Index Detail Page
Morgan Stanley Multi Asset Strategie 5% VT CHF Index
19.12.2024
Morgan Stanley & Co. International plc
DESCRIZIONE DELL'INDICE
L’Indice MS Multi Asset Strategie CHF investe in un portafoglio globalmente diversificato per classi di attività, ripartito tra mercati azionari, obbligazionari ematerie prime. Anziché seguire un approccio di allocazione tradizionale basato sui valori nozionali, l’Indice MS Multi Asset Strategie CHF ripartisce il peso della posizione di ogni attività in modo dinamico, puntando a una volatilità target specifica per ogni attività e a una volatilità complessiva del 5%. Questo significa che l’Indice MS Multi Asset Strategie CHF è studiato in modo tale da ridurre l’esposizione e assegnare una posizione minore alle attività più volatili, incrementando al contempo l’esposizione verso le attività meno volatili.
L’Indice MS Multi Asset Strategie CHF segue una strategia semplice ma efficiente, quotata in CHF. L’obiettivo della strategia è quello di generare una performance positiva anche in condizioni di mercato mutevoli e difficili. Di solito periodi di questo genere sono caratterizzati da una volatilità più alta.
L’Indice assume posizioni sugli indici azionari di Svizzera, Europa, USA e Mercati Emergenti, Bund tedeschi decennali, obbligazioni del Tesoro USA decennali e oro. Al fine di ottenere una replica il più efficiente possibile, l’Indice non investe direttamente nelle attività, bensì in futures ed ET F aventi come sottostanti le attività di riferimento.
CARATTERISTICHE INDICE
Nome | Morgan Stanley Multi Asset Strategie 5% VT CHF Index |
ISIN | CH0469074980 |
Valoren | 46907498 |
Bloomberg Ticker | MSQTMAS5 Index |
Valuta | CHF |
Sponsor | Morgan Stanley & Co. International plc |
Agente di Calcolo | Morgan Stanley & Co. International plc |
Tipo | Excess Return |
Categoria | Dynamic Multi-Asset |
Ribilanciamento | Settimanalmente |
Indizio del Calcolo | 08.03.2019 |
Data di calcolo posteriore | 13.04.2005 |
DATI PRINCIPALI
Livello di indice corrente | 143.36 Pt |
Livello dell'indice all'inizio del calcolo | 152.94 Pt |
Livello dell'indice alla data di calcolo posteriore | 100.00 CHF |
Ritorno da quest'anno | -1.08 % |
Rendimento dall'inizio del calcolo (cumulativo) | -6.26 % |
Rendimento dall'inizio del calcolo (annualizzato) | -1.11 % |
Rendimento dal calcolo retrospettivo (cumulativo) | 43.36 % |
Rendimento dal calcolo retrospettivo (annualizzato) | 1.85 % |
Rendimento dal 01.07.2019 (cumulativo) | -12.21 % |
Rendimento dal 01.07.2019 (annualizzata) | -2.35 % |
Ultimo Aggiornamento | 19.12.2024 |
RENDIMENTO DEGLI INVESTIMENTI NELL'INDICE
RISCHI
Prior to making an investment decision in respect of any instrument or fund, the return of which is linked to the performance of an Index, prospective investors should carefully consider all of the information set out in this document, including these risk factors. The risk factors set out below are not exhaustive. There may be other risks that a prospective investor should consider that are relevant to its particular circumstances or generally.
Strategy
The Index is quantitative and rules-based and may not yield future positive performance. The methodology is designed to benefit from the diversification of a multi-asset portfolio, specifically the low correlation and different risk/return profiles. However, there can be no assurances that the methodology will yield positive performance in all economic conditions and past performance of the strategy (actual or simulated) is not an indication of future performance.
Index performance
When considering any investment, the return of which is linked to the performance of an Index, prospective investors should be aware that the level of that Index can go down as well as up and that the performance of the Index in any future period may not mirror its past performance. Any investment linked or related to an Index may not necessarily be the same as an investment in the constituents of that Index at that time and may not reflect the return that could have been realised by an investor who entered into the hypothetical positions. The Index can, in certain circumstances, reduce to zero. Leverage The sum of the weights in the Index Components can be greater or less than 100% in order to target volatility effectively. When the weight is greater than 100% the leveraged nature of the Index will magnify the adverse impact of adverse performance in the Index Components.
Volatility
The actual volatility of the Index can be higher or lower than the Target Volatility of 5%.
Index disruption
The Index is subject to certain Index Adjustment and Disruption Provisions (including Price Source Disruption and Hedging Disruption), which are intended to deal with situations in which it would become difficult or even impossible for the Index Sponsor and/or the Index Calculation Agent to rebalance, calculate and/or publish the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. In connection with these Index Adjustment and Disruption Provisions, the Index Sponsor has a number of discretions in relation to the Index (including the right to cancel the Index, change the published methodology or make adjustments to the composition of the Index) and the exercise of these discretions may have an adverse impact on the Index level and any financial products linked to the Index. Please refer to Section 5 of this Index Description for further information.
Market factors
The Index represents a collective valuation represented by a multi-asset portfolio. Prospective investors should be experienced with respect to transactions in investments with a value derived from the Index Components. The value of the Index Components may vary over time and may increase or decrease by reference to a variety of factors which may include corporate actions, macro economic factors and speculation, with the volatility reflecting the magnitude of such price variations. Historic Realised Volatility is not necessarily indicative of future Realised Volatility. Allocation to each Index Component is assessed weekly, based on a snapshot of Realised Volatility, which is backward looking. There is no guarantee the Index will demonstrate a level of future Realised Volatility the same as the Portfolio Volatility Target.
Foreign Exchange Factors
The underlying currencies of some Index Components are not CHF. As the Index is denominated in CHF, the Index Calculation Agent will apply a prevailing exchange rate between such non-CHF denomination currency and CHF on an applicable day when calculating the Index Level on an Index Calculation. The fluctuation of the foreign exchange market may have impact on the Index Level.
Research
Morgan Stanley may issue research reports on securities that are, or may become, constituents of the Index. These reports are entirely independent of the Index Calculation Agent’s obligations hereunder. Morgan Stanley will be under no obligation to make any adjustments to an Index to reflect any change in outlook by Morgan Stanley Research.
No active management
The Index is quantitative and is not actively managed by Morgan Stanley or its affiliates (the “Morgan Stanley Group”) or any third party. The Morgan Stanley Group is not acting as a fiduciary for, or an advisor to, any investor in respect of the Index.
Reliance on information
Calculations related to the Index are based on information obtained from various sources. When using such information, the Morgan Stanley Group and the Index Calculation Agent have relied on, and will rely on, these sources and have not independently verified, and will not independently verify, the information extracted from these sources.
Index Sponsor’s powers
The application of the methodology described herein by the Index Sponsor shall be conclusive and binding. However, the Index Sponsor may supplement, amend (in whole or in part), revise or withdraw these rules at any time. Such a supplement, amendment, revision or withdrawal may lead to a change in the way the Index is calculated or constructed and may affect the Index in other ways, including future performance. Without prejudice to the generality of the foregoing, the Index Sponsor may determine that a change to the Rules is required or desirable in order to update the Rules or to address an error, ambiguity or omission. The Rules may change without prior notice. All of the above may affect the value of the Index and the value of any financial products linked to the Index. The Index Sponsor shall have the right, in its sole discretion, to cease compiling, calculating and publishing values of the Index if at any time the Index Sponsor determines that the Index no longer meets or will not be capable of meeting the criteria established by the Index Sponsor or otherwise determines that the Index shall no longer be calculated.
Calculations and determinations by the Index Calculation Agent
The Index Calculation Agent’s calculations and determinations in relation to the Index shall be binding on all parties in the absence of manifest error. No party (whether the holder of any financial product linked to the Index or otherwise) will be entitled to proceed (and agrees to waive proceedings) against the Index Calculation Agent in connection with any such calculations or determinations or any failure to make any calculations or determinations in relation to the Index. For so long as the Index Calculation Agent calculates the Index, calculations and determinations by the Index Calculation Agent in connection with the Index will be made in reliance upon the information of various sources that the Index Calculation Agent has not independently verified. The Index Calculation Agent does not accept any liability for loss or damage of any kind arising from the use of such information in any such calculation or determination. The Index Adjustment and Disruption Provisions in section 5 are intended to deal with situations in which it would become difficult or even impossible for the Index Calculation Agent to calculate the Index or for a financial product issuer to carry out hedging arrangements in relation to any financial product linked to the Index. Potential investors in the Index should ensure they review these provisions carefully before making any investment decision.
Morgan Stanley potential conflicts of interest
Morgan Stanley is acting as both the Index Sponsor and the Index Calculation Agent. Morgan Stanley and its affiliates may from time to time engage in transactions involving underlying components for their proprietary accounts and/or for accounts of their clients, may act as market-maker in such underlyings and/or be providing underwriting, banking, advisory or other services to the issuers of such equity shares. Such activities may not be for the benefit of the holders of investments related to the Index and may have a positive or negative effect on the value of the underlyings and consequently on the value of the Index. In addition, Morgan Stanley and its affiliates may from time to time act in other capacities, such as the issuer of investments, advisor thereof, Index Calculation Agent, Index Sponsor. Morgan Stanley and its affiliates may also issue derivative instruments in respect of such investments and/or the underlyings and the use of such derivatives may affect the value of the underlyings or the Index. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may be made aware of rebalancing information prior to any adjustment or rebalancing. In its role in relation to investments linked to the Index, Morgan Stanley or its affiliates may enter into hedging transactions in respect of the underlyings or related instruments which may or may not affect the value of such components or instruments. In addition, the unwinding of such hedging transactions may also affect the value of such components or instruments, which may in turn affect the value of the Index. Morgan Stanley or its affiliates may make gains and/or losses from such hedging activities.
Index performance data – retrospective calculation
The Index has been calculated on a live basis by the Index Calculation Agent since 8 March 2019 (the “Index Live Date”). Index performance for the period from 13 April 2005 (the “Index Base Date”) to the Index Live Date has been calculated retrospectively by the Index Sponsor on a hypothetical basis with an Initial Index Level of 100 on the Index Base Date. All prospective investors should be aware that a retrospective calculation of an Index means that no actual investment which allowed a tracking of the performance of an Index existed at any time during the period of the retrospective calculation and that as a result the comparison is purely hypothetical. Past performance (actual or simulated) is not a guide to future performance. The methodology and the strategy used for the calculation and retrospective calculation of the Index have been developed with the advantage of hindsight. In reality it is not possible to invest with the advantage of hindsight and therefore this performance comparison is purely theoretical.
Fees
Rebalance Costs associated with rebalancing the Index Components and an Index Fee are debited from the Index. Such costs and fees will reduce the performance of the Index.
Risks relating to the Index Components
Equity Futures: Future prices are exposed to the price levels of the underlying Equity Indices (i.e. S&P500, Eurostoxx 50 and Swiss Market). However, the future price performance can differ from investing cash directly in the underlying equity as market prices for spot and forward transactions may not be the same (e.g. due to expected dividend payments and interest rates).
Bond Futures: Future prices are exposed to the price levels of the deliverable bonds (i.e. Treasuries and Bunds that are eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying bonds as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and coupon payments).
Commodity Futures: Future prices are exposed to the price levels of the deliverable commodities (i.e. Physical Gold that is eligible for delivery according to the Future contract specification). However, the future price performance can differ from investing cash directly in the underlying commodity as market prices for spot and forward transactions may not be the same (e.g. due to interest rates and cost of carry).
Exchange Traded Funds: ETF prices are exposed to the price levels of the underlying equity investments. ETF price movements can differ from movements in the underlying equity index the ETF is attempting to track (i.e. MSCI Emerging Market Index) due to factors such as, but not limited to, costs, fees and implementation by the respective fund provider. A lack of liquidity in the ETF can cause a Disruption Event (see section 5.1). In addition the method used to calculate ETF performance for the purposes of the Morgan Stanley Multi Asset Strategie 5% VT 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
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.