Index Facts

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Morgan Stanley, the issuer of the Market Vectors Currency ETNs, 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 Morgan Stanley has filed with the SEC for more complete information about the issuer and the offering of the Market Vectors Currency ETNs. You may get these documents for free by clicking here or EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may request a free copy of the prospectus by calling Van Eck Securities Corporation at 1.800.826.2333; you may also request a copy from Morgan Stanley or any other dealer participating in this offer.

Double Long Euro Index (DLONGEUR)


	The Index is intended to be an investable alternative to a two-times leveraged long investment in the value of the euro relative to the U.S. dollar. As the Index is two-times leveraged, for every 1% strengthening of the euro relative to the U.S. dollar, the level of the Index will generally increase by 2%, while for every 1% weakening of the euro relative to the U.S. dollar, the Index will generally decrease by 2%.

	Index Details
	Index Details

As of
INCEPTION DATE
TICKER	DLONGEUR
REUTERS TICKER	.MSDLEO
INITIAL LEVEL	201.42
CURRENT LEVEL	97.70
CURRENT INDICATIVE VALUE	17.446
52-WEEK HIGH	117.19
52-WEEK LOW	86.00

	Performance History
	Performance History

Pricing

Month-End

Quarter-End

	1 MO	YTD	1 YR	5 YR⁺
As of September 30, 2018
INDEX (DLONGEUR)	-0.26%	-9.00%	-7.02%	-8.04%
^†Annualized

	1 MO	YTD	1 YR	5 YR⁺
As of September 30, 2018
INDEX (DLONGEUR)	-0.26%	-9.00%	-7.02%	-8.04%
^†Annualized

The performance quoted represents historical performance and is not an indication that the index is more or less likely to increase or decrease in the future. Index performance does not reflect investor fees(1). For all periods prior to May 1, 2008 (the date S&P began publication of the index), the closing value of the index used in this table are hypothetical values retrospectively calculated by Morgan Stanley using the same methodology as is currently employed for calculating the index, based on historical data.

	3-Year Index Statistics¹
	3-Year Index Statistics¹

As of 09/30/2018
CORRELATION (TO S&P 500)	0.13
CORRELATION (TO BARCAP AGGREGATE BOND INDEX)	0.28
CORRELATION (TO MSCI EAFE INDEX)	0.44
CORRELATION (TO DOW JONES UBS COMMODITY INDEX)	0.16
CORRELATION (TO U.S. DOLLAR AS MEASURED BY DXY)	-0.97
VOLATILITY⁵	14.27

¹The Investor Fee is equal to 0.65% times the principal amount of your ETNs, times the Index Factor, calculated on a daily basis in the following manner: The Investor Fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee will increase by an amount equal to the 0.65% times the principal amount of your ETNs times the Index Factor on that day (or, if such day is not an index business day, the Index Factor on the immediately preceding an index business day) divided by 365. The Index Factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.