A typical sentence is 'the morality of murder' which resembles 'the velocity of an electron' gramatically. Velocity isn't made of atoms or energy either, but its not imaginary - so I don't want to say 'velocity' doesn't exist, but it clearly doesn't exist in the 'concrete' way a table or chair does.
I would say velocity and morality are 'properties'. Unlike 'objects' such as tables and chairs, properties do not have independent 'concrete existence' - a property depends on being 'of' an object to 'exist' at all.
That is objects and properties 'exist', but they 'exist' in different ways that probably should have different words. I suggest that when there is ambiguity we use o-exist and p-exist as approrpriate.
My position is that morality has p-existence, not o-existence.
Further, properties relate to a quantity. For example velocity relates to how far something moves in space per unit time. Mass (another property) realates how much inertia an object has.
if the above makes sense then 'morality' relates to a quantity - but what of? i'm not sure....