New Issue: Morgan Stanley prices $1.03 million Buffered PLUS linked to VanEck ETFs

New York, Dec. 20 – Morgan Stanley Finance LLC priced $1.03 million of 0% Buffered PLUS due Dec. 18, 2026 linked to the VanEck Gold Miners ETF and the VanEck Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing ETF is positive, the payout at maturity will be par plus 125% of that ETF’s return, subject to a maximum return of par plus 130%.

Investors will receive par if the worst performing ETF 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 ETFs:	VanEck Gold Miners ETF and VanEck Junior Gold Miners ETF
Amount:	$1,027,000
Maturity:	Dec. 18, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If worst performing ETF gains, par plus 125% of that ETF return, subject to a maximum return of par plus 130%; par if worst performing ETF declines by 15% or less; otherwise, 1% loss for every 1% that worst performing ETF declines beyond 15%
Initial levels:	$30.95 for VanEck Gold Miners ETF, $37.55 for VanEck Junior Gold Miners ETF
Buffer:	15%
Buffer level:	$26.308 for VanEck Gold Miners ETF, $31.918 for VanEck Junior Gold Miners ETF, 85% of initial level
Upside leverage:	125%
Cap:	130%
Pricing date:	Dec. 15
Settlement date:	Dec. 20
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61775M3J3

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