New Issue: Morgan Stanley prices $475,000 trigger participation securities linked to Nasdaq, Russell

By Kiku Steinfeld

Chicago, June 28 – Morgan Stanley Finance LLC priced $475,000 of 0% trigger participation securities due Dec. 18, 2025 linked to the Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing index is positive, the payout at maturity will be par plus 101% of the return of that index. Investors will receive par if the worst performing index falls but finishes at or above the 60% trigger level. If the worst performing index finishes below the trigger level, investors will lose 1% for every 1% that it declines.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger participation securities
Underlying indexes:	Nasdaq-100 index and Russell 2000 index
Amount:	$475,000
Maturity:	Dec. 18, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus 101% of that index's gain; par if worst performing index declines but finishes at or above trigger level; 1% loss for every 1% worst performing index declines if it finishes below trigger level
Initial levels:	16,289.59 for Nasdaq, 2,195.209 for Russell
Trigger levels:	9,773.754 for Nasdaq, 1,317.125 for Russell, 60% of initial levels
Upside leverage:	101%
Cap:	None
Pricing date:	Dec. 15
Settlement date:	Dec. 20
Agent:	Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	61773HQQ5

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