When you invest in the US Step Down Kick-out Plan (MS212), you may receive an accumulated return of 7.25% for each year of your investment depending on the performance of the S&P 500 Index. 

The Plan has the potential to mature early (kick-out) on an Anniversary Date if the S&P 500 Index is at or above a predetermined kick-out level.

The required kick-out levels reduce by 5% on the fourth anniversary, and annually thereafter. The required Final Index Levels are reduced to 85% of the Initial Index Levels on the Investment End date.

Capital is at risk if one or both of the Indices closes below 65% of its respective Initial Index Level on the Investment End Date. 
You could lose some or all of your Initial Investment.

Overview

• Investment Term: up to six years
• Potential return of 7.25% per annum, payable on maturity
• Possible kick-out from year two, and annually thereafter
• Kick-out levels reduce by 5% of the Initial Index Levels on the fourth anniversary, and annually thereafter
• Final Index Levels: 85% of Initial Index Levels 
• Counterparty is Morgan Stanley & Co. International plc, which holds an 'A+' credit rating from Standard & Poor's
• Invest from £10,000 (£5,000 for JISA)