New Issue: Morgan Stanley sells $1.46 million capped contingent buffered market-linked notes on ETF

By William Gullotti

Buffalo, N.Y., July 19 – Morgan Stanley Finance LLC priced $1.46 million of 0% market-linked securities – upside participation to a cap with contingent absolute return and fixed percentage buffered downside due June 2, 2025 linked to the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any ETF gain, subject to a maximum return of par plus 37.5%.

Investors will gain 1% for every 1% decline if the ETF falls by up to 20% and will lose 1% for every 1% decline of the ETF beyond 20%.

Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market-linked securities – upside participation to a cap with contingent absolute return and fixed percentage buffered downside
Underlying fund:	VanEck Gold Miners ETF
Amount:	$1,455,000
Maturity:	June 2, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain, capped at par plus 37.5%; if ETF falls by up to 20%, par plus absolute value of ETF return; otherwise, 1% loss for each 1% decline beyond 20%
Initial level:	$30.41
Buffer level:	$24.328; 80% of initial level
Pricing date:	May 26
Settlement date:	June 1
Agents:	Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
Fees:	2.575%
Cusip:	61774X2K8

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