By Sarah Lizee
Olympia, Wash., Jan. 11 – Morgan Stanley Finance LLC priced $1 million of 0% dual directional buffered Performance Leveraged Upside Securities due Jan. 12, 2024 linked to the worse performing of the SPDR S&P Biotech exchange-traded fund and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
If each ETF finishes above the initial level, the payout at maturity will be par plus 133.25% of the gain of the laggard ETF.
If either ETF falls but not by more than 70% of its initial level, the payout will be par plus the absolute value of the return.
Otherwise, investors will be exposed to any losses beyond the 30% buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered Performance Leveraged Upside Securities
|
| Underlying ETFs: | SPDR S&P Biotech ETF and Invesco QQQ Trust, series 1
|
| Amount: | $1 million
|
| Maturity: | Jan. 12, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of each ETF is greater than initial index level, par plus 133.25% of lesser-performing ETF return; if lesser-performing ETF falls by up to 30%, par plus absolute value of lesser-performing ETF return; otherwise, exposure to loss of lesser-performing ETF beyond 30%
|
| Initial levels: | $80.82 for biotech, $160.82 for Invesco
|
| Buffer levels: | $56.574 for biotech, $112.574 for Invesco; 70% of initial levels
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 14
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.625%
|
| Cusip: | 61768DVH5
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