[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Worst-of INDU and NDX Dual Directional Trigger PLUS notes due August 3, 2028. These structured notes offer unique investment characteristics:
- Linked to performance of Dow Jones Industrial Average and Nasdaq-100 Index
- Features a leverage factor of 126% to 141% for positive returns
- 50% participation rate in absolute negative returns above threshold
- Downside protection threshold at 70% of initial level
- Estimated value of $961.10 per security
Key risks include: no principal guarantee or interest payments, exposure to worst-performing underlier, limited secondary market trading, and Morgan Stanley credit risk. Payment at maturity examples show potential returns ranging from total loss to 75.6% gain based on worst-performing underlier. The notes offer sophisticated investors exposure to two major indices with built-in leverage and partial downside protection.
Morgan Stanley Finance ha annunciato le note Worst-of INDU e NDX Dual Directional Trigger PLUS con scadenza il 3 agosto 2028. Questi strumenti strutturati offrono caratteristiche di investimento uniche:
- Collegati alla performance del Dow Jones Industrial Average e del Nasdaq-100 Index
- Presentano un fattore di leva dal 126% al 141% per rendimenti positivi
- Partecipazione del 50% a rendimenti negativi assoluti oltre la soglia
- Soglia di protezione al ribasso al 70% del livello iniziale
- Valore stimato di 961,10 $ per titolo
I rischi principali includono: assenza di garanzia del capitale o pagamenti di interessi, esposizione all鈥檜nderlier con peggior rendimento, limitata negoziabilit脿 sul mercato secondario e rischio di credito Morgan Stanley. Gli esempi di pagamento a scadenza mostrano potenziali rendimenti che vanno dalla perdita totale fino a un guadagno del 75,6% basato sull鈥檜nderlier peggiore. Le note offrono agli investitori sofisticati un鈥檈sposizione a due indici principali con leva incorporata e protezione parziale al ribasso.
Morgan Stanley Finance ha anunciado las notas Worst-of INDU y NDX Dual Directional Trigger PLUS con vencimiento el 3 de agosto de 2028. Estos bonos estructurados ofrecen caracter铆sticas de inversi贸n 煤nicas:
- Vinculados al rendimiento del Dow Jones Industrial Average y Nasdaq-100 Index
- Presentan un factor de apalancamiento del 126% al 141% para rendimientos positivos
- Tasa de participaci贸n del 50% en rendimientos negativos absolutos por encima del umbral
- Umbral de protecci贸n a la baja del 70% del nivel inicial
- Valor estimado de $961.10 por t铆tulo
Los riesgos clave incluyen: ausencia de garant铆a de capital o pagos de intereses, exposici贸n al subyacente con peor desempe帽o, negociaci贸n limitada en el mercado secundario y riesgo crediticio de Morgan Stanley. Los ejemplos de pago al vencimiento muestran retornos potenciales que van desde la p茅rdida total hasta una ganancia del 75.6% basada en el peor subyacente. Las notas ofrecen a los inversores sofisticados exposici贸n a dos 铆ndices principales con apalancamiento incorporado y protecci贸n parcial a la baja.
氇贝 鞀ろ儬毽� 韺岇澊雮胳姢電� 2028雲� 8鞗� 3鞚� 毵岅赴鞚� Worst-of INDU 氚� NDX Dual Directional Trigger PLUS 雲疙姼毳� 氚滍憸頄堨姷雼堧嫟. 鞚� 甑“頇� 雲疙姼電� 霃呿姽頃� 韴瀽 韸轨劚鞚� 鞝滉车頃╇媹雼�:
- 雼れ毎 臁挫姢 靷办梾韽夑窢歆�靾橃檧 雮橃姢雼�-100 歆�靾�鞚� 靹标臣鞐� 鞐半彊霅�
- 旮嶌爼鞝� 靾橃澋鞐� 雽�頃� 126%鞐愳劀 141%鞚� 霠堧矂毽 牍勳湪 鞝侅毄
- 鞛勱硠臧掛潉 齑堦臣頃橂姅 鞝堧寑 鞚岇垬 靾橃澋鞐� 雽�頃� 50% 彀胳棳鞙�
- 齑堦赴 靾橃鞚� 70%鞐� 頃措嫻頃橂姅 頃橂澖 氤错樃 鞛勱硠臧�
- 歃濌秾雼� $961.10鞚� 於旍爼 臧�旃�
欤检殧 鞙勴棙 鞖旍唽搿滊姅 鞗愱笀 氤挫灔 氚� 鞚挫瀽 歆�旮� 鞐嗢潓, 斓滌晠 靹标臣 旮办磮鞛愳偘鞐� 雽�頃� 雲胳稖, 鞝滍暅霅� 2彀� 鞁滌灔 瓯半灅, 氇贝 鞀ろ儬毽� 鞁犾毄 鞙勴棙鞚� 韽暔霅╇媹雼�. 毵岅赴 鞁� 歆�旮� 鞓堨嫓電� 斓滌晠 靹标臣 旮办磮鞛愳偘鞐� 霐半澕 鞝勳暋 靻愳嫟鞐愳劀 75.6% 鞚挫澋旯岇 鞛犾灛鞝� 靾橃澋鞚� 氤挫棳欷嶋媹雼�. 鞚� 雲疙姼電� 鞝曣祼頃� 韴瀽鞛愳棎瓴� 霊� 欤检殧 歆�靾橃棎 雽�頃� 霠堧矂毽 氚� 攵�攵� 頃橂澖 氤错樃臧� 雮挫灔霅� 雲胳稖鞚� 鞝滉车頃╇媹雼�.
Morgan Stanley Finance a annonc茅 les notes Worst-of INDU et NDX Dual Directional Trigger PLUS 茅ch茅ant le 3 ao没t 2028. Ces notes structur茅es offrent des caract茅ristiques d鈥檌nvestissement uniques :
- Li茅es 脿 la performance du Dow Jones Industrial Average et du Nasdaq-100 Index
- Pr茅sentent un facteur de levier de 126 % 脿 141 % pour des rendements positifs
- Taux de participation de 50 % aux rendements n茅gatifs absolus au-del脿 du seuil
- Seuil de protection 脿 la baisse 脿 70 % du niveau initial
- Valeur estim茅e 脿 961,10 $ par titre
Les principaux risques incluent : absence de garantie du capital ou de paiements d鈥檌nt茅r锚ts, exposition au sous-jacent le moins performant, liquidit茅 limit茅e sur le march茅 secondaire et risque de cr茅dit Morgan Stanley. Des exemples de paiement 脿 l鈥櫭ヽh茅ance montrent des rendements potentiels allant d鈥檜ne perte totale 脿 un gain de 75,6 % selon le sous-jacent le moins performant. Ces notes offrent aux investisseurs avertis une exposition 脿 deux indices majeurs avec effet de levier int茅gr茅 et protection partielle 脿 la baisse.
Morgan Stanley Finance hat die Worst-of INDU und NDX Dual Directional Trigger PLUS Notes mit F盲lligkeit am 3. August 2028 angek眉ndigt. Diese strukturierten Notes bieten einzigartige Anlageeigenschaften:
- Verkn眉pft mit der Entwicklung des Dow Jones Industrial Average und Nasdaq-100 Index
- Verf眉gt 眉ber einen Hebelfaktor von 126 % bis 141 % f眉r positive Renditen
- 50 % Beteiligungsrate an absoluten negativen Renditen 眉ber dem Schwellenwert
- Abw盲rtsschutz-Schwelle bei 70 % des Anfangsniveaus
- Gesch盲tzter Wert von 961,10 $ pro Wertpapier
Wesentliche Risiken umfassen: keine Kapitalgarantie oder Zinszahlungen, Exponierung gegen眉ber dem am schlechtesten performenden Basiswert, begrenzten Handel am Sekund盲rmarkt und Morgan Stanley Kreditrisiko. Beispiele f眉r Zahlungen bei F盲lligkeit zeigen potenzielle Renditen von Totalverlust bis zu 75,6 % Gewinn basierend auf dem schlechtesten Basiswert. Die Notes bieten anspruchsvollen Investoren eine Beteiligung an zwei wichtigen Indizes mit eingebautem Hebel und teilweisem Abw盲rtsschutz.
- Offers leveraged upside potential with 126% to 141% participation in positive returns
- Provides downside protection up to 30% loss (threshold level at 70%)
- Features unique dual directional structure offering positive returns even in moderately negative market scenarios (-30% to 0%)
- Backed by Morgan Stanley's credit guarantee
- No principal protection - potential for complete loss of investment if worst-performing index falls more than 30%
- Return is capped and based only on worst-performing index between INDU and NDX
- Estimated value ($961.10) is significantly below the issue price, indicating high embedded costs
- Limited secondary market liquidity due to no exchange listing
- Complex structure with credit risk exposure to Morgan Stanley
Morgan Stanley Finance ha annunciato le note Worst-of INDU e NDX Dual Directional Trigger PLUS con scadenza il 3 agosto 2028. Questi strumenti strutturati offrono caratteristiche di investimento uniche:
- Collegati alla performance del Dow Jones Industrial Average e del Nasdaq-100 Index
- Presentano un fattore di leva dal 126% al 141% per rendimenti positivi
- Partecipazione del 50% a rendimenti negativi assoluti oltre la soglia
- Soglia di protezione al ribasso al 70% del livello iniziale
- Valore stimato di 961,10 $ per titolo
I rischi principali includono: assenza di garanzia del capitale o pagamenti di interessi, esposizione all鈥檜nderlier con peggior rendimento, limitata negoziabilit脿 sul mercato secondario e rischio di credito Morgan Stanley. Gli esempi di pagamento a scadenza mostrano potenziali rendimenti che vanno dalla perdita totale fino a un guadagno del 75,6% basato sull鈥檜nderlier peggiore. Le note offrono agli investitori sofisticati un鈥檈sposizione a due indici principali con leva incorporata e protezione parziale al ribasso.
Morgan Stanley Finance ha anunciado las notas Worst-of INDU y NDX Dual Directional Trigger PLUS con vencimiento el 3 de agosto de 2028. Estos bonos estructurados ofrecen caracter铆sticas de inversi贸n 煤nicas:
- Vinculados al rendimiento del Dow Jones Industrial Average y Nasdaq-100 Index
- Presentan un factor de apalancamiento del 126% al 141% para rendimientos positivos
- Tasa de participaci贸n del 50% en rendimientos negativos absolutos por encima del umbral
- Umbral de protecci贸n a la baja del 70% del nivel inicial
- Valor estimado de $961.10 por t铆tulo
Los riesgos clave incluyen: ausencia de garant铆a de capital o pagos de intereses, exposici贸n al subyacente con peor desempe帽o, negociaci贸n limitada en el mercado secundario y riesgo crediticio de Morgan Stanley. Los ejemplos de pago al vencimiento muestran retornos potenciales que van desde la p茅rdida total hasta una ganancia del 75.6% basada en el peor subyacente. Las notas ofrecen a los inversores sofisticados exposici贸n a dos 铆ndices principales con apalancamiento incorporado y protecci贸n parcial a la baja.
氇贝 鞀ろ儬毽� 韺岇澊雮胳姢電� 2028雲� 8鞗� 3鞚� 毵岅赴鞚� Worst-of INDU 氚� NDX Dual Directional Trigger PLUS 雲疙姼毳� 氚滍憸頄堨姷雼堧嫟. 鞚� 甑“頇� 雲疙姼電� 霃呿姽頃� 韴瀽 韸轨劚鞚� 鞝滉车頃╇媹雼�:
- 雼れ毎 臁挫姢 靷办梾韽夑窢歆�靾橃檧 雮橃姢雼�-100 歆�靾�鞚� 靹标臣鞐� 鞐半彊霅�
- 旮嶌爼鞝� 靾橃澋鞐� 雽�頃� 126%鞐愳劀 141%鞚� 霠堧矂毽 牍勳湪 鞝侅毄
- 鞛勱硠臧掛潉 齑堦臣頃橂姅 鞝堧寑 鞚岇垬 靾橃澋鞐� 雽�頃� 50% 彀胳棳鞙�
- 齑堦赴 靾橃鞚� 70%鞐� 頃措嫻頃橂姅 頃橂澖 氤错樃 鞛勱硠臧�
- 歃濌秾雼� $961.10鞚� 於旍爼 臧�旃�
欤检殧 鞙勴棙 鞖旍唽搿滊姅 鞗愱笀 氤挫灔 氚� 鞚挫瀽 歆�旮� 鞐嗢潓, 斓滌晠 靹标臣 旮办磮鞛愳偘鞐� 雽�頃� 雲胳稖, 鞝滍暅霅� 2彀� 鞁滌灔 瓯半灅, 氇贝 鞀ろ儬毽� 鞁犾毄 鞙勴棙鞚� 韽暔霅╇媹雼�. 毵岅赴 鞁� 歆�旮� 鞓堨嫓電� 斓滌晠 靹标臣 旮办磮鞛愳偘鞐� 霐半澕 鞝勳暋 靻愳嫟鞐愳劀 75.6% 鞚挫澋旯岇 鞛犾灛鞝� 靾橃澋鞚� 氤挫棳欷嶋媹雼�. 鞚� 雲疙姼電� 鞝曣祼頃� 韴瀽鞛愳棎瓴� 霊� 欤检殧 歆�靾橃棎 雽�頃� 霠堧矂毽 氚� 攵�攵� 頃橂澖 氤错樃臧� 雮挫灔霅� 雲胳稖鞚� 鞝滉车頃╇媹雼�.
Morgan Stanley Finance a annonc茅 les notes Worst-of INDU et NDX Dual Directional Trigger PLUS 茅ch茅ant le 3 ao没t 2028. Ces notes structur茅es offrent des caract茅ristiques d鈥檌nvestissement uniques :
- Li茅es 脿 la performance du Dow Jones Industrial Average et du Nasdaq-100 Index
- Pr茅sentent un facteur de levier de 126 % 脿 141 % pour des rendements positifs
- Taux de participation de 50 % aux rendements n茅gatifs absolus au-del脿 du seuil
- Seuil de protection 脿 la baisse 脿 70 % du niveau initial
- Valeur estim茅e 脿 961,10 $ par titre
Les principaux risques incluent : absence de garantie du capital ou de paiements d鈥檌nt茅r锚ts, exposition au sous-jacent le moins performant, liquidit茅 limit茅e sur le march茅 secondaire et risque de cr茅dit Morgan Stanley. Des exemples de paiement 脿 l鈥櫭ヽh茅ance montrent des rendements potentiels allant d鈥檜ne perte totale 脿 un gain de 75,6 % selon le sous-jacent le moins performant. Ces notes offrent aux investisseurs avertis une exposition 脿 deux indices majeurs avec effet de levier int茅gr茅 et protection partielle 脿 la baisse.
Morgan Stanley Finance hat die Worst-of INDU und NDX Dual Directional Trigger PLUS Notes mit F盲lligkeit am 3. August 2028 angek眉ndigt. Diese strukturierten Notes bieten einzigartige Anlageeigenschaften:
- Verkn眉pft mit der Entwicklung des Dow Jones Industrial Average und Nasdaq-100 Index
- Verf眉gt 眉ber einen Hebelfaktor von 126 % bis 141 % f眉r positive Renditen
- 50 % Beteiligungsrate an absoluten negativen Renditen 眉ber dem Schwellenwert
- Abw盲rtsschutz-Schwelle bei 70 % des Anfangsniveaus
- Gesch盲tzter Wert von 961,10 $ pro Wertpapier
Wesentliche Risiken umfassen: keine Kapitalgarantie oder Zinszahlungen, Exponierung gegen眉ber dem am schlechtesten performenden Basiswert, begrenzten Handel am Sekund盲rmarkt und Morgan Stanley Kreditrisiko. Beispiele f眉r Zahlungen bei F盲lligkeit zeigen potenzielle Renditen von Totalverlust bis zu 75,6 % Gewinn basierend auf dem schlechtesten Basiswert. Die Notes bieten anspruchsvollen Investoren eine Beteiligung an zwei wichtigen Indizes mit eingebautem Hebel und teilweisem Abw盲rtsschutz.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,028
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU and NDX Dual Directional Trigger PLUS due August 3, 2028
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.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underliers: |
Dow Jones Industrial AverageSM (INDU) and Nasdaq-100 Index® (NDX) |
|
Leverage factor: |
126% to 141% |
|
Absolute return participation rate: |
50% |
|
Downside threshold level: |
70% of the initial level for each underlier |
|
Pricing date: |
July 31, 2025 |
|
Observation date: |
July 31, 2028 |
|
Maturity date: |
August 3, 2028 |
|
CUSIP: |
61778K7K7 |
|
Estimated value: |
$961.10 per security, or within $45.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034306/ms9028_424b2-18594.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 securities.
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
|
60.00% |
$1,756.00* |
|
40.00% |
$1,504.00* |
|
20.00% |
$1,252.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,100.00 |
|
-30.00% |
$1,150.00 |
|
-31.00% |
$690.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
|
*Assumes a leverage factor of 126% |
|
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.
●Any positive return on the securities that is based on the depreciation of the worst performing underlier is effectively capped.
●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.
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 are the key terms of MS's Dual Directional Trigger PLUS offering due August 2028?
What is the maximum potential loss for investors in MS's Trigger PLUS securities?
How does MS calculate the payment at maturity for the Trigger PLUS securities?
What are the primary risk factors for MS's Dual Directional Trigger PLUS?
What is the CUSIP and pricing date for MS's new Trigger PLUS offering?
