Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering Trigger PLUS notes due April 4, 2031 linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal and offers a 216.50% leverage factor on upside; downside protection applies only down to 70% of the initial level. If the final level is below the downside threshold, investors lose 1% of principal for every 1% decline in the underlier; repayment could be zero. Payments depend on the observation date closing level and are subject to MSFL and Morgan Stanley credit risk. The estimated value on the pricing date was approximately $975.60 per security; the issue price is $1,000 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk notes linked to the worst performing of the iShares® Russell Mid‑Cap ETF and the S&P 500® Index. Each security has a $1,000 stated principal amount, a 120% leverage factor, a 15% buffer and a maximum payment at maturity of $1,271.50. The strike and pricing date are April 7, 2026, original issue date April 10, 2026, observation date October 7, 2027 and maturity date October 13, 2027. The estimated value on the pricing date is approximately $976.30 per security. Payments at maturity depend solely on the closing levels of the underliers on the observation date and are subject to Morgan Stanley Finance LLC credit risk and the guaranty of Morgan Stanley.

Morgan Stanley Finance LLC prices $5,975,000 of Digital iShares Expanded Tech-Software Sector ETF‑Linked Notes due April 27, 2027. These principal‑at‑risk, non‑interest‑bearing notes have a Face Amount of $1,000 per note and are fully and unconditionally guaranteed by Morgan Stanley.

Payment at maturity is cash based on the iShares Expanded Tech‑Software Sector ETF performance from the Trade Date: March 20, 2026 to the Determination Date: April 23, 2027. If the Final Underlier Level is ≥85% of the Initial Underlier Level (Threshold Level: $70.5415), each note pays the Maximum Settlement Amount: $1,150.00. If the Final Underlier Level is <85%, the Cash Settlement Amount is reduced per the disclosed formula and investors may lose some or all principal. The estimated value on the Trade Date is $978.00 per note.

Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes linked to the Russell 2000® Index maturing on July 6, 2027. The pricing date is March 31, 2026 and the original issue date is April 6, 2026. Each note has a stated principal of $1,000, a 200% leverage factor for positive index performance, an 80% trigger level for the absolute-return feature, and a maximum payment at maturity of $1,154.40 (115.44% of principal). If the final index value is between the trigger level and the initial index value, investors receive a positive return equal to the absolute decline (up to 20%); if the index falls below the trigger level, losses are 1% of principal for each 1% index decline. Estimated value on the pricing date was approximately $967.00. All payments are subject to Morgan Stanley's credit risk and the Trigger PLUS are unsecured and not exchange listed.

Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities linked to the S&P 500® Index, due June 24, 2027, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and were issued at $1,000 with an estimated value of $963.60 on the pricing date.

Key economic terms: a 15% buffer (buffer level = 5,530.508), an upside payment of $74 per security (7.40%), and a minimum payment at maturity of 15% of principal. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer. All payments are subject to Morgan Stanley credit risk. Observation date is June 21, 2027.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due April 4, 2031 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $966.40.

The securities provide a leveraged upside equal to 183% of the underlier appreciation and a buffer that protects the first 20% of underlier decline, subject to a minimum payment at maturity of 20% of principal. The underlier is the S&P 500® Futures Excess Return Index. All payments are subject to the issuer’s and guarantor’s credit risk; holders may lose a substantial portion of principal if the final level is below the buffer level.

Morgan Stanley Finance LLC is offering principal‑at‑risk, fixed‑coupon auto‑callable securities fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a fixed annual coupon of 7.68%. The securities have a strike date of March 24, 2026, pricing date March 26, 2026, original issue date April 2, 2026, observation date March 25, 2027 and maturity date April 5, 2027. Automatic early redemption is possible on redemption determination dates beginning September 24, 2026, with a call threshold equal to 100% of each initial level; downside protection is limited to 55% of each initial level. Payment at maturity depends on the worst performing underlier (EURO STOXX 50®, Nikkei, S&P 500®); if the worst performing underlier is below its downside threshold, principal is reduced proportionally and could be zero. The estimated value on the pricing date is approximately $980.20 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a structured note offering: Buffered Jump Securities with an Auto‑Callable feature, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $4,870,000. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security.

The notes can be automatically redeemed on the first determination date April 1, 2027 for an early redemption payment of $1,251 if the underlier closing level is ≥ the call threshold (100). Final maturity is March 23, 2028. Key economics: participation rate 150%, upside payment $502, buffer 15% (buffer level 85), downside factor 1.1765. Estimated value on the pricing date was $973.40 per security. All payments are subject to issuer credit risk; investors may lose their entire investment.

Morgan Stanley Finance LLC priced a Buffered PLUS principal-at-risk note due March 25, 2031. The securities have a $1,000 stated principal amount, aggregate principal of $280,000, and an estimated value on the pricing date of $963.30 per security.

The return is linked to a three-component basket (S&P 500, EURO STOXX 50, iShares MSCI Emerging Markets ETF) with equal weightings. The securities provide a 115% leverage on positive performance, a 20% buffer (protecting the first 20% of losses), and a minimum payment at maturity of 20% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS securities linked to the iShares Expanded Tech-Software Sector ETF due July 6, 2027. The Trigger PLUS provide 200% leveraged upside if the final share price exceeds the initial price, subject to a maximum payment of $1,213 per note.

If the ETF declines up to 20% from the initial share price, investors receive a positive return equal to the absolute decline (capped at $1,200). If the ETF falls more than 20% (trigger level = 80% of initial price), investors suffer losses pro rata and may lose their entire principal. Pricing date is March 31, 2026; original issue date is April 6, 2026. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Trigger Jump Securities tied to JPMorgan Chase & Co. common stock with an aggregate principal amount of $2,615,000. The securities have an original issue price of $1,000 and a stated principal amount of $1,000 per security and mature on March 23, 2028.

They pay no interest and offer a fixed $359.10 upside payment (35.91%) if the final share price is greater than or equal to the initial share price of $286.56 (closing price on the pricing date). If the final share price is between the initial price and the downside threshold of $257.904 (90% of the initial price), investors receive the $1,000 stated principal. If the final share price is below the downside threshold, the payment equals the stated principal multiplied by the share performance factor (final/initial), and could be significantly less than $1,000 or zero, so investors may lose their entire investment. Payments are subject to issuer credit risk and are fully and unconditionally guaranteed by Morgan Stanley; the securities are principal-at-risk notes with an estimated pricing-date value of $965.30 per security.

Morgan Stanley Finance LLC priced Structured Investments Buffered Jump Securities with an auto-callable feature due April 16, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $901.30.

The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, include a 15% buffer and a minimum payment at maturity equal to 15% of principal, a call threshold at 90% of the initial level, and determination dates beginning April 13, 2027. Payments and early redemption amounts are subject to issuer credit risk and model-based estimated value assumptions.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities tied to the iShares® Semiconductor ETF. Each security has a stated principal amount of $1,000, a 200% leverage factor, a maximum payment at maturity of $1,350 (135%), an estimated value on the pricing date of approximately $959.10, an observation date of May 27, 2027, and a maturity date of June 2, 2027. Payments at maturity depend on the closing level of the underlier on the observation date: upside participation up to the maximum payment, return of principal if the final level is at or above a 90% downside threshold, or proportional principal loss below that threshold. All payments are unsecured and depend on the issuer’s and guarantor’s creditworthiness.

Morgan Stanley Finance LLC offers Principal at Risk securities—contingent income, auto-callable notes due April 14, 2031 backed by a full guarantee of Morgan Stanley. Each security has a stated principal of $1,000 and a contingent coupon at an annual rate of 12.85%, payable only if the indexed closing level meets the coupon barrier on scheduled observation dates.

The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index; the coupon barrier and downside threshold are each set at 60% of the initial level and the call threshold is 100% of the initial level. The estimated value on the pricing date was approximately $932.70 per security. Investors face full principal risk if the final level is below the downside threshold and may receive no coupons if observation dates fail to meet the coupon barrier.

Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Performance Leveraged Upside Securities (Trigger PLUS) linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal per security and original issue price of $1,000. The securities mature on April 6, 2032 with an observation date of April 1, 2032 and a strike date of April 1, 2026.

The terms include a leverage factor of 213.25% for upside payments, a downside threshold at 70% of the initial level (below which principal is lost proportionally), and an estimated value on the pricing date of approximately $931.80 per security. Distributor compensation totals $32.50 in sales commissions plus up to $9 structuring fee per security; proceeds to issuer are $967.50 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, buffered, auto-callable notes due April 16, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $901.30.

The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, include a 15% buffer (buffer level = 85% of the initial level) and a minimum payment at maturity of 15% of principal. If the underlier is at or above the call threshold (90% of the initial level) on a determination date beginning with April 13, 2027, the notes will be automatically redeemed for fixed early redemption payments (priced to deliver approximately 12.50 to 13.50 per annum). If not called, payout at maturity depends on the final level relative to the call threshold and buffer, with full downside exposure beyond the buffer subject to the minimum payment.

Morgan Stanley Finance LLC is offering contingent income principal-at-risk notes due May 1, 2031 guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security, a contingent coupon to be set on the pricing date at an annual rate between 9.50% and 10.50%, an initial observation structure beginning with a April 27, 2026 strike/pricing date and a final observation on April 28, 2031.

The notes pay contingent coupons only when the underlier closes at or above a coupon barrier (set at 65% of the initial level) on observation dates, and include an automatic early redemption feature if the underlier closes at or above the call threshold (100% of initial level) on a redemption determination date. At maturity, if the final level is below the buffer level (85% of initial), principal is reduced by each percentage point the underlier falls beyond the 15% buffer, subject to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Autocallable Leveraged Index Return Notes linked to the common stock of Oracle Corporation, due approximately April, 2028 with a principal amount of $10.00 per unit. The notes have an automatic call feature on a Call Observation Date about one year after pricing; the Call Payment is indicated at $12.50 - $12.90 (Call Premium 25.00% - 29.00%). If not called, the notes provide a 150% Participation Rate for upside and an absolute‑value return for declines up to a 40% fall (Threshold Value = 60% of Starting Value); declines beyond that give 1:1 downside exposure. The initial estimated value on pricing is about $9.589 per unit and the public offering price is $10.00. All payments are subject to the issuer’s and guarantor’s credit risk and there are no periodic interest payments or dividend rights.

Morgan Stanley Finance LLC priced Principal at Risk auto-callable securities due March 29, 2029, fully guaranteed by Morgan Stanley. Each $1,000 security is linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. Automatic early redemption can occur on specified determination dates beginning April 5, 2027, with fixed early redemption payments per security of $1,147, $1,220.50, $1,294 and $1,367.50. At maturity investors receive $1,441 if all underliers meet call thresholds, the principal if all underliers are at or above 70% of initial levels, or a reduced payment tied to the worst performing underlier if any underlier is below 70% of its initial level.

All payments are subject to MS/ MSFL credit risk; the estimated value on the pricing date is approximately $951.90 per security.

Morgan Stanley Finance LLC offers contingent income auto-callable notes due April 7, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of $8.30% per annum when each underlier meets its coupon barrier on monthly observation dates and are linked to the worst performing of NVIDIA, Tesla and Palantir. Stated principal is $1,000 per note; estimated value on the pricing date is approximately $944.60 per note. The coupon barrier is 75% of each initial level and the call threshold is 100% of each initial level. The first automatic early redemption can occur on April 7, 2027 (determination date April 2, 2027).

Morgan Stanley Finance LLC offers structured, principal-at-risk auto-callable securities due April 16, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities pay no interest, have a $1,000 stated principal amount and may automatically redeem early if each underlier meets call thresholds on scheduled determination dates.

Payments depend on the worst performing underlier — the Dow Jones Industrial Average, the S&P 500® Index and the Russell 2000® Index — with a downside threshold of 75% of initial levels and fixed early redemption payments that correspond to roughly 14.80% per annum on success. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Trigger Jump Securities due May 5, 2027, fully and unconditionally guaranteed by Morgan Stanley.

Each security has a stated principal of $1,000, an upside payment of $105 (10.50%), an observation date of April 30, 2027 (subject to postponement for non-trading days and certain market disruption events) and a maturity date of May 5, 2027. The downside threshold for each underlying index is 65% of its initial level. If every final level is at or above its downside threshold, holders receive principal plus the upside payment; if any underlier is below its downside threshold, payoff equals principal multiplied by the worst performing underlier’s performance factor and could be significantly less than principal or zero.

Estimated value on the pricing date is approximately $981.10 per security; all payments remain subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering $852,000 aggregate principal amount of Dual Directional Buffered Participation Securities due March 23, 2028, each with a $1,000 stated principal amount and fully and unconditionally guaranteed by Morgan Stanley.

The securities are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Key economic terms: $1,000 issue price, estimated value on the pricing date $981.20, 100% upside participation, 100% absolute return participation, a 15% buffer (buffer level ≈ 85% of initial levels) and a 15% minimum payment at maturity. The securities pay no interest; investors face principal risk if the worst performing underlier finishes below the buffer. The offering is being distributed to fee-based advisory accounts through Morgan Stanley & Co. LLC.

Morgan Stanley Finance LLC is offering Trigger GEARS linked to a weighted basket of global indices due April 1, 2031. The Securities have an Issue Price of $10.00 and an estimated Trade Date value of approximately $9.209 on March 27, 2026. The Final Valuation Date is set for March 27, 2031.

The payout at maturity is: if the Basket Return > 0, $10 + [$10 × (Basket Return × Upside Gearing)], with Upside Gearing set on the Trade Date in the range 1.20 to 1.36. If the Final Basket Level < the Downside Threshold (75 of initial 100), holders are exposed to the negative Basket Return and could lose a substantial portion or all of principal. All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due June 2, 2027 linked to the State Street® Technology Select Sector SPDR® ETF. Each security has a stated principal amount of $1,000 and a maximum payment at maturity of $1,225.

Payments depend on the ETF’s closing level on the observation date: investors receive leveraged upside (200% of appreciation) up to the cap if the final level is above the initial level, full principal if the final level is at or above a 90% downside threshold, or a pro rata loss of principal if the final level is below that threshold. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes backed by Morgan Stanley. Each security has a stated principal amount of $1,000 and no periodic interest. The securities reference the Nasdaq-100® Equal Weighted Index and the S&P® 500 Equal Weight Index, use the worst-performing underlier to determine payoff, and are subject to a 20% buffer (buffer level = 80% of initial level) and a minimum payment at maturity of 20% of principal. The leverage factor for upside is 111% and the absolute return participation rate is 100%. Key dates: strike date March 23, 2026, pricing date March 24, 2026, original issue date March 27, 2026, observation date March 23, 2029 and maturity date March 28, 2029. The estimated value on the pricing date was approximately $966.60 per security. All payments are subject to issuer and guarantor credit risk; holders may lose a substantial portion of principal if the worst performing underlier falls below its buffer level.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes: fixed‑coupon, buffered auto‑callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount of $1,000, a fixed coupon set on the pricing date in the 7.00% to 8.00% range and an estimated value on the pricing date of $919.50.

The notes pay monthly coupons, can be automatically redeemed beginning on April 16, 2027 if the underlier meets the call threshold, and mature on April 16, 2031. The structure features an 85% buffer level (a 15% buffer) and a minimum payment at maturity equal to 15% of principal; if the final level is below the buffer, holders lose 1% of principal for each 1% decline beyond the buffer. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley, and are subject to issuer credit risk.

Morgan Stanley Finance LLC offers Contingent Income Memory Buffered Auto-Callable Securities due April 16, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $902.60.

The securities pay a contingent coupon determined on the pricing date at an annual rate of 9.00% to 10.00%, payable only if the underlier meets the coupon barrier (which is 70% of the initial level) on observation dates. The notes are auto‑callable beginning with the first redemption determination date on April 12, 2027 if the underlier is at or above the call threshold (90% of the initial level).

At maturity, if not redeemed early and the final level is below the buffer level (85% of the initial level), principal is reduced on a 1:1 basis for declines beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of structured, principal‑at‑risk notes fully guaranteed by Morgan Stanley: Buffered Jump Securities due March 28, 2028. The securities are sold at an issue price of $1,000 per security and had an estimated value of approximately $972.30 on the pricing date.

The notes reference a four‑stock basket (APO, BX, ARES, KKR) with equal 25% weights and include an automatic early redemption feature on the first determination date April 5, 2027 for an early redemption payment of $1,242.50 if the closing level is ≥ the call threshold (100). If not called, maturity payoffs depend on final level vs. initial level (initial level 100): a participation rate of 150%, an upside payment of $485, a buffer of 15% (buffer level 85), and a downside factor of 1.1765, meaning losses beyond the buffer reduce principal proportionally and could eliminate principal.

Morgan Stanley Finance LLC prices contingent income, memory buffered auto-callable notes due April 16, 2031 tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $898.90.

The notes pay a contingent coupon at an annual rate of 11.50% to 12.50% on observation dates when the underlier is at or above an 80% coupon barrier, feature an 85% buffer (15% buffer amount) at maturity, a minimum payment at maturity of 15% of principal, and automatic early redemption beginning with the first redemption determination date on April 12, 2027. Payments are unsecured obligations of MSFL and are guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes—Buffered Jump Securities with an auto‑callable feature, fully guaranteed by Morgan Stanley.

Each security has a $1,000 stated principal amount and may be automatically redeemed on scheduled determination dates beginning April 13, 2027 if the underlier meets the call threshold. If not called, maturity is April 16, 2031, with payoff conditions tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, a rules‑based index established on March 14, 2022. The securities feature a 15% buffer against downside at maturity and a 15% minimum payment, but investors can lose more than the buffer if the final index level falls below the buffer; no regular interest is paid. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering contingent income memory buffered auto-callable securities due April 16, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $900.70.

The securities pay a contingent coupon (annual rate to be set on the pricing date between 10.15% and 11.15%) only if the closing level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is at or above a coupon barrier of 70% on observation dates. They are automatically redeemed early if the index is at or above the call threshold (100% of the initial level) on any redemption determination date beginning April 12, 2027. At maturity, if not called, investors receive principal if the final level is at or above the buffer level of 85%; otherwise principal is reduced by the index decline beyond the 15% buffer, subject to a minimum payment at maturity equal to 15% of principal.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk securities with a stated principal amount of $1,000 per security that mature on April 16, 2031 and are fully guaranteed by Morgan Stanley. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and include an automatic early redemption feature starting on April 13, 2027. If the underlier’s closing level on a determination date is at or above the call threshold (85% of the initial level), the securities will auto‑redeem for fixed early redemption payments that imply roughly 11.50 to 12.50 per annum in specified ranges. If not redeemed, maturity payoffs are either a fixed positive payment (if final level ≥ buffer level) or a reduced principal that loses 1% per 1% decline beyond a 15 buffer, subject to a minimum payment of 15 of principal. The issue price is $1,000; the estimated value on the pricing date was approximately $898.40. All payments are subject to the issuer’s and guarantor’s credit risk; investors bear structuring, selling and hedging costs included in the issue price.

Morgan Stanley Finance LLC offers Trigger PLUS principal-at-risk notes due April 3, 2031, fully and unconditionally guaranteed by Morgan Stanley.

The securities have a stated principal of $1,000 per security, a leverage factor of 218.75% on upside performance of the S&P 500® Futures Excess Return Index, a downside threshold at 75% of the initial level and an observation/strike date of March 31, 2026. The securities pay no interest; if the index at maturity is below the downside threshold, investors lose proportionately (1% loss in principal per 1% index decline). Estimated value on the pricing date is approximately $972.90 per security.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities tied to the common stock of Apollo Global Management, Inc., fully and unconditionally guaranteed by Morgan Stanley. The offering is for an aggregate principal amount of $500,000 at $1,000 per security with an original issue date of March 26, 2026 and a maturity date of December 28, 2026.

The securities pay a fixed coupon at an annual rate of 15.72%, are subject to automatic early redemption if the underlier’s closing level is ≥ the call threshold of $111.20 on specified redemption determination dates, and observe the underlier on December 18, 2026. If not auto‑redeemed, principal is returned at maturity only if the final level is ≥ the downside threshold of $66.72 (60% of the initial level); otherwise, principal is reduced pro rata and could be zero. All payments are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk PLUS securities due March 22, 2030 guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, 200% leverage on the worst performing underlier (Invesco S&P 500® Equal Weight ETF and Nasdaq-100®), a maximum payment of $1,957.50 and no guaranteed interest. The securities return principal plus a leveraged upside only if both underliers finish above their initial levels; otherwise payment falls prorata to the worst performing underlier and could be zero. The aggregate offering size is $2,700,000. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering $3,115,000 of Trigger Callable Contingent Yield Notes due March 24, 2031, fully guaranteed by Morgan Stanley. The Securities pay a quarterly contingent coupon at a 10.60% per‑annum rate only if each underlying (S&P 500®, Russell 2000®, EURO STOXX 50®) closes at or above its Coupon Barrier on an Observation Date. Coupon Barriers are approximately 70% of initial levels and Downside Thresholds are approximately 60% of initial levels. Beginning June 25, 2026, the issuer may call the notes on quarterly Call Dates if a risk‑neutral valuation model indicates calling is economically rational; if called you receive principal plus any contingent coupon due. If not called, maturity payoff equals $10 if all final underlying values are at or above their Downside Thresholds; otherwise payment equals $10×(1+Index Return of the Least Performing Underlying), exposing investors to loss of principal. Issue Price is $10.00 (estimated trade‑date value $9.713). The notes are principal‑at‑risk, credit‑sensitive, and may have limited secondary market liquidity.

Morgan Stanley Finance LLC is offering Principal at Risk callable contingent income buffered securities fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a contingent coupon at an annual rate of 10.90%, a 25% buffer and a downside factor of 1.3333. The securities pay coupons only if each underlier (the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000®) is at or above its coupon barrier (75% of its initial level) on each observation date. If not redeemed, maturity is September 30, 2027, and losses apply to the worst performing underlier beyond the buffer. The issuer may call beginning April 1, 2027 based on a risk-neutral valuation model. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering callable Contingent Income Securities due April 5, 2029 linked to the worst performing of the iShares Silver Trust (SLV) and the SPDR Gold Trust (GLD). Each note has a $1,000 stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $956.60.

The notes pay a contingent coupon at an annual rate of 18.00% only if both underliers are at or above coupon barrier levels on scheduled observation dates; coupon barrier and downside threshold levels are each 60% of the initial level. Beginning October 5, 2026, the issuer may redeem on scheduled redemption dates if a risk-neutral valuation model indicates it is economically rational to call. At maturity, if the final level of either underlier is below its downside threshold, repayment is reduced by the worst-performing underlier’s decline and could be zero. All payments are subject to Morgan Stanley’s credit risk and the securities are fully guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering contingent income auto-callable securities due March 29, 2029. The notes are linked to the common stock of The Goldman Sachs Group, Inc., have a stated principal amount of $1,000 per security, and pay a contingent coupon at an annual rate of 14.05% only when observation-date closing levels meet the coupon barrier.

The securities feature automatic early redemption on specified redemption determination dates if the closing level meets a call threshold (set at 100% of the initial level), and a downside threshold of 70% of the initial level that determines principal loss at maturity. Estimated value on the pricing date was approximately $959.50 per security. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers a Trigger PLUS structured note due April 1, 2032 linked to the S&P 500® Futures Excess Return Index. The securities are issued at a $1,000 stated principal amount per security and carry a 200.25% leverage factor on upside performance.

At maturity the payout is: stated principal plus leveraged upside if the final level exceeds the initial level; stated principal if the final level is between the downside threshold and the initial level; and a principal loss pro rata if the final level is below the downside threshold (the downside threshold is 60% of the initial level). The document states an estimated value on the pricing date of approximately $934.40 per security and discloses agent commissions of $32.50 plus a potential structuring fee of up to $9 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due April 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a 125% leverage factor, a 15% buffer and a maximum payment at maturity of $1,800 (180%). The observation (strike) date is March 27, 2031 and the issue/strike date is March 27, 2026 with original issue date April 1, 2026. At maturity investors receive the stated principal plus a leveraged upside payment if the basket performance factor is positive (capped at the maximum); they receive principal if losses do not exceed the buffer; losses beyond the buffer reduce principal 1% per 1% decline, subject to a minimum payment of 15% of principal. The four basket components include the SPXFP futures excess return index, EURO STOXX 50, Russell 2000 and EFA ETF; component weightings are allocated at observation date (45%/25%/20%/10% by relative performance). All payments are subject to issuer credit risk and tax treatment is uncertain.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS securities with a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley, maturing on April 4, 2028. The securities are linked to the S&P 500® Futures Excess Return Index and provide a leveraged upside of 113%, an absolute return participation rate of 100%, a buffer of 15% (buffer level = 85% of the initial level) and a minimum payment at maturity of 15% of the stated principal amount. All payments are subject to issuer credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC priced Structured Investments — Buffered Jump Securities with an Auto-Callable feature. The offering totals $2,469,000 in aggregate principal at a $1,000 stated principal amount per security, with an estimated value on the pricing date of $947.80 per security.

The securities are linked to the VanEck® Gold Miners ETF (GDX) and the State Street® SPDR® S&P® Metals & Mining ETF (XME). Key economic terms include a 15% buffer level, call threshold levels at approximately 85% of initial levels, a minimum payment at maturity of 15% of principal, automatic early redemption starting with the first determination date on September 18, 2026, and final maturity on December 26, 2028.

Morgan Stanley Finance LLC offers Principal at Risk callable contingent income securities due March 29, 2029, fully and unconditionally guaranteed by Morgan Stanley.

The notes pay a contingent coupon of 13.75% per annum only if the closing level of each of three underliers (the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector Index and the Russell 2000® Index) is at or above its coupon barrier (each set at 70% of its initial level) on each observation date. The securities are callable beginning on September 30, 2026 based on the output of a risk neutral valuation model. At maturity, if the final level of the worst performing underlier is below its downside threshold (each 70% of initial level), principal is reduced proportionally to that underlier’s performance; if all underliers are at or above their thresholds, the stated principal of $1,000 per security is returned.

Morgan Stanley Finance LLC issues Dual Directional Buffered PLUS notes, fully and unconditionally guaranteed by Morgan Stanley. The notes are principal‑at‑risk securities linked to the S&P 500® Futures Excess Return Index, offered at a stated principal amount of $1,000 per security with a maturity date April 5, 2028 and an observation date March 31, 2028. Terms include a 111% leverage factor on upside appreciation, a 15% buffer level (buffer amount 15%) and a minimum payment at maturity of 15% of stated principal. Pricing and strike dates are March 31, 2026, with original issue date April 3, 2026. Payments depend on the closing final level on the observation date; investors bear issuer credit risk and may lose a substantial portion of principal.

Morgan Stanley Finance LLC is offering structured, market‑linked notes due March 22, 2029 with an aggregate principal amount of $365,000. The notes are linked to the worst performing of the Tokyo Stock Price Index (TPX) and the EURO STOXX 50® (SX5E) and are fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of $944.70 and a participation rate of 104.50%. At maturity investors receive principal plus a payment tied to the appreciation of the worst performing underlier; if either underlier is at or below its initial level, only the stated principal amount is repaid.

Morgan Stanley Finance LLC priced Buffered Jump Securities (auto-callable) due December 26, 2028, fully guaranteed by Morgan Stanley, linked to the worst performing of the VanEck® Gold Miners ETF (GDX) and the Global X Copper Miners ETF (COPX). Each security has a $1,000 stated principal amount and an issue price of $1,000; aggregate principal amount is $685,000. The securities offer automatic early redemption on scheduled determination dates with rising fixed early redemption payments (first determination date September 21, 2026) and a buffer of 15% against losses. If not called, investors receive a fixed positive payment if both underliers finish at or above their buffer levels, otherwise principal is reduced 1% for each 1% decline of the worst performing underlier beyond the 15% buffer, subject to a 15% minimum payment.

Morgan Stanley Finance LLC priced a contingent income, principal-at-risk note offering with an aggregate principal amount of $742,000, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon of $1,000 par per security with an 8.00% annual coupon rate (paid only if both underliers meet coupon barrier tests) and can be automatically redeemed on specified dates beginning September 24, 2026. If not redeemed, maturity is February 23, 2029, and principal repayment depends on the worst performing of the XME and GDX ETFs relative to specified buffer and barrier levels, with a minimum payment at maturity equal to 15% of principal.