New York, Nov. 14 – Morgan Stanley Finance LLC priced $3.59 million of 0% dual directional buffered PLUS due Nov. 14, 2025 linked to the SPDR Gold trust and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the worst performing ETF gains, the payout will be par plus 176% of that ETF return.
The payout will be par plus the absolute value of the worst performing ETF return if the worst performing ETF declines by no more than 10%.
Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines beyond 10%.
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: | Dual directional buffered PLUS
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| Underlying ETFs: | SPDR Gold trust and iShares Silver trust
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| Amount: | $3,593,000
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| Maturity: | Nov. 14, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If worst performing ETF gains, par plus 176% of that ETF return; par plus absolute value of worst performing ETF return if worst performing ETF declines by no more than 10%; otherwise, 1% loss for every 1% that worst performing ETF declines beyond 10%
|
| Initial levels: | $19.70 for iShares Silver, $159.45 for SPDR Gold
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| Buffer levels: | $17.73 for iShares Silver, $143.505 for SPDR Gold; 90% of initial levels
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| Upside leverage: | 176%
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| Buffer: | 10%
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| Pricing date: | Nov. 8
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| Settlement date: | Nov. 14
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61774HUN6
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