[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance has announced Worst-of Dual Directional Buffered PLUS securities linked to INDU, NDX, and RTY indices, maturing August 1, 2030. Key features include:
- Leverage factor of 134% to 149% on positive index performance
- Buffer amount of 20% protecting against initial market decline
- 100% absolute return participation rate for negative performance up to buffer
- Maximum loss capped at 80% of initial investment
- Estimated value of $917.50 per security
Payment at maturity will be based on the worst-performing underlier. The securities offer leveraged upside potential and partial downside protection, but involve significant risks including credit risk, no interest payments, and limited secondary market liquidity. Notable is exposure to small-cap risk through RTY index inclusion. The structure provides asymmetric returns, with enhanced upside through leverage and partial downside protection through the buffer.
Morgan Stanley Finance ha annunciato i titoli Worst-of Dual Directional Buffered PLUS collegati agli indici INDU, NDX e RTY, con scadenza il 1掳 agosto 2030. Le caratteristiche principali includono:
- Fattore di leva dal 134% al 149% in caso di performance positiva degli indici
- Buffer del 20% a protezione da un calo iniziale del mercato
- Partecipazione al rendimento assoluto del 100% per performance negativa fino al buffer
- Perdita massima limitata all'80% dell'investimento iniziale
- Valore stimato di 917,50 $ per titolo
Il pagamento a scadenza sar脿 basato sull'indice peggiore in termini di performance. I titoli offrono un potenziale di rialzo con leva e una protezione parziale al ribasso, ma comportano rischi significativi tra cui rischio di credito, assenza di pagamenti di interessi e scarsa liquidit脿 sul mercato secondario. Da notare l'esposizione al rischio small-cap tramite l'inclusione dell'indice RTY. La struttura garantisce rendimenti asimmetrici, con un potenziamento del rialzo grazie alla leva e una protezione parziale al ribasso tramite il buffer.
Morgan Stanley Finance ha anunciado los valores Worst-of Dual Directional Buffered PLUS vinculados a los 铆ndices INDU, NDX y RTY, con vencimiento el 1 de agosto de 2030. Las caracter铆sticas clave incluyen:
- Factor de apalancamiento del 134% al 149% en caso de rendimiento positivo de los 铆ndices
- Buffer del 20% que protege contra una ca铆da inicial del mercado
- Tasa de participaci贸n del 100% en rendimiento absoluto para desempe帽o negativo hasta el buffer
- P茅rdida m谩xima limitada al 80% de la inversi贸n inicial
- Valor estimado de $917.50 por t铆tulo
El pago al vencimiento se basar谩 en el activo subyacente con peor desempe帽o. Los valores ofrecen potencial de ganancia apalancada y protecci贸n parcial contra p茅rdidas, pero implican riesgos significativos incluyendo riesgo crediticio, ausencia de pagos de intereses y liquidez limitada en el mercado secundario. Es destacable la exposici贸n al riesgo de peque帽a capitalizaci贸n mediante la inclusi贸n del 铆ndice RTY. La estructura proporciona rendimientos asim茅tricos, con aumento del potencial alcista gracias al apalancamiento y protecci贸n parcial a la baja mediante el buffer.
Morgan Stanley Finance電� 2030雲� 8鞗� 1鞚� 毵岅赴鞚� INDU, NDX, RTY 歆�靾�鞐� 鞐瓣硠霅� Worst-of Dual Directional Buffered PLUS 歃濌秾鞚� 氚滍憸頄堨姷雼堧嫟. 欤检殧 韸轨鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 旮嶌爼鞝� 歆�靾� 靹标臣鞐� 雽�頃� 134%鞐愳劀 149%鞚� 霠堧矂毽 牍勳湪
- 齑堦赴 鞁滌灔 頃橂澖鞐� 雽�頃� 20%鞚� 氩勴嵓 氤错樃
- 氩勴嵓 頃滊弰 雮挫棎靹� 攵�鞝曥爜 靹标臣鞐� 雽�頃� 100%鞚� 鞝堧寑 靾橃澋 彀胳棳鞙�
- 斓滊寑 靻愳嫟鞚� 齑堦赴 韴瀽旮堨潣 80%搿� 鞝滍暅
- 歃濌秾雼� 於旍爼 臧�旃� $917.50
毵岅赴 鞁� 歆�旮夑笀鞚� 斓滌晠鞚� 靹标臣毳� 氤挫澑 旮办磮鞛愳偘鞚� 旮办鞙茧 頃╇媹雼�. 鞚� 歃濌秾鞚� 霠堧矂毽 靸侅姽 鞛犾灛霠リ臣 攵�攵勳爜 頃橂澖 氤错樃毳� 鞝滉车頃橃毵�, 鞁犾毄 鞙勴棙, 鞚挫瀽 歆�旮� 鞐嗢潓, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹� 霌� 欷戩殧頃� 鞙勴棙鞚� 靾橂皹霅╇媹雼�. RTY 歆�靾� 韽暔鞙茧 鞚疙暅 鞀る旌� 毽姢韥� 雲胳稖霃� 欤茧頃� 毵岉暕雼堧嫟. 鞚� 甑“電� 霠堧矂毽搿� 靸侅姽 鞛犾灛霠レ潉 雴掛澊瓿� 氩勴嵓毳� 韱淀暣 攵�攵勳爜 頃橂澖 氤错樃毳� 鞝滉车頃橂姅 牍勲寑旃� 靾橃澋 甑“毳� 臧栰稊瓿� 鞛堨姷雼堧嫟.
Morgan Stanley Finance a annonc茅 des titres Worst-of Dual Directional Buffered PLUS li茅s aux indices INDU, NDX et RTY, arrivant 脿 茅ch茅ance le 1er ao没t 2030. Les caract茅ristiques cl茅s comprennent :
- Facteur de levier de 134 % 脿 149 % en cas de performance positive des indices
- Montant du buffer de 20 % prot茅geant contre une baisse initiale du march茅
- Taux de participation au rendement absolu de 100 % pour une performance n茅gative jusqu'au buffer
- Perte maximale plafonn茅e 脿 80 % de l'investissement initial
- Valeur estim茅e de 917,50 $ par titre
Le paiement 脿 l'茅ch茅ance sera bas茅 sur le pire sous-jacent en termes de performance. Ces titres offrent un potentiel de hausse avec effet de levier et une protection partielle 脿 la baisse, mais comportent des risques importants, notamment un risque de cr茅dit, l'absence de paiements d'int茅r锚ts et une liquidit茅 limit茅e sur le march茅 secondaire. Il est 脿 noter une exposition au risque des petites capitalisations via l'inclusion de l'indice RTY. La structure propose des rendements asym茅triques, avec un effet de levier pour augmenter le potentiel de hausse et une protection partielle 脿 la baisse via le buffer.
Morgan Stanley Finance hat Worst-of Dual Directional Buffered PLUS Wertpapiere angek眉ndigt, die an die INDU-, NDX- und RTY-Indizes gekoppelt sind und am 1. August 2030 f盲llig werden. Die wichtigsten Merkmale sind:
- Hebelfaktor von 134 % bis 149 % bei positiver Indexentwicklung
- 20 % Puffer zum Schutz vor anf盲nglichen Marktr眉ckg盲ngen
- 100 % absolute Renditebeteiligung bei negativer Performance bis zur Puffergrenze
- Maximalverlust begrenzt auf 80 % des Anfangsinvestments
- Gesch盲tzter Wert von 917,50 $ pro Wertpapier
Die Auszahlung bei F盲lligkeit basiert auf dem schw盲chsten zugrunde liegenden Index. Die Wertpapiere bieten ein gehebeltes Aufw盲rtspotenzial und einen teilweisen Abw盲rtsschutz, bergen jedoch erhebliche Risiken wie Kreditrisiko, keine Zinszahlungen und begrenzte Liquidit盲t am Sekund盲rmarkt. Besonders hervorzuheben ist das Small-Cap-Risiko durch die Einbeziehung des RTY-Index. Die Struktur erm枚glicht asymmetrische Renditen mit erh枚htem Aufw盲rtspotenzial durch Hebelwirkung und teilweisem Schutz nach unten durch den Puffer.
- Offers 134-149% leverage on upside potential, enhancing returns in bullish scenarios
- Provides downside protection with 20% buffer against losses, limiting maximum loss to 80%
- Features dual directional returns, allowing investors to profit from both upside and moderate downside movements
- Backed by Morgan Stanley's credit guarantee, providing institutional-grade counterparty strength
- Returns are capped and limited by the leverage factor, potentially underperforming in strong bull markets
- Performance is based on worst-performing underlying index among INDU, NDX, and RTY, increasing downside risk
- No periodic interest payments, limiting income potential for investors
- Significant credit risk exposure to Morgan Stanley, with potential for loss of principal in default scenario
- Limited secondary market liquidity as securities won't be listed on exchanges
Morgan Stanley Finance ha annunciato i titoli Worst-of Dual Directional Buffered PLUS collegati agli indici INDU, NDX e RTY, con scadenza il 1掳 agosto 2030. Le caratteristiche principali includono:
- Fattore di leva dal 134% al 149% in caso di performance positiva degli indici
- Buffer del 20% a protezione da un calo iniziale del mercato
- Partecipazione al rendimento assoluto del 100% per performance negativa fino al buffer
- Perdita massima limitata all'80% dell'investimento iniziale
- Valore stimato di 917,50 $ per titolo
Il pagamento a scadenza sar脿 basato sull'indice peggiore in termini di performance. I titoli offrono un potenziale di rialzo con leva e una protezione parziale al ribasso, ma comportano rischi significativi tra cui rischio di credito, assenza di pagamenti di interessi e scarsa liquidit脿 sul mercato secondario. Da notare l'esposizione al rischio small-cap tramite l'inclusione dell'indice RTY. La struttura garantisce rendimenti asimmetrici, con un potenziamento del rialzo grazie alla leva e una protezione parziale al ribasso tramite il buffer.
Morgan Stanley Finance ha anunciado los valores Worst-of Dual Directional Buffered PLUS vinculados a los 铆ndices INDU, NDX y RTY, con vencimiento el 1 de agosto de 2030. Las caracter铆sticas clave incluyen:
- Factor de apalancamiento del 134% al 149% en caso de rendimiento positivo de los 铆ndices
- Buffer del 20% que protege contra una ca铆da inicial del mercado
- Tasa de participaci贸n del 100% en rendimiento absoluto para desempe帽o negativo hasta el buffer
- P茅rdida m谩xima limitada al 80% de la inversi贸n inicial
- Valor estimado de $917.50 por t铆tulo
El pago al vencimiento se basar谩 en el activo subyacente con peor desempe帽o. Los valores ofrecen potencial de ganancia apalancada y protecci贸n parcial contra p茅rdidas, pero implican riesgos significativos incluyendo riesgo crediticio, ausencia de pagos de intereses y liquidez limitada en el mercado secundario. Es destacable la exposici贸n al riesgo de peque帽a capitalizaci贸n mediante la inclusi贸n del 铆ndice RTY. La estructura proporciona rendimientos asim茅tricos, con aumento del potencial alcista gracias al apalancamiento y protecci贸n parcial a la baja mediante el buffer.
Morgan Stanley Finance電� 2030雲� 8鞗� 1鞚� 毵岅赴鞚� INDU, NDX, RTY 歆�靾�鞐� 鞐瓣硠霅� Worst-of Dual Directional Buffered PLUS 歃濌秾鞚� 氚滍憸頄堨姷雼堧嫟. 欤检殧 韸轨鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 旮嶌爼鞝� 歆�靾� 靹标臣鞐� 雽�頃� 134%鞐愳劀 149%鞚� 霠堧矂毽 牍勳湪
- 齑堦赴 鞁滌灔 頃橂澖鞐� 雽�頃� 20%鞚� 氩勴嵓 氤错樃
- 氩勴嵓 頃滊弰 雮挫棎靹� 攵�鞝曥爜 靹标臣鞐� 雽�頃� 100%鞚� 鞝堧寑 靾橃澋 彀胳棳鞙�
- 斓滊寑 靻愳嫟鞚� 齑堦赴 韴瀽旮堨潣 80%搿� 鞝滍暅
- 歃濌秾雼� 於旍爼 臧�旃� $917.50
毵岅赴 鞁� 歆�旮夑笀鞚� 斓滌晠鞚� 靹标臣毳� 氤挫澑 旮办磮鞛愳偘鞚� 旮办鞙茧 頃╇媹雼�. 鞚� 歃濌秾鞚� 霠堧矂毽 靸侅姽 鞛犾灛霠リ臣 攵�攵勳爜 頃橂澖 氤错樃毳� 鞝滉车頃橃毵�, 鞁犾毄 鞙勴棙, 鞚挫瀽 歆�旮� 鞐嗢潓, 鞝滍暅霅� 2彀� 鞁滌灔 鞙犽彊靹� 霌� 欷戩殧頃� 鞙勴棙鞚� 靾橂皹霅╇媹雼�. RTY 歆�靾� 韽暔鞙茧 鞚疙暅 鞀る旌� 毽姢韥� 雲胳稖霃� 欤茧頃� 毵岉暕雼堧嫟. 鞚� 甑“電� 霠堧矂毽搿� 靸侅姽 鞛犾灛霠レ潉 雴掛澊瓿� 氩勴嵓毳� 韱淀暣 攵�攵勳爜 頃橂澖 氤错樃毳� 鞝滉车頃橂姅 牍勲寑旃� 靾橃澋 甑“毳� 臧栰稊瓿� 鞛堨姷雼堧嫟.
Morgan Stanley Finance a annonc茅 des titres Worst-of Dual Directional Buffered PLUS li茅s aux indices INDU, NDX et RTY, arrivant 脿 茅ch茅ance le 1er ao没t 2030. Les caract茅ristiques cl茅s comprennent :
- Facteur de levier de 134 % 脿 149 % en cas de performance positive des indices
- Montant du buffer de 20 % prot茅geant contre une baisse initiale du march茅
- Taux de participation au rendement absolu de 100 % pour une performance n茅gative jusqu'au buffer
- Perte maximale plafonn茅e 脿 80 % de l'investissement initial
- Valeur estim茅e de 917,50 $ par titre
Le paiement 脿 l'茅ch茅ance sera bas茅 sur le pire sous-jacent en termes de performance. Ces titres offrent un potentiel de hausse avec effet de levier et une protection partielle 脿 la baisse, mais comportent des risques importants, notamment un risque de cr茅dit, l'absence de paiements d'int茅r锚ts et une liquidit茅 limit茅e sur le march茅 secondaire. Il est 脿 noter une exposition au risque des petites capitalisations via l'inclusion de l'indice RTY. La structure propose des rendements asym茅triques, avec un effet de levier pour augmenter le potentiel de hausse et une protection partielle 脿 la baisse via le buffer.
Morgan Stanley Finance hat Worst-of Dual Directional Buffered PLUS Wertpapiere angek眉ndigt, die an die INDU-, NDX- und RTY-Indizes gekoppelt sind und am 1. August 2030 f盲llig werden. Die wichtigsten Merkmale sind:
- Hebelfaktor von 134 % bis 149 % bei positiver Indexentwicklung
- 20 % Puffer zum Schutz vor anf盲nglichen Marktr眉ckg盲ngen
- 100 % absolute Renditebeteiligung bei negativer Performance bis zur Puffergrenze
- Maximalverlust begrenzt auf 80 % des Anfangsinvestments
- Gesch盲tzter Wert von 917,50 $ pro Wertpapier
Die Auszahlung bei F盲lligkeit basiert auf dem schw盲chsten zugrunde liegenden Index. Die Wertpapiere bieten ein gehebeltes Aufw盲rtspotenzial und einen teilweisen Abw盲rtsschutz, bergen jedoch erhebliche Risiken wie Kreditrisiko, keine Zinszahlungen und begrenzte Liquidit盲t am Sekund盲rmarkt. Besonders hervorzuheben ist das Small-Cap-Risiko durch die Einbeziehung des RTY-Index. Die Struktur erm枚glicht asymmetrische Renditen mit erh枚htem Aufw盲rtspotenzial durch Hebelwirkung und teilweisem Schutz nach unten durch den Puffer.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,024
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU, NDX and RTY Dual Directional Buffered PLUS due August 1, 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.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underliers: |
Dow Jones Industrial AverageSM (INDU), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
|
Leverage factor: |
134% to 149% |
|
Absolute return participation rate: |
100% |
|
Buffer amount: |
20% (80% maximum loss)1 |
|
Pricing date: |
July 28, 2025 |
|
Observation date: |
July 29, 2030 |
|
Maturity date: |
August 1, 2030 |
|
CUSIP: |
61778K7F8 |
|
Estimated value: |
$917.50 per security, or within $55.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034717/ms9024_424b2-18933.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 |
|
|
+60.00% |
$1,804.00* |
|
|
+40.00% |
$1,536.00* |
|
|
+20.00% |
$1,268.00* |
|
|
0.00% |
$1,000.00 |
|
|
-10.00% |
$1,100.00 |
|
|
-20.00% |
$1,200.00 |
|
|
-21.00% |
$990.00 |
|
|
-40.00% |
$800.00 |
|
|
-60.00% |
$600.00 |
|
|
-80.00% |
$400.00 |
|
|
-100.00% |
$200.00 |
|
|
*Assumes a leverage factor of 134% |
||
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 provide for only the minimum payment at maturity 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 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:
