New Issue: Morgan Stanley prices $1 million Trigger PLUS linked to S&P, Russell

By Kiku Steinfeld

Chicago, July 14 – Morgan Stanley Finance LLC priced $1 million of 0% Trigger Performance Leveraged Upside Securities due Dec. 24, 2026 linked to the S&P 500 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 154% of the return of the worst performing index. Investors will receive par if the return of the worst performing index is negative but ends at or above the 80% trigger and will lose 1% for every 1% decline if it ends below the trigger level.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Trigger Performance Leveraged Upside Securities
Underlying indexes:	S&P 500 index and Russell 2000 index
Amount:	$1 million
Maturity:	Dec. 24, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing index is positive, par plus 154% of the gain of the worst performing index; par if worst performing index declines but finishes at or above trigger level; 1% loss for every 1% decline if worst performing index finishes below trigger level
Initial levels:	2,139.875 for Russell, 4,568.02 for S&P
Trigger levels:	1,711.900 for Russell, 3,654.416 for S&P, 80% of initial levels
Upside leverage:	154%
Cap:	None
Pricing date:	Dec. 27
Settlement date:	Dec. 30
Agent:	Morgan Stanley & Co. LLC
Fees:	0.75%
Cusip:	61773HVQ9

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