摩根士丹利（MS.US）发行挂钩XME与GDX的自动赎回缓冲跳跃证券

金吾财讯|摩根士丹利（Morgan Stanley，代码：MS.US）通过其全资子公司 Morgan Stanley Finance LLC 于2026年6月17日发行了一款命名为“Buffered Jump Securities with Auto-Callable Feature”的结构化票据（缓冲跳跃证券带自动赎回特征），到期日为2031年6月17日。该产品不支付定期利息且本金不保本，其偿付结果取决于两只交易所交易基金（ETF）中表现较差者——State Street SPDR S&P Metals & Mining ETF（XME）和 VanEck Gold Miners ETF（GDX）。每份票据面值为1,000.00美元，总发行规模为335,000.00美元。若在除最终确定日以外的任一确定日（首个为2027年6月15日），两只ETF的收盘水平均不低于各自的赎回阈值（即初始水平的100%；XME初始水平为120.44美元，GDX初始水平为80.03美元），该票据将被自动提前赎回，投资者届时将获得对应的早期赎回款项，其对应的年化回报率约为15.00%。倘若未触发自动赎回且持有至到期，偿付将分为以下情形：若两只ETF的最终收盘水平均不低于赎回阈值，投资者将获得每份1,750.00美元的支付；若至少一只低于赎回阈值但两只均不低于缓冲水平（初始水平的85%；XME缓冲水平为102.374美元，GDX为68.026美元），投资者仅收回1,000.00美元的票面本金；若任一ETF的最终水平跌穿了其缓冲水平，投资者将承受基于表现最差ETF的超额损失，即每跌破1%便损失本金的1%，直至最低偿付金额为面值的15.00%（即150.00美元）。该票据不参与任一ETF的上涨。发行人Morgan Stanley Finance LLC的偿付义务由摩根士丹利提供全额无条件担保。在销售安排上，作为代理商的 Morgan Stanley & Co. LLC 向合作经销商支付每份票据42.50美元的固定销售佣金，佣金总额为14,237.50美元。 Morgan Stanley (MS.US), through its wholly-owned subsidiary Morgan Stanley Finance LLC, issued on June 17, 2026 a structured note called Buffered Jump Securities with Auto-Callable Feature, maturing on June 17, 2031. The product does not pay periodic interest and is not principal-protected; its payoff is linked to the worst-performing of two exchange-traded funds (ETFs): the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). Each note has a stated principal amount of $1,000.00, and the aggregate principal amount is $335,000.00. If on any determination date prior to maturity (first on June 15, 2027), the closing level of each ETF is at or above its call threshold level (100% of its initial level; XME initial level $120.44, GDX initial level $80.03), the notes will be automatically redeemed early, and investors will receive the applicable early redemption payment, corresponding to an annualized return of approximately 15.00%. If not early redeemed, the payment at maturity depends on the final levels: if both ETFs’ final levels are at or above the call threshold, investors receive $1,750.00 per note; if either is below the call threshold but both are at or above the buffer level (85% of initial; XME buffer $102.374, GDX buffer $68.026), investors receive only the $1,000.00 principal; if either final level breaches its buffer level, investors will incur losses equal to 1% for every 1% decline in the worst-performing ETF beyond the 15% buffer, subject to a minimum payment of 15.00% of principal (i.e., $150.00). The notes do not participate in any appreciation of the ETFs. The obligations of the issuer, Morgan Stanley Finance LLC, are fully and unconditionally guaranteed by Morgan Stanley. The agent, Morgan Stanley & Co. LLC, pays a fixed sales commission of $42.50 per note to selected dealers, totaling $14,237.50.