$21,585,000 Contingent Income Auto-Callable Securities All Payments on the Securities Based on the Worst Performing of the SPDR S&P Biotech ETF, the Technology Select Sector SPDR Fund and the SPDR S&P Regional Banking ETF due April 27, 2023, priced on April 23, 2021, were issued by Morgan Stanley Finance LLC. The pricing supplement for this note (CUSIP: 61771VUW8) can be found here. The notes had a $1,000 face value and paid a quarterly coupon of $30.00, so long as the notes had not been called and SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF all closed above 70% of their April 23, 2021 closing prices on a determination date. If SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF closed below 70% of their April 23, 2021 closing prices on a determination date, the notes did not pay a coupon. If not previously called, at maturity, the notes returned $1,000 in principal if SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF all closed on the final determination date on April 24, 2023 and above 70% of their April 23, 2021 closing prices. If on April 24, 2023 SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF closed below 70% of their April 23, 2021 closing prices, the notes paid reduced principal euqal to $1,000 multiplied by the lowest ratio of SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund and SPDR S&P Regional Banking ETF April 24, 2023 closing prices to their April 23, 2021 closing prices. The notes have matured. They paid two coupons totaling $60.00 and $604.77 repayment per $1,000 note. Investors thus suffered capital losses of $395.23 and net losses of $335.23.† In the aggregate, investors in this note suffered $8,531,138 in capital losses and $7,236,038 in net losses. See Table 1 and Figure 1.
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