New Issue: Morgan Stanley prices $1.37 million Buffered PLUS linked to S&P index, Vanguard ETF

New York, Sept. 22 – Morgan Stanley Finance LLC priced $1.37 million of 0% Buffered PLUS due Sept. 20, 2028 linked to the S&P 500 index and the Vanguard Total Stock Market ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the laggard asset’s return is positive, the payout at maturity will be par plus 127% of that asset’s return.

Investors will receive par if the laggard asset declines by 15% or less and will lose 1% for every 1% that it declines beyond 15%.

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:	S&P 500 index and Vanguard Total Stock Market ETF
Amount:	$1,369,000
Maturity:	Sept. 20, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If return of worst performing asset is positive, par plus 127% of that asset's return; par if worst performing asset declines by 15% or less; otherwise, 1% loss for every 1% that worst performing asset declines beyond 15%
Initial level:	4,450.32 for S&P 500, $221.03 for Vanguard Total Stock Market ETF
Buffer level:	3,782.772 for S&P 500 index, $187.876 for Vanguard Total Stock Market ETF, 85% of initial level
Upside leverage:	127%
Pricing date:	Sept. 15
Settlement date:	Sept. 20
Agent:	Morgan Stanley & Co. LLC
Fees:	0.725% including a structuring fee of 0.1%
Cusip:	61775HU21

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