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 * Our Insights
   
   Our Insights
    * Personal Finance
    * Market Trends
    * Technology & Disruption
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    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Personal Finance
      
      Learn from our industry leaders about how to manage your wealth and help
      meet your personal financial goals.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Market Trends
      
      From volatility and geopolitics to economic trends and investment
      outlooks, stay informed on the key developments shaping today's markets.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Technology & Disruption
      
      Whether it’s hardware, software or age-old businesses, everything today is
      ripe for disruption. Stay abreast of the latest trends and developments.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Sustainability
      
      Our insightful research, advisory and investing capabilities give us
      unique and broad perspective on sustainability topics.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Diversity & Inclusion
      
      Multicultural and women entrepreneurs are the cutting-edge leaders of
      businesses that power markets. Hear their stories and learn about how they
      are redefining the terms of success.
   
   Featured
   Sustainable Funds Beating Peers in 2023
   INSTITUTE FOR SUSTAINABLE INVESTING
   Globalization Makes Way for a Multipolar World
   Research
   Why Investors Should Track El Niño
   Investing
 * What We Do
   
   What We Do
    * Wealth Management
    * Investment Banking & Capital Markets
    * Sales & Trading
    * Research
    * Investment Management
    * Morgan Stanley at Work
    * Sustainable Investing
    * Inclusive Ventures Group
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Wealth Management
      
      We help people, businesses and institutions build, preserve and manage
      wealth so they can pursue their financial goals.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Banking & Capital Markets
      
      We have global expertise in market analysis and in advisory and
      capital-raising services for corporations, institutions and governments.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sales & Trading
      
      Global institutions, leading hedge funds and industry innovators turn to
      Morgan Stanley for sales, trading and market-making services.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Research
      
      We offer timely, integrated analysis of companies, sectors, markets and
      economies, helping clients with their most critical decisions.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Management
      
      We deliver active investment strategies across public and private markets
      and custom solutions to institutional and individual investors.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Morgan Stanley at Work
      
      We provide comprehensive workplace financial solutions for organizations
      and their employees, combining personalized advice with modern technology.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sustainable Investing
      
      We offer scalable investment products, foster innovative solutions and
      provide actionable insights across sustainability issues.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Inclusive Ventures Group
      
      From our startup lab to our cutting-edge research, we broaden access to
      capital for diverse entrepreneurs and spotlight their success.

 * About Us
   
   About Us
    * Core Values
    * Leadership
    * History
    * Locations
    * Diversity
    * Sustainability
    * Giving Back
    * Technology
    * Sponsorships
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Core Values
      
      Everything we do at Morgan Stanley is guided by our five core values: Do
      the right thing, put clients first, lead with exceptional ideas, commit to
      diversity and inclusion, and give back.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Leadership
      
      Morgan Stanley leadership is dedicated to conducting first-class business
      in a first-class way. Our board of directors and senior executives hold
      the belief that capital can and should benefit all of society.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      History
      
      From our origins as a small Wall Street partnership to becoming a global
      firm of more than 80,000 employees today, Morgan Stanley has been
      committed to clients and communities for 87 years.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Locations
      
      The global presence that Morgan Stanley maintains is key to our clients'
      success, giving us keen insight across regions and markets, and allowing
      us to make a difference around the world.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Diversity
      
      Morgan Stanley is differentiated by the caliber of our diverse team. Our
      culture of access and inclusion has built our legacy and shapes our
      future, helping to strengthen our business and bring value to clients.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Sustainability
      
      Our firm's commitment to sustainability informs our operations,
      governance, risk management, diversity efforts, philanthropy and research.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Giving Back
      
      At Morgan Stanley, giving back is a core value—a central part of our
      culture globally. We live that commitment through long-lasting
      partnerships, community-based delivery and engaging our best asset—Morgan
      Stanley employees.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Technology
      
      As a global financial services firm, Morgan Stanley is committed to
      technological innovation. We rely on our technologists around the world to
      create leading-edge, secure platforms for all our businesses.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Sponsorships
      
      At Morgan Stanley, we believe creating a more equitable society begins
      with investing in access, knowledge and resources to foster potential for
      all. We are committed to supporting the next generation of leaders and
      ensuring that they reflect the diversity of the world they inherit.

 * Why Us
   
   Why Us
    * Why Morgan Stanley
    * How We Can Help
    * Building a Future We Believe In
    * Get Started
    * Stay in the Know
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Why Morgan Stanley
      
      At Morgan Stanley, we focus the expertise of the entire firm—our advice,
      data, strategies and insights—on creating solutions for our clients, large
      and small.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      How We Can Help
      
      We have the experience and agility to partner with clients from individual
      investors to global CEOs. See how we can help you work toward your
      goals—even as they evolve over years or generations.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Building a Future We Believe In
      
      At Morgan Stanley, we put our beliefs to work. We lead with exceptional
      ideas, prioritize diversity and inclusion and find meaningful ways to give
      back—all to contribute to a future that benefits our clients and
      communities.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Get Started
      
      Meet one of our Financial Advisors and see how we can help you.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Stay in the Know
      
      Get the latest insights, analyses and market trends in our newsletter,
      podcasts and videos.

 * Careers
   
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    * Students & Graduates
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    * Experienced Professionals
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      * Technology Professionals
    * Experienced Financial Advisors
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Students & Graduates
      
      A career at Morgan Stanley means belonging to an ideas-driven culture that
      embraces new perspectives to solve complex problems. See how you can make
      meaningful contributions as a student or recent graduate at Morgan
      Stanley.
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Experienced Professionals
      
      At Morgan Stanley, you’ll find trusted colleagues, committed mentors and a
      culture that values diverse perspectives, individual intellect and
      cross-collaboration. See how you can continue your career journey at
      Morgan Stanley.
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Experienced Financial Advisors
      
      At Morgan Stanley, our premier brand, robust resources and market
      leadership can offer you a new opportunity to grow your practice and
      continue to fulfill on your commitment to deliver tailored wealth
      management advice that helps your clients reach their financial goals.
   
   Featured
   Explore Our Culture
   Careers
   Yes, You Can Be a Tech Innovator at Morgan Stanley
   Technology

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    * Matrix
      
      

 * Investor Relations
 * Media Relations
 * Client Login
   
   Client Login
    * Morgan Stanley Online
    * Morgan Stanley at Work
    * Research Portal
    * Matrix
   
    * Morgan Stanley Online
      
      
   
    * Morgan Stanley at Work
      
      
   
    * Research Portal
      
      
   
    * Matrix
      
      

 * Our Insights
   
   Our Insights
    * Personal Finance
    * Market Trends
    * Technology & Disruption
    * Sustainability
    * Diversity & Inclusion
   
   stay up to date
    * Sign Up For Our Newsletter
    * Listen To Our Podcasts
   
    * (opens in a new tab)
    * (opens in a new tab)
    * (opens in a new tab)
    * (opens in a new tab)
    * (opens in a new tab)
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Personal Finance
      
      Learn from our industry leaders about how to manage your wealth and help
      meet your personal financial goals.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Market Trends
      
      From volatility and geopolitics to economic trends and investment
      outlooks, stay informed on the key developments shaping today's markets.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Technology & Disruption
      
      Whether it’s hardware, software or age-old businesses, everything today is
      ripe for disruption. Stay abreast of the latest trends and developments.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Sustainability
      
      Our insightful research, advisory and investing capabilities give us
      unique and broad perspective on sustainability topics.
   
    * At Morgan Stanley, we lead with exceptional ideas. Across all our
      businesses, we offer keen insight on today's most critical issues.
      
      Diversity & Inclusion
      
      Multicultural and women entrepreneurs are the cutting-edge leaders of
      businesses that power markets. Hear their stories and learn about how they
      are redefining the terms of success.
   
   Featured
   Sustainable Funds Beating Peers in 2023
   INSTITUTE FOR SUSTAINABLE INVESTING
   Globalization Makes Way for a Multipolar World
   Research
   Why Investors Should Track El Niño
   Investing
 * What We Do
   
   What We Do
    * Wealth Management
    * Investment Banking & Capital Markets
    * Sales & Trading
    * Research
    * Investment Management
    * Morgan Stanley at Work
    * Sustainable Investing
    * Inclusive Ventures Group
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Wealth Management
      
      We help people, businesses and institutions build, preserve and manage
      wealth so they can pursue their financial goals.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Banking & Capital Markets
      
      We have global expertise in market analysis and in advisory and
      capital-raising services for corporations, institutions and governments.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sales & Trading
      
      Global institutions, leading hedge funds and industry innovators turn to
      Morgan Stanley for sales, trading and market-making services.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Research
      
      We offer timely, integrated analysis of companies, sectors, markets and
      economies, helping clients with their most critical decisions.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Investment Management
      
      We deliver active investment strategies across public and private markets
      and custom solutions to institutional and individual investors.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Morgan Stanley at Work
      
      We provide comprehensive workplace financial solutions for organizations
      and their employees, combining personalized advice with modern technology.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Sustainable Investing
      
      We offer scalable investment products, foster innovative solutions and
      provide actionable insights across sustainability issues.
   
    * Morgan Stanley helps people, institutions and governments raise, manage
      and distribute the capital they need to achieve their goals.
      
      Inclusive Ventures Group
      
      From our startup lab to our cutting-edge research, we broaden access to
      capital for diverse entrepreneurs and spotlight their success.

 * About Us
   
   About Us
    * Core Values
    * Leadership
    * History
    * Locations
    * Diversity
    * Sustainability
    * Giving Back
    * Technology
    * Sponsorships
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Core Values
      
      Everything we do at Morgan Stanley is guided by our five core values: Do
      the right thing, put clients first, lead with exceptional ideas, commit to
      diversity and inclusion, and give back.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Leadership
      
      Morgan Stanley leadership is dedicated to conducting first-class business
      in a first-class way. Our board of directors and senior executives hold
      the belief that capital can and should benefit all of society.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      History
      
      From our origins as a small Wall Street partnership to becoming a global
      firm of more than 80,000 employees today, Morgan Stanley has been
      committed to clients and communities for 87 years.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Locations
      
      The global presence that Morgan Stanley maintains is key to our clients'
      success, giving us keen insight across regions and markets, and allowing
      us to make a difference around the world.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Diversity
      
      Morgan Stanley is differentiated by the caliber of our diverse team. Our
      culture of access and inclusion has built our legacy and shapes our
      future, helping to strengthen our business and bring value to clients.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Sustainability
      
      Our firm's commitment to sustainability informs our operations,
      governance, risk management, diversity efforts, philanthropy and research.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Giving Back
      
      At Morgan Stanley, giving back is a core value—a central part of our
      culture globally. We live that commitment through long-lasting
      partnerships, community-based delivery and engaging our best asset—Morgan
      Stanley employees.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Technology
      
      As a global financial services firm, Morgan Stanley is committed to
      technological innovation. We rely on our technologists around the world to
      create leading-edge, secure platforms for all our businesses.
   
    * Since our founding in 1935, Morgan Stanley has consistently delivered
      first-class business in a first-class way. Underpinning all that we do are
      five core values.
      
      Sponsorships
      
      At Morgan Stanley, we believe creating a more equitable society begins
      with investing in access, knowledge and resources to foster potential for
      all. We are committed to supporting the next generation of leaders and
      ensuring that they reflect the diversity of the world they inherit.

 * Why Us
   
   Why Us
    * Why Morgan Stanley
    * How We Can Help
    * Building a Future We Believe In
    * Get Started
    * Stay in the Know
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Why Morgan Stanley
      
      At Morgan Stanley, we focus the expertise of the entire firm—our advice,
      data, strategies and insights—on creating solutions for our clients, large
      and small.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      How We Can Help
      
      We have the experience and agility to partner with clients from individual
      investors to global CEOs. See how we can help you work toward your
      goals—even as they evolve over years or generations.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Building a Future We Believe In
      
      At Morgan Stanley, we put our beliefs to work. We lead with exceptional
      ideas, prioritize diversity and inclusion and find meaningful ways to give
      back—all to contribute to a future that benefits our clients and
      communities.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Get Started
      
      Meet one of our Financial Advisors and see how we can help you.
   
    * For 88 years, we’ve had a passion for what’s possible. We leverage the
      full resources of our firm to help individuals, families and institutions
      reach their financial goals.
      
      Stay in the Know
      
      Get the latest insights, analyses and market trends in our newsletter,
      podcasts and videos.

 * Careers
   
   Careers
    * Students & Graduates
      * Opportunities
    * Experienced Professionals
      * Opportunities
      * Technology Professionals
    * Experienced Financial Advisors
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Students & Graduates
      
      A career at Morgan Stanley means belonging to an ideas-driven culture that
      embraces new perspectives to solve complex problems. See how you can make
      meaningful contributions as a student or recent graduate at Morgan
      Stanley.
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Experienced Professionals
      
      At Morgan Stanley, you’ll find trusted colleagues, committed mentors and a
      culture that values diverse perspectives, individual intellect and
      cross-collaboration. See how you can continue your career journey at
      Morgan Stanley.
   
    * We believe our greatest asset is our people. We value our commitment to
      diverse perspectives and a culture of inclusion across the firm. Discover
      who we are and the right opportunity for you.
      
      Experienced Financial Advisors
      
      At Morgan Stanley, our premier brand, robust resources and market
      leadership can offer you a new opportunity to grow your practice and
      continue to fulfill on your commitment to deliver tailored wealth
      management advice that helps your clients reach their financial goals.
   
   Featured
   Explore Our Culture
   Careers
   Yes, You Can Be a Tech Innovator at Morgan Stanley
   Technology

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YOUR PARTNER, EVERY STEP OF THE WAY

Whether you need advice or prefer to invest on your own, we have a range of
solutions to help meet your needs.

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services. And now with E*TRADE from Morgan Stanley, you get the convenience of
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We make it easy to manage your money from anywhere.
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LEADING INSIGHTS FROM MORGAN STANLEY

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we'll show you Financial Advisors that may be a good match for you.
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1Certain accounts may have other minimum asset levels and other eligibility
requirements. Please read the disclosures in the Important Information section
below. E*TRADE from Morgan Stanley charges $0 commission for online US-listed
stock, ETF, and options trades. Exclusions may apply and E*TRADE from Morgan
Stanley reserves the right to charge variable commission rates. The standard
options contract fee is $0.65 per contract (or $0.50 per contract for customers
who execute at least 30 stock, ETF, and options trades per quarter). The retail
online $0 commission does not apply to Over-the-Counter (OTC), foreign stock
transactions, large block transactions requiring special handling,
transaction-fee mutual funds, futures, or fixed income investments. Service
charges apply for trades placed through a broker ($25). Stock plan account
transactions are subject to a separate commission schedule. Additional
regulatory and exchange fees may apply. For more information about pricing,
visit etrade.com/pricing

* The Annual Advisory Fee is 0.30%, or as low as $1.50 for $500 in assets, and
is the direct fee charged to any client in the advisory program. The advisory
fee does not cover underlying management fees and expenses of any mutual fund or
ETF investment held in the portfolio.

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The information and materials on this website are for educational and
informational purposes only.  It is not a recommendation or solicitation of any
offer to buy or sell any security or other financial instrument, to participate
in any investment strategy, or to open any particular account type. It does not
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regard to the individual financial circumstances and objectives of persons who
receive it. The appropriateness of a particular investment or strategy will
depend on an investor's individual circumstances and objectives. The materials
may contain forward-looking statements and there can be no guarantee that they
will come to pass. Past performance is not a guarantee of future performance.
Asset allocation and diversification do not guarantee a profit or protect
against loss in a declining financial market.

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Morgan Stanley offers a wide array of brokerage and advisory services to its
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Individuals should consult their tax advisor for matters involving taxation and
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Information on Morgan Stanley Wealth Management accounts and services can be
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Morgan Stanley Virtual Advisors are licensed representatives of Morgan Stanley
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Core Portfolios are offered by E*TRADE from Morgan Stanley.  Please read the
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involve risk and will not always be profitable.

Differences between a brokerage and an investment advisory relationship:

You should understand the differences between a brokerage and advisory
relationship. When providing you brokerage services, our legal obligations to
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Regulatory Authority (FINRA), and state securities laws, where applicable. When
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advisory obligations govern our conduct and disclosure requirements, creating a
legal standard which is referred to as a “fiduciary” duty to you. Please call
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and to act in your best interest. For additional answers to questions about the
differences between our advisory and brokerage services, please visit our web
site at
https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf
or contact us at 866‐866‐7426.

Information contained in the material is based on data from multiple sources and
Morgan Stanley makes no representation as to the accuracy or completeness of
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to change without notice.


Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney
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Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and
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Investment products offered through Morgan Stanley Smith Barney LLC are: NOT
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© 2024 Morgan Stanley Smith Barney LLC. Member SIPC. All rights reserved.

AR 5815050.2; CRC 5873346 (08/2023); CRC 5873425 (08/2023) CRC 5960947
(09/2023); AR 3964844.2; Red Oak #3364893

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