Morgan Stanley's six-year kickout linked to the FTSE 100

Morgan Stanley is offering a FTSE 100-based plan offering the higher of a fixed coupon or the performance of the index, as long as a 50% barrier is not breached at maturity. For the product to pay above the fixed return, the index would have to be below its initial level on the first valuation date and then rise to above the relevant kickout payment on subsequent anniversaries

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Morgan Stanley's FTSE Bonus Growth Plus Plan is a six-year kickout product linked to the FTSE 100 index, offering a potential return of 11.5% per annum (not compounded) if the index is at or above its initial level after the first year. If the product kicks out in years two to six, the investor has a chance to receive a return equal to the greater of the fixed payment of 11.5% for each year, or the highest closing day value of the FTSE 100 from the strike