These investments provide investors with exposure to an asset or asset class with limited or no downside risk to the initial investment. They are for investors who are concerned about principal risk and who are willing to forgo some upside or yield in exchange for principal protection at maturity.
This example is hypothetical and for informational purposes only and does not represent any specific investment. Past performance is no guarantee of future results. Investors should understand that return of principal is at maturity only and those wishing to sell before that time may need to do so at market price, which may be less than par.
These investments generate current income through exposure to an asset or asset class. Certain Enhance Yield investments also offer principal protection at maturity, which may be appropriate for investors seeking to complement an existing fixed income portfolio. In exchange for the current income, investors may forgo participation in some or all of the price appreciation of the underlying asset.
This example is hypothetical and for informational purposes only and does not represent any specific investment. Past performance is no guarantee of future results. Investors should understand that return of principal is at maturity only and those wishing to sell before that time may need to do so at market price, which may be less than par.
These investments provide investors the opportunity to capture enhanced returns relative to an underlying asset’s actual performance, usually with downside risk similar to a direct investment. The leverage typically applies only for a specified range of price performance, boosting returns in that range. In exchange for enhanced performance within this range, generally investors forgo participation in any performance of the underlying asset beyond this range. However, certain Leveraged Performance strategies do not cap an investor’s participation in the positive performance of the underlying asset.
This example is for hypothetical and informational purposes only and does not represent any specific investment. Past performance is no guarantee of future results. Investors should understand that return of principal is at maturity only and those wishing to sell before that time may need to do so at market price, which may be less than par.
Morgan Stanley Access investments are designed to capture the returns of a specific market sector, theme or investment discipline. Access investments may offer exposure to underlying assets or strategies that are not easily investable (such as certain indices or foreign markets). They typically have return characteristics similar to the underlying assets, but may offer additional benefits such as cost efficiency, or those described above: Principal Protection at maturity, Yield Enhancement and Leveraged Performance.
This material was prepared by sales, trading or other non-research personnel of Morgan Stanley & Co. Incorporated (together with its affiliates, hereinafter “Morgan Stanley”). This material was not produced by a Morgan Stanley research analyst. Unless otherwise indicated, these views are the author’s and may differ from those of the Morgan Stanley fixed income or equity research department or others in the firm. Investing in Morgan Stanley Structured Investments is not equivalent to investing directly in the underlying instruments. Clients should carefully read the detailed explanation of risks, together with other information in the relevant offering materials, including but not limited to information concerning the tax treatment of the investment, before investing in any Morgan Stanley Structured Investments.
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An investment in Morgan Stanley Structured Investments may not be suitable for all investors. These investments involve risks, which can include but are not limited to: fluctuations in the price, level or yield of underlying instruments, interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying instrument, limited liquidity, Morgan Stanley credit risk and conflicts of interest. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. This material does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. This material was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction.
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