New Issue: Morgan Stanley sells $435,000 dual directional trigger participation notes on fund

Chicago, June 13 – Morgan Stanley Finance LLC priced $435,000 of 0% dual directional trigger participation securities due Nov. 29, 2024 linked to the Energy Select Sector SPDR fund, according to a 424B2 with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the final ETF level is greater than the initial ETF level, the payout at maturity will be par plus the ETF return, capped at par plus 100%.

If the ETF declines by 30% or less, the payout will be par plus the absolute value of the ETF return.

If the ETF declines by more than 30%, investors will lose 1% for every 1% that the ETF declines from its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Dual directional trigger participation securities
Underlying ETF:	Energy Select Sector SPDR fund
Amount:	$435,000
Maturity:	Nov. 29, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If the final ETF level is greater than the initial ETF level, par plus the ETF return, capped at par plus 100%; if the ETF declines by 30% or less, par plus the absolute value of the ETF return; if the ETF declines by more than 30%, 1% loss for every 1% that the ETF declines from its initial level
Initial level:	$57.91
Trigger level:	$40.537, 70% of initial level
Pricing date:	Nov. 24, 2021
Settlement date:	Nov. 30, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61773HHV4

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