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 is offering principal-at-risk structured notes with an aggregate principal amount of $500,000. The notes are issued at $1,000 per security and mature on March 28, 2028, and are fully and unconditionally guaranteed by Morgan Stanley.
The securities are linked to the worst performing of the S&P 500®, Nasdaq-100® Technology Sector and Russell 2000® indices, feature automatic early redemption beginning on March 24, 2027, and have fixed early redemption payments of $1,193.00, $1,241.25, $1,289.50 and $1,337.75 on successive determination dates. If no early redemption occurs, maturity payoffs are: $1,386.00 if each final level ≥ call threshold (100% of initial level); the stated principal amount if final levels are ≥ downside threshold (70% of initial level); or a loss equal to the percentage decline of the worst performing underlier if that underlier is below its downside threshold, which could result in a zero payment.
The estimated value on the pricing date was $979.00 per security. Commissions and fees reduce proceeds to MSFL to $496,500 in the aggregate. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering contingent income memory auto-callable notes due March 27, 2031 with a stated principal amount of $1,000 per security and an aggregate principal amount of $2,597,000. The securities pay a contingent coupon at an annual rate of 11.00% on observation dates only if each underlier meets its coupon barrier level; missed coupons may be paid later only if future observation dates satisfy the coupon condition. The notes are linked to the worst performing of the State Street® Energy Select Sector SPDR® ETF (XLE), the EURO STOXX 50® Index (SX5E) and the VanEck® Semiconductor ETF (SMH); downside protection is limited to threshold levels set at 60% of initial levels and investors can lose up to all principal if the worst performing underlier declines below its downside threshold. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the common stock of Broadcom Inc. The issue size is $2,160,000 (aggregate) at an issue price of $1,000 per security; stated principal is $1,000 per security. The securities mature on April 28, 2027 with a final observation date of April 23, 2027. They pay a contingent coupon at an annual rate of 15.50% only if the closing level of Broadcom meets or exceeds the coupon barrier of $180.606 (approx. 56% of the initial level) on each observation date. The call threshold equals the initial level of $322.51; the securities automatically redeem early if the closing level on any redemption determination date is at or above that level. If not auto-redeemed, maturity payment returns full principal only if the final level is at or above the downside threshold ($180.606); otherwise holders suffer proportional losses and may lose their entire principal. All payments are subject to issuer and guarantor credit risk; estimated value on pricing date was $979.20 per security.
Morgan Stanley Finance LLC priced a structured note offering of Buffered PLUS securities totaling $1,659,000. Each note has a $1,000 stated principal amount and an issue price of $1,000. The securities provide a 114.40% leverage factor on upside, a 10% buffer (buffer level $86.256, initial level $95.84), and a minimum payment at maturity of 10% of principal. The securities do not pay interest; payment at maturity depends on the closing level of the iShares® MSCI EAFE ETF on the observation date March 23, 2029, subject to postponement, and are fully guaranteed by Morgan Stanley. The estimated value on the pricing date was $975.50 per security and all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, contingent‑coupon auto‑callable securities due March 21, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and the aggregate offering is $500,000. The securities pay a contingent coupon at an annual rate of 14.25% but only when the closing level of both underliers (Adobe and Microsoft) meets or exceeds their coupon barrier levels on observation dates. The notes may be automatically redeemed early beginning with the redemption determination date of September 16, 2026. If not redeemed, payment at maturity depends on the worst performing underlier versus a downside threshold of 60% of the initial level; investors bear full downside exposure and receive no upside participation. The estimated value at pricing was $978.40 per security and the issue price is $1,000 (agent commission $2.50 per security). All payments are subject to Morgan Stanley’s credit risk and U.S. federal income tax treatment is described as uncertain.
Morgan Stanley Finance LLC is offering Principal at Risk contingent income, memory auto-callable securities with an aggregate principal amount of $266,000 (stated principal amount $1,000 per security). The securities pay a contingent coupon of 9.90% per annum, are automatically callable if the underlier meets a call threshold of 2,204.82 (90% of the initial level), and mature on March 27, 2031 with downside exposure if the final level is below the downside threshold of 1,469.88 (60% of the initial level). Terms reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, include a coupon barrier at 1,714.86 (70% of the initial level), and note an estimated value on the pricing date of $914.00 per security. All payments are subject to the issuer’s and guarantor’s credit risk and the offering includes agent commissions of $41.50 per security.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities with an aggregate principal amount of $1,125,000 (stated principal amount $1,000 per security), fully and unconditionally guaranteed by Morgan Stanley. The securities reference the S&P 500® Index and mature on September 28, 2027.
Key economic terms include a 200% leverage factor on upside returns subject to a $1,105.50 maximum payment per security, an 80% buffer level (20% buffer), and a 20% minimum payment at maturity. The initial level was 6,581.00 as of March 23, 2026, the estimated value on pricing date was $964.90 per security, and the agent received a $22.50 sales commission per security.
Morgan Stanley Finance LLC offers principal-at-risk Structured Investments due May 13, 2027, fully guaranteed by Morgan Stanley. Each note has a stated principal of $1,000, an upside payment of $112 (11.20%) payable if the worst performing underlier is at or above its downside threshold on the observation date, and a downside where losses track 1% for each 1% decline in the worst performing underlier (70% downside threshold). The securities reference the Russell 2000® and S&P 500® indices, have a pricing and strike date of April 10, 2026, an original issue date of April 15, 2026, an observation date of May 10, 2027, and mature on May 13, 2027. Estimated pricing value on the pricing date is approximately $985.60. All payments are subject to Morgan Stanley’s credit risk; investors can lose some or all principal.
Morgan Stanley Finance LLC priced a $12,000,000 aggregate offering of Dual Directional Auto-Callable Buffered PLUS notes due March 28, 2028, issued at a stated principal amount of $1,000 per security and an issue price of $1,000 per security.
The securities reference the Russell 2000® Index, carry an automatic early redemption feature with an early redemption payment of $1,100.20 if the index on the first determination date (3/30/2027) is at or above the initial index value determined on the pricing date (March 23, 2026), and provide payoff mechanics at maturity that include a 10% buffer and a minimum payment of $100 per security. Investors face downside exposure beyond the 10% buffer and may lose up to 90% of principal; estimated value on the pricing date was $956.90 per security.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes fully and unconditionally guaranteed by Morgan Stanley that mature on August 25, 2027. Each note has a $1,000 stated principal amount, a fixed $140 upside payment (14%) if the worst performing underlier is at or above its 75% buffer, a 25% buffer and a downside factor of 1.3333 applied to declines of the worst performing underlier beyond the buffer. The securities pay no interest, may return less than principal (potentially zero) and are linked to the worst performing of the NDXE Equal Weighted Index, Russell 2000 Index and XLP ETF. Pricing and strike dates are March 31, 2026 with original issue date April 6, 2026. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is issuing Principal at Risk Securities due March 24, 2031, fully guaranteed by Morgan Stanley. The offering totals $2,885,000 in aggregate principal at an issue price of $1,000 per security and an estimated value on the pricing date of $903.50 per security.
The securities pay a contingent coupon at an annual rate of 11.15% on specified coupon payment dates only if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index is ≥ the coupon barrier level (1,481.034, 60% of the initial level). The initial/strike level is 2,468.39. If not automatically redeemed, maturity payment is the stated principal if the final level ≥ downside threshold (1,481.034); otherwise payment = principal × (final level / initial level), which could be significantly less or zero.
Morgan Stanley Finance LLC prices a series of principal-at-risk structured notes. The offering is for notes with a stated principal amount of $1,000 per security (aggregate $10,000,000) issued at $1,000 on an original issue date of March 26, 2026. The notes mature on March 23, 2028 and reference a 2-component equity basket (MSCI EAFE 70% / MSCI Emerging Markets 30%) with an initial level of 100, a buffer level of 80 (20% buffer) and a participation rate of 100%. If the basket closing level on the first determination date (subject to postponement) is ≥ the call threshold (100), the notes auto-redeem on the early redemption date for $1,123.50 per security. If not called, maturity payments depend on final performance and may result in losses beyond the buffer, subject to a minimum payment at maturity of 20% of principal. All payments are unsecured and guaranteed by Morgan Stanley and remain subject to issuer credit risk.
Morgan Stanley Finance LLC offers Trigger PLUS principal‑at‑risk notes linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities mature on April 4, 2033 with an observation date of March 30, 2033.
The notes provide a 255% leverage factor for upside: at maturity investors receive the stated principal plus 255% of any index appreciation. A downside threshold is set at 70% of the initial level: if the final level falls below that threshold, investors suffer a pro rata loss of principal (1% loss for each 1% decline), and the securities could pay zero.
The estimated value on the pricing date was approximately $956.00 per security. All payments are subject to issuer and guarantor credit risk, and the securities do not pay interest or guarantee return of principal.
Morgan Stanley Finance LLC offers Principal at Risk fixed-income securities due April 1, 2027 that pay a 9.25% fixed annual coupon and return principal at maturity only if each underlier meets its downside threshold.
The securities are linked to the S&P 500®, Nasdaq-100® Technology Sector and Russell 2000®; the downside threshold for each is 65% of its initial level. If the worst performing underlier finishes below its threshold, maturity payment equals the stated principal multiplied by that underlier’s performance factor and could be significantly reduced or zero. All payments are subject to Morgan Stanley’s credit risk; estimated value on the pricing date is approximately $982.70 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities fully guaranteed by Morgan Stanley with a stated principal amount of $1,000 per security. The securities are linked to the worst performing of the Dow Jones Industrial Average, S&P 500® and Russell 2000®.
The securities have an initial issue price of $1,000 and an estimated value on the pricing date of approximately $983.20. The first determination date is April 7, 2027 and maturity is April 10, 2031. Automatic early redemption occurs if each underlier is at or above its call threshold on a determination date; early redemption payments range from $1,148 (first) to $1,666 (eighth). At maturity investors may receive $1,740, the stated principal, or a reduced payment tied to the worst performing underlier; losses can equal the full principal.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due April 6, 2032 linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount, a 213.25% leverage factor on upside and a downside threshold equal to 70% of the initial level. At maturity investors receive principal plus leveraged upside if the final level exceeds the initial level; if the final level is between the downside threshold and the initial level they receive the stated principal; if the final level is below the downside threshold they lose proportionally (1% loss in principal per 1% decline). The issue price is $1,000, estimated value on the pricing date is approximately $934.70, agent commissions are $32.50 per security and proceeds to the issuer are $967.50 per security. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Step-Down Jump Securities with an Auto-Callable feature due March 29, 2029. The securities are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security and an issue price of $1,000 per security.
The securities are linked to the worst performing of three underliers: the State Street® Consumer Staples Select Sector SPDR® ETF (XLP), the Invesco S&P 500® Equal Weight ETF (RSP) and the Russell 2000® Index (RTY). They include a 15% buffer level and a minimum payment at maturity of 15% of principal. Automatic early redemption may occur on specified determination dates beginning March 29, 2027, with early redemption payments reflecting a stated return of approximately 12.45% per annum on the applicable early redemption dates. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for a Trigger PLUS note linked to the S&P 500® Futures Excess Return Index, describing final terms for securities with a $1,000 stated principal amount per security.
The securities offer a leveraged upside with a 216.50% leverage factor and a downside threshold of 70% of the initial level. The estimated value on the pricing date was approximately $977.10 per security. The note pays no interest, is exposed to issuer credit risk, and can result in partial or total loss of principal at maturity.
Morgan Stanley Finance LLC is offering principal‑at‑risk notes due March 30, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $195 ( 19.50% ) if the worst performing underlier is at or above its downside threshold on the observation date.
If the final level of any underlier is below its downside threshold (60% of its initial level), the payment is the stated principal multiplied by the performance factor of the worst performing underlier; there is no minimum payment and investors could lose their entire investment. The pricing/strike date is March 27, 2026 and the observation date is March 27, 2028. The estimated value on the pricing date was approximately $987.20 per security.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an issue price of $1,000. The securities mature on July 29, 2027 and are fully and unconditionally guaranteed by Morgan Stanley. They provide a fixed upside payment of at least $131.20 (13.12% of principal) if the final level is at or above a buffer level equal to 90% of the initial level. If the final level is below the buffer level, investors bear downside exposure equal to the underlier percent change beyond the 10% buffer multiplied by a downside factor of 1.1111, meaning principal can be significantly reduced or lost. The estimated value on the pricing date is approximately $983.10 per security; agent commissions are $11.67 per security and proceeds to the issuer are $988.33 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to NVIDIA Corporation common stock, with Morgan Stanley providing an unconditional guarantee. Each security has a stated principal amount of $1,000; aggregate principal offered is $2,110,000. The securities mature on April 7, 2027 with a final observation date of April 2, 2027.
The securities pay a contingent coupon at an annual rate of 18.00% on each coupon payment date only if the closing level of NVIDIA on the related observation date is at or above the coupon barrier level of $103.62 (60% of the initial level). They are subject to automatic early redemption on specified redemption determination dates if the closing level is at or above the call threshold of $172.70 (100% of the initial level). If not auto‑redeemed, maturity payment is the full principal if the final level is at or above the downside threshold ($103.62); otherwise payment at maturity equals principal multiplied by the performance factor and may be significantly less or zero.
Morgan Stanley Finance LLC priced a primary offering of Structured Investments — Enhanced Trigger Jump Securities — with an aggregate principal amount of $1,000,000. These notes, fully and unconditionally guaranteed by Morgan Stanley, have a $1,000 stated principal amount per security and an original issue price of $1,000 per security.
The securities pay no interest and return either the stated principal plus a fixed $110 upside payment at maturity if each underlier is at or above its 70% downside threshold, or a loss tied to the worst performing underlier (1% loss per 1% decline). The underliers are the SPY Fund (initial level $655.38), the INDU Index (initial level 46,208.47) and the RTY Index (initial level 2,494.227). The observation date is April 23, 2027 and maturity is April 28, 2027. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk automatic early redemption notes linked to the S&P400 Futures 40% Intraday 4% Decrement VT Index, fully guaranteed by Morgan Stanley. The securities are issued in $1,000 denominations, aggregate $500,000, with an original issue price of $1,000 and an estimated value of $938.50 on the pricing date.
The notes pay a contingent coupon at an annual rate of 14.75% on observation dates when the underlier is at or above the coupon barrier (1,714.86, 70% of the initial level). They are automatically redeemed if the underlier is at or above the call threshold (2,449.80, 100%) on any redemption determination date. At maturity, if not redeemed, investors receive principal only if the final level is at or above the downside threshold (1,469.88, 60%); otherwise payment equals principal multiplied by performance factor and may be significantly less or zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Buffered PLUS notes due May 11, 2028 linked to a five-index basket, with a 175% leverage factor, a 10% buffer and a $1,280 maximum payment per $1,000 stated principal.
The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. At maturity investors receive principal plus leveraged upside if the final level exceeds the initial level, principal at par if performance is within the buffer, or a pro rata loss beyond the buffer; estimated value on the pricing date was approximately $984.20 per security.
Morgan Stanley Finance LLC offers $1,250,000 aggregate principal of Structured Investments — Enhanced Buffered Jump Securities, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount, an original issue date of March 26, 2026 and matures on April 23, 2027. The securities pay a fixed upside payment of $108.80 (10.88%) if the final level is greater than or equal to the buffer level, and provide a 10% buffer (buffer level = 90% of the initial level) against losses within that range. If the final level is below the buffer level, losses apply at a downside factor of 1.1111, and maturity proceeds could be significantly less than principal, including zero. The pricing date estimated value was $981.50 and the issue price is $1,000 with agent commissions of $10.42 per security.
Morgan Stanley Finance LLC priced $545,000 aggregate of structured, principal‑at‑risk notes due March 28, 2029. Each security has a $1,000 stated principal amount and an issue price of $1,000 per security.
The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq‑100 and the S&P 500. They feature automatic early redemption beginning on March 24, 2027 with preset cash early redemption payments of $1,156, $1,234, $1,312 and $1,390 on successive determination dates and a final maturity payment that can be $1,468, $1,000, or a reduced principal amount tied to 70% downside thresholds (70% of initial levels) depending on final index performance. The estimated value on pricing date was $985.20 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income securities due April 5, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an annual contingent coupon rate of 10.10%, payable only if the closing level of each underlier meets or exceeds its coupon barrier on each observation date.
Performance is determined by the worst performing underlier (S&P 500®, Nasdaq-100® Technology Sector, Russell 2000®). Both the coupon barrier and the downside threshold are set at 70% of each underlier’s initial level; if any underlier is below its downside threshold on the final observation date, maturity payment = $1,000 × performance factor of the worst performing underlier, exposing investors to loss of principal. Pricing and strike dates are April 2, 2026; original issue date is April 8, 2026. The estimated value on the pricing date is approximately $975 per security.
Morgan Stanley Finance LLC prices contingent income auto-callable securities due October 14, 2027 linked to the VanEck® Gold Miners ETF. The securities have a $1,000 stated principal amount per security and an original issue price of $1,000 per security. They offer a contingent coupon at an annual rate of 12.50% payable only when the underlier meets a coupon barrier set at 65% of the initial level on observation dates and include an automatic early redemption feature if the underlier is at or above a call threshold set at 100% of the initial level on a redemption determination date. If not called and the final level is below the downside threshold of 65% of the initial level, payment at maturity will equal the stated principal multiplied by the performance factor (final level / initial level), exposing investors to a loss proportional to the underlier’s decline. All payments are subject to the issuer’s and guarantor’s credit risk. The pricing date and strike date are April 10, 2026 and the original issue date is April 15, 2026.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes fully guaranteed by Morgan Stanley: contingent income auto-callable securities linked to the worst performing of the XLE and XOP ETFs. Each security has a $1,000 stated principal amount, an original issue date of April 15, 2026 and a maturity date of October 14, 2027. The notes pay a contingent coupon at an annual rate of 9.75% only if both underliers meet their coupon barrier levels on observation dates. The coupon barrier and downside threshold for each underlier are set at 65% of its initial level; the call threshold is 100% of initial level. Automatic early redemption can occur on scheduled redemption dates beginning October 12, 2026, paying principal plus the contingent coupon for that period. If not redeemed and the worst performing underlier finishes below its downside threshold, payment at maturity equals principal multiplied by that underlier’s performance factor and could be significantly less than the stated principal. The estimated value on the pricing date is approximately $963.90 per security. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC priced Enhanced Trigger Jump Securities due April 28, 2027. The securities are principal-at-risk notes, issued at $1,000 per security, aggregate $2,196,000, and fully guaranteed by Morgan Stanley. Returns depend on the worst performing of the S&P 500® and Russell 2000® indices with an $116.50 upside payment (11.65%) if both underliers finish at or above a 75% downside threshold. The observation date is April 23, 2027. If either underlier finishes below its downside threshold, holders lose in proportion to the decline of the worst performing underlier; there is no minimum payment. All payments are subject to Morgan Stanley credit risk. The estimated value on the pricing date was $976.30 per security.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Trigger Jump Securities tied to the S&P 500® Index with an aggregate principal amount of $770,000. 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 $981.20.
At maturity on April 23, 2027, if the final index level is at or above the downside threshold (80% of the initial level), each security will pay the stated principal plus an upside payment of $105 (10.50%). If the final level is below the downside threshold, payment equals the stated principal multiplied by final/initial level, and investors may lose some or all principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Buffered Jump Securities with Auto-Callable Feature due March 23, 2028, guaranteed by Morgan Stanley. The offering is issued at a $1,000 stated principal amount per security, with an aggregate principal amount of $2,000,000.
The securities reference a four-stock basket (Apollo, Blackstone, Ares, KKR) with 25% weights, an initial level of 100, a buffer level of 85 (15% buffer), a participation rate of 150%, an upside payment of $506, an early redemption payment of $1,253 if the first determination date closing level is ≥ the 100% call threshold on April 2, 2027, and a downside factor of 1.1765.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes—contingent income buffered auto-callable securities linked to the worst performing of the Nasdaq-100 Index and the Russell 2000 Index.
Key terms: $1,000 stated principal per security; estimated value on the pricing date ~$954.60; contingent coupon 5.50% per annum; strike/pricing date April 28, 2026; original issue date April 30, 2026; final observation date October 30, 2028 and maturity November 1, 2028. The call threshold is 90% of initial level; coupon barrier and buffer levels are 80% of initial level; buffer amount is 20%; minimum payment at maturity is 20% of stated principal. Automatic early redemption may occur on specified redemption determination dates if both underliers meet the call threshold; coupons are paid only when both underliers meet coupon barriers on observation dates. Principal is at risk: if the worst performing underlier is below the buffer at maturity, payment is reduced proportionately, subject to the minimum payment. All payments are subject to the issuer’s and guarantor’s credit risk; the securities are fully and unconditionally guaranteed by Morgan Stanley. Certain plan, distribution, tax and market-liquidity details are described in the supplement and prospectus; some offering fields (aggregate principal and dealer commissions) are blank in this preliminary pricing supplement.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk callable contingent income securities due April 11, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an initial contingent coupon rate of 11.00% per annum, payable only if each of the three underliers meets its coupon barrier on each observation date.
The securities are linked to the worst performing of the Nasdaq-100® Technology Sector (NDXT), the Russell 2000® (RTY) and the S&P 500® (SPX). They are callable beginning on the first redemption date of October 9, 2026, subject to a risk‑neutral valuation model determination. At maturity you receive the stated principal only if each final level is at or above its 70% downside threshold; otherwise payment equals the stated principal multiplied by the worst performing underlier’s performance factor, possibly resulting in a total loss of principal.
Morgan Stanley Finance LLC is offering Principal at Risk securities due April 29, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $170 (17%), an observation date of April 26, 2027, and a downside threshold set at 60% of the initial level of Tesla, Inc. common stock. The estimated value on the pricing date was approximately $977.30 and the issue price is $1,000 per security with a $10 sales commission per security.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due April 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an original issue date of April 22, 2026, and an observation date of April 17, 2031.
Payoff features: a leveraged upside of 148% of positive index appreciation, an absolute return participation of 100% if the final level is between the downside threshold and the initial level, and a downside exposure where the downside threshold is 60% of the initial level. The estimated value on the pricing date was approximately $969 per security. Investors may lose some or all principal.
Morgan Stanley Finance LLC is offering contingent income auto-callable notes due April 10, 2031 with a $1,000 stated principal amount per security. The notes pay a contingent coupon at an annual rate of 8.25% on observation dates only if all three underliers meet their coupon barrier levels.
The notes are linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000. Automatic early redemption begins on April 7, 2027 if each underlier meets its call threshold; principal is at risk if any underlier falls below its 70% downside threshold at maturity. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC offers auto-callable, principal-at-risk notes linked to the Nasdaq-100 Index. The notes have a 150% participation rate, an early redemption feature with an early redemption payment of $1,114 if the underlier on the first determination date is at or above the call threshold (100% of the initial level), and a downside threshold of 80% of the initial level.
The issue price is $1,000 per security with an estimated value on the pricing date of about $956.60. The strike and pricing dates are April 17, 2026, original issue date and maturity are April 22, 2026 and April 22, 2031, respectively, and the first determination date for the auto-call is April 21, 2027. All payments are subject to the issuers and guarantors credit risk.
Morgan Stanley Finance LLC offers leveraged buffered S&P 500® index-linked notes (fully and unconditionally guaranteed by Morgan Stanley) with a Face Amount of $1,000 per note. The notes provide 170% upside participation subject to a Cap Level and a Maximum Settlement Amount expected between $1,201.96 and $1,237.49 per $1,000 Face Amount. A 12.50% Buffer protects against declines up to that percentage; declines beyond 12.50% result in proportional principal loss, and the notes may lose most or all principal. The estimated value on the Trade Date is approximately $994.00 per note. All payments are subject to issuer credit risk, notes pay no interest, will not be listed, and have limited secondary-market liquidity.
Morgan Stanley Finance LLC is offering $4,447,740 of Autocallable Notes linked to a weighted basket of global indices and fully and unconditionally guaranteed by Morgan Stanley. The Notes have a $10 principal amount, trade date March 23, 2026, settlement March 26, 2026 and maturity March 28, 2029. The Initial Basket Level was set to 100. The Notes are automatically callable on annual Observation Dates beginning March 30, 2027 if the Observation Date Closing Basket Level is ≥ the Initial Basket Level; Call Return Rates equal 12.50% per annum producing Call Prices of $11.25, $12.50 and $13.75 for the three Observation Dates. If not called and the Final Basket Level is below 100, principal is reduced proportionately to the negative Basket Return. The estimated trade-date value was $9.626 per Security and the Issue Price is $10.00 per Security.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due April 23, 2030, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the estimated value on the pricing date is approximately $977.60.
The notes reference the Russell 2000® and the S&P 500® and pay based on the worst performing underlier. They feature automatic early redemption on specified determination dates with fixed early redemption payments (approximately 14.55% per annum equivalent), a downside threshold of 70% of initial level, and a final maturity payout that can result in full loss of principal if the worst performing underlier falls below its downside threshold. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk Jump Securities due April 23, 2030 linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a $1,000 stated principal and an issue price of $1,000; the estimated value on the pricing date was approximately $958. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and do not pay interest.
The securities feature automatic early redemption beginning on April 21, 2027, with fixed early redemption payments corresponding to approximately 12.55% per annum on specified determination dates. Call thresholds equal 100% of initial levels and downside thresholds equal 70% of initial levels. At maturity investors either receive a fixed positive payment, return of principal, or a principal loss proportional to the worst performing underlier; loss could be total. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Structured Investments Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. The securities have a participation rate of 150% and an early redemption payment of $1,146 if the underlier meets the call threshold on the first determination date. The first determination date is April 21, 2027 and the maturity/early redemption date framework runs to a final determination date of April 17, 2031 with maturity on April 22, 2031. The underlier is the Nasdaq-100 Index® with a downside threshold of 80% of the initial level, meaning investors can lose principal pro rata if the final level is below that threshold. The estimated value on the pricing date is approximately $975.80 per security.
Morgan Stanley Finance LLC is offering $4,282,350 of Autocallable Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $10 principal amount, a $10.00 issue price and an estimated trade-date value of $9.666 per security. They mature on March 28, 2029 unless automatically called on annual Observation Dates beginning March 29, 2027. If the index closes at or above the Initial Level of 6,581.00 on an Observation Date, the issuer will pay principal plus a fixed Call Return (based on a 10.75% per-annum Call Return Rate); Call Prices shown are $11.075, $12.150 and $13.225 for the first, second and final Observation Dates, respectively. If not called and the Final Level is below the Initial Level, payment at maturity equals $10×(1+Underlying Return), exposing investors to a loss proportionate to the index decline. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Dual Directional Trigger PLUS securities due April 22, 2032. The securities are principal‑at‑risk notes issued at a stated principal amount of $1,000 per security with an estimated value on the pricing date of approximately $932.00. Key economic terms disclosed include a leverage factor of 145% on upside gains, an absolute return participation rate of 100% for limited declines, and a downside threshold set at 60% of the initial level. The notes use the EURO STOXX 50® Index as the underlier, have an observation date of April 19, 2032 and an original issue date of April 22, 2026. The offering price is $1,000 per security; selected dealers receive a fixed sales commission of $32.50 per security (plus structuring fees of up to $9). The securities do not pay interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; investors bear credit risk and may lose their entire investment.
Morgan Stanley Finance LLC is offering Principal‑at‑Risk structured securities linked to the worst performing of the S&P 500® and S&P MidCap 400®, with a stated principal amount of $1,000 per security and a maturity date of April 20, 2029.
The securities can be automatically redeemed on the first determination date of April 21, 2027 for an early redemption payment of $1,147 if both underliers meet their call threshold levels. If not redeemed, payoff at maturity depends on the worst performing underlier: investors may receive the stated principal plus an 125% participation on appreciation, the stated principal only, or a reduced payment equal to the stated principal multiplied by the performance factor (which can result in a loss of principal).
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal‑at‑risk structured notes linked to the worst performing of the S&P 500® and S&P MidCap 400®. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of $977.70, and a maturity date of April 20, 2029.
The securities feature an automatic early redemption on the first determination date April 21, 2027 if both underliers are at or above their call threshold (100% of initial levels), in which case investors receive an early redemption payment of $1,183. If not redeemed, the payoff at maturity depends on the worst performing underlier: investors may receive the stated principal plus an upside payment using a 125% participation rate, the stated principal only, or a principal loss pro rata if the worst performing underlier falls below a downside threshold equal to 70% of its initial level.
Morgan Stanley Finance LLC priced a preliminary offering of Structured Investments — Enhanced Buffered Jump Securities due April 5, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an $93 upside payment (9.30%).
The securities reference the worst performing of three underliers (NDXE, RTY and XLP), provide a 25% buffer and apply a 1.3333% downside factor to losses beyond the buffer. The pricing and strike date is March 25, 2026, with an observation date of March 31, 2027. Payments at maturity are subject to issuer credit risk and could be significantly less than principal, possibly zero.
Morgan Stanley Finance LLC prices structured Auto-Callable Jump Notes linked to META, GOOGL and NVDA. The notes are issued at a stated principal amount of $1,000 per note and are fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, are linked to the worst performing underlier and may be automatically redeemed early if the closing level of each underlier is greater than or equal to its call threshold on a determination date.
Key terms: initial levels (strike date March 24, 2026) were $592.92 for META, $290.44 for GOOGL and $175.20 for NVDA; first determination date is March 24, 2027; early redemption payments are $1,090 (2027) and $1,180 (2028); final maturity is March 29, 2029. Estimated value on the pricing date was approximately $958.90 per note. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an Auto-Callable Feature linked to the Russell 2000® Index. The securities have a stated principal amount of $1,000 per security, an initial level and call threshold of 2,505.443, a buffer of 15% (buffer level 2,129.627), a participation rate of 125%, and a downside factor of 1.1764. The securities may be automatically redeemed on the first determination date of April 6, 2027 for an early redemption payment of $1,155.30 per security. If not redeemed, final payment is determined by the final level on the final determination date of March 24, 2028, with maturity on March 29, 2028. All payments are subject to the issuer’s and guarantor’s credit risk.