Chicago, March 25 – Morgan Stanley Finance LLC priced $1.48 million of 0% jump securities with autocallable feature due Feb. 5, 2026 linked to the worst performing of the SPDR S&P 500 ETF trust, the iShares Russell 2000 ETF and the SPDR Dow Jones Industrial Average ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus an annualized premium of 7.2% on a quarterly basis after one year if all funds finish above their respective redemption threshold level related to that observation date.
The redemption threshold is 100% on the first redemption date and drops 2.5% on each subsequent quarter until the 16th determination date when the redemption threshold is 62.5%.
If all funds finish above 60% of their initial values, and the notes have not yet been called, the payout at maturity will be par plus 36%.
Otherwise, investors will be fully exposed to the losses of the worst performer.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Jump securities with autocallable feature
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Underlying funds: | SPDR S&P 500 ETF trust, the iShares Russell 2000 ETF and the SPDR Dow Jones Industrial Average ETF trust
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Amount: | $1,480,000
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Maturity: | Feb. 5, 2026
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Coupon: | 0%
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Price: | Par
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Call: | After one year, callable quarterly at an annualized premium of 7.2% if all funds close above their related redemption threshold levels; redemption threshold level starts at par and decreases 2.5% each quarter
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Payout at maturity: | Par plus 36% if all funds finish above 60% of their initial level; otherwise, full exposure to losses of worst performer
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Initial levels: | $376.23 for S&P, $210.61 for Russell and $302.02 for Dow
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Downside threshold levels: | $225.738 for S&P, $126.366 for Russell and $181.212 for Dow; 60% of initial levels
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Pricing date: | Feb. 1
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Settlement date: | F 4
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.1%
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Cusip: | 61771EW20
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