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However, if the final share price of either underlying stock is less than its respective downside threshold level, investors will be exposed to the decline in the worst performing underlying stock on a 1-to-1 basis and will receive a payment at maturity that is less than 50% of the stated principal amount of the securities and could be zero. At maturity, if the securities have not previously been redeemed and the final share price of each underlying stock is greater than or equal to 50% of its respective initial share price, which we refer to a s its respective downside threshold level, the payment at maturity will be the stated principal amount and, if the final share price of each underlying stock is also greater than or equal to its respective coupon threshold level, the related contingent monthly coupon.
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In addition, the securities will be automatically redeemed if the determination closing price of each underlying stock is greater than or equal to its respective redemption threshold level on any monthly redemption determination date (beginning after three months) for the early redemption payment equal to the sum of the stated principal amount plus the related contingent monthly coupon. If, however, the determination closing price of either underlying stock is less than its respective coupon threshold level on any observation date, we will pay no interest for the related monthly period.
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, which we refer to collectively as the underlying stocks, is at or above 60% of its respective initial share price, which we refer to as the respective coupon threshold level, on the related observation date. Instead, the securities will pay a contingent monthly coupon but only if the determination closing price of each of the common stock of fuboTV Inc. The securities do not guarantee the repayment of principal and do not provide for the regular payment of interest. The securities have the terms described in the accompanying product supplement and prospectus, as supplemented or modified by this document. The securities offered are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley.
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and the Common Stock of Moderna, Inc.įully and Unconditionally Guaranteed by Morgan Stanley Contingent Income Auto-Callable Securities due October 3, 2024, With 3-Month Initial Non-Call PeriodĪll Payments on the Securities Based on the Worst Performing of the Common Stock of fuboTV Inc.