# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0001839882-25-034498
**Filing Date:** 2025-6
**Character Count:** 81353
**Document Hash:** d40ecb53e86cfa4111724eb2a245707e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-034498.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001839882-25-034498

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**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:** 251071751

**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:** 251071752

**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

**June 2025**

Preliminary Pricing Supplement No. 9,066

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

Dated June 25, 2025

Filed pursuant to Rule 424(b)(2)

**Morgan Stanley Finance LLC**

**Structured Investments**

Opportunities in International Equities

**Market** **Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ￭Linked to the VanEck<sup>®</sup> Gold Miners ETF<br> ￭The securities offered are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest, provide for a payment at maturity that may be significantly less than the face amount and have the terms described in the accompanying product supplement for principal at risk securities, index supplement and prospectus, as supplemented or modified by this document. At maturity:<br> ￭If the price of the underlying has increased, investors will receive the face amount *plus* a positive return equal to 150% of the percentage increase in the price of the underlying from the starting price, subject to a maximum return at maturity of at least 65.65% (to be determined on the pricing date) of the face amount. As a result of the maximum return, the maximum maturity payment amount will be at least $1,656.50 per security.<br> ￭If the price of the underlying has decreased, but the underlying has not decreased by more than 15%, investors will receive the face amount.<br> ￭If the underlying has decreased by more than 15%, investors will have 1-to-1 downside exposure to the decrease in the price of the underlying from the starting price in excess of 15%.<br> ￭Investors may lose up to 85% of the face amount of the securities.<br> ￭The securities are for investors who seek an equity-based return and who are willing to risk their investment and forgo current income and upside above the maximum return in exchange for the participation rate and buffer features that in each case apply to a limited range of performance of the underlying.<br> ￭The securities are notes issued as part of MSFL's Series A Global Medium-Term Notes program.<br> ￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment.<br> ￭These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any securities included in the underlying.<br>

**The current estimated value of the securities is approximately $948.40 per security, or within $30.00 of that estimate. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlying, instruments based on the underlying, 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 Securities" on page 3.**

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

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

**The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.** 

**You should read this document together with the related product supplement for principal at risk securities, index supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying product supplement and index supplement, please note that all references in such supplements 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 Securities" 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 security** | &nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp; $971.75 |
| &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 $28.25 for each security it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $22.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. See "Supplemental information concerning plan of distribution; conflicts of interest."

*(2)*In respect of certain securities sold in this offering, we may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

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

[**<u>Product Supplement for Principal at Risk Securities dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016341/dp202703_424b2-wffpar.htm)

[**<u>Index Supplement dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016332/dp202718_424b2-isn2023.htm)[**<u>Prospectus dated April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

**Morgan Stanley Wells Fargo Securities**

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Terms** | &nbsp;&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; July 6, 2028†, subject to postponement if the calculation day is postponed\* |
| &nbsp;&nbsp; **Market measure:** | &nbsp;&nbsp; VanEck<sup>®</sup> Gold Miners ETF (the "underlying") |
| &nbsp;&nbsp; **Fund underlying index:** | &nbsp;&nbsp; NYSE Arca Gold Miners Index |
| &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 face amount of securities will be determined as follows:<br> ●If the ending price is *greater than* the starting price:<br> $1,000 *plus* the lesser of:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[$1,000 × *fund return* × *participation rate*], and <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the maximum return <br> ●If the ending price is *less than or equal to* the starting price, but *greater than or equal to* the threshold price:<br> $1,000<br> ●If the ending price is *less than* the threshold price:<br> $1,000 *plus* [$1,000 × (*fund return* + *buffer amount*)]<br> **If the ending price is less than the threshold price, you will receive less, and up to 85% less, than the face amount of your securities at maturity.** |
| &nbsp;&nbsp; **Fund return:** | &nbsp;&nbsp; *(ending price – starting price) / starting price* |
| &nbsp;&nbsp; **Participation rate:** | &nbsp;&nbsp; 150%  |
| &nbsp;&nbsp; **Starting price:** | &nbsp;&nbsp; $, which is the fund closing price on the pricing date |
| &nbsp;&nbsp; **Ending price:** | &nbsp;&nbsp; The fund closing price on the calculation day  |
| &nbsp;&nbsp; **Calculation day:** | &nbsp;&nbsp; June 30, 2028\*\*†, subject to postponement for non-trading days and certain market disruption events |
| &nbsp;&nbsp; **Threshold price:** | &nbsp;&nbsp; $, which is equal to 85% of the starting price |
| &nbsp;&nbsp; **Buffer amount:** | &nbsp;&nbsp; 15% |
| &nbsp;&nbsp; **Maximum return:** | &nbsp;&nbsp; The "maximum return" will be determined on the pricing date and will be at least 65.65% of the face amount per security (at least $656.50 per security). As a result of the maximum return, the maximum maturity payment amount will be at least $1,656.50 per security. |
| &nbsp;&nbsp; **Face amount:** | &nbsp;&nbsp; $1,000 per security. References in this document to a "security" are to a security with a face amount of $1,000. |
| &nbsp;&nbsp; **Pricing date:** | &nbsp;&nbsp; June 30, 2025† |
| &nbsp;&nbsp; **Original issue date:** | &nbsp;&nbsp; July 3, 2025† (3 business days after the pricing date) |
| &nbsp;&nbsp; **CUSIP / ISIN:** | &nbsp;&nbsp; 61778NBN0 / US61778NBN03 |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp; The securities 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 Securities—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 securities remains the same.<br> \* Subject to postponement pursuant to "General Terms of the Securities—Payment Dates" in the accompanying product supplement for principal at risk securities.<br> \*\* Subject to postponement pursuant to "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day" in the accompanying product supplement for principal at risk securities. | &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 securities remains the same.<br> \* Subject to postponement pursuant to "General Terms of the Securities—Payment Dates" in the accompanying product supplement for principal at risk securities.<br> \*\* Subject to postponement pursuant to "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day" in the accompanying product supplement for principal at risk securities. |

---

June 2025 Page 2

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Estimated** **Value of the Securities** |
| &nbsp;&nbsp; The face amount of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000 per security. We estimate that the value of each security on the pricing date will be approximately $948.40, or within $30.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement.<br> *What goes into the estimated value on the pricing date?*<br> In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlying. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlying, instruments based on the underlying, 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 securities?*<br> In determining the economic terms of the securities, including the maximum return, the participation rate and the threshold price, we use an internal funding rate which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.<br> *What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?*<br> The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlying, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 3 months following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlying, 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 securities and, if it once chooses to make a market, may cease doing so at any time. |

---

June 2025 Page 3

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Investor** **Considerations** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Principal at Risk Securities Linked to the VanEck<sup>®</sup> Gold Miners ETF due July 6, 2028 (the "securities") can be used:<br> ￭As an alternative to direct exposure to the underlying that enhances returns for a certain range of positive performance of the underlying, subject to the maximum return;<br> ￭To enhance returns and potentially outperform the underlying in a moderately bullish scenario;<br> ￭To achieve similar levels of upside exposure to the underlying as a direct investment while using fewer dollars by taking advantage of the participation rate, subject to the maximum return; and<br> ￭To obtain a buffer against a specified level of negative performance in the underlying.<br> The securities 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 securities to maturity;<br> ￭Are unwilling to accept the risk that the ending price of the underlying may decrease by more than 15% from the starting price, resulting in a loss of some or a significant portion of the initial investment;<br> ￭Seek uncapped exposure to the upside performance of the underlying; <br> ￭Seek full return of the face amount of the securities at maturity;<br> ￭Seek current income from their investments;<br> ￭Seek exposure to the underlying but are unwilling to accept the risk/return trade-offs inherent in the payment at maturity for the securities;<br> ￭Are unwilling to accept our credit risk; or<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 securities 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 securities 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 securities. For more information about the underlying, please see the section titled "VanEck**<sup>®</sup> **Gold Miners ETF Overview" below.**

June 2025 Page 4

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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

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

![](image1.gif)

June 2025 Page 5

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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

**Payoff Diagram**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Face amount:** | &nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Participation rate:** | &nbsp;&nbsp; 150% |
| &nbsp;&nbsp; **Threshold price:** | &nbsp;&nbsp; 85% of the starting price |
| &nbsp;&nbsp; **Hypothetical maximum return:** | &nbsp;&nbsp; 65.65% of the face amount ($656.50 per security). The actual maximum return will be determined on the pricing date. |
| &nbsp;&nbsp; **Securities Payoff Diagram** | &nbsp;&nbsp; **Securities Payoff Diagram** |
| &nbsp;&nbsp; ![](image2.gif)  | &nbsp;&nbsp; ![](image2.gif)  |

---

June 2025 Page 6

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

&nbsp;&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 price of the underlying relative to the starting price. We cannot predict the ending price 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 underlying. The numbers appearing in the examples below may have been rounded for ease of analysis. Notwithstanding anything to the contrary in the accompanying product supplement for principal at risk securities, the amount you will receive per $1,000 face amount of securities at maturity will be the maturity payment amount, defined and calculated as provided in this document. The following scenario analysis and examples illustrate the payment at maturity on a hypothetical offering of the securities, based on the following terms\*:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment term: | &nbsp;&nbsp; Approximately 3 years |
| &nbsp;&nbsp; Hypothetical starting price: | &nbsp;&nbsp; $100.00 |
| &nbsp;&nbsp; Threshold price: | &nbsp;&nbsp; $85.00 (85% of the hypothetical starting price) |
| &nbsp;&nbsp; Participation rate: | &nbsp;&nbsp; 150% |
| &nbsp;&nbsp; Hypothetical maximum return: | &nbsp;&nbsp; 65.65% of the face amount ($656.50 per security). The actual maximum return will be determined on the pricing date. |

---

<sup>\*</sup> The hypothetical starting price of $100.00 has been chosen for illustrative purposes only and does not represent the actual starting price. The actual starting price and maximum return will be determined on the pricing date and will be set forth under "Terms" above. For historical data regarding the actual fund closing prices of the underlying, see the historical information set forth herein.

**Example 1** — **The price of the underlying *increases* from a starting price of $100.00 to an ending price of $110.00.** 

Because the hypothetical ending price is greater than the hypothetical starting price, the maturity payment amount would equal $1,000 *plus* a positive return equal to the *lesser of*:

(i) $1,000 × *fund return* × *participation rate*

$1,000 × 10% × 150%

= $150, and

(ii) the maximum return of $656.50

On the maturity date, you would receive the maturity payment amount equal to $1,150 per $1,000 face amount of securities, resulting in a total return on the securities of 15%.

**Example 2** — **The price of the underlying *increases* from a starting price of $100.00 to an ending price of $200.00.** 

Because the hypothetical ending price is greater than the hypothetical starting price, the maturity payment amount would equal $1,000 *plus* a positive return equal to the *lesser of*:

(i) $1,000 × *fund return* × *participation rate*

$1,000 × 100% × 150%

= $1,500, and

(ii) the maximum return of $656.50

On the maturity date, you would receive the maturity payment amount equal to $1,656.50 per $1,000 face amount of securities (which is the maximum maturity payment amount), resulting in a total return on the securities of 65.65%. The appreciation potential of the securities is limited by the hypothetical maximum return. Although the participation rate provides 150% exposure to any increase in the ending price over the starting price, because the maturity payment amount will be limited to 165.65% of the face amount for the securities (assuming a maximum return of $656.50 per security), any increase in the ending price over the starting price by more than 43.766% of the starting price will not further increase the return on the securities.

**Example 3** — **The price of the underlying *decreases* from a starting price of $100.00 to an ending price of $95.00.** 

Because the hypothetical ending price is less than or equal to the hypothetical starting price but greater than or equal to the hypothetical threshold price, the maturity payment amount would equal:

$1,000

June 2025 Page 7

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

Because the hypothetical ending price is less than or equal to the hypothetical starting price but greater than or equal to the hypothetical threshold price, you would receive the maturity payment amount equal to $1,000 per $1,000 face amount of securities, resulting in a total return on the securities of 0%.

**Example 4** — **The price of the underlying *decreases* from a starting price of $100.00 to an ending price of $50.00.** 

Because the hypothetical ending price is less than the hypothetical starting price by more than 15%, you would lose a significant portion of the face amount of your securities and receive the maturity payment amount equal to:

$1,000 + [$1,000 × (*fund return* + *buffer amount*)]

$1,000 + [$1,000 × (-50% + 15%)]

= $650

Because the ending price is below the threshold price on the calculation day, the securities will be exposed on a 1-to-1 basis to any decline in the price of the underlying in excess of 15%. Therefore, the maturity payment amount is equal to $650 per $1,000 face amount of securities, resulting in a total loss on the securities of 35%.

***If the ending price is below the threshold price on the calculation day, the securities will be exposed on a 1-to-1 basis to any decline in the price of the underlying in excess of 15%. You may lose up to 85% of the face amount of your securities at maturity.***

June 2025 Page 8

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Performance of the Underlying\* | &nbsp;&nbsp; Performance of the Underlying\* | &nbsp;&nbsp; Performance of the Securities<sup>(1)</sup> | &nbsp;&nbsp; Performance of the Securities<sup>(1)</sup> |
| &nbsp;&nbsp; Ending Price | &nbsp;&nbsp; Percentage Change from the Starting Price to the Ending Price | &nbsp;&nbsp; Maturity Payment Amount | &nbsp;&nbsp; Return on Securities<sup>(2)</sup> |
| &nbsp;&nbsp; $200.00 | &nbsp;&nbsp; 100.00% | &nbsp;&nbsp; $1656.50 | &nbsp;&nbsp; 65.65% |
| &nbsp;&nbsp; $190.00 | &nbsp;&nbsp; 90.00% | &nbsp;&nbsp; $1656.50 | &nbsp;&nbsp; 65.65% |
| &nbsp;&nbsp; $180.00 | &nbsp;&nbsp; 80.00% | &nbsp;&nbsp; $1656.50 | &nbsp;&nbsp; 65.65% |
| &nbsp;&nbsp; $170.00 | &nbsp;&nbsp; 70.00% | &nbsp;&nbsp; $1656.50 | &nbsp;&nbsp; 65.65% |
| &nbsp;&nbsp; $160.00 | &nbsp;&nbsp; 60.00% | &nbsp;&nbsp; $1656.50 | &nbsp;&nbsp; 65.65% |
| &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; 50.00% | &nbsp;&nbsp; $1656.50 | &nbsp;&nbsp; 65.65% |
| &nbsp;&nbsp; **$143.766** | &nbsp;&nbsp; **43.766%** | &nbsp;&nbsp; **$1656.50** | &nbsp;&nbsp; **65.65%** |
| &nbsp;&nbsp; $140.00 | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; $1600.00 | &nbsp;&nbsp; 60.00% |
| &nbsp;&nbsp; $130.00 | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; $1450.00 | &nbsp;&nbsp; 45.00% |
| &nbsp;&nbsp; $120.00 | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; $1300.00 | &nbsp;&nbsp; 30.00% |
| &nbsp;&nbsp; $115.00 | &nbsp;&nbsp; 15.00% | &nbsp;&nbsp; $1225.00 | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; $110.00 | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; $1150.00 | &nbsp;&nbsp; 15.00% |
| &nbsp;&nbsp; $105.00 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; $1075.00 | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; **$100.00**<sup>(3)</sup> | &nbsp;&nbsp; **0.00%** | &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; **$85.00** | &nbsp;&nbsp; **-15.00%** | &nbsp;&nbsp; **$1000.00** | &nbsp;&nbsp; **0.00%** |
| &nbsp;&nbsp; $84.00 | &nbsp;&nbsp; -16.00% | &nbsp;&nbsp; $990.00 | &nbsp;&nbsp; -1.00% |
| &nbsp;&nbsp; $80.00 | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; $950.00 | &nbsp;&nbsp; -5.00% |
| &nbsp;&nbsp; $70.00 | &nbsp;&nbsp; -30.00% | &nbsp;&nbsp; $850.00 | &nbsp;&nbsp; -15.00% |
| &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; $750.00 | &nbsp;&nbsp; -25.00% |
| &nbsp;&nbsp; $50.00 | &nbsp;&nbsp; -50.00% | &nbsp;&nbsp; $650.00 | &nbsp;&nbsp; -35.00% |
| &nbsp;&nbsp; $40.00 | &nbsp;&nbsp; -60.00% | &nbsp;&nbsp; $550.00 | &nbsp;&nbsp; -45.00% |
| &nbsp;&nbsp; $30.00 | &nbsp;&nbsp; -70.00% | &nbsp;&nbsp; $450.00 | &nbsp;&nbsp; -55.00% |
| &nbsp;&nbsp; $20.00 | &nbsp;&nbsp; -80.00% | &nbsp;&nbsp; $350.00 | &nbsp;&nbsp; -65.00% |
| &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; -90.00% | &nbsp;&nbsp; $250.00 | &nbsp;&nbsp; -75.00% |
| &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; -85.00% |

---

<sup>\*</sup>*The underlying excludes cash dividend payments on stocks that constitute the fund underlying index.*

*(1)*Assumes a maximum return of 65.65% of the face amount ($656.50 per security). The actual maximum return will be determined on the pricing date.

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

(3)The hypothetical starting price.

June 2025 Page 9

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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

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

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

￭**The securities do not pay interest, and you will receive less, and up to 85% less, than the face amount of your securities at maturity if the ending price is less than the threshold price.** The terms of the securities differ from those of ordinary debt securities in that the securities do not pay interest or repay a fixed amount of the face amount of the securities. If the ending price is less than the threshold price, which is 85% of the starting price, you will receive less, and up to 85% less, than the face amount of your securities at maturity. **Investors may lose some or a significant portion of their investment in the securities.**

￭**The appreciation potential of the securities is limited by the maximum return.** The appreciation potential of the securities is limited by the maximum return. Although the participation rate provides 150% exposure to any increase in the ending price over the starting price, because any positive return on the securities will be limited to the maximum return of at least 65.65% of the face amount for the securities, any increase in the ending price over the starting price by more than 43.766% of the starting price, depending on the actual maximum return, will not further increase the return on the securities.

￭**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 securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the level of interest rates available in the market and the value of the underlying on any day, including in relation to the starting price and threshold price, will affect the value of the securities more than any other factors. Other factors that may influence the value of the securities include:

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

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying or the securities markets generally and which may affect the price of the underlying,

odividend rates on the underlying or the stocks composing the fund underlying index,

othe time remaining until the securities mature,

ointerest and yield rates in the market,

othe availability of comparable instruments,

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

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

Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. For example, you may have to sell your securities at a substantial discount from the face amount of $1,000 per security if the price of the underlying at the time of sale is near or below its threshold price or if market interest rates rise.

You cannot predict the future performance of the underlying based on its historical performance. If the ending price is less than the threshold price, you will be exposed on a 1-to-1 basis to any decline in the ending price in excess of 15%. See "VanEck<sup>®</sup> Gold Miners ETF Overview" below.

￭**The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.** You are dependent on our ability to pay all amounts due on the securities at maturity, and therefore you are subject to our credit risk. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market's view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

￭**As a finance subsidiary, MSFL has no independent operations and will have no independent assets.** As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such 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

June 2025 Page 10

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated *pari passu* with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

￭**The amount payable on the securities is not linked to the value of the underlying at any time other than the calculation day.** The ending price will be based on the fund closing price of the underlying on the calculation day, subject to postponement for non-trading days and certain market disruption events. Even if the price of the underlying increases prior to the calculation day but then decreases 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 price of the underlying prior to such decrease. Although the actual price of the underlying on the maturity date or at other times during the term of the securities may be higher than the ending price, the maturity payment amount will be based solely on the fund closing price of the underlying on the calculation day.

￭**Investing in the securities is not equivalent to investing in the underlying or the stocks composing the fund underlying index.** Investing in the securities is not equivalent to investing in the underlying, the fund underlying index or the stocks that constitute the fund underlying index. Investors in the securities will not participate in any positive performance of the underlying, and will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the underlying or the stocks that constitute the fund underlying index.

￭**The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face 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 securities in secondary market transactions will likely be significantly lower than the face amount, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the face 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 securities in the face amount and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 3 months following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the underlying, 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 securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.** These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot 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 securities will not be listed on any securities exchange and secondary trading may be limited.** The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. and WFS may, but are not obligated to, make a market in the securities 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 securities, 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 securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. or WFS is willing to transact. If, at any time, MS & Co. and

June 2025 Page 11

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

WFS were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

￭**The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.** As calculation agent, MS & Co. will determine the starting price, the threshold price and the ending price and will calculate the 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 and the selection of a successor index or calculation of the ending price in the event of a market disruption event or certain adjustments to the 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 Securities—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 for principal at risk securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

￭**Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.** One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the securities (and possibly to other instruments linked to the underlying or the fund underlying index), including trading in the underlying and in other instruments related to the underlying or fund underlying index. As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the calculation day approaches. Some of our affiliates also trade the underlying or the stocks that constitute the fund underlying index and other financial instruments related to the fund underlying index and other financial instruments related to the underlying 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, and, therefore, could increase the price at or above which the underlying must close on the calculation day so that you do not suffer a loss on your initial investment in the securities. Additionally, such hedging or trading activities during the term of the securities, including on the calculation day, could adversely affect the price of the underlying on the calculation day, and, accordingly, the amount of cash an investor will receive at maturity.

￭**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 securities 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 securities, or express opinions or provide recommendations that are inconsistent with purchasing or holding the securities. 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 securities and the underlying to which the securities are linked.

￭**The U.S. federal income tax consequences of an investment in the securities are uncertain.** Please read the discussion under "Additional Information About the Securities—Tax considerations" in this document and the discussion under "United States Federal Taxation" in the accompanying product supplement for principal at risk securities (together, the "Tax Disclosure Sections") concerning the U.S. federal income tax consequences of an investment in the securities. As discussed in the Tax Disclosure Sections, there is a risk that the "constructive ownership" rule could apply, in which case all or a portion of any long-term capital gain recognized by a U.S. Holder could be recharacterized as ordinary income and an interest charge could be imposed. In addition, there is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the tax treatment of a security as a single financial contract that is an "open transaction" for U.S. federal income tax purposes. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities, including the timing and character of income recognized by U.S. Holders and the withholding tax consequences to Non-U.S. Holders, might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

June 2025 Page 12

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

<u>R</u><u>isks Relating to the</u> <u>Underlying</u>

￭**Investing in the securities exposes investors to risks associated with investments in securities with a concentration in the gold and silver mining industry.** The securities are subject to certain risks applicable to the gold and silver mining industry. The stocks included in the NYSE Arca Gold Miners Index and that are generally tracked by the underlying are stocks of companies primarily engaged in the mining of gold or silver. The shares of the underlying may be subject to increased price volatility as they are linked to a single industry, market or sector and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry, market or sector.

Because the underlying primarily invests in stocks, American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") of companies that are involved in the gold mining industry, the underlying is subject to certain risks associated with such companies.

Competitive pressures may have a significant effect on the financial condition of companies in the gold mining industry. Also, gold mining companies are highly dependent on the price of gold. Gold prices are subject to volatile price movements over short periods of time and are affected by numerous factors. These include economic factors, including, 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 (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. 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 which hold gold, levels of gold production and production costs, and short-term changes in supply and demand because of trading activities in the gold market.

The underlying invests to a lesser extent in stocks, ADRs and GDRs of companies involved in the silver mining industry. Silver mining companies are highly dependent on the price 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 (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 and Peru. 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, photography and silverware.

￭**There are risks associated with investments in securities linked to the value of foreign equity securities.** The price of the underlying tracks the performance of the NYSE Arca Gold Miners Index, which measures the value of foreign equity securities. Investments in securities linked to the value of foreign equity securities involve risks associated with the securities markets in those countries, including risks of volatility in those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there is generally less publicly available information about foreign companies than about U.S. companies that are subject to the reporting requirements of the Securities and Exchange Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements different from those applicable to U.S. reporting companies. The prices of securities issued in foreign markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the economies in such countries may differ unfavorably from the economy in the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment positions between countries.

￭**The securities are subject to currency exchange risk.** Because the prices of the underlying are related to the U.S. dollar value of stocks underlying the NYSE Arca Gold Miners Index, holders of the securities will be exposed to currency exchange rate risk with respect to the currencies in which such component securities trade. Exchange rate movements for a particular currency are volatile and are the result of numerous factors including the supply of, and the demand for, those currencies, as well as relevant government policy, intervention or actions, but are also influenced significantly from time to time by political or economic developments, and by macroeconomic factors and speculative actions related to the relevant region. An investor's net exposure will depend on the extent to which the currencies of the component securities strengthen or weaken against the U.S. dollar and the

June 2025 Page 13

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

relative weight of each currency. If, taking into account such weighting, the dollar strengthens against the currencies of the component securities represented in the NYSE Arca Gold Miners Index, the price of the underlying will be adversely affected.

￭**The performance and market price of the underlying, particularly during periods of market volatility, may not correlate with the performance of the fund underlying index, the performance of the component securities of the fund underlying index or the net asset value per share of the underlying.** The underlying does not fully replicate the fund underlying index and may hold securities that are different than those included in the fund underlying index. In addition, the performance of the underlying will reflect additional transaction costs and fees that are not included in the calculation of the fund underlying index. All of these factors may lead to a lack of correlation between the performance of the underlying and the fund underlying index. In addition, corporate actions (such as mergers and spin-offs) with respect to the equity securities constituting the underlying may impact the variance between the performances of underlying and the fund underlying index. Finally, because the shares of the underlying are traded on an exchange and are subject to market supply and investor demand, the market price of one share of the underlying may differ from the net asset value per share of the underlying.

In particular, during periods of market volatility, or unusual trading activity, trading in the securities constituting the underlying may be disrupted or limited, or such securities may be unavailable in the secondary market. Under these circumstances, the liquidity of the underlying may be adversely affected, market participants may be unable to calculate accurately the net asset value per share of the underlying, and their ability to create and redeem shares of the underlying may be disrupted. Under these circumstances, the market price of shares of the underlying may vary substantially from the net asset value per share of the underlying or the level of the fund underlying index.

For all of the foregoing reasons, the performance of the underlying may not correlate with the performance of the fund underlying index, the performance of the component securities of the fund underlying index or the net asset value per share of the underlying. Any of these events could materially and adversely affect the price of the shares of the underlying and, therefore, the value of the securities. Additionally, if market volatility or these events were to occur on the calculation day, the calculation agent would maintain discretion to determine whether such market volatility or events have caused a market disruption event to occur, and such determination may affect the payment at maturity of the securities. If the calculation agent determines that no market disruption event has taken place, the payment at maturity would be based on the published fund closing price per share of the underlying on the calculation day, even if the underlying's shares are underperforming the fund underlying index or the component securities of the fund underlying index and/or trading below the net asset value per share of the underlying.

￭**Adjustments to the underlying or the fund underlying index could adversely affect the value of the securities.** The investment adviser to the underlying, VanEck Associates Corporation (the "Investment Adviser"), seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the fund underlying index. Pursuant to its investment strategy or otherwise, the Investment Adviser may add, delete or substitute the stocks composing the underlying. Any of these actions could adversely affect the price of the underlying and, consequently, the value of the securities. ICE Data Indices, LLC (the "fund underlying index publisher") is responsible for calculating and maintaining the fund underlying index. The fund underlying index publisher may add, delete or substitute the stocks constituting the fund underlying index or make other methodological changes that could change the value of the fund underlying index. The fund underlying index publisher may discontinue or suspend calculation or publication of the fund underlying index at any time. In these circumstances, the calculation agent will have the sole discretion to substitute a successor index that is comparable to the discontinued fund underlying index and is permitted to consider indices that are calculated and published by the calculation agent or any of its affiliates. Any of these actions could adversely affect the price of the fund underlying index, and, consequently, the price of the underlying and the value of the securities.

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

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

June 2025 Page 14

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

&nbsp;&nbsp;&nbsp; **VanEck**<sup>®</sup> **Gold Miners ETF Overview**<br>

The VanEck<sup>®</sup> Gold Miners ETF is an exchange-traded fund managed by VanEck, a registered investment company that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the NYSE Arca Gold Miners Index. VanEck<sup>®</sup> ETF Trust (the "Trust") is an investment portfolio managed by VanEck. 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 333-123257 and 811-10325, 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 VanEck**<sup>®</sup> **Gold Miners ETF is accurate or complete.**

The following graph sets forth the daily fund closing prices of the underlying for the period from January 1, 2020 through June 24, 2025. The fund closing price of the underlying on June 24, 2025 was $51.86. We obtained the information in the graph below from Bloomberg Financial Markets without independent verification. The underlying has at times experienced periods of high volatility. You should not take the historical prices of the underlying as an indication of future performance, and no assurance can be given as to the fund closing price of the underlying at any time, including on the calculation day.

---

| |
|:---|
| &nbsp;&nbsp; **Shares of the VanEck**<sup>®</sup> **Gold Miners ETF**<br> **Daily Fund Closing Prices**<br> **January 1, 2020 to June 24, 2025**  |
| &nbsp;&nbsp; ![](image3.gif)  |

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**This document relates only to the securities offered hereby and does not relate to the underlying. 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 securities, 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 underlying (and therefore the price of the underlying at the time we price the securities) 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 securities and therefore the value of the securities.** 

**Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the underlying.**

June 2025 Page 15

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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 underlying. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. As a prospective purchaser of the securities, 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 underlying.

**Market Vectors℠ is a service mark of Van Eck Associates Corporation ("Van Eck"). The securities are not sponsored, endorsed, sold, or promoted by Van Eck. Van Eck makes no representations or warranties to the owners of the securities or any member of the public regarding the advisability of investing in the securities. Van Eck has no obligation or liability in connection with the operation, marketing, trading or sale of the securities.**

**NYSE Arca Gold Miners Index.** The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining of gold and silver. The NYSE Arca Gold Miners Index includes common stocks, American depositary receipts or global depositary receipts of selected companies involved in the mining for gold and silver ore and are listed for trading and electronically quoted on a major stock market that is accessible by foreign investors. For additional information about the NYSE Arca Gold Miners Index, please see the information set forth under "NYSE Arca Gold Miners Index" in the accompanying index supplement.

June 2025 Page 16

------

**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

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

**Minimum ticketing size**

$1,000 / 1 security

**Tax considerations**

Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the securities due to the lack of governing authority, in the opinion of our counsel, Davis Polk & Wardwell LLP, under current law, and based on current market conditions, it is reasonable to treat a security as a single financial contract that is an "open transaction" for U.S. federal income tax purposes. However, because our counsel's opinion is based in part on market conditions as of the date of this document, it is subject to confirmation on the pricing date.

Assuming this treatment of the securities is respected and subject to the discussion in "United States Federal Taxation" in the accompanying product supplement for principal at risk securities, the following U.S. federal income tax consequences should result based on current law:

￭A U.S. Holder should not be required to recognize taxable income over the term of the securities prior to settlement, other than pursuant to a sale or exchange.

￭Upon sale, exchange or settlement of the securities, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized and the U.S. Holder's tax basis in the securities. Subject to the discussion below concerning the potential application of the "constructive ownership" rule, such gain or loss should be long-term capital gain or loss if the investor has held the securities for more than one year, and short-term capital gain or loss otherwise.

Because the securities are linked to shares of an exchange-traded fund, although the matter is not clear, there is a risk that an investment in the securities will be treated as a "constructive ownership transaction" under Section 1260 of the Internal Revenue Code of 1986, as amended (the "Code"). If this treatment applies, all or a portion of any long-term capital gain of the U.S. Holder in respect of the securities could be recharacterized as ordinary income (in which case an interest charge will be imposed). As a result of certain features of the securities, including the leveraged upside payment, it is unclear how to calculate the amount of gain that would be recharacterized if an investment in the securities were treated as a constructive ownership transaction. Due to the lack of governing authority, our counsel is unable to opine as to whether or how Section 1260 of the Code applies to the securities. U.S. investors should read the section entitled "United States Federal Taxation-Tax Consequences to U.S. Holders-Possible Application of Section 1260 of the Code" in the accompanying product supplement for principal at risk securities for additional information and consult their tax advisers regarding the potential application of the "constructive ownership" rule.

We do not plan to request a ruling from the Internal Revenue Service (the "IRS") regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

As discussed in the accompanying product supplement for principal at risk securities, Section 871(m) of 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 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 securities and current market conditions, we expect that the securities will not have a delta of one with respect to any Underlying Security on the pricing date. However, we will provide an updated determination in the final pricing supplement. Assuming that the securities do not have a delta of one with respect to any Underlying Security, our counsel is of the opinion that the securities should not be Specified Securities and, therefore, should not be subject to Section 871(m).

Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

June 2025 Page 17

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

**Both U.S. and non-U.S. investors considering an investment in the securities should read the discussion under "Risk Factors" in this document and the discussion under "United States Federal Taxation" in the accompanying product supplement for principal at risk securities and consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, the potential application of the constructive ownership rule, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.** 

**The discussion in the preceding paragraphs under "Tax considerations" and the discussion contained in the section entitled "United States Federal Taxation" in the accompanying product supplement for principal at risk securities, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the securities.**

**Additional considerations**

Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly.

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

MS & Co. and WFS will act as the agents for this offering. WFS will receive a commission of up to $28.25 for each security it sells. WFS proposes to offer the securities 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 $22.50 per security. In addition to the selling concession allowed to WFA, WFS may pay $0.75 per security of the commission to WFA as a distribution expense fee for each security sold by WFA.

In addition, in respect of certain securities sold in this offering, we may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

See "Plan of Distribution; Conflicts of Interest" in the accompanying product supplement for principal at risk securities for information about the distribution arrangements for the securities. 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 securities. When MS & Co. prices this offering of securities, it will determine the economic terms of the securities, including the maximum return, such that for each security the estimated value on the pricing date will be no lower than the minimum level described in "Estimated Value of the Securities" 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 for principal at risk securities.

**Where you can find more information**

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement for principal at risk securities and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement for principal at risk securities, the index 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 and index supplement, please note that all references in such supplements 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 for principal at risk securities, index 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 Principal at Risk Securities dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016341/dp202703_424b2-wffpar.htm)

June 2025 Page 18

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**Morgan Stanley Finance LLC**

**Market Linked Securities—Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside**

**Principal at Risk Securities Linked to the VanEck**<sup>®</sup> **Gold Miners ETF due July 6, 2028**

[**<u>Index Supplement dated November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016332/dp202718_424b2-isn2023.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 for principal at risk securities, in the index supplement or in the prospectus.

June 2025 Page 19