Market Vectors Currency Exchange-Traded Notes are senior, unsecured debt securities issued by Morgan Stanley that deliver exposure to the exchange rate between U.S. dollars and foreign currencies. The underlying indices are also affected by movements in interest rates in the country of the underlying currency and in the United States. Market Vectors ETNs are not equities or index funds, but do possess some trading advantages of these products.

The Double Long and Double Short strategies are two-times leveraged directional investments for those looking to manage risk or to enhance profits from upward or downward currency market movements. The underlying indices seek to double the daily investment performance of a specific currency by producing investment results that are 200% of a long investment in that currency (Double Long strategy) or 200% of a short investment in that currency (Double Short strategy). Leverage has potential for greater returns and losses and involves significant risk; investors should discuss this strategy with their financial advisors prior to investing.

Exchange-traded notes allow for convenient access to the returns of market benchmarks, minus investor fees(1). They offer trading flexibility not unlike equities and are traded on an exchange throughout the day. ETNs can act as an effective hedging tool, as they can be traded long or short. ETNs typically seek to offer cost-effective investments in previously cumbersome, expensive or difficult-to-access sectors of the market. Please speak to your financial advisor for more information.

Investors may trade ETNs on an exchange at market price or receive a payment upon maturity (including upon acceleration) or early redemption(2), based on Index performance, less investor fees(1).

Morgan Stanley is a global financial services firm that, through its subsidiaries and affiliates, provides its products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals.

Market Vectors ETNs are listed on NYSE Arca. You can buy and sell Market Vectors ETNs through a broker at any time and will be subject to brokerage commissions. You may sell Market Vectors ETNs in several ways. You can sell the ETNs in the secondary market during trading hours. You may also choose early redemption if you own a large block of ETNs, typically 50,000 units, and redeem the block directly to the issuer (see the procedures for redemption(2) set forth in the applicable prospectus). Alternatively, you may hold the ETNs until maturity (including upon acceleration) and receive a cash payment from the issuer based upon the positive or negative performance of the underlying index, less investor fees(1).

ETNs are not secured debt; there is no principal protection; the ETNs do not pay interest and the issuer is subject to default risk. Apart from default risk, there is also credit rating risk. That is, if the issuer’s credit rating is downgraded, the ETN’s value may decrease even while the underlying index rises. The underlying index may go up or down. Even if the index goes up, investors may not recover their principal once investor fees are deducted. Investing in leveraged investment strategies, such as the Market Vectors Double Exposure ETNs, involves significant additional risk. Any movement in the spot exchange rate or any differential between short-term interest rates will have a two-times leveraged impact on the underlying index.