New Issue: Morgan Stanley sells $1.21 million accelerated return securities linked to Vanguard ETF

New York, May 3 – Morgan Stanley Finance LLC priced $1.21 million of 0% accelerated return securities due April 29, 2027 linked to the Vanguard FTSE All-World ex-US Small-Cap ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the fund is positive, the payout at maturity will be par plus 105% of the fund return. If the fund declines up to 10%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the fund declines below 10%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Accelerated return securities
Underlying ETF:	Vanguard FTSE All-World ex-US Small-Cap ETF
Amount:	$1,211,000
Maturity:	April 29, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If fund return is positive, par plus 105% of fund return; if fund declines up to 10%, par; otherwise 1% loss for every 1% that fund declines beyond 10%
Initial level:	$114.12
Buffer level:	$102.708; 90% of initial level
Upside leverage:	105%
Cap:	None
Pricing date:	April 26
Settlement date:	April 29
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	61773QU80

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