple, une chute de 41 % paie 590 $). Aucun coupon n鈥檈st vers茅. La valeur indicative est de 948,10 $, refl茅tant les frais d鈥櫭﹎ission et les co没ts de couverture, et les notes sont non garanties, non cot茅es et soumises au risque de cr茅dit de Morgan Stanley. La date de tarification est le 29 juillet 2025 ; CUSIP 61778NET4. Les investisseurs doivent consulter le suppl茅ment de prix pr茅liminaire modifi茅, le suppl茅ment produit et le prospectus pour tous les d茅tails relatifs aux risques, 脿 la fiscalit茅 et 脿 l鈥櫭﹙aluation.
Morgan Stanley Finance LLC, garantiert von Morgan Stanley, bietet "KKR Jump Securities mit Auto-Callable-Funktion" im Nennwert von je 1.000 USD an, mit F盲lligkeit am 3. August 2028. Die Notes sind mit den Stammaktien von KKR & Co. Inc. verkn眉pft. Schlie脽t KKR am ersten Feststellungstag (5. August 2026) auf oder 眉ber dem Anfangsniveau, werden die Notes automatisch zu 1.135鈥�1.145 USD zur眉ckgezahlt, was eine Bruttorendite von 13,5-14,5 % ohne weitere Aufw盲rtschancen bedeutet. Werden sie nicht zur眉ckgezahlt, erhalten Investoren bei F盲lligkeit 150 % der positiven Kursentwicklung, w盲hrend das Kapital nur bis zur 60 % Abw盲rtsgrenze gesch眉tzt ist; darunter spiegeln Verluste den Kursr眉ckgang wider (z.B. bei 41 % Kursverlust Auszahlung von 590 USD). Es werden keine Kupons gezahlt. Der indikative Wert betr盲gt 948,10 USD, was Ausgabegeb眉hren und Absicherungskosten widerspiegelt. Die Notes sind unbesichert, nicht b枚rsennotiert und unterliegen dem Kreditrisiko von Morgan Stanley. Preisfeststellung ist der 29. Juli 2025; CUSIP 61778NET4. Investoren sollten den ge盲nderten vorl盲ufigen Preiszusatz, den Produkterg盲nzungsprospekt und den Wertpapierprospekt f眉r vollst盲ndige Risiko-, Steuer- und Bewertungsinformationen konsultieren.
- 150 % participation rate on upside if note is held to maturity, enhancing potential return versus direct stock ownership.
- Early redemption premium of 13.5-14.5 % after one year provides an attractive fixed yield if the stock is flat or modestly higher.
- 60 % downside barrier affords partial principal protection against moderate share-price declines.
- Principal is at full risk once KKR closes below 60 % of initial level at maturity, creating significant tail risk.
- Estimated value of $948.10 is materially below the $1,000 issue price, implying an upfront cost to investors.
- No periodic coupons and forfeiture of KKR dividends reduce carry versus holding the equity.
- Unsecured, unlisted note exposes holders to Morgan Stanley credit risk and limited secondary liquidity.
Insights
TL;DR: 13.5-14.5 % early call, 150 % upside, 40 % soft protection; credit and valuation drag temper appeal.
The note offers an attractive headline鈥�150 % participation and a potential double-digit call premium after one year. However, the estimated value (鈮� $948) indicates a ~5 % issuance premium that investors effectively pay upfront. With no coupons and no listing, liquidity is limited. Principal is at full risk once KKR breaches the 60 % barrier, exposing holders to sharp equity downside while receiving only partial upside (150 %) and forfeiting dividends. Credit risk to Morgan Stanley and the lack of secondary market depth further dilute risk-adjusted returns. Overall impact on Morgan Stanley equity is negligible; for investors, risk-reward skews neutral.
TL;DR: Classic auto-call note with barrier; pricing and credit terms standard for MS shelf.
This issuance follows Morgan Stanley鈥檚 typical retail structured-note template. Early redemption hinges on a single observation, capping upside at ~14 % in year one. The 150 % participation beyond that is competitive, yet investors face 100 % downside below the 60 % barrier鈥攁 relatively thin cushion for a single-stock underlying. The credit-linked nature (MSFL subsidiary, MS guarantee) means spread widening could pressure secondary values irrespective of KKR performance. Tax treatment remains uncertain under current IRS guidelines. From a market standpoint, terms are within recent peer comparables, offering neither unusually generous nor punitive economics鈥攈ence a neutral impact rating.
Morgan Stanley Finance LLC, garantita da Morgan Stanley, sta proponendo i "KKR Jump Securities con funzione Auto-Callable" denominati in tagli da $1.000, con scadenza il 3 agosto 2028. Le note sono collegate alle azioni ordinarie di KKR & Co. Inc.. Se alla prima data di determinazione (5 agosto 2026) il prezzo di KKR chiude pari o superiore al livello iniziale, le note vengono automaticamente rimborsate tra $1.135 e $1.145, offrendo un rendimento lordo del 13,5-14,5% senza ulteriori guadagni. In caso contrario, alla scadenza gli investitori ricevono il 150% di qualsiasi apprezzamento positivo del titolo, mentre il capitale 猫 protetto fino alla soglia di ribasso del 60%; sotto questa soglia, le perdite riflettono il calo del titolo (es. un ribasso del 41% paga $590). Non sono previsti pagamenti di cedole. Il valore indicativo 猫 $948,10, comprensivo di commissioni di emissione e costi di copertura, e le note sono non garantite, non quotate e soggette al rischio di credito di Morgan Stanley. La data di prezzo 猫 il 29 luglio 2025; CUSIP 61778NET4. Gli investitori devono consultare il supplemento preliminare di prezzo modificato, il supplemento prodotto e il prospetto per dettagli completi su rischi, tassazione e valutazione.
Morgan Stanley Finance LLC, garantizado por Morgan Stanley, est谩 ofreciendo los "KKR Jump Securities con funci贸n Auto-Callable" denominados en $1,000, con vencimiento el 3 de agosto de 2028. Los bonos est谩n vinculados a las acciones ordinarias de KKR & Co. Inc.. Si en la primera fecha de determinaci贸n (5 de agosto de 2026) KKR cierra en o por encima de su nivel inicial, los bonos se redimen autom谩ticamente entre $1,135 y $1,145, proporcionando un rendimiento bruto del 13.5-14.5% sin ganancias adicionales. Si no se redimen, al vencimiento los inversores reciben el 150% de cualquier rendimiento positivo de la acci贸n, mientras que el principal est谩 protegido hasta el umbral de ca铆da del 60%; por debajo de eso, las p茅rdidas reflejan la ca铆da de la acci贸n (por ejemplo, una ca铆da del 41% paga $590). No se pagan cupones. El valor indicativo es $948.10, reflejando costos de emisi贸n y cobertura, y los bonos no est谩n garantizados, no cotizan y est谩n sujetos al riesgo crediticio de Morgan Stanley. La fecha de precio es el 29 de julio de 2025; CUSIP 61778NET4. Los inversores deben consultar el suplemento preliminar modificado, el suplemento de producto y el prospecto para detalles completos sobre riesgos, impuestos y valoraci贸n.
Morgan Stanley Finance LLC電� Morgan Stanley鞚� 氤挫鞚� 氚涭晞 2028雲� 8鞗� 3鞚� 毵岅赴鞚� $1,000 雼渼鞚� "KKR Jump Securities 鞛愲彊 靸來櫂 旮半姤 韽暔"鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 鞚� 雲疙姼電� KKR & Co. Inc. 氤错喌欤检檧 鞐瓣硠霅橃柎 鞛堨姷雼堧嫟. 觳� 氩堨Ц 瓴办爼鞚�(2026雲� 8鞗� 5鞚�)鞐� KKR 欤缄皜臧� 齑堦赴 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐, 雲疙姼電� 鞛愲彊鞙茧 $1,135~$1,145 靷澊鞐愳劀 靸來櫂霅橃柎 13.5~14.5%鞚� 齑� 靾橃澋毳犾潉 鞝滉车頃╇媹雼�. 靸來櫂霅橃 鞎婌溂氅� 毵岅赴 鞁� 韴瀽鞛愲姅 欤缄皜 靸侅姽攵勳潣 150%毳� 氚涭溂氅�, 鞗愱笀鞚� 60% 頃橂澖 頃滊弰旯岇 氤错樃霅╇媹雼�. 攴� 鞚错晿搿� 霒柎歆�氅� 靻愳嫟鞚� 欤缄皜 頃橂澖毳犾潉 氚橃榿頃╇媹雼�(鞓�: 欤缄皜臧� 41% 頃橂澖頃橂┐ $590 歆�旮�). 炜犿彴鞚� 歆�旮夒悩歆� 鞎婌姷雼堧嫟. 響滌嫓 臧�旃橂姅 氚滍枆 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃� $948.10鞚措┌, 雲疙姼電� 氍措嫶氤�, 牍勳儊鞛レ澊瓿� Morgan Stanley鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橃柎 鞛堨姷雼堧嫟. 臧�瓴� 瓴办爼鞚检潃 2025雲� 7鞗� 29鞚检澊氅�, CUSIP 氩堩樃電� 61778NET4鞛呺媹雼�. 韴瀽鞛愲姅 靾橃爼霅� 鞓堧箘 臧�瓴� 氤挫订靹�, 靸來拡 氤挫订靹� 氚� 靹る獏靹滊ゼ 彀戈碃頃橃棳 鞙勴棙, 靹戈笀 氚� 韽夑皜鞐� 甏�頃� 鞛愳劯頃� 雮挫毄鞚� 頇曥澑頃挫暭 頃╇媹雼�.
Morgan Stanley Finance LLC, garanti par Morgan Stanley, commercialise des "KKR Jump Securities avec fonction Auto-Callable" d'une valeur nominale de 1 000 $, arrivant 脿 茅ch茅ance le 3 ao没t 2028. Les notes sont li茅es aux actions ordinaires de KKR & Co. Inc.. Si 脿 la premi猫re date de d茅termination (5 ao没t 2026) KKR cl么ture 脿 son niveau initial ou au-dessus, les notes sont automatiquement rembours茅es entre 1 135 $ et 1 145 $, offrant un rendement brut de 13,5 脿 14,5 % sans potentiel de gain suppl茅mentaire. Si elles ne sont pas rembours茅es, 脿 l鈥櫭ヽh茅ance les investisseurs re莽oivent 150 % de la performance positive de l鈥檃ction, tandis que le capital est prot茅g茅 jusqu鈥檃u seuil de baisse de 60 % ; en dessous, les pertes suivent la baisse du titre (par exemple, une chute de 41 % paie 590 $). Aucun coupon n鈥檈st vers茅. La valeur indicative est de 948,10 $, refl茅tant les frais d鈥櫭﹎ission et les co没ts de couverture, et les notes sont non garanties, non cot茅es et soumises au risque de cr茅dit de Morgan Stanley. La date de tarification est le 29 juillet 2025 ; CUSIP 61778NET4. Les investisseurs doivent consulter le suppl茅ment de prix pr茅liminaire modifi茅, le suppl茅ment produit et le prospectus pour tous les d茅tails relatifs aux risques, 脿 la fiscalit茅 et 脿 l鈥櫭﹙aluation.
Morgan Stanley Finance LLC, garantiert von Morgan Stanley, bietet "KKR Jump Securities mit Auto-Callable-Funktion" im Nennwert von je 1.000 USD an, mit F盲lligkeit am 3. August 2028. Die Notes sind mit den Stammaktien von KKR & Co. Inc. verkn眉pft. Schlie脽t KKR am ersten Feststellungstag (5. August 2026) auf oder 眉ber dem Anfangsniveau, werden die Notes automatisch zu 1.135鈥�1.145 USD zur眉ckgezahlt, was eine Bruttorendite von 13,5-14,5 % ohne weitere Aufw盲rtschancen bedeutet. Werden sie nicht zur眉ckgezahlt, erhalten Investoren bei F盲lligkeit 150 % der positiven Kursentwicklung, w盲hrend das Kapital nur bis zur 60 % Abw盲rtsgrenze gesch眉tzt ist; darunter spiegeln Verluste den Kursr眉ckgang wider (z.B. bei 41 % Kursverlust Auszahlung von 590 USD). Es werden keine Kupons gezahlt. Der indikative Wert betr盲gt 948,10 USD, was Ausgabegeb眉hren und Absicherungskosten widerspiegelt. Die Notes sind unbesichert, nicht b枚rsennotiert und unterliegen dem Kreditrisiko von Morgan Stanley. Preisfeststellung ist der 29. Juli 2025; CUSIP 61778NET4. Investoren sollten den ge盲nderten vorl盲ufigen Preiszusatz, den Produkterg盲nzungsprospekt und den Wertpapierprospekt f眉r vollst盲ndige Risiko-, Steuer- und Bewertungsinformationen konsultieren.
FAQ
What is the early redemption feature on Morgan Stanley's KKR Jump Securities?
How much upside do investors receive at maturity if the note is not called?
What level of downside protection is provided?
Why is the estimated value ($948.10) below the $1,000 issue price?
Are the securities listed on an exchange?
Do the notes pay periodic interest or dividends?
