By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Morgan Stanley Finance LLC priced $1.2 million of 0% inverse dual directional trigger Performance Leveraged Upside Securities due Oct. 30, 2020 linked to the separate performance of the Invesco QQQ Trust, series 1, the SPDR S&P Biotech ETF and the VanEck Vectors Semiconductor ETF, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final share price of each ETF is less than its initial share price, the payout at maturity will be par plus 1.5 times the decrease of the best performing ETF.
If the final share price of any ETF is greater than its initial share price but less than the trigger level, 134% of the initial level, the payout at maturity will be par plus the increase of the best performing ETF.
Otherwise, investors will lose 1% for each 1% gain of the best performing ETF, subject to a minimum payout of $0.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional trigger Performance Leveraged Upside Securities
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| Underlying ETFs: | Invesco QQQ Trust, series 1, SPDR S&P Biotech ETF and VanEck Vectors Semiconductor ETF
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| Amount: | $1,198,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final share price of each ETF is less than initial share price, par plus 1.5 times the decrease of the best performing ETF; if final share price of any ETF is greater than initial share price but less than trigger level par plus the increase of the best performing ETF; otherwise, 1% loss for each 1% gain of best performing ETF, subject to a minimum payout of $0
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| Initial levels: | $184.34 for QQQ, $98.00 for Biotech and $108.61 for Semiconductor
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| Trigger level: | $247.016 for QQQ, $131.32 for Biotech and $145.537 for Semiconductor; 134% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61768DCH6
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