New Issue: Morgan Stanley prices $1 million buffered PLUS linked to Dow, SPDR S&P 500 ETF Trust

New York, April 3 – Morgan Stanley Finance LLC priced $1 million of 0% Buffered PLUS due March 29, 2028 linked to the Dow Jones industrial average and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

If each underlier return is positive, the payout at maturity will be par plus 133.25% of the laggard underlier’s return.

Investors will receive par if the laggard underlier declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered PLUS
Underlying assets:	Dow Jones industrial average and SPDR S&P 500 ETF Trust
Amount:	$1 million
Maturity:	March 29, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing asset is positive, par plus 133.25% of that asset's return; par if worst performing asset declines by 20% or less; otherwise, 1% loss for every 1% that worst performing asset declines beyond 20%
Initial levels:	32,237.53 for Dow Jones industrial average, $395.75 for SPDR S&P 500
Buffer levels:	25,790.024 for Dow Jones industrial average, $316.60 for SPDR S&P 500 ETF Trust, 80% of initial levels
Upside leverage:	133.25%
Pricing date:	March 24
Settlement date:	March 29
Agent:	Morgan Stanley & Co. LLC
Fees:	0.65%
Cusip:	61774XDJ9

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