Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due July 1, 2027, linked to the performance of VanEck Gold Miners ETF, iShares Russell 2000 Value ETF, and Utilities Select Sector SPDR Fund. The securities offer a contingent monthly coupon of at least 10.25% annually if all underlying ETFs close at or above 60% of their initial share prices on observation dates.The securities are subject to early redemption quarterly from April 1, 2025, based on a risk-neutral valuation model. At maturity, if not previously redeemed, investors receive the principal amount if all ETFs close at or above their downside threshold levels. Otherwise, investors are exposed to the worst-performing ETF's decline, potentially losing over 40% of the investment.This structured product carries significant risks, including potential loss of principal, limited upside participation, and issuer credit risk. It is designed for investors seeking enhanced yield in exchange for taking on the risk of receiving no coupons and possible principal loss.

Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due July 1, 2027, linked to the performance of VanEck Gold Miners ETF, iShares Russell 2000 Value ETF, and Utilities Select Sector SPDR Fund. The securities offer a contingent monthly coupon of at least 10.25% annually if all underlying ETFs close at or above 60% of their initial share prices on observation dates.The securities are subject to early redemption quarterly from April 1, 2025, based on a risk-neutral valuation model. At maturity, if not previously redeemed, investors receive the principal amount if all ETFs close at or above their downside threshold levels. Otherwise, investors are exposed to the worst-performing ETF's decline, potentially losing over 40% of the investment.This structured product carries significant risks, including potential loss of principal, limited upside participation, and issuer credit risk. It is designed for investors seeking enhanced yield in exchange for taking on the risk of receiving no coupons and possible principal loss.