New Issue: Morgan Stanley prices $500,000 buffered PLUS on energy ETF

By Kiku Steinfeld

Chicago, May 19 – Morgan Stanley Finance LLC priced $500,000 of 0% buffered Performance Leveraged Upside Securities due May 19, 2025 linked to the Energy Select Sector SPDR fund, according to a 424B2 with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

If the ETF return is positive, the payout at maturity will be par plus 1.1 times the ETF return, subject to a maximum payout of $3,150 per each $1,000 amount of notes. Investors will receive par if the ETF declines by 15% or less and will lose 1% for every 1% that it may decline beyond 15%.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered Performance Leveraged Upside Securities
Underlying ETF:	Energy Select Sector SPDR fund
Amount:	$500,000
Maturity:	May 19, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus 1.1 times ETF return, subject to maximum payout of $3,150 per each $1,000 amount of notes; par if ETF drops 15% or less; 1% loss for every 1% decline beyond 15%
Initial share price:	$36.13
Buffer level:	$30.711, 85% of initial price
Pricing date:	May 14
Settlement date:	May 19
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61771BEW0

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