Morgan Stanley
Finance LLC
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September 2019
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Preliminary Terms No. 2,493
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Registration Statement Nos. 333-221595; 333-221595-01
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Dated August 30, 2019
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Filed pursuant to Rule 433
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Structured Investments
Opportunities
in U.S. Equities
Dual Directional Trigger Jump Securities Based
on the Performance of the S&P 500® Index due October 3, 2024
Fully and Unconditionally Guaranteed by Morgan
Stanley
Principal at Risk Securities
The Dual Directional Trigger Jump Securities (the “securities”)
are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan
Stanley. The securities will pay no interest, do not guarantee any return of principal at maturity and have the terms described
in the accompanying product supplement for Jump Securities, index supplement and prospectus, as supplemented or modified by this
document. At maturity, if the S&P 500® Index, which we refer to as the underlying index, has appreciated
in value by no more than at least 25.00% (to be determined on the pricing date), you will receive for each security that you hold
at maturity the stated principal amount of $1,000 plus at least $250.00 (to be determined on the pricing date). If the underlying
index has appreciated by more than at least 25.00% (to be determined on the pricing date), you will receive for each security
that you hold at maturity the stated principal amount plus an amount based on the percentage increase of the underlying index.
If the underlying index has depreciated in value but by no more than 30%, you will receive the stated principal amount of
your investment plus a positive return equal to the absolute value of the percentage decline, which will effectively be limited
to a positive return of 30%. However, if the underlying index has depreciated by more than 30%, you will be negatively exposed
to the full amount of the percentage decline in the underlying index and will lose 1% of the stated principal amount for every
1% of decline, without any buffer. These long-dated securities are for investors who seek an equity index-based return and who
are willing to risk their principal and forgo current income in exchange for the upside payment and absolute return features that
in each case apply to a limited range of performance of the underlying index. Investors may lose their entire initial investment
in the securities. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program. The securities
differ from the Jump Securities described in the accompanying product supplement for Jump Securities in that the securities offer
the potential for a positive return at maturity if the underlying index depreciates by up to 30%. The securities are not the Buffered
Jump Securities described in the accompanying product supplement for Jump Securities. Unlike the Buffered Jump Securities, the
securities do not provide any protection if the underlying index depreciates by more than 30%.
All payments are subject to our credit risk. If we default
on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not
have any security interest in, or otherwise have any access to, any underlying reference asset or assets.
SUMMARY TERMS
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Issuer:
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Morgan Stanley Finance LLC
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Guarantor:
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Morgan Stanley
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Maturity date:
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October 3, 2024
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Valuation date:
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September 30, 2024, subject to postponement for non-index business days and certain market disruption events
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Underlying index:
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S&P 500® Index
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Aggregate principal amount:
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$
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Payment at maturity:
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·
If the final index value is greater than or equal to the initial index value:
$1,000 + the greater of (i) $1,000 ×
the index percent change and (ii) the upside payment
·
If the final index value is less than the initial index value but is greater than or equal to the trigger
level:
$1,000 + ($1,000 x absolute index return)
In this scenario, you will receive a 1% positive
return on the securities for each 1% negative return on the underlying index. In no event will this amount exceed the stated principal
amount plus $300.
·
If the final index value is less than the trigger level:
$1,000 × index performance factor
Under these circumstances, the payment at maturity
will be less than the stated principal amount of $1,000 and will represent a loss of more than 30%, and possibly all, of your investment.
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Upside payment:
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At least $250.00 per security (25.00% of the stated principal amount). The actual upside payment will be set on the pricing date.
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Index percent change:
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(final index value – initial index value) / initial index value
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Absolute index return:
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The absolute value of the index percent change. For example, a -5% index percent change will result in a +5% absolute index return.
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Index performance factor:
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final index value / initial index value
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Initial index value:
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, which is the index closing value on the pricing date
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Final index value:
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The index closing value on the valuation date
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Trigger level:
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, which is 70% of the initial index value
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Stated principal amount / Issue price:
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$1,000 per security
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Pricing date:
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September 30, 2019
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Original issue date:
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October 3, 2019 (3 business days after the pricing date)
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CUSIP / ISIN:
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61769HTV7 / US61769HTV77
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Listing:
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The securities will not be listed on any securities exchange.
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Agent:
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Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See “Supplemental information regarding plan of distribution; conflicts of interest.”
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Estimated value on the pricing date:
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Approximately $961.80 per security, or within $30.00 of that estimate. See “Investment Summary” on page 2.
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Commissions and issue price:
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Price to public(1)
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Agent’s commissions and fees(2)
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Proceeds to us(3)
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Per security
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$1,000
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$
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$
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Total
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$
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$
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$
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(1)
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The securities will be sold only to investors purchasing
the securities in fee-based advisory accounts.
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(2)
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MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per
security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will
not receive a sales commission with respect to the securities. See “Supplemental information regarding plan of distribution;
conflicts of interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the
accompanying product supplement.
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(3)
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See “Use of proceeds and hedging” on page 14.
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The securities involve risks not associated with an investment
in ordinary debt securities. See “Risk Factors” beginning on page 6.
The Securities and Exchange Commission and state securities
regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement,
index supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The securities are not deposits or savings accounts and are
not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations
of, or guaranteed by, a bank.
You should read this document together with the related product
supplement, index supplement and prospectus, each of which can be accessed via the hyperlinks below. Please also see “Additional
Terms of the Securities” and “Additional Information About the Securities” at the end of this document.
References to “we,” “us” and “our”
refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.
Prospectus
dated November 16, 2017
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based
on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
Investment Summary
Dual Directional Trigger Jump Securities
The Dual Directional Trigger Jump Securities Based on the Performance
of the S&P 500® Index due October 3, 2024 (the “securities”) can be used:
§
As an alternative to direct exposure to the underlying index that provides a minimum positive
return of at least 25.00% if the underlying index has appreciated at all as of the valuation date and offers an uncapped 1-to-1
participation in the appreciation of the underlying index of greater than 25.00%.
§
To obtain a positive return for a limited range of negative performance of the underlying
index.
§
To potentially outperform the underlying index in a moderately bullish or moderately bearish
scenario.
If the final index value is less than the trigger
level, the securities are exposed on a 1:1 basis to the percentage decline of the final index value from the initial index value.
Accordingly, investors may lose their entire initial investment in the securities.
Maturity:
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5 years
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Upside payment:
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At least $250.00 per security (25.00% of the stated principal amount). The actual upside payment will be set on the pricing date.
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Minimum payment at maturity:
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None
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Trigger level:
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70% of the initial index value
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Coupon:
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None
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Listing:
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The securities will not be listed on any securities exchange
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The original issue price of each security is $1,000. This price
includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently,
the estimated value of the securities on the pricing date will be less than $1,000. We estimate that the value of each security
on the pricing date will be approximately $961.80, or within $30.00 of that estimate. Our estimate of the value of the securities
as determined on the pricing date will be set forth in the final pricing supplement.
What goes into the estimated value on the pricing date?
In valuing the securities on the pricing date, we take into account
that the securities comprise both a debt component and a performance-based component linked to the underlying index. The estimated
value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the
underlying index, instruments based on the underlying index, volatility and other factors including current and expected interest
rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our
conventional fixed rate debt trades in the secondary market.
What determines the economic terms of the securities?
In determining the economic terms of the securities, including
the upside payment and the trigger level, we use an internal funding rate, which is likely to be lower than our secondary market
credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower
or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.
What is the relationship between the estimated value on the
pricing date and the secondary market price of the securities?
The price at which MS & Co. purchases the securities in the
secondary market, absent changes in market conditions, including those related to the underlying index, may vary from, and be lower
than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit
spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other
factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted
upon issuance, for a period of up to 6 months following the issue date, to the extent that MS & Co. may buy or sell the securities
in the secondary market, absent changes in market conditions, including those related to the underlying index, and to our secondary
market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will
also be reflected in your brokerage account statements.
MS & Co. may, but is not obligated to, make a market in the
securities, and, if it once chooses to make a market, may cease doing so at any time.
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
Key Investment Rationale
The securities offer the potential for a positive return at maturity
based on the absolute value of a limited range of the percentage change of the underlying index. At maturity, if the underlying
index has appreciated in value by no more than at least 25.00% (to be determined on the pricing date), investors will receive
the minimum positive return of at least 25.00% (to be determined on the pricing date). If the underlying index has appreciated
in value by more than at least 25.00% (to be determined on the pricing date), investors will participate on a 1:1 basis in
the appreciation of the underlying index. If the underlying index has depreciated in value but by no more than 30%, investors
will receive the stated principal amount of their investment plus a positive return equal to the absolute value of the percentage
decline, which will effectively be limited to a positive return of 30%. However, if the underlying index has depreciated
by more than 30%, investors will be negatively exposed to the full amount of the percentage decline in the underlying index and
will lose 1% of the stated principal amount for every 1% of decline, without any buffer. Investors may lose their entire initial
investment in the securities. All payments on the securities are subject to our credit risk.
Absolute Return Feature
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The securities enable investors to obtain a positive return if the final index value is less than the initial index value but is greater than or equal to the trigger level.
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Upside Scenario if the Underlying Index Appreciates
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The final index value is greater than or equal to the initial index value. In this case, you receive for each security that you hold $1,000 plus the greater of (i) $1,000 times the index percent change and (ii) the upside payment of at least $250.00 (25.00% of the stated principal amount). The actual upside payment will be set on the pricing date. There is no maximum payment at maturity.
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Absolute Return Scenario
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The final index value is less than the initial index value but is greater than or equal to the trigger level, which is 70% of the initial index value. In this case, you receive a 1% positive return on the securities for each 1% negative return on the underlying index. For example, if the final index value is 5% less than the initial index value, the securities will provide a positive return of 5% at maturity. The maximum return you may receive in this scenario is a positive 30% return at maturity.
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Downside Scenario
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The final index value is less than the trigger level. In this case, the securities redeem for at least 30% less than the stated principal amount, and this decrease will be by an amount proportionate to the decline in the value of the underlying index over the term of the securities. Under these circumstances, the payment at maturity will be less than $700 per security. For example, if the final index value is 35% less than the initial index value, the securities will be redeemed at maturity for a loss of 35% of principal at $650, or 65% of the stated principal amount. There is no minimum payment at maturity on the securities, and investors may lose their entire initial investment.
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
How the Securities Work
Payoff Diagram
The payoff diagram below illustrates the payment at maturity
on the securities based on the following terms:
Stated principal amount:
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$1,000 per security
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Hypothetical upside payment:
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$250.00 per security (25.00% of the stated principal amount)
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Trigger level:
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70% of the initial index value
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Maximum payment at maturity:
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None
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Minimum payment at maturity:
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None. You could lose your entire initial investment in the securities.
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Dual Directional Trigger Jump Securities Payoff Diagram
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See the next page for a description of how the securities work.
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
How it works
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§
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Upside Scenario if the Underlying Index Appreciates. Under
the terms of the securities, if the final index value is greater than or equal to the initial index value, the investor would receive
the $1,000 stated principal amount plus the greater of (i) $1,000 times the index percent change and (ii) the
upside payment of $250.00.
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§
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If the underlying index appreciates 10%, the investor would receive a 25.00% return, or $1,250.00
per security.
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§
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If the underlying index
appreciates 65%, the investor would receive a 65% return, or $1,650.00 per security. There is no maximum payment at maturity on
the securities.
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§
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Absolute Return Scenario. If the
final index value is less than the initial index value and is greater than or equal to the trigger level of 70% of the initial
index value, the investor would receive a 1% positive return on the securities for each 1% negative return on the underlying index.
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§
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If the underlying index
depreciates 5%, the investor would receive a 5% return, or $1,050 per security.
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§
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The maximum return you
may receive in this scenario is a positive 30% return at maturity.
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§
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Downside Scenario. If the final index
value is less than the trigger level, the investor would receive an amount significantly less than the $1,000 stated principal
amount, based on a 1% loss of principal for each 1% decline in the underlying index. Under these circumstances, the payment at
maturity will be less than $700 per security. There is no minimum payment at maturity on the securities.
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§
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If the underlying index depreciates 40%, the investor would lose 40% of the investor’s
principal and receive only $600 per security at maturity, or 60% of the stated principal amount.
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
Risk Factors
The following is a non-exhaustive list of certain key risk
factors for investors in the securities. For further discussion of these and other risks, you should read the section entitled
“Risk Factors” in the accompanying product supplement for Jump Securities, index supplement and prospectus. We also
urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.
§
The securities do not pay interest or guarantee return of any principal. The terms of the securities differ from
those of ordinary debt securities in that the securities do not pay interest or guarantee the payment of any principal amount at
maturity. If the final index value is less than the trigger level (which is 70% of the initial index value), the absolute return
feature will no longer be available and the payout at maturity will be an amount in cash that is at least 30% less than the $1,000
stated principal amount of each security, and this decrease will be by an amount proportionate to the full amount of the decline
in the value of the underlying index over the term of the securities, without any buffer. There is no minimum payment at maturity
on the securities, and, accordingly, you could lose your entire initial investment in the securities.
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§
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The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are
beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may
be willing to purchase or sell the securities in the secondary market, including:
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§
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the value of the underlying index at any time (including
in relation to the trigger level),
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§
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the volatility (frequency and magnitude of changes in
value) of the underlying index,
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§
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dividend rates on the securities underlying the underlying
index,
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§
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interest and yield rates in the market,
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§
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geopolitical conditions and economic, financial, political,
regulatory or judicial events that affect the component stocks of the underlying index or securities markets generally and which
may affect the value of the underlying index,
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§
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the time remaining until the maturity of the securities,
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§
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the composition of the underlying index and changes in
the constituent stocks of the underlying index, and
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§
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any actual or anticipated changes in our credit ratings
or credit spreads.
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Generally, the longer the time remaining
to maturity, the more the market price of the securities will be affected by the other factors described above. Some or all of
these factors will influence the price you will receive if you sell your securities prior to maturity. For example, you may have
to sell your securities at a substantial discount from the stated principal amount if at the time of sale the value of the underlying
index is at or below the initial index value and especially if it is near or below the trigger level.
You cannot predict the future performance
of the underlying index based on its historical performance. If the final index value is less than the trigger level, you will
be exposed on a 1-to-1 basis to the full decline in the final index value from the initial index value.
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§
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The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads
may adversely affect the market value of the securities. You are dependent on our ability to pay all amounts due on the securities
at maturity and therefore you are subject to our credit risk. If we default on our obligations under the securities, your investment
would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity
will be affected by changes in the market’s view of our creditworthiness. Any actual or anticipated decline in our credit
ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market
value of the securities.
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§
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As a finance subsidiary, MSFL has no independent operations and will have no independent assets. As a finance subsidiary,
MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets
available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution
or similar proceeding. Accordingly, any recoveries by such
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
holders will be limited to those
available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured,
unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its
assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would
not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors
of Morgan Stanley, including holders of Morgan Stanley-issued securities.
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§
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The amount payable on the securities is not linked to the value of the underlying index at any time other than the valuation
date. The final index value will be the index closing value on the valuation date, subject to postponement for non-index business
days and certain market disruption events. Even if the value of the underlying index appreciates prior to the valuation date but
then drops by the valuation date to be below the trigger level, the payment at maturity will be significantly less than it would
have been had the payment at maturity been linked to the value of the underlying index prior to such drop. Although the actual
value of the underlying index on the stated maturity date or at other times during the term of the securities may be higher than
the final index value, the payment at maturity will be based solely on the index closing value on the valuation date.
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§
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Investing in the securities is not equivalent to investing in the underlying index. Investing
in the securities is not equivalent to investing in the underlying index or its component stocks. Investors in the securities will
not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the stocks that
constitute the underlying index.
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§
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Adjustments to the underlying index could adversely
affect the value of the securities. The underlying index publisher may add, delete or substitute
the stocks constituting the underlying index or make other methodological changes that could change the value of the underlying
index. The underlying index publisher may discontinue or suspend calculation or publication of the underlying
index at any time. In these circumstances, the calculation agent will have the sole discretion to substitute a successor
index that is comparable to the discontinued underlying index and will be permitted to
consider indices that are calculated and published by the calculation agent or any of its affiliates.
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§
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The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate
implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated
with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities,
cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market
prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including
MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than
the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs
that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary
market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well
as other factors.
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The inclusion of the costs of issuing,
selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer
make the economic terms of the securities less favorable to you than they otherwise would be.
However, because the costs associated
with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months
following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes
in market conditions, including those related to the underlying index, and to our secondary market credit spreads, it would do
so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage
account statements.
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§
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The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from
those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary
and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be
incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher
estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value
the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers,
including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value
of your securities at any time after the date of this document will vary based on many factors that cannot
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Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
be predicted with accuracy, including
our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by
many unpredictable factors” above.
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§
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The securities will not be listed on any securities exchange and secondary trading may be limited. The securities will
not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. Morgan Stanley
& Co. LLC, which we refer to as MS & Co., may, but is not obligated to, make a market in the securities and, if it once
chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions
of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its
bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related
hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there
is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers
may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your
securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co.
were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly,
you should be willing to hold your securities to maturity.
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§
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The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect
to the securities. As calculation agent, MS & Co. will determine the initial index value, the trigger level
and the final index value, including whether the value of the underlying index has decreased to below the trigger level, and will
calculate the amount of cash you receive at maturity, if any. Moreover, certain determinations made by MS & Co.,
in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect
to the occurrence or non-occurrence of market disruption events and the selection of a successor index or calculation of the final
index value in the event of a market disruption event or discontinuance of the underlying index. These potentially subjective
determinations may adversely affect the payout to you at maturity, if any. For further information regarding these types
of determinations, see “Description of Securities—Postponement of Valuation Date(s),” “—Discontinuance
of Any Underlying Index or Basket Index; Alteration of Method of Calculation,” “—Alternate Exchange Calculation
in case of an Event of Default” and “—Calculation Agent and Calculations” in the accompanying product supplement. In
addition, MS & Co. has determined the estimated value of the securities on the pricing date.
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§
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Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities. One or
more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the securities (and to other
instruments linked to the underlying index or its component stocks), including trading in the stocks that constitute the underlying
index as well as in other instruments related to the underlying index. As a result, these entities may be unwinding or adjusting
hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments
to the hedge as the valuation date approaches. Some of our affiliates also trade the stocks that constitute the underlying index
and other financial instruments related to the underlying index on a regular basis as part of their general broker-dealer and other
businesses. Any of these hedging or trading activities on or prior to the pricing date could potentially increase the initial index
value, and, therefore, the value at or above which the underlying index must close on the valuation date so that investors do not
suffer a significant loss on their initial investment in the securities. Additionally, such hedging or trading activities during
the term of the securities, including on the valuation date, could adversely affect the value of the underlying index on the valuation
date, and, accordingly, the amount of cash an investor will receive at maturity, if any.
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§
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The U.S. federal income tax consequences of an investment in the securities are uncertain. Please read the discussion
under “Additional Information—Tax considerations” in this document and the discussion under “United States
Federal Taxation” in the accompanying product supplement for Jump Securities (together, the “Tax Disclosure Sections”)
concerning the U.S. federal income tax consequences of an investment in the securities. If the Internal Revenue Service (the “IRS”)
were successful in asserting an alternative treatment, the timing and character of income on the securities might differ significantly
from the tax treatment described in the Tax Disclosure Sections. For example, under one possible treatment, the IRS could seek
to recharacterize the securities as debt instruments. In that event, U.S. Holders would be required to accrue into income original
issue discount on the securities every year at a “comparable yield” determined at the time of issuance and recognize
all income and gain in respect of the securities as ordinary income. Additionally, as discussed under “United States Federal
Taxation—FATCA” in the accompanying product supplement for Jump Securities, the withholding rules commonly referred
to as “FATCA” would apply to the securities if they were recharacterized as debt instruments.
|
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
However, recently proposed regulations
(the preamble to which specifies that taxpayers are permitted to rely on them pending finalization) eliminate the withholding requirement
on payments of gross proceeds of a taxable disposition (other than amounts treated as “FDAP income,” as defined in
the accompanying product supplement for Jump Securities). The risk that financial instruments providing for buffers, triggers or
similar downside protection features, such as the securities, would be recharacterized as debt is greater than the risk of recharacterization
for comparable financial instruments that do not have such features. We do not plan to request a ruling from the IRS regarding
the tax treatment of the securities, and the IRS or a court may not agree with the tax treatment described in the Tax Disclosure
Sections.
In 2007, the U.S. Treasury Department
and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts”
and similar instruments. The notice focuses in particular on whether to require holders of these instruments to accrue income over
the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss
with respect to these instruments; whether short-term instruments should be subject to any such accrual regime; the relevance of
factors such as the exchange-traded status of the instruments and the nature of the underlying property to which the instruments
are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject
to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” rule, which
very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose an interest charge. While
the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated
after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities,
possibly with retroactive effect. Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the U.S. federal income
tax consequences of an investment in the securities, including possible alternative treatments, the issues presented by this notice
and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
S&P® 500 Index Overview
The S&P 500® Index, which is calculated, maintained
and published by S&P Dow Jones Indices LLC (“S&P”), consists of stocks of 500 component companies selected
to provide a performance benchmark for the U.S. equity markets. The calculation of the S&P 500® Index is based
on the relative value of the float adjusted aggregate market capitalization of the 500 component companies as of a particular time
as compared to the aggregate average market capitalization of 500 similar companies during the base period of the years 1941 through
1943. For additional information about the S&P 500® Index, see the information set forth under “S&P
500® Index” in the accompanying index supplement.
Information as of market close on August 28, 2019:
Bloomberg Ticker Symbol:
|
SPX
|
52 Week High (on 7/26/2019):
|
3,025.86
|
Current Index Value:
|
2,887.94
|
52 Week Low (on 12/24/2018):
|
2,351.10
|
52 Weeks Ago:
|
2,897.52
|
|
|
The following graph sets forth the daily closing values of the
underlying index for the period from January 1, 2014 through August 28, 2019. The related table sets forth the published high and
low closing values, as well as end-of-quarter closing values, of the underlying index for each quarter in the same period. The
closing value of the underlying index on August 28, 2019 was 2,887.94. We obtained the information in the table and graph below
from Bloomberg Financial Markets, without independent verification. The underlying index has at times experienced periods of high
volatility, and you should not take the historical values of the underlying index as an indication of its future performance.
S&P 500®
Index
Daily Index Closing
Values
January 1, 2014 to August
28, 2019
|
|
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
S&P 500® Index
|
High
|
Low
|
Period End
|
2014
|
|
|
|
First Quarter
|
1,878.04
|
1,741.89
|
1,872.34
|
Second Quarter
|
1,962.87
|
1,815.69
|
1,960.23
|
Third Quarter
|
2,011.36
|
1,909.57
|
1,972.29
|
Fourth Quarter
|
2,090.57
|
1,862.49
|
2,058.90
|
2015
|
|
|
|
First Quarter
|
2,117.39
|
1,992.67
|
2,067.89
|
Second Quarter
|
2,130.82
|
2,057.64
|
2,063.11
|
Third Quarter
|
2,128.28
|
1,867.61
|
1,920.03
|
Fourth Quarter
|
2,109.79
|
1,923.82
|
2,043.94
|
2016
|
|
|
|
First Quarter
|
2,063.95
|
1,829.08
|
2,059.74
|
Second Quarter
|
2,119.12
|
2,000.54
|
2,098.86
|
Third Quarter
|
2,190.15
|
2,088.55
|
2,168.27
|
Fourth Quarter
|
2,271.72
|
2,085.18
|
2,238.83
|
2017
|
|
|
|
First Quarter
|
2,395.96
|
2,257.83
|
2,362.72
|
Second Quarter
|
2,453.46
|
2,328.95
|
2,423.41
|
Third Quarter
|
2,519.36
|
2,409.75
|
2,519.36
|
Fourth Quarter
|
2,690.16
|
2,529.12
|
2,673.61
|
2018
|
|
|
|
First Quarter
|
2,872.87
|
2,581.00
|
2,640.87
|
Second Quarter
|
2,786.85
|
2,581.88
|
2,718.37
|
Third Quarter
|
2,930.75
|
2,713.22
|
2,913.98
|
Fourth Quarter
|
2,925.51
|
2,351.10
|
2,506.85
|
2019
|
|
|
|
First Quarter
|
2,854.88
|
2,447.89
|
2,834.40
|
Second Quarter
|
2,954.18
|
2,744.45
|
2,941.76
|
Third Quarter (through August 28, 2019)
|
3,025.86
|
2,840.60
|
2,887.94
|
“Standard & Poor’s®,” “S&P®,”
“S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of
Standard and Poor’s Financial Services LLC. See “S&P 500® Index” in the accompanying index
supplement.
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
Additional Terms of the Securities
Please read this information
in conjunction with the summary terms on the front cover of this document.
Additional
Terms:
|
|
If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control.
|
Underlying index publisher:
|
S&P Dow Jones Indices LLC or any successor thereof
|
Postponement of maturity date:
|
If, due to a market disruption event or otherwise, the valuation date is postponed so that it falls less than two business days prior to the scheduled maturity date, the maturity date will be postponed to the second business day following the valuation date as postponed.
|
Denominations:
|
$1,000 per security and integral multiples thereof
|
Trustee:
|
The Bank of New York Mellon
|
Calculation agent:
|
Morgan Stanley & Co. LLC (“MS & Co.”)
|
Issuer notice to registered security holders, the trustee and the depositary:
|
In the event that the maturity date is postponed due to postponement
of the valuation date, the issuer shall give notice of such postponement and, once it has been determined, of the date to which
the maturity date has been rescheduled (i) to each registered holder of the securities by mailing notice of such postponement by
first class mail, postage prepaid, to such registered holder’s last address as it shall appear upon the registry books, (ii)
to the trustee by facsimile confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York
office and (iii) to The Depository Trust Company (the “depositary”) by telephone or facsimile, confirmed by mailing
such notice to the depositary by first class mail, postage prepaid. Any notice that is mailed to a registered holder of the securities
in the manner herein provided shall be conclusively presumed to have been duly given to such registered holder, whether or not
such registered holder receives the notice. The issuer shall give such notice as promptly as possible, and in no case later than
(i) with respect to notice of postponement of the maturity date, the business day immediately preceding the scheduled maturity
date and (ii) with respect to notice of the date to which the maturity date has been rescheduled, the business day immediately
following the actual valuation date.
The issuer shall, or shall cause the calculation agent to, (i)
provide written notice to the trustee and to the depositary of the amount of cash, if any, to be delivered with respect to the
securities, on or prior to 10:30 a.m. (New York City time) on the business day preceding the maturity date, and (ii) deliver the
aggregate cash amount, if any, due with respect to the securities to the trustee for delivery to the depositary, as holder of the
securities, on the maturity date.
|
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
Additional Information About the Securities
Additional Information:
|
|
Minimum ticketing size:
|
$1,000 / 1 security
|
Tax considerations:
|
Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the securities due to the lack of governing authority, in the opinion of our counsel, Davis Polk & Wardwell LLP, under current law, and based on current market conditions, a security should be treated as a single financial contract that is an “open transaction” for U.S. federal income tax purposes. However, because our counsel’s opinion is based in part on market conditions as of the date of this document, it is subject to confirmation on the pricing date.
|
|
Assuming this treatment of the securities is respected and subject to the discussion in “United States Federal Taxation” in the accompanying product supplement for Jump Securities, the following U.S. federal income tax consequences should result based on current law:
|
|
§ A U.S. Holder should not be required to recognize taxable income over the term of the securities prior to settlement, other than pursuant to a sale or exchange.
|
|
§ Upon sale, exchange or settlement of the securities, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized and the U.S. Holder’s tax basis in the securities. Such gain or loss should be long-term capital gain or loss if the investor has held the securities for more than one year, and short-term capital gain or loss otherwise.
|
|
In 2007,
the U.S. Treasury Department and the Internal Revenue Service (the “IRS”) released a notice requesting comments on
the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in
particular on whether to require holders of these instruments to accrue income over the term of their investment. It also asks
for comments on a number of related topics, including the character of income or loss with respect to these instruments; whether
short-term instruments should be subject to any such accrual regime; the relevance of factors such as the exchange-traded status
of the instruments and the nature of the underlying property to which the instruments are linked; the degree, if any, to which
income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these
instruments are or should be subject to the “constructive ownership” rule, which very generally can operate to recharacterize
certain long-term capital gain as ordinary income and impose an interest charge. While the notice requests comments on appropriate
transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues
could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.
As discussed
in the accompanying product supplement for Jump Securities, Section 871(m) of the Internal Revenue Code of 1986, as amended, and
Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% (or a lower applicable treaty
rate) withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments
linked to U.S. equities or indices that include U.S. equities (each, an “Underlying Security”). Subject to certain
exceptions, Section 871(m) generally applies to securities that substantially replicate the economic performance of one or more
Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations (a “Specified Security”).
However, pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2021 that do not have
a delta of one with respect to any Underlying Security. Based on the terms of the securities and current market conditions, we
expect that the securities will not have a delta of one with respect to any Underlying Security on the pricing date. However, we
will provide an updated determination in the final pricing supplement. Assuming that the securities do not have a delta of one
with respect to any Underlying Security, our counsel is of the opinion that the securities should not be Specified Securities and,
therefore, should not be subject to Section 871(m).
Our determination
is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may
depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security.
If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. You
should consult your tax adviser regarding the potential application of Section 871(m) to the securities.
Both U.S.
and non-U.S. investors considering an investment in the securities should read the discussion under “Risk Factors”
in this document and the discussion under “United States Federal Taxation” in the accompanying product supplement for
Jump Securities and consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment
in the securities, including possible alternative treatments, the issues presented by the aforementioned notice and any tax consequences
arising under the laws of any state, local or non-U.S. taxing jurisdiction.
The discussion
in the preceding paragraphs under “Tax considerations” and the discussion contained in the section entitled “United
States Federal Taxation” in the accompanying product
|
|
|
|
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
|
supplement for Jump Securities, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the securities.
|
Use of proceeds and hedging:
|
The proceeds from the sale of the securities will be used by
us for general corporate purposes. We will receive, in aggregate, $1,000 per security issued. The costs of the securities borne
by you and described on page 2 above comprise the cost of issuing, structuring and hedging the securities.
On or prior to the pricing date, we will hedge our anticipated
exposure in connection with the securities by entering into hedging transactions with our affiliates and/or third-party dealers.
We expect our hedging counterparties to take positions in the stocks constituting the underlying index and in futures and/or options
contracts on the underlying index or its component stocks listed on major securities markets, or positions in any other available
securities or instruments that they may wish to use in connection with such hedging. Such purchase activity could potentially increase
the value of the underlying index on the pricing date, and, therefore, could increase the value at or above which the underlying
index must close on the valuation date so that investors do not suffer a significant loss on their initial investment in the securities.
In addition, through our affiliates, we are likely to modify our hedge position throughout the term of the securities, including
on the valuation date, by purchasing and selling the stocks constituting the underlying index, futures or options contracts on
the underlying index or its component stocks listed on major securities markets or positions in any other available securities
or instruments that we may wish to use in connection with such hedging activities. As a result, these entities may be unwinding
or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent
dynamic adjustments to the hedge as the valuation date approaches. We cannot give any assurance that our hedging activities will
not affect the value of the underlying index, and, therefore, adversely affect the value of the securities or the payment you will
receive at maturity, if any. For further information on our use of proceeds and hedging, see “Use of Proceeds and Hedging”
in the accompanying product supplement.
|
Benefit plan investor considerations:
|
Each fiduciary of a pension, profit-sharing or other employee
benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (a “Plan”),
should consider the fiduciary standards of ERISA in the context of the Plan’s particular circumstances before authorizing
an investment in the securities. Accordingly, among other factors, the fiduciary should consider whether the investment would satisfy
the prudence and diversification requirements of ERISA and would be consistent with the documents and instruments governing the
Plan.
In addition, we and certain of our affiliates, including MS &
Co., may each be considered a “party in interest” within the meaning of ERISA, or a “disqualified person”
within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to many Plans, as well
as many individual retirement accounts and Keogh plans (such accounts and plans, together with other plans, accounts and arrangements
subject to Section 4975 of the Code, also “Plans”). ERISA Section 406 and Code Section 4975 generally prohibit transactions
between Plans and parties in interest or disqualified persons. Prohibited transactions within the meaning of ERISA or the Code
would likely arise, for example, if the securities are acquired by or with the assets of a Plan with respect to which MS &
Co. or any of its affiliates is a service provider or other party in interest, unless the securities are acquired pursuant to an
exemption from the “prohibited transaction” rules. A violation of these “prohibited transaction” rules
could result in an excise tax or other liabilities under ERISA and/or Section 4975 of the Code for those persons, unless exemptive
relief is available under an applicable statutory or administrative exemption.
The U.S. Department of Labor has issued five prohibited transaction
class exemptions (“PTCEs”) that may provide exemptive relief for direct or indirect prohibited transactions resulting
from the purchase or holding of the securities. Those class exemptions are PTCE 96-23 (for certain transactions determined by in-house
asset managers), PTCE 95-60 (for certain transactions involving insurance company general accounts), PTCE 91-38 (for certain transactions
involving bank collective investment funds), PTCE 90-1 (for certain transactions involving insurance company separate accounts)
and PTCE 84-14 (for certain transactions determined by independent qualified professional asset managers). In addition, ERISA Section
408(b)(17) and Section 4975(d)(20) of the Code provide an exemption for the purchase and sale of securities and the related lending
transactions, provided that neither the issuer of the securities nor any of its affiliates has or exercises any discretionary authority
or control or renders any investment advice with respect to the assets of the Plan involved in the transaction and provided further
that the Plan pays no more, and receives no less, than “adequate consideration” in connection with the transaction
(the so-called “service provider” exemption). There can be no assurance that any of these class or statutory exemptions
will be available with respect to transactions involving the securities.
Because we may be considered a party in interest with respect
to many Plans, the securities may not be purchased, held or disposed of by any Plan, any entity whose underlying assets include
“plan assets” by reason of any Plan’s investment in the entity (a “Plan Asset Entity”) or any person
investing “plan assets” of any Plan, unless such purchase, holding or disposition is eligible for exemptive relief,
including relief available under PTCEs 96-23, 95-60, 91-38, 90-1, 84-14 or the service provider
|
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
|
exemption or such purchase, holding or disposition is otherwise
not prohibited. Any purchaser, including any fiduciary purchasing on behalf of a Plan, transferee or holder of the securities will
be deemed to have represented, in its corporate and its fiduciary capacity, by its purchase and holding of the securities that
either (a) it is not a Plan or a Plan Asset Entity and is not purchasing such securities on behalf of or with “plan assets”
of any Plan or with any assets of a governmental, non-U.S. or church plan that is subject to any federal, state, local or non-U.S.
law that is substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code (“Similar Law”)
or (b) its purchase, holding and disposition of these securities will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or violate any Similar Law.
Due to the complexity of these rules and the penalties that may
be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries or other
persons considering purchasing the securities on behalf of or with “plan assets” of any Plan consult with their counsel
regarding the availability of exemptive relief.
The securities are contractual financial instruments.
The financial exposure provided by the securities is not a substitute or proxy for, and is not intended as a substitute or proxy
for, individualized investment management or advice for the benefit of any purchaser or holder of the securities. The securities
have not been designed and will not be administered in a manner intended to reflect the individualized needs and objectives of
any purchaser or holder of the securities.
Each purchaser or holder of any securities
acknowledges and agrees that:
(i) the
purchaser or holder or its fiduciary has made and shall make all investment decisions for the purchaser or holder and the purchaser
or holder has not relied and shall not rely in any way upon us or our affiliates to act as a fiduciary or adviser of the purchaser
or holder with respect to (A) the design and terms of the securities, (B) the purchaser or holder’s investment in the securities,
or (C) the exercise of or failure to exercise any rights we have under or with respect to the securities;
(ii) we
and our affiliates have acted and will act solely for our own account in connection with (A) all transactions relating to the securities
and (B) all hedging transactions in connection with our obligations under the securities;
(iii) any
and all assets and positions relating to hedging transactions by us or our affiliates are assets and positions of those entities
and are not assets and positions held for the benefit of the purchaser or holder;
(iv) our
interests are adverse to the interests of the purchaser or holder; and
(v) neither
we nor any of our affiliates is a fiduciary or adviser of the purchaser or holder in connection with any such assets, positions
or transactions, and any information that we or any of our affiliates may provide is not intended to be impartial investment advice.
Each purchaser and holder of the securities has exclusive responsibility
for ensuring that its purchase, holding and disposition of the securities do not violate the prohibited transaction rules of ERISA
or the Code or any Similar Law. The sale of any securities to any Plan or plan subject to Similar Law is in no respect a representation
by us or any of our affiliates or representatives that such an investment meets all relevant legal requirements with respect to
investments by plans generally or any particular plan, or that such an investment is appropriate for plans generally or any particular
plan. In this regard, neither this discussion nor anything provided in this document is or is intended to be investment advice
directed at any potential Plan purchaser or at Plan purchasers generally and such purchasers of these securities should consult
and rely on their own counsel and advisers as to whether an investment in these securities is suitable.
However, individual retirement accounts, individual retirement
annuities and Keogh plans, as well as employee benefit plans that permit participants to direct the investment of their accounts,
will not be permitted to purchase or hold the securities if the account, plan or annuity is for the benefit of an employee of Morgan
Stanley, Morgan Stanley Wealth Management or a family member and the employee receives any compensation (such as, for example,
an addition to bonus) based on the purchase of the securities by the account, plan or annuity.
|
Additional considerations:
|
Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly.
|
Supplemental information regarding plan of distribution; conflicts of interest:
|
MS & Co. expects to sell all of the securities that it purchases
from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the
price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities.
MS & Co. is an affiliate of MSFL and a wholly owned subsidiary
of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging
the
|
Morgan Stanley Finance LLC
Dual Directional Trigger Jump Securities Based on the Performance of the S&P 500® Index due October 3, 2024
Principal at Risk Securities
|
securities. When MS & Co. prices this offering of securities,
it will determine the economic terms of the securities, including the upside payment, such that for each security the estimated
value on the pricing date will be no lower than the minimum level described in “Investment Summary” beginning on page
2.
MS & Co. will conduct this offering in compliance with the
requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding
a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any
of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts
of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement.
|
Where you can find more information:
|
MSFL and Morgan Stanley have filed a registration statement (including
a prospectus, as supplemented by the product supplement for Jump Securities and the index supplement) with the Securities and Exchange
Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement,
the product supplement for Jump Securities, the index supplement and any other documents relating to this offering that MSFL and
Morgan Stanley have filed with the SEC for more complete information about MSFL, Morgan Stanley and this offering. You may get
these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively,
MSFL and/or Morgan Stanley will arrange to send you the prospectus, the product supplement for Jump Securities and the index supplement
if you so request by calling toll-free 800-584-6837.
You may access these documents on the SEC web site at www.sec.gov.as
follows:
Product
Supplement for Jump Securities dated November 16, 2017
Index
Supplement dated November 16, 2017
Prospectus
dated November 16, 2017
Terms used but not defined in this document are defined in the
product supplement for Jump Securities, in the index supplement or in the prospectus.
|
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