This material has been prepared for informational purposes only. It is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Past performance is not a guarantee of future results. Morgan Stanley does not provide legal, accounting or tax advice. Individuals should consult their tax advisor for matters involving taxation and tax planning, and their attorney for legal matters. For the purposes hereof, Morgan Stanley includes Morgan Stanley (NYSE: MS) and its affiliates.
Digital Assets are not legal tender, and are not backed by any government, corporation or other identified body, other than with respect to certain digital currencies that certain governments are or may be developing now or in the future. No law requires companies or individuals to accept digital currency as a form of payment (except, potentially, with respect to digital currencies developed by certain governments where such acceptance may be mandated). Instead, other than as described in the preceding sentences, Digital Asset products’ use is limited to businesses and individuals that are willing to accept them. If no one were to accept digital currencies, virtual currency products would very likely become worthless. Platforms that buy and sell Digital Assets can be hacked, and some have failed. In addition, like the platforms themselves, digital wallets can be hacked, and are subject to theft and fraud. As a result, like other investors have, you can lose some or all of your holdings of Digital Assets.
The spot cryptocurrency ETPs are not registered investment companies under the Investment Company Act of 1940, and therefore are not subject to the same regulatory requirements as mutual funds or traditional exchange traded funds. Shareholders do not have the same regulatory protections associated with registered investment companies.
NOT ALL PRODUCTS AND SERVICES ARE AVAILABLE IN ALL COUNTRIES OR JURISDICTIONS.
CRC # 6000687 (10/2026)
