Morgan Stanley (MS): Worst-of RTY and SPX note, 120-125% leverage, due Nov 2029
Morgan Stanley Finance $1,000 worst-of RTY/SPX Trigger PLUS notes due Nov 2029; 120-125% leverage, 75% downside buffer, est. value $945.40.
What this filing says
Morgan Stanley Finance LLC is offering notes due November 29, 2029, linked to the worse performer of the Russell 2000 and S&P 500 indices. If the worst performer ends above its starting level, holders receive a leveraged gain, and if it falls no more than 25%, they get their principal back. Losses beyond a 25% decline reduce the payment, and the notes do not guarantee any principal or pay interest.
Key figures
- Estimated value per security
- $945.40
- Leverage factor
- 120% to 125%
- Downside threshold level
- 75% of initial level
- Stated principal amount
- $1,000 per security
- Estimated value range
- within $45.00 of estimate
Positive for shareholders
- Holders receive a leveraged gain if the worst performing index rises at maturity.
- Principal is protected against declines of up to 25% in the worst performing index.
Negative for shareholders
- The notes do not guarantee return of principal and pay no interest.
- Losses can reach 100% of principal if the worst performing index falls to zero.
- The estimated value of $945.40 is below the $1,000 issue price, and secondary prices may be lower.
- The notes will not be listed on any exchange and secondary trading may be limited.
Written by Quantisnow AI from this filing. Not financial advice.
Key terms
- Worst-of:
- A structure where the payout depends only on whichever linked index performed worst over the term.
- Downside threshold:
- The level a linked index must stay above, relative to its starting level, to avoid a loss of principal.
- Leverage factor:
- The multiple applied to a positive return in the worst performing index to calculate the payment at maturity.
FAQ
When do the Morgan Stanley Finance LLC notes mature and when is the final level measured?
The notes mature on November 29, 2029, and the observation date is November 26, 2029, when the final index levels are measured.
What happens to holders if the worst performing index falls more than 25%?
Holders lose 1% of principal for each 1% decline beyond 25%, so a decline of 85% returns $150 per security at maturity.
Historical context for MS
Across the 24 sessions after earlier MS headlines, the stock closed higher 10 times and lower 14 times, with a median move of 1.4% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | MS | SPY |
|---|---|---|---|
| Oct 29, 2026 | Jed Finn to Speak at the BMO Financials Conference | -0.1% | -0.4% |
| Oct 27, 2026 | Morgan Stanley Family Office Launches Initiative to Help Families Navigate Complexity, Change and Generational Transitionsand 1 other headline that session | +1.9% | +0.6% |
| Oct 26, 2026 | Morgan Stanley Real Estate Investing Acquires State-of-the-Art Logistics Facility in Virginia for $172.1 Million | +2.2% | +0.7% |
| Oct 22, 2026 | Morgan Stanley Sustainable Signals: Global Survey Shows Institutional Investors Expect Modest Growth in Sustainable Investment Allocationsand 1 other headline that session | -1.6% | -1.2% |
| Oct 21, 2026 | Morgan Stanley Named 2026 Money Management Institute/Barron’s Wealth Management Advisory Platform of the Year | +3.7% | +0.5% |
| Oct 20, 2026 | Morgan Stanley Survey: 401(k) Plans Rival Healthcare as Top Valued Benefitand 1 other headline that session | +1.1% | +0.3% |
- Market cap
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- Finance
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