New Issue: Morgan Stanley prices $1 million trigger PLUS linked to ETFs

Chicago, June 13 – Morgan Stanley Finance LLC priced $1 million of 0% trigger Performance Leveraged Upside Securities due Nov. 24, 2026 linked to the worst performing of the iShares Russell 2000 Value ETF and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing ETF is positive, the payout at maturity will be par plus 182% of the return of the worst performing ETF. Investors will receive par if the return of the worst performing ETF is negative but ends at or above the 80% trigger and will lose 1% for every 1% decline if it ends below the trigger level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying ETFs:	iShares Russell 2000 Value ETF and SPDR S&P 500 ETF Trust
Amount:	$1 million
Maturity:	Nov. 24, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing fund is positive, par plus 182% of the gain of the worst performing fund; par if worst performing fund declines but finishes at or above trigger level; 1% loss for every 1% decline if worst performing fund finishes below trigger level
Initial levels:	$170.39 for Russell Value ETF, $468.89 for SPDR S&P 500
Trigger levels:	$136.312 for Russell Value ETF, $375.112 for SPDR S&P 500, 80% of initial levels
Upside leverage:	182%
Cap:	None
Pricing date:	Nov. 24, 2021
Settlement date:	Nov. 30, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61773HJP5

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