1 “Electrified Automobile Gross sales Hit File, In keeping with Kelley Bluebook,” PR Newswire, Oct. 2022. Retrieved from: https://www.prnewswire.com/news-releases/electrified-vehicle-sales-hit-record-according-to-kelley-blue-book-301653678.html

2 “State Local weather Coverage Maps,” c2es.org, Nov. 2022. https://www.c2es.org/content material/state-climate-policy/#:~:textual content=At-a-glance,targets

3 “Insurance policies to advertise electrical car deployment,” iea.org, April 2021. https://www.iea.org/studies/global-ev-outlook-2021/policies-to-promote-electric-vehicle-deployment

4 “Anticipate extra EV Charging Stations as States Faucet into Federal {Dollars},” pewtrusts.org, Oct. 2022. https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2022/10/11/expect-more-ev-charging-stations-as-states-tap-into-federal-dollars#:~:textual content=Currentlypercent2Cpercent20therepercent20arepercent20nearlypercent2047percent2C000 ,companiespercent20thatpercent20makepercent20chargingpercent20networks.

Disclosure Part

The audio system is probably not associates of Morgan Stanley Wealth Administration. Opinions expressed by audio system not affiliated with Morgan Stanley Wealth Administration are solely their very own and will not essentially replicate these of Morgan Stanley Wealth Administration or its associates.

Danger Concerns

Vital notice relating to financial sanctions. This occasion might contain the dialogue of nation/ies that are typically the topic of selective sanctions applications administered or enforced by the U.S. Division of the Treasury’s Workplace of Overseas Belongings Management (“OFAC”), the European Union and/or by different international locations or multi-national our bodies. The content material of this presentation is for informational functions and doesn’t characterize Morgan Stanley’s view as as to if or not any of the Individuals, devices or investments mentioned are or might grow to be topic to sanctions. Any references on this presentation to entities or devices that could be lined by such sanctions shouldn’t be learn as recommending or advising on any funding actions involving such entities or devices.  You might be solely chargeable for making certain that your funding actions in relation to any sanctioned nation/ies are carried out in compliance with relevant sanctions.

Digital Foreign money Merchandise (Cryptocurrencies)

Shopping for, promoting, and transacting in Bitcoin or different digital belongings, and associated funds and merchandise, is very speculative and might end in a lack of your entire funding. Dangers and issues embrace however are usually not restricted to:

·                     Bitcoin and different digital belongings have solely been in existence for a brief time period and historic buying and selling costs for Bitcoin and different digital belongings have been extremely risky. The worth of Bitcoin and different digital belongings might decline quickly, and traders might lose their whole funding.

·                     Sure digital asset funds and merchandise, together with Bitcoin funds and merchandise, permit traders to take a position on a extra frequent foundation than traders might withdraw from the fund or product, and pursuits in such funds or merchandise are typically not freely transferrable.  Which means that, notably given the volatility of digital belongings, together with Bitcoin, an investor must bear any losses with respect to its funding for an prolonged time period and will be unable to react to adjustments within the worth of the digital asset as soon as invested (for instance, by in search of to withdraw) as rapidly as when making the choice to take a position.  Such digital asset funds and merchandise, together with Bitcoin funds and merchandise, are meant just for individuals who’re in a position to bear the financial threat of funding and who don’t want liquidity with respect to their investments.

·                     Given the volatility within the worth of Bitcoin and different digital belongings, the web asset worth of a fund or product that invests in such belongings on the time an investor’s subscription for pursuits within the fund or product is accepted could also be considerably beneath or above the web asset worth of the product or fund on the time the investor submitted subscription supplies.

·                     Sure digital belongings, other than Bitcoin, are usually not meant to operate as currencies however are meant to produce other use instances.  These different digital belongings could also be topic to some or the entire dangers and issues set forth herein, in addition to extra dangers relevant to such different digital belongings.  Patrons, sellers and customers of such different digital belongings ought to totally familiarize themselves with such dangers and issues earlier than transacting in such different digital belongings.

The worth of Bitcoin and different digital belongings could also be negatively impacted by future authorized and regulatory developments, together with however not restricted to elevated regulation of Bitcoin or such different digital belongings.  Any such developments might make Bitcoin or such different digital belongings much less invaluable, impose extra burdens and bills on a fund or product investing in such belongings or influence the flexibility of such a fund or product to proceed to function, which can materially lower the worth of an funding therein.

·                     Because of the new and evolving nature of digital currencies and the absence of complete steerage, many vital elements of the tax remedy of digital belongings together with Bitcoin are unsure.  Potential traders ought to seek the advice of their very own tax advisors in regards to the tax penalties to them of the acquisition, possession and disposition of Bitcoin and different digital belongings, instantly or not directly via a fund or product, below U.S. federal revenue tax legislation, in addition to the tax legislation of any related state, native or different jurisdiction.

·                     Over the previous a number of years, sure Bitcoin exchanges have skilled failures or interruptions in service because of fraud, safety breaches, operational issues or enterprise failure.  Such occasions sooner or later might influence any fund’s or product’s means to transact in Bitcoin if the fund or product depends on an impacted trade and may materially lower the value of Bitcoin, thereby impacting the worth of your funding, no matter whether or not the fund or product depends on such an impacted trade.

·                     Though any digital asset product, together with a Bitcoin-related product, and its service suppliers have in place vital safeguards towards loss, theft, destruction and inaccessibility, there’s nonetheless a threat that some or all of a product’s digital asset, together with Bitcoin, could possibly be completely misplaced, stolen, destroyed or inaccessible by advantage of, amongst different issues, the loss or theft of the “personal keys” essential to entry a product’s digital asset, together with Bitcoin.

·                     Buyers in funds or merchandise investing or transacting in Bitcoin and/or different digital belongings might not profit to the identical extent (or in any respect) from “airdrops” with respect to, or “forks” in, the Bitcoin (or different related digital asset’s) blockchain, in comparison with traders who maintain Bitcoin (or such different related digital asset) instantly as a substitute of via a fund or product.  Moreover, a “fork” within the Bitcoin blockchain might materially lower the value of Bitcoin.

Digital belongings equivalent to Bitcoin or different digital asset product is/are usually not authorized tender, and isn’t backed by any authorities, company or different recognized physique, apart from with respect to sure digital currencies that sure governments are or could also be creating now or sooner or later (of which Bitcoin will not be one). No legislation requires corporations or people to just accept digital foreign money as a type of fee (besides, probably, with respect to digital currencies developed by sure governments the place such acceptance could also be mandated). As an alternative, apart from as described within the previous sentences, Bitcoin’s and different digital asset merchandise’ use is restricted to companies and people which might be keen to just accept them. If nobody had been to just accept digital currencies, Bitcoin and different digital foreign money merchandise would very doubtless grow to be nugatory.

·                     Platforms that purchase and promote Bitcoin or different digital belongings might be hacked, and a few have failed. As well as, just like the platforms themselves, digital wallets might be hacked, and are topic to theft and fraud. Because of this, like different traders have, you possibly can lose some or your entire holdings of digital belongings, together with Bitcoin.

·                     In contrast to US banks and credit score unions that present sure ensures of security to depositors, there aren’t any such safeguards supplied to digital belongings, equivalent to Bitcoin, held in digital wallets by their suppliers or by regulators.

·                     Because of the anonymity Bitcoin and different digital belongings supply, it has recognized use in criminality, together with drug dealing, cash laundering, human trafficking, sanction evasion and different types of unlawful commerce. Abuses might influence respectable customers and speculators; for example, legislation enforcement businesses might shut down or prohibit using platforms and exchanges, limiting or shutting off completely the flexibility to make use of or commerce Bitcoin or different digital asset merchandise.

·                     Bitcoin and different digital belongings might not have a longtime monitor file of credibility and belief. Additional, any efficiency knowledge regarding Bitcoin, Bitcoin-related merchandise or different digital asset merchandise is probably not verifiable as pricing fashions are usually not uniform.

·                     Buyers ought to pay attention to the doubtless elevated dangers of transacting in digital belongings, together with Bitcoin, regarding the dangers and issues, together with fraud, theft, and lack of legitimacy, and different elements and qualities of digital belongings, earlier than transacting in such belongings.

·                     The trade price of Bitcoin or different digital foreign money merchandise versus the USD traditionally has been very risky and the trade price might drastically decline. For instance, the trade price of Bitcoin versus the USD has previously dropped greater than 50% in a single day. Bitcoin could also be affected by such volatility as nicely.

·                     Digital asset exchanges have restricted working and efficiency histories and are usually not regulated with the identical controls or buyer protections accessible to extra conventional exchanges transacting fairness, debt, and different belongings and securities. There isn’t any assurance that an individual/trade who presently accepts a digital asset as fee will proceed to take action sooner or later.

·                     The regulatory framework of digital belongings is evolving, and in some instances unsure, and digital belongings themselves is probably not ruled and guarded by relevant securities regulators and securities legal guidelines, together with, however not restricted to, Securities Investor Safety Company protection, or different regulatory regimes.  

·                     Morgan Stanley Smith Barney LLC or its associates (collectively, “Morgan Stanley”) might presently, or sooner or later, supply or spend money on digital asset merchandise, companies or platforms.  The proprietary pursuits of Morgan Stanley might battle along with your pursuits.

The foregoing checklist of issues and dangers are usually not and don’t purport to be an entire enumeration or rationalization of the dangers concerned in an funding within the any product or fund investing or buying and selling in Bitcoin and/or different digital belongings.  

Fairness securities might fluctuate in response to information on corporations, industries, market situations and normal financial atmosphere.

Investing in overseas markets entails larger dangers than these usually related to home markets, equivalent to political, foreign money, financial and market dangers. These dangers are magnified in international locations with rising markets and frontier markets, since these international locations might have comparatively unstable governments and fewer established markets and economies.

Bonds are topic to rate of interest threat. When rates of interest rise, bond costs fall; typically the longer a bond’s maturity, the extra delicate it’s to this threat. Bonds may be topic to name threat, which is the danger that the issuer will redeem the debt at its choice, totally or partially, earlier than the scheduled maturity date. The market worth of debt devices might fluctuate, and proceeds from gross sales previous to maturity could also be roughly than the quantity initially invested or the maturity worth because of adjustments in market situations or adjustments within the credit score high quality of the issuer. Bonds are topic to the credit score threat of the issuer. That is the danger that the issuer may be unable to make curiosity and/or principal funds on a well timed foundation. Bonds are additionally topic to reinvestment threat, which is the danger that principal and/or curiosity funds from a given funding could also be reinvested at a decrease rate of interest.

Bonds rated beneath funding grade might have speculative traits and current vital dangers past these of different securities, together with larger credit score threat and worth volatility within the secondary market. Buyers needs to be cautious to think about these dangers alongside their particular person circumstances, goals and threat tolerance earlier than investing in high-yield bonds. Excessive yield bonds ought to comprise solely a restricted portion of a balanced portfolio.

The returns on a portfolio consisting primarily of environmental, social, and governance-aware investments (ESG) could also be decrease or larger than a portfolio that’s extra diversified or the place choices are primarily based solely on funding issues. As a result of ESG standards exclude some investments, traders might not be capable of reap the benefits of the identical alternatives or market tendencies as traders that don’t use such standards. The businesses recognized and funding examples are for illustrative functions solely and shouldn’t be deemed a advice to buy, maintain or promote any securities or funding merchandise. They’re meant to exhibit the approaches taken by managers who give attention to ESG standards of their funding technique. There might be no assure {that a} consumer’s account will likely be managed as described herein.

Choices are usually not applicable for each investor. This gross sales materials have to be accompanied by or preceded by a replica of the booklet ‘Traits and Dangers of Standardized Choices’ (ODD). Buyers shouldn’t enter into choices transactions till they’ve learn and understood the ODD. Earlier than participating within the buy or sale of choices, traders ought to perceive the character of and extent of their rights and obligations and pay attention to the dangers concerned, together with, with out limitation, the dangers pertaining to the enterprise and monetary situation of the issuer of the underlying safety or instrument. Choices investing, like different types of investing, includes tax issues, transaction prices and margin necessities that may considerably have an effect on the revenue and lack of shopping for and writing choices. The transaction prices of choices investing consist primarily of commissions (that are imposed in opening, closing, train and project transactions), however may embrace margin and curiosity prices particularly transactions. Transaction prices are particularly vital in choices methods calling for a number of purchases and gross sales of choices, equivalent to a number of leg methods, together with spreads, straddles and collars. A hyperlink to the ODD is supplied beneath: http://www.optionsclearing.com/about/publications/character-risks.jsp

Asset allocation and diversification don’t guarantee a revenue or shield towards loss in declining monetary markets.

Due to their slim focus, sector investments are typically extra risky than investments that diversify throughout many sectors and firms. Expertise shares could also be particularly risky. Dangers relevant to corporations within the vitality and pure assets sectors embrace commodity pricing threat, provide and demand threat, depletion threat and exploration threat

The indices are unmanaged. An investor can’t make investments instantly in an index. They’re proven for illustrative functions solely and don’t characterize the efficiency of any particular funding.

Disclosures

Morgan Stanley Wealth Administration is the commerce title of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the US. This materials has been ready for informational functions solely and isn’t a proposal to purchase or promote or a solicitation of any supply to purchase or promote any safety or different monetary instrument or to take part in any buying and selling technique.  Previous efficiency will not be essentially a information to future efficiency.

Morgan Stanley Smith Barney LLC, its associates and Morgan Stanley Monetary Advisors don’t present authorized or tax recommendation.  Every consumer ought to at all times seek the advice of his/her private tax and/or authorized advisor for data regarding his/her particular person state of affairs and to study any potential tax or different implications that will consequence from performing on a specific advice.

This materials has been supplied by Morgan Stanley Wealth Administration for Monetary Advisors and Non-public Wealth Advisors and can’t be distributed or used with members of the general public. This materials has been ready for informational functions solely and isn’t a proposal to purchase or promote, or a solicitation of any supply to purchase or promote any safety or different monetary instrument, or to take part in any buying and selling technique and has been ready with out consideration of a person’s funding goals, threat tolerance or monetary circumstances. The services highlighted are concepts solely. Earlier than making a advice, the FA/PWA, should (i) have an affordable foundation for such a advice, (ii) have in mind the consumer’s circumstances, goals and threat tolerance to make sure it’s applicable for the consumer, and (iii) inform the consumer concerning the specifics of the funding in addition to info that the consumer might have to make an knowledgeable determination, together with however not restricted to the knowledge proven beneath.

This isn’t a analysis report and has not been ready by the analysis departments of Morgan Stanley Wealth Administration or its associates. Please notice that in some circumstances, data herein might fluctuate from the suggestions or views expressed in different supplies or analysis on the identical safety. This can be the results of differing time horizons, methodologies, market occasions, or different components. It can be crucial that FAs and PWAs adhere to all solicitation insurance policies and procedures.

This materials, or any portion thereof, is probably not reprinted, bought or redistributed with out the written consent of Morgan Stanley Smith Barney LLC.

© 2022 Morgan Stanley Smith Barney LLC, Member SIPC.

CRC#5329658  (12/2022)



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