Every 424B that Morgan Stanley (MS) 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 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 filings page.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable notes backed by a Morgan Stanley guarantee with an aggregate principal amount of $100,000 and a stated principal amount of $1,000 per security. The notes pay a contingent annual coupon of 11.25% when the underlier meets the coupon barrier and feature automatic early redemption if the index meets the call threshold on specified redemption determination dates. If not redeemed, maturity payoff returns principal only if the final level is at or above the downside threshold (60% of the initial level); otherwise the payment equals the stated principal multiplied by the performance factor and could be significantly less or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC prices Principal-at-Risk structured notes — MSFL is offering Structured Investments Enhanced Trigger Jump Securities linked to Meta Platforms, Inc. class A common stock with a stated principal amount of $1,000 per security and an aggregate offering of $690,000. The securities pay no interest and principal is at risk: if the final level on the observation date is below the downside threshold ($446.168, ~75% of the initial level), holders suffer a pro rata loss (performance factor = final level / initial level) and could lose their entire investment. If the final level is greater than or equal to the downside threshold, holders receive the stated principal plus a fixed upside payment of $177.20 (17.72%). The pricing date was March 26, 2026, original issue date March 31, 2026, observation date April 7, 2027, and maturity April 12, 2027. All payments are subject to MSFL and Morgan Stanley credit risk; estimated value on the pricing date was $980.80 per security.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note series fully guaranteed by Morgan Stanley: auto‑callable securities linked to the worst performing of the S&P 500® and Russell 2000®, with a $1,000 stated principal per security and an aggregate issuance of $983,000. The securities pay no interest and may be automatically redeemed on the first determination date for an $1,125 early redemption payment if both underliers meet their call thresholds. At maturity investors receive either the principal plus an upside payment (participation rate 150% on the worst performing underlier), principal only, or a reduced payment that reflects losses in the worst performing underlier down to zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced and is offering principal-at-risk, auto-callable notes linked to the S&P 500® Index with an aggregate principal amount of $8,500,000. The notes pay no interest, can auto-redeem on the first determination date for $1,085 per security, and mature on March 29, 2029.
The notes have an issue price of $1,000 per security, an estimated value on the pricing date of $954.30, a 160% participation rate in upside if not auto-redeemed, and a downside threshold at 75% of the initial level (4,857.87). All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced $1,000,000 of Structured Investments Enhanced Buffered Jump Securities due July 29, 2027. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of $980.40.
The securities pay a fixed $131.20 upside payment (13.12%) if the S&P 500® closing level on the observation date is at or above the buffer level (90% of the initial level). If the final level is below the buffer level, investors lose 1.1111% of principal for each 1% decline beyond the 10% buffer; there is no minimum payment and investors could lose their entire investment. The observation date is July 26, 2027 (maturity July 29, 2027), initial level 6,477.16, buffer level 5,829.444.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due March 30, 2028 referenced to the worst performing of the Dow Jones Industrial, Nasdaq-100® Technology Sector and Russell 2000® indices. Each security has a $1,000 stated principal amount and an original issue price of $1,000; the estimated value at pricing was $974.60. The notes can auto-redeem on specified determination dates beginning April 5, 2027 for fixed early redemption payments that equate to approximately 20.50% per annum. At maturity investors receive $1,410.00 if all underliers meet call thresholds, the stated principal if underliers are above downside thresholds, or a loss linked 1:1 to the worst-performing underlier if any underlier falls below its downside threshold (70% of initial level). Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk, limited liquidity, embedded issuance costs, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC priced a principal-at-risk "Trigger PLUS" note due March 29, 2029, fully guaranteed by Morgan Stanley. The offering is for 365 securities at a stated principal amount of $1,000 per security (aggregate principal amount $365,000), each issued at $1,000 with an estimated value on the pricing date of $949.10. Payments at maturity depend on the performance of the worst performing of the Russell 2000® and S&P 500® indices: investors receive principal plus a 128% leveraged upside if the worst performing underlier finishes above its initial level; they receive only principal if the worst performing underlier finishes between its initial level and its 75% downside threshold; and they lose 1% of principal for each 1% decline below that threshold, potentially losing the entire investment.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to ServiceNow (NOW) with a $1,000 stated principal per security and an aggregate principal amount of $8,518,000. The notes pay a 14.85% annual contingent coupon only if the closing level of the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the underlier meets a call threshold, and expose holders to full downside below a downside threshold.
The initial level was $103.64 on the strike date; the coupon barrier and downside threshold are $58.038 (approximately 56% of the initial level). The estimated value on the pricing date was $956.00 per security; issue price is $1,000 (agent commission $15 per security). Maturity is April 29, 2027; final observation date is April 26, 2027. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a preliminary offering of structured, principal‑at‑risk notes linked to the S&P 500® Index due May 2, 2028. Each security has a stated principal amount of $1,000 and a fixed upside payment of $155 (15.50%).
If the final level on the observation date (April 27, 2028) is at or above the buffer level (90% of the initial level), holders receive principal plus the $155 upside. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment at maturity of 10% of principal. The estimated value on the pricing date was approximately $955.10. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; market and credit risk apply.
Morgan Stanley Finance LLC is issuing principal‑at‑risk, auto‑callable structured notes due March 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. The offering totals $867,000 aggregate principal at an issue price of $1,000 per security with an estimated value on the pricing date of $917.70.
The notes reference the worst performing of the S&P 500®, Nasdaq‑100® Technology Sector and Russell 2000® indices, carry a 150% participation rate on upside, an early redemption feature that pays $1,175 on the first determination date, and a downside threshold at 70% of each index’s initial level; losses can fully erode principal.
Morgan Stanley Finance LLC offers Structured Investments — Enhanced Buffered Jump Securities linked to the Russell 2000 Index. Each security has a stated principal amount of $1,000; the upside payment is $298.50 (29.85%). The securities provide a 15% buffer (buffer level = 85% of the initial level) and a minimum payment at maturity of 15% of principal. The pricing and strike dates are April 27, 2026, original issue date April 30, 2026, observation date October 29, 2029 (subject to postponement), and maturity date November 1, 2029. Estimated value on the pricing date is approximately $952.30 per security. All payments are subject to MSFL and Morgan Stanley credit risk; investors may lose a significant portion of principal if the final level is below the buffer.
Morgan Stanley Finance LLC priced a series of dual directional buffered jump principal-at-risk notes due May 1, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an upside payment of $528 per security.
The notes include a 15% buffer, a 100% absolute return participation rate within the buffer, a minimum payment at maturity equal to 15% of principal, and an estimated value on the pricing date of approximately $942.10 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due May 1, 2031 linked to the S&P 500® Futures Excess Return Index, with a $1,000 stated principal amount per security. The notes pay no interest, include a 15% buffer (buffer level = 85% of the initial level), an upside payment of $467.50 per security, a maximum payment at maturity of $1,600 per security and a minimum payment of 15% of principal. The estimated value on the pricing date was approximately $939.20 per security; the issue price is $1,000, which includes issuance, structuring and hedging costs borne by investors. All payments are subject to the credit risk of MSFL and Morgan Stanley. The observation date is April 28, 2031 (subject to postponement) and the maturity date is May 1, 2031.
Morgan Stanley Finance LLC priced a series of buffered, auto-callable Principal at Risk securities due March 31, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities have a stated principal of $1,000 each, an issue price of $1,000, aggregate principal of $2,432,000 and an estimated value on the pricing date of $895.40 per security.
The notes carry an 85% buffer (buffer level 888.199) and an initial/call threshold level of 1,044.94. If the underlier meets or exceeds the call threshold on a determination date, the notes auto-redeem for preset early redemption payments; otherwise final payoffs depend on the final level relative to the buffer and include a minimum payment of 15% of principal.
Morgan Stanley Finance LLC priced an offering of market‑linked, auto‑callable principal‑at‑risk securities due April 15, 2032, fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value at pricing of $986.20 (within $55.00), and a pricing date of April 10, 2026. The notes are linked to the lowest performing of the Dow Jones Industrial Average SM, the Russell 2000® Index and the S&P 500® Equal Weight Index, feature semi‑annual calculation days beginning April 15, 2027, multiple ascending call payments if all underlyings meet 95% call thresholds on a calculation day, and permit loss of principal at maturity if the lowest performing underlying falls below 75% of its starting level.
Morgan Stanley Finance LLC priced structured notes — a Preliminary Pricing Supplement for Enhanced Buffered Jump Securities linked to the S&P 500® Index that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an upside payment of $268 (26.80%) if the final level is at or above the 85% buffer level, a 15% buffer (losses apply only beyond that buffer), a minimum payment at maturity of 15% of principal, a strike date of April 27, 2026, an original issue date of April 30, 2026, an observation date of October 29, 2029 and a maturity date of November 1, 2029. The supplement states an estimated value on the pricing date of approximately $951.50 per security and warns investors that payments are subject to Morgan Stanley's credit risk and that the securities do not pay interest.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities linked to the lowest performing of the Dow Jones Industrial Average, the Russell 2000® Index and the S&P 500® Equal Weight Index with a face amount of $1,000 per security. The securities are priced to the public at $1,000 per security, with estimated value on the pricing date of $983.10 and an original issue date of April 24, 2026. The securities feature semiannual calculation days beginning April 26, 2027, automatic call opportunities with specified call payments up to $1,774.00 on the final calculation day, and a maturity date of April 26, 2032. Investors face downside exposure to the lowest performing underlying (maturity payment equals $1,000 × performance factor of the worst-performing index) and are fully subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable notes—stated principal $1,000 per security, aggregate $1,494,000—linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay no regular interest, may auto‑redeem beginning March 30, 2027 if the underlier ≥ the call threshold (888.199), and at maturity pay $1,500 if the final level ≥ the buffer (888.199). If the final level < the buffer, payment = $1,000 × (final/initial + 15%), subject to a 15% minimum. All payments are unsecured and guaranteed by Morgan Stanley; estimated value on the pricing date was $901.00 per security.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Index® and the Russell 2000® Index. The offering consists of $1,000 stated principal per security, aggregate principal amount $773,000, and an original issue price of $1,000 per security.
The notes feature automatic early redemption on scheduled determination dates beginning April 5, 2027, fixed early redemption payments (ranging from $1,147.00 to $1,367.50), and a maturity date of March 29, 2029. Payment at maturity depends on the final levels of the underliers versus call and downside thresholds (100% and 70% of initial levels, respectively). All payments are unsecured and subject to the credit risk of Morgan Stanley.
Morgan Stanley Finance LLC offers market-linked, auto-callable principal-at-risk securities with a face amount of $1,000 per security linked to the lowest-performing of the Dow Jones Industrial Average, the Russell 2000® and the S&P 500® Equal Weight Index. The pricing date is April 16, 2026 and the stated maturity date is April 21, 2032, with semi-annual calculation days beginning April 21, 2027. The estimated value on the pricing date is approximately $983.00 per security, within $55.00 of that estimate. The notes are auto-callable on specified calculation days for fixed call payments if each underlying meets its call threshold; if not called, the maturity payoff exposes investors to the downside performance of the lowest-performing underlying (possible loss of more than 25% up to a total loss). All payments are subject to issuer credit risk and the securities do not pay interest or entitle holders to dividends or voting rights.
Morgan Stanley Finance LLC is offering Principal-at-Risk buffered, auto-callable notes tied to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $898. The notes may auto-redeem on scheduled determination dates if the underlier closes at or above a call threshold (90% of the initial level). At final maturity on March 31, 2031, investors receive $1,600 if the final level is at or above the call threshold, the stated principal if the final level is at or above the buffer (85% of initial), or a downside-adjusted payment exposing investors to losses beyond the 15% buffer, subject to a minimum 15% payment.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering structured, unsecured Step-Up Jump Notes tied to the BlackRock Adaptive U.S. Equity 5% Index. Each note has a $1,000 stated principal amount, an original issue price of $1,000 and an estimated value on the pricing date of $935.40. The notes pay no periodic interest, include an automatic early redemption feature (first determination date March 29, 2027) and mature on March 31, 2033. If not auto‑redeemed and the final index level exceeds the initial level, investors receive principal plus upside equal to 100% participation in appreciation; if the final level is equal to or below the initial level, investors receive only the stated principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering $1,000,000 aggregate principal of principal-at-risk, contingent-income, auto-callable notes due March 29, 2029 linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500 indices.
The notes pay a contingent coupon at an annual rate of 12.15% on observation dates if each underlier is at or above its coupon barrier (80% of initial levels), feature automatic early redemption on specified determination dates if all underliers meet call thresholds (100% of initial levels), and expose investors to full downside tied to the worst performing underlier (downside threshold: 60% of initial levels). Issue price is $1,000 per security; estimated value on the pricing date was $980.90 per security.
Morgan Stanley Finance LLC priced a structured-note offering. The Dual Directional Buffered PLUS securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $457,000. The notes mature on March 31, 2031 and reference the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000 indices. The securities feature a leverage factor of 126.75%, an absolute return participation rate of 100%, an 80% buffer level (buffer amount 20%) and a minimum payment at maturity of 20% of stated principal. The estimated value on the pricing date was $921.70 per security; the issue price is $1,000 per security, which includes sales and structuring costs.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS principal-at-risk securities due March 29, 2030 underwritten by Morgan Stanley & Co. LLC with a stated principal amount of $1,000 per security and an aggregate principal amount of $100,000. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, pay no interest, and expose investors to full principal loss if either underlier falls below its downside threshold.
The payoff is tied to the worst performing of the Nasdaq-100® Technology Sector (NDXT) and the Russell 2000® (RTY). Upside is leveraged at 121% of appreciation for the worst performing underlier; an absolute-return feature pays up to an effective 15% positive return if the worst underlier declines but stays above a 70% downside threshold; below that threshold the securities lose 1% for every 1% decline.
Morgan Stanley Finance LLC priced Principal-at-Risk PLUS notes linked to the worst performing of the Russell 1000 and S&P 500. The notes have a $1,000 stated principal amount and $728,000 aggregate issuance, a leverage factor of 121.50%, and maturity on March 31, 2031. At maturity, if both underliers have appreciated, holders receive principal plus a leveraged upside; if either underlier declines, holders lose principal proportionate to the worst performing underlier, with no minimum payment. Payments are obligations of MSFL, fully guaranteed by Morgan Stanley, and all payments remain subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Variable Income Auto-Callable Notes fully guaranteed by Morgan Stanley with an aggregate principal amount of $2,117,000 and a stated principal amount of $1,000 per note. The notes pay a variable monthly coupon that is either 9.40% (higher) or 0.25% (lower) depending on each observation date. The notes reference the worst-performing stock among Palantir (PLTR), NVIDIA (NVDA), Tesla (TSLA) and Alphabet (GOOG). Automatic early redemption may occur beginning with the redemption determination date of March 29, 2027; final maturity is March 31, 2031. The issue price is $1,000 per note, the estimated value on the pricing date was $941.10 per note, and selected dealers receive a fixed commission of $40 per note.
Morgan Stanley Finance LLC priced buffered, auto-callable principal-at-risk securities linked to the MSCI Emerging Markets Index. Each security has a $1,000 stated principal amount and a 125% participation rate, a 15% buffer (buffer level = 85% of initial level) and a downside factor of 1.1765. The first determination date for automatic early redemption is April 12, 2027 with an early redemption payment of at least $1,185.40 per security; maturity is April 4, 2028. The estimated value on the pricing date was approximately $973.70 per security and the issue price is $1,000 (agent commission $15, proceeds to issuer $985). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; holders bear issuer credit risk and may lose their entire investment.
Morgan Stanley Finance LLC priced a Principal-at-Risk note offering (PLUS) with a $1,000 stated principal per security that is fully and unconditionally guaranteed by Morgan Stanley. The securities return the stated principal plus a 189.50% leveraged upside on the performance of the worst performing of three ETFs if each underlier appreciates; if any underlier declines, principal is reduced 1% for each 1% decline of the worst performing underlier. Key dates include a March 27, 2026 strike date, March 30, 2026 pricing date and an observation date of March 27, 2028 with a maturity date of March 30, 2028. The preliminary estimated value on the pricing date is approximately $978.40 per security and the offering documents emphasize credit risk of Morgan Stanley, potential lack of secondary-market liquidity, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC offers structured Principal-at-Risk buffered jump securities due April 12, 2029, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and an estimated pricing-date value of approximately $954. The notes are auto-callable on scheduled determination dates and pay fixed early redemption amounts (approximately 9.20% per annum), specifically $1,092 and $1,184 if triggered. At maturity investors receive $1,276 if both underliers meet call thresholds, return of principal if both remain above a 75% buffer level, or a reduced payment tied to the worst-performing underlier if it breaches the 25% buffer; minimum payment at maturity is 25% of principal. The underliers are the S&P 500® Index and the Russell 2000® Index, and all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers principal‑at‑risk, auto‑callable structured notes due April 5, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per security and an estimated value on the pricing date of approximately $977.10 per security. The securities may be automatically redeemed early on scheduled determination dates beginning April 9, 2027 if each underlier meets its call threshold; early redemption payments rise across eight possible observations to a maximum listed early redemption payment of $1,495 per security. At maturity the payout ranges from a fixed $1,540 per security (if all underliers meet call thresholds) to the stated principal or a reduced principal tied to the worst performing underlier (losses of 1% per 1% decline below a 70% downside threshold). All payments are subject to Morgan Stanley's credit risk and the offering includes customary distribution and structuring fees.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to the S&P 500® Futures Excess Return Index with a 190% leverage factor and a 20% buffer. Each security has a stated principal amount of $1,000, an original issue date of April 6, 2026, an observation date of March 31, 2031 and a maturity date of April 3, 2031. At maturity, payments depend on the index final level: investors receive principal plus leveraged upside if the final level is above the initial level; principal only if the final level is at or above the 80% buffer; and a reduced payment if the final level is below the buffer, subject to a minimum payment of 20% of principal. The preliminary pricing supplement states an estimated value on the pricing date of approximately $979.10 per security and notes that all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC prices Principal-at-Risk structured notes: Dual Directional Buffered Jump Securities due May 2, 2029 linked to the worst performing of Microsoft, Alphabet (Class C) and NVIDIA. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $943.30, and an automatic early redemption opportunity on the first determination date. The notes offer an upside participation feature (150% upside participation rate) and a 30% buffer: if the worst performing underlier declines beyond 30% at maturity investors suffer proportional losses, subject to a 30% minimum payment at maturity. All payments are unsecured and subject to Morgan Stanley's credit risk; MS & Co. acts as agent and calculation agent, and related fees and conflicts are disclosed.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities tied to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and a leverage factor of 218.75%. At maturity (observation date March 31, 2031), payoff depends on the final index level versus the strike level (strike date March 31, 2026): upside participation if the final level is higher, return of principal if the final level is between the downside threshold and the initial level, and pro rata losses if the final level is below the downside threshold (set at 75% of the initial level), with no minimum payment. All payments are unsecured and subject to Morgan Stanley credit risk. The pricing date and strike date are March 31, 2026, original issue date is April 6, 2026, and the estimated value on the pricing date is approximately $972.90 per security.
Morgan Stanley Finance LLC issues structured, market-linked notes maturing April 16, 2031, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 per note and pays no periodic interest. At maturity investors receive the stated principal and, if the S&P 500® Futures Excess Return Index (the underlier) closes above the initial level, an upside payment equal to the stated principal × participation rate 111% × the index percent change. The estimated value on the pricing date is approximately $944.30 per note. Payments are unsecured and subject to Morgan Stanley’s credit risk; the notes are not listed and secondary trading may be limited. Tax treatment is as contingent payment debt instruments for U.S. holders; Section 871(m) treatment for Non-U.S. holders is discussed and the issuer expects it will not apply based on current determinations.
Morgan Stanley Finance LLC priced structured, principal‑at‑risk notes linked to the worst performing of the S&P 500®, Nasdaq‑100® and Dow Jones Industrial Average. The securities have a $1,000 stated principal amount per security, an estimated value of approximately $969.40 on the pricing date, and an original issue price of $1,000 per security.
Key terms: strike and pricing date April 2, 2026; original issue date April 8, 2026; maturity April 5, 2029; first determination date April 6, 2027 (automatic early redemption if each underlier ≥ call threshold); early redemption payment $1,150; participation rate 210%; buffer 15%; minimum payment at maturity 15% of stated principal. Payments are subject to issuer and guarantor credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC priced contingent income auto-callable notes due April 16, 2031, linked to the worst performing share of Netflix, Meta Platforms and Micron. Each note has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $939.70. The notes pay a contingent coupon of 9.50% per annum only if, on each observation date, the closing level of every underlier is at or above its coupon barrier (75% of its initial level). The notes can be automatically redeemed early if each underlier meets its call threshold (100% of initial level) on a redemption determination date, with the first such determination on April 12, 2027. All payments are unsecured and subject to Morgan Stanley’s credit risk; the notes will not be listed on any exchange.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk market-linked securities tied to the S&P 500® Index due May 3, 2029. Each security has a $1,000 face amount and an estimated value of approximately $960 on the pricing date. The securities feature a 100% participation rate, a 10% buffer against losses at maturity, and an automatic call provision with a call date of May 4, 2027 and a minimum call payment of $1,102.50 (≈10.25% premium). The pricing date is April 29, 2026 and original issue date is May 4, 2026. Buyers bear issuance, selling, structuring and hedging costs included in the face amount, agent commissions of $25.75 per security, and full credit risk of Morgan Stanley; investors may lose up to 90% of face amount at maturity if the index declines sufficiently.
Morgan Stanley Finance LLC priced Dual Directional Buffered Participation Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $500,000. The securities pay no interest and mature on September 30, 2027. Payments at maturity depend on the index closing level on the observation date: above the initial level investors receive principal plus upside (100% participation) capped at $1,152.50; if the final level is between the initial level and a 10% buffer, investors receive principal plus a capped positive absolute-return amount; if below the buffer investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 10% of principal. All payments are subject to issuer and guarantor credit risk, and the estimated value on the pricing date was $964.60 per security.
Morgan Stanley Finance LLC is offering Principal at Risk securities with an aggregate principal amount of $160,000 (160 securities at $1,000 per security). The securities mature on March 31, 2031 and are linked to the EURO STOXX 50® Index.
At maturity the payout depends on the index level on the observation date: upside is paid at a leverage factor of 140.25% if the final level exceeds the initial level; a capped positive return applies when the index declines but remains at or above the buffer level (85% of initial); losses occur dollar-for-dollar for declines beyond the 15% buffer. The estimated value on pricing was $928.70 per security; the issue price is $1,000, with a $40 selling commission and proceeds to issuer of $960 per security. All payments are subject to issuer and guarantor credit risk and a minimum payment at maturity of 15% of principal.
Morgan Stanley Finance LLC issued a pricing supplement for principal-at-risk, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities permit automatic early redemption beginning on April 5, 2027 if the closing level of the underlier meets or exceeds the call threshold of 2,109.735 (90% of the initial level). If not auto-redeemed, payment at maturity on March 31, 2031 depends on the final level: a fixed positive payment of $1,737.50 if the final level is at or above the call threshold, return of principal if final level is at or above the downside threshold of 1,172.075 (50% of initial), or a proportionate principal loss if below the downside threshold. All payments are unsecured and subject to Morgan Stanley's credit risk; the estimated value on the pricing date was $890.20 per security.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk notes fully and unconditionally guaranteed by Morgan Stanley with an aggregate principal amount of $1,946,000. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $894.80.
The notes pay a contingent coupon at an annual rate of 9.25% only if the underlier’s closing level on observation dates meets the coupon barrier (65% of the initial level). The notes include an automatic early redemption feature tied to the call threshold (initial level) and a buffer that protects the first 15% of underlier decline; the minimum payment at maturity is 15% of principal. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities linked to Netflix, Inc. with an aggregate principal amount of $100,000, issued at $1,000 per security and fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of 11.25% per annum on observation dates when the closing level of Netflix is at or above the coupon barrier of $60.730 (approximately 65% of the initial level). The notes may be automatically redeemed early if Netflix closes at or above the call threshold of $93.43 on a redemption determination date; if not redeemed, maturity payoff depends on the final level versus the downside threshold of $60.730, exposing investors to up to full principal loss.
Morgan Stanley Finance LLC priced a contingent-income, auto-callable note series with an aggregate principal amount of $550,000 and a $1,000 stated principal amount per security. The securities pay a contingent coupon at an annual rate of 7.50%, are automatically redeemable on specified determination dates and mature on September 30, 2027. Coupon payment and early redemption depend on observation and redemption-determination tests versus fixed barrier levels: call thresholds equal 100% of initial levels, coupon barriers equal 80% of initial levels, and downside thresholds equal 70% of initial levels for the EURO STOXX 50®, Russell 2000® and S&P 500®. The estimated value on the pricing date was $935.20 per security and all payments are subject to the issuers and guarantors credit risk.
Morgan Stanley Finance LLC priced a contingent income auto-callable note offering linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50® and Russell 2000®. The notes have a stated principal amount of $1,000 per security (aggregate $100,000), an original issue date of March 31, 2026 and maturity on March 29, 2029. The securities pay a contingent coupon of 9.00% per annum only if on each observation date every underlier is at or above its coupon barrier (80% of initial). The notes are automatically redeemed early if, on a redemption determination date, each underlier is at or above its call threshold (100% of initial). At maturity, if the worst performing underlier is below its downside threshold (70% of initial), principal is reduced pro rata by the worst underlier's performance and could be zero. All payments are subject to Morgan Stanley's credit risk; estimated value on the pricing date was $933.80 per security.
Morgan Stanley Finance LLC priced callable buffered jump securities linked to the S&P 500® Futures Excess Return Index. The offering totals $1,566,000 of securities at a $1,000 stated principal per security and an estimated value of $922.40 on the pricing date. The notes feature a 15% downside buffer, a 195% participation rate for upside, a minimum payment at maturity of 15% of principal, and a call feature allowing issuer redemption at preset cash amounts on periodic dates prior to maturity.
Morgan Stanley Finance LLC priced a contingent-income, buffered auto-callable note due April 1, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an aggregate offering of $1,000,000. The securities pay a contingent coupon of 11.45% per annum on observation dates when the underlier’s closing level is at or above the coupon barrier (80% of initial level), are automatically redeemed if the underlier closes at or above the call threshold (100% of initial level) on a redemption determination date, and return principal at maturity only if the final level is at or above the buffer level (80%). If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. The underlier is an equally weighted basket of NVDA, PLTR, TSLA and TSM (25% each). All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk Buffered Jump Securities due March 31, 2031, fully guaranteed by Morgan Stanley. The securities were issued at $1,000 per security with an aggregate principal amount of $188,000 and an estimated value on the pricing date of $901.70.
The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an initial and call threshold level of 1,044.94 and a buffer level of 835.952 (80% of initial). Automatic early redemption may occur on scheduled determination dates starting March 30, 2027, with fixed early redemption payments that correspond to approximately 15.75% per annum. If not called, maturity payoffs depend on final index performance: full fixed positive payoff if final level ≥ call threshold, return of principal if final level ≥ buffer, or principal reduced 1% for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal.
Morgan Stanley Finance LLC priced Structured Investments Step-Up Jump Notes with an aggregate principal amount of $100,000, issued at $1,000 per note. The notes mature on March 31, 2033, pay no interest, and include an automatic early redemption feature beginning with the first determination date on March 29, 2027. Early redemption payments are fixed per determination date (approximately a 9.35% per annum return if called). If not called, maturity payment equals the stated principal plus any upside when the final level exceeds the initial level (initial level: 1,063.45); otherwise investors receive only the stated principal. Estimated value on the pricing date was $929.60 per note and selected dealers receive a fixed commission of $45 per note. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering $265,000 in principal of structured, principal-at-risk notes due September 30, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon only if the linked underlier, NVIDIA common stock, meets preset observation thresholds and include an automatic early redemption feature. The stated principal per security is $1,000, the issue price is $1,000, and the estimated value on the pricing date was $965.10. If the final level of the underlier is below the downside threshold, holders suffer pro rata principal loss equal to the underlier’s decline; if the final level is at or above the downside threshold, holders receive principal at maturity.