1 “Electrified Car Gross sales Hit Document, Based on 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 automobile deployment,” iea.org, April 2021. https://www.iea.org/stories/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 will not be associates of Morgan Stanley Wealth Administration. Opinions expressed by audio system not affiliated with Morgan Stanley Wealth Administration are solely their very own and should not essentially replicate these of Morgan Stanley Wealth Administration or its associates.
Danger Issues
Necessary be aware relating to financial sanctions. This occasion could 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 International Property 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 signify Morgan Stanley’s view as as to if or not any of the Individuals, devices or investments mentioned are or could change into topic to sanctions. Any references on this presentation to entities or devices that could be coated by such sanctions shouldn’t be learn as recommending or advising on any funding actions involving such entities or devices. You’re solely accountable for making certain that your funding actions in relation to any sanctioned nation/ies are carried out in compliance with relevant sanctions.
Digital Forex Merchandise (Cryptocurrencies)
Shopping for, promoting, and transacting in Bitcoin or different digital property, and associated funds and merchandise, is extremely speculative and could lead to a lack of the complete funding. Dangers and concerns embody however aren’t restricted to:
· Bitcoin and different digital property have solely been in existence for a brief time period and historic buying and selling costs for Bitcoin and different digital property have been extremely risky. The value of Bitcoin and different digital property may decline quickly, and buyers may lose their complete funding.
· Sure digital asset funds and merchandise, together with Bitcoin funds and merchandise, permit buyers to speculate on a extra frequent foundation than buyers could withdraw from the fund or product, and pursuits in such funds or merchandise are typically not freely transferrable. Which means, significantly given the volatility of digital property, together with Bitcoin, an investor must bear any losses with respect to its funding for an prolonged time period and won’t be able to react to modifications within the value of the digital asset as soon as invested (for instance, by searching for to withdraw) as shortly as when making the choice to speculate. 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 value of Bitcoin and different digital property, the web asset worth of a fund or product that invests in such property on the time an investor’s subscription for pursuits within the fund or product is accepted could also be considerably under or above the web asset worth of the product or fund on the time the investor submitted subscription supplies.
· Sure digital property, aside from Bitcoin, aren’t meant to perform as currencies however are meant to produce other use instances. These different digital property could also be topic to some or the entire dangers and concerns set forth herein, in addition to extra dangers relevant to such different digital property. Consumers, sellers and customers of such different digital property ought to completely familiarize themselves with such dangers and concerns earlier than transacting in such different digital property.
The worth of Bitcoin and different digital property 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 property. Any such developments could make Bitcoin or such different digital property much less helpful, impose extra burdens and bills on a fund or product investing in such property or influence the power 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 steering, many important elements of the tax remedy of digital property together with Bitcoin are unsure. Potential buyers 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 property, 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 resulting from fraud, safety breaches, operational issues or enterprise failure. Such occasions sooner or later may influence any fund’s or product’s potential to transact in Bitcoin if the fund or product depends on an impacted change and may additionally materially lower the worth of Bitcoin, thereby impacting the worth of your funding, no matter whether or not the fund or product depends on such an impacted change.
· Though any digital asset product, together with a Bitcoin-related product, and its service suppliers have in place important safeguards in opposition to 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 “non-public keys” essential to entry a product’s digital asset, together with Bitcoin.
· Traders in funds or merchandise investing or transacting in Bitcoin and/or different digital property could 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 buyers who maintain Bitcoin (or such different related digital asset) instantly as an alternative of via a fund or product. Moreover, a “fork” within the Bitcoin blockchain may materially lower the worth of Bitcoin.
Digital property equivalent to Bitcoin or different digital asset product is/aren’t 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 simply 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 a substitute, apart from as described within the previous sentences, Bitcoin’s and different digital asset merchandise’ use is restricted to companies and people which are prepared to simply accept them. If nobody had been to simply accept digital currencies, Bitcoin and different digital foreign money merchandise would very possible change into nugatory.
· Platforms that purchase and promote Bitcoin or different digital property will be hacked, and a few have failed. As well as, just like the platforms themselves, digital wallets will be hacked, and are topic to theft and fraud. Because of this, like different buyers have, you may lose some or your entire holdings of digital property, 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 offered to digital property, equivalent to Bitcoin, held in digital wallets by their suppliers or by regulators.
· Because of the anonymity Bitcoin and different digital property supply, it has identified use in criminality, together with drug dealing, cash laundering, human trafficking, sanction evasion and different types of unlawful commerce. Abuses may influence professional shoppers and speculators; for example, legislation enforcement businesses may shut down or limit using platforms and exchanges, limiting or shutting off fully the power to make use of or commerce Bitcoin or different digital asset merchandise.
· Bitcoin and different digital property could not have a longtime monitor report of credibility and belief. Additional, any efficiency knowledge referring to Bitcoin, Bitcoin-related merchandise or different digital asset merchandise will not be verifiable as pricing fashions aren’t uniform.
· Traders ought to concentrate on the possibly elevated dangers of transacting in digital property, together with Bitcoin, referring to the dangers and concerns, together with fraud, theft, and lack of legitimacy, and different elements and qualities of digital property, earlier than transacting in such property.
· The change fee of Bitcoin or different digital foreign money merchandise versus the USD traditionally has been very risky and the change fee may drastically decline. For instance, the change fee of Bitcoin versus the USD has prior to now dropped greater than 50% in a single day. Bitcoin could also be affected by such volatility as properly.
· Digital asset exchanges have restricted working and efficiency histories and aren’t regulated with the identical controls or buyer protections accessible to extra conventional exchanges transacting fairness, debt, and different property and securities. There isn’t a assurance that an individual/change who at present accepts a digital asset as fee will proceed to take action sooner or later.
· The regulatory framework of digital property is evolving, and in some instances unsure, and digital property themselves will not be 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”) could at present, or sooner or later, supply or spend money on digital asset merchandise, companies or platforms. The proprietary pursuits of Morgan Stanley could battle together with your pursuits.
The foregoing listing of concerns and dangers aren’t and don’t purport to be an entire enumeration or clarification of the dangers concerned in an funding within the any product or fund investing or buying and selling in Bitcoin and/or different digital property.
Fairness securities could fluctuate in response to information on corporations, industries, market circumstances and common financial surroundings.
Investing in international 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 could 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 additionally be topic to name threat, which is the danger that the issuer will redeem the debt at its possibility, totally or partially, earlier than the scheduled maturity date. The market worth of debt devices could fluctuate, and proceeds from gross sales previous to maturity could also be roughly than the quantity initially invested or the maturity worth resulting from modifications in market circumstances or modifications 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 under funding grade could have speculative traits and current important dangers past these of different securities, together with larger credit score threat and value volatility within the secondary market. Traders needs to be cautious to contemplate these dangers alongside their particular person circumstances, aims 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 selections are based mostly solely on funding concerns. As a result of ESG standards exclude some investments, buyers could not be capable to benefit from the identical alternatives or market traits as buyers that don’t use such standards. The businesses recognized and funding examples are for illustrative functions solely and shouldn’t be deemed a suggestion to buy, maintain or promote any securities or funding merchandise. They’re meant to display the approaches taken by managers who give attention to ESG standards of their funding technique. There will be no assure {that a} shopper’s account will probably be managed as described herein.
Choices aren’t applicable for each investor. This gross sales materials have to be accompanied by or preceded by a duplicate of the booklet ‘Traits and Dangers of Standardized Choices’ (ODD). Traders shouldn’t enter into choices transactions till they’ve learn and understood the ODD. Earlier than partaking within the buy or sale of choices, buyers ought to perceive the character of and extent of their rights and obligations and concentrate on 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, entails tax concerns, 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 additionally embody margin and curiosity prices specifically transactions. Transaction prices are particularly important 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 offered under: http://www.optionsclearing.com/about/publications/character-risks.jsp
Asset allocation and diversification don’t guarantee a revenue or defend in opposition to loss in declining monetary markets.
Due to their slim focus, sector investments are typically extra risky than investments that diversify throughout many sectors and corporations. Expertise shares could also be particularly risky. Dangers relevant to corporations within the power and pure assets sectors embody commodity pricing threat, provide and demand threat, depletion threat and exploration threat
The indices are unmanaged. An investor can not make investments instantly in an index. They’re proven for illustrative functions solely and don’t signify 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 america. 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 shopper ought to all the time 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 which will consequence from performing on a selected suggestion.
This materials has been offered 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 aims, threat tolerance or monetary circumstances. The services highlighted are concepts solely. Earlier than making a suggestion, the FA/PWA, should (i) have an inexpensive foundation for such a suggestion, (ii) consider the shopper’s circumstances, aims and threat tolerance to make sure it’s applicable for the shopper, and (iii) inform the shopper concerning the specifics of the funding in addition to details that the shopper could must make an knowledgeable determination, together with however not restricted to the knowledge proven under.
This isn’t a analysis report and has not been ready by the analysis departments of Morgan Stanley Wealth Administration or its associates. Please be aware that in some circumstances, data herein could differ 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 elements. It is vital that FAs and PWAs adhere to all solicitation insurance policies and procedures.
This materials, or any portion thereof, will not be reprinted, offered or redistributed with out the written consent of Morgan Stanley Smith Barney LLC.
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