Free Writing Prospectus to Preliminary Pricing Supplement No. 8,658
Registration Statement Nos. 333-275587; 333-275587-01
Dated June 2, 2025; Filed pursuant to Rule 433
Morgan Stanley
SPUMP40 Buffered Jump Securities with Auto-Callable Feature due July 5, 2030
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underlier: |
S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40) |
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Automatic early redemption: |
Determination date: |
Call threshold level: |
Early redemption payment (per security): |
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#1 |
July 1, 2026 |
90% of the initial level |
$1,155.00 to $1,165.00 |
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#2 |
July 30, 2026 |
$1,167.917 to $1,178.75 |
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#3 |
August 31, 2026 |
$1,180.833 to $1,192.50 |
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#4 |
September 30, 2026 |
$1,193.75 to $1,206.25 |
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#5 |
October 30, 2026 |
$1,206.667 to $1,220.00 |
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#6 |
November 30, 2026 |
$1,219.583 to $1,233.75 |
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#7 |
December 30, 2026 |
$1,232.50 to $1,247.50 |
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#8 |
January 29, 2027 |
$1,245.417 to $1,261.25 |
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#9 |
February 26, 2027 |
$1,258.333 to $1,275.00 |
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#10 |
March 30, 2027 |
$1,271.25 to $1,288.75 |
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#11 |
April 30, 2027 |
$1,284.167 to $1,302.50 |
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#12 |
May 28, 2027 |
$1,297.083 to $1,316.25 |
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#13 |
June 30, 2027 |
$1,310.00 to $1,330.00 |
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#14 |
July 30, 2027 |
$1,322.917 to $1,343.75 |
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#15 |
August 30, 2027 |
$1,335.833 to $1,357.50 |
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#16 |
September 30, 2027 |
$1,348.75 to $1,371.25 |
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#17 |
October 29, 2027 |
$1,361.667 to $1,385.00 |
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#18 |
November 30, 2027 |
$1,374.583 to $1,398.75 |
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#19 |
December 30, 2027 |
$1,387.50 to $1,412.50 |
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#20 |
January 31, 2028 |
$1,400.417 to $1,426.25 |
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#21 |
February 29, 2028 |
$1,413.333 to $1,440.00 |
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#22 |
March 30, 2028 |
$1,426.25 to $1,453.75 |
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#23 |
April 28, 2028 |
$1,439.167 to $1,467.50 |
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#24 |
May 30, 2028 |
$1,452.083 to $1,481.25 |
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#25 |
June 30, 2028 |
$1,465.00 to $1,495.00 |
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#26 |
July 31, 2028 |
$1,477.917 to $1,508.75 |
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#27 |
August 30, 2028 |
$1,490.833 to $1,522.50 |
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#28 |
September 29, 2028 |
$1,503.75 to $1,536.25 |
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#29 |
October 30, 2028 |
$1,516.667 to $1,550.00 |
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#30 |
November 30, 2028 |
$1,529.583 to $1,563.75 |
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#31 |
December 29, 2028 |
$1,542.50 to $1,577.50 |
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#32 |
January 30, 2029 |
$1,555.417 to $1,591.25 |
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#33 |
February 28, 2029 |
$1,568.333 to $1,605.00 |
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#34 |
March 29, 2029 |
$1,581.25 to $1,618.75 |
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#35 |
April 30, 2029 |
$1,594.167 to $1,632.50 |
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#36 |
May 30, 2029 |
$1,607.083 to $1,646.25 |
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#37 |
June 29, 2029 |
$1,620.00 to $1,660.00 |
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#38 |
July 30, 2029 |
$1,632.917 to $1,673.75 |
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#39 |
August 30, 2029 |
$1,645.833 to $1,687.50 |
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#40 |
September 28, 2029 |
$1,658.75 to $1,701.25 |
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#41 |
October 30, 2029 |
$1,671.667 to $1,715.00 |
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#42 |
November 30, 2029 |
$1,684.583 to $1,728.75 |
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#43 |
December 31, 2029 |
$1,697.50 to $1,742.50 |
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#44 |
January 30, 2030 |
$1,710.417 to $1,756.25 |
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#45 |
February 28, 2030 |
$1,723.333 to $1,770.00 |
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#46 |
March 29, 2030 |
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$1,736.25 to $1,783.75 |
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#47 |
April 30, 2030 |
$1,749.167 to $1,797.50 |
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#48 |
May 30, 2030 |
$1,762.083 to $1,811.25 |
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Buffer amount: |
20% (80% maximum loss)1 |
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Pricing date: |
June 30, 2025 |
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Final determination date: |
July 1, 2030 |
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Maturity date: |
July 5, 2030 |
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CUSIP: |
61778KB22 |
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Estimated value: |
$930.60 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225029986/ms8658_424b2-16136.htm |
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1All payments are subject to our credit risk
Hypothetical Examples
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Automatic Early Redemption1 |
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Determination Date |
% Change in Closing Level of the Underlier |
Early Redemption Payment (per Security) |
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#1 |
-20% |
-- |
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#2 |
+20% |
$1,167.917* |
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The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,167.917 per security on the related early redemption date. |
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Hypothetical Payment at Maturity1 (if the securities have not been automatically redeemed prior to maturity) |
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% Change in Closing Level of the Underlier |
Payment at Maturity (per Security) |
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+60.00% |
$1,775.00* |
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+40.00% |
$1,775.00* |
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+20.00% |
$1,775.00* |
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0.00% |
$1,775.00* |
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-10.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-21.00% |
$990.00 |
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-40.00% |
$800.00 |
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-60.00% |
$600.00 |
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-80.00% |
$400.00 |
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-100.00% |
$200.00 |
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*Assumes a call return of approximately 15.50% per annum |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities provide for only the minimum payment at maturity and do not pay interest.
●The appreciation potential of the securities is limited by the fixed early redemption payment or payment at maturity specified for each determination date.
●The securities are subject to early redemption risk.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier, the securities are subject to the following risks, as discussed in more detail in the accompanying index supplement. The accompanying index supplement refers to the underlier as the “Index.”
oNo assurance can be given that the investment strategy used to construct the Index will achieve its intended results or that the Index will be successful or will outperform any alternative index or strategy that might reference the Index Components.
oThe decrement of 4% per annum will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates.
oThe Index is subject to risks associated with the use of significant leverage.
oThe Index may not be fully invested.
oThe Index was established on March 14, 2022 and therefore has very limited operating history.
oAs the Index is new and has very limited historical performance, any investment in the Index may involve greater risk than an investment in an index with longer actual historical performance and a proven track record.
oHigher future prices of the futures contract to which the Index is linked relative to its current prices may adversely affect the value of the Index and the value of instruments linked to the Index.
oSuspensions or disruptions of market trading in futures markets could adversely affect the price of instruments linked to the Index.
oLegal and regulatory changes could adversely affect the return on and value of your securities.
oThe E-mini Russell 2000 futures contracts are one of the Index Components and are subject to risks associated with small-capitalization companies.
oAdjustments to the Index could adversely affect the value of instruments linked to the Index.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.