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Copyright 2022, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.

E*TRADE from Morgan Stanley (“E*TRADE”) may act as principal or agent on any fixed-income transaction. When acting as principal, E*TRADE will add a markup to any purchase and subtract a markdown from every sale. The markup or markdown will be included in the price quoted to you and you will not be charged any commission for a principal trade. Agency trades are subject to a commission, as stated in E*TRADE’s published commission schedule. Principal and agency trades may be subject to additional transaction fees, check the E*TRADE website for details.

Yields represent yield to worst, which may reflect yield to maturity, yield to worst call, or yield to a mandatory put as indicated. Yield to worst is the lowest potential yield that would be received by an investor if certain call, put, or exchange provisions are used by the issuer. This metric is used to help investors analyze risk and assess the potential return even in the worst-case scenario. Prices and yields are subject to change based on market conditions and availability.

All bonds are subject to interest rate risk and you may lose money. Bonds sold by issuers with lower credit ratings may offer higher yields than bonds issued by higher rated or "investment grade" issuers, but are usually associated with higher risks. High yield bonds, also known as "junk bonds", generally have a greater risk of default, which increases the risk that an issuer may be unable to pay interest and principal on the issue. In addition, high yield bonds tend to have higher interest rate risk and liquidity risk, particularly in volatile market conditions, which makes it more difficult to sell the bonds. Before investing in high yield bonds, you should carefully consider and understand the risks associated with investing in high yield bonds.

There are certain risks associated with investing in municipal securities offerings and such investments may not be suitable for every investor. Prior to deciding to participate in a municipal offering, investors should determine if the investment is consistent with their financial circumstances, investment objectives, risk tolerance, tax status, and liquidity needs. The yield offered by a municipal bond generally increases with the risk of the bond and the time to maturity. Municipal bonds sold by issuers with lower credit ratings may offer higher yields than bonds issued by higher rated or "investment grade" issuers, but are usually associated with higher risks. High yield municipal bonds, also known as "junk bonds," generally have a greater risk of default, which increases the risk that an issuer may be unable to pay interest and principal on the issue. In addition, high yield municipal bonds tend to have higher interest rate risk and liquidity risk, particularly in volatile market conditions, which makes it more difficult to sell the bonds. Before investing in high yield municipal bonds, investors should carefully consider and understand the associated risks. Municipal bonds are typically illiquid and it may be difficult to sell prior to maturity. Municipal bonds are subject to interest rate risk and a full return of principal investment is not guaranteed.

Structured Products are complex products and are subject to special risks, which may include, but are not limited to: loss of initial investment; issuer credit risk and price volatility resulting from actual or anticipated changes to issuer's and/or guarantor's credit ratings/spreads; limited or no appreciation and limits on participation in any appreciation of underlying asset(s); risks associated with the underlying asset(s); no periodic payments; call prior to maturity; early redemption fees for market linked deposits; lower interest rates and/or yield compared to conventional debt with comparable maturity; unique tax implications; limited or no secondary market; and conflicts of interest due to affiliation, compensation or other factors which could adversely affect market value or payout to investors. Investors also should consider the concentration risk of owning the related security and their total exposure to any underlying asset.

Investors should review an issuer's offering documents, including the risk disclosures, before purchasing a municipal bond. Official statements and other issuer documents are available and free to the public through the Municipal Securities Rulemaking Board's online Electronic Municipal Market Access ("EMMA") system.

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