to which brokers, including MS & Co., would be prepared to purchase your securities in the secondary market (if applicable) 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 precision, including our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by many unforeseeable factors” above.
■The securities will not be listed on any stock exchange and secondary trading may be limited. The securities will not be listed on any stock exchange. Therefore, there may be little or no secondary market for the securities. Morgan Stanley & Co. LLC, which we refer to as MS & Co., may, but is not obligated to, create a market in the securities and, if it once chooses to create a market, may cease to do so at any time. When making a market, it will usually do so for routine secondary market-sized transactions at prices based on its estimate of the current value of the securities, taking into account its bid / offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding the associated hedge positions, the time remaining to maturity and the likelihood that it will be able to resell the titles. Even though there is a secondary market, it may not provide enough liquidity for you to trade or sell the securities easily. Since other brokers may not participate meaningfully in the secondary market for securities, the price at which you can trade your securities will likely depend on the price, if any, at which MS & Co. is prepared to trade. . If at any time MS & Co. were to cease to establish a market for the securities, it is likely that there would be no secondary market for the securities. Therefore, you should be prepared to hold your securities until they mature.
■Investing in securities is not the same as investing in the underlying index. Investing in securities is not the same as investing in the Underlying Index or its constituent stocks. Investors in the Securities will not have any voting rights or the right to receive dividends or other distributions or any other rights in respect of the shares which constitute the Underlying Index.
■The Calculation Agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make decisions regarding the securities. As Calculation Agent, MS & Co. will determine the Initial Index Value, Downside Level, End Index Value, Percentage Change in the Index or the Performance Factor of the index, if any, and the payment you will receive at maturity, if any. In addition, certain decisions taken by MS & Co., in its capacity as Calculation Agent, may require it to exercise its discretion and make subjective judgments, for example regarding the occurrence or not of events. disruption and the selection of an index successor or the calculation of the closing index value in the event of a market disruption or interruption of the underlying index. These potentially subjective determinations may adversely affect the payment made to you at maturity, if any. For more information on these types of determinations, see “Description of the securities – Postponement of the valuation date (s)”, “- Discontinuation of any underlying index or basket index; Change in Calculation Method ”,“ – Alternative Exchange Calculation on Default Event ”and“ – Calculation Agent and Calculations ”in the attached product supplement for Jump Securities. In addition, MS & Co. determined the estimated value of the securities on the pricing date.
■The hedging and trading activities of our affiliates could potentially adversely affect the value of the securities.. One or more of our affiliates and / or third-party brokers plan to conduct hedging activities related to the securities (and other instruments related to the underlying index or the stocks that compose it), including trading in the stocks. which constitute the underlying index as well as in other instruments linked to the underlying index. As a result, these entities may unwind or adjust their hedge positions during the term of the securities, and the hedging strategy may involve larger and more frequent dynamic adjustments to the hedge as the valuation date approaches. Some of our affiliates also regularly trade the stocks that make up the Underlying Index and other financial instruments linked to the Underlying Index as part of their general brokerage and other activities. Any of these hedging or trading activities on or before the Valuation Date could potentially increase the Initial Index Value and, therefore, the value at or above which the Index underlying must close on the valuation date so that investors do not suffer a significant loss. on their initial investment in the securities. In addition, such hedging or trading activities during the term of the securities, including on the valuation date, could have an adverse effect on the value of the underlying index on the valuation date and, for example, therefore, on the amount of cash an investor will receive at maturity, if at all.
■The US federal tax consequences of an investment in the Securities are uncertain. Please read the discussion under “Additional Information — Tax Considerations” in this document and the discussion under “United States Federal Taxation” in the accompanying product supplement for Jump Securities. (together, the “Tax