Retrospective: Morgan Stanley leverages the downside

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The six-month Bear Market PLUS Based Inversely on the Value of the Russell 2000 Index was issued by Morgan Stanley with a strike date of May 27, 2011 and a maturity of December 2, 2011. The product offered potential returns of two times the decline in the index, subject to a maximum return of 110% (including the principal amount). Principal would be at risk if the index finished above its initial index level by more than 10% on the final measurement date.

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