# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0001839882-25-071398
**Filing Date:** 2025-12
**Character Count:** 103131
**Document Hash:** 3b5d7bd2b499c5ad1bbeda1d8ff2d6c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-071398.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001839882-25-071398

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275587
- **FILM NUMBER:** 251574909

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275587-01
- **FILM NUMBER:** 251574910

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**December 2025**

Preliminary Pricing Supplement No. 12,684

Registration Statement Nos. 333-275587; 333-275587-01

Dated December 16, 2025

Filed pursuant to Rule 424(b)(2)

**Morgan Stanley Finance LLC**

**Structured Investments**

Opportunities in Commodities and U.S. Assets

**Market** **Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

***Fully and Unconditionally Guaranteed by Morgan Stanley***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ￭Linked to the lowest performing of the SPDR<sup>®</sup> Gold Trust, the iShares<sup>®</sup> Silver Trust and the iShares<sup>®</sup> Bitcoin Trust ETF (each referred to as an "underlying")<br> ￭The notes offered are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally guaranteed by Morgan Stanley. The notes will pay no interest and have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document. At maturity:<br> ￭If the price of the lowest performing underlying has increased, investors will receive the principal amount *plus* a positive return equal to at least 100% (to be determined on the pricing date) of the percentage increase in the price of the lowest performing underlying from its starting price.<br> ￭If the price of the lowest performing underlying has decreased, investors will receive the principal amount but will not receive any positive return on their investment.<br> ￭Repayment of principal at maturity, subject to our creditworthiness<br> ￭The notes are for investors who are concerned about principal risk, and who are willing to forgo current income in exchange for upside exposure to a limited range of performance of the lowest performing underlying.<br> ￭Because all payments on the notes are based on the lowest performing underlying, a decline of any underlying will result in a loss of your investment, even if the other underlyings have appreciated.<br> ￭Investors should be knowledgeable about the risks associated with cryptocurrencies and digital assets because the iShares<sup>®</sup> Bitcoin Trust ETF seek to reflect generally the performance of the price of bitcoin and therefore the notes involve significant risks in investments tracking cryptocurrencies. **Bitcoin has historically exhibited high price volatility relative to more traditional asset classes and has experienced extreme volatility in recent periods and may continue to do so.**<br> ￭The notes are notes issued as part of MSFL's Series A Global Medium-Term Notes program.<br> ￭All payments, including the repayment of principal at maturity, are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment.<br> ￭These notes are not secured obligations and you will not have any security interest in, or otherwise have any access to, any securities included in any of the underlyings.<br>

**The current estimated value of the notes is approximately $946.90 per note, or within $35.00 of that estimate. The estimated value of the notes is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlyings, instruments based on the underlyings, 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. See "Estimated Value of the Notes" on page 3.**

**The notes have complex features and investing in the notes involves risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 10. All payments on the notes are subject to our credit risk.**

**The Securities and Exchange Commission and state securities regulators have not approved or disapproved these notes, or determined if this document or the accompanying product supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The notes 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 and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see "Additional Information About the Notes" at the end of this document.**

**As used in this document, "we," "us" and "our" refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Commissions and offering price:** | &nbsp;&nbsp; **Price to public** | &nbsp;&nbsp; **Agent's commissions**<sup>(1)(2)</sup> | &nbsp;&nbsp; **Proceeds to us**<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Per note** | &nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp; $30.75 | &nbsp;&nbsp;&nbsp; $969.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | &nbsp;&nbsp;&nbsp; $ | &nbsp;&nbsp;&nbsp; $ | &nbsp;&nbsp;&nbsp; $ |

---

*(1)*Wells Fargo Securities, LLC, an agent for this offering, will receive a commission of up to $30.75 for each note it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $20.00 per note, and WFA may receive a distribution expense fee of $0.75 for each note sold by WFA. See "Supplemental information concerning plan of distribution; conflicts of interest."

*(2)*In respect of certain notes sold in this offering, we may pay a fee of up to $2.00 per note to selected securities dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers.

*(3)*See "Use of Proceeds and Hedging" in the accompanying product supplement.

[**<u>Product Supplement for Notes Linked To One Or More Indices, Exchange-Traded Funds or Equity Securities dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016351/dp202702_424b2-wffmln.htm)

[**<u>Prospectus dated April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Morgan Stanley** | &nbsp;&nbsp; **Wells Fargo Securities** |

---

------

**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Terms** | &nbsp;&nbsp; **Terms** |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Maturity date:** | &nbsp;&nbsp; January 4, 2028†, subject to postponement if the calculation day is postponed\* |
| &nbsp;&nbsp; **Underlyings:** | &nbsp;&nbsp; SPDR<sup>®</sup> Gold Trust (the "GLD Shares"), iShares<sup>®</sup> Silver Trust (the "SLV Shares") and iShares<sup>®</sup> Bitcoin Trust ETF (the "IBIT Shares") |
| &nbsp;&nbsp; **Underlying commodities:** | &nbsp;&nbsp; With respect to the GLD Shares, Gold<br> With respect to the SLV Shares, Silver |
| &nbsp;&nbsp; **Underlying asset:** | &nbsp;&nbsp; With respect to the IBIT Shares, Bitcoin |
| &nbsp;&nbsp; **Maturity payment amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At maturity, the maturity payment amount per $1,000 principal amount of notes will be determined as follows:<br> ●If the ending price of the lowest performing underlying is *greater than* its starting price:<br> $1,000 *+ ![](image1.gif)* <br> ●If the ending price of the lowest performing underlying is *less than or equal to* its starting price:<br> $1,000 |
| &nbsp;&nbsp; **Participation rate:** | &nbsp;&nbsp; At least 100%, to be determined on the pricing date |
| &nbsp;&nbsp; **Lowest performing underlying:** | &nbsp;&nbsp; The underlying with the lowest underlying return |
| &nbsp;&nbsp; **Underlying return:** | &nbsp;&nbsp; With respect to each underlying, the percentage change from its starting price to its ending price, measured as follows: <br> <u>ending price</u> <u>–</u> <u>starting price</u><br> starting price |
| &nbsp;&nbsp; **Fund closing price:** | &nbsp;&nbsp; For each underlying, fund closing price, closing price and adjustment factor have the meanings set forth under "General Terms of the Notes—Certain Terms for Notes Linked to a Fund—Certain Definitions" in the accompanying product supplement. |
| &nbsp;&nbsp; **Starting price:** | &nbsp;&nbsp; With respect to the GLD Shares: $, its fund closing price on the pricing date.<br> With respect to the SLV Shares: $, its fund closing price on the pricing date.<br> With respect to the IBIT Shares: $, its fund closing price on the pricing date |
| &nbsp;&nbsp; **Ending price:** | &nbsp;&nbsp; With respect to each underlying, the fund closing price on the calculation day |
| &nbsp;&nbsp; **Calculation day:** | &nbsp;&nbsp; December 30, 2027\*\*† |
| &nbsp;&nbsp; **Principal amount:** | &nbsp;&nbsp; $1,000 per note. References in this document to a "note" are to a note with a principal amount of $1,000. |
| &nbsp;&nbsp; **Pricing date:** | &nbsp;&nbsp; December 30, 2025† |
| &nbsp;&nbsp; **Original issue date:** | &nbsp;&nbsp; January 5, 2026† (3 business days after the pricing date) |
| &nbsp;&nbsp; **CUSIP / ISIN:** | &nbsp;&nbsp; 61780ABA2 / US61780ABA25 |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp; The notes will not be listed on any securities exchange. |
| &nbsp;&nbsp; **Agents:** | &nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and Wells Fargo Securities, LLC ("WFS"). See "Additional Information About the Notes—Supplemental information regarding plan of distribution; conflicts of interest." |
| &nbsp;&nbsp;&nbsp; †To the extent we make any change to the pricing date or original issue date, the calculation day and maturity date may also be changed in our discretion to ensure that the term of the notes remains the same.<br> \* Subject to postponement pursuant to "General Terms of the Notes—Payment Dates" in the accompanying product supplement.<br> \*\* Subject to postponement pursuant to "General Terms of the Notes—Consequences of a Market Disruption Event; Postponement of a Calculation Day" in the accompanying product supplement. | &nbsp;&nbsp;&nbsp; †To the extent we make any change to the pricing date or original issue date, the calculation day and maturity date may also be changed in our discretion to ensure that the term of the notes remains the same.<br> \* Subject to postponement pursuant to "General Terms of the Notes—Payment Dates" in the accompanying product supplement.<br> \*\* Subject to postponement pursuant to "General Terms of the Notes—Consequences of a Market Disruption Event; Postponement of a Calculation Day" in the accompanying product supplement. |

---

December 2025 Page 2

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Estimated** **Value of the Notes** |
| &nbsp;&nbsp; The principal amount of each note is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the notes, which are borne by you, and, consequently, the estimated value of the notes on the pricing date will be less than $1,000 per note. We estimate that the value of each note on the pricing date will be approximately $946.90, or within $35.00 of that estimate. Our estimate of the value of the notes as determined on the pricing date will be set forth in the final pricing supplement.<br> *What goes into the estimated value on the pricing date?*<br> In valuing the notes on the pricing date, we take into account that the notes comprise both a debt component and a performance-based component linked to the underlyings. The estimated value of the notes is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlyings, instruments based on the underlyings, 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.<br> *What determines the economic terms of the notes?*<br> In determining the economic terms of the notes, including the participation rate, 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 notes would be more favorable to you.<br> *What is the relationship between the estimated value on the pricing date and the secondary market price of the notes?*<br> The price at which MS & Co. purchases the notes in the secondary market, absent changes in market conditions, including those related to the underlyings, 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 notes are not fully deducted upon issuance, for a period of up to 3 months following the issue date, to the extent that MS & Co. may buy or sell the notes in the secondary market, absent changes in market conditions, including those related to the underlyings, 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.<br> MS & Co. may, but is not obligated to, make a market in the notes and, if it once chooses to make a market, may cease doing so at any time. |

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December 2025 Page 3

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Investor** **Considerations** |
| &nbsp;&nbsp; The Notes Linked to the Lowest Performing of the SPDR<sup>®</sup> Gold Trust, the iShares<sup>®</sup> Silver Trust and the iShares<sup>®</sup> Bitcoin Trust ETF due January 4, 2028 (the "notes") can be used:<br> ￭As an alternative to direct exposure to the underlyings that provides returns for any positive performance of the lowest performing underlying<br> ￭To achieve similar levels of upside exposure to the lowest performing underlying as a direct investment by taking advantage of the participation rate, with no limitation on the appreciation potential<br> ￭Understand that the return on the notes will depend solely on the performance of the lowest performing underlying and that they will not benefit in any way from the performance of any better performing underlying<br> ￭Understand that the notes are riskier than alternative investments linked to only one of the underlyings or linked to a basket composed of each underlying<br> The notes are not designed for, and may not be an appropriate investment for, investors who:<br> ￭Seek a liquid investment or are unable or unwilling to hold the notes to maturity<br> ￭Are unwilling to accept the risk that the ending price of the lowest performing underlying may be less than or equal to its starting price, in which case investors will receive only the principal amount of the notes at maturity<br> ￭Seek current income from their investments<br> ￭Seek exposure to the lowest performing underlying but are unwilling to accept the risk/return trade-offs inherent in the payment at maturity for the notes<br> ￭Are unwilling to accept the risk of exposure to each of the underlyings, including risks associated with bitcoin;<br> ￭Seek exposure to a basket composed of each underlying or a similar investment in which the overall return is based on a blend of the performances of the underlyings, rather than solely on the lowest performing underlying<br> ￭Are unwilling to accept our credit risk<br> ￭Prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings |

---

**The considerations identified above are not exhaustive. Whether or not the notes are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the notes in light of your particular circumstances. You should also review carefully the "Risk Factors" herein and in the accompanying product supplement for risks related to an investment in the notes. For more information about the underlyings, please see the sections titled "SPDR**<sup>®</sup> **Gold Trust Overview," "iShares**<sup>®</sup> **Silver Trust Overview," and "iShares**<sup>®</sup> **Bitcoin Trust ETF Overview" below.**

December 2025 Page 4

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp;&nbsp; **Determining** **Payment at Maturity**<br>

At maturity, the maturity payment amount per $1,000 principal amount of notes will be determined as follows:

![](image2.gif)

December 2025 Page 5

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp;&nbsp; **How** **the Notes Work**<br>

**Payoff Diagram**

The payoff diagram below illustrates the maturity payment amount on the notes based on the following terms:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Principal amount:** | &nbsp;&nbsp; $1,000 per note |
| &nbsp;&nbsp; **Hypothetical participation rate:** | &nbsp;&nbsp; 100%. The actual participation rate will be determined on the pricing date. |

---

&nbsp;&nbsp; **Notes Payoff Diagram**<br>

![](image3.gif)

December 2025 Page 6

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp; **Scenario Analysis and Examples of Maturity Payment Amount at Maturity**<br>

The following scenario analysis and examples are provided for illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning increases or decreases in the prices of the underlyings relative to their respective starting prices. We cannot predict the ending prices of the underlyings on the calculation day. You should not take the scenario analysis and these examples as an indication or assurance of the expected performance of the underlyings. The numbers appearing in the examples below may have been rounded for ease of analysis. The following scenario analysis and examples illustrate the payment at maturity on a hypothetical offering of the notes, based on the following terms\*:

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| | |
|:---|:---|
| &nbsp;&nbsp; Investment term: | &nbsp;&nbsp; Approximately 2 years |
| &nbsp;&nbsp; Hypothetical starting price: | &nbsp;&nbsp; With respect to the GLD Shares: $100 |
|  | &nbsp;&nbsp; With respect to the SLV Shares: $100 |
|  | &nbsp;&nbsp; With respect to the IBIT Shares: $100 |
| &nbsp;&nbsp; Hypothetical participation rate: | &nbsp;&nbsp; 100%. The actual participation rate will be determined on the pricing date. |

---

<sup>\*</sup>The hypothetical starting price of $100 for each underlying has been chosen for illustrative purposes only and does not represent the actual starting price of any underlying. The actual starting prices and participation rate will be determined on the pricing date and will be set forth under "Terms" above. For historical data regarding the actual closing prices of the underlyings, see the historical information set forth herein.

**Example 1** — **Each underlying appreciates over the term of the notes, and investors receive a positive return, calculated based on the underlying return of the lowest performing underlying.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Ending price | GLD Shares: $110 |
|  | SLV Shares: $140<br> IBIT Shares: $120 |
| &nbsp;&nbsp;&nbsp; Underlying return | GLD Shares: ($110 – $100) / $100 = 10%<br> SLV Shares: ($140 – $100) / $100 = 40%<br> IBIT Shares: ($120 – $100) / $100 = 20% |
| &nbsp;&nbsp;&nbsp; Maturity payment amount  | $1,000 + [$1,000 × underlying return of lowest performing underlying × participation rate] |
|  | $1,000 + [$1,000 × 10% × 100%] |
|  | $1100 |

---

In example 1, the ending price of each of the GLD Shares, the SLV Shares and the IBIT Shares is greater than its starting price. Therefore, investors receive at maturity the principal amount *plus* a positive return equal to 100% of the appreciation of the lowest performing underlying, which is the GLD Shares in this example. Investors receive $1,100 per security at maturity (assuming a hypothetical participation rate of 100%). The actual participation rate will be determined on the pricing date.

**Example 2** — **Two underlyings appreciate while the other underlying depreciates over the term of the notes, and investors receive the principal amount at maturity.** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Ending price | GLD Shares: $105 |
|  | SLV Shares: $110<br> IBIT Shares: $50 |
| &nbsp;&nbsp;&nbsp; Underlying return | GLD Shares: ($105 – $100) / $100 = 5%<br> SLV Shares: ($110 – $100) / $100 = 10%<br> IBIT Shares: ($50 – $100) / $100 = -50% |
| &nbsp;&nbsp;&nbsp; Maturity payment amount  | $1000 |

---

In example 2, the ending price of each of the GLD Shares and the SLV Shares is greater than its starting price, while the ending price of the IBIT Shares is less than its starting price. Although both the GLD Shares and the SLV Shares have appreciated, because the IBIT Shares have depreciated, investors receive only the principal amount at maturity.

December 2025 Page 7

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

**Example 3** — **Each underlying depreciates over the term of the notes, and investors receive the principal amount at maturity.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Ending price | GLD Shares: $30 |
|  | SLV Shares: $45<br> IBIT Shares: $50 |
| &nbsp;&nbsp;&nbsp; Underlying return | GLD Shares: ($30 – $100) / $100 = -70%<br> SLV Shares: ($45 – $100) / $100 = -55%<br> IBIT Shares: ($50 – $100) / $100 = -50% |
| &nbsp;&nbsp;&nbsp; Maturity payment amount  | $1000 |

---

In example 3, the ending price of each of the GLD Shares, the SLV Shares and the IBIT Shares is less than their respective starting price. Therefore, investors receive the principal amount at maturity.

**Because the ending price of the lowest performing underlying is less than or equal to its starting price, you would receive the maturity payment amount equal to $1,000 per $1,000 principal amount of notes, resulting in a total return on the notes of 0%**.

December 2025 Page 8

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

**Scenario Analysis – Hypothetical Maturity Payment Amount for each $1,000 Principal Amount of Notes.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Performance of the Lowest Performing Underlying\*** | &nbsp;&nbsp; **Performance of the Lowest Performing Underlying\*** | &nbsp;&nbsp; **Performance of the Notes**<sup>(1)</sup> | &nbsp;&nbsp; **Performance of the Notes**<sup>(1)</sup> |
| &nbsp;&nbsp; Ending Price | &nbsp;&nbsp; Underlying Return | &nbsp;&nbsp; Maturity Payment Amount | &nbsp;&nbsp; Return on Notes<sup>(2)</sup> |
| &nbsp;&nbsp; $200.00 | &nbsp;&nbsp; 100.00% | &nbsp;&nbsp; $2000.00 | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; 90.00% | &nbsp;&nbsp; $1900.00 | &nbsp;&nbsp; 90.00% |
| &nbsp;&nbsp; $180.00 | &nbsp;&nbsp; 80.00% | &nbsp;&nbsp; $1800.00 | &nbsp;&nbsp; 80.00% |
| &nbsp;&nbsp; $170.00 | &nbsp;&nbsp; 70.00% | &nbsp;&nbsp; $1700.00 | &nbsp;&nbsp; 70.00% |
| &nbsp;&nbsp; $160.00 | &nbsp;&nbsp; 60.00% | &nbsp;&nbsp; $1600.00 | &nbsp;&nbsp; 60.00% |
| &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; 50.00% | &nbsp;&nbsp; $1500.00 | &nbsp;&nbsp; 50.00% |
| &nbsp;&nbsp; $140.00 | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; $1400.00 | &nbsp;&nbsp; 40.00% |
| &nbsp;&nbsp; $130.00 | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; $1300.00 | &nbsp;&nbsp; 30.00% |
| &nbsp;&nbsp; $120.00 | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; $1200.00  | &nbsp;&nbsp; 20.00% |
| &nbsp;&nbsp; $110.00 | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; $1100.00  | &nbsp;&nbsp; 10.00% |
| &nbsp;&nbsp; $105.00 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; $1050.00  | &nbsp;&nbsp; 5.00% |
| &nbsp;&nbsp; $**100.00**<sup>(3)</sup> | &nbsp;&nbsp; **0.00%** | &nbsp;&nbsp; **$1000.00** | &nbsp;&nbsp; **0.00%** |
| &nbsp;&nbsp; $95.00 | &nbsp;&nbsp; -5.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $90.00 | &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $80.00 | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $70.00 | &nbsp;&nbsp; -30.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $50.00 | &nbsp;&nbsp; -50.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $40.00 | &nbsp;&nbsp; -60.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $30.00 | &nbsp;&nbsp; -70.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $20.00 | &nbsp;&nbsp; -80.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; -90.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |

---

*(1) Assumes a participation rate of 100%. The actual participation rate will be determined on the pricing date.*

*(2) The "Return on Notes" is the number, expressed as a percentage, which results from comparing the maturity payment amount per $1,000 principal amount of notes to the purchase price of $1,000 per note.*

*(3) The hypothetical starting price of each underlying.*

December 2025 Page 9

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp;&nbsp; **Risk** **Factors**<br>

*This section describes the material risks relating to the notes. For further discussion of these and other risks, you should read the section entitled "Risk Factors" in the accompanying product supplement and prospectus. We also urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment in the notes.*

<u>Risks Relating to an Investment in the</u> <u>Notes</u>

￭**You may not receive any positive return on the notes.** The notes provide for a maturity payment amount that may be greater than or equal to the principal amount of the notes, depending on the performance of the lowest performing underlying. As the notes do not pay any interest, if the lowest performing underlying does not appreciate, you will not receive any positive return on your investment in the notes. Although the notes provide for the repayment of the principal amount at maturity (subject to our credit risk), regardless of the performance of any underlying, you may nevertheless suffer a loss on your investment in the notes, in real value terms, if you do not receive a positive return on the notes. This is because inflation may cause the real value of the principal amount to be less at maturity than it is at the time you invest, and because an investment in the notes represents a forgone opportunity to invest in an alternative asset that does generate a positive return. The potential loss in real value terms will be greater the longer the term of the notes.

Even if you do receive a positive return on your investment in the notes, there can be no assurance that your total return at maturity on the notes will compensate you for the effects of inflation, and your yield on the notes may be less than the yield you would earn if you bought a traditional interest-bearing debt security from us or another issuer with a similar credit rating with the same stated maturity date. You should carefully consider whether an investment that may not provide for any positive return, or may provide a return that is lower than the return on conventional debt securities, is appropriate for you.

￭**The market price will be influenced by many unpredictable factors.** Several factors, many of which are beyond our control, will influence the value of the notes in the secondary market and the price at which MS & Co. or any other dealer may be willing to purchase or sell the notes in the secondary market. We expect that generally the level of interest rates available in the market and the price of each underlying on any day, including in relation to its respective starting price, will affect the value of the notes more than any other factors. Other factors that may influence the value of the notes include:

othe trading price and volatility (frequency and magnitude of changes in value) of the underlyings,

ogeopolitical conditions and economic, financial, political, regulatory, geographical, agricultural, meteorological or judicial events that affect the underlyings or commodities markets generally and which may affect the ending price of the underlyings,

othe time remaining until the notes mature,

ointerest and yield rates in the market,

othe availability of comparable instruments,

othe occurrence of certain events affecting the underlyings that may or may not require an adjustment to an adjustment factor, and

oany actual or anticipated changes in our credit ratings or credit spreads.

You cannot predict the future performance of any underlying based on its historical performance. The iShares<sup>®</sup> Bitcoin Trust ETF began trading on January 11, 2024 and therefore has limited historical performance. See "SPDR<sup>®</sup> Gold Trust Overview," "iShares<sup>®</sup> Silver Trust Overview" and "iShares<sup>®</sup> Bitcoin Trust ETF Overview" below.

￭**The notes 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 notes.** You are dependent on our ability to pay all amounts due on the notes at maturity, and therefore you are subject to our credit risk. If we default on our obligations under the notes, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the notes 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 notes.

￭**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, including the notes, if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such 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

December 2025 Page 10

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

treated *pari passu* with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

￭**The amount payable on the notes is not linked to the values of the underlyings at any time other than the calculation day.** The ending price of each underlying will be based on the fund closing price of such underlying on the calculation day, subject to postponement for non-trading days and certain market disruption events. Even if each underlying appreciates prior to the calculation day but the price of any underlying depreciates or does not appreciate by the calculation day, the maturity payment amount will be less, and may be significantly less, than it would have been had the maturity payment amount been linked to the prices of the underlyings prior to such decrease. Although the actual prices of the underlyings on the maturity date or at other times during the term of the notes may be higher than their respective ending prices, the maturity payment amount will be based solely on the fund closing prices on the calculation day.

￭**Investing in the notes is not equivalent to investing in the underlyings, the underlying commodity with respect to the GLD Shares and the SLV Shares or the underlying asset with respect to the IBIT Shares.** Investing in the notes is not equivalent to investing in the underlyings, the underlying commodity with respect to the GLD Shares and the SLV Shares, or the underlying asset with respect to the IBIT Shares. Investors in the notes will not have voting rights or any other rights with respect to the underlyings, the underlying commodity with respect to the GLD Shares and the SLV Shares, or the underlying asset with respect to the IBIT Shares.

￭**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 notes in the principal amount reduce the economic terms of the notes, cause the estimated value of the notes to be less than the principal amount 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 notes in secondary market transactions will likely be significantly lower than the principal amount, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the principal amount 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.

The inclusion of the costs of issuing, selling, structuring and hedging the notes in the principal amount and the lower rate we are willing to pay as issuer make the economic terms of the notes less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the notes are not fully deducted upon issuance, for a period of up to 3 months following the issue date, to the extent that MS & Co. may buy or sell the notes in the secondary market, absent changes in market conditions, including those related to the underlyings, 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.

￭**The estimated value of the notes 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 notes than those generated by others, including other dealers in the market, if they attempted to value the notes. 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 notes in the secondary market (if any exists) at any time. The value of your notes at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also "The market price will be influenced by many unpredictable factors" above.

￭**The notes will not be listed on any securities exchange and secondary trading may be limited.** The notes will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. MS & Co. and WFS may, but are not obligated to, make a market in the notes and, if either of them once chooses to make a market, may cease doing so at any time. When they do make a market, they will generally do so for transactions of routine secondary market size at prices based on their respective estimates of the current value of the notes, taking into account their respective bid/offer spreads, 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 they will be able to resell the notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Since other broker-dealers may not participate significantly in the secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which MS & Co. or WFS is willing to transact. If, at any time, MS & Co. and WFS were to cease making a market in the notes, it is likely that there would be no secondary market for the notes. Accordingly, you should be willing to hold your notes to maturity.

￭**The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.** As calculation agent, MS & Co. will determine the starting prices and the ending prices and will calculate the

December 2025 Page 11

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

amount of cash you receive at maturity. 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 or calculation of an ending price in the event of a market disruption event or certain adjustments to an adjustment factor. These potentially subjective determinations may adversely affect the payout to you at maturity. For further information regarding these types of determinations, see "General Terms of the Notes—Market Disruption Events," "—Anti-dilution Adjustments Relating to a Fund; Alternate Calculation," "—Consequences of a Market Disruption Event; Postponement of a Calculation Day" and "Alternate Exchange Calculation in Case of an Event of Default" in the accompanying product supplement. In addition, MS & Co. has determined the estimated value of the notes on the pricing date.

￭**Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.** One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the notes (and possibly to other instruments linked to the underlyings, the underlying commodity with respect to the GLD Shares and the SLV Shares, or the underlying asset, with respect to the IBIT Shares), including trading in the underlyings and in other instruments related to the underlying commodity with respect to the GLD Shares and the SLV Shares, or the underlying asset, with respect to the IBIT Shares. As a result, these entities may be unwinding or adjusting hedge positions during the term of the notes, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the calculation day approaches. Some of our affiliates also trade the underlyings or the underlying asset, with respect to the IBIT Shares and other financial instruments related to the underlyings or the underlying asset, with respect to the IBIT Shares, 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 affect the starting price of an underlying, and, therefore, could increase the price at or above which such underlying must close on the calculation day so that investors receive a maturity payment amount that exceeds the principal amount of the notes (depending also on the performance of the other underlyings). Additionally, such hedging or trading activities during the term of the notes, including on the calculation day, could adversely affect the price of an underlying on the calculation day, and, accordingly, the amount of cash an investor will receive at maturity (depending also on the performance of the other underlyings).

￭**The maturity date may be postponed if the calculation day is postponed.** If the scheduled calculation day is not a trading day or if a market disruption event occurs on that day so that the calculation day is postponed and falls less than three business days prior to the maturity date, the maturity date of the notes will be postponed to the third business day following that calculation day as postponed.

￭**Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.** Morgan Stanley, MSFL, WFS and our or their respective affiliates may publish research from time to time on financial markets and other matters that may influence the value of the notes, or express opinions or provide recommendations that are inconsistent with purchasing or holding the notes. Any research, opinions or recommendations expressed by Morgan Stanley, MSFL, WFS or our or their respective affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make their own independent investigation of the merits of investing in the notes and the underlyings to which the notes are linked.

<u>Risks Relating to the</u> <u>Underlying</u><u>s</u>

￭**You are exposed to the price risk of each underlying.** Your return on the notes is not linked to a basket consisting of each underlying. Rather, it will be based upon the independent performance of each underlying. Unlike an instrument with a return linked to a basket of underlying assets, in which risk is mitigated and diversified among all the components of the basket, you will be exposed to the risks related to each underlying. Poor performance by any underlying over the term of the notes will negatively affect your return and will not be offset or mitigated by any positive performance by the other underlyings. If any underlying depreciates or does not appreciate over the term of the notes, you will receive only the principal amount at maturity, without any positive return on your investment.

￭**Because the notes are linked to the performance of the lowest performing underlying, you are exposed to greater risk of not receiving a positive return on the notes than if the notes were linked to just one underlying**. The risk that you will not receive a positive return on the notes is greater if you invest in the notes as opposed to substantially similar securities that are linked to the performance of just one underlying. With three underliers, it is more likely that any underlying will not appreciate over the term of the notes than if the notes were linked to only one underlying. Therefore, it is more likely that you will not receive a positive return on your investment.

￭**Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally**. The GLD Shares and the SLV Shares are linked exclusively to the prices of gold and silver, respectively, and not to a diverse basket of commodities or a broad-based commodity index. The prices of gold and silver may not correlate with, and may diverge significantly from, the prices of commodities generally. Because the notes are linked to underlying commodity shares, each of which reflects the performance of the price of a single commodity, they carry greater risk and may be more volatile than a note linked to the prices of multiple commodities or a broad-based commodity index. The prices of gold and silver may be, and have recently been, highly volatile, and we can give you no assurance that such volatility will lessen.

￭**The notes are subject to risks associated with gold.** The investment objective of the GLD Shares is to reflect the performance of the price of gold bullion, less the GLD Shares expenses. The price of gold to which the return on the notes is linked is the afternoon London

December 2025 Page 12

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

gold price per troy ounce of gold for delivery in London through a member of the LBMA authorized to effect such delivery. The market for gold bullion is global, and gold prices are subject to volatile price movements over short periods of time. Specific factors affecting the price of gold include economic factors, such as, among other things, the structure of and confidence in the global monetary system, expectations of the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (as the currency in which the price of gold is generally quoted), interest rates and gold borrowing and lending rates, and global or regional economic, financial, political, regulatory, judicial or other events, as well as wars and political and civil upheavals. Gold prices may also be affected by industry factors such as industrial and jewelry demand, lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions that hold gold, sales of gold recycled from jewelry, as opposed to newly produced gold, in particular as the result of financial crises, levels of gold production and production costs in major gold-producing nations such as South Africa, the United States and Australia, non-concurrent trading hours of gold markets and short-term changes in supply and demand because of trading activities in the gold markets. It is not possible to predict the aggregate effect of any or all of these factors. The price of gold may be, and has recently been, extremely volatile, and we can give you no assurance that such volatility will lessen.

￭**The notes are subject to risks associated with silver**. The SLV Shares seeks to reflect generally the performance of the price of silver, less the SLV Shares' expenses and liabilities. The price of silver is primarily affected by global demand for and supply of silver. Silver prices can fluctuate widely and may be affected by numerous factors. These include general economic trends, technical developments, substitution issues and regulation, as well as specific factors including industrial and jewelry demand, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar (as the currency in which the price of silver is generally quoted) and other currencies, interest rates, central bank sales, forward sales by producers, global or regional political or economic events and production costs and disruptions in major silver-producing countries, such as Mexico, China and Peru. The demand for and supply of silver affect silver prices, but not necessarily in the same manner as supply and demand affect the prices of other commodities. The supply of silver consists of a combination of new mine production and existing stocks of bullion and fabricated silver held by governments, public and private financial institutions, industrial organizations and private individuals. In addition, the price of silver has on occasion been subject to very rapid short-term changes due to speculative activities. From time to time, above-ground inventories of silver may also influence the market. The major end-uses for silver include industrial applications, jewelry and silverware. It is not possible to predict the aggregate effect of any or all of these factors.

￭**There are risks relating to trading of commodities on the London Bullion Market Association.** The investment objective of the GLD Shares is to reflect the performance of the price of gold bullion, less the GLD Shares's expenses, and the SLV Shares seek to reflect generally the performance of the price of silver, less the SLV Share's expenses and liabilities. The prices of gold and silver are determined by the LBMA or an independent service-provider appointed by the LBMA. The LBMA is a self-regulatory association of bullion market participants. Although all market-making members of the LBMA are supervised by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation not currently in place, the role of LBMA gold and silver prices as global benchmarks for the values of gold and silver may be adversely affected. The LBMA is a principals' market that operates in a manner more closely analogous to an over-the-counter physical commodity market than a regulated futures markets, and certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the LBMA that would otherwise restrict fluctuations in the prices of LBMA contracts. In a declining market, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days. The LBMA may alter, discontinue or suspend calculation or dissemination of LBMA gold and silver prices, which could adversely affect the value of the securities. The LBMA, or an independent service-provider appointed by the LBMA, will have no obligation to consider your interests in calculating or revising LBMA gold and silver prices.

￭**Suspensions or disruptions of market trading in commodity and related futures markets could adversely affect the price of the notes.** The commodity markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. These limits are generally referred to as "daily price fluctuation limits" and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a "limit price." Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the value of the commodity that constitutes the GLD Shares and the SLV Shares, and, therefore, the value of the notes.

￭**The notes are subject to risks associated with bitcoin and digital assets.** The investment objective of the iShares<sup>®</sup> Bitcoin Trust ETF is to reflect generally the performance of the price of bitcoin, less the iShares<sup>®</sup> Bitcoin Trust ETF's expenses. Bitcoin is a digital asset, and use of bitcoin in the retail and commercial marketplace is relatively limited. Bitcoin generally operates without central authority or

December 2025 Page 13

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

banks and is not backed by any government or organized governing body. Digital assets such as bitcoin represent new, novel and rapidly evolving products, and their value is influenced by a wide variety of factors that are uncertain and difficult to evaluate. The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Digital asset markets in the United States exist in a state of regulatory uncertainty and the exchanges on which bitcoin trades globally, including in the United States, are relatively new and, in most cases, largely unregulated. Legislative or regulatory developments could significantly affect the value of bitcoin, as could competition from other digital assets. Political or economic crises may motivate large-scale sales of bitcoin, resulting in a reduction in the price of bitcoin. The value of bitcoin could be adversely affected by the actions of bitcoin miners and changes in the block rewards and transaction fees miners earn. Bitcoin is susceptible to theft, loss and fraud. The bitcoin network, bitcoin custodians and trading platforms are subject to risks relating to operational problems, technical glitches, internet disruptions, shutdowns, hackers and malware, all of which may also affect the price of bitcoin. Over the past several years, some digital asset platforms have been closed, been subject to criminal and civil litigation and have entered into bankruptcy proceedings due to fraud and manipulative activity, business failure and/or security breaches. Negative perception, a lack of stability and standardized regulation in the digital asset markets and/or the closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, security breaches or government mandated regulation, and associated losses by customers, may reduce confidence in digital asset networks and result in greater volatility in the prices of digital assets, including bitcoin. These and other factors could have an adverse effect on the price of bitcoin and, therefore, the value of the notes.

￭**Investments linked to bitcoin are subject to specific risks relating to security threats.** Security breaches, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets, including bitcoin. The sponsor of the underlying has stated that it believes that the bitcoins held in the underlying's account at its bitcoin custodian or trading balance held with its prime execution agent will be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the underlying's bitcoins and will only become more appealing as the amount or value of the underlying's assets grow. To the extent that the underlying is unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the underlying's bitcoins may be subject to theft, loss, destruction or other attack.

￭**Investments linked to bitcoin are subject to specific risks relating to fraud and manipulation.** Many digital asset platforms, both in the United States and abroad, are unlicensed, not subject to, or not in compliance with, regulation in relevant jurisdictions, or operate without extensive supervision by governmental authorities, and therefore may be more susceptible to fraudulent or manipulative acts and practices. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions and may take the position that they are not subject to laws and regulations that would apply to a regulated financial market in the United States, or may, as a practical matter, be beyond the ambit of U.S. regulators. Furthermore, many bitcoin trading venues lack certain safeguards put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges, such as circuit breakers. Tools to detect and deter fraudulent or manipulative trading activities such as market manipulation, front-running of trades, and wash-trading may not be available to or employed by digital asset platforms, or may not exist at all. Sources of fraud and manipulation in the bitcoin market generally include, among others (1) wash trading; (2) persons with a dominant position in bitcoin manipulating bitcoin pricing; (3) hacking of the bitcoin network and trading platforms; (4) malicious control of the bitcoin network; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in bitcoin, new sources of demand for bitcoin) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," and (7) fraud and manipulation at bitcoin trading platforms. The effect of potential market manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes actually present in crypto market and/or cause distortions in price, which could adversely impact the underlying's creation and redemption arbitrage mechanism and affect the value of the underlying and, consequently, the notes.

￭**The iShares**<sup>®</sup> **Bitcoin Trust ETF has very limited historical performance.** The iShares<sup>®</sup> Bitcoin Trust ETF began trading on January 11, 2024 and therefore has very limited historical performance. Past performance should not be considered indicative of future performance.

￭**Suspensions or disruptions of market trading in commodity and related futures markets could adversely affect the price of the notes.** The commodity markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. These limits are generally referred to as "daily price fluctuation limits" and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a "limit price." Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the

December 2025 Page 14

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the value of the commodity that constitutes the SLV Shares, and, therefore, the value of the notes.

￭**The performance and market price of the underlyings, particularly during periods of market volatility, may not correlate with the performance of the underlying commodity, with respect to the GLD Shares and SLV Shares, or the underlying asset, with respect to the IBIT Shares, or the net asset value per share of the respective underlying.** The GLD Shares and the SLV Shares do not fully replicate the performance of their respective underlying commodity and the IBIT Shares do not fully replicate the performance of its underlying asset.

The underlyings do not fully replicate the performance of their respective underlying commodity, with respect to the GLD Shares and the SLV Shares, or underlying asset, with respect to the IBIT Shares, due to the fees and expenses charged by their respective underlying shares, or by restrictions on access to the relevant underlying commodity or underlying asset, as applicable, due to other circumstances. Each of the underlying commodity shares and underlying asset do not generate any income, and as each underlying regularly sells its underlying commodity or underlying asset, as applicable, to pay for ongoing expenses, the amount of its underlying commodity or underlying asset represented by each share gradually declines over time. Each underlying sells its underlying commodity, with respect to the GLD Shares and SLV Shares, or underlying asset, with respect to the IBIT Shares, to pay expenses on an ongoing basis irrespective of whether the trading price of the shares rises or falls in response to changes in the price of its underlying commodity or underlying asset, as applicable. The sale by the respective underlying of its underlying commodity, with respect to the GLD Shares or SLV Shares, or underlying asset, with respect to the IBIT Shares, to pay expenses at a time of relatively low prices for such underlying commodity or asset, as applicable, could adversely affect the value of the notes. Additionally, there is a risk that part or all of the holdings of either the respective underlying commodity shares in its underlying commodity, with respect to the GLD Shares and the SLV Shares, or the underlying asset, with respect to the IBIT Shares, could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise.

Additionally, because the shares of each of the underlyings are traded on an exchange and are subject to market supply and investor demand, the market price of one share of each of the underlyings may differ from the net asset value per share of such underlying.

In particular, during periods of market volatility, or unusual trading activity, trading in the components underlying each of the underlyings may be disrupted or limited, or such components may be unavailable in the secondary market. Under these circumstances, the liquidity of each underlying may be adversely affected, market participants may be unable to calculate accurately the net asset value per share of each of the underlyings, and their ability to create and redeem shares of each of the underlyings may be disrupted. Under these circumstances, the market price of shares of each of the underlyings may vary substantially from the net asset value per share of each underlying share, the performance of the underlying commodity, with respect to the GLD Shares and SLV Shares, or the performance of the underlying asset, with respect to the IBIT Shares.

For all of the foregoing reasons, the performance of an underlying may not correlate with the performance of its underlying commodity or its underlying asset, as applicable, or the net asset value per share of such underlying. Any of these events could materially and adversely affect the price of an underlying and, therefore, the value of the notes. Additionally, if market volatility or these events were to occur with respect to an underlying on the calculation day, the calculation agent would maintain discretion to determine whether such market volatility or events have caused a market disruption event with respect to such underlying to occur, and such determination may affect the maturity payment amount of the notes. If the calculation agent determines that no market disruption event with respect to an underlying has taken place, the payment at maturity would be based on the published closing price per share of such underlying on the calculation day, even if such underlying is underperforming its underlying commodity, with respect to the GLD Shares and SLV Shares, or its underlying asset, with respect to the IBIT Shares, and/or trading below the net asset value per share of such underlying.

￭**The antidilution adjustments the calculation agent is required to make do not cover every event that could affect the underlyings.** MS & Co., as calculation agent, will adjust the adjustment factors for certain events affecting the underlyings. However, the calculation agent will not make an adjustment for every event that could affect the underlyings. If an event occurs that does not require the calculation agent to adjust an adjustment factor, the market price of the notes may be materially and adversely affected. The determination by the calculation agent to adjust, or not to adjust, an adjustment factor may materially and adversely affect the value of the notes.

￭**Historical prices of the underlyings should not be taken as an indication of the future performance of the underlyings during the term of the notes.** No assurance can be given as to the price of the underlyings at any time, including on the calculation day, because historical prices of the underlyings do not provide an indication of future performance of the underlyings.

December 2025 Page 15

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp;&nbsp; **SPDR**<sup>®</sup> **Gold Trust Overview**<br>

The SPDR<sup>®</sup> Gold Trust (the "Gold Trust") is an investment trust sponsored by World Gold Trust Services, LLC and marketed by State Street Global Advisors Funds Distributors, LLC, which seeks to provide investment results that reflect the performance of the price of gold bullion, less the SPDR<sup>®</sup> Gold Trust's expenses. The SPDR<sup>®</sup> Gold Trust holds gold bars. Information provided to or filed with the Securities and Exchange Commission ("the Commission") by the Trust pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to Commission file numbers 001-32356 and 333-263087, respectively, through the Commission's website at www.sec.gov. In addition, information may be obtained from other publicly available sources. **Neither the issuer nor the agent makes any representation that any such publicly available information regarding the SPDR**<sup>®</sup> **Gold Trust is accurate or complete.**

We have derived all information regarding the SPDR<sup>®</sup> Gold Trust, including its make-up and method of calculation, from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, the Gold Trust and World Gold Trust Services, LLC ("World Gold"), the sponsor of the Gold Trust. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the Gold Trust, and HSBC Bank plc is the custodian of the Gold Trust. The Gold Trust is an investment trust. Shares of the Gold Trust trade under the ticker symbol "GLD" on the NYSE Arca, Inc.

The investment objective of the Gold Trust is to reflect the performance of the price of gold bullion, less the Gold Trust's expenses. The Gold Trust holds gold bars. The Gold Trust issues shares in exchange for deposits of gold and distributes gold in connection with the redemption of shares. The shares of the Gold Trust are intended to offer investors an opportunity to participate in the gold market through an investment in securities. The ownership of the shares of the Gold Trust is intended to overcome certain barriers to entry in the gold market, such as the logistics of buying, storing and insuring gold.

The shares of the Gold Trust represent units of fractional undivided beneficial interest in and ownership of the Gold Trust, the primary asset of which is allocated (or secured) gold. The Gold Trust is not managed like a corporation or an active investment vehicle. The gold held by the Gold Trust will be sold only: (1) on an as-needed basis to pay the Gold Trust's expenses, (2) in the event the Gold Trust terminates and liquidates its assets or (3) as otherwise required by law or regulation. Effective July 17, 2015, the Gold Trust's only recurring fixed expense is World Gold's fee, which accrues daily at an annual rate equal to 0.40% of the daily net asset value of the Gold Trust, in exchange for World Gold assuming the responsibility to pay all ordinary fees and expenses of the Gold Trust.

The following graph sets forth the daily closing prices of the GLD Shares for the period from January 1, 2020 through December 11, 2025. The closing price of the GLD Shares on December 11, 2025 was $393.24. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The GLD Shares have at times experienced periods of high volatility. You should not take the historical prices of the GLD Shares as an indication of its future performance, and no assurance can be given as to the closing price of the GLD Shares on the calculation day.

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| |
|:---|
| &nbsp;&nbsp; **SPDR**<sup>®</sup> **Gold Trust - Daily Closing Prices**<br> **January 1, 2020 to December 11, 2025** |
| &nbsp;&nbsp; ![](image4.gif)  |

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December 2025 Page 16

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

**This document relates only to the notes offered hereby and does not relate to the GLD Shares. We have derived all disclosures contained in this document regarding the Gold Trust from the publicly available documents described above. In connection with the offering of the notes, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the Gold Trust. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the Gold Trust is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the GLD Shares (and therefore the price of the GLD Shares at the time we price the notes) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Gold Trust could affect the value received with respect to the notes and therefore the value of the notes.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the GLD Shares.**

We and/or our affiliates may presently or from time to time engage in business with the Gold Trust. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the Gold Trust, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the GLD Shares. The statements in the preceding two sentences are not intended to affect the rights of investors in the notes under the securities laws. As a prospective purchaser of the notes, you should undertake an independent investigation of the Gold Trust as in your judgment is appropriate to make an informed decision with respect to an investment linked to the GLD Shares.

December 2025 Page 17

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp;&nbsp; **iShares**<sup>®</sup> **Silver Trust Overview**<br>

The iShares<sup>®</sup> Silver Trust (the "Silver Trust") is an investment trust sponsored by iShares<sup>®</sup> Delaware Trust Sponsor LLC , which seeks to provide investment results that reflect the performance of the price of silver, less the iShares<sup>®</sup> Silver Trust's expenses and liabilities. The assets of the iShares<sup>®</sup> Silver Trust consists primarily of silver held by a custodian on behalf of the iShares<sup>®</sup> Silver Trust. Information provided to or filed with the Securities and Exchange Commission (the "Commission") by the iShares<sup>®</sup> Silver Trust pursuant to the Securities Act of 1933 can be located by reference to Commission file number 001-32863 through the Commission's website at www.sec.gov. In addition, information may be obtained from other publicly available sources. **Neither the issuer nor the agent makes any representation that any such publicly available information regarding the iShares**<sup>®</sup> **Silver Trust is accurate or complete.**

All information contained in this document regarding the Silver Trust has been derived from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, iShares<sup>®</sup> Delaware Trust Sponsor LLC, a subsidiary of BlackRock, Inc., the sponsor of the Silver Trust. The Bank of New York Mellon is the trustee of the Silver Trust, and JPMorgan Chase Bank, N.A. is the custodian of the Silver Trust. Shares of the Silver Trust trades under the ticker symbol "SLV" on NYSE Arca, Inc.

The Silver Trust seeks to reflect generally the performance of the price of silver, less the Silver Trust's expenses and liabilities. The assets of the Silver Trust consist primarily of silver held by a custodian on behalf of the Silver Trust. The Silver Trust issues shares in exchange for deposits of silver and distributes silver in connection with the redemption of shares. The shares of the Silver Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.

The Silver Trust does not engage in any activity designed to derive a profit from changes in the price of silver. The Silver Trust's only ordinary recurring expense is expected to be the sponsor's fee, which accrues daily at an annualized rate equal to 0.50% of the net asset value of the Silver Trust and is payable monthly in arrears. The trustee of the Silver Trust will, when directed by the sponsor of the Silver Trust, and, in the absence of such direction, may in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Silver Trust sponsor's fee and of Silver Trust expenses or liabilities not assumed by the sponsor. As a result of the recurring sales of silver necessary to pay the Silver Trust sponsor's fee and the Silver Trust expenses or liabilities not assumed by the Silver Trust sponsor, the net asset value of the Silver Trust will decrease over time.

The following graph sets forth the daily closing prices of the SLV Shares for the period from January 1, 2020 through December 11, 2025. The closing price of the SLV Shares on December 11, 2025 was $57.62. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The SLV Shares have at times experienced periods of high volatility. You should not take the historical prices of the SLV Shares as an indication of its future performance, and no assurance can be given as to the closing price of the SLV Shares on the calculation day.

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| |
|:---|
| &nbsp;&nbsp; **iShares**<sup>®</sup> **Silver Trust - Daily Closing Prices**<br> **January 1, 2020 to December 11, 2025** |
| &nbsp;&nbsp; ![](image5.gif)  |

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December 2025 Page 18

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

**This document relates only to the notes offered hereby and does not relate to the SLV Shares. We have derived all disclosures contained in this document regarding the Silver Trust from the publicly available documents described above. In connection with the offering of the notes, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the Silver Trust. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the Silver Trust is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SLV Shares (and therefore the price of the SLV Shares at the time we price the notes) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Silver Trust could affect the value received with respect to the notes and therefore the value of the notes.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the SLV Shares.**

We and/or our affiliates may presently or from time to time engage in business with the Silver Trust. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the Silver Trust, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the SLV Shares. The statements in the preceding two sentences are not intended to affect the rights of investors in the notes under the securities laws. As a prospective purchaser of the notes, you should undertake an independent investigation of the Silver Trust as in your judgment is appropriate to make an informed decision with respect to an investment linked to the SLV Shares.

December 2025 Page 19

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp;&nbsp; **iShares**<sup>®</sup> **Bitcoin Trust ETF Overview**<br>

The iShares<sup>®</sup> Bitcoin Trust ETF ("the Trust") is a Delaware statutory trust sponsored by iShares<sup>®</sup> Delaware Trust Sponsor LLC that seeks to reflect generally the performance of the price of bitcoin, which is its underlying asset, less the Trust's expenses and liabilities. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. Information provided to or filed with the Securities and Exchange Commission by the Trust pursuant to the Securities Act of 1933 can be located by reference to Securities and Exchange Commission file number 001- 41914 through the Securities and Exchange Commission's website at www.sec.gov. In addition, information regarding the underlying may be obtained from other publicly available sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

We have derived all information regarding the Trust, including its composition and method of calculation, from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by the sponsor of the Trust, iShares<sup>®</sup> Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors is the trustee of the Trust; Coinbase Custody Trust Company, LLC is the custodian for the Trust's bitcoin holdings; Anchorage Digital Bank N.A. is an available alternative custodian for the Trust's bitcoin holdings; Coinbase, Inc., an affiliate of Coinbase Custody Trust Company, LLC, is the prime exchange agent; the Bank of New York Mellon is the custodian for the Trust's cash holdings and the administrator of the trust; and Wilmington Trust Company, a Delaware trust company, serves as the trustee of the Trust.

The Trust issues (in blocks of 40,000 shares, each of which is referred to as a "basket") shares representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The shares of the Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform. The trustee of the Trust sells bitcoin held by the Trust to pay the Trust's expenses on an as-needed basis irrespective of then-current bitcoin prices.

The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of bitcoin. The Trust pays the sponsor's fee, which accrues daily at an annualized rate equal to 0.25% of the net asset value of the Trust, at least quarterly in arrears. The trustee of the Trust will, when directed by the sponsor of the Trust, and, in the absence of such direction, may in its discretion, sell bitcoin in such quantity and at such times as may be necessary to permit payment of the Trust sponsor's fee and Trust expenses or liabilities not assumed by the sponsor. As a result of the recurring sales of bitcoin necessary to pay the Trust sponsor's fee and Trust expenses or liabilities not assumed by the Trust sponsor, the net asset value of the Trust will decrease over the life of the trust. New purchases of bitcoin utilizing cash proceeds from new shares issued by the Trust do not reverse this trend. **Neither the issuer nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the iShares**<sup>®</sup> **Bitcoin Trust ETF is accurate or complete.**

The following graph sets forth the daily closing prices of the IBIT Shares for the period from January 1, 2020 through December 11, 2025. The closing price of the IBIT Shares on December 11, 2025 was $52.10. The IBIT Shares began trading on January 11, 2024 and therefore has limited historical performance. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The IBIT Shares have at times experienced periods of high volatility. You should not take the historical prices of the IBIT Shares as an indication of its future performance, and no assurance can be given as to the closing price of the IBIT Shares on the calculation day.

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| |
|:---|
| &nbsp;&nbsp; **iShares**<sup>®</sup> **Bitcoin Trust ETF - Daily Closing Prices**<br> **January 11, 2024\* to December 11, 2025** |
| &nbsp;&nbsp; ![](image6.gif)  |

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*\*The IBIT Shares began trading on January 11, 2024 and therefore has limited historical performance.*

December 2025 Page 20

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

**This document relates only to the notes offered hereby and does not relate to the IBIT Shares. We have derived all disclosures contained in this document regarding the Trust from the publicly available documents described above. In connection with the offering of the notes, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the Trust. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the Trust is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the IBIT Shares (and therefore the price of the IBIT Shares at the time we price the notes) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Trust could affect the value received with respect to the notes and therefore the value of the notes.**

**Neither we nor any of our affiliates makes any representation to you as to the performance of the IBIT Shares.**

We and/or our affiliates may presently or from time to time engage in business with the Trust. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the Trust, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the IBIT Shares. The statements in the preceding two sentences are not intended to affect the rights of investors in the notes under the securities laws. As a prospective purchaser of the notes, you should undertake an independent investigation of the Trust as in your judgment is appropriate to make an informed decision with respect to an investment linked to the IBIT Shares.

***Bitcoin.*** Bitcoin is a digital asset, the ownership and behavior of which are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the Bitcoin Network, commonly referred to as the Bitcoin Protocol. The value of bitcoin, like the value of other digital assets, is not backed by any government, corporation or other identified body. Ownership and the ability to transfer or take other actions with respect to bitcoin are protected through public-key cryptography. The supply of bitcoin is constrained or formulated by its protocol instead of being explicitly delegated to an identified body (e.g., a central bank) to control. Units of bitcoin, called tokens, are treated as fungible. Bitcoin and certain other types of digital assets are often referred to as digital currencies or cryptocurrencies. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "miners"), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose what bitcoin software to run.

December 2025 Page 21

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

&nbsp;&nbsp; **Additional Information About the Notes**<br>

**Minimum ticketing size**

$1,000 / 1 note

**Tax considerations**

In the opinion of our counsel, Davis Polk & Wardwell LLP, the notes should be treated as "contingent payment debt instruments" for U.S. federal income tax purposes, as described in the section of the accompanying product supplement called "United States Federal Taxation—Tax Consequences to U.S. Holders." Under this treatment, if you are a U.S. taxable investor, you generally will be subject to annual income tax based on the "comparable yield" (as defined in the accompanying product supplement) of the notes, adjusted upward or downward to reflect the difference, if any, between the actual and projected amount of the payments on the notes. The comparable yield will be determined on the pricing date and may be significantly higher or lower than the comparable yield if the notes were priced on the date hereof. The comparable yield and the projected payment schedule (or information about how to obtain them) will be provided in the final pricing supplement. In addition, any gain recognized by U.S. taxable investors on the sale or exchange, or at maturity, of the notes generally will be treated as ordinary income.

You should read the discussion under "United States Federal Taxation" in the accompanying product supplement concerning the U.S. federal income tax consequences of an investment in the notes.

**The comparable yield and the projected payment schedule will not be provided for any purpose other than the determination of U.S. Holders' accruals of interest income and adjustments thereto in respect of the notes for U.S. federal income tax purposes, and we make no representation regarding the actual amount of the payments that will be made on the notes.** 

If you are a non-U.S. investor, please also read the section of the accompanying product supplement called "United States Federal Taxation—Tax Consequences to Non-U.S. Holders."

As discussed in the accompanying product supplement, Section 871(m) of the Internal Revenue Code of 1986, as amended (the "Code"), 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 Internal Revenue Service ("IRS") notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta of one with respect to any Underlying Security. Based on the terms of the notes and current market conditions, we expect that the notes 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 notes do not have a delta of one with respect to any Underlying Security, our counsel is of the opinion that the notes 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 notes.

**You should consult your tax adviser regarding all aspects of the U.S. federal income tax consequences of an investment in the notes, as well as 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 supplement, 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 notes.**

December 2025 Page 22

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**Morgan Stanley Finance LLC**

**Market Linked Notes—Upside Participation and Principal Return at Maturity**

**Notes Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust, the iShares**<sup>®</sup> **Silver Trust and the iShares**<sup>®</sup> **Bitcoin Trust ETF due January 4, 2028**

**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 notes, either directly or indirectly.

**Supplemental information regarding plan of distribution; conflicts of interest**

MS & Co. and WFS will act as the agents for this offering. WFS will receive a commission of up to $30.75 for each note it sells. WFS proposes to offer the notes in part directly to the public at the price to public set forth on the cover page of this document and in part to Wells Fargo Advisors ("WFA") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), an affiliate of WFS, or other securities dealers at such price less a selling concession of up to $20.00 per note. In addition to the selling concession allowed to WFA, WFS may pay $0.75 per note of the commission to WFA as a distribution expense fee for each note sold by WFA.

In addition, in respect of certain notes sold in this offering, we may pay a fee of up to $2.00 per note to selected securities dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers.

See "Plan of Distribution; Conflicts of Interest" in the accompanying product supplement for information about the distribution arrangements for the notes. References therein to "agent" refer to each of MS & Co. and WFS, as agents for this offering, except that references to "agent" in the context of offers to certain Morgan Stanley dealers and compliance with FINRA Rule 5121 do not apply to WFS. MS & Co., WFS or their affiliates may enter into hedging transactions with us in connection with this offering.

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 notes. When MS & Co. prices this offering of notes, it will determine the economic terms of the notes, such that for each note the estimated value on the pricing date will be no lower than the minimum level described in "Estimated Value of the Notes" beginning on page 3.

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**

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product 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 and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. When you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the product supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.

You may access these documents on the SEC web site at.www.sec.gov as follows:

[**<u>Product Supplement for Notes Linked To One Or More Indices, Exchange-Traded Funds or Equity Securities dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016351/dp202702_424b2-wffmln.htm)

[**<u>Prospectus dated April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

Terms used but not defined in this document are defined in the product supplement or in the prospectus.

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