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 is offering Buffered PLUS principal-at-risk securities due July 8, 2031 with an aggregate principal amount of $552,000. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities link to a three-component performance-allocation basket (S&P 500, EURO STOXX 50, TOPIX) with an observation date of July 2, 2031.
At maturity the payout depends on the basket performance factor: if positive, holders receive principal plus a leveraged upside (leverage factor 107%); if performance is ≤0% but within a 10% buffer, holders receive principal; if performance declines beyond the buffer, holders incur proportional principal loss (subject to a 10% minimum payment).
Morgan Stanley Finance LLC is offering callable contingent income securities due July 6, 2029 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $20,698,000. They pay a contingent coupon at an annual rate of 13.80% for each period only if the closing level of each underlier is at or above its coupon barrier on the related observation date; otherwise no coupon is paid for that period. The securities are linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF and protect principal at maturity only if the final level of every underlier is at or above its downside threshold (60% of initial levels). A risk neutral valuation model can trigger issuer call beginning on the first redemption date of January 7, 2027. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers $677,000 aggregate of structured, principal‑at‑risk notes linked to the worst performing of the S&P 500®, Nasdaq‑100® and Russell 2000®, with a stated principal amount of $1,000 per security. The notes are fully and unconditionally guaranteed by Morgan Stanley and have an automatic early redemption feature beginning on July 9, 2027. If not called, maturity is July 8, 2031. Payments depend on the worst performing underlier: investors may receive the stated principal plus an upside payment (150% participation) if all underliers finish above initial levels, the stated principal if each underlier finishes above the 70% downside thresholds, or a downside loss equal to the percent decline of the worst performing underlier, which could result in a total loss of principal. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal at Risk structured notes linked to the common stock of Micron Technology, Inc. (initial level $975.56) with a stated principal amount of $1,000 per security and aggregate principal of $2,052,000. The notes mature on July 20, 2027 and pay no interest.
At maturity, if the final level is at or above the buffer level ($634.114, 65% of the initial level), holders receive principal plus a fixed upside payment of $445.50 per security (44.55%). If the final level is below the buffer, holders incur losses equal to the underlier decline beyond the 35% buffer multiplied by a downside factor of 1.5385, and there is no minimum payment.
Morgan Stanley Finance LLC priced a $1,926,000 aggregate offering of Structured Investments — Buffered Jump Securities (principal at risk) guaranteed by Morgan Stanley. The securities mature on July 7, 2028, carry a $1,000 stated principal amount per security and feature an automatic early redemption on a first determination date.
Key economic terms disclosed: participation rate 125%, buffer level 85% (15% buffer), downside factor 1.1765, early redemption payment of $1,153.50, estimated pricing-date value $967.10, and agent commission $15 per $1,000. Payments are subject to issuer credit risk and the product does not guarantee principal or interest.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes linked to the S&P 500® Futures Excess Return Index with $1,000 stated principal per security and aggregate principal of $535,000. The notes can auto‑redeem on specified determination dates; investors receive fixed early redemption payments or a capped maturity payout, a principal return if the final level stays above an 80% buffer, or a pro rata loss below that buffer (losses of 1% per 1% index decline beyond the buffer). The initial index level was 599.14; the upside threshold is 748.925 (125% of initial) and the buffer level is 479.312 (80% of initial). The issue price is $1,000 and the estimated value on pricing was $978.40. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a market-linked, auto-callable principal-at-risk note linked to the lowest-performing share of Microsoft, ServiceNow and Palantir with $1,000 face amount per security and a 462% participation rate. The securities may be called on July 21, 2027 for a call payment of at least $1,400, mature on July 19, 2029, and have a pricing date of July 16, 2026.
The pricing supplement shows an estimated value to investors of $904.50 per security and a public offering price of $1,000 with proceeds to the issuer of $974.25 per security. If not called, maturity payments depend on the ending price of the lowest performing underlying stock versus its starting and threshold prices; declines below threshold expose holders to losses that could exceed 50%.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the S&P 500 Index with an aggregate principal amount of $1,790,000. Each security has a stated principal amount of $1,000, an 8% upside payment ($80) and a downside threshold equal to 75% of the initial level.
At maturity, if the final level is at or above the downside threshold (initial level 7,483.23; threshold 5,612.423), holders receive principal plus the $80 upside payment. If the final level is below the threshold, holders suffer losses pro rata (performance factor = final level / initial level) and could lose their entire investment. All payments are unsecured and guaranteed by Morgan Stanley and are subject to the issuer's credit risk.
Morgan Stanley Finance LLC offers Market Linked Securities — auto-callable notes due July 19, 2029, linked to the lowest performing of Booking Holdings, Netflix and Tractor Supply. Each security has a face amount of $1,000, a 500% participation rate if not called, and a hypothetical call payment of at least $1,400 (≈40% call premium).
The pricing date is July 16, 2026 with original issue date July 21, 2026 and an early call date of July 21, 2027. Estimated value on the pricing date is approximately $903.50 per security. Price to public is $1,000, agent commission up to $25.75, and net proceeds shown as $974.25 per security. These are principal-at-risk securities that do not pay interest; losses exceeding 50% are possible if the lowest performing underlying falls below its 50% threshold.
Morgan Stanley Finance LLC priced Principal-at-Risk, contingent income, auto-callable securities due July 8, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The offering shows an aggregate principal amount of $294,000 at an issue price of $1,000 per security and an estimated value on the pricing date of $905.40 per security. The notes pay a 10.00% annual contingent coupon only if the underlier closes at or above the coupon barrier on observation dates. The securities are automatically redeemable beginning on January 4, 2027 if the closing level meets the call threshold of 3,092.283 (90% of the initial level). At maturity investors receive principal only if the final level is at or above the downside threshold of 2,061.522 (60%); otherwise payment equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; holders bear credit risk and the risk of receiving no coupons and of losing principal.
Morgan Stanley Finance LLC offers Structured Investments — Contingent Income Auto-Callable Securities linked to the worst performing of the S&P 500®, Russell 2000® and Nasdaq-100® with a stated principal amount of $1,000 per security and aggregate principal amount of $1,349,000. The securities are fully and unconditionally guaranteed by Morgan Stanley and mature on January 6, 2028. They pay a contingent coupon at an annual rate of 6.25% on scheduled coupon payment dates only if each underlier is at or above its coupon barrier on the related observation date. The notes feature automatic early redemption if each underlier meets its call threshold on a redemption determination date, and a downside threshold of 70% of each initial level that, if breached on any trading day, creates exposure to the negative performance of the worst performing underlier at maturity.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities due July 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and a contingent fixed return to be set on the pricing date (at least 17.00% or $170 per face amount in examples). The maturity payment depends on the lowest performing stock between Meta Platforms, Inc. (Class A) and Netflix, Inc.; if that lowest performing stock closes below a threshold equal to 65% of its starting price on the calculation day, holders will be exposed to the full downside of that stock and may lose more than 35% and potentially all of the face amount. Estimated value on the pricing date is approximately $958.70 per security, or within $30.00 of that estimate. The offering price to the public is $1,000 per security; agents’ commissions reduce proceeds to the issuer to $976.75 per security.
Morgan Stanley Finance LLC priced a primary offering of principal-at-risk, market-linked, auto-callable securities linked to the Roundhill Magnificent Seven ETF due July 19, 2029. Each security has a face amount of $1,000, an estimated value on the pricing date of $965.10 (±$45.00), and a contingent coupon rate to be set on the pricing date at no less than 10.65% per annum. Coupons are paid quarterly only if the fund closing price on the related quarterly calculation day is at or above 70% of the starting price. After a six-month non-call period, securities may be automatically called on a quarterly calculation day if the fund closes at or above the starting price, paying the face amount plus a final contingent coupon. If not called, at maturity investors receive the face amount if the ending price is at or above the downside threshold (70% of starting price); if below, the maturity payment equals the face amount multiplied by the performance factor and investors can lose more than 30% of principal. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable securities linked to NVIDIA Corporation (NVDA) stock. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a contingent coupon of 12.24% per annum on observation dates when the closing level is at or above the coupon barrier (70% of the initial level). The notes may be automatically redeemed early if the closing level meets or exceeds the call threshold (initial level $197.58). At maturity, if the final level is below the buffer level (70% of initial), principal is reduced by 1.4286% for each 1% the underlier falls below the buffer; there is no minimum payment. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Principal at Risk Enhanced Trigger Jump Securities linked to Micron Technology, Inc. common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $5,000,000. The securities mature on August 5, 2027 and pay no interest.
At maturity holders receive the stated principal plus a fixed $561.30 upside payment if the final level is at or above the downside threshold ($628.6040, ~60% of the initial level). If the final level is below the threshold, the performance factor (final level / initial level) applies and investors lose 1% of principal for each 1% decline in the underlier; there is no minimum payment.
Morgan Stanley Finance LLC offers $5,700,000 aggregate principal amount of Structured Investments — Enhanced Trigger Jump Securities due August 5, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay no interest and are principal-at-risk: if the final level of the S&P 500® Index on the observation date is greater than or equal to the downside threshold level (5,986.584, equal to 80% of the initial level), holders receive the stated principal plus a fixed upside payment of $87.60 (an 8.76% return); if the final level is below that threshold, the payment equals the stated principal multiplied by the final/initial level and could be significantly less or zero. The initial level is 7,483.23 (strike date July 1, 2026); the observation date is August 2, 2027 and the maturity date is August 5, 2027. Estimated value on the pricing date was $985.30 per security and agent fees of up to $10.42 per security were deducted from proceeds.
Morgan Stanley Finance LLC is offering $500,000 aggregate principal of Buffered Participation Securities linked to the S&P 500® Index, issued at a stated principal amount of $1,000 per security with an Aug 5, 2027 maturity.
The notes pay no interest, provide a 15% buffer (buffer level = 6,360.746; initial level = 7,483.23), a 100% participation rate in positive index performance subject to a $1,130.50 maximum payment (113.05% of principal), and a minimum payment of 15% of principal. Estimated value on the pricing date was $991.40 per security. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; holders bear credit risk and may lose a significant portion of principal if the final index level is below the buffer.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Micron Technology common stock. The notes have a stated principal amount of $1,000 per security, aggregate principal amount of $920,000, and an estimated value on the pricing date of $978.70 per security. The securities pay a contingent coupon (annual rate 46.96%) only if observation-date levels meet the coupon barrier ($516.14, 50% of the initial level). Automatic early redemption is possible on specified dates if the closing level meets the call threshold ($1,032.28), and maturity payment protects principal only if the final level is >= the downside threshold ($516.14); otherwise investors suffer proportional principal loss. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $700,000 of buffered jump securities linked to the Global X Copper Miners ETF. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The estimated value on the pricing date was $970.70. The notes feature an automatic early redemption test on July 15, 2027 with a call threshold equal to the initial level ($76.65) and an early redemption payment of $1,350. If not redeemed, maturity is July 7, 2028 with payoff rules: full participation (100%) in upside if the final level exceeds the initial level; return of principal if the final level is between the buffer level ($65.153, 85% of initial) and the initial level; and a downside exposure that multiplies declines beyond the 15% buffer by a downside factor of 1.1765, which can result in losing some or all principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Buffered Jump Securities (auto-callable) linked to the S&P 500® Index with a $1,000,000 aggregate issuance and a $1,000 stated principal amount per security. The securities feature an automatic early redemption on the first determination date if the underlier is at or above the call threshold level (7,483.23), delivering an $1,094 early redemption payment. If not called, maturity outcomes depend on the final level versus the initial level (7,483.23) and a 10% buffer (buffer level 6,734.907): investors receive the principal plus a 125% participation rate on appreciation if the final level exceeds the initial level; principal only if final level is between the buffer and initial level; and a reduced payment if final level is below the buffer (losses beyond the buffer realized 1% for each 1% decline), subject to a 10% minimum payment at maturity. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk. The original issue price is $1,000 with an estimated value on the pricing date of $977.50, and selected dealers receive a fixed commission of $17.50 per security.
Morgan Stanley Finance LLC priced Principal‑at‑Risk securities tied to Micron Technology common stock. The securities have a $1,000 stated principal amount and aggregate principal of $11,265,000. The initial level (strike) was $1,032.28; the downside threshold is $516.14 (50% of the initial level). If the final level on the observation date of August 2, 2027 is at or above the threshold, holders receive the stated principal plus a fixed upside payment of $444.90 (44.49%); if the final level is below the threshold, holders incur losses pro rata to the decline (payment equals stated principal × final level/initial level). The securities pay no interest, have an estimated value on the pricing date of $976.40 per security, and are unsecured obligations guaranteed by Morgan Stanley. All payments are subject to Morgan Stanley’s credit risk; investors could lose their entire investment.
Morgan Stanley Finance LLC offers Callable Contingent Income Buffered Securities due July 7, 2028, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon of 11.40% per annum on each coupon date only if the closing level of each underlier meets its coupon barrier on the related observation date. The notes are linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the State Street® Utilities Select Sector SPDR® ETF. The offering is $1,000 per security with an aggregate principal amount of $2,000,000. At maturity, if the worst performing underlier is below its buffer level (80% of initial), investors incur losses equal to the decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The securities may be called early on specified redemption dates based on a risk neutral valuation model; if called, no further payments will be made.
Morgan Stanley Finance LLC is issuing $2,500,000 aggregate principal of Structured Investments — Enhanced Trigger Jump Securities due July 19, 2027 linked to Micron Technology, Inc. common stock. Each security has a $1,000 stated principal amount and an issue price of $1,000.
At maturity investors receive the stated principal plus a fixed upside payment of $536.20 if the final level is >= the downside threshold (60% of the initial level: $619.368). If the final level is below that threshold, payoff equals stated principal times the performance factor (final level / initial level), so losses can equal the full principal. The document states an estimated value on the pricing date of $979.10 per security and shows agent commissions of $10 per security.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk, contingent income auto-callable securities tied to Microsoft Corporation common stock. The issue is composed of 698 securities at a $1,000 stated principal amount per security for an aggregate principal amount of $698,000. The securities pay a contingent coupon of 13.00% per annum on each observation date only if the closing level of the underlier meets or exceeds the coupon barrier; they may be automatically redeemed early if the underlier meets the call threshold on any redemption determination date. If not redeemed and the final level is below the downside threshold (70% of the initial level), principal is reduced pro rata by the underlier’s decline and could be zero. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a tranche of structured, principal-at-risk notes due March 27, 2028 that are fully guaranteed by Morgan Stanley. The offering consists of contingent income auto-callable securities with a stated principal amount of $1,000 per security and aggregate principal amount of $1,058,000. Each security may pay a contingent coupon at an annual rate of 13.60% on specified observation dates only if the basket closing level meets or exceeds the coupon barrier level (70). The notes are automatically redeemed early if the basket closing level meets or exceeds the call threshold (90) on a redemption determination date. If not called, repayment at maturity depends on the final level: full principal is paid if the final level is at or above the downside threshold (60), otherwise investors suffer a proportional loss equal to the decline in the underlier’s level. The underlier is a five-stock basket (CRM, CRWV, MU, ORCL, TSLA) equally weighted. All payments are subject to the issuer’s credit risk; the estimated value on the pricing date was $935.50 per security.
Morgan Stanley Finance LLC is offering Trigger Autocallable Contingent Yield Notes due July 15, 2031, fully guaranteed by Morgan Stanley. The notes pay quarterly Contingent Coupons (Contingent Coupon Rate at least 7.00% per annum) if both the S&P MidCap 400® and EURO STOXX 50® close at or above their Coupon Barriers on each Observation Date. The securities are principal at risk: if, at maturity, the Final Underlying Value of either index is below its Downside Threshold (60% of its Initial Underlying Value), repayment is reduced proportionately to the decline of the Least Performing Underlying. The notes are callable beginning January 11, 2027 on quarterly Observation Dates; Trade Date is July 10, 2026 and Settlement Date is July 15, 2026. Issue Price is $10.00 with an estimated Trade Date value of approximately $9.653. Minimum investment $1,000 in $10 increments. All payments are subject to Morgan Stanley's credit risk; investors do not participate in any appreciation of the Underlyings.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to the S&P 500® Index. The offering consists of 1,000 securities at a stated principal amount of $1,000 per security (aggregate $1,000,000), with an issue price of $1,000 and an estimated value of $990.80 on the pricing date. At maturity on July 19, 2027, if the final level is at or above the downside threshold (5,612.423, equal to 75% of the initial level), each security pays the stated principal plus a fixed upside payment of $79.70 (7.97%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to full downside, including possible loss of entire principal.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk structured notes linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,050,000. The notes pay no interest. At maturity on August 5, 2027, if the final level is at or above the downside threshold (85% of the initial level), holders receive the stated principal plus a fixed upside payment of $98.10 (9.81%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the index performance factor (final/initial), producing a pro rata loss of principal with no minimum payment. The initial level is 7,483.23 (strike date July 1, 2026) and the downside threshold is 6,360.746. The original issue price is $1,000 and the estimated value on the pricing date was $985.30, reflecting issuance, structuring and hedging costs. All payments are subject to the issuer’s and guarantor’s credit risk. Pricing supplement cross-references the product, index and tax supplements and the prospectus for full terms.
Morgan Stanley Finance LLC priced and issued contingent income, auto-callable principal-at-risk securities linked to Microsoft Corporation common stock. The offering totals $874,000 in aggregate principal at a stated principal amount of $1,000 per security and an issue price of $1,000 per security.
The securities carry a contingent coupon of 10.75% per annum payable only if the closing level of the underlier meets or exceeds the coupon barrier on observation dates. The initial level and call threshold equal $384.28 and the coupon barrier and downside threshold equal $268.996 (70% of the initial level). The securities mature on August 5, 2027, have a final observation date of August 2, 2027, and can be automatically redeemed on specified redemption determination dates beginning January 4, 2027. Investors bear full credit risk of MSFL/Morgan Stanley and may lose principal if the final level is below the downside threshold.
Morgan Stanley Finance LLC priced a series of principal-at-risk notes linked to the Class A common stock of Meta Platforms, Inc. These notes were issued at $1,000 each with an aggregate principal amount of $1,499,000 and are fully guaranteed by Morgan Stanley.
They pay a contingent coupon of 10.30% per annum on each interest period only if the closing level of Meta on the related observation date is at or above the coupon barrier (80% of the initial level). The notes can be automatically called on specified redemption determination dates if the closing level is at or above the call threshold (100% of the initial level). At maturity, if not called, investors receive principal only if the final level is at or above the 80% buffer; otherwise they suffer losses equal to declines beyond the 20% buffer, subject to a minimum 20% payment at maturity. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering 495,000 units of Autocallable Contingent Coupon (with Memory) Buffered Notes linked to the common stock of Micron Technology, Inc. (the "Market Measure") with a $10 principal amount per unit and a pricing date of July 1, 2026. The notes pay contingent quarterly coupons of $0.56 per unit (22.40% per annum) when the Observation Value on a Coupon Observation Date is at or above the Coupon Barrier ($619.37, 60% of the Starting Value). The notes are automatically callable if the Observation Value on any Call Observation Date is at or above the Call Value ($1,032.28). If not called, maturity is January 10, 2028; at maturity, investors receive $10 per unit if the Ending Value is at or above the Threshold Value ($619.37), otherwise they have 1-to-1 downside beyond a 40% decline (up to 60.00% principal at risk). Payments are subject to the credit risk of MSFL and guaranteed by Morgan Stanley. The initial estimated value on the pricing date is $9.712 per unit; public offering price is $10.00 per unit.
Morgan Stanley Finance LLC offers contingent-income, memory auto-callable notes due August 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an annual contingent coupon of 6.15% payable only if the underlier meets the coupon barrier on observation dates. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with a coupon barrier set at 75% of the initial level and a call threshold at 100% of the initial level. The strike and pricing dates are July 29, 2026, the final observation date is July 29, 2031, and maturity is August 1, 2031. The estimated value on the pricing date is approximately $961.50 per note. Payments, including early redemption and contingent coupons, are subject to Morgan Stanley’s credit risk and to the specific observation, call and payment mechanics described herein.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities linked to the Nasdaq-100 Index® due August 13, 2027. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the document shows an estimated value on the pricing date of approximately $982.90 per security. Payment at maturity is one of three outcomes: (1) if the final level > initial level, the holder receives principal plus the upside payment (100% participation) subject to a maximum upside payment of at least $1,153.00 (115.30%); (2) if the final level is ≤ initial level but ≥ the buffer level (buffer amount 15%), the holder receives principal plus a positive return equal to the absolute decline multiplied by the absolute return participation rate (100%), effectively capped at 15%; (3) if the final level is < the buffer level (buffer = 85% of the initial level), the holder loses 1.1765% of principal for each 1% decline beyond the buffer, with no minimum payment. The observation date is August 10, 2027 (subject to postponement) and the strike date is July 28, 2026. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are principal-at-risk instruments that do not pay interest.
Morgan Stanley Finance LLC offers Principal at Risk notes due July 24, 2031 linked to the worst performing of the Russell 2000 and the S&P 500, with a stated principal amount of $1,000 per security. The securities pay no interest, have an estimated value on the pricing date of approximately $943.40, and provide an upside participation rate of 100% capped by a maximum upside payment of $1,916.50 per security. The notes include a 30% buffer (buffer amount) and a 30% minimum payment at maturity; if the worst performing underlier falls below the buffer level at observation, losses occur on a 1%-for-1% basis beyond the buffer. All payments are subject to issuer and guarantor credit risk, and MS & Co. serves as agent and calculation agent.
Morgan Stanley Finance LLC offers principal-at-risk notes that pay a fixed 7.00% annual coupon and mature on June 22, 2029. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $952.
The notes are linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). They include a 17% buffer and a 17% minimum payment at maturity: if the worst performing underlier is below its buffer at maturity investors lose 1% of principal for each 1% decline beyond the buffer. The securities may be automatically redeemed on specified monthly determination dates beginning January 19, 2027. All payments are subject to the credit risk of MSFL and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, market-linked securities that are fully and unconditionally guaranteed by Morgan Stanley and linked to the lowest performing common stock of NVIDIA Corporation and Microsoft Corporation. Each security has a $1,000 face amount and a contingent fixed return of at least 15.65% (approximately $156.50 per face amount), to be set on the pricing date. The securities pay at maturity on July 20, 2027 (calculation day July 15, 2027) and expose investors to full downside of the lowest performing underlying stock below a threshold equal to 60% of its starting price. The estimated value on the pricing date is approximately $983.20 per security. Secondary market liquidity is limited, all payments are subject to issuer credit risk, and purchases include issuance, distribution and hedging costs.
Morgan Stanley Finance LLC is offering structured, principal-at-risk securities due July 20, 2027 linked to the common stock of Micron Technology, Inc.. Each security has a stated principal amount of $1,000, an upside payment of $380.30 ( 38.03% ), and a buffer equal to 40% of the initial level (buffer level $585.336 based on an initial level of $975.56 measured on the July 2, 2026 strike date).
If the arithmetic average final level on the final averaging dates is greater than or equal to the buffer level, investors receive principal plus the fixed upside payment. If the final level is below the buffer level, losses apply: investors lose 1.6667% of principal for each 1% decline in the underlier beyond the buffer, and there is no minimum payment at maturity. The estimated value on the pricing date was about $980 per security and the original issue price is $1,000 per security. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Participation Securities with a stated principal amount of $1,000 per security. The securities reference the Nasdaq-100 and S&P 500 and pay at maturity based on the worst performing underlier, subject to a 20% buffer, 100% participation, a 119% maximum payment cap and a 20% minimum payment. Key dates include a strike date and pricing date of July 9, 2026, an original issue date of July 14, 2026, an observation date of August 9, 2027 and a maturity date of August 12, 2027. The estimated value on the pricing date is approximately $984.20 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; holders remain exposed to issuer credit risk and to possible significant principal loss if the worst performing underlier falls below its buffer.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS structured notes due July 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays no interest; final payment depends on the worst performing of the Russell 2000® and S&P 500® indices on the observation date.
Key economic terms include a leverage factor of 109.75%, an absolute return participation rate of 100%, a 30% buffer (i.e., buffer level = 70% of initial level), and a minimum payment at maturity of 30% of principal. The estimated value on pricing date is approximately $971.80 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering contingent income, memory buffered auto-callable notes due July 14, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a contingent coupon at an annual rate of 10.85%, an initial buffer of 15%, a coupon barrier at 70% of the initial level, and a call threshold equal to 100% of the initial level. The securities pay contingent coupons only when the underlier meets observation-date barriers, may auto-redeem early if the call threshold is met on a redemption determination date, and expose investors to principal losses proportional to declines beyond the 15% buffer at maturity. The estimated value on the pricing date was approximately $903.10 per security. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, established March 14, 2022.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due July 13, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an issue price of $1,000. At maturity the payout depends solely on the worst performing of the Dow Jones Industrial Average, EURO STOXX 50 and Russell 2000 indices. The notes pay no interest, include a leveraged upside feature (leverage factor 167.75%), an absolute return participation feature (100%) capped effectively at 40% in a limited scenario, and a downside threshold at 60% of each initial level. If any underlier finishes below its downside threshold, investors suffer proportional principal loss (1% loss per 1% decline of the worst performing underlier) and could lose their entire investment. The estimated value on the pricing date was approximately $978.90 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering $3,067,000 of leveraged buffered S&P 500® index-linked notes due August 11, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note provides 130% upside participation in positive index returns capped at a $1,162.63 maximum settlement, a 10.00% downside buffer (you receive $1,000 if decline is ≤10.00%), and full principal risk if the S&P 500 declines by more than 10.00%. Trade Date is July 1, 2026; Original Issue Price is $1,000 and the issuer’s estimated value per note on the Trade Date is $996.70. Payments at maturity are subject to the issuer’s credit risk, notes pay no interest, will not be listed, and include hedging and market‑disruption provisions described herein.
Morgan Stanley Finance LLC is offering $5,365,000 of leveraged buffered S&P 500® Index-Linked Notes due August 4, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 face-amount note returns 150% of any positive index gain (capped at $1,128.10 per note) and protects principal only if the index decline is no greater than 10.00%; losses occur if the index declines by more than 10.00%. The Trade Date is July 1, 2026, Original Issue Price is $1,000, and the issuer’s estimated value per note on the Trade Date is $986.70. Proceeds will be used for general corporate purposes. All payments are subject to issuer credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Trigger PLUS principal‑at‑risk securities with a $1,000 stated principal amount per security and a maturity of July 12, 2029. Payment at maturity depends on the worst performing of the Dow Jones Industrial, Nasdaq-100 and S&P 500 indices; investors receive leveraged upside of 155% of the worst underlier’s appreciation if all final levels exceed their initial levels, receive principal if the worst underlier stays between its initial level and a 70% downside threshold, or suffer a proportional loss tied to the worst performing underlier if it drops below that threshold. The securities pay no interest, carry issuer and guarantor credit risk, and had an estimated value on the pricing date of approximately $963.10 per security.
Morgan Stanley Finance LLC priced structured, principal‑at‑risk notes due July 20, 2027 linked to the Nasdaq-100 Index®. Each security has a stated principal amount of $1,000 and a fixed upside payment of $109 (10.90%) payable at maturity if the final level is at or above the buffer level. The securities include a 15% buffer (buffer level 24,929.829 from initial level 29,329.21) and a downside factor of 1.1765, meaning losses beyond the 15% buffer are multiplied by 1.1765 and there is no minimum payment at maturity. Estimated value on the pricing date is approximately $985 per security; issue price is $1,000 with agent commissions of up to $10 per security. All payments are subject to Morgan Stanley Finance LLC credit risk and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering Principal at Risk securities linked to the common stock of Micron Technology, Inc. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, an estimated value on the pricing date of approximately $977.40, an initial level of $975.56 (strike date July 2, 2026) and a downside threshold equal to 50% of the initial level ($487.78). If the final level on the observation date is at or above the downside threshold, holders receive the stated principal plus a fixed upside payment of $444.90 (44.49%). If the final level is below the downside threshold, holders suffer proportional losses (payment = stated principal × final level / initial level), with no minimum payment at maturity. Observation date is August 2, 2027 (subject to postponement) and maturity is August 5, 2027. All payments are subject to the issuer's and guarantor’s credit risk; the securities are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced a principal-at-risk structured note called a Trigger PLUS due July 7, 2031. The securities pay no interest and are tied to the worst performing of the Nasdaq-100 Index and the VanEck Semiconductor ETF, with a 172.50% leverage factor on upside and a 60% downside threshold. Each security has a stated principal amount of $1,000, the issue price is $1,000 and the aggregate principal amount offered is $991,000. The estimated value on the pricing date was $924.10 per security and selected dealers receive a $36.25 commission per security. At maturity, if the worst performing underlier falls below its downside threshold, investors lose 1% of principal for each 1% decline in that underlier; if both underliers finish above initial levels, investors receive principal plus 172.50% of the worst underlier’s appreciation.
Morgan Stanley Finance LLC priced $857,000 of Principal at Risk notes due July 7, 2031 with a stated principal of $1,000 per security and an issue price of $1,000. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley.
The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (initial level 1,381.46). They feature automatic early redemption if the underlier meets a call threshold of 1,174.241 (85% of the initial level) on any determination date after the first determination date of July 2, 2027. If not called, payment at maturity is a fixed positive amount when the final level is ≥ the buffer level (same 85% threshold) or a reduced payment that declines 1% for each 1% drop beyond the 15% buffer, subject to a 15% minimum payment. Estimated value on the pricing date was $899.10 per security; agent commission was $46 per security.
Morgan Stanley Finance LLC priced principal-at-risk securities tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities have a stated principal of $1,000 per security, an aggregate principal amount of $3,998,000 and an estimated value on the pricing date of $906.40 per security. They pay a contingent coupon at an annual rate of 10.50% on observation dates when the underlier meets or exceeds the coupon barrier level. Early automatic redemption is possible beginning after the first redemption determination date of June 14, 2027. At maturity on June 17, 2031, investors receive principal only if the final level is at or above the buffer level (85% of initial); otherwise losses apply beyond the 15% buffer, subject to a 15% minimum payment.
Morgan Stanley is offering fixed rate senior notes due June 29, 2033 with a stated principal and issue price of $1,000 per note. The notes pay interest semiannually at 4.850% per annum, accrue from June 29, 2026, and have an original issue date of June 29, 2026. Morgan Stanley discloses an estimated value on the pricing date of approximately $984.10 per note and emphasizes that all payments are subject to Morgan Stanley’s credit risk. The notes will not be listed on any exchange and secondary market liquidity may be limited.