Chicago, Feb. 24 – Morgan Stanley Finance LLC priced $2.72 million of trigger autocallable contingent yield notes due Feb. 20, 2026 linked to the least performing of the Energy Select Sector SPDR Fund 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 pay a contingent quarterly coupon at an annual rate of 11.75% if each ETF closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each ETF finishes at or above the 50% downside threshold level.
Otherwise, investors will lose 1% for each 1% decline of the worse performing ETF from its initial level.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as placement agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger autocallable contingent yield notes
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Underlying funds: | Energy Select Sector SPDR Fund, SPDR Dow Jones Industrial Average ETF Trust
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Amount: | $2,722,750
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Maturity: | Feb. 20, 2026
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Coupon: | 11.75%, payable quarterly if each ETF closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Payout at maturity: | If each ETF finishes at or above downside threshold, par plus final coupon; otherwise, lose 1% for every 1% decline of worst performer from initial level
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Call: | At par plus coupon if each ETF closes at or above initial level on any observation date after six months
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Initial levels: | $338.29 for Dow ETF, $84.49 for Energy
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Coupon barriers: | $202.97 for Dow ETF, $50.69 for Energy; 60% of initial levels
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Downside thresholds: | $169.15 for Dow ETF, $42.25 for Energy; 50% of initial levels
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Pricing date: | Feb. 17
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Settlement date: | Feb. 23
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Agents: | Morgan Stanley & Co. LLC
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Placement agent: | UBS Financial Services Inc.
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Fees: | 0%
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Cusip: | 61774U463
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