Morgan Stanley plans PLUS linked to Vanguard Total Stock Market ETF

By Angela McDaniels

Tacoma, Wash., March 21 – Morgan Stanley Finance LLC plans to price 0% buffered Performance Leveraged Upside Securities due April 4, 2024 linked to the Vanguard Total Stock Market exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Morgan Stanley.

If the final share price is greater than the initial share price, the payout at maturity will be 110% of par plus 200% of the ETF return, subject to a maximum payout that is expected to be at least 132.4% of par and will be set at pricing.

If the final share price is less than or equal to the initial share price but has decreased from the initial share price by no more than 20%, the payout will be 110% of par.

If the final share price has decreased from the initial share price by more than 20%, the payout will be 110% of par minus 1% for every 1% that the ETF declines beyond 20%.

Morgan Stanley & Co. LLC is the agent.

The notes will price March 27.

The Cusip number is 61768D3Q6.

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