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 published a preliminary pricing supplement for Principal-at-Risk, contingent-income, memory auto-callable securities due March 29, 2029, linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 10.55% on observation dates only if both underliers are at or above their coupon barrier levels. Automatic early redemption may occur beginning with the redemption determination date of March 24, 2027, and the downside threshold for principal protection is approximately 80% of each underlier’s initial level; if the worst performing underlier finishes below that threshold, holders lose principal proportionally. The pricing date estimate of value was approximately $973.60 per security. All payments are subject to the credit risk of Morgan Stanley and the guarantee by Morgan Stanley.
Morgan Stanley Finance LLC is amending a preliminary pricing supplement for Dual Directional Buffered PLUS notes due March 28, 2029, fully guaranteed by Morgan Stanley. Each note has a stated principal of $1,000, an original issue price of $1,000, an estimated value on the pricing date of approximately $966.60, an observation date of March 23, 2029 and a strike date of March 23, 2026. Payout depends on the worst performing underlier between the Nasdaq-100® Equal Weighted Index and the S&P® 500 Equal Weight Index: leveraged upside of 111% for appreciation, an absolute return participation rate of 100% for declines within an 80% buffer, a buffer amount of 20%, and a minimum payment at maturity of 20% of principal. If the worst performing underlier falls below its buffer level, investors suffer proportional losses beyond the buffer and may lose a substantial portion of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $45,450,000 of Step Down Trigger Autocallable Notes due March 25, 2031, fully and unconditionally guaranteed by Morgan Stanley. The Securities are principal-at-risk notes linked to the least performing underlying of the Nasdaq-100, the S&P 500 and the EURO STOXX 50.
The notes pay a fixed 15.70% per annum Call Return Rate and can be automatically called on semi-annual Observation Dates beginning March 30, 2027; Call Prices range from $11.57 to $17.85 per $10 principal. Downside Thresholds equal approximately 85% of each Initial Underlying Value; if, at maturity, the Least Performing Underlying is below its Downside Threshold, holders suffer a loss proportional to that index’s decline. Issue Price is $10.00 per Security and the estimated Trade Date value was $9.845 per Security.
Morgan Stanley Finance LLC offers Principal at Risk contingent income auto-callable securities linked to Campbell Soup Company common stock, with a $1,000 stated principal amount per security and an aggregate principal amount of $1,000,000.
The securities pay a contingent coupon at an annual rate of 14.05% on observation dates when the closing level of the underlier is at or above the coupon barrier ($14.749, 70% of the initial level). They may be automatically redeemed on specified redemption determination dates if the closing level is at or above the call threshold ($21.07, the initial level), in which case holders receive the stated principal plus any payable coupons.
If not redeemed, at maturity investors receive the stated principal if the final level is at or above the downside threshold ($14.749); if the final level is below that threshold, payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to loss of principal down to zero. All payments are subject to Morgan Stanley credit risk; estimated value on the pricing date was $938.70 per security.
Morgan Stanley Finance LLC priced callable Jump Notes due March 25, 2031, fully guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Nasdaq-100 and S&P 500 and pay no regular interest. Each note has a stated principal amount of $1,000 and an issue price of $1,000; aggregate principal offered is $330,000. The estimated value on the pricing date was $923.10 per note. The notes are callable beginning on the first redemption date of April 1, 2027 if a risk neutral valuation model indicates redemption is economically rational; scheduled redemption payments imply approximately 7.00% per annum for called notes. At maturity investors receive principal plus an upside payment equal to the stated principal times a 100% participation rate times the percent change of the worst performing underlier only if both underliers finish above their initial levels; if either underlier is equal to or below its initial level, investors receive only the stated principal amount at maturity. All payments are subject to the issuer’s credit risk and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC is offering Structured Investments Jump Notes with an aggregate principal amount of $2,412,000. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, have a $1,000 stated principal amount per note and do not pay interest.
The notes reference the worst performing of MSFT, PLTR and UNH, have an automatic early redemption feature on the first determination date (March 29, 2027) that pays $1,150 per note if each underlier meets its 100% call threshold, and mature on March 23, 2029 with a 125% participation rate for upside if all final levels exceed initial levels. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering $2,441,000 aggregate principal of principal‑at‑risk, fixed‑coupon buffered auto‑callable securities due March 25, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed annual coupon of 7.00% (monthly payments) and can be automatically redeemed early if the underlier closes at or above the call threshold of 1,024.24 on any redemption determination date beginning March 22, 2027.
If not called, maturity pay‑out depends on the final level versus a buffer level of 870.604 (85% of the initial level). A downside beyond the buffer reduces principal 1% for each 1% decline, subject to a minimum payment at maturity of 15% of principal. Issue price is $1,000 per security (estimated value on pricing date: $918.40); agent commission is $37.50 per security.
Morgan Stanley Finance LLC is offering Structured Investments — Principal at Risk Contingent Income Securities with an aggregate principal amount of $1,070,000. Each security has a stated principal of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $968. The securities pay a contingent coupon at an annual rate of 10.05% on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (70% of initial level) on the related observation date. The underliers are the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000®. The final observation date is March 20, 2029 and the maturity date is March 23, 2029. At maturity, if the final level of each underlier is at or above its downside threshold (70% of initial level), investors receive the stated principal; if any underlier is below its downside threshold, payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to possible significant principal loss down to zero. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC registers $3,585,000 of contingent‑income, principal‑at‑risk securities. The offering consists of $1,000 principal amount securities linked to the worst performing of the S&P 500®, Russell 2000® and Nasdaq‑100® Technology Sector, fully and unconditionally guaranteed by Morgan Stanley.
The securities pay a contingent coupon at an annual rate of 13.80% when each underlier is at or above its coupon barrier on observation dates, feature automatic early redemption on specified redemption determination dates beginning September 21, 2026, and mature on June 24, 2027. If a trigger event occurs (any underlier below its downside threshold during the term) and the worst performing underlier finishes below its initial level, maturity payment equals stated principal multiplied by the worst performing underlierinal/initial ratio, exposing investors to up to 100% principal loss.
The estimated value on the pricing date was $976.20 per security; price to public is $1,000 with agent commissions of $2.50 and proceeds to issuer approximately $997.50 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes: an offering of contingent-income, memory buffered auto-callable securities fully guaranteed by Morgan Stanley with an aggregate principal amount of $1,664,000 and a stated principal amount of $1,000 per security. The securities pay a contingent annual coupon of 11.50% on observation dates when the underlier closes at or above the coupon barrier (80% of the initial level). The notes are automatically redeemable beginning on March 22, 2027 if the underlier is at or above the call threshold (100% of initial level). At maturity on March 25, 2031, investors receive principal if the final level is at or above the buffer (85%); otherwise principal is reduced by the underlier’s decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities, aggregate principal amount $837,000, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, mature on September 23, 2027, and return depends on the worst performing of the Russell 2000 and S&P 500.
The securities provide 113% leveraged upside on appreciation of the worst performing underlier, a 15% buffer (losses beyond the buffer reduce principal 1% per 1% decline) and a minimum payment at maturity of 15% of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an auto-callable feature and a $1,751,000 aggregate principal amount. Each security has a $1,000 stated principal and issue price of $1,000; estimated value on pricing date was $900.80. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, have an initial level of 1,024.24 as of March 20, 2026, a buffer of 15% (buffer level 870.604), a call threshold of 921.816 (90% of initial level), automatic early redemption opportunities beginning on March 23, 2027, and maturity on March 25, 2031. Early redemption payments are fixed amounts ranging from $1,124.00 up to scheduled amounts and the payment at maturity can be $1,620.00 if the final level is at or above the call threshold; if the final level is below the buffer you lose 1% of principal per 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. All payments are subject to issuer and guarantor credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC is offering principal‑at‑risk, dual directional jump securities due March 23, 2029, linked to the worst performing of Microsoft, Alphabet (Class A) and NVIDIA. 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 $951.40. The notes can be automatically redeemed on the first determination date for an early redemption payment of $1,510 if each underlier is at or above its call threshold. At maturity, payouts depend on the worst performing underlier with a 300% upside participation rate, a 60% downside threshold and potential full loss of principal if the worst performing underlier closes below its downside threshold.
Morgan Stanley Finance LLC priced a $2,000,000 offering of Structured Investments — Buffered Participation Securities — fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, matures on April 23, 2027, and references the MSCI EAFE® Index.
The securities provide a 20% buffer (buffer level = 2,272.488), a 100% participation rate up to a $1,128 maximum payment at maturity, and a 20% minimum payment. The initial level was 2,840.61 (strike date March 20, 2026); the observation date is April 20, 2027. Payments at maturity depend solely on the closing level on the observation date and are subject to Morgan Stanley credit risk. The estimated value on the pricing date was $966.80 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due March 25, 2031, fully and unconditionally guaranteed by Morgan Stanley. The aggregate principal amount offered is $2,760,000 at a stated principal amount of $1,000 per security.
The securities pay no interest, may auto-redeem beginning on the first determination date March 23, 2027 for scheduled early redemption payments, and return is linked to the worst performing of the Dow Jones Industrial Average, S&P 500 and Russell 2000. A downside threshold is 70% of each initial level; if the worst underlier finishes below that threshold, investors lose 1% for each 1% decline and could lose their entire principal. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced $1,767,000 of Buffered Participation Securities due September 23, 2027, each with a stated principal amount of $1,000. The securities reference the S&P 500® Futures Excess Return Index with an initial level of 526.41 (strike date March 20, 2026).
Key economic terms: 100% participation in positive index performance subject to a $1,260 maximum payment at maturity (126% of principal); a 20% buffer (buffer level 421.128) protecting against losses up to 20%; and a minimum payment at maturity of 20% of principal. Observation date is September 20, 2027 (maturity September 23, 2027).
These are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, do not pay interest, carry issuer credit risk, and have an estimated value on the pricing date of $981.00 per security.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to the iShares MSCI EAFE ETF (EFA) with a stated principal amount of $1,000 per security and an aggregate principal amount of $500,000. The securities mature on March 22, 2029 and provide 150% leveraged upside participation subject to a 150% leverage factor, a 10% buffer and a maximum payment at maturity of $1,502 per security. If the final level is below the buffer level, investors lose 1% for each 1% decline beyond the buffer; the minimum payment at maturity is 10% of stated principal. The issue price is $1,000 (estimated value on the pricing date: $984.50), with proceeds to the issuer of $497,000 after agent commissions and fees. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk PLUS securities with a $250,000 aggregate stated principal amount, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value of $993.00 on the pricing date.
The securities mature on March 23, 2028 and pay at maturity based on the performance of the worst performing of three ETFs (QQQ, SOXX, XLK). If every underlier appreciates, holders receive principal plus a 194% leverage‑based upside payment. If any underlier declines,holders lose principal dollar‑for‑dollar with respect to the worst performing underlier; there is no minimum payment and the principal could be lost. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering $250,000 aggregate principal amount of Performance Leveraged Upside Securities (PLUS) due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a 190% leverage factor; the estimated value on the pricing date was $982.50.
At maturity the payout is determined by the worst performing of three ETFs (QQQ, SOXX, XLK): if the worst performing underlier finishes above its initial level you receive principal plus 190% of that underlier's appreciation; if any underlier finishes at or below its initial level you incur a loss equal to the percentage decline of that worst performing underlier (there is no minimum payment). All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk securities totaling $753,000. The notes are issued at $1,000 per security (issue price $1,000; estimated value $949.80) and are fully guaranteed by Morgan Stanley.
The securities pay a contingent coupon at an annual rate of 10.60% on observation dates if each underlier is ≥ its coupon barrier. They are auto-callable on scheduled redemption determination dates and mature on March 23, 2029. If any underlier is below the downside threshold at maturity (70% of initial level), principal is reduced pro rata based on the worst performing underlier. Agent commissions are $25 per security.
Morgan Stanley Finance LLC is offering Principal-at-Risk auto-callable securities linked to Chipotle Mexican Grill common stock. The issue is $1,000 per security with an aggregate principal amount of $667,000. The securities pay a $1,000 stated principal per security but are principal at risk and are fully guaranteed by Morgan Stanley.
The securities carry a contingent coupon at an annual rate of 12.00%, payable only if the closing level of the underlier meets the coupon barrier on an observation date. The initial level and call threshold are $33.37; the coupon barrier and downside threshold are $20.356 (approximately 61% of the initial level). The final observation date is March 20, 2028 and the maturity date is March 23, 2028. If not automatically redeemed and the final level is below the downside threshold, payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than, or zero of, principal. The estimated value on the pricing date was $964.30 per security.
Morgan Stanley Finance LLC priced a structured note — Contingent Income Memory Buffered Auto-Callable Securities due March 25, 2031 — fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of $901.30. The notes pay an annual contingent coupon of 11.85% on specified coupon payment dates only if the underlier's closing level meets the coupon barrier. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (initial level 1,024.24). The notes are auto-callable beginning with the March 22, 2027 determination date if the underlier is at or above the call threshold (1,024.24), and provide a 15% buffer (buffer level 870.604) with a minimum payment at maturity of 15% of principal. All payments are subject to issuer credit risk; proceeds to the issuer equal $959 per security after commissions.
Morgan Stanley Finance LLC priced a contingent‑income, memory, auto‑callable note linked to the common stock of The Goldman Sachs Group, Inc., fully and unconditionally guaranteed by Morgan Stanley. The notes were issued at $1,000 per security for an aggregate principal amount of $2,563,000 and mature on March 23, 2029.
The securities pay a 12.55% annual contingent coupon only if the closing level of the underlier meets the coupon barrier on observation dates. The initial and call threshold level is $813.53; the coupon barrier and downside threshold are $569.471 (70% of the initial level). If not auto‑redeemed and the final level is below the downside threshold, principal is reduced pro rata and could be zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering $1,340,000 aggregate principal amount of Dual Directional Buffered Participation Securities, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and matures on March 23, 2028.
The securities are linked to the S&P 500 Index with an initial level of 6,506.48 and final averaging dates in March 2028. They feature a 20% buffer (buffer level 5,205.184), a downside factor of 1.25, and full participation up to an upside cap of $1,211 per security (121.10% of principal). The estimated value on the pricing date was $978.10 per security and the issue price was $1,000 per security (agent commission $15, proceeds to issuer $985 per security).
Morgan Stanley Finance LLC is offering $525,000 aggregate principal of Structured Investments — Enhanced Buffered Jump Securities due April 23, 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.
The securities reference the Dow Jones Industrial Average and the S&P 500 and pay no interest. Investors receive a fixed upside payment of $74.50 (7.45%) if the worst performing underlier finishes at or above its buffer of 80% of its initial level. If the worst performing underlier falls below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 20% of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is issuing Trigger PLUS principal-at-risk notes due March 25, 2031 with an aggregate principal amount of $804,000 and a $1,000 stated principal per security. The notes are fully and unconditionally guaranteed by Morgan Stanley and are linked to the worst performing of three State Street sector ETFs: XLF, XLK and XLU.
Key economic features disclosed: an issue price of $1,000 per security (estimated value on the pricing date $903.20), a 400% leverage factor for upside, and downside protection only to the extent each underlier remains above 70% of its initial level (downside thresholds: XLF $34.356, XLK $94.703, XLU $31.255). Payment at maturity depends solely on closing levels on the observation date March 20, 2031 and may result in loss of principal if the worst performing underlier falls below its downside threshold.
Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The issue price is $1,000 per security with an aggregate principal amount of $4,190,000.
Key economic terms: participation rate 101%, a buffer of 15% (buffer levels set at 85% of initial levels), and a minimum payment at maturity equal to 15% of principal. Important dates: Strike/Pricing Date: March 20, 2026, Original Issue Date: March 25, 2026, Observation Date: September 20, 2027, and Maturity Date: September 23, 2027. Payments at maturity depend solely on closing levels on the observation date and are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities with an auto-callable feature due March 23, 2028, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an aggregate principal amount of $530,000. They pay no regular interest, may be automatically redeemed on the first determination date for an early redemption payment of $1,097.50, and otherwise pay at maturity according to the underlier’s performance versus an initial level of 526.41 with an 80% buffer and a 20% minimum payment at maturity. The estimated value on the pricing date was $976.70, and the issue price is $1,000 (agent commission $7.50 per security). All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a March 2026 offering of Trigger Jump Securities linked to Bank of America Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and aggregate principal amount of $1,417,000.
The 2‑year notes mature March 23, 2028, pay no interest, and provide a fixed $386.40 upside payment (38.64%) if the final share price is greater than or equal to the initial share price of $47.16. A downside threshold of $42.444 (90% of the initial price) preserves principal; below that level investors bear 1:1 declines, potentially losing the entire investment. Valuation date is March 20, 2028. Estimated value on the pricing date was $961.30 per security; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering callable principal‑at‑risk notes fully guaranteed by Morgan Stanley with a stated principal amount of $1,000 per security and an aggregate principal amount of $838,000. The securities pay a contingent coupon at an annual rate of 13.25% only if, on each observation date, the closing level of all four underliers meets or exceeds their coupon barrier levels. The notes are linked to the worst performing of four underliers (TLT, NDXT, RTY and XLU), mature on March 23, 2029, and may be redeemed early beginning on June 25, 2026 if a risk‑neutral valuation model indicates redemption is economically rational. If any underlier is below its downside threshold at maturity, principal is reduced pro rata to the performance of the worst performing underlier; the estimated value on the pricing date was $944.70 per security.
Morgan Stanley Finance LLC is offering $430,000 aggregate principal of callable, principal-at-risk notes due February 25, 2028, issued at a price of $1,000 per security. The securities are fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at an annual rate of 9.50% on each coupon payment date only if the closing level of each underlier (NDXT, RTY and SPX) is at or above its coupon barrier (65% of initial level) on the related observation date. If any underlier is below its downside threshold (also 65% of initial), payment at maturity is reduced pro rata to the performance of the worst performing underlier, potentially to zero. The notes may be called beginning on the first redemption date (June 25, 2026) if a risk neutral valuation model indicates redemption is economically rational; all payments remain subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities with an aggregate principal amount of $1,000,000, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal‑at‑risk notes linked to the Russell 1000® Value Index maturing on June 24, 2027.
Key economics disclosed: issue price of $1,000 per security (estimated value $986), an upside payment of $96.50 ( 9.65%) if the final level is at or above the buffer, a buffer amount of 15% (buffer level 1,790.960), and a minimum payment at maturity of 15% of stated principal. If the final level is below the buffer, holders lose 1% for each 1% decline beyond the buffer.
Morgan Stanley Finance LLC priced contingent income auto-callable securities totaling $3,378,000. The $1,000-per-security notes are linked to NVIDIA Corporation common stock, mature on April 23, 2027, and pay a contingent coupon at an annual rate of 15.25% only if observation-date levels meet the coupon barrier.
The securities feature automatic early redemption beginning with a first redemption determination date of September 21, 2026 if the closing level is at or above the call threshold of $172.70. The coupon barrier is $98.439 (57% of the initial level) and the downside threshold is $100.166 (58% of the initial level). At maturity holders receive principal only if the final level is at or above the downside threshold; otherwise payment equals principal times final/initial level, exposing investors to full principal loss.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the worst performing of three underliers: the State Street® Energy Select Sector SPDR® ETF (XLE), the Nasdaq-100® Technology Sector (NDXT) and the State Street® SPDR® S&P® Regional Banking ETF (KRE).
Key terms: $1,000 stated principal per security, aggregate $1,262,000, issue price $1,000, estimated value $923.70, participation rate 125%, early redemption payment $1,790, first determination date March 27, 2028, final determination date March 20, 2031, maturity March 25, 2031. Downside threshold for each underlier is 50% of its initial level.
Investors risk loss of principal if the worst performing underlier falls below its downside threshold; all payments are subject to MSFL and Morgan Stanley credit risk. The securities do not pay interest and limit upside to the fixed early redemption payment if auto-called.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal‑at‑risk, auto‑callable notes with a $1,000 stated principal amount per security and an aggregate principal amount of $2,011,000. The notes issue on March 25, 2026 and mature on March 23, 2029.
The payoff is linked to the worst performing of three underliers: the First Trust Nasdaq Cybersecurity ETF (CIBR), the VanEck® Semiconductor ETF (SMH) and the Nasdaq‑100 Index® (NDX). Call thresholds equal 100% of initial levels and downside thresholds equal 70% of initial levels. Automatic early redemption may occur beginning on March 25, 2027 on specified determination dates for fixed early redemption payments. At maturity, investors receive $1,657.00 if all final levels meet call thresholds, the stated principal if all final levels are at or above downside thresholds, or a principal repayment reduced pro rata to the performance of the worst performing underlier if that underlier is below its downside threshold.
All payments are subject to Morgan Stanley's credit risk; the securities do not pay interest and investors risk losing some or all principal.
Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities linked to Accenture plc class A shares with an aggregate principal amount of $722,000 and a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate of 18.00% only if the underlier's closing level on each observation date is at or above the coupon barrier of $134.393 (approximately 67.20% of the initial level). The initial level on the strike date was $199.99. The securities mature on April 23, 2027 with the final observation date of April 20, 2027. Automatic early redemption can occur on specified redemption determination dates beginning September 21, 2026 if the closing level meets or exceeds the call threshold ($199.99). If not redeemed and the final level is below the downside threshold ($134.393), payment at maturity is the stated principal multiplied by the performance factor and could be significantly less than, or equal to zero, resulting in loss of principal. All payments are subject to the credit risk of Morgan Stanley and MSFL.
Morgan Stanley Finance LLC priced a contingent income auto-callable note program guaranteed by Morgan Stanley. The offering totals $5,174,000 aggregate principal at a stated principal of $1,000 per security and an issue price of $1,000 per security. The securities reference Accenture plc Class A ordinary shares with an initial level of $199.99 (strike date March 20, 2026), a coupon barrier and downside threshold of $134.393 (≈67.20% of initial level), and a contingent annual coupon of 15.50%. The notes pay contingent coupons only if the underlier’s closing level meets the coupon barrier on observation dates, are subject to automatic early redemption if the underlier meets the call threshold on redemption determination dates, and at maturity may return full principal or an amount equal to the performance factor times principal (potentially zero) depending on the final level. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced $762,000 of contingent‑income, auto‑callable notes fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, a 12.50% per annum contingent coupon, an automatic early redemption feature, and a maturity date of September 23, 2027. Coupons are payable only if the closing level of each underlier (the Russell 2000®, the S&P 500® and the State Street® SPDR® S&P® Regional Banking ETF (KRE)) is at or above its coupon barrier on each observation date. If not auto‑redeemed, principal repayment at maturity depends on the worst performing underlier versus a 70% downside threshold; losses may equal the full principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes with an aggregate stated principal of $3,334,000 and a stated principal amount of $1,000 per security. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, with an original issue price of $1,000 and an estimated value on the pricing date of $904.00.
The notes are buffered, auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. They mature on March 25, 2031 with a final determination date of March 20, 2031. The first determination date is March 23, 2027. The call threshold and initial level were set at 1,024.24; the buffer level is 870.604 (85%). If not called, repayment at maturity depends on final index performance: full fixed positive payment if final level ≥ call threshold ($1,875.00 per security), return of principal if final level ≥ buffer, and proportional losses beyond the buffer with a minimum payment of 15% of principal.
Morgan Stanley Finance LLC priced a principal-at-risk, auto-callable structured note offering totaling $2,788,000 (aggregate principal) comprised of $1,000 stated principal per security. The notes are fully and unconditionally guaranteed by Morgan Stanley and are linked to the worst performing of the State Street® ETFs XLK, XLF and XLU.
Key economic terms: issue price $1,000 per security, estimated value on the pricing date $925.50, participation rate 300%, early redemption trigger on September 20, 2027 with an early redemption payment of $1,532.50, final determination date March 20, 2031 and maturity March 25, 2031. Downside threshold is 70% of each initial level; if the worst performing underlier closes below its downside threshold at maturity, investors lose pro rata principal (1% loss per 1% decline).
The securities do not pay interest, expose holders to issuer credit risk, and use the worst-performing underlier to determine payoffs; the product is for investors willing to risk principal for upside participation or a fixed early redemption.
Morgan Stanley Finance LLC priced a $1,000 face‑amount market‑linked securities offering linked to Blackstone Inc. stock. The offering consists of securities with a face amount of $1,000 per security and aggregate price to public of $3,193,000. The securities pay a contingent quarterly coupon of 16.35% per annum only if the underlying stock closes at or above 60% of the starting price on each quarterly calculation day, are auto‑callable beginning after a six‑month non‑call period if the stock closes at or above 90% of the starting price on a calculation day, and return principal at maturity only if the ending price is at or above the 60% downside threshold; otherwise the maturity payment equals $1,000 multiplied by the performance factor and investors may lose more than 40% of principal. The estimated value on the pricing date was $952.80 per security and all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities with a face amount of $1,000 per security, fully guaranteed by Morgan Stanley. The securities reference the lowest performing of the VanEck® Semiconductor ETF (SMH), State Street® Energy Select Sector SPDR® ETF (XLE) and State Street® Utilities Select Sector SPDR® ETF (XLU). The pricing date is March 27, 2026, original issue date is April 1, 2026, call date is April 1, 2027 and stated maturity is April 2, 2029. The call payment per security is fixed at $1,430 if automatic-call conditions are met; participation in upside at maturity (if not called) is 300% of the lowest performing underlying's positive return. The estimated value on the pricing date is $920.90 per security, and the public offering price is $1,000, with agent commissions of $25.75 and proceeds to issuer of $974.25 per security. Investments are subject to full issuer credit risk and may result in losses exceeding 30%, including possible total loss of principal.
Morgan Stanley Finance LLC offers Principal at Risk securities totaling $2,796,000. Each security has a $1,000 stated principal amount and issue price, an $1,000 original issue price and an $970.40 estimated value on the pricing date.
The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, mature on March 23, 2029, and can be automatically redeemed on specified determination dates beginning March 24, 2027. The payout is linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. Participation is 200%; downside threshold is 70% of each initial level; losses at maturity can equal the full decline of the worst performing underlier.
Morgan Stanley Finance LLC issues market-linked notes due October 6, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at a $1,000 stated principal amount per note, do not pay interest and provide a 100% participation rate in positive performance of a 10-stock equally weighted basket.
Key dates: Strike date: March 31, 2026, Pricing date: March 31, 2026, Observation date: October 1, 2031. Estimated value on the pricing date is approximately $926.30 per note. Payments at maturity depend solely on the underlier closing level on the observation date; if the final level exceeds the initial level investors receive principal plus upside, otherwise they receive only the stated principal amount.
Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due April 3, 2031 with a $1,000 stated principal amount per note. The notes pay no interest, have an estimated value of approximately $962.00 on the pricing date, and reference the worst performing of Amazon, NVIDIA and Tesla.
If, on the first determination date (April 6, 2027), each underlier’s closing level is at or above its 90% call threshold, the notes will be automatically redeemed for an early redemption payment of $1,170 per note. If not redeemed early, at maturity investors receive $1,000 plus an upside payment equal to 125% times the percent change of the worst performing underlier, but will receive only $1,000 at maturity if any underlier’s final level is equal to or less than its initial level.
The issuer Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk securities linked to the lowest performing of Broadcom Inc. and NVIDIA Corporation. Each security has a $1,000 face amount and an estimated value of approximately $962.40 on the pricing date. The contingent coupon rate will be determined on the pricing date and will be at least 17.05% per annum. The securities may be automatically called beginning after a six-month non-call period; maturity is April 11, 2028 (pricing date April 6, 2026, original issue date April 9, 2026). If, on the final calculation day, the lowest performing underlying stock is below its downside threshold (50% of its starting price), holders will suffer a loss proportional to that performance and may lose more than 50% or all of their investment. The offering carries agent commissions of up to $23.25 per security and proceeds to issuer of $976.75 per security.
Morgan Stanley Finance LLC is offering Principal‑at‑Risk Contingent Income Buffered Auto‑Callable Securities due April 3, 2031, fully guaranteed by Morgan Stanley. The notes pay a 9.50% contingent coupon only if each underlier meets coupon barriers on observation dates, are auto‑callable beginning with the March 31, 2027 determination date, and expose investors to principal loss if the worst performing underlier falls below an 80% buffer of its initial level at maturity. The securities reference the Nasdaq‑100® Technology Sector Index℠, the Russell 2000® Index and the S&P 500® Index; the stated principal amount is $1,000 per security and the estimated value on the pricing date was approximately $975.40 per security. The notes do not pay regular interest, have a 20% buffer amount and a 20% minimum payment at maturity; all payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC has provided a preliminary pricing supplement for Callable Jump Securities due April 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal at risk, linked to the worst performing of the S&P 500® and Nasdaq-100® indices. The stated principal amount is $1,000 per security, with a pricing and strike date of March 31, 2026 and an original issue date of April 6, 2026. A call feature begins on April 6, 2027, with a schedule of fixed redemption payments that imply approximately 14.10% per annum if called on specified dates. If not called, maturity payoffs vary: return of principal plus an upside payment if both underliers finish above initial levels; return of principal only if final levels are between initial and the 50% downside threshold; or a principal loss proportional to the decline of the worst performing underlier if it falls below the downside threshold. The participation rate is 200%. The document states an estimated value on the pricing date of approximately $973 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC published a preliminary pricing supplement for $1,000-denominated Principal at Risk structured notes with an auto-callable feature due April 5, 2029, fully guaranteed by Morgan Stanley.
The notes are linked to the worst performing of the S&P 500®, Nasdaq-100® and Russell 2000® indices, provide no periodic interest, and may be automatically redeemed beginning on the April 6, 2027 determination date if each index meets its 100% call threshold. Call thresholds equal 100% of initial levels and downside thresholds equal 70% of initial levels. Early redemption payments range from $1,171 to $1,470.25 per security on scheduled dates; payment at maturity can be $1,513, the stated principal, or a principal loss tied to the worst performing underlier (1% loss per 1% decline below the downside threshold).
The estimated value on the pricing date was approximately $984.10 per security; all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due May 6, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $126.50 (12.65%), a downside threshold equal to 70% of each initial index level and an observation date of May 3, 2027. If the worst performing underlier is at or above its downside threshold at observation, holders receive principal plus the upside payment; if any underlier is below its threshold, payoff equals principal times the worst performing underlier’s performance factor and could be zero. The estimated value on the pricing date was approximately $984.80 per security.