Every 424B that MORGAN STANLEY (MS-PA) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS-PA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS-PA filings page.
Morgan Stanley Finance LLC priced a callable, principal-at-risk note linked to the worst performing of the SPDR® Gold Trust (GLD), VanEck® Gold Miners ETF (GDX) and VanEck® Junior Gold Miners ETF (GDXJ). Each security has a $1,000 stated principal amount, a 14.40% annual contingent coupon (paid only if each underlier is at or above its 75% coupon barrier on each observation date) and a buffer of 25% against declines. The securities are callable beginning on September 11, 2026 based on a risk neutral valuation model selected by the calculation agent. If not redeemed, maturity is January 12, 2027; if the final level of the worst performing underlier is below its 75% buffer, investors suffer losses equal to 1.3333% of principal for every 1% decline beyond the buffer. Estimated value on pricing date: approximately $981.90 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers contingent income auto-callable securities fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 15.40%, automatic early redemption on specified dates, and a maturity date of July 13, 2028. Coupon payments and principal at maturity depend on the closing levels of three ETF underliers (IGV, XBI, KRE) measured on scheduled observation dates; a decline below the downside threshold (60% of initial level) for the worst performing underlier results in a pro rata principal loss. The estimated value on the pricing date was approximately $974.60 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities linked to the Roundhill Memory ETF (DRAM) with a stated principal amount of $1,000 per security. The securities mature on July 23, 2027 and pay a fixed upside payment of $433.50 (43.35%) if the final level is at or above a buffer level set at 65% of the initial level. If the final level is below the buffer level, investors lose 1.5385% of principal for each 1% decline beyond the 35% buffer; there is no minimum payment and investors could lose their entire investment. The initial level (closing) was $60.59 on the strike date; the buffer level is stated as $39.384. The issue price is $1,000 and the estimated value on the pricing date is approximately $980.20. All payments are subject to the issuer’s and guarantor’s credit risk, and these securities do not pay interest.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable notes due July 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 7.70%, automatic early redemption if all three underliers meet a 100% call threshold on a redemption determination date, and payoff at maturity tied to the worst performing of the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. Coupon and principal protections are conditional: coupon payments occur only if each underlier is at or above its coupon barrier (set at 70% of initial level) on observation dates; at maturity investors receive principal only if each underlier is at or above its downside threshold (also 70% of initial level), otherwise payment equals the stated principal multiplied by the worst-performing underlier's performance factor and could be significantly less or zero. All payments are subject to the issuer's and guarantor's credit risk. The document discloses an estimated value of approximately $943.50 per security on the pricing date and that the original issue price is $1,000, which includes issuance and hedging costs borne by investors.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security and an 8.13% fixed upside payment of $81.30. The securities offer a 12.50% buffer (buffer level 6,565.869), a downside factor of 1.1429, and mature on July 23, 2027.
At maturity, if the final level is at or above the buffer level, holders receive principal plus the fixed upside payment. If the final level is below the buffer level, losses apply at 1.1429% per 1% decline beyond the buffer and the payment could be significantly less than principal, possibly zero. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers Principal at Risk Structured Investments—Enhanced Trigger Jump Securities linked to the common stock of Micron Technology, Inc. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security; estimated value on the pricing date is approximately $980.00 per security. The observation date is August 9, 2027 and the maturity date is August 12, 2027.
At maturity, if the final level of the underlier is greater than or equal to the downside threshold ($469.19, 50% of the initial level), holders receive the stated principal plus a fixed upside payment of $452.30 (45.23%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level ÷ initial level), with no minimum payment—investors could lose their entire principal. All payments are subject to the credit risk of Morgan Stanley and MSFL.
Morgan Stanley Finance LLC priced Callable Contingent Income Securities—notes with $1,000 stated principal per security and an aggregate principal amount of $6,414,000. The notes pay a contingent coupon of 9.35% per annum only when the closing level of each underlier meets its coupon barrier on observation dates. The securities are linked to the worst performing of the Russell 2000, the S&P 500 and the XLP ETF, mature on June 8, 2028, and are fully guaranteed by Morgan Stanley. Investors face principal loss if the worst performing underlier falls below its downside threshold (60% of initial level), and the issuer may call early based on a risk neutral valuation model.
Morgan Stanley Finance LLC is offering principal-at-risk notes due June 2, 2027 linked to the common stock of Amazon.com, Inc. The offering totals $2,110,000 at a $1,000 stated principal per security and an issue price of $1,000 each.
The securities pay a fixed coupon of 10.08% annually (monthly payments). At maturity holders receive principal only if the final level is >= the downside threshold ($185.703, 70% of the initial level); otherwise the payment equals stated principal × (final level / initial level) and could be significantly reduced or zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced $2,062,000 of structured Principal‑at‑Risk notes linked to Micron Technology common stock. Each security has a $1,000 stated principal amount and an upfront estimated value of $982.00. The notes pay a fixed $445.50 upside payment (44.55%) at maturity if the final level is at or above a 65% buffer; otherwise holders incur a 1.5385× downside factor on losses beyond the 35% buffer and could lose the entire principal. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley, and all payments are subject to issuer credit risk. The observation date is July 15, 2027 and maturity is July 20, 2027. Commissions of $10 per $1,000 reduce proceeds to the issuer to $990 per security.
Morgan Stanley Finance LLC is offering principal‑at‑risk structured notes linked to NVIDIA Corporation common stock with a two‑year term and automatic early redemption. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $980.20. The notes feature a buffer equal to 25%, a downside factor of 1.3333, a participation rate of 100%, a minimum early redemption payment of $1,215 on the first determination date, an upside payment of at least $430, a final determination date of July 10, 2028, and a maturity date of July 13, 2028. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to CoreWeave, Inc. class A common stock with an aggregate principal amount of $2,128,000 and a stated principal amount of $1,000 per security. The securities pay a contingent quarterly coupon at an annual rate of 31.00% only when the determination closing price is at or above the downside threshold of $40.873 (50% of the initial share price). The initial share price was $81.745 and the estimated value on the pricing date was $924.40 per security; the original issue price is $1,000. These two-year securities mature on July 7, 2028 and include a six-month initial non-call period after which automatic early redemption may occur if a determination closing price is at or above the initial share price. If not redeemed and the final share price is below the downside threshold, investors suffer a 1-to-1 loss in principal (payment could be less than 50% of principal or zero). Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments remain subject to issuer credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable notes due July 8, 2031. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, issued at $1,000 per note with an aggregate principal amount of $1,100,000.
They pay a contingent coupon at an annual rate of 6.65% on scheduled coupon dates only if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index closes at or above a coupon barrier level on the related observation date. The notes may be automatically redeemed early if the index closes at or above the call threshold on a redemption determination date. All payments are subject to Morgan Stanley credit risk; the notes are not listed on any exchange.
Morgan Stanley Finance LLC priced a series of Principal-at-Risk PLUS notes due September 8, 2027. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, linked to a weighted basket of five international indices with a 300% leverage factor and limited upside.
Each security has a stated principal amount of $1,000 and an original issue price of $1,000; the estimated value on the pricing date was $966.90. The maximum payment at maturity is $1,184 per security (118.40% of principal). Investors bear full principal risk, such that a decline in the underlier reduces principal on a 1:1 basis.
Morgan Stanley Finance LLC is offering callable contingent income securities (principal at risk) due July 8, 2031 linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the VanEck® Semiconductor ETF. Each security has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of $976.70. The securities pay a contingent coupon at an annual rate of 26.60% only when the closing level of each underlier meets or exceeds its coupon barrier on observation dates. If any underlier is below its downside threshold on the final observation date, payment at maturity will be the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a significant loss of principal or a zero payout. The securities may be redeemed early on specified redemption dates beginning January 7, 2027 if a risk neutral valuation model indicates early redemption is economically rational for the issuer. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering $259,000 aggregate principal amount of contingent income, principal-at-risk notes, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 13.50% on scheduled coupon dates only if the closing level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is at or above the coupon barrier level (876.740). The securities will be automatically redeemed early if the index closing level on any redemption determination date is at or above the call threshold (1,348.83). If not redeemed, at maturity investors receive principal only if the final level is at or above the downside threshold (809.298); otherwise payment equals $1,000 × (final level / initial level) and could be significantly less or zero. The estimated value on the pricing date was $933.60 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS principal-at-risk securities linked to the S&P 500® Futures Excess Return Index, with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,050,000. The securities issue on July 8, 2026 and mature on July 8, 2031. Payouts at maturity depend on the closing index level on the observation date of July 2, 2031: upside is leveraged at 191%, a 20% buffer applies to limited declines, and the minimum payment at maturity is 20% of principal. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note due August 5, 2030 linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and issue price, an estimated value of $964.60 on the pricing date, a 15% buffer and a 15% minimum payment.
Payoff rules: if the index rises, holders receive principal plus 100% of appreciation up to a $1,530 cap; if the index falls but remains ≥85% of initial, holders receive principal plus the absolute decline (100% participation) capped effectively at +15%; if the index falls below the buffer, holders lose 1% for each 1% decline beyond the 15% buffer. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and are subject to credit risk, tax uncertainty and limited secondary market liquidity.
Morgan Stanley Finance LLC priced Principal at Risk Callable Contingent Income Securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The tranche: $1,000 stated principal per security, $2,795,000 aggregate principal, issue price $1,000 and estimated value $991.60.
Investors may receive a contingent coupon of 12.55% per annum on each observation date only if all three underliers close at or above 70% of their initial levels. Securities are callable on specified monthly redemption dates based on a risk-neutral valuation model; principal is at risk and payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Dual Directional Buffered Participation Securities due July 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal‑at‑risk notes linked to the S&P 500® Index with a stated principal amount of $1,000 per security.
Key economic terms disclosed include an upside participation rate of 100% subject to a maximum upside payment of $1,570 (157% of principal), an absolute return participation rate of 100%, a 15% buffer (buffer level = 85% of initial level), and a minimum payment at maturity of 15% of principal. The pricing date and strike date are July 28, 2026, original issue date July 31, 2026, observation date July 28, 2031, and maturity date July 31, 2031
The issuer estimates the securities' value on the pricing date at approximately $935 per security. The document emphasizes credit risk of MSFL/Morgan Stanley, limited upside, capped absolute‑return benefit inside the buffer range, potential for substantial principal loss if the final level is below the buffer, and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC issues a Principal-at-Risk structured note linked to the worst performing of AMD, Broadcom and Palantir. Each security has a $1,000 stated principal amount and pays no interest; at maturity investors receive either the stated principal plus a fixed $474 upside payment (47.40%) if every underlier is at or above its downside threshold, or a principal repayment reduced pro rata by the performance of the worst performing underlier, which could result in a total loss.
The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley, are issued as part of MSFL’s Series A Global Medium-Term Notes program, and have key dates: strike/pricing date July 10, 2026, original issue date July 15, 2026, observation date October 11, 2027 and maturity date October 14, 2027. Estimated value on the pricing date was approximately $971.30 per security.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due July 10, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a participation rate of 246%. The notes pay $1,150 if the basket closing level is at or above the call threshold (100) on the first determination date (July 9, 2027) and mature July 10, 2031.
If not called, at maturity investors receive either principal plus an upside payment when the final level exceeds the initial level (initial level = 100), the stated principal if the final level is between the initial level and the downside threshold (80), or a reduced payment proportional to the final level if the final level is below the downside threshold (payment could be zero). All payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date was approximately $980.90 per security.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes—auto‑callable Jump Securities linked to the worst performing of the EURO STOXX 50® Index and the Russell 2000® Index, with a stated principal amount of $1,000 per security. The notes pay no interest, carry automatic early redemption opportunities beginning on the first determination date of July 19, 2027, and mature on July 15, 2031.
If not auto‑redeemed, maturity payments depend on both underliers: investors receive $1,642.50 per security if both final levels meet the call thresholds; they receive the stated principal if final levels are at or above the downside thresholds (80% of initial levels); if the worst performing underlier falls below its downside threshold, the payment equals principal multiplied by the performance factor and could be significantly less or zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 15, 2031 linked to the S&P 500 Index. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay no interest; at maturity holders receive either (a) principal plus a leveraged upside equal to 110% of the index appreciation if the final level is above the initial level, (b) the stated principal if the final level is between the initial level and the downside threshold, or (c) a principal amount proportional to index performance if the final level is below the downside threshold of 80% of the initial level. The preliminary pricing estimates the value on the pricing date at approximately $978.10 per security. All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal-at-Risk, contingent-income, buffered auto-callable securities linked to the Class A common stock of Alphabet Inc. The securities have a stated principal amount of $1,000 per security, a contingent annual coupon rate of 9.05%, a strike date of July 20, 2026, a final observation date of July 20, 2029 and a maturity date of July 25, 2029. Coupons are paid only if the closing level of the underlier is at or above a coupon barrier (60% of the initial level) on each observation date. The securities will auto‑redeem if the underlier is at or above the call threshold (100% of the initial level) on a redemption determination date. At maturity, if the final level is below the buffer level (80% of the initial level), principal is reduced by 1% for every 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. All payments are subject to the issuer’s and guarantor’s credit risk; secondary market liquidity may be limited.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering structured, principal‑at‑risk notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The notes have a $1,000 stated principal amount and mature on August 25, 2027. If on the observation date each underlier is at or above its downside threshold (71% of its initial level), holders receive the stated principal plus an $85 upside payment. If either underlier is below its downside threshold, the payoff equals the stated principal multiplied by the performance factor of the worst performing underlier, so investors can lose up to their entire principal. The estimated value on the pricing date was approximately $989.30 per security.
Morgan Stanley Finance LLC is offering Principal at Risk auto‑callable notes tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal and an original issue price of $1,000. The notes pay no interest, may be automatically redeemed on the first determination date for $1,252.50 if the underlier is at or above a call threshold (90% of the initial level), and otherwise pay at maturity based on the underlier with a 318% participation rate in upside or full downside exposure below a 50% downside threshold. All payments are subject to MSFL and Morgan Stanley credit risk; investors may lose their entire investment.
Morgan Stanley Finance LLC priced contingent income memory auto-callable securities due October 28, 2030 with a stated principal amount of $1,000 per security and an issue price of $1,000. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. The estimated value on the pricing date was approximately $932.10 per security, reflecting issuance, structuring and hedging costs borne by investors. The notes pay a contingent coupon at an annual rate of 11.20% on each coupon payment date only if the closing level of each underlier meets its coupon barrier on the related observation date, feature automatic early redemption on specified redemption determination dates, and expose investors to principal loss at maturity based on the performance of the worst performing underlier.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes due July 13, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and issue price, an estimated value of $960.70 on the pricing date, and a 200% leverage factor with a maximum payment at maturity of $1,432.50 per security. The notes pay at maturity based solely on the closing level of the Invesco QQQ Trust on the observation date July 10, 2029, offer limited protection if the final level stays at or above 75% of the initial level, and expose investors to full principal loss if the final level falls below that threshold.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS notes due July 15, 2031, linked to the Nasdaq-100 Index®. The securities have a $1,000 stated principal amount per security and an estimated value on the pricing date of approximately $978.20.
Key economic terms: a 110% leverage factor on upside (capped at $1,850, or 185% of principal), a 20% buffer (buffer level = 80% of initial level) and a minimum payment at maturity equal to 20% of principal. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; investors bear credit risk and can lose a significant portion of principal.
Morgan Stanley Finance LLC is offering principal-at-risk Structured Investments—Buffered Jump Securities with an auto-callable feature due July 13, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The estimated value on the pricing date is approximately $979.60 per security. The securities may be automatically redeemed after the first determination date for at least $1,149.50 per security if the underlier meets the call threshold. At maturity, returns depend on the Global X Defense Tech ETF performance with a 125% participation rate, a 15% buffer and a downside factor of 1.1765, exposing investors to potential losses of principal.
Morgan Stanley Finance LLC offers Principal at Risk callable contingent-income notes linked to the worst-performing of the iShares Russell 2000 ETF, iShares Expanded Tech-Software ETF and the S&P 500 Index. The notes have a $1,000 stated principal amount, an issue price of $1,000 and pay a contingent coupon of 12.40% per annum only if each underlier equals or exceeds its coupon barrier on each observation date. The notes may be called on quarterly redemption dates beginning January 28, 2027 if a risk neutral valuation model determines redemption is economically rational for the issuer. If not called, repayment at maturity on July 27, 2029 returns principal only if each underlier meets its downside threshold; otherwise loss equals the percentage decline of the worst-performing underlier. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers $1,000 face‑amount Buffered Digital Basket‑Linked Notes, fully guaranteed by Morgan Stanley, linked to a weighted basket of five international equity indices. The notes mature about 26–29 months after the trade date. If the final basket level is at or above the initial level you may receive a positive payout; if the final basket level falls between 90% and 100% of the initial level you receive the face amount; if it falls below 90% you suffer downside exposure and may lose some or all principal. The notes do not pay interest, are unsecured, will not be listed, and all payments are subject to issuer credit risk. The Threshold Settlement Amount is expected to be between $1,209.80 and $1,246.80 per $1,000 face amount; the estimated value at issuance is approximately $990.40 per note.
Morgan Stanley Finance LLC issued a Preliminary Pricing Supplement for structured, principal-at-risk notes linked to the Nasdaq-100 Index. The securities have a stated principal amount of $1,000 per security and an issue price of $1,000. The document discloses an estimated value on the pricing date of approximately $957.40. The notes feature an automatic early redemption if the underlier’s closing level is greater than or equal to the call threshold (100% of the initial level) on any determination date after the first determination date of July 23, 2027. A buffer protects the first 10% of declines (buffer level = 90% of the initial level); losses beyond the buffer reduce principal 1% for each 1% decline, with a minimum payment at maturity of 10% of principal. Early redemption payments (if triggered) correspond to approximately 9.30% per annum and are fixed by determination date ($1,093; $1,186; $1,279; $1,372). All payments are unsecured and subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk Buffered Participation Securities linked to the worst performing of the Invesco QQQ Trust (QQQ), State Street Technology Select Sector SPDR (XLK) and Vanguard Information Technology ETF (VGT). The notes have a $1,000 stated principal amount, a pricing/strike date of July 10, 2026, an original issue date of July 15, 2026 and a maturity date of July 13, 2029. At maturity the payout depends on the worst performing underlier: if it appreciates, investors receive principal plus 100% participation in upside subject to a $2,000 cap; if it is at or above a 70% buffer level, investors receive principal; if it falls below the 70% buffer level, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 30% minimum payment. The estimated value on the pricing date is approximately $984.60 per security and the securities are sold only to certain fee-based advisory accounts.
Morgan Stanley Finance LLC proposes a structured note offering called Dual Directional Buffered PLUS due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and links payoff to the S&P 500® Futures Excess Return Index.
Payment at maturity depends on the index closing on the observation date: a 170% leveraged upside if the final level exceeds the initial level; a capped positive payout tied to the absolute value of a decline if the final level is between the buffer and initial level (capped at 30%); and pro rata losses beyond a 30% buffer if the final level is below the buffer, with a 30% minimum payment at maturity. Estimated value on the pricing date was approximately $977.90 per security.
Morgan Stanley Finance LLC priced principal-at-risk notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with automatic early redemption and a July 14, 2032 maturity. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $971.40. The notes pay no interest, can be automatically redeemed on specified determination dates for fixed early redemption payments, and at maturity pay either a fixed positive amount, the stated principal, or a principal amount reduced proportionally if the final index level is below a 50% downside threshold. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due July 20, 2029 linked to the worst performing of the iShares® Russell 2000® ETF (IWM) and the S&P 500® Index (SPX). The notes have a $1,000 stated principal amount and an issue price of $1,000 per security.
The securities are auto‑callable beginning on the first determination date (July 26, 2027) and pay fixed early redemption amounts if both underliers meet call thresholds; otherwise payment at maturity depends on final levels relative to upside (90%) and downside (70%) thresholds. If the worst performing underlier is below its downside threshold at maturity, investors absorb proportional losses (1% loss per 1% decline).
Morgan Stanley Finance LLC priced structured Auto-Callable Jump Notes due July 21, 2033, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $921.10. The notes pay no interest, have a 100% participation rate in positive index performance, and feature automatic early redemption beginning on July 21, 2027 if the underlier is at or above the call threshold (set at 100% of the initial level). Determination dates and fixed early redemption payments are listed for six possible early redemptions, ranging from $1,091.50 to $1,549.00. If not redeemed early, maturity payoffs return principal plus any upside when the final level exceeds the initial level; otherwise investors receive only principal. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced market-linked notes due July 14, 2031 with a $1,000 stated principal per note. The notes pay no interest and provide a maturity payoff equal to principal plus an upside payment only if the final level of the specified basket exceeds the initial level; otherwise investors receive the stated principal amount. The underlier is a four‑component basket (SMI, FTSE 100, S&P 500, STOXX Europe 600) weighted 25% each. Participation rate is 100%. Estimated value on the pricing date is approximately $928.00 per note. The notes will not be listed on an exchange and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, auto-callable securities due July 11, 2028, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon payable at an annual rate of 11.00% on specified observation dates if all three underliers meet coupon barrier tests.
The securities are linked to the worst-performing common stock of Bank of America, Citigroup and JPMorgan Chase. Automatic early redemption is possible on scheduled redemption determination dates if all underliers meet call thresholds. At maturity, if the worst-performing underlier is below its downside threshold (60% of initial level), investors suffer proportional principal loss; if above, they receive principal.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, memory auto-callable securities due January 11, 2028, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon at an annual rate of 43.50%. The initial level of the Roundhill Memory ETF (the underlier) was $64.76 on the strike date. If the closing level on any redemption determination date is at or above the call threshold ($64.76), the notes auto-redeem for the stated principal plus the contingent coupon. Coupon and downside mechanics use a coupon barrier and downside threshold equal to $38.856 (60% of the initial level). If not auto-redeemed, maturity payment is principal if the final level is at or above the downside threshold; otherwise payment equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to possible loss of principal, potentially to zero. The agent estimated the securities' value on the pricing date at approximately $964.00 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note linked to the common stock of Micron Technology, Inc. with a stated principal amount of $1,000 per security and a maturity date of August 11, 2027. The securities pay no interest; if the final level on the observation date is at or above the downside threshold ($492.375, 50% of the initial level), holders receive the stated principal plus a fixed upside payment of $444.40 per security. If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), and holders may lose up to their entire principal. The initial level is $984.75, the observation date is August 6, 2027, the estimated value on the pricing date was about $978.50, and the agent’s commission was $10.42 per security.
Morgan Stanley Finance LLC is offering auto-callable, principal‑at‑risk notes due April 20, 2028, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $968.30. The notes pay no interest and repay based on the worst performing of the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF (XLK).
The notes can be automatically redeemed on specified determination dates if each underlier is at or above a call threshold (95% of its initial level), producing fixed early redemption payments. If not called, maturity payments depend on final levels versus a downside threshold (70% of initial level): full enhanced payment, return of principal, or a principal loss proportional to the worst performing underlier.
Morgan Stanley Finance LLC is offering $29,685,800 of Trigger Callable Yield Notes due October 7, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed 10.00% per annum coupon monthly and are callable monthly beginning October 7, 2026 based on a risk‑neutral valuation model selected by the issuer.
At maturity investors receive principal only if both the Russell 2000® and the EURO STOXX 50® are at or above their respective Downside Thresholds (70% of initial values); otherwise payment is linked to the percentage return of the least performing underlying and principal can be significantly reduced or lost. Estimated value on the trade date was $9.954 per security versus an issue price of $10.00.
Morgan Stanley Finance LLC priced Trigger Autocallable Notes linked to the Russell 2000® Index with aggregate proceeds of $5,508,300. The securities have a $10 issue price, an estimated trade‑date value of $9.677 and a 5‑year term maturing on July 8, 2031. Beginning after one year, quarterly Observation Dates (starting July 12, 2027) may trigger automatic calls if the Index closes at or above the Initial Level of 2,996.110. If not called, holders receive $10 at maturity only if the Final Level is at or above the Downside Threshold of 2,247.083 (approximately 75% of the Initial Level); otherwise payment at maturity is $10 × (1 + Underlying Return), which can result in a substantial or total loss of principal. The fixed Call Return Rate is 9.68% per annum, producing increasing Call Prices on successive Observation Dates. All payments are subject to issuer and guarantor credit risk and limited secondary‑market liquidity.
Morgan Stanley Finance LLC offers Trigger Callable Yield Notes linked to the least performing of the Russell 2000® Index and the EURO STOXX 50® Index. The offering totals $15,677,840 at an Issue Price $10.00 per Security with an estimated Trade Date value $9.854 per Security.
The Notes pay a fixed Coupon Rate 8.40% per annum in equal monthly installments ($0.07 per Security per month) and mature on October 7, 2027 (Final Valuation Date October 4, 2027). Beginning October 7, 2026, the issuer may call the Notes monthly if a risk neutral valuation model indicates calling is economically rational. At maturity, if either Underlying closes below its Downside Threshold (70% of initial value), payment equals $10 × (1 + Underlying Return of the Least Performing Underlying), which can result in a significant loss of principal.
Morgan Stanley Finance LLC priced Principal at Risk securities tied to Robinhood Markets, Inc. Class A common stock. The securities have a $1,000 stated principal amount, an issue price of $1,000 per security and an aggregate principal amount of $559,000.
They pay a contingent coupon at an annual rate of 21.85% only if the underlier’s closing level meets the coupon barrier on observation dates, feature automatic early redemption if the underlier meets a call threshold of $112.73, and expose investors to full downside below a downside threshold of $67.638 (60% of the initial level). All payments are unsecured and subject to Morgan Stanley’s credit risk.
The issuer, Morgan Stanley Finance LLC, is offering callable Principal at Risk securities linked to the worst performing of three underliers: the iShares Expanded Tech-Software Sector ETF, the Russell 2000 Index and the State Street Real Estate Select Sector SPDR ETF. The securities have a $1,000 stated principal amount, an aggregate principal amount of $882,000, an original issue price of $1,000 and maturity on July 8, 2030. Investors may receive a contingent coupon of 13.30% per annum on each coupon payment date only if each underlier is at or above its coupon barrier on the related observation date. If any underlier falls below its downside threshold at maturity, the investor’s principal is reduced proportionally to the worst performing underlier. The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to early redemption starting on July 8, 2027 based on a risk neutral valuation model.
Morgan Stanley Finance LLC prices Principal at Risk notes linked to the S&P 500® Index. The securities have a $1,000 stated principal amount and an aggregate principal amount of $10,000,000. The term runs from July 8, 2026 to July 20, 2027, with observation on July 15, 2027.
At maturity investors receive the stated principal plus a fixed $90.70 upside payment if the final level is at or above the buffer (90% of the initial level). If the final level is below the buffer, losses are amplified by a 1.1111% downside factor per 1% index decline beyond the 10% buffer; there is no minimum payment and investors may lose their entire investment. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note linked to the Global X Defense Tech ETF with a $799,000 aggregate issuance at $1,000 per security. The securities mature on July 7, 2028 and carry an automatic early redemption feature: if the underlier’s closing level on the first determination date (July 15, 2027) is at or above the call threshold of $63.96 (100% of the initial level), each security will be redeemed early for $1,140.
If not called, payments at maturity depend on the final closing level on the final determination date (July 3, 2028): upside payments apply when the final level is above the initial level (participation rate 125%); full principal is returned if the final level is ≥ the buffer level of $54.366 (85% of the initial level); if the final level is below the buffer, losses apply at a downside factor of 1.1765 per 1% beyond the buffer and there is no minimum payment. The estimated value on the pricing date was $983.00 per security. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.