By Emma Trincal
New York, Sept. 27 – Morgan Stanley Finance LLC priced $1 million of 0% dual directional buffered Performance Leveraged Upside Securities due Sept. 26, 2024 linked to the worse performing of the VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If each ETF finishes above its initial level, the payout at maturity will be par plus 1.5 times the gain of the lesser performing ETF.
If either ETF falls but by no more than the 20% buffer, the payout will be par plus half the absolute value of the return of the lesser-performing ETF.
Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond the 20% buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered Performance Leveraged Upside Securities
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF and iShares MSCI Emerging Markets ETF
|
| Amount: | $1 million
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| Maturity: | Sept. 26, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of each ETF is greater than initial index level, par plus 1.5 times the lesser-performing ETF return; if lesser-performing ETF falls by up to 20%, par plus half of absolute value of lesser-performing ETF return; otherwise, 1% loss for each 1% decline beyond 20% buffer of worst-performing ETF
|
| Initial levels: | $30.50 for Vectors Gold Miners, $50.99 iShares MSCI Emerging Markets
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| Buffer levels: | $24.40 for Vectors Gold Miners, $40.792 for iShares MSCI Emerging Markets; 80% of initial levels
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61773FZR7
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