By William Gullotti
Buffalo, N.Y., July 1 – Morgan Stanley Finance LLC priced $969,000 of 0% trigger Performance Leveraged Upside Securities due June 26, 2024 linked to the iShares U.S. Real Estate ETF and the Vanguard Real Estate 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 125% of the lesser-performing ETF’s return.
If either ETF declines but each ETF finishes at or above the trigger level, 70% of initial level, the payout will be par.
If the final level of either ETF is less than its trigger level, investors will be exposed to the decline of the lesser-performing ETF from its initial level.
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: | Trigger Performance Leveraged Upside Securities
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| Underlying funds: | iShares U.S. Real Estate ETF, Vanguard Real Estate ETF
|
| Amount: | $969,000
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| Maturity: | June 26, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes above initial level, par plus 125% of lesser-performing ETF’s return; if either ETF declines but each ETF finishes at or above trigger level, par; if the final level of either ETF is less than trigger level, exposure to decline of lesser-performing ETF from initial level
|
| Initial levels: | $98.31 for iShares, $97.88 for Vanguard
|
| Trigger levels: | $68.817 for iShares, $68.516 for Vanguard; 70% of initial levels
|
| Pricing date: | May 21
|
| Settlement date: | May 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | None
|
| Cusip: | 61771VR93
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