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Morgan Stanley Multi-Asset CHF Index

  • ISIN: CH0182160488

Der Morgan Stanley Multi-Asset CHF Index investiert in ein global diversifiziertes Portfolio aus den Anlageklassen Aktien, Anleihen und Rohstoffe. Anstatt einem traditionellen Allokationsansatz zu folgen, bei dem die einzelnen Positionen nominal gewichtet werden, bestimmt der MSMA CHF Index die einzelnen Positionen dynamisch nach einem risikobasierten Allokationsansatz. Dabei gibt der Index den zugrundeliegenden Anlagen bestimmte Risikobudgets vor und zielt auf eine Gesamtvolatilität des Index von 5% ab. Dies hat zur Folge, dass der MSMA CHF Index den volatileren Anlagen geringere Gewichtungen zuordnet als den weniger volatilen Anlageklassen.

Der MSMA CHF Index folgt einer einfachen aber effizienten Strategie, die in CHF notiert. Sie zielt darauf ab, auch unter schwierigen und wechselnden Marktbedingungen, eine gute Wertentwicklung zu erzielen. Solche Phasen werden in der Regel durch eine erhöhte Volatilität charakterisiert. Der Index investiert in Aktien der Schweiz, Europa, der USA und globaler Schwellenländer, sowie in 10-jährige Deutsche Bundesanleihen, 10-jährige Anleihen des US Treasury und Gold. Um eine effiziente Umsetzung zu gewährleisten setzt der Index auf Futures und Exchange Traded Funds (ETFs), denen die jeweilige Anlage zugrunde liegt, anstatt direkt in den Basiswert zu investieren.

The Morgan Stanley Multi-Asset CHF Index invests in a globally diversified portfolio in the asset classes equity, bonds and commodities. Instead of following a traditional notional-based allocation approach, the MSMA CHF Index allocates the position size of each asset dynamically, targeting a specific volatility contribution of each asset and an overall volatility of 5%. This means that the MSMA CHF Index is designed so that it reduces exposure and allocates a smaller position to the more volatile assets, while increasing exposure to the less volatile assets.

The MSMA CHF Index follows a simple but efficient strategy, denominated in CHF, which is designed to perform well even in difficult and changing market environments, which are traditionally characterised by higher volatility. The Index takes positions in Swiss, European, U.S. and Emerging Markets stocks, 10-year German Bunds and 10-year U.S. Treasury Notes, and Gold. For most efficient replication, the Index does not invest directly in the assets and instead invests in Futures and ETFs that have the relevant asset as an underlying.

L’indice Morgan Stanley Multi-Asset CHF investit dans un portefeuille globalement diversifié composé d’actifs obligataires, d’actions et de matières premières. Au lieu de suivre une approche traditionnelle de pondération de l’allocation basée sur le nominal, l’indice MSMA CHF définit la pondération de chaque classe d’actifs en fonction de son niveau de risque afin que celui-ci ait une participation stable au risque total du portefeuille dont le niveau cible est 5%. L’indice MSMA CHF est donc conçu pour réduire l’exposition aux actifs les plus volatils, les plus risqués, au profit des autres actifs.

L’indice MSMA CHF suit une stratégie simple mais efficace, libellée en franc suisse (CHF), dont le but est de générer de la performance même en cas de marché difficile et changeant, se caractérisant traditionnellement par un haut niveau de volatilité. L’indice investit sur les marchés actions suisses, européens, américains et émergents, dans des obligations 10 ans allemandes et américaines et dans l’or. Pour faciliter la réplication, l’indice n’investit pas directement dans les actifs mais dans des futures et ET Fs dont le sous-jacent est l’actif lui-même.

L’Indice Morgan Stanley Multi-Asset CHF investe in un portafoglio globalmente diversificato per classi di attività, ripartito tra mercati azionari, obbligazionari e materie prime. Anziché seguire un approccio di allocazione tradizionale basato sui valori nozionali, l’Indice MSMA CHF Index ripartisce il peso della posizione di ogni attività in modo dinamico, puntando a una volatilità target specifica per ogni attività e a una volatilità complessiva del 5%. Questo significa che l’Indice MSMA CHF è studiato in modo tale da ridurre l’esposizione e assegnare una posizione minore alle attività più volatili, incrementando al contempo l’esposizione verso le attività meno volatili.

L’Indice MSMA CHF segue una strategia semplice ma efficiente, quotata in CHF. L’obiettivo della strategia è quello di generare una performance positiva anche in condizioni di mercato mutevoli e difficili. Di solito periodi di questo genere sono caratterizzati da una volatilità più alta. L’Indice assume posizioni sugli indici azionari di Svizzera, Europa, USA e Mercati Emergenti, Bund tedeschi decennali, obbligazioni del Tesoro USA decennali e oro. Al fine di ottenere una replica il più efficiente possibile, l’Indice non investe direttamente nelle attività, bensì in futures ed ET F aventi come sottostanti le attività di riferimento.

Kursverlauf

Chart Disclaimer

Die historische Wertentwicklung (realisiert oder simuliert) ist kein Indikator für die zukünftige Wertentwicklung. Es wird keine Verantwortung übernommen, dass bestimmte Resultate oder Renditen erreicht werden können oder dass alle Annahmen, die beim Erreichen dieser Renditen getroffen wurden, genannt oder in Betracht gezogen wurden.
Les performances passées (réalisées ou simulées) ne sont pas un indicateur des performances futures: en aucun cas, les chiffres indiqués ne constituent un engagement de la part de Morgan Stanley quant aux rendements/résultats futurs.
La performance passata (effettiva o simulata) non è indicativa della performance futura. Il raggiungimento dei risultati/rendimenti indicati non è garantito, così come non si garantisce che siano stati presi in considerazione tutti i presupposti per ottenere tali rendimenti.
Past performance (actual or simulated) is not indicative of future performance. No representation is made that any results / returns indicated would be achieved or that all assumptions in achieving these returns have been considered or stated. The Index has been calculated since February 2012. Any data for the Morgan Stanley Multi-Asset CHF Index performance before such date is based on simulated historical performance. Index Levels are calculated daily.

MSCI Index Disclaimer

For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, any blended returns calculated by Morgan Stanley using end of day index level values licensed from MSCI (“MSCI Data”), and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards

Referenzdaten

Name Morgan Stanley Multi-Asset CHF Index
ISIN CH0182160488
Valoren 18216048
Bloomberg Ticker MSQTMAC5 Index
Basiswährung CHF
Sponsor Morgan Stanley & Co. International plc
Index Berechnungsstelle Morgan Stanley & Co. International plc
Typ Excess Return
Kategorie Dynamic Multi-Asset
Neugewichtung Wöchentlich
Berechnungsbeginn 29.02.2012
Rückrechnungsdatum 30.01.2002

KENNZAHLEN

Aktuelles Index Level 227.01 Pkt.
Index Level zum Berechnungsbeginn 195.50 Pkt.
Index Level zum Rückrechnungsdatum 100.00 CHF
Rendite seit diesem Jahr -13.24 %
Rendite seit Berechnungsbeginn (kumulativ) 16.12 %
Rendite seit Berechnungsbeginn (annualisiert) 1.42 %
Rendite seit Rückrechnung (kumulativ) 127.01 %
Rendite seit Rückrechnung (annualisiert) 4.05 %
Letzte Aktualisierung 23.09.2022

Gewichtung der Anlagen im Index

Renditebeisteuerungen der Anlagen im Index

      Chart Disclaimer

      Die historische Wertentwicklung (realisiert oder simuliert) ist kein Indikator für die zukünftige Wertentwicklung. Es wird keine Verantwortung übernommen, dass bestimmte Resultate oder Renditen erreicht werden können oder dass alle Annahmen, die beim Erreichen dieser Renditen getroffen wurden, genannt oder in Betracht gezogen wurden.
      Les performances passées (réalisées ou simulées) ne sont pas un indicateur des performances futures: en aucun cas, les chiffres indiqués ne constituent un engagement de la part de Morgan Stanley quant aux rendements/résultats futurs.
      La performance passata (effettiva o simulata) non è indicativa della performance futura. Il raggiungimento dei risultati/rendimenti indicati non è garantito, così come non si garantisce che siano stati presi in considerazione tutti i presupposti per ottenere tali rendimenti.
      Past performance (actual or simulated) is not indicative of future performance. No representation is made that any results / returns indicated would be achieved or that all assumptions in achieving these returns have been considered or stated. The Index has been calculated since February 2012. Any data for the Morgan Stanley Multi-Asset CHF Index performance before such date is based on simulated historical performance. Index Levels are calculated daily.

      Dokumente


      Risikofaktoren

      Vor einer Anlageentscheidung in Bezug auf ein Instrument oder einen Fonds, dessen Rendite an die Wertentwicklung eines Index gekoppelt ist, sollten potenzielle Anleger alle in diesem Dokument enthaltenen Informationen, einschließlich dieser Risikofaktoren, sorgfältig prüfen. Die unten aufgeführten Risikofaktoren sind nicht abschließend. Es kann weitere Risiken geben, die ein potenzieller Anleger berücksichtigen sollte, die für seine besonderen Umstände oder allgemein relevant sind.

      Strategie

      Der Index ist quantitativ und regelbasiert und kann möglicherweise in der Zukunft keine positive Wertentwicklung bringen. Die Methodik ist darauf ausgerichtet, von der Diversifikation eines Multi-Asset-Portfolios zu profitieren, insbesondere von der geringen Korrelation und den unterschiedlichen Rendite-Risiko-Profilen. Es kann jedoch nicht garantiert werden, dass die Methodik unter allen wirtschaftlichen Bedingungen zu einer positiven Wertentwicklung führt und die bisherige Wertentwicklung der Strategie (tatsächliche oder simulierte) ist kein Hinweis auf die zukünftige Wertentwicklung.

      Entwicklung des Index

      Bei jeder Anlage, deren Rendite an die Wertentwicklung eines Index gekoppelt ist, sollten sich potenzielle Anleger bewusst sein, dass das Niveau dieses Index sowohl nach unten als auch nach oben gehen kann und dass die Wertentwicklung des Index in einem zukünftigen Zeitraum möglicherweise nicht die Wertentwicklung der Vergangenheit widerspiegelt. Jede Anlage, die mit einem Index verbunden oder an ihn gekoppelt ist, muss nicht notwendigerweise mit einer Anlage in die Bestandteile dieses Index übereinstimmen und muss nicht unbedingt die Rendite widerspiegeln, die ein Anleger, der die hypothetischen Positionen eingegangen ist, hätte erzielen können. Der Index kann sich unter Umständen auf Null reduzieren.

      Hebelwirkung

      Die Summe der Gewichte in den Indexkomponenten kann größer oder kleiner als 100% sein, um die Volatilität effektiv zu steuern. Wenn die Gewichtung bei über 100% liegt, wird die Hebelwirkung des Indexes die negativen Auswirkungen der ungünstigen Wertentwicklung in den Indexkomponenten verstärken.

      Volatilität

      Die tatsächliche Volatilität des Index kann höher oder niedriger als die Zielvolatilität von 5% ausfallen.

      Indexunterbrechung

      Der Index unterliegt bestimmten Indexanpassungs- und -unterbrechungsbestimmungen (einschließlich Preisquellenunterbrechung und Sicherungsunterbrechung), die dazu bestimmt sind, Situationen zu bewältigen, in denen es für den Index-Sponsor und/oder die Index-Berechnungsstelle schwierig oder sogar unmöglich wäre, den Index neu auszugleichen, zu berechnen und/oder zu veröffentlichen oder für einen Emittenten eines Finanzprodukts Absicherungsvereinbarungen in Bezug auf ein mit dem Index verbundenes Finanzprodukt zu treffen. Im Zusammenhang mit diesen Indexanpassungs- und Unterbrechungsbestimmungen hat der Index-Sponsor eine Reihe von Ermessensentscheidungen in Bezug auf den Index (einschließlich des Rechts, den Index zu kündigen, die veröffentlichte Methodik zu ändern oder Anpassungen an der Zusammensetzung des Index vorzunehmen) und die Ausübung dieses Ermessens kann sich nachteilig auf das Indexniveau und alle mit dem Index verbundenen Finanzprodukte auswirken. Weitere Informationen finden Sie in Abschnitt 5 dieser Indexbeschreibung.

      Marktfaktoren

      Der Index stellt eine Sammelbewertung dar, die durch ein Multi-Asset-Portfolio repräsentiert wird. Potenzielle Anleger sollten bei Transaktionen in Anlagen mit einem aus den Indexkomponenten abgeleiteten Wert erfahren sein. Der Wert der Indexkomponenten kann im Laufe der Zeit variieren und durch eine Vielzahl von Faktoren wie Kapitalmaßnahmen, makroökonomische Faktoren und Spekulationen steigen oder fallen, wobei die Volatilität das Ausmaß solcher Preisschwankungen widerspiegelt. Die historische Realisierte Volatilität ist nicht unbedingt ein Indikator für zukünftige Realisierte Volatilität. Die Zuordnung zu jeder Indexkomponente wird wöchentlich anhand einer Momentaufnahme der realisierten Volatilität, die rückwärts gerichtet ist, bewertet. Es gibt keine Garantie dafür, dass der Index ein Niveau an realisierter Volatilität aufweist, das der Zielvolatilität des Portfolios entspricht.

      Fremdwährungsfaktoren

      Die zugrunde liegenden Währungen einiger Indexkomponenten sind nicht der CHF. Da der Index in CHF denominiert ist, wendet die Index-Berechnungsstelle bei der Berechnung des Indexniveaus bei einer Indexberechnung einen aktuellen Wechselkurs zwischen dieser CHF-fremden Währung und dem CHF an einem anwendbaren Tag an. Die Schwankungen des Devisenmarktes können Auswirkungen auf das Indexniveau haben.

      Research

      Morgan Stanley kann Researchberichte über Wertpapiere erstellen, die Bestandteil des Index sind oder werden können. Diese Berichte sind völlig unabhängig von den Verpflichtungen der Index-Berechnungsstelle. Morgan Stanley ist nicht verpflichtet, einen Index an die veränderten Aussichten von Morgan Stanley Research anzupassen.

      Kein aktives Management

      Der Index ist quantitativ und wird nicht aktiv von Morgan Stanley oder seinen Tochtergesellschaften (der „Morgan Stanley-Gruppe“) oder Dritten verwaltet. Die Morgan Stanley-Gruppe fungiert nicht als Treuhänder oder Berater eines Anlegers in Bezug auf den Index.

      Abhängigkeit von Informationen

      Die Berechnungen im Zusammenhang mit dem Index basieren auf Informationen aus verschiedenen Quellen. Bei der Verwendung solcher Informationen haben sich die Morgan Stanley-Gruppe und die Index-Berechnungsstelle auf diese Quellen verlassen und werden sich künftig darauf verlassen und die aus diesen Quellen gewonnenen Informationen nicht unabhängig verifizieren.

      Befugnisse des Index-Sponsors

      Die Anwendung der hier beschriebenen Methodik durch den Index-Sponsor ist abschließend und verbindlich. Der Index-Sponsor kann diese Regeln jedoch jederzeit ergänzen, (ganz oder teilweise) ändern, überarbeiten oder aufheben. Eine solche Ergänzung, Änderung, Revision oder Rücknahme kann zu einer Änderung in der Art und Weise führen, wie der Index berechnet oder aufgebaut wird, und kann den Index auf andere Weise beeinflussen, einschließlich der zukünftigen Wertentwicklung. Unbeschadet der Allgemeingültigkeit des Vorstehenden kann der Index-Sponsor bestimmen, dass eine Änderung der Regeln erforderlich oder wünschenswert ist, um die Regeln zu aktualisieren oder einen Fehler, eine Unklarheit oder eine Unterlassung zu beheben. Die Regeln können unvorangekündigt geändert werden. All dies kann den Wert des Index und den Wert der mit dem Index verbundenen Finanzprodukte beeinflussen. Der Index-Sponsor hat das Recht, nach eigenem Ermessen die Erstellung, Berechnung und Veröffentlichung von Werten des Index einzustellen, wenn der Index-Sponsor zu irgendeinem Zeitpunkt feststellt, dass der Index die vom Index-Sponsor festgelegten Kriterien nicht mehr erfüllt oder nicht mehr erfüllen kann oder anderweitig feststellt, dass der Index nicht mehr berechnet werden soll.

      Berechnungen und Feststellungen der Index-Berechnungsstelle

      Die Berechnungen und Feststellungen der Index-Berechnungsstelle in Bezug auf den Index sind für alle Parteien verbindlich, sofern kein offensichtlicher Fehler vorliegt. Keine Partei (unabhängig davon, ob sie der Inhaber eines mit dem Index oder anderweitig verbundenen Finanzprodukts ist) ist berechtigt, gegen die Index-Berechnungsstelle im Zusammenhang mit derartigen Berechnungen oder Feststellungen vorzugehen (und erklärt auf ein Verfahren zu verzichten) oder keine Berechnungen oder Feststellungen in Bezug auf den Index vorzunehmen. Solange die Index-Berechnungsstelle den Index berechnet, werden die Berechnungen und Feststellungen der Index-Berechnungsstelle in Verbindung mit dem Index auf der Grundlage von Informationen verschiedener Quellen durchgeführt, die die Index-Berechnungsstelle nicht unabhängig verifiziert hat. Die Index-Berechnungsstelle übernimmt keine Haftung für Verluste oder Schäden jeglicher Art, die sich aus der Verwendung solcher Informationen in einer solchen Berechnung oder Feststellung ergeben. Die Indexanpassungs- und Unterbrechungsbestimmungen in Abschnitt 5 sind für Situationen gedacht, in denen es für die Index-Berechnungsstelle schwierig oder gar unmöglich wäre, den Index zu berechnen oder für einen Emittenten eines Finanzprodukts, Absicherungsvereinbarungen in Bezug auf ein mit dem Index verbundenes Finanzprodukt zu treffen. Potentielle Anleger des Index sollten sicherstellen, dass sie diese Bestimmungen sorgfältig prüfen, bevor sie eine Anlageentscheidung treffen.

      Mögliche Interessenkonflikte von Morgan Stanley

      Morgan Stanley fungiert sowohl als Index-Sponsor als auch als Index-Berechnungsstelle. Morgan Stanley und seine verbundenen Unternehmen können von Zeit zu Zeit Transaktionen mit zugrunde liegenden Komponenten für ihre eigenen Konten und/oder für Konten ihrer Kunden tätigen, als Market-Maker in solchen Basiswerten auftreten und/oder den Emittenten solcher Aktien Emissions-, Bank-, Beratungs- oder andere Dienstleistungen anbieten. Solche Aktivitäten können den Inhabern von mit dem Index verbundenen Anlagen gegebenenfalls nicht zu Gute kommen und können sich positiv oder negativ auf den Wert der Basiswerte und damit auf den Wert des Index auswirken. Darüber hinaus können Morgan Stanley und seine Tochtergesellschaften von Zeit zu Zeit in anderen Funktionen tätig werden, wie z.B. als Emittent von Anlagen, Berater, Index-Berechnungsstelle, Index-Sponsor. Morgan Stanley und seine verbundenen Unternehmen können auch derivative Instrumente in Bezug auf diese Anlagen und/oder die Basiswerte ausgeben und der Einsatz solcher Derivate kann den Wert der Basiswerte oder des Index beeinflussen. In seiner Rolle in Bezug auf Anlagen, die mit dem Index verbunden sind, kann Morgan Stanley oder seine verbundenen Unternehmen vor jeder Anpassung oder Neugewichtung auf die Neugewichtung von Informationen aufmerksam gemacht werden. In seiner Rolle in Bezug auf die mit dem Index verbundenen Anlagen, können Morgan Stanley oder seine verbundenen Unternehmen Sicherungsgeschäfte in Bezug auf die Basiswerte oder verwandte Instrumente eingehen, die den Wert dieser Komponenten oder Instrumente beeinflussen oder nicht beeinflussen können. Darüber hinaus kann die Auflösung solcher Sicherungsgeschäfte auch den Wert solcher Komponenten oder Instrumente beeinflussen, was wiederum den Wert des Index beeinflussen kann. Morgan Stanley oder seine verbundenen Unternehmen können Gewinne und/oder Verluste aus solchen Sicherungsgeschäften erzielen.

      Index-Leistungsdaten – nachträgliche Berechnung

      Der Index wird seit dem 29. Februar 2012 (der „Index-LiveTermin“) von der Index-Berechnungsstelle live berechnet. Die Index-Wertentwicklung für den Zeitraum vom 30. Januar 2002 (das „Index-Basisdatum“) bis zum Index-Live-Termin wurde vom Index-Sponsor nachträglich auf hypothetischer Basis mit einem Anfänglichen Indexniveau von 100 am Index-Basisdatum berechnet. Allen potenziellen Anlegern sollte bewusst sein, dass eine nachträgliche Berechnung eines Index bedeutet, dass während des Zeitraums der nachträglichen Berechnung zu keinem Zeitpunkt ein tatsächliches Investment existierte, das eine Verfolgung der Wertentwicklung eines Index ermöglichte und dass der Vergleich daher rein hypothetisch ist. Die bisherige (tatsächliche oder simulierte) Wertentwicklung ist kein Anhaltspunkt für die zukünftige Wertentwicklung. Die Methodik und die Strategie für die Berechnung und eine nachträgliche Berechnung des Index wurden mit dem Vorteil der Rückschau im Nachhinein entwickelt. In Wirklichkeit ist es nicht möglich, im Nachhinein zu investieren und daher ist dieser Leistungsvergleich rein theoretisch. Vor dem 11. April 2003 liegende Wertentwicklungsdaten aus dem MSCI EM Index (Bloomberg Ticker: MXEF Index) wurden stellvertretend für den iShares MSCI Emerging Markets ETF verwendet. Die Daten des MSCI EM Index wurden um 0,68% pro Jahr nach unten korrigiert, um besser mit dem ETF vergleichbar zu sein. Zusätzlich wurde vor dem Index-Live-Termin eine feste Differenz zwischen Geld- und Briefkurs von 0,01 angenommen. Diese Stellvertretung spiegelt möglicherweise nicht die wahre historische Wertentwicklung des Index wider.

      Gebühren

      Rebalance-Kosten im Zusammenhang mit dem Rebalancing der Indexkomponenten und einer Indexgebühr werden dem Index belastet. Solche Kosten und Gebühren reduzieren die Wertentwicklung des Index.

      Risiken der Indexkomponenten

      Aktien-Futures: Zukünftige Kurse sind dem Kursniveau der zugrunde liegenden Aktienindizes (z.B. S&P500, Eurostoxx 50 und Schweizer Markt) ausgesetzt. Die zukünftige Kursentwicklung kann jedoch von der direkten Anlage der liquiden Mittel in das zugrunde liegende Eigenkapital abweichen, da die Marktpreise für Kassa- und Termingeschäfte (z.B. aufgrund erwarteter Dividendenzahlungen und Zinssätze) unterschiedlich sein können.

      Bond-Futures: Zukünftige Preise sind dem Preisniveau der lieferbaren Anleihen (d.h. Treasuries und Bundesanleihen, die gemäß der Future-Kontraktspezifikation lieferfähig sind) ausgesetzt. Die zukünftige Kursentwicklung kann jedoch von der direkten Anlage der liquiden Mittel in die zugrunde liegenden Anleihen abweichen, da die Marktpreise für Kassa- und Termingeschäfte (z.B. aufgrund von Zinssätzen und Kuponzahlungen) unterschiedlich sein können.

      Rohstoff-Futures: Preise für Futures sind dem Preisniveau der lieferbaren Waren (d.h. physisches Gold, das gemäß der Future-Kontraktspezifikation lieferfähig ist) ausgesetzt. Die zukünftige Kursentwicklung kann jedoch von der direkten Anlage von Barmitteln in die zugrunde liegende Ware abweichen, da die Marktpreise für Kassa- und Termingeschäfte möglicherweise nicht identisch sind (z.B. aufgrund von Zinssätzen und Übertragungskosten).

      Börsengehandelte Fonds: ETF-Preise sind dem Preisniveau der zugrunde liegenden Aktienanlagen ausgesetzt. ETF-Preisbewegungen können von den Bewegungen des zugrunde liegenden Aktienindex, den der ETF zu verfolgen versucht (z.B. MSCI Emerging Market Index), aufgrund von Faktoren wie Kosten, Gebühren und Umsetzung durch den jeweiligen Fondsanbieter abweichen. Eine mangelnde Liquidität im ETF kann zu einem Disruptionsereignis führen (siehe Abschnitt 5.1). Darüber hinaus ist die Methode zur Berechnung der ETF-Wertentwicklung für die Zwecke des Morgan Stanley Multi-Asset CHF-Index nicht identisch mit der eines Anlegers, der direkt in den ETF investiert, aufgrund der von Dividenden und Finanzierungskosten, jedoch nicht ausschließlich von diesen, verursachten Auswirkungen.

      Risk factors

      Prior to making an investment decision in respect of any instrument or fund, the return of which is linked to the performance of an Index, prospective investors should carefully consider all of the information set out in this document, including these risk factors. The risk factors set out below are not exhaustive. There may be other risks that a prospective investor should consider that are relevant to its particular circumstances or generally.

      Strategy

      The Index is quantitative and rules-based and may not yield future positive performance. The methodology is designed to benefit from the diversification of a multi-asset portfolio, specifically the low correla tion and different risk/return profiles. However, there can be no assurances that the methodology will yield positive performance in all economic conditions and past performance of the strategy (actual or simulated) is not an indication of future performance.

      Index performance

      When considering any investment, the return of which is linked to the performance of an Index, prospective investors should be aware that the level of that Index can go down as well as up and that the performance of the Index in any future period may not mirror its past performance. Any investment linked or related to an Index may not necessarily be the same as an investment in the constituents of that Index at that time and may not reflect the return that could have been realised by an investor who entered into the hypothetical positions. The Index can, in certain circumstances, reduce to zero. Leverage The sum of the weights in the Index Components can be greater or less than 100% in order to target volatility effectively. When the weight is greater than 100% the leveraged nature of the Index will magnify the adverse impact of adverse performance in the Index Components.

      Volatility

      The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.

      Index disruption

      The Index is subject to certain Index Adjustment and Disruption Provisions (including Price Source Disruption and Hedging Disruption), which are intended to deal with situations in which it would become difficult or even impossible for the Index Sponsor and/or the Index Calculation Agent to rebalance, calculate and/or publish the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. In connection with these Index Adjustment and Disruption Provisions, the Index Sponsor has a number of discretions in relation to the Index (including the right to cancel the Index, change the published methodology or make adjustments to the composition of the Index) and the exercise of these discretions may have an adverse impact on the Index level and any financial products linked to the Index. Please refer to Section 5 of this Index Description for further information.

      Market factors

      The Index represents a collective valuation represented by a multi-asset portfolio. Prospective investors should be experienced with respect to transactions in investments with a value derived from the Index Components. The value of the Index Components may vary over time and may increase or decrease by reference to a variety of factors which may include corporate actions, macro economic factors and speculation, with the volatility reflecting the magnitude of such price variations. Historic Realised Volatility is not necessarily indicative of future Realised Volatility. Allocation to each Index Component is assessed weekly, based on a snapshot of Realised Volatility, which is backward looking. There is no guarantee the Index will demonstrate a level of future Realised Volatility the same as the Portfolio Volatility Target.

      Foreign Exchange Factors

      The underlying currencies of some Index Components are not CHF. As the Index is denominated in CHF, the Index Calculation Agent will apply a prevailing exchange rate between such non-CHF denomination currency and CHF on an applicable day when calculating the Index Level on an Index Calculation. The fluctuation of the foreign exchange market may have impact on the Index Level.

      Research

      Morgan Stanley may issue research reports on securities that are, or may become, constituents of the Index. These reports are entirely independent of the Index Calculation Agent’s obligations hereunder. Morgan Stanley will be under no obligation to make any adjustments to an Index to reflect any change in outlook by Morgan Stanley Research.

      No active management

      The Index is quantitative and is not actively managed by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. The Morgan Stanley Group is not acting as a fiduciary for, or an advisor to, any investor in respect of the Index.

      Reliance on information

      Calculations related to the Index are based on information obtained from various sources. When using such information, the Morgan Stanley Group and the Index Calculation Agent have relied on, and will rely on, these sources and have not independently verified, and will not independently verify, the information extracted from these sources.

      Index Sponsor’s powers

      The application of the methodology described herein by the Index Sponsor shall be conclusive and binding. However, the Index Sponsor may supplement, amend (in whole or in part), revise or withdraw these rules at any time. Such a supplement, amendment, revision or withdrawal may lead to a change in the way the Index is calculated or constructed and may affect the Index in other ways, including future performance. Without prejudice to the generality of the foregoing, the Index Sponsor may determine that a change to the Rules is required or desirable in order to update the Rules or to address an error, ambiguity or omission. The Rules may change without prior notice. All of the above may affect the value of the Index and the value of any financial products linked to the Index. The Index Sponsor shall have the right, in its sole discretion, to cease compiling, calculating and publishing values of the Index if at any time the Index Sponsor determines that the Index no longer meets or will not be capable of meeting the criteria established by the Index Sponsor or otherwise determines that the Index shall no longer be calculated.

      Calculations and determinations by the Index Calculation Agent

      The Index Calculation Agent’s calculations and determinations in relation to the Index shall be binding on all parties in the absence of manifest error. No party (whether the holder of any financial product linked to the Index or otherwise) will be entitled to proceed (and agrees to waive proceedings) against the Index Calculation Agent in connection with any such calculations or determinations or any failure to make any calculations or determinations in relation to the Index. For so long as the Index Calculation Agent calculates the Index, calculations and determinations by the Index Calculation Agent in connection with the Index will be made in reliance upon the information of various sources that the Index Calculation Agent has not independently verified. The Index Calculation Agent does not accept any liability for loss or damage of any kind arising from the use of such information in any such calculation or determination. The Index Adjustment and Disruption Provisions in section 5 are intended to deal with situations in which it would become difficult or even impossible for the Index Calculation Agent to calculate the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. Potential investors in the Index should ensure they review these provisions carefully before making any investment decision.

      Morgan Stanley potential conflicts of interest

      Morgan Stanley is acting as both the Index Sponsor and the Index Calculation Agent. Morgan Stanley and its affiliates may from time to time engage in transactions involving underlying components for their proprietary accounts and/or for accounts of their clients, may act as market-maker in such underlyings and/or be providing underwriting, banking, advisory or other services to the issuers of such equity shares. Such activities may not be for the benefit of the holders of investments related to the Index and may have a positive or negative effect on the value of the underlyings and consequently on the value of the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities, such as the issuer of investments, advisor thereof, Index Calculation Agent, Index Sponsor. Morgan Stanley and its affiliates may also issue derivative instruments in respect of such investments and/or the underlyings and the use of such derivatives may affect the value of the underlyings or the Index. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may be made aware of rebalancing information prior to any adjustment or rebalancing. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlyings or related instruments which may or may not affect the value of such components or instruments. In addition, the unwinding of such hedging transactions may also affect the value of such components or instruments, which may in turn affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activities.

      Index performance data – retrospective calculation

      The Index has been calculated on a live basis by the Index Calculation Agent since 29 February 2012 (the “Index Live Date”). Index performance for the period from 30 January 2002 (the “Index Base Date”) to the Index Live Date has been calculated retrospectively by the Index Sponsor on a hypothetical basis with an Initial Index Level of 100 on the Index Base Date. All prospective investors should be aware that a retrospective calculation of an Index means that no actual investment which allowed a tracking of the performance of an Index existed at any time during the period of the retrospective calculation and that as a result the comparison is purely hypothetical. Past performance (actual or simulated) is not a guide to future performance. The methodology and the strategy used for the calculation and retrospective calculation of the Index have been developed with the advantage of hindsight. In reality it is not possible to invest with the advantage of hindsight and therefore this performance comparison is purely theoretical. Prior to 11 April 2003 performance data from the MSCI EM Index (Bloomberg Ticker: MXEF Index) has been used as a proxy for the iShares MSCI Emerging Markets ETF. The MSCI EM Index data has been adjusted downwards by 0.68% per annum to be more comparable with the ETF. In addition prior to the Index Live Date the Index was calculated assuming a fixed difference between the bid and ask price of 0.01. This proxy may not reflect the true historical performance of the Index.

      Fees

      Rebalance Costs associated with rebalancing the Index Components and an Index Fee are debited from the Index. Such costs and fees will reduce the performance of the Index.

      Risks relating to the Index Components

      Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P500, Eurostoxx 50 and Swiss Market). However, the future price performance can differ from investing cash directly in the underlying equity as market prices for spot and forward transactions may not be the same (e.g. due to expected dividend payments and interest rates).

      Bond Futures: Future prices are exposed to the price levels of the deliverable bonds (i.e. Treasuries and Bunds that are eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying bonds as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and coupon payments).

      Commodity Futures: Future prices are exposed to the price levels of the deliverable commodities (i.e. Physical Gold that is eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying commodity as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and cost of carry).

      Exchange Traded Funds: ETF prices are exposed to the price levels of the underlying equity investments. ETF price movements can differ from movements in the underlying equity index the ETF is attempting to track (i.e. MSCI Emerging Market Index) due to factors such as, but not limited to, costs, fees and implementation by the respective fund provider. A lack of liquidity in the ETF can cause a Disruption Event (see section 5.1). In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Multi-Asset CHF Index are not the same as an investor directly investing in the ETF, due to effects including, but not limited to, dividends and funding costs.

      Risk factors

      Prior to making an investment decision in respect of any instrument or fund, the return of which is linked to the performance of an Index, prospective investors should carefully consider all of the information set out in this document, including these risk factors. The risk factors set out below are not exhaustive. There may be other risks that a prospective investor should consider that are relevant to its particular circumstances or generally.

      Strategy

      The Index is quantitative and rules-based and may not yield future positive performance. The methodology is designed to benefit from the diversification of a multi-asset portfolio, specifically the low correla tion and different risk/return profiles. However, there can be no assurances that the methodology will yield positive performance in all economic conditions and past performance of the strategy (actual or simulated) is not an indication of future performance.

      Index performance

      When considering any investment, the return of which is linked to the performance of an Index, prospective investors should be aware that the level of that Index can go down as well as up and that the performance of the Index in any future period may not mirror its past performance. Any investment linked or related to an Index may not necessarily be the same as an investment in the constituents of that Index at that time and may not reflect the return that could have been realised by an investor who entered into the hypothetical positions. The Index can, in certain circumstances, reduce to zero. Leverage The sum of the weights in the Index Components can be greater or less than 100% in order to target volatility effectively. When the weight is greater than 100% the leveraged nature of the Index will magnify the adverse impact of adverse performance in the Index Components.

      Volatility

      The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.

      Index disruption

      The Index is subject to certain Index Adjustment and Disruption Provisions (including Price Source Disruption and Hedging Disruption), which are intended to deal with situations in which it would become difficult or even impossible for the Index Sponsor and/or the Index Calculation Agent to rebalance, calculate and/or publish the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. In connection with these Index Adjustment and Disruption Provisions, the Index Sponsor has a number of discretions in relation to the Index (including the right to cancel the Index, change the published methodology or make adjustments to the composition of the Index) and the exercise of these discretions may have an adverse impact on the Index level and any financial products linked to the Index. Please refer to Section 5 of this Index Description for further information.

      Market factors

      The Index represents a collective valuation represented by a multi-asset portfolio. Prospective investors should be experienced with respect to transactions in investments with a value derived from the Index Components. The value of the Index Components may vary over time and may increase or decrease by reference to a variety of factors which may include corporate actions, macro economic factors and speculation, with the volatility reflecting the magnitude of such price variations. Historic Realised Volatility is not necessarily indicative of future Realised Volatility. Allocation to each Index Component is assessed weekly, based on a snapshot of Realised Volatility, which is backward looking. There is no guarantee the Index will demonstrate a level of future Realised Volatility the same as the Portfolio Volatility Target.

      Foreign Exchange Factors

      The underlying currencies of some Index Components are not CHF. As the Index is denominated in CHF, the Index Calculation Agent will apply a prevailing exchange rate between such non-CHF denomination currency and CHF on an applicable day when calculating the Index Level on an Index Calculation. The fluctuation of the foreign exchange market may have impact on the Index Level.

      Research

      Morgan Stanley may issue research reports on securities that are, or may become, constituents of the Index. These reports are entirely independent of the Index Calculation Agent’s obligations hereunder. Morgan Stanley will be under no obligation to make any adjustments to an Index to reflect any change in outlook by Morgan Stanley Research.

      No active management

      The Index is quantitative and is not actively managed by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. The Morgan Stanley Group is not acting as a fiduciary for, or an advisor to, any investor in respect of the Index.

      Reliance on information

      Calculations related to the Index are based on information obtained from various sources. When using such information, the Morgan Stanley Group and the Index Calculation Agent have relied on, and will rely on, these sources and have not independently verified, and will not independently verify, the information extracted from these sources.

      Index Sponsor’s powers

      The application of the methodology described herein by the Index Sponsor shall be conclusive and binding. However, the Index Sponsor may supplement, amend (in whole or in part), revise or withdraw these rules at any time. Such a supplement, amendment, revision or withdrawal may lead to a change in the way the Index is calculated or constructed and may affect the Index in other ways, including future performance. Without prejudice to the generality of the foregoing, the Index Sponsor may determine that a change to the Rules is required or desirable in order to update the Rules or to address an error, ambiguity or omission. The Rules may change without prior notice. All of the above may affect the value of the Index and the value of any financial products linked to the Index. The Index Sponsor shall have the right, in its sole discretion, to cease compiling, calculating and publishing values of the Index if at any time the Index Sponsor determines that the Index no longer meets or will not be capable of meeting the criteria established by the Index Sponsor or otherwise determines that the Index shall no longer be calculated.

      Calculations and determinations by the Index Calculation Agent

      The Index Calculation Agent’s calculations and determinations in relation to the Index shall be binding on all parties in the absence of manifest error. No party (whether the holder of any financial product linked to the Index or otherwise) will be entitled to proceed (and agrees to waive proceedings) against the Index Calculation Agent in connection with any such calculations or determinations or any failure to make any calculations or determinations in relation to the Index. For so long as the Index Calculation Agent calculates the Index, calculations and determinations by the Index Calculation Agent in connection with the Index will be made in reliance upon the information of various sources that the Index Calculation Agent has not independently verified. The Index Calculation Agent does not accept any liability for loss or damage of any kind arising from the use of such information in any such calculation or determination. The Index Adjustment and Disruption Provisions in section 5 are intended to deal with situations in which it would become difficult or even impossible for the Index Calculation Agent to calculate the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. Potential investors in the Index should ensure they review these provisions carefully before making any investment decision.

      Morgan Stanley potential conflicts of interest

      Morgan Stanley is acting as both the Index Sponsor and the Index Calculation Agent. Morgan Stanley and its affiliates may from time to time engage in transactions involving underlying components for their proprietary accounts and/or for accounts of their clients, may act as market-maker in such underlyings and/or be providing underwriting, banking, advisory or other services to the issuers of such equity shares. Such activities may not be for the benefit of the holders of investments related to the Index and may have a positive or negative effect on the value of the underlyings and consequently on the value of the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities, such as the issuer of investments, advisor thereof, Index Calculation Agent, Index Sponsor. Morgan Stanley and its affiliates may also issue derivative instruments in respect of such investments and/or the underlyings and the use of such derivatives may affect the value of the underlyings or the Index. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may be made aware of rebalancing information prior to any adjustment or rebalancing. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlyings or related instruments which may or may not affect the value of such components or instruments. In addition, the unwinding of such hedging transactions may also affect the value of such components or instruments, which may in turn affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activities.

      Index performance data – retrospective calculation

      The Index has been calculated on a live basis by the Index Calculation Agent since 29 February 2012 (the “Index Live Date”). Index performance for the period from 30 January 2002 (the “Index Base Date”) to the Index Live Date has been calculated retrospectively by the Index Sponsor on a hypothetical basis with an Initial Index Level of 100 on the Index Base Date. All prospective investors should be aware that a retrospective calculation of an Index means that no actual investment which allowed a tracking of the performance of an Index existed at any time during the period of the retrospective calculation and that as a result the comparison is purely hypothetical. Past performance (actual or simulated) is not a guide to future performance. The methodology and the strategy used for the calculation and retrospective calculation of the Index have been developed with the advantage of hindsight. In reality it is not possible to invest with the advantage of hindsight and therefore this performance comparison is purely theoretical. Prior to 11 April 2003 performance data from the MSCI EM Index (Bloomberg Ticker: MXEF Index) has been used as a proxy for the iShares MSCI Emerging Markets ETF. The MSCI EM Index data has been adjusted downwards by 0.68% per annum to be more comparable with the ETF. In addition prior to the Index Live Date the Index was calculated assuming a fixed difference between the bid and ask price of 0.01. This proxy may not reflect the true historical performance of the Index.

      Fees

      Rebalance Costs associated with rebalancing the Index Components and an Index Fee are debited from the Index. Such costs and fees will reduce the performance of the Index.

      Risks relating to the Index Components

      Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P500, Eurostoxx 50 and Swiss Market). However, the future price performance can differ from investing cash directly in the underlying equity as market prices for spot and forward transactions may not be the same (e.g. due to expected dividend payments and interest rates).

      Bond Futures: Future prices are exposed to the price levels of the deliverable bonds (i.e. Treasuries and Bunds that are eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying bonds as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and coupon payments).

      Commodity Futures: Future prices are exposed to the price levels of the deliverable commodities (i.e. Physical Gold that is eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying commodity as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and cost of carry).

      Exchange Traded Funds: ETF prices are exposed to the price levels of the underlying equity investments. ETF price movements can differ from movements in the underlying equity index the ETF is attempting to track (i.e. MSCI Emerging Market Index) due to factors such as, but not limited to, costs, fees and implementation by the respective fund provider. A lack of liquidity in the ETF can cause a Disruption Event (see section 5.1). In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Multi-Asset CHF Index are not the same as an investor directly investing in the ETF, due to effects including, but not limited to, dividends and funding costs.

      Risk factors

      Prior to making an investment decision in respect of any instrument or fund, the return of which is linked to the performance of an Index, prospective investors should carefully consider all of the information set out in this document, including these risk factors. The risk factors set out below are not exhaustive. There may be other risks that a prospective investor should consider that are relevant to its particular circumstances or generally.

      Strategy

      The Index is quantitative and rules-based and may not yield future positive performance. The methodology is designed to benefit from the diversification of a multi-asset portfolio, specifically the low correla tion and different risk/return profiles. However, there can be no assurances that the methodology will yield positive performance in all economic conditions and past performance of the strategy (actual or simulated) is not an indication of future performance.

      Index performance

      When considering any investment, the return of which is linked to the performance of an Index, prospective investors should be aware that the level of that Index can go down as well as up and that the performance of the Index in any future period may not mirror its past performance. Any investment linked or related to an Index may not necessarily be the same as an investment in the constituents of that Index at that time and may not reflect the return that could have been realised by an investor who entered into the hypothetical positions. The Index can, in certain circumstances, reduce to zero. Leverage The sum of the weights in the Index Components can be greater or less than 100% in order to target volatility effectively. When the weight is greater than 100% the leveraged nature of the Index will magnify the adverse impact of adverse performance in the Index Components.

      Volatility

      The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.

      Index disruption

      The Index is subject to certain Index Adjustment and Disruption Provisions (including Price Source Disruption and Hedging Disruption), which are intended to deal with situations in which it would become difficult or even impossible for the Index Sponsor and/or the Index Calculation Agent to rebalance, calculate and/or publish the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. In connection with these Index Adjustment and Disruption Provisions, the Index Sponsor has a number of discretions in relation to the Index (including the right to cancel the Index, change the published methodology or make adjustments to the composition of the Index) and the exercise of these discretions may have an adverse impact on the Index level and any financial products linked to the Index. Please refer to Section 5 of this Index Description for further information.

      Market factors

      The Index represents a collective valuation represented by a multi-asset portfolio. Prospective investors should be experienced with respect to transactions in investments with a value derived from the Index Components. The value of the Index Components may vary over time and may increase or decrease by reference to a variety of factors which may include corporate actions, macro economic factors and speculation, with the volatility reflecting the magnitude of such price variations. Historic Realised Volatility is not necessarily indicative of future Realised Volatility. Allocation to each Index Component is assessed weekly, based on a snapshot of Realised Volatility, which is backward looking. There is no guarantee the Index will demonstrate a level of future Realised Volatility the same as the Portfolio Volatility Target.

      Foreign Exchange Factors

      The underlying currencies of some Index Components are not CHF. As the Index is denominated in CHF, the Index Calculation Agent will apply a prevailing exchange rate between such non-CHF denomination currency and CHF on an applicable day when calculating the Index Level on an Index Calculation. The fluctuation of the foreign exchange market may have impact on the Index Level.

      Research

      Morgan Stanley may issue research reports on securities that are, or may become, constituents of the Index. These reports are entirely independent of the Index Calculation Agent’s obligations hereunder. Morgan Stanley will be under no obligation to make any adjustments to an Index to reflect any change in outlook by Morgan Stanley Research.

      No active management

      The Index is quantitative and is not actively managed by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. The Morgan Stanley Group is not acting as a fiduciary for, or an advisor to, any investor in respect of the Index.

      Reliance on information

      Calculations related to the Index are based on information obtained from various sources. When using such information, the Morgan Stanley Group and the Index Calculation Agent have relied on, and will rely on, these sources and have not independently verified, and will not independently verify, the information extracted from these sources.

      Index Sponsor’s powers

      The application of the methodology described herein by the Index Sponsor shall be conclusive and binding. However, the Index Sponsor may supplement, amend (in whole or in part), revise or withdraw these rules at any time. Such a supplement, amendment, revision or withdrawal may lead to a change in the way the Index is calculated or constructed and may affect the Index in other ways, including future performance. Without prejudice to the generality of the foregoing, the Index Sponsor may determine that a change to the Rules is required or desirable in order to update the Rules or to address an error, ambiguity or omission. The Rules may change without prior notice. All of the above may affect the value of the Index and the value of any financial products linked to the Index. The Index Sponsor shall have the right, in its sole discretion, to cease compiling, calculating and publishing values of the Index if at any time the Index Sponsor determines that the Index no longer meets or will not be capable of meeting the criteria established by the Index Sponsor or otherwise determines that the Index shall no longer be calculated.

      Calculations and determinations by the Index Calculation Agent

      The Index Calculation Agent’s calculations and determinations in relation to the Index shall be binding on all parties in the absence of manifest error. No party (whether the holder of any financial product linked to the Index or otherwise) will be entitled to proceed (and agrees to waive proceedings) against the Index Calculation Agent in connection with any such calculations or determinations or any failure to make any calculations or determinations in relation to the Index. For so long as the Index Calculation Agent calculates the Index, calculations and determinations by the Index Calculation Agent in connection with the Index will be made in reliance upon the information of various sources that the Index Calculation Agent has not independently verified. The Index Calculation Agent does not accept any liability for loss or damage of any kind arising from the use of such information in any such calculation or determination. The Index Adjustment and Disruption Provisions in section 5 are intended to deal with situations in which it would become difficult or even impossible for the Index Calculation Agent to calculate the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. Potential investors in the Index should ensure they review these provisions carefully before making any investment decision.

      Morgan Stanley potential conflicts of interest

      Morgan Stanley is acting as both the Index Sponsor and the Index Calculation Agent. Morgan Stanley and its affiliates may from time to time engage in transactions involving underlying components for their proprietary accounts and/or for accounts of their clients, may act as market-maker in such underlyings and/or be providing underwriting, banking, advisory or other services to the issuers of such equity shares. Such activities may not be for the benefit of the holders of investments related to the Index and may have a positive or negative effect on the value of the underlyings and consequently on the value of the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities, such as the issuer of investments, advisor thereof, Index Calculation Agent, Index Sponsor. Morgan Stanley and its affiliates may also issue derivative instruments in respect of such investments and/or the underlyings and the use of such derivatives may affect the value of the underlyings or the Index. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may be made aware of rebalancing information prior to any adjustment or rebalancing. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlyings or related instruments which may or may not affect the value of such components or instruments. In addition, the unwinding of such hedging transactions may also affect the value of such components or instruments, which may in turn affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activities.

      Index performance data – retrospective calculation

      The Index has been calculated on a live basis by the Index Calculation Agent since 29 February 2012 (the “Index Live Date”). Index performance for the period from 30 January 2002 (the “Index Base Date”) to the Index Live Date has been calculated retrospectively by the Index Sponsor on a hypothetical basis with an Initial Index Level of 100 on the Index Base Date. All prospective investors should be aware that a retrospective calculation of an Index means that no actual investment which allowed a tracking of the performance of an Index existed at any time during the period of the retrospective calculation and that as a result the comparison is purely hypothetical. Past performance (actual or simulated) is not a guide to future performance. The methodology and the strategy used for the calculation and retrospective calculation of the Index have been developed with the advantage of hindsight. In reality it is not possible to invest with the advantage of hindsight and therefore this performance comparison is purely theoretical. Prior to 11 April 2003 performance data from the MSCI EM Index (Bloomberg Ticker: MXEF Index) has been used as a proxy for the iShares MSCI Emerging Markets ETF. The MSCI EM Index data has been adjusted downwards by 0.68% per annum to be more comparable with the ETF. In addition prior to the Index Live Date the Index was calculated assuming a fixed difference between the bid and ask price of 0.01. This proxy may not reflect the true historical performance of the Index.

      Fees

      Rebalance Costs associated with rebalancing the Index Components and an Index Fee are debited from the Index. Such costs and fees will reduce the performance of the Index.

      Risks relating to the Index Components

      Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P500, Eurostoxx 50 and Swiss Market). However, the future price performance can differ from investing cash directly in the underlying equity as market prices for spot and forward transactions may not be the same (e.g. due to expected dividend payments and interest rates).

      Bond Futures: Future prices are exposed to the price levels of the deliverable bonds (i.e. Treasuries and Bunds that are eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying bonds as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and coupon payments).

      Commodity Futures: Future prices are exposed to the price levels of the deliverable commodities (i.e. Physical Gold that is eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying commodity as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and cost of carry).

      Exchange Traded Funds: ETF prices are exposed to the price levels of the underlying equity investments. ETF price movements can differ from movements in the underlying equity index the ETF is attempting to track (i.e. MSCI Emerging Market Index) due to factors such as, but not limited to, costs, fees and implementation by the respective fund provider. A lack of liquidity in the ETF can cause a Disruption Event (see section 5.1). In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Multi-Asset CHF Index are not the same as an investor directly investing in the ETF, due to effects including, but not limited to, dividends and funding costs.



      Disclaimer

      Wichtige Informationen und Qualifikationen

      Die hierin enthaltenen Informationen wurden von Vertriebs-, Handels- oder anderen Research-fremden Mitarbeitern eines der folgenden Unternehmen erstellt: Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC, Morgan Stanley MUFG Securities Co., Ltd, Morgan Stanley Capital Group Inc. und/oder Morgan Stanley Asia Limited (zusammen mit ihren Tochtergesellschaften, nachfolgend „Morgan Stanley“ genannt), ist aber kein Produkt der Morgan Stanley Research Abteilung. Diese Mitteilung ist eine Marketingmitteilung und kein Research-Bericht, obwohl sie sich auf einen Morgan Stanley Research-Bericht oder die Ansichten eines Morgan Stanley Research-Analysten beziehen kann. Wir kommentieren nicht die Grundlagen der genannten Unternehmen. Sofern nicht anders angegeben, sind alle hier geäußerten Ansichten die Ansichten des Autors und können von denen der Morgan Stanley Research oder denen der anderen Unternehmen abweichen oder mit diesen in Konflikt stehen. Weitere Informationen und wichtige Angaben finden Sie unter http://www.morganstanley.com/disclaimers.

      Morgan Stanley fungiert nicht als kommunaler Berater und die hierin enthaltenen Meinungen oder Ansichten stellen keine Beratung dar, auch nicht im Sinne von § 975 des Dodd- Frank Wall Street Reform and Consumer Protection Act. 

      Dieses Material ist keine Anlageberatung (wie im Rahmen von ERISA oder ähnlichen Konzepten nach geltendem Recht definiert) von Morgan Stanley in Bezug auf einen Personalvorsorgeplan oder eine Person, die als Treuhänder für einen Personalvorsorgeplan handelt. Dieses Material ist nicht als Empfehlung für bestimmte Anlageprodukte, Strategien, Planmerkmale oder andere Zwecke gedacht. Alle in diesem Material verwendeten Beispiele sind generisch, hypothetisch und dienen nur Illustrationszwecken. Solche Mitteilungen sind nicht unparteiisch und werden im Zusammenhang mit der Vermarktung von Produkten und Dienstleistungen bereitgestellt.

      Die hier enthaltenen Informationen dienen ausschließlich Informationszwecken und stellen weder ein Angebot zum Kauf oder Verkauf noch eine Aufforderung zur Abgabe eines Angebots zum Kauf oder Verkauf der genannten Wertpapiere oder Instrumente oder zur Teilnahme an einer bestimmten Handelsstrategie dar. Diese Materialien beruhen auf Informationen, die der Öffentlichkeit allgemein zugänglich sind und aus Quellen stammen, die für zuverlässig gehalten werden. Es wird keine Gewähr für deren Richtigkeit oder Vollständigkeit übernommen und sie können sich ohne vorherige Ankündigung ändern. Morgan Stanley lehnt im eigenen Namen und im Namen seiner verbundenen Unternehmen jegliche Haftung in Bezug auf diese Materialien ab, wie beispielsweise, jedoch nicht ausschließlich, ausdrückliche oder stillschweigende Zusicherungen oder Garantien für Aussagen oder Fehler, die in diesen Materialien enthalten sind oder diesbezügliche Auslassungen. Morgan Stanley und andere seiner verbundenen Unternehmen können Märkte bilden oder sich darauf spezialisieren, nehmen jetzt oder in Zukunft grundsätzliche Positionen (Long oder Short) in vorliegend erwähnten Wertpapieren von Unternehmen oder Handelsstrategien und können auch Investment Banking, Brokerage oder andere Dienstleistungen für diese Unternehmen erbringen oder zu erbringen versuchen und können Transaktionen mit ihnen eingehen. Wir können diese Positionen jederzeit ganz oder teilweise ändern oder liquidieren und wir sind nicht verpflichtet, Sie zu kontaktieren, um eine beabsichtigte oder erfolgte Änderung oder Liquidation bekannt zu geben. Morgan Stanley fungiert als „Prime Broker“ und Kreditgeber für eine Reihe von Hedgefonds. Dadurch kann Morgan Stanley indirekt von steigenden Investitionen in Hedgefonds profitieren.

      Sofern nicht anders angegeben, basiert das vorliegende Material nicht auf der Berücksichtigung individueller Kundengegebenheiten und ist daher nicht als persönliche Empfehlung zu betrachten. Wir weisen die Anleger darauf hin, dass diese Anlagen einem Marktrisiko unterliegen und im Wert schwanken. Die in dieser Mitteilung behandelten Anlagen können je nach ihren spezifischen Anlagezielen und ihrer Finanzlage für Anleger ungeeignet sein. Wenn eine Anlage in einer anderen Währung als der Währung des Anlegers getätigt wird, können sich Wechselkursänderungen nachteilig auf den Wert, den Preis oder die Erträge aus der Anlage auswirken. Die angegebenen Leistungsdaten stellen die historische Wertentwicklung dar. Die historische Wertentwicklung ist kein Indikator für zukünftige Renditen. Es wird weder zugesichert noch garantiert, dass die angegebenen Renditen erreicht werden. In dieser Analyse können bestimmte Annahmen getroffen worden sein, die zu den hier beschriebenen Renditen geführt haben. Transaktionskosten (z.B. Provisionen) werden bei der Berechnung der Renditen nicht berücksichtigt. Änderungen der Annahmen können einen wesentlichen Einfluss auf die angegebenen Renditen haben. Potenzielle Anleger sollten sich bewusst sein, dass bestimmte rechtliche, buchhalterische und steuerliche Beschränkungen, Margenanforderungen, Provisionen und andere Transaktionskosten sowie Änderungen der hier dargelegten Annahmen die wirtschaftlichen Folgen der hier beschriebenen Transaktionen erheblich beeinflussen können. Die hier enthaltenen Informationen und Analysen sind nicht als Steuer-, Rechts- oder Anlageberatung gedacht und könnten für Ihre spezifischen Umstände ungeeignet sein. Aufgrund des Erhalts dieser Mitteilung rät Ihnen Morgan Stanley, keinerlei Maßnahmen auf der Grundlage der hier enthaltenen Informationen, Meinungen oder Ansichten zu ergreifen, und Ihre Entgegennahme dieses Dokuments wird als Akzeptanz dieser Schlussfolgerungen erachtet. Sie sollten die in dieser Mitteilung enthaltenen Informationen, Meinungen oder Ansichten mit Ihren eigenen finanziellen, buchhalterischen und rechtlichen Beratern besprechen. 

      Um weitere Informationen über die historische Wertentwicklung des Finanzinstruments und/oder des Basiswerts (sofern zutreffend) und/oder das Funktionieren des Finanzinstruments unter verschiedenen Marktbedingungen zu erhalten, auf die in Mitteilungen von Mitarbeitern von Morgan Stanley-Unternehmen mit Sitz in Europa, dem Nahen Osten und Afrika („EMEA“) Bezug genommen wird, wenden Sie sich bitte an Ihren EMEA Morgan Stanley-Vertriebsmitarbeiter.

      Diese Materialien dürfen nicht in Ländern verteilt werden, in denen dies rechtswidrig ist. Die in dieser Mitteilung beschriebenen Instrumente und/oder Basiswerte dürfen in einer Reihe von Ländern, in denen dies unzulässig ist, weder vermarktet noch verkauft oder zum Kauf angeboten werden. Diese Veröffentlichung wird in Japan von Morgan Stanley MUFG Securities Co. Ltd. nur an diejenigen Anleger verbreitet, die „Professional Investors“ (tokutei toushika) im Sinne des Financial Instrument Exchange Law of Japan sind und darf nur dann an andere Anlegertypen weitergegeben werden (nur zur Orientierung), wenn Morgan Stanley vorher schriftlich zugestimmt hat. Morgan Stanley MUFG Securities Co. Ltd. ist ein Joint Venture zwischen Morgan Stanley und der Mitsubishi UFJ Financial Group in Japan. Morgan Stanley und Mitsubishi UFJ Financial Group haben ein weiteres Joint Venture in Japan gegründet: Mitsubishi UFJ Morgan Stanley Securities Co. Ltd); in Hongkong durch Morgan Stanley Asia Limited; in Singapur durch Morgan Stanley Asia (Singapore) Pte. und/oder Morgan Stanley Asia (Singapore) Securities Pte. Ltd., die jeweils von der Monetary Authority of Singapore reguliert werden und die Verantwortung für den Inhalt dieser Materialien übernehmen, nur gegenüber Anlegern, die institutionelle Anleger, akkreditierte Anleger oder sachverständige Anleger im Sinne des Securities and Futures Act, Chapter 289 of Singapore sind; in Australien von Morgan Stanley Australia Limited A.B.N. 67 003 734 576, A.F.S.L. Nr. 233742 und/oder Morgan Stanley Australia Securities Limited A.B.N. 55 078 652 276, A.F.S.L. Nr. 233741, die die Verantwortung für ihren Inhalt übernimmt; in Kanada von Morgan Stanley Canada Limited, die den Inhalt dieser Veröffentlichung in Kanada genehmigt hat und sich bereit erklärt hat, die Verantwortung dafür zu übernehmen; in Spanien von Morgan Stanley, S.V., S.A., einem Unternehmen der Morgan Stanley-Gruppe, das von der spanischen Wertpapieraufsichtsbehörde (CNMV) beaufsichtigt wird und erklärt, dass dieses Dokument nach den für die Finanzanalyse geltenden Verhaltensregeln gemäß den spanischen Vorschriften verfasst und verteilt wurde; in den Vereinigten Staaten ist es nur an institutionelle Kunden gerichtet und wird von Morgan Stanley & Co. LLC, die die Verantwortung für ihren Inhalt übernimmt und im Vereinigten Königreich ist sie nur an diejenigen Personen gerichtet, die zugelassene Gegenparteien oder professionelle Kunden sind und Privatkunden (jeweils gemäß der Definition in den Regeln der britischen Financial Conduct Authority) dürfen nicht im Vertrauen drauf handeln und es wird in der Europäischen Union von Morgan Stanley & Co. International plc vertrieben, sofern vorstehend nicht etwas anderes vorgesehen ist. Private britische Investoren sollten sich von ihrem Vertreter der Morgan Stanley & Co. International plc über die betreffenden Investitionen beraten lassen. In Australien ist diese Publikation und ein darauf erfolgender Zugriff nur „Wholesale Clients“ im Sinne des Australian Corporations Act zugedacht. Die hier enthaltenen Warenzeichen und Dienstleistungsmarken sind Eigentum ihrer jeweiligen Inhaber. Außenstehende Datenlieferanten übernehmen keinerlei Gewähr für die Richtigkeit, Vollständigkeit und Aktualität der von ihnen zur Verfügung gestellten Daten und haften nicht für Schäden jeglicher Art, die im Zusammenhang mit diesen Daten stehen.

      HYPOTHETISCHE WERTENTWICKLUNGSERGEBNISSE HABEN VIELE INHÄRENTE EINSCHRÄNKUNGEN, VON DENEN EINIGE IM FOLGENDEN BESCHRIEBEN WERDEN. ES WIRD NICHT ZUGESICHERT, DASS EIN KONTO ÄHNLICHE GEWINNE ODER VERLUSTE WIE DIE GEZEIGTEN ERZIELEN WIRD ODER DIESE ZU ERWARTEN SIND. TATSÄCHLICH GIBT ES HÄUFIG STARKE UNTERSCHIEDE ZWISCHEN DEN HYPOTHETISCHEN WERTENTWICKLUNGSERGEBNISSEN UND DEN TATSÄCHLICHEN ERGEBNISSEN, DIE DURCH EIN BESTIMMTES HANDELSPROGRAMM ERZIELT WERDEN. 
      EINE DER EINSCHRÄNKUNGEN VON HYPOTHETISCHEN PERFORMANCEERGEBNISSEN BESTEHT DARIN, DASS SIE IN DER REGEL IM NACHHINEIN ERSTELLT WERDEN. DARÜBER HINAUS BEINHALTET DER HYPOTHETISCHE HANDEL KEIN FINANZIELLES RISIKO UND EIN HYPOTHETISCHER HANDELSNACHWEIS KANN DIE AUSWIRKUNGEN DES FINANZIELLEN RISIKOS IM TATSÄCHLICHEN HANDEL NICHT VOLLSTÄNDIG BERÜCKSICHTIGEN. BEISPIELSWEISE SIND DIE FÄHIGKEIT, VERLUSTEN STANDZUHALTEN ODER EINE BESTIMMTE HANDELSSTRATEGIE TROTZ HANDELSVERLUSTEN EINZUHALTEN WESENTLICHE PUNKTE, DIE AUCH DAS TATSÄCHLICHE HANDELSERGEBNIS NEGATIV BEEINFLUSSEN KÖNNEN. ES GIBT ZAHLREICHE ANDERE FAKTOREN, DIE SICH AUF DIE MÄRKTE IM ALLGEMEINEN ODER AUF DIE UMSETZUNG EINES BESTIMMTEN HANDELSPROGRAMMS BEZIEHEN UND DIE BEI DER ERSTELLUNG VON HYPOTHETISCHEN WERTENTWICKLUNGSERGEBNISSEN NICHT VOLLSTÄNDIG BERÜCKSICHTIGT WERDEN KÖNNEN UND DIE ALLE DAS TATSÄCHLICHE HANDELSERGEBNIS NEGATIV BEEINFLUSSEN KÖNNEN.

      Alle in dieser Mitteilung vorgenommenen Einschätzungen, Prognosen oder Vorhersagen (auch in tabellarischer Form) sind als zukunftsgerichtete Aussagen zu verstehen. Obwohl Morgan Stanley der Ansicht ist, dass die Erwartungen in eine solche zukunftsgerichtete Aussage angemessen sind, kann es keine Garantie dafür geben, dass sich die zukunftsgerichteten Aussagen als richtig erweisen werden. Solche Schätzungen unterliegen bekannten und unbekannten Risiken, Unsicherheiten und anderen Faktoren, die dazu führen können, dass die tatsächlichen Ergebnisse wesentlich von den Erwartungen abweichen. Diese zukunftsgerichteten Aussagen gelten nur zum Zeitpunkt dieser Mitteilung. Morgan Stanley lehnt ausdrücklich jede Verpflichtung ab, die hier enthaltenen zukunftsgerichteten Aussagen zu aktualisieren oder zu revidieren, um eine Änderung der Erwartungen oder der Umstände, auf denen diese Aussagen beruhen, widerzuspiegeln. Die angegebenen Preise sind die am Ende des angegebenen Datums geltenden Angebotspreise von Morgan Stanley. Es kann sein, dass keine tatsächlichen Transaktionen zu diesen Preisen getätigt worden sind.

      Die hier enthaltenen Warenzeichen und Dienstleistungsmarken sind Eigentum ihrer jeweiligen Inhaber. Weitere Informationen zu den hier beschriebenen Wertpapieren erhalten Sie auf Anfrage. Diese Mitteilung oder Teile derselben dürfen nur nachgedruckt, weiterverkauft oder weitergegeben werden, wenn Morgan Stanley dem vorab schriftlich zugestimmt hat.

      Copyright © durch Morgan Stanley 2022, alle Rechte vorbehalten.

      Important Information and Qualifications

      The information provided herein was prepared by sales, trading, or other non-research personnel of one of the following: Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC, Morgan Stanley MUFG Securities Co., Ltd, Morgan Stanley Capital Group Inc. and/or Morgan Stanley Asia Limited (together with their affiliates, hereinafter “Morgan Stanley”), but is not a product of the Morgan Stanley Research Department. This communication is a marketing communication and is not a research report, though it may refer to a Morgan Stanley Research report or the views of a Morgan Stanley research analyst. We are not commenting on the fundamentals of any companies mentioned. Unless indicated, all views expressed herein are the views of the author and may differ from or conflict with those of the Morgan Stanley Research or others in the Firm. For additional information and important disclosures, see http://www.morganstanley.com/disclaimers.

      Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 975 of the Dodd- Frank Wall Street Reform and Consumer Protection Act.

      This material is not (and should not be construed to be) investment advice (as defined under ERISA or similar concepts under applicable law) from Morgan Stanley with respect to an employee benefit plan or to any person acting as a Fiduciary for an employee benefit plan. This material is not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. Any examples used in this material are generic, hypothetical and for illustration purposes only. Communications such as this are not impartial and are provided in connection with the marketing of products and services.

      The information provided herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities or instruments mentioned or to participate in any particular trading strategy. These materials have been based upon information generally available to the public from sources believed to be reliable. No representation is given with respect to their accuracy or completeness, and they may change without notice. Morgan Stanley on its own behalf and on behalf of its affiliates disclaims any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, or omissions from, these materials. Morgan Stanley and others associated with it may make markets or specialize in, have or may in the future enter into principal positions (long or short) in and effect transactions in securities of companies or trading strategies mentioned or described herein and may also perform or seek to perform investment banking, brokerage or other services for those companies and may enter into transactions with them. We may at any time modify or liquidate all or a portion of such positions and we are under no obligation to contact you to disclose any such intention to modify or liquidate or any such modification or liquidation. Morgan Stanley acts as “prime broker” and lender for a number of hedge funds. As a result, Morgan Stanley may indirectly benefit from increases in investments in hedge funds.

      Unless stated otherwise, the material contained herein has not been based on a consideration of any individual client circumstances and as such should not be considered to be a personal recommendation. We remind investors that these investments are subject to market risk and will fluctuate in value. The investments discussed in this communication may be unsuitable for investors depending upon their specific investment objectives and financial position. Where an investment is denominated in a currency other than the investor’s currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment. The performance data quoted represents past performance. Past performance is not indicative of future returns. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in this analysis, which have resulted in any returns detailed herein. Transaction costs (such as commissions) are not included in the calculation of returns. Changes to the assumptions may have a material impact on any returns detailed. Potential investors should be aware that certain legal, accounting and tax restrictions, margin requirements, commissions and other transaction costs and changes to the assumptions set forth herein may significantly affect the economic consequences of the transactions discussed herein. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances. By submitting this communication to you, Morgan Stanley is not advising you to take any particular action based on the information, opinions or views contained herein, and acceptance of such document will be deemed by you acceptance of these conclusions. You should consult with your own municipal, financial, accounting and legal advisors regarding the information, opinions or views contained in this communication.

      To receive further information in relation to the past performance of the financial instrument and or underlying (as applicable) and/or the functioning of the financial instrument in different market conditions referred to in any communications produced by employees of any Morgan Stanley entity based in Europe, the Middle East, and Africa (“EMEA”), please contact your EMEA Morgan Stanley Sales representative.

      These materials may not be distributed in any jurisdiction where it is unlawful to do so. The instruments and or underlyings described in this communication may not be marketed or sold or be available for offer or sale in a number of jurisdictions where it is unlawful to do so. This publication is disseminated in Japan by Morgan Stanley MUFG Securities Co., Ltd only to those investors who are “Professional Investors” (tokutei toushika) as defined in the Financial Instrument Exchange Law of Japan and may not be redistributed to other types of investors without the prior written consent of Morgan Stanley (For guidance purposes only. Morgan Stanley MUFG Securities Co., Ltd is a joint venture in Japan between Morgan Stanley and Mitsubishi UFJ Financial Group. Morgan Stanley and Mitsubishi UFJ Financial Group have formed another joint venture in Japan called Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd); in Hong Kong by Morgan Stanley Asia Limited; in Singapore by Morgan Stanley Asia (Singapore) Pte. and/or Morgan Stanley Asia (Singapore) Securities Pte. Ltd., each of which is regulated by the Monetary Authority of Singapore and accepts responsibility for its contents of these materials, only to those investors who are institutional investors, accredited investors or expert investors, as defined in the Securities and Futures Act, Chapter 289 of Singapore; in Australia by Morgan Stanley Australia Limited A.B.N. 67 003 734 576, A.F.S.L. No. 233742 and/or Morgan Stanley Australia Securities Limited A.B.N. 55 078 652 276, A.F.S.L. No. 233741, which accept responsibility for its contents; in Canada by Morgan Stanley Canada Limited, which has approved of, and has agreed to take responsibility for, the contents of this publication in Canada; in Spain by Morgan Stanley, S.V., S.A., a Morgan Stanley group company, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that this document has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations; in the United States it is directed only to institutional clients and is distributed by Morgan Stanley & Co. LLC, which accepts responsibility for its contents; and in the United Kingdom it is directed only to those persons who are eligible counterparties or professional clients and must not be acted on or relied upon by retail clients (each as defined in the UK Financial Conduct Authority's rules) and is distributed in the European Union by Morgan Stanley & Co. International plc, except as provided above. Private U.K. investors should obtain the advice of their Morgan Stanley & Co. International plc representative about the investments concerned. In Australia, this publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act. The trademarks and service marks contained herein are the property of their respective owners. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.

      HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING STRATEGY IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

      Any estimates, projections or predictions (including in tabular form) given in this communication are intended to be forward-looking statements. Although Morgan Stanley believes that the expectations in such forward-looking statement are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. These forward-looking statements speak only as of the date of this communication. Morgan Stanley expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in its expectations or any change in circumstances upon which such statement is based. Prices indicated are Morgan Stanley offer prices at the close of the date indicated. Actual transactions at these prices may not have been effected.

      The trademarks and service marks contained herein are the property of their respective owners. Additional information on securities discussed herein is available on request. This communication or any portion hereof, may not be reprinted, resold or redistributed without the prior written consent of Morgan Stanley.

      Copyright © by Morgan Stanley 2022, all rights reserved.

      Important Information and Qualifications

      The information provided herein was prepared by sales, trading, or other non-research personnel of one of the following: Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC, Morgan Stanley MUFG Securities Co., Ltd, Morgan Stanley Capital Group Inc. and/or Morgan Stanley Asia Limited (together with their affiliates, hereinafter “Morgan Stanley”), but is not a product of the Morgan Stanley Research Department. This communication is a marketing communication and is not a research report, though it may refer to a Morgan Stanley Research report or the views of a Morgan Stanley research analyst. We are not commenting on the fundamentals of any companies mentioned. Unless indicated, all views expressed herein are the views of the author and may differ from or conflict with those of the Morgan Stanley Research or others in the Firm. For additional information and important disclosures, see http://www.morganstanley.com/disclaimers.

      Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 975 of the Dodd- Frank Wall Street Reform and Consumer Protection Act.

      This material is not (and should not be construed to be) investment advice (as defined under ERISA or similar concepts under applicable law) from Morgan Stanley with respect to an employee benefit plan or to any person acting as a Fiduciary for an employee benefit plan. This material is not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. Any examples used in this material are generic, hypothetical and for illustration purposes only. Communications such as this are not impartial and are provided in connection with the marketing of products and services.

      The information provided herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities or instruments mentioned or to participate in any particular trading strategy. These materials have been based upon information generally available to the public from sources believed to be reliable. No representation is given with respect to their accuracy or completeness, and they may change without notice. Morgan Stanley on its own behalf and on behalf of its affiliates disclaims any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, or omissions from, these materials. Morgan Stanley and others associated with it may make markets or specialize in, have or may in the future enter into principal positions (long or short) in and effect transactions in securities of companies or trading strategies mentioned or described herein and may also perform or seek to perform investment banking, brokerage or other services for those companies and may enter into transactions with them. We may at any time modify or liquidate all or a portion of such positions and we are under no obligation to contact you to disclose any such intention to modify or liquidate or any such modification or liquidation. Morgan Stanley acts as “prime broker” and lender for a number of hedge funds. As a result, Morgan Stanley may indirectly benefit from increases in investments in hedge funds.

      Unless stated otherwise, the material contained herein has not been based on a consideration of any individual client circumstances and as such should not be considered to be a personal recommendation. We remind investors that these investments are subject to market risk and will fluctuate in value. The investments discussed in this communication may be unsuitable for investors depending upon their specific investment objectives and financial position. Where an investment is denominated in a currency other than the investor’s currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment. The performance data quoted represents past performance. Past performance is not indicative of future returns. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in this analysis, which have resulted in any returns detailed herein. Transaction costs (such as commissions) are not included in the calculation of returns. Changes to the assumptions may have a material impact on any returns detailed. Potential investors should be aware that certain legal, accounting and tax restrictions, margin requirements, commissions and other transaction costs and changes to the assumptions set forth herein may significantly affect the economic consequences of the transactions discussed herein. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances. By submitting this communication to you, Morgan Stanley is not advising you to take any particular action based on the information, opinions or views contained herein, and acceptance of such document will be deemed by you acceptance of these conclusions. You should consult with your own municipal, financial, accounting and legal advisors regarding the information, opinions or views contained in this communication.

      To receive further information in relation to the past performance of the financial instrument and or underlying (as applicable) and/or the functioning of the financial instrument in different market conditions referred to in any communications produced by employees of any Morgan Stanley entity based in Europe, the Middle East, and Africa (“EMEA”), please contact your EMEA Morgan Stanley Sales representative.

      These materials may not be distributed in any jurisdiction where it is unlawful to do so. The instruments and or underlyings described in this communication may not be marketed or sold or be available for offer or sale in a number of jurisdictions where it is unlawful to do so. This publication is disseminated in Japan by Morgan Stanley MUFG Securities Co., Ltd only to those investors who are “Professional Investors” (tokutei toushika) as defined in the Financial Instrument Exchange Law of Japan and may not be redistributed to other types of investors without the prior written consent of Morgan Stanley (For guidance purposes only. Morgan Stanley MUFG Securities Co., Ltd is a joint venture in Japan between Morgan Stanley and Mitsubishi UFJ Financial Group. Morgan Stanley and Mitsubishi UFJ Financial Group have formed another joint venture in Japan called Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd); in Hong Kong by Morgan Stanley Asia Limited; in Singapore by Morgan Stanley Asia (Singapore) Pte. and/or Morgan Stanley Asia (Singapore) Securities Pte. Ltd., each of which is regulated by the Monetary Authority of Singapore and accepts responsibility for its contents of these materials, only to those investors who are institutional investors, accredited investors or expert investors, as defined in the Securities and Futures Act, Chapter 289 of Singapore; in Australia by Morgan Stanley Australia Limited A.B.N. 67 003 734 576, A.F.S.L. No. 233742 and/or Morgan Stanley Australia Securities Limited A.B.N. 55 078 652 276, A.F.S.L. No. 233741, which accept responsibility for its contents; in Canada by Morgan Stanley Canada Limited, which has approved of, and has agreed to take responsibility for, the contents of this publication in Canada; in Spain by Morgan Stanley, S.V., S.A., a Morgan Stanley group company, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that this document has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations; in the United States it is directed only to institutional clients and is distributed by Morgan Stanley & Co. LLC, which accepts responsibility for its contents; and in the United Kingdom it is directed only to those persons who are eligible counterparties or professional clients and must not be acted on or relied upon by retail clients (each as defined in the UK Financial Conduct Authority's rules) and is distributed in the European Union by Morgan Stanley & Co. International plc, except as provided above. Private U.K. investors should obtain the advice of their Morgan Stanley & Co. International plc representative about the investments concerned. In Australia, this publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act. The trademarks and service marks contained herein are the property of their respective owners. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.

      HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING STRATEGY IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

      Any estimates, projections or predictions (including in tabular form) given in this communication are intended to be forward-looking statements. Although Morgan Stanley believes that the expectations in such forward-looking statement are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. These forward-looking statements speak only as of the date of this communication. Morgan Stanley expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in its expectations or any change in circumstances upon which such statement is based. Prices indicated are Morgan Stanley offer prices at the close of the date indicated. Actual transactions at these prices may not have been effected.

      The trademarks and service marks contained herein are the property of their respective owners. Additional information on securities discussed herein is available on request. This communication or any portion hereof, may not be reprinted, resold or redistributed without the prior written consent of Morgan Stanley.

      Copyright © by Morgan Stanley 2022, all rights reserved.

      Important Information and Qualifications

      The information provided herein was prepared by sales, trading, or other non-research personnel of one of the following: Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC, Morgan Stanley MUFG Securities Co., Ltd, Morgan Stanley Capital Group Inc. and/or Morgan Stanley Asia Limited (together with their affiliates, hereinafter “Morgan Stanley”), but is not a product of the Morgan Stanley Research Department. This communication is a marketing communication and is not a research report, though it may refer to a Morgan Stanley Research report or the views of a Morgan Stanley research analyst. We are not commenting on the fundamentals of any companies mentioned. Unless indicated, all views expressed herein are the views of the author and may differ from or conflict with those of the Morgan Stanley Research or others in the Firm. For additional information and important disclosures, see http://www.morganstanley.com/disclaimers.

      Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 975 of the Dodd- Frank Wall Street Reform and Consumer Protection Act.

      This material is not (and should not be construed to be) investment advice (as defined under ERISA or similar concepts under applicable law) from Morgan Stanley with respect to an employee benefit plan or to any person acting as a Fiduciary for an employee benefit plan. This material is not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. Any examples used in this material are generic, hypothetical and for illustration purposes only. Communications such as this are not impartial and are provided in connection with the marketing of products and services.

      The information provided herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities or instruments mentioned or to participate in any particular trading strategy. These materials have been based upon information generally available to the public from sources believed to be reliable. No representation is given with respect to their accuracy or completeness, and they may change without notice. Morgan Stanley on its own behalf and on behalf of its affiliates disclaims any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, or omissions from, these materials. Morgan Stanley and others associated with it may make markets or specialize in, have or may in the future enter into principal positions (long or short) in and effect transactions in securities of companies or trading strategies mentioned or described herein and may also perform or seek to perform investment banking, brokerage or other services for those companies and may enter into transactions with them. We may at any time modify or liquidate all or a portion of such positions and we are under no obligation to contact you to disclose any such intention to modify or liquidate or any such modification or liquidation. Morgan Stanley acts as “prime broker” and lender for a number of hedge funds. As a result, Morgan Stanley may indirectly benefit from increases in investments in hedge funds.

      Unless stated otherwise, the material contained herein has not been based on a consideration of any individual client circumstances and as such should not be considered to be a personal recommendation. We remind investors that these investments are subject to market risk and will fluctuate in value. The investments discussed in this communication may be unsuitable for investors depending upon their specific investment objectives and financial position. Where an investment is denominated in a currency other than the investor’s currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment. The performance data quoted represents past performance. Past performance is not indicative of future returns. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in this analysis, which have resulted in any returns detailed herein. Transaction costs (such as commissions) are not included in the calculation of returns. Changes to the assumptions may have a material impact on any returns detailed. Potential investors should be aware that certain legal, accounting and tax restrictions, margin requirements, commissions and other transaction costs and changes to the assumptions set forth herein may significantly affect the economic consequences of the transactions discussed herein. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances. By submitting this communication to you, Morgan Stanley is not advising you to take any particular action based on the information, opinions or views contained herein, and acceptance of such document will be deemed by you acceptance of these conclusions. You should consult with your own municipal, financial, accounting and legal advisors regarding the information, opinions or views contained in this communication.

      To receive further information in relation to the past performance of the financial instrument and or underlying (as applicable) and/or the functioning of the financial instrument in different market conditions referred to in any communications produced by employees of any Morgan Stanley entity based in Europe, the Middle East, and Africa (“EMEA”), please contact your EMEA Morgan Stanley Sales representative.

      These materials may not be distributed in any jurisdiction where it is unlawful to do so. The instruments and or underlyings described in this communication may not be marketed or sold or be available for offer or sale in a number of jurisdictions where it is unlawful to do so. This publication is disseminated in Japan by Morgan Stanley MUFG Securities Co., Ltd only to those investors who are “Professional Investors” (tokutei toushika) as defined in the Financial Instrument Exchange Law of Japan and may not be redistributed to other types of investors without the prior written consent of Morgan Stanley (For guidance purposes only. Morgan Stanley MUFG Securities Co., Ltd is a joint venture in Japan between Morgan Stanley and Mitsubishi UFJ Financial Group. Morgan Stanley and Mitsubishi UFJ Financial Group have formed another joint venture in Japan called Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd); in Hong Kong by Morgan Stanley Asia Limited; in Singapore by Morgan Stanley Asia (Singapore) Pte. and/or Morgan Stanley Asia (Singapore) Securities Pte. Ltd., each of which is regulated by the Monetary Authority of Singapore and accepts responsibility for its contents of these materials, only to those investors who are institutional investors, accredited investors or expert investors, as defined in the Securities and Futures Act, Chapter 289 of Singapore; in Australia by Morgan Stanley Australia Limited A.B.N. 67 003 734 576, A.F.S.L. No. 233742 and/or Morgan Stanley Australia Securities Limited A.B.N. 55 078 652 276, A.F.S.L. No. 233741, which accept responsibility for its contents; in Canada by Morgan Stanley Canada Limited, which has approved of, and has agreed to take responsibility for, the contents of this publication in Canada; in Spain by Morgan Stanley, S.V., S.A., a Morgan Stanley group company, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that this document has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations; in the United States it is directed only to institutional clients and is distributed by Morgan Stanley & Co. LLC, which accepts responsibility for its contents; and in the United Kingdom it is directed only to those persons who are eligible counterparties or professional clients and must not be acted on or relied upon by retail clients (each as defined in the UK Financial Conduct Authority's rules) and is distributed in the European Union by Morgan Stanley & Co. International plc, except as provided above. Private U.K. investors should obtain the advice of their Morgan Stanley & Co. International plc representative about the investments concerned. In Australia, this publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act. The trademarks and service marks contained herein are the property of their respective owners. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.

      HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING STRATEGY IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

      Any estimates, projections or predictions (including in tabular form) given in this communication are intended to be forward-looking statements. Although Morgan Stanley believes that the expectations in such forward-looking statement are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. These forward-looking statements speak only as of the date of this communication. Morgan Stanley expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in its expectations or any change in circumstances upon which such statement is based. Prices indicated are Morgan Stanley offer prices at the close of the date indicated. Actual transactions at these prices may not have been effected.

      The trademarks and service marks contained herein are the property of their respective owners. Additional information on securities discussed herein is available on request. This communication or any portion hereof, may not be reprinted, resold or redistributed without the prior written consent of Morgan Stanley.

      Copyright © by Morgan Stanley 2022, all rights reserved.