New York, May 9 – Morgan Stanley Finance LLC priced $2 million of 0% buffered participation securities due May 1, 2025 linked to the iShares Russell 1000 Value ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the laggard ETF return is positive, the payout at maturity will be par plus 103% of the return of that ETF.
Investors will receive par if the laggard ETF declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Buffered participation securities
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| Underlying funds: | iShares Russell 1000 Value ETF and SPDR S&P 500 ETF Trust
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| Amount: | $2 million
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| Maturity: | May 1, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the laggard ETF return is positive, par plus 103% of the return of that ETF; par if the laggard ETF declines by 20% or less; otherwise, 1% loss for each 1% decline of laggard ETF beyond 20%
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| Initial levels: | $150.51 for iShares Russell 1000 Value ETF, $404.36 for SPDR S&P 500
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| Buffer: | 20%
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| Buffer levels: | $120.408 for iShares Russell 1000 Value ETF, $323.488 for SPDR S&P 500 ETF Trust, 80% of initial levels
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| Upside leverage: | 103%
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| Strike date: | April 26
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774XXJ7
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