Please read all the important disclosures below.

Investing:

Check the background of Morgan Stanley Smith Barney LLC on FINRA's BrokerCheck and see the Morgan Stanley Smith Barney LLC Relationship Summary.

Banking:

Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC.

Important Note: Futures and options transactions are intended for sophisticated investors and are complex, carry a high degree of risk, and are not suitable for all investors. For more information, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure Statement for Futures and Options prior to applying for an account. You can also view the E*TRADE Futures LLC Financial Information and Disclosure Documents.

The fund's prospectus contains its investment objectives, risks, charges, expenses and other important information and should be read and considered carefully before investing. For a current prospectus, visit or visit the Exchange-Traded Funds Center at .

Investing in securities involves risk, including possible loss of principal.

ETFs are subject to risks similar to those of other diversified investments. Investing in ETFs involves risk, including the possible loss of principal. Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors. ETF shares cannot be redeemed directly from the ETF. ETFs are required to distribute portfolio gains to shareholders at year-end, which may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading may also have tax consequences. An ETF’s expense ratio is the annual operating expense charged to investors.

Morgan Stanley and its affiliates do not provide tax advice, and you always should consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences.

Diversification and asset allocation strategies do not ensure profit or protect against loss in declining markets. Investments in securities and other instruments involve risk and will not always be profitable including loss of principal.

E*TRADE sometimes provides its customers with cash credits or special offers related to the opening or funding of accounts or other activities. E*TRADE credits and offers may be subject to U.S. withholding taxes and reporting at retail value. Taxes related to these offers are the customer's responsibility. E*TRADE reserves the right to change the offer terms or terminate the offer at any time without notice.

The material provided by Morgan Stanley Smith Barney LLC, Morgan Stanley or any of their affiliates, or by a third party not affiliated with Morgan Stanley is for educational purposes only and is not an individualized recommendation. This information neither is, nor should be construed as, an offer or a solicitation of an offer, or a recommendation, to buy, sell, or hold any security, financial product, or instrument discussed herein, or to open a particular account or to engage in any specific investment strategy.

Offer valid for E*TRADE clients opening one new eligible brokerage (non-retirement) account and funded within 60 days of account opening with $1,000 or more. Promo code: OFFER26.

New client opening only one account

This offer applies to clients who (i) are opening one new E*TRADE from Morgan Stanley self-directed brokerage (non-retirement) account (“E*TRADE account”); (ii) do not have an existing E*TRADE account; and (iii) do not open any other new E*TRADE accounts for 60 calendar days after enrollment in this offer. If you are an existing client or plan to open more than one E*TRADE account, then please refer to the “Existing Clients or New Clients Opening More than One New Account” terms below.

Cash credits will be granted based on deposits of new funds or securities from external accounts made within 60 calendar days of account opening. Cash credits will be paid to the new E*TRADE account where the deposit is made.

All reward tiers will receive their cash credit within seven business days after the 60-day period expires. If you have deposited at least $200,000 in the new E*TRADE account and you make subsequent deposits in that new E*TRADE account to reach a higher tier, then you will receive a second cash credit that will be paid within seven business days after the 60-day period expires.

Existing clients or new clients opening more than one new E*TRADE account

Existing customers or new customers opening more than one account are subject to different offer terms. Please click here to view offer terms.

OFFER RULES FOR ALL PARTICIPANTS

This offer applies only to E*TRADE from Morgan Stanley self-directed (non-retirement) brokerage accounts.

New funds or securities must (i) be deposited or transferred to the new E*TRADE account within 60 days of enrollment in this offer; (ii) be from accounts outside of E*TRADE; and (iii) remain in the new E*TRADE account (minus any trading losses) for a minimum of twelve months after the 60-day funding period otherwise your cash credit(s) may be surrendered. For purposes of the value of a deposit, any securities transferred will be valued as of the closing price of that security on the business day the deposit is received as reflected in the transaction history. Removing any deposit or cash from the new E*TRADE account or eligible-linked account(s) during the promotion period (60 days) may result in a lower reward amount or loss of reward. 

Any assets transferred to the new E*TRADE account from an existing Morgan Stanley AAA brokerage account(s) will be excluded from the reward amount calculations, at E*TRADE’s sole discretion. 

If you are attempting to enroll in this offer with a Joint Account, then the primary account holder may have to fulfill at the tiers noted before the secondary account holder can enroll in this offer. If you experience any issues when attempting to enroll with a Joint Account, then please contact us at 800-387-2331 and we will be able to assist you with your enrollment. 

OFFER LIMITATIONS

This offer is valid for one new E*TRADE self-directed brokerage (non-retirement) account and funded within 60 days with a qualifying deposit.

The following account types may be excluded from this offer: any business (incorporated or unincorporated) accounts, retirement accounts, advisory accounts, E*TRADE Futures accounts, Morgan Stanley AAA brokerage accounts, Morgan Stanley Private Bank, National Association accounts (“Excluded Accounts”). This offer excludes non-U.S. residents, and residents of any jurisdiction where this offer is not valid. You must be the original recipient of this offer to enroll. Clients may only be enrolled in one offer at a time. This offer cannot be combined with any other offers. Each client is limited to a maximum of three new account offers.

E*TRADE from Morgan Stanley reserves the right to terminate this offer at any time.

E*TRADE credits and offers may be subject to US withholding taxes and reporting at retail value. Taxes related to these credits and offer are the customer’s responsibility. Morgan Stanley Smith Barney LLC does not provide tax advice, and you should always consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences.

This offer neither is, nor should be construed as a recommendation or solicitation to buy, sell, or hold any security, financial product or instrument or to open a particular account or engage in any specific investment strategy.

Trading on margin involves specific risks, including the possible loss of more money than you have deposited. A decline in the value of securities that are purchased on margin may require you to provide additional funds to your trading account. In addition, Morgan Stanley Smith Barney LLC can force the sale of any securities in your account without prior notice if your equity falls below required levels, and you are not entitled to an extension of time in the event of a margin call. When trading on margin, an investor borrows a portion of the funds they use to buy stocks to try to take advantage of opportunities in the market. The investor pays interest on the funds borrowed until the loan is repaid. For each trade made in a margin account, we use all available cash and sweep funds first and then charge the customer the current margin interest rate on the balance of the funds required to fill the order. The minimum equity requirement for a margin account is $2,000. Please read more information regarding the risks of trading on margin.

Securities products and investment advisory services offered by Morgan Stanley Smith Barney LLC, Member SIPC and a Registered Investment Adviser. Commodity futures and options on futures products and services offered by E*TRADE Futures LLC, Member NFA. Stock plan administration solutions and services offered by E*TRADE Financial Corporate Services, Inc., and are a part of Morgan Stanley at Work. Banking products and services provided by Morgan Stanley Private Bank, National Association, Member FDIC. All entities are separate but affiliated subsidiaries of Morgan Stanley. E*TRADE from Morgan Stanley and Morgan Stanley at Work are registered trademarks of Morgan Stanley.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.

For information on the E*TRADE Customer Protection Guarantee visit the Security Center.

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