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Morgan Stanley Dynamic Performer CHF Index

  • ISIN: CH0407175774

Der MS Dynamic Performer CHF Index bildet die Wertentwicklung eines global diversifizierten Portfolios aus sieben Basiswerten der Anlageklassen Aktien, Anleihen und Rohstoffe ab. Anstatt einen traditionellen Gewichtungsansatz zu verfolgen, bei dem einzelne Positionen nominal gewichtet werden, gibt der Index den zugrundeliegenden Basiswerten auf Grund deren Wertentwicklung bestimmte Allokationsbudgets vor und zielt damit auf eine Volatilität des Index von 5% ab.

Zur Optimierung des Ertragsprofils folgt der Index einer dynamischen und effizienten Strategie („Best Performer Strategie“). Sie basiert auf der Annahme, dass Trends die Entwicklung von Anlagen bestimmen. Durch Beschränkung des Risikos jeder Anlage soll die Sicherheit in turbulenten Marktphasen erhöht werden. Dies hat zur Folge, dass Anlagen mit der besten Wertentwicklung über die letzten drei Monate („Best Performer“) und verhältnismäßig geringem Risiko, die grösste Gewichtung im Index erhalten und die beiden Anlagen mit der jeweils schlechtesten Wertentwicklung („Worst Performer“) nicht berücksichtigt werden.

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.

L’Indice MS Dynamic Performer CHF investit dans un portefeuille globalement diversifié composé d’actifs obligataires, d’actions et de matières premières. Plutôt que de suivre une approche traditionnelle de pondération de l’allocation basée sur le nominal, l’Indice MS Dynamic Performer CHF définit la pondération de chaque classe d’actifs en fonction de son rendement et de sa volatilité pour une participation stable à la volatilité globale du portefeuille dont le niveau cible est de 5%.

Pour optimiser le profil de rendement, l’Indice suit une stratégie dynamique et efficace (“Best Performer Strategy”). Elle est basée sur l’hypothèse que les tendances positives des investissements subsisteront sur une période donnée et devraient, au travers de pondérations, limiter le risque de chaque investissement dans les phases de marché difficiles. Par conséquent, les placements les plus performants au cours des trois derniers mois (“Best Performer”), ainsi associés à un risque relativement faible, reçoivent la pondération la plus élevée de l’Indice. De plus, les deux investissements avec les plus mauvais rendements (“Worst Performer”) ne sont pas retenus dans l’Indice.

L’Indice investit sur les marchés actions suisses, européens, américains et de pays émergents, dans des obligations 10 ans allemandes et américaines et dans l’or. Pour assurer une mise en oeuvre efficace, l’Indice n’investit pas directement dans les actifs mais dans des futures et des ETFs dont le sous-jacent est l’actif lui-même.

L’ Indice MS Dynamic Performer CHF investe in un portafoglio globalmente diversificato per classi di attività, ripartito tra mercati azionari, obbligazionari e materie prime. Anzichè seguire un approccio di allocazione tradizionale basato su valori nozionali, l’Indice MS Dynamic Performer CHF ripartisce il peso percentuale della posizione di ogni classe di attività in modo dinamico, in considerazione del rendimento e del relativo livello di rischio, al fine di ottenere una contribuzione stabile al rischio complessivo del portafoglio, avente un target di volatilità del 5%.

Per ottimizzare il profilo di rendimento, l’ Indice MS Dynamic Performer CHF segue una strategia semplice ma efficiente (“Best Performance Strategy”). Questa strategia è basata sull’ipotesi che le tendenze positive degli investimenti persisteranno per un determinato periodo e che, attraverso una giusta ponderazione, il rischio di ogni investimento venga limitato durante fasi di mercato difficili. Su questa base, gli investimenti che abbiano reso di più nel corso degli ultimi tre mesi (“Best Performers”), e che abbiano, dunque, un rischio relativamente basso, riceveranno un peso percentuale maggiore all’interno dell’ Indice MS Dynamic Performer CHF, mentre i due peggiori investimenti (”Worst Performers”) non verranno presi in considerazione.

L’ Indice MS Dynamic Performer CHF assume posizioni sugli indici azionari di Svizzera, Europa, USA e Mercati Emergenti, Bund tedeschi decennali, obbligazioni del Tesoro USA decennali ed oro. Al fine di ottenere una replica il più efficiente possibile, l’ Indice MS Dynamic Performer CHF non investe direttamente nelle rispettive classi di attività, bensi in futures ed ETF 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 Dynamic Performer CHF Index
ISIN CH0407175774
Valoren 040717577
Bloomberg Ticker MSQTBPC5 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 01.03.2018
Rückrechnungsdatum 13.04.2005

KENNZAHLEN

Aktuelles Index Level 141.04 Pkt.
Index Level zum Berechnungsbeginn 155.79 Pkt.
Index Level zum Rückrechnungsdatum 100.00 CHF
Rendite seit diesem Jahr -13.53 %
Rendite seit Berechnungsbeginn (kumulativ) -9.47 %
Rendite seit Berechnungsbeginn (annualisiert) -2.15 %
Rendite seit Rückrechnung (kumulativ) 41.04 %
Rendite seit Rückrechnung (annualisiert) 1.99 %
Rendite seit 11.06.2018 (kumulativ) -7.39 %
Rendite seit 11.06.2018 (annualisiert) -1.77 %
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.

      Risikofaktoren

      Vor einer Anlageentscheidung in Bezug auf ein Instrument oder einen Fonds, dessen Rendite an die Wertentwicklung des Index gekoppelt ist, sollten potenzielle Anleger alle in diesem Dokument enthaltenen Informationen, einschließlich dieser Risikofaktoren und Anlageüberlegungen, sorgfältig prüfen. Es können weitere Risiken und Überlegungen bestehen, die im Folgenden nicht aufgeführt sind und die ein potenzieller Anleger entweder für seine besonderen Umstände oder ganz allgemein berücksichtigen sollte.

      Allgemeine Überlegungen zum Indexrisiko

      • Die Entwicklung des Index unterliegt Schwankungen – Die Entwicklung des Index ist von vielen Faktoren abhängig, unter anderem von der allgemeinen Entwicklung der Märkte für die zugrunde liegenden Indexkomponenten. Die Wertentwicklung des Index kann sowohl nach oben als auch nach unten gehen und erhebliche Verluste, einschließlich vollständiger Verluste, verzeichnen, wenn der Index auf Null fällt. Die Wertentwicklung des Index in der Vergangenheit ist kein Hinweis auf seine zukünftige Entwicklung.
      • Der Index ist keine Investition in die zugrunde liegenden Indexkomponenten – Der Index ist so konzipiert, dass er den Wert der zugrunde liegenden Indexkomponenten widerspiegelt, jedoch bedeutet die in den Index eingebettete Formel, dass jede Rendite höher oder niedriger sein kann als die Wertentwicklung der einzelnen zugrunde liegenden Indexkomponenten.
      • Der Index-Sponsor kann unter bestimmten Umständen Anpassungen an der Berechnungsmethodik des Index vornehmen – Der Index-Sponsor kann Anpassungen an der Berechnung des Index vornehmen, wenn ein Störfall eingetreten ist, der die Bestimmung des Wertes der zugrunde liegenden Indexkomponenten verhindert oder zu einer fehlerhaften Berechnung des Index führen würde. Unter diesen Umständen kann der Index-Sponsor eine Entscheidung treffen, die beispielsweise Folgendes beinhalten kann, aber gegebenenfalls nicht darauf beschränkt ist: Anpassung des Index durch Bestimmung des Niveaus der zugrunde liegenden Indexkomponenten oder Ersetzen oder Entfernen der zugrunde liegenden Indexkomponenten oder Anpassung der Gewichtung der zugrunde liegenden Indexkomponenten oder Verschiebung der Veröffentlichung des Indexlevel oder anderweitige Aussetzung oder Aufhebung des Index. Jede derartige Entscheidung kann den Wert des Indexniveaus beeinflussen und wird nach eigenem Ermessen getroffen, wobei das Ziel berücksichtigt wird, sicherzustellen, dass der Index das zugrunde liegende Interesse widerspiegelt, das er erfassen soll.
      • Kein aktives Management – Der Index ist quantitativ und regelbasiert und wird nicht aktiv von Morgan Stanley oder seinen Tochtergesellschaften (der „Morgan Stanley-Gruppe“) oder Dritten verwaltet. Folglich hat die Morgan Stanley-Gruppe keinen Ermessensspielraum für eine Regeländerung, wenn es zu signifikanten Änderungen in der Volatilität kommt, die dazu führen, dass der Index signifikant abfällt oder unter der Wertentwicklung bleibt. Darüber hinaus fungiert die Morgan Stanley-Gruppe weder als Treuhänder noch als Berater eines Anlegers in Bezug auf den Index.
      • Keine treuhänderischen Verpflichtungen – Der Index-Sponsor und die Index-Berechnungsstelle können unter bestimmten Umständen Ermessen ausüben. Bei der Ausübung eines solchen Ermessens sind der Index-Sponsor und die Index-Berechnungsstelle nicht verpflichtet, die Interessen anderer Personen zu berücksichtigen, einschließlich (aber nicht ausschließlich) der Gegenparteien von Geschäften, die mit der Wertentwicklung des Index verbunden sind.
      • Abhängigkeit von Informationen – Berechnungen im Zusammenhang mit dem Index beruhen auf Informationen, die aus verschiedenen öffentlich zugänglichen Quellen stammen. Bei der Verwendung solcher Informationen haben sich die Morgan Stanley-Gruppe und die Berechnungsstelle auf diese Quellen verlassen und werden sich weiterhin darauf verlassen. Darüber hinaus haben die Morgan Stanley-Gruppe und die Berechnungsstelle die aus diesen Quellen gewonnenen Informationen nicht unabhängig verifiziert und werden sie auch nicht unabhängig verifizieren.
      • Simulierte Berechnungen – Die Berechnung des Index für den Zeitraum vom Index-Basisdatum bis zum Aktivdatum des Index wurde simuliert und stellt keine tatsächliche Wertentwicklung dar. Allen potenziellen Anlegern sollte bewusst sein, dass eine nachträgliche Berechnung eines Index bedeutet, dass zu keinem Zeitpunkt eine tatsächliche Anlage bestand, die eine Verfolgung der Wertentwicklung des Index ermöglichte. Die Wertentwicklung des Index in diesem Zeitraum wurde von der Index-Berechnungsstelle nachträglich hypothetisch berechnet und sollte nicht als Indikator für die zukünftige Wertentwicklung betrachtet werden.
      • Interessenkonflikte – Morgan Stanley und seine verbundenen Unternehmen (einschließlich der Index-Berechnungsstelle und des Index-Sponsors) können von Zeit zu Zeit Transaktionen mit den zugrunde liegenden Indexkomponenten für eigene Rechnung und/oder für Rechnung ihrer Kunden durchführen und als Market-Maker in diesen zugrunde liegenden Indexkomponenten auftreten. Solche Aktivitäten können den Inhabern von mit dem Index verbundenen Finanzprodukten gegebenenfalls nicht zu Gute kommen und können sich auf den Wert des Index und damit auf den Wert und die Wertentwicklung der mit dem Index verbundenen Finanzprodukte auswirken. Darüber hinaus können Morgan Stanley und seine verbundenen Unternehmen von Zeit zu Zeit in anderen Funktionen tätig werden, wie zum Beispiel als Emittent von Anlagen oder als Berater. Die Morgan Stanley-Gruppe kann auch Finanzinstrumente ausgeben und/oder Derivatekontrakte in Bezug auf die zugrunde liegenden Indexkomponenten abschließen und der Einsatz solcher Instrumente und/oder Derivate kann den Wert der zugrunde liegenden Indexkomponenten beeinflussen. Morgan Stanley oder seine verbundenen Unternehmen können Sicherungsgeschäfte in Bezug auf die zugrunde liegenden Indexkomponenten abschließen, die den Wert dieser Komponenten oder von mit dem Index verbundenen Instrumenten, Kontrakten oder Anlageprodukten beeinflussen können. Darüber hinaus kann die Auflösung solcher Sicherungsgeschäfte den Wert solcher Komponenten oder Instrumente beeinflussen, die ihrerseits den Wert des Index beeinflussen können. Morgan Stanley oder seine verbundenen Unternehmen können Gewinne und/oder Verluste aus solchen Sicherungsgeschäften erzielen. Bei der Ausübung dieser Funktionen sind Morgan Stanley oder seine verbundenen Unternehmen nicht verpflichtet, die Interessen von jenen Personen zu berücksichtigen, die einschließlich (aber nicht ausschließlich) Anleger in mit dem Index verbundene Produkte sind.
      • Research durch Morgan Stanley Research – Morgan Stanley kann Researchberichte über Wertpapiere oder andere Finanzinstrumente herausgeben, die Bestandteile des Index sind oder werden können. Diese Berichte sind unabhängig von den Verpflichtungen des Index-Sponsors und der Index-Berechnungsstelle.
      • Steuerliche Überlegungen - Im Juli 2015 veröffentlichten das US-Finanzministerium und das IRS (Bundessteuerbehörde der USA) eine Mitteilung, in der bestimmte „Basket-Kontrakte“ und im Wesentlichen ähnliche Transaktionen als „Transaktionen von Interesse“ bezeichnet wurden, die der Informationspflicht als „meldepflichtige Transaktionen“ gemäß § 6011 des Gesetzes unterliegen. Der Umfang dieser Mitteilung ist unklar und es ist daher möglich, dass die mit dem Index verbundenen Instrumente Gegenstand der Mitteilung sein könnten. In diesem Fall wären die Inhaber solcher Instrumente verpflichtet, der IRS bestimmte Angaben zu machen, die in den anwendbaren Vorschriften des Finanzministeriums über „meldepflichtige Geschäfte“ festgelegt sind. Wenn die IRS feststellt, dass es sich bei einer solchen Transaktion um eine „Transaktion von Interesse“ handelt und Sie die Transaktion nicht offenlegen, können Strafen verhängt werden. Die Inhaber sollten ihre Steuerberater bezüglich der möglichen Anwendung dieser Mitteilung auf mit dem Index verbundene Instrumente konsultieren.
      • Die Feststellungen des Index-Sponsors sind endgültig und schlüssig – Die Index-Berechnungsstelle ist für die Erstellung und Berechnung des Index gemäß den Regeln verantwortlich. Der Index-Sponsor behält sich das Recht vor, eine alternative Index-Berechnungsstelle zu benennen. Der Index-Sponsor behält die endgültige Entscheidung darüber, wie der Index berechnet und aufgebaut wird. Darüber hinaus hat der Index-Sponsor die endgültige Entscheidungsgewalt über den Index und die Auslegung und Anwendung der Regeln. Die Index-Berechnungsstelle hat auch ein gewisses Ermessen in Bezug auf den Index. Der Index-Sponsor gibt keine (stillschweigende oder sonstige) Zusicherung hinsichtlich der Wertentwicklung der zugrunde liegenden Indexkomponente des Index und/oder des Index ab.
      • 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 Inhaber eines mit einem Index oder anderweitig verbundenen Produkts ist) ist berechtigt, gegen die Index-Berechnungsstelle im Zusammenhang mit derartigen Berechnungen oder Feststellungen oder dem Versäumnis, Berechnungen oder Feststellungen in Bezug auf einen Index vorzunehmen, vorzugehen (und stimmt einem Verfahrenseinleitungsverzicht zu). Solange die Index-Berechnungsstelle einen Index bildet und berechnet, übernimmt die Berechnungsstelle keine Haftung für Verluste oder Schäden jeglicher Art, die sich aus der Verwendung solcher Informationen in einer solchen Berechnung oder Feststellung ergeben. Die Index-Berechnungsstelle trifft keine (stillschweigende oder sonstige) Aussage über die Wertentwicklung der zugrunde liegenden Indexkomponente des Index und/oder des Index selbst.

      Indexspezifische Risikoüberlegungen

      • Die Wertentwicklung des Index unterliegt Marktrisiken und signifikanten Rückgängen einschließlich vollständiger Verluste (d.h. der Index fällt auf oder unter Null).
      • Der Index ordnet die zugrunde liegenden Indexkomponenten nach ihrer historischen Wertentwicklung. Die verwendete historische Opportunität ist möglicherweise nicht optimal und eine andere Opportunität kann höhere Erträge bringen.
      • Die Gewichtung der einzelnen zugrunde liegenden Kontrakte für jede zugrunde liegende Indexkomponente in jeder Anlageklasse wird durch einen regelbasierten Algorithmus bestimmt. Die Korrelation zwischen dem Index und den zugrunde liegenden Indexkomponenten sowie die Korrelation zwischen den zugrunde liegenden Indexkomponenten kann im Laufe der Zeit variieren und durch eine Vielzahl von Faktoren, zu denen auch makroökonomische Faktoren und Spekulationen gehören können, steigen oder fallen. Die verwendeten Gewichtungen sind möglicherweise nicht die optimalen Gewichtungen.
      • Für Indexkomponenten, die nicht auf CHF basieren, gibt es einen Teil der täglichen Wertentwicklung des Index, der sich aus FX-Bewegungen ableitet. Dieses FX-Risiko kann die tägliche Wertentwicklung der zukünftigen Positionen verstärken oder verringern und im Laufe der Zeit zu einer Verzerrung der Wertentwicklung führen, der ein Investor außerhalb des CHF nicht ausgesetzt wäre.
      • Der Index ist quantitativ und regelbasiert und kann sowohl positive als auch negative Renditen erzielen. Die Methodik sorgt dafür, dass er langfristig den zugrunde liegenden Indexkomponenten unterliegt, deren Position auf der Grundlage ihrer historischen Wertentwicklung ausgewählt wird. Es kann jedoch nicht garantiert werden, dass die Methodik unter allen wirtschaftlichen Bedingungen eine positive Wertentwicklung erbringen kann. Unter bestimmten Bedingungen, wie den oben genannten, kann der Index eine signifikant negative Wertentwicklung aufweisen und sogar auf oder unter Null fallen.
      • Da mit dem Handel der Futures-Kontrakte Kosten einhergehen, wird das Indexniveau niedriger sein, als wenn es keine Transaktions-, Personal- und Margenkosten gäbe.
      • 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, verstärkt die Hebelwirkung des Index negative Auswirkungen der ungünstigen Entwicklung der Indexkomponenten.
      • Die tatsächliche Volatilität des Index kann höher oder niedriger als die Zielvolatilität von 5% ausfallen.

      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.

      Indexspezifische Risikoüberlegungen

      Aktien-Futures: Zukünftige Kurse sind dem Kursniveau der zugrunde liegenden Aktienindizes (d.h. S&P 500, 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 den zugrunde liegenden Rohstoff 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. Darüber hinaus ist die Methode zur Berechnung der ETF-Wertentwicklung für die Zwecke des Morgan Stanley Dynamic Performer 5% Vol Target CHF Index nicht identisch mit der eines Anlegers, der direkt in den ETF investiert, aufgrund von Effekten wie Dividenden und Finanzierungskosten.

      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 the Index, prospective investors should consider carefully all of the information set out in this document, including these Risk Factors and Investment Considerations. There may be other risks and considerations not set out below that a prospective investor should consider that are relevant either to its particular circumstances or more generally.

      General Index Risk Considerations

      • The Index performance is subject to fluctuations – The performance of the Index is dependent on many factors, including the general trends of the markets for the underlying Index Components. The Index performance can go up as well as down, and can register significant losses, including catastrophic losses, if the Index falls to zero. Any past performance recorded by the Index is not an indication of its future performance.
      • The Index is not an investment in the underlying Index Components – The Index is designed to reflect the value of the underlying Index Components, however the formulas embedded in the Index means that any return might be higher or lower than the performance of the individual underlying Index Components.
      • The Index Sponsor could make adjustments to the calculation methodology of the Index in certain circumstances – The Index Sponsor may make adjustments to the calculation of the Index in circumstances where a disruption event has occurred which prevents the determination of the value of underlying Index Components or that would lead to an erroneous calculation of the Index. In such circumstances the Index Sponsor may make a determination which could include, but is not limited to: adjusting the Index by determining the level of the underlying Index Components, or replacing or removing the underlying Index Components, or adjusting the weighting of the underlying Index Components, or postponing the publication of the Index Level or, otherwise, suspending or cancelling the Index. All such decisions may affect the value of the Index level and will be taken on a discretionary basis, taking into account the objective to ensure that the Index reflects the underlying interest it is designed to capture.
      • No active management – The Index is quantitative and rules-based and is not managed actively by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. Consequently, the Morgan Stanley Group does not have discretion to change the Rules if there are significant changes in the volatility that cause the Index to decline significantly or underperform. In addition, the Morgan Stanley Group does not act as a fiduciary for, nor an advisor to, any investor in respect of the Index.
      • No fiduciary duties – The Index Sponsor and the Index Calculation Agent can, in certain circumstances, exercise discretion. In exercising such discretions, the Index Sponsor and the Index Calculation Agent have no obligations to consider the interests of any other person including (but not limited to) counterparties to transactions linked to the performance of the Index.
      • Reliance on Information – Calculations related to the Index rely on information obtained from various publicly available sources. When using such information, the Morgan Stanley Group and the Calculation Agent have relied on and will rely on these sources. In addition, the Morgan Stanley Group and the Calculation Agent have not verified independently and will not verify independently the information extracted from these sources.
      • Simulated calculations – The calculation of the Index for the period from the Index Base Date to the Index Live Date has been simulated and does not represent actual performance. 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 the Index existed at any time. The performance of the Index during such period has been calculated retrospectively by the Index Calculation Agent on a hypothetical basis and should not be considered as an indicator of future performance.
      • Conflict of Interests – Morgan Stanley and its affiliates (including the Index Calculation Agent and the Index Sponsor) may from time to time engage in transactions involving the underlying Index Components for their own account and/or for the account of their clients and may act as market-maker in such underlying Index Components. Such activities may not be for the benefit of the holders of financial products linked to the Index and may have an effect on the value of the Index and, consequently, on the value and performance of any financial products linked to the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities such as the issuer of investments or the advisor thereof. The Morgan Stanley Group also may issue financial instruments and/or enter into derivative contracts in respect of the underlying Index Components and the use of such instruments and/or derivatives may affect the value of the underlying Index Components. Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlying Index Components which may affect the value of such components or of any instruments, contract or investment product linked to Index. In addition, the unwinding of such hedging transactions may affect the value of such components or instruments which may affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activity. In acting in any of these capacities, Morgan Stanley or its affiliates are not obliged to take into account the interests of any person including (but not limited to) investors in products linked to the Index.
      • Morgan Stanley research – Morgan Stanley may issue research reports on securities or other financial instruments that are, or may become, constituents of the Index. These reports are independent of the obligations of the Index Sponsor and the Index Calculation Agents hereunder.
      • Tax Considerations - In July 2015, the U.S. Treasury Department and the IRS released a notice designating certain “basket contracts” and substantially similar transactions as “transactions of interest,” subject to information reporting requirements as “reportable transactions” under Section 6011 of the Code. The scope of this notice is unclear, and it is therefore possible that the instruments linked to the Index could be subject to the notice. In that case, holders of such instruments would be required to report certain information to the IRS, as set forth in the applicable Treasury regulations regarding “reportable transactions”. If the IRS determines such a transaction is a “transaction of interest” and you fail to disclose the transaction, you could be subject to penalties. Holders should consult their tax advisers regarding the potential application of this notice to instruments linked to the Index.
      • The Index Sponsor’s determinations are final and conclusive – The Index Calculation Agent is responsible for compiling and calculating the Index pursuant to the Rules. The Index Sponsor retains the discretion to appoint an alternative Index Calculation Agent. The Index Sponsor retains the final discretion as to the manner in which the Index is calculated and constructed. Furthermore, the Index Sponsor has the final authority on the Index and the interpretation and application of the Rules. The Index Calculation Agent also has certain discretions relating to the Index. The Index Sponsor makes no representation (implied or otherwise) as to the performance of any underlying Index Component of the Index and/or the Index.
      • Index Calculation Agent’s determinations – 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 product linked to an Index or otherwise) will be entitled to proceed (and agreed 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 an Index. For so long as the Index Calculation Agent constitutes and calculates an Index, calculations and determinations by the 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 Calculation Agent makes no representation (implied or otherwise) as to the performance of any underlying Index Component of the Index and/or the Index itself.

      Index specific risk considerations

      • The Index performance is subject to market risk and to significant declines including catastrophic loss (i.e. Index falls to or below zero).
      • The Index ranks the underlying Index Components according to their historical performance. The historical window used may not be optimal and a different window may give higher returns.
      • The weight applied to each underlying contract for each underlying Index Component in each asset class is determined by a rules based algorithm. The correlation between the Index and the underlying Index Components, and the correlation between the underlying Index Components, may vary over time and may increase or decrease by reference to a variety of factors which may include macroeconomic factors and speculation. The weights applied may not be the optimal weights.
      • For non-CHF underlying Index Components, there is a portion of the Index’s daily performance which derives from FX moves. This FX risk can amplify or reduce the daily performance of the future positions and can, over time, induce a bias in performance that a non-CHF investor would not face.
      • The Index is quantitative and rules-based and can produce both positive and negative returns. The methodology provides long exposure to underlying Index Components with their position selected based on their historical performance. However, there can be no assurances that the methodology can yield positive performance in all economic conditions. In certain conditions such as those detailed above, the Index may return a significant negative performance and may even fall to or below zero.
      • Because there are costs associated with trading the futures contracts, the Index level will be lower than if there were no transaction costs, roll costs and margin costs.
      • 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.
      • The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.

      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.

      Index specific risk considerations

      Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P 500, 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. In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Dynamic Performer 5% Vol Target 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 the Index, prospective investors should consider carefully all of the information set out in this document, including these Risk Factors and Investment Considerations. There may be other risks and considerations not set out below that a prospective investor should consider that are relevant either to its particular circumstances or more generally.

      General Index Risk Considerations

      • The Index performance is subject to fluctuations – The performance of the Index is dependent on many factors, including the general trends of the markets for the underlying Index Components. The Index performance can go up as well as down, and can register significant losses, including catastrophic losses, if the Index falls to zero. Any past performance recorded by the Index is not an indication of its future performance.
      • The Index is not an investment in the underlying Index Components – The Index is designed to reflect the value of the underlying Index Components, however the formulas embedded in the Index means that any return might be higher or lower than the performance of the individual underlying Index Components.
      • The Index Sponsor could make adjustments to the calculation methodology of the Index in certain circumstances – The Index Sponsor may make adjustments to the calculation of the Index in circumstances where a disruption event has occurred which prevents the determination of the value of underlying Index Components or that would lead to an erroneous calculation of the Index. In such circumstances the Index Sponsor may make a determination which could include, but is not limited to: adjusting the Index by determining the level of the underlying Index Components, or replacing or removing the underlying Index Components, or adjusting the weighting of the underlying Index Components, or postponing the publication of the Index Level or, otherwise, suspending or cancelling the Index. All such decisions may affect the value of the Index level and will be taken on a discretionary basis, taking into account the objective to ensure that the Index reflects the underlying interest it is designed to capture.
      • No active management – The Index is quantitative and rules-based and is not managed actively by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. Consequently, the Morgan Stanley Group does not have discretion to change the Rules if there are significant changes in the volatility that cause the Index to decline significantly or underperform. In addition, the Morgan Stanley Group does not act as a fiduciary for, nor an advisor to, any investor in respect of the Index.
      • No fiduciary duties – The Index Sponsor and the Index Calculation Agent can, in certain circumstances, exercise discretion. In exercising such discretions, the Index Sponsor and the Index Calculation Agent have no obligations to consider the interests of any other person including (but not limited to) counterparties to transactions linked to the performance of the Index.
      • Reliance on Information – Calculations related to the Index rely on information obtained from various publicly available sources. When using such information, the Morgan Stanley Group and the Calculation Agent have relied on and will rely on these sources. In addition, the Morgan Stanley Group and the Calculation Agent have not verified independently and will not verify independently the information extracted from these sources.
      • Simulated calculations – The calculation of the Index for the period from the Index Base Date to the Index Live Date has been simulated and does not represent actual performance. 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 the Index existed at any time. The performance of the Index during such period has been calculated retrospectively by the Index Calculation Agent on a hypothetical basis and should not be considered as an indicator of future performance.
      • Conflict of Interests – Morgan Stanley and its affiliates (including the Index Calculation Agent and the Index Sponsor) may from time to time engage in transactions involving the underlying Index Components for their own account and/or for the account of their clients and may act as market-maker in such underlying Index Components. Such activities may not be for the benefit of the holders of financial products linked to the Index and may have an effect on the value of the Index and, consequently, on the value and performance of any financial products linked to the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities such as the issuer of investments or the advisor thereof. The Morgan Stanley Group also may issue financial instruments and/or enter into derivative contracts in respect of the underlying Index Components and the use of such instruments and/or derivatives may affect the value of the underlying Index Components. Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlying Index Components which may affect the value of such components or of any instruments, contract or investment product linked to Index. In addition, the unwinding of such hedging transactions may affect the value of such components or instruments which may affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activity. In acting in any of these capacities, Morgan Stanley or its affiliates are not obliged to take into account the interests of any person including (but not limited to) investors in products linked to the Index.
      • Morgan Stanley research – Morgan Stanley may issue research reports on securities or other financial instruments that are, or may become, constituents of the Index. These reports are independent of the obligations of the Index Sponsor and the Index Calculation Agents hereunder.
      • Tax Considerations - In July 2015, the U.S. Treasury Department and the IRS released a notice designating certain “basket contracts” and substantially similar transactions as “transactions of interest,” subject to information reporting requirements as “reportable transactions” under Section 6011 of the Code. The scope of this notice is unclear, and it is therefore possible that the instruments linked to the Index could be subject to the notice. In that case, holders of such instruments would be required to report certain information to the IRS, as set forth in the applicable Treasury regulations regarding “reportable transactions”. If the IRS determines such a transaction is a “transaction of interest” and you fail to disclose the transaction, you could be subject to penalties. Holders should consult their tax advisers regarding the potential application of this notice to instruments linked to the Index.
      • The Index Sponsor’s determinations are final and conclusive – The Index Calculation Agent is responsible for compiling and calculating the Index pursuant to the Rules. The Index Sponsor retains the discretion to appoint an alternative Index Calculation Agent. The Index Sponsor retains the final discretion as to the manner in which the Index is calculated and constructed. Furthermore, the Index Sponsor has the final authority on the Index and the interpretation and application of the Rules. The Index Calculation Agent also has certain discretions relating to the Index. The Index Sponsor makes no representation (implied or otherwise) as to the performance of any underlying Index Component of the Index and/or the Index.
      • Index Calculation Agent’s determinations – 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 product linked to an Index or otherwise) will be entitled to proceed (and agreed 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 an Index. For so long as the Index Calculation Agent constitutes and calculates an Index, calculations and determinations by the 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 Calculation Agent makes no representation (implied or otherwise) as to the performance of any underlying Index Component of the Index and/or the Index itself.

      Index specific risk considerations

      • The Index performance is subject to market risk and to significant declines including catastrophic loss (i.e. Index falls to or below zero).
      • The Index ranks the underlying Index Components according to their historical performance. The historical window used may not be optimal and a different window may give higher returns.
      • The weight applied to each underlying contract for each underlying Index Component in each asset class is determined by a rules based algorithm. The correlation between the Index and the underlying Index Components, and the correlation between the underlying Index Components, may vary over time and may increase or decrease by reference to a variety of factors which may include macroeconomic factors and speculation. The weights applied may not be the optimal weights.
      • For non-CHF underlying Index Components, there is a portion of the Index’s daily performance which derives from FX moves. This FX risk can amplify or reduce the daily performance of the future positions and can, over time, induce a bias in performance that a non-CHF investor would not face.
      • The Index is quantitative and rules-based and can produce both positive and negative returns. The methodology provides long exposure to underlying Index Components with their position selected based on their historical performance. However, there can be no assurances that the methodology can yield positive performance in all economic conditions. In certain conditions such as those detailed above, the Index may return a significant negative performance and may even fall to or below zero.
      • Because there are costs associated with trading the futures contracts, the Index level will be lower than if there were no transaction costs, roll costs and margin costs.
      • 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.
      • The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.

      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.

      Index specific risk considerations

      Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P 500, 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. In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Dynamic Performer 5% Vol Target 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 the Index, prospective investors should consider carefully all of the information set out in this document, including these Risk Factors and Investment Considerations. There may be other risks and considerations not set out below that a prospective investor should consider that are relevant either to its particular circumstances or more generally.

      General Index Risk Considerations

      • The Index performance is subject to fluctuations – The performance of the Index is dependent on many factors, including the general trends of the markets for the underlying Index Components. The Index performance can go up as well as down, and can register significant losses, including catastrophic losses, if the Index falls to zero. Any past performance recorded by the Index is not an indication of its future performance.
      • The Index is not an investment in the underlying Index Components – The Index is designed to reflect the value of the underlying Index Components, however the formulas embedded in the Index means that any return might be higher or lower than the performance of the individual underlying Index Components.
      • The Index Sponsor could make adjustments to the calculation methodology of the Index in certain circumstances – The Index Sponsor may make adjustments to the calculation of the Index in circumstances where a disruption event has occurred which prevents the determination of the value of underlying Index Components or that would lead to an erroneous calculation of the Index. In such circumstances the Index Sponsor may make a determination which could include, but is not limited to: adjusting the Index by determining the level of the underlying Index Components, or replacing or removing the underlying Index Components, or adjusting the weighting of the underlying Index Components, or postponing the publication of the Index Level or, otherwise, suspending or cancelling the Index. All such decisions may affect the value of the Index level and will be taken on a discretionary basis, taking into account the objective to ensure that the Index reflects the underlying interest it is designed to capture.
      • No active management – The Index is quantitative and rules-based and is not managed actively by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. Consequently, the Morgan Stanley Group does not have discretion to change the Rules if there are significant changes in the volatility that cause the Index to decline significantly or underperform. In addition, the Morgan Stanley Group does not act as a fiduciary for, nor an advisor to, any investor in respect of the Index.
      • No fiduciary duties – The Index Sponsor and the Index Calculation Agent can, in certain circumstances, exercise discretion. In exercising such discretions, the Index Sponsor and the Index Calculation Agent have no obligations to consider the interests of any other person including (but not limited to) counterparties to transactions linked to the performance of the Index.
      • Reliance on Information – Calculations related to the Index rely on information obtained from various publicly available sources. When using such information, the Morgan Stanley Group and the Calculation Agent have relied on and will rely on these sources. In addition, the Morgan Stanley Group and the Calculation Agent have not verified independently and will not verify independently the information extracted from these sources.
      • Simulated calculations – The calculation of the Index for the period from the Index Base Date to the Index Live Date has been simulated and does not represent actual performance. 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 the Index existed at any time. The performance of the Index during such period has been calculated retrospectively by the Index Calculation Agent on a hypothetical basis and should not be considered as an indicator of future performance.
      • Conflict of Interests – Morgan Stanley and its affiliates (including the Index Calculation Agent and the Index Sponsor) may from time to time engage in transactions involving the underlying Index Components for their own account and/or for the account of their clients and may act as market-maker in such underlying Index Components. Such activities may not be for the benefit of the holders of financial products linked to the Index and may have an effect on the value of the Index and, consequently, on the value and performance of any financial products linked to the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities such as the issuer of investments or the advisor thereof. The Morgan Stanley Group also may issue financial instruments and/or enter into derivative contracts in respect of the underlying Index Components and the use of such instruments and/or derivatives may affect the value of the underlying Index Components. Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlying Index Components which may affect the value of such components or of any instruments, contract or investment product linked to Index. In addition, the unwinding of such hedging transactions may affect the value of such components or instruments which may affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activity. In acting in any of these capacities, Morgan Stanley or its affiliates are not obliged to take into account the interests of any person including (but not limited to) investors in products linked to the Index.
      • Morgan Stanley research – Morgan Stanley may issue research reports on securities or other financial instruments that are, or may become, constituents of the Index. These reports are independent of the obligations of the Index Sponsor and the Index Calculation Agents hereunder.
      • Tax Considerations - In July 2015, the U.S. Treasury Department and the IRS released a notice designating certain “basket contracts” and substantially similar transactions as “transactions of interest,” subject to information reporting requirements as “reportable transactions” under Section 6011 of the Code. The scope of this notice is unclear, and it is therefore possible that the instruments linked to the Index could be subject to the notice. In that case, holders of such instruments would be required to report certain information to the IRS, as set forth in the applicable Treasury regulations regarding “reportable transactions”. If the IRS determines such a transaction is a “transaction of interest” and you fail to disclose the transaction, you could be subject to penalties. Holders should consult their tax advisers regarding the potential application of this notice to instruments linked to the Index.
      • The Index Sponsor’s determinations are final and conclusive – The Index Calculation Agent is responsible for compiling and calculating the Index pursuant to the Rules. The Index Sponsor retains the discretion to appoint an alternative Index Calculation Agent. The Index Sponsor retains the final discretion as to the manner in which the Index is calculated and constructed. Furthermore, the Index Sponsor has the final authority on the Index and the interpretation and application of the Rules. The Index Calculation Agent also has certain discretions relating to the Index. The Index Sponsor makes no representation (implied or otherwise) as to the performance of any underlying Index Component of the Index and/or the Index.
      • Index Calculation Agent’s determinations – 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 product linked to an Index or otherwise) will be entitled to proceed (and agreed 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 an Index. For so long as the Index Calculation Agent constitutes and calculates an Index, calculations and determinations by the 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 Calculation Agent makes no representation (implied or otherwise) as to the performance of any underlying Index Component of the Index and/or the Index itself.

      Index specific risk considerations

      • The Index performance is subject to market risk and to significant declines including catastrophic loss (i.e. Index falls to or below zero).
      • The Index ranks the underlying Index Components according to their historical performance. The historical window used may not be optimal and a different window may give higher returns.
      • The weight applied to each underlying contract for each underlying Index Component in each asset class is determined by a rules based algorithm. The correlation between the Index and the underlying Index Components, and the correlation between the underlying Index Components, may vary over time and may increase or decrease by reference to a variety of factors which may include macroeconomic factors and speculation. The weights applied may not be the optimal weights.
      • For non-CHF underlying Index Components, there is a portion of the Index’s daily performance which derives from FX moves. This FX risk can amplify or reduce the daily performance of the future positions and can, over time, induce a bias in performance that a non-CHF investor would not face.
      • The Index is quantitative and rules-based and can produce both positive and negative returns. The methodology provides long exposure to underlying Index Components with their position selected based on their historical performance. However, there can be no assurances that the methodology can yield positive performance in all economic conditions. In certain conditions such as those detailed above, the Index may return a significant negative performance and may even fall to or below zero.
      • Because there are costs associated with trading the futures contracts, the Index level will be lower than if there were no transaction costs, roll costs and margin costs.
      • 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.
      • The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.

      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.

      Index specific risk considerations

      Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P 500, 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. In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Dynamic Performer 5% Vol Target 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.