Every 424B that MORGAN STANLEY (MS-PL) 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-PL 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-PL filings page.
Morgan Stanley Finance LLC issued a pricing supplement for auto-callable structured notes due April 22, 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 $1,148,000.
The notes reference the worst‑performing of Meta Platforms (class A), Micron Technology and Uber Technologies. They pay no interest, have an estimated value of $946.10 on the pricing date, and feature automatic early redemption on scheduled determination dates beginning April 26, 2027, with fixed early redemption payments that increase each year and a maturity payment that either returns principal or a fixed positive amount if all underliers meet call thresholds.
Morgan Stanley Finance LLC offers $2,482,000 of Structured Jump Notes due April 21, 2033 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value of $924.50 on the pricing date.
The notes pay no interest, carry an automatic early redemption feature beginning with the first determination date on April 26, 2027, a call threshold level of 1,268.05, and fixed early redemption payments that correspond to approximately 8.40% per annum. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Trigger Jump Securities due May 20, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000; aggregate principal offered is $2,251,000. At maturity the payment depends on the worst performing of three underliers (Dow Jones Industrial Average, Russell 2000®, and the State Street® Technology Select Sector SPDR® ETF). If each underlier is at or above its 70% downside threshold, holders receive principal plus a $125.50 digital payment (12.55%). If any underlier is below its 70% downside threshold, repayment equals principal multiplied by the worst performing underlier’s performance factor, producing losses on a 1%-for-1% basis and with no minimum payment. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was $990.00 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers leveraged, basket-linked notes with $1,000 face amount per note and principal at risk. The notes pay no interest; estimated value on the trade date is approximately $976.40. Payout at maturity (expected ~17–20 months) depends on the Basket Return versus an Initial Basket Level of 100. If the Final Basket Level is higher, investors receive $1,000 plus participation (Upside Participation Rate expected between 135.00% and 158.00%) of the basket gain; if equal or lower, repayment is reduced pro rata and could be zero. All payments are subject to issuer and guarantor credit risk. The notes will not be listed and secondary market liquidity may be limited.
Morgan Stanley Finance LLC priced and issued $21,688,000 of principal-at-risk, auto-callable Jump Securities due April 23, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000 (estimated value on the pricing date $955.70).
The securities reference the worst performing of the Russell 2000® and the S&P 500®. Automatic early redemption can occur on specified determination dates beginning April 21, 2027 for fixed early redemption payments (approximately 12.55% per annum); payment-at-maturity depends on final levels relative to call thresholds (100% of initial) and downside thresholds (70% of initial).
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes (stated principal $1,000 per security) due April 29, 2030 with an automatic early redemption feature and a 10% downside buffer. The notes reference the Nasdaq‑100 and S&P 500 and are fully guaranteed by Morgan Stanley.
The notes pay no regular interest, have a 211.50% participation rate for upside of the worst performing underlier, a minimum payment at maturity of 10% of principal, and an early redemption payment of $1,100 if both underliers meet their call thresholds on the first determination date. All payments are subject to issuer credit risk and the estimated value on the pricing date was approximately $983.50 per security.
Morgan Stanley Finance LLC priced $4,000,000 of principal-at-risk, auto-callable notes linked to Alphabet Inc. Class A common stock. Each security has a $1,000 stated principal amount and an original issue price of $1,000; the estimated value on the pricing date was $983.00 per security.
The notes pay a contingent coupon at an annual rate of 17.28% on observation dates when the closing level of the underlier is at or above the coupon barrier level (85% of the initial level). The securities are subject to automatic early redemption on scheduled redemption determination dates if the closing level is at or above the call threshold (initial level). At maturity, if not redeemed, investors receive principal only if the final level is at or above the buffer level (85% of initial); otherwise principal is reduced by 1.1765% per 1% decline beyond the 15% buffer. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC issues structured market-linked notes tied to the S&P 500® Futures Excess Return Index maturing April 16, 2031. Each note has a stated principal amount of $1,000 and was issued at $1,000 per note; the estimated value on the pricing date was $944.40. At maturity investors receive the stated principal plus an upside payment equal to the stated principal × a 111% participation rate × the underlier percent change if the final level exceeds the initial level (initial level: 550.19); if the final level is equal to or less than the initial level, investors receive only the stated principal. The offering aggregates $390,000 principal; agent commissions of $37.50 per note reduce proceeds to issuer to $962.50 per note. All payments are subject to the issuer’s and guarantor’s credit risk; the notes are unsecured, non‑interest‑bearing, and will not be listed.
Morgan Stanley Finance LLC priced $2,754,000 of Structured Investments contingent-income, principal-at-risk notes due April 16, 2031, guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an 11.50% annual contingent coupon payable only if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index meets the coupon barrier on observation dates, and automatic early redemption if the index equals or exceeds the call threshold on any redemption determination date.
At maturity, if not called and the final level is below the buffer (≈85% of initial level), investors absorb losses beyond the 15% buffer (minimum payment 15% of principal). Estimated value on pricing date was $903.30 per security; issue price was $1,000 (agent commission $46, proceeds to issuer $954 per security).
Morgan Stanley Finance LLC priced contingent income, principal-at-risk notes with a stated principal amount of $1,000 per security and an aggregate principal amount of $3,453,000. The securities pay a contingent coupon at an annual rate of 10.15% when the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is at or above the coupon barrier on observation dates, are automatically redeemable if the index is at or above the call threshold on redemption determination dates, and mature on April 16, 2031. The initial level and call threshold are 1,147.17, the coupon barrier is 803.019 (70% of the initial level), the buffer level is 975.095 (≈85% of the initial level), and the minimum payment at maturity is 15% of principal. The estimated value on the pricing date was $904.60 per security and the issue price was $1,000 (agent commission $43.50). Investors bear issuer credit risk and principal can be reduced dollar-for-dollar for index declines beyond the buffer amount.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk notes tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities have a $1,000 stated principal amount and aggregate principal of $775,000, pay a contingent coupon at an annual rate of 9.50% if observation-date conditions are met, and can be automatically redeemed on specified redemption dates starting April 12, 2027. At maturity on April 16, 2031, investors receive principal if the final level is at or above the buffer level (approximately 85% of the initial level); otherwise principal is reduced pro rata beyond the 15% buffer, subject to a 15% minimum payment.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk notes fully guaranteed by Morgan Stanley, with an aggregate principal amount of $27,662,000. The notes have a stated principal of $1,000 per security, an issue price of $1,000 and an estimated value on the pricing date of $993.60. The securities pay no interest, may be automatically redeemed on specified determination dates for fixed early redemption payments (ranging from $1,148 to $1,666), and mature on April 16, 2031. At maturity, payoff depends on the worst performing of the Dow Jones Industrial, S&P 500 and Russell 2000 indices: investors receive a fixed positive payment if all underliers meet their call thresholds, the stated principal if all are above their 75% downside thresholds, or a pro rata loss tied to the worst performing underlier (down to zero).
Morgan Stanley Finance LLC priced $1,213,000 aggregate principal of contingent income auto-callable notes due October 14, 2027. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $974.60.
The securities pay a 9.75% contingent coupon per annum on each interest period only if the closing level of both underliers—the XLE Fund and the XOP Fund—is at or above their coupon barrier levels on observation dates. The notes are subject to automatic early redemption if both underliers meet call threshold levels on a redemption determination date. At maturity, if the final level of either underlier is below its downside threshold level (both set at 65% of initial levels), payment will be reduced pro rata based on the worst performing underlier and could be zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuers credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes — Structured Investments Enhanced Trigger Jump Securities — due May 13, 2027, fully guaranteed by Morgan Stanley. The offering totals $1,250,000 aggregate at $1,000 per security with an estimated value of $999.10 on the pricing date. Payment at maturity depends on the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. If each final level is at or above a 70% downside threshold of its strike level, investors receive the stated principal plus a fixed $126.50 upside payment (12.65%). If any underlier is below its threshold, holders lose dollar-for-dollar on the worst performing underlier; there is no minimum payment and principal could be lost.
All payments are subject to MSFL’s and Morgan Stanley’s credit risk; MS & Co. acts as agent and calculation agent. The securities do not pay interest and are intended for fee-based advisory accounts per distribution terms.
Morgan Stanley Finance LLC offers Principal-at-Risk structured notes linked to the American Depositary Shares of Taiwan Semiconductor Manufacturing Company Limited under a Preliminary Pricing Supplement. Each security has a $1,000 stated principal amount and $1,000 issue price; estimated value on the pricing date is approximately $984.80. The notes pay contingent coupons (annual rate at least 20.36%*) only if observation-date barriers are met, feature automatic early redemption on specified redemption determination dates, and include a 20% buffer with a 1.25 downside factor that amplifies losses beyond the buffer. Maturity is May 5, 2027 with observation dates ending April 30, 2027. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Trigger Jump Securities due July 22, 2027—principal-at-risk notes with an original issue price of $1,000 per security. Each security pays no interest and will return either $1,000 plus an $200.50 upside payment if the equally weighted GLD/SLV basket is flat or higher at the valuation date, $1,000 if the basket declines up to 35%, or a pro rata loss (final basket/initial basket) if the basket declines more than 35% (downside threshold: 65%). The estimated value on the pricing date was approximately $965.80. All payments are subject to issuer and guarantor credit risk, there is no minimum payment at maturity, and investors may lose their entire investment.
Morgan Stanley Finance LLC priced a primary offering of structured, principal-at-risk notes linked to the S&P 500® Index with an aggregate principal amount of $2,541,000. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000 per security and an estimated value on the pricing date of $979.30 per security.
At maturity (April 12, 2029) payments depend on the S&P 500 closing level on the observation date (April 9, 2029). If the final level is at or above the initial level (6,824.66), holders receive principal plus an $180 upside payment. If the final level falls but remains at or above an 80% buffer (5,459.728), holders receive principal plus a positive payment tied to the absolute decline multiplied by a 375% participation rate (capped effectively at 75%). If the final level is below the buffer, holders lose 1% of principal for each 1% decline beyond the 20% buffer, subject to a 20% minimum payment at maturity.
The securities pay no interest, are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk. Sales are limited to fee-based advisory accounts and MS & Co. will act as agent in distribution.
Morgan Stanley Finance LLC is offering $2,000,000 aggregate principal of Structured Investments Enhanced Trigger Jump Securities due April 16, 2031. Each note has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the EURO STOXX 50® Index final level is at or above the downside threshold (4,422.218), holders receive $1,000 plus the greater of (i) $1,000 × index percent change or (ii) a $390 upside payment. If the final level is below the threshold, holders lose 1% of principal for each 1% decline in the index; there is no minimum payment and full loss of principal is possible. All payments are subject to issuer and guarantor credit risk; estimated value at pricing was $966.90 per security and the issue price equals $1,000 per security, with $30 dealer commission.
Morgan Stanley Finance LLC is offering market-linked notes due April 22, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a stated principal amount of $1,000 and a participation rate of 111%. The strike and pricing dates are April 17, 2026, with an observation date of April 17, 2031. At maturity, if the final level exceeds the initial level, investors receive principal plus 111% of the underlier’s appreciation; if the final level is equal to or less than the initial level, investors receive only the stated principal. The estimated value on the pricing date is approximately $943.90 per note. All payments are subject to Morgan Stanley’s credit risk; the notes are unsecured, will not be listed, do not pay interest, and may be treated as contingent payment debt instruments for U.S. tax purposes.
Morgan Stanley Finance LLC priced $4,230,000 of leveraged, buffered S&P 500® index-linked notes due October 13, 2027. Each $1,000 note offers 150% upside participation subject to a cap ($1,170.25 maximum per $1,000) and a 10.00% buffer against initial declines; principal is at risk if the index falls more than 10.00%. The Trade Date is April 8, 2026, Original Issue Date April 13, 2026, and Determination Date October 8, 2027. Payments are unsecured, guaranteed by Morgan Stanley and depend on the Closing Level on the Determination Date and the issuer’s credit.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Contingent Income Auto-Callable Securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. The offering totals $278,000 in aggregate principal at $1,000 per security. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of $978.00, a contingent annual coupon rate of 11.90% and a maturity date of April 14, 2031.
Coupons are paid only if all three underliers are at or above their coupon barrier levels on observation dates; early automatic redemption occurs if all underliers meet call thresholds on a redemption determination date. At maturity, if any underlier is below its downside threshold (70% of its initial level), investors suffer a loss equal to the percentage decline of the worst performing underlier; payments could be significantly less than principal or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to Blackstone Inc. The securities were issued at $1,000 each (original issue price) with an estimated value of $975 on the pricing date and aggregate principal of $2,496,000. At maturity investors receive $1,000 plus a fixed $255 upside payment if the final level is at or above the downside threshold (60% of the initial level). If the final level is below the downside threshold, payment equals the stated principal multiplied by the performance factor (final level / initial level), and investors may lose up to their entire principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC prices Principal at Risk securities tied to the S&P 500® Index. The offering totals $874,000 at a $1,000 stated principal amount per security with an issue price $1,000. The notes mature April 14, 2031 and provide a 20% buffer (80% buffer level) with a 103.50% participation rate and a $1,800 maximum payment. If the final level is below the buffer, holders lose 1% per 1% decline beyond the buffer; the minimum payment at maturity is 20% of principal.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering PLUS principal-at-risk securities with an aggregate principal amount of $250,000 at a stated principal amount of $1,000 per security. The securities mature on April 10, 2031 and are linked to the worst performing of Invesco QQQ Trust (QQQ), State Street Technology Select Sector SPDR ETF (XLK) and VanEck Semiconductor ETF (SMH). If the final level of each underlier exceeds its initial level, investors receive the stated principal plus a leveraged upside equal to 180.50% of the appreciation of the worst performing underlier. If any underlier is below its initial level, the payment equals the stated principal multiplied by the worst performing underlier’s performance factor; there is no minimum payment and investors may lose their entire investment. The estimated value on the pricing date was $965.30 per security; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note linked to the worst-performing of the S&P 500® and Russell 2000® indices. The securities have a $1,000 stated principal amount, an upside payment of $460 (46%), a 100% absolute return participation rate, and a maturity date of May 5, 2031. Payment depends solely on closing levels on the observation date of April 30, 2031, with a downside threshold at 75% of initial levels; if either underlier is below that threshold, investors can lose principal on a 1:1 basis. The original issue date is May 5, 2026 and the issue price is $1,000 per security; estimated value on the pricing date was approximately $947.80.
Morgan Stanley Finance LLC is offering Callable Contingent Income Buffered Securities due April 11, 2029, fully and unconditionally guaranteed by Morgan Stanley. The issue is priced at $1,000 per security with an aggregate principal amount of $250,000. The securities pay a contingent coupon at an annual rate of 8.20% for an interest period only if the closing level of both underliers (the Russell 2000® and the Dow Jones Industrial Average) on the relevant observation date is at or above their coupon barrier levels (each set at 85% of the initial level). Investors face principal risk: at maturity, if the worst performing underlier is below its buffer level (85%), the payment equals stated principal × (performance factor of the worst performing underlier + 15% buffer), subject to a 15% minimum payment. The securities may be redeemed early (beginning April 9, 2027) if a risk neutral valuation model determines redemption is economically rational for the issuer; redemption suspends future payments. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced an offering of auto-callable, principal-at-risk market-linked securities due April 11, 2028, fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value at pricing of $968.70 and a contingent monthly coupon corresponding to 17.05% per annum if the lowest-performing underlying stock meets its monthly coupon threshold. The securities reference the common stock of Broadcom Inc. and NVIDIA Corporation, use the lower-performing stock to determine payouts, and expose holders to >50% principal loss if the lowest-performing stock closes below its 50% downside threshold on the final calculation day.
Morgan Stanley Finance LLC prices market-linked notes due May 2, 2031, fully guaranteed by Morgan Stanley, linked to a 10-stock basket with a 105% participation rate.
The notes have a $1,000 stated principal amount per note, an estimated pricing-date value of approximately $943.40 per note, and pay no periodic interest; payment at maturity depends on the basket's closing level on the observation date.
Morgan Stanley and Morgan Stanley Finance LLC (MSFL) describe a program to offer Performance Leveraged Upside Securities (PLUS) linked to one or more indices, common stocks, ETFs or baskets. PLUS issued by MSFL are fully and unconditionally guaranteed by Morgan Stanley. The product supplement summarizes general PLUS terms, including bull/bear structures, leverage factors, buffered variants, valuation and payout mechanics, hypothetical illustrations (stated principal amount examples of $10), distribution restrictions across jurisdictions and key risks including no guaranteed principal, issuer credit risk and limited secondary-market liquidity.
Morgan Stanley Finance LLC priced a principal-at-risk, auto-callable structured note guaranteed by Morgan Stanley linked to the worst performing of the Invesco QQQ Trust (QQQ) and the VanEck Semiconductor ETF (SMH).
Terms: $1,000 stated principal per security, issue price $1,000, estimated value $992.10, aggregate $5,090,000. Automatic early redemption can occur on the first determination date for an early redemption payment of $1,312.50; maturity payoff depends on worst-underlier performance with a 200% participation rate for upside and a 70% downside threshold.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes fully guaranteed by Morgan Stanley with an aggregate principal amount of $2,860,000 and a stated principal amount of $1,000 per security. The notes pay no interest and have an upside payment of $344 (34.40%) if the final level is at or above the downside threshold of 70 (70% of the initial level). If the final level is below 70, the payment equals the stated principal multiplied by the performance factor (final level/initial level), and could be significantly less than principal or zero. The securities are issued as part of MSFL's Global Medium-Term Notes program, are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. Key dates: strike and pricing date April 1, 2026, original issue date April 7, 2026, observation date April 3, 2028, maturity date April 6, 2028. The estimated value on the pricing date was $974.80 per security, reflecting embedded issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC priced Principal at Risk notes tied to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The offering totals $1,018,000 at a $1,000 issue price per security and an estimated value of $981.20 on the pricing date.
Each security has a stated principal amount of $1,000, an upside payment of $223 (22.30%) if the final level of every underlier is at or above its downside threshold, and a downside threshold equal to 70% of each underlier’s initial level. If any underlier’s final level is below its downside threshold, payment equals principal multiplied by the worst performing underlier’s performance factor and could be zero. Observation date is April 3, 2028 and maturity is April 6, 2028. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a series of principal-at-risk Trigger PLUS notes due April 4, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of $978. The notes return 216.50% leverage on any S&P 500® Futures Excess Return Index appreciation measured from the initial level of 531.12 (strike date April 1, 2026). If the final level on the observation date (April 1, 2031) is at or above 70% of the initial level (downside threshold 371.784), investors receive principal at maturity; if below that threshold, investors lose 1% of principal for each 1% decline in the index and could lose their entire investment. All payments are subject to issuer and guarantor credit risk.
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. Each security has a $1,000 stated principal amount and an issue price of $1,000. A contingent coupon of 8.10% per annum may be paid on each observation date only if the closing level of each underlier is at or above its coupon barrier (approximately 65% of its initial level). If not redeemed, maturity payment returns principal only if every underlier is at or above its downside threshold (also ~65% of initial); otherwise investors suffer a loss equal to the percentage decline of the worst-performing underlier. Securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, and are subject to issuer credit risk and early redemption determined by a risk neutral valuation model.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due October 6, 2027, fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate offering size of $903,000.
Payment at maturity depends on the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Index® and the Russell 2000® Index. If the worst performing underlier is at or above a 70% downside threshold of its initial level, holders receive principal plus a fixed upside payment of $152 (15.20%). If the worst performing underlier is below its downside threshold, holders suffer losses pro rata (1% loss for each 1% decline), with no minimum payment.
The document shows an estimated value on the pricing date of $969.90 per security and a sales commission of $20 per security; proceeds to the issuer are $980 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a series of principal-at-risk, auto-callable notes (fully guaranteed by Morgan Stanley) with an aggregate principal amount of $2,978,000 and a stated principal amount of $1,000 per security. The securities are linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices and feature automatic early redemption starting on April 8, 2027 if each underlier meets its 100% call threshold.
If not auto-redeemed, maturity is April 5, 2029. Payments: early redemption payments are fixed ($1,184 on April 13, 2027 and $1,368 on April 6, 2028); maturity can pay $1,552 if all underliers ≥ call thresholds, return principal if all ≥ 70% downside thresholds, or suffer a loss equal to the percentage decline of the worst performing underlier (principal could be zero). Estimated value on pricing date was $982.10 per security. All payments are subject to Morgan Stanley’s credit risk; these securities do not pay interest and do not participate in upside beyond the fixed payments.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities tied to the S&P 500® Index. The offering is for $1,000 per security with an aggregate principal amount of $2,825,000 and an estimated value on the pricing date of $954.00. The notes feature automatic early redemption if the closing level of the index is at or above the call threshold level of 6,528.52 on any determination date starting with April 28, 2027. Early redemption payments are fixed ($1,100 on first call, $1,200 on second call); if not called, maturity pays $1,300 if final level ≥ call threshold or a downside-linked payment equal to $1,000 × final level / initial level. All payments are subject to MSFL/Morgan Stanley credit risk and the securities do not pay interest or participate in index appreciation.
Morgan Stanley Finance LLC priced a Trigger PLUS offering totaling $498,000 of principal. The securities are principal-at-risk notes due April 5, 2029 with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The estimated value on the pricing date was $937.00 per security. Payment at maturity depends on the performance of the worst performing underlier of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500: if the worst performing underlier finishes above its initial level, investors receive principal plus a leveraged upside equal to 127% of that appreciation; if the worst performing underlier finishes between its initial level and a 70% downside threshold, investors receive principal; if the worst performing underlier finishes below its 70% threshold, investors suffer a pro rata loss of principal based on the worst performing underlier, and could lose their entire investment. All payments are subject to issuer and guarantor credit risk and sales commissions of $32.50 per security were paid to selected dealers.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The securities have a stated principal of $1,000 per security, aggregate principal of $280,000, a contingent coupon of 12.25% per annum, automatic early‑redemption mechanics beginning with a first redemption determination date of September 30, 2026, and maturity on April 3, 2031. Coupons are paid only if the underlier closes at or above the coupon barrier level on observation dates; if not, coupons may remain unpaid and only be paid later if conditions are met. At maturity, if the final level is below the downside threshold (60% of the initial level), investors suffer a proportional loss to principal, potentially losing the entire investment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; market value and coupon payments are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS principal-at-risk securities guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an issue price of $1,000. The securities reference the Russell 2000® and S&P 500® and pay at maturity based solely on the worst performing underlier on the observation date of October 8, 2027, with maturity on October 14, 2027.
Key terms: a leverage factor of 111% on positive performance of the worst performing underlier, a buffer amount of 10% (buffer level = 90% of the initial level), an absolute return participation rate of 100%, an estimated value on the pricing date of approximately $970.70 per security, and a minimum payment at maturity of 10% of the stated principal amount.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured notes with a $1,000 stated principal amount per security, issued April 9, 2026 and maturing April 10, 2031. The notes are fully and unconditionally guaranteed by Morgan Stanley and are linked to the worst performing of the S&P 500®, the Nasdaq‑100® Technology Sector and the Russell 2000®.
The notes do not pay interest and can be automatically redeemed beginning on the first determination date, April 7, 2027, for preset early redemption payments that rise over time (examples range from $1,134.00 to $1,658.833). If not called, maturity payments depend on the worst performing underlier: a fixed positive payment of $1,670.00 if all underliers meet call thresholds; return of principal if all final levels are ≥ 70% of initial levels; or a loss proportional to the decline of the worst underlier (potentially down to zero).
The preliminary pricing supplement shows an estimated value on the pricing date of approximately $957.60 per security and highlights issuer credit risk, limited upside (no participation in index appreciation), concentration risks (technology and small‑cap exposure), possible illiquidity in the secondary market, and tax treatment uncertainty.
Morgan Stanley Finance LLC priced a principal‑at‑risk structured note offering tied to Micron Technology common stock. The issue totals $2,507,000 in aggregate principal, with a stated principal of $1,000 per security and an original issue price of $1,000 each.
The notes pay a contingent coupon at an annual rate of 25.00% on specified coupon dates only if the closing level of the underlier is at or above the coupon barrier of $202.175 (50% of the initial level). The initial level is $404.35 (strike date March 23, 2026), the downside threshold is $202.175, final observation date is February 23, 2028, and maturity is February 28, 2028. Investors bear full credit risk of Morgan Stanley and face principal loss if the final level is below the downside threshold; payment at maturity equals the stated principal multiplied by the performance factor if below that threshold. An issuer call is possible beginning on the first redemption date (September 28, 2026) but will occur only if a risk neutral valuation model determines redemption is economically rational.
Morgan Stanley Finance LLC is offering contingent income auto-callable principal-at-risk notes with an aggregate principal amount of $9,884,000, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon of 9.15% per annum on observation dates only if each underlier meets its coupon barrier (70% of initial levels), feature automatic early redemption tied to all three underliers meeting call thresholds (100% of initial levels) on scheduled redemption determination dates, and expose investors to loss of principal at maturity if the worst performing underlier finishes below its downside threshold (70% of its initial level). The notes reference the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index, have a stated principal amount of $1,000 per security, an issue price of $1,000 and an estimated value on the pricing date of $964.40 per security. All payments are subject to the issuer’s and guarantor’s credit risk, and the securities do not provide regular interest or participation in underlier appreciation.