Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to Broadcom Inc. (underlier). The offering consists of $9,853,000 aggregate principal of securities at a $1,000 issue price per security with a stated principal of $1,000 each and an estimated value on the pricing date of $984.70.
Key economics: a 17.00% annual contingent coupon, observation dates beginning June 22, 2026, final observation on September 20, 2027 and maturity on September 23, 2027. The initial level was $319.84; the coupon barrier and downside threshold equal $175.912 (55% of the initial level). If not auto-redeemed, principal at maturity is returned only if the final level is >= the downside threshold; otherwise payment = principal × (final level / initial level).
Morgan Stanley Finance LLC is offering structured principal-at-risk notes due September 29, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon at an annual rate of 11.35%.
The securities pay coupons only if each of three underliers—the Nasdaq-100® Equal Weighted Index, the Russell 2000® Index and the S&P 500® Index—closes at or above its coupon barrier on observation dates. They include a 25% buffer and a downside factor of 1.3333; if the worst performing underlier ends below its buffer at maturity, investors lose 1.3333% of principal for each 1% decline beyond the buffer. The notes may be called early beginning on May 29, 2026 based on a risk-neutral valuation model; all payments remain subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured notes due April 5, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and may be automatically redeemed on specified determination dates for fixed early redemption payments. Payments depend on the worst performing of the Dow Jones Industrial, Nasdaq‑100 and Russell 2000 indices; downside protection is limited to a 70% threshold, and losses at maturity are tied to the percentage decline of the worst performing underlier. The estimated value on the pricing date is approximately $978.60 per security; the issue price is $1,000 per security. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering structured Buffered Jump Securities fully and unconditionally guaranteed by Morgan Stanley. The securities are issued in $1,000 denominations with an issue price of $1,000 and an estimated value of approximately $979.20 on the pricing date. The securities expire on March 30, 2028 with a final determination date of March 27, 2028 (subject to postponement). An automatic early redemption feature applies if each underlier meets its call threshold on the first determination date of March 29, 2027, producing an early redemption payment of $1,218 per security. At maturity investors may receive the stated principal plus an upside payment based on a 150% participation rate, the stated principal only if both underliers finish at or above their buffer level (90% of initial), or a principal loss proportional to declines beyond the 10% buffer, subject to a 10% minimum payment at maturity. The securities reference the worst performing of the Nasdaq-100 Index and the Russell 2000 Index and do not pay periodic interest; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC issued a preliminary pricing supplement for callable, principal‑at‑risk notes due April 4, 2031 with a $1,000 stated principal amount per security and an issue price of $1,000 per security.
The notes pay a contingent coupon at an annual rate of 8.10% on each coupon payment date only if the closing level of each underlier is at or above a coupon barrier equal to 65% of its initial level on the applicable observation date. The notes are linked to the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices and carry downside exposure: if the final level of any underlier is below its 65% downside threshold, the maturity payment equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less than principal or zero.
The notes are callable beginning on April 6, 2028 on specified redemption dates, but only if a risk neutral valuation model (per the calculation agent) indicates calling is economically rational. The estimated value on the pricing date was approximately $944.40 per security, reflecting issuance, structuring and hedging costs borne by investors. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers structured, principal‑at‑risk notes — Contingent Income Auto‑Callable Securities due April 2, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon at an annual rate of 15.25%. The securities pay coupons only if the closing level of both underlying stocks (Apple Inc. and Blackstone Inc.) meets or exceeds coupon barrier levels on each observation date and may be automatically redeemed early if both underliers meet 80% call thresholds on a redemption determination date. At maturity, if the worst performing underlier is below its 60% downside threshold, payment is reduced pro rata to that underlier’s performance and could be zero. Estimated value on the pricing date was approximately $959.10 per security. All payments are subject to Morgan Stanley’s credit risk; investors do not participate in any upside of the underliers.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to NVIDIA Corporation common stock, with a stated principal amount of $1,000 per security and an aggregate principal of $9,317,000. The issue price is $1,000 per security and the estimated value on the pricing date is $975.30. The notes pay a contingent coupon at an annual rate of 13.20% on observation dates when the underlier meets the coupon barrier ($103.565, ~58% of initial level). The securities feature automatic early redemption if the underlier equals or exceeds the call threshold ($178.56) on redemption determination dates, and mature on April 22, 2027. If not redeemed and the final level is below the downside threshold ($103.565), principal repayment at maturity is reduced pro rata by the performance factor and could be zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced an offering of principal-at-risk structured notes with an aggregate principal amount of $675,000, issued at $1,000 per security and fully guaranteed by Morgan Stanley.
The notes are linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and S&P 500, feature automatic early redemption beginning on March 25, 2027, fixed early redemption payments rising from $1,098 to $1,441, a maturity date of March 24, 2031, a final maturity payment of up to $1,490 if all call thresholds are met, and a downside threshold at 70% of each underlier's initial level (initial levels shown as INDU 46,021.43, NDX 24,355.28, SPX 6,606.49 on the strike date).
Morgan Stanley Finance LLC offers $2,000,000 of structured notes fully guaranteed by Morgan Stanley. The notes are Buffered Jump Securities due March 23, 2028 with a 20% buffer, 125% participation on upside and a 1.25 downside factor beyond the buffer.
The notes pay an early redemption payment of $1,265 per $1,000 if the basket closing level is >= the call threshold (100) on the first determination date (March 31, 2027). If not called, maturity payoff depends on final level: full principal if final level >= buffer level (80), enhanced principal with participation if final level > initial, or a leveraged loss if final level < buffer (payments could be zero). All payments are subject to Morgan Stanley credit risk; estimated value on pricing date was $972.00 per security.
Morgan Stanley Finance LLC offers Principal-at-Risk securities totaling $753,000, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued in $1,000 denominations at an issue price of $1,000 per security, with an estimated value of $962.30 on the pricing date.
The securities are linked to the worst performing of AMZN, META (Class A) and MSFT. They feature an automatic early redemption determination on March 22, 2027 (early redemption date March 25, 2027) for an early redemption payment of $1,505 per security if each underlier is >= its call threshold. If not auto‑redeemed, maturity is March 22, 2029 with a 300% participation rate in upside of the worst performing underlier; a downside threshold of 60% of initial levels applies and losses can be up to the full principal if the worst underlier falls below that threshold.
Morgan Stanley Finance LLC priced a contingent-income, memory auto-callable note offering totaling $1,093,000 aggregate principal ($1,000 per security), due September 23, 2027, fully guaranteed by Morgan Stanley and linked to the common stock of RTX Corporation.
The securities pay a contingent coupon at an annual rate of 11.40% on observation dates only if the closing level of the underlier is at or above the coupon barrier level ($130.475, ~65% of the initial level). The notes auto-redeem if the closing level on any redemption determination date is at or above the call threshold ($200.73, 100% of the initial level). If not redeemed, repayment at maturity is the stated principal if the final level is at or above the downside threshold ($130.475); otherwise payment equals the stated principal multiplied by final/initial level, exposing investors to full downside (possible loss of principal).
The estimated value on the pricing date was $979.60 per security; price to public was $1,000 with an agent commission of $15 per security and proceeds to the issuer of $985 per security.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due March 22, 2029 linked to the worst performing of the iShares® Bitcoin Trust ETF and iShares® Ethereum Trust ETF. The offering is in denominations of $1,000 per security with an aggregate principal amount of $531,000 and an issue price of $1,000 per security.
At maturity the payoff is based on the worst performing underlier: a 200% leveraged upside (capped at $3,770 per security) if both underliers finish above their initial levels; a capped positive absolute-return payout if the worst underlier declines but stays at or above its 70% downside threshold ($27.874 for IBIT and $11.312 for ETHA); and a pro rata loss of principal (1% loss per 1% decline) if the worst underlier finishes below its downside threshold. Initial levels were $39.82 (IBIT) and $16.16 (ETHA). All payments are subject to issuer and guarantor credit risk and there is no guaranteed principal or interest.
Morgan Stanley Finance LLC prices Principal at Risk Securities linked to the MSCI Emerging Markets Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, a 100% participation rate, a 10% buffer, a maximum payment at maturity of $1,491, and a minimum payment of 10 of principal. The strike date is March 25, 2026, the observation date is March 27, 2028 (subject to postponement), and the maturity date is March 30, 2028. The securities pay no interest, expose holders to issuer credit risk, may result in significant principal loss if the final level is below the buffer, and have an estimated value on the pricing date of approximately $967.90 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the common stock of Broadcom Inc. with a $1,000 stated principal amount per security and an aggregate principal amount of $600,000. The securities pay a 15.60% contingent annual coupon on specified observation dates and may be automatically redeemed early if the underlier meets the call threshold. If not redeemed, principal at maturity is protected only above a buffer level of $213.253 (approximately 67.50% of the initial level); declines beyond the buffer expose investors to losses multiplied by a downside factor of 1.4814. The estimated value on the pricing date was $982.80 per security and the issue price is $1,000 (agent commissions reduce proceeds to the issuer). All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC offers Structured Investments — Contingent Income Memory Buffered Auto-Callable Securities linked to Amazon.com, Inc. common stock, fully guaranteed by Morgan Stanley. The offering totals $540,000 aggregate principal at an issue price of $1,000 per security and estimated value $982.20 on the pricing date.
The notes pay a contingent coupon at an annual rate of 11.92% on observation dates if the closing level meets the coupon barrier ($157.403, ~75% of initial). They may auto-redeem if the closing level meets the call threshold ($209.87), with observation dates on 6/30/2026, 9/30/2026, 12/31/2026, and final observation 3/31/2027 (maturity 4/5/2027.
If not redeemed, maturity payoff returns principal if final level ≥ buffer ($157.403); if final level < buffer, payment reduces by 1.3333% of principal for each 1% decline beyond the 25% buffer, potentially to zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS securities due March 30, 2028 with a $1,000 stated principal amount per security. The payoff is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Key terms: $1,000 issue price; 105% leverage factor on upside; 100% absolute return participation rate; 15% buffer (buffer level = 85% of initial level); minimum payment at maturity of 15% of principal. Estimated value on the pricing date is approximately $984.30 per security. All payments are subject to MSFL's and Morgan Stanley's credit risk; these securities pay no interest and can return less than principal if the worst performing underlier falls below the buffer on the observation date.
Morgan Stanley Finance LLC is offering $250,000 aggregate principal amount of Trigger PLUS notes due September 23, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.
The securities return is linked to the worst performing of the EURO STOXX 50®, iShares MSCI EAFE ETF and iShares MSCI Emerging Markets ETF. They pay no interest, have a 195% leverage factor for upside, a downside threshold equal to 70% of each initial level, an estimated value on the pricing date of $971.90, and carry full issuer credit risk.
Morgan Stanley Finance LLC offers Principal at Risk Step-Down Jump Securities linked to Microsoft Corporation common stock, with a stated issue price of $1,000 per security and an estimated value on the pricing date of approximately $968.50.
The notes pay no interest, carry principal-at-risk and are subject to automatic early redemption if the underlier's closing level on the first determination date is at or above the call threshold (set at 100 of the initial level). The early redemption payment is $1,179. If not redeemed, a payment at maturity will equal $1,358 if the final level is at or above the downside threshold (set at 90 of the initial level); otherwise payment equals principal multiplied by the performance factor (final level/initial level), which could result in substantial loss or zero principal. All payments are subject to issuer and guarantor credit risk. The closing level of the underlier on March 20, 2026 was $381.87.
Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector and Russell 2000® Index. The notes have a $1,000 stated principal, aggregate principal of $425,000, original issue date March 24, 2026 and maturity on March 22, 2029.
The securities pay a contingent coupon at an annual rate of 10.50% on each coupon date only if all underliers meet coupon barrier levels; they are auto-callable beginning on the first redemption determination date March 19, 2027. At maturity investors either receive principal or suffer a loss tied to the worst performing underlier (70% downside threshold). All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, dual directional buffered participation securities linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security and an issue price of $1,000 per security. The securities pay no interest and are fully guaranteed by Morgan Stanley.
Key economic terms: estimated value on the pricing date ~$986.20; upside participation 100% subject to a maximum upside payment of $1,358.20 (135.82%); an absolute return participation feature of 100% within a 15% buffer; a minimum payment at maturity of 15% of stated principal. Observation date is September 30, 2027 and maturity is October 5, 2027. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers 1,491,000 in principal amount of structured, principal‑at‑risk notes due March 24, 2031. Each security has a $1,000 stated principal amount and can auto‑redeem on specified determination dates for fixed early redemption payments.
The notes are linked to the worst performing of the EURO STOXX 50, S&P 500 and Nasdaq‑100. Automatic early redemption begins on March 22, 2027, with scheduled early redemption payments of $1,125, $1,250, $1,375 and $1,500 on successive yearly dates, and a final upside payment of $1,625 if call thresholds are met on the final determination date.
If the worst performing underlier finishes below its downside threshold (70% of initial level for each index), investors suffer a proportional principal loss tied to that underlier; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due May 5, 2027, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index.
Each security has a $1,000 stated principal amount. If the underlier finishes above the strike, investors receive the principal plus upside participation (100%), capped at a $1,134 maximum payoff (113.40%). If the underlier finishes between the strike and a 15% buffer (85% of initial), investors receive the principal plus a positive payment based on the absolute decline (100% participation), effectively limited to 15% positive return. If the underlier finishes below the buffer, investors lose principal dollar-for-dollar beyond the buffer, subject to a 15% minimum payment at maturity. Key dates: strike and pricing March 30, 2026, original issue April 2, 2026, observation April 30, 2027.
The securities pay no interest, carry issuer and guarantor credit risk, include issuance and structuring costs that reduce estimated value (approximately $982.90 on the pricing date), and may have limited secondary-market liquidity.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes with an auto-call feature and a 15% buffer. The securities have a stated principal amount of $1,000 per security and are fully and unconditionally guaranteed by Morgan Stanley.
The notes reference the worst performing of XLP, RSP and the Russell 2000® Index, have an observation date of March 26, 2029 and maturity on March 29, 2029. Automatic early redemption may occur on scheduled determination dates starting March 24, 2027, with early redemption payments corresponding to an approximate return of 12.45% per annum on the stated principal. If not auto‑redeemed, investors receive $1,373.50 at maturity if each underlier is at or above its 85% buffer level; otherwise losses apply to the worst performing underlier subject to a 15% minimum payment at maturity.
Morgan Stanley Finance LLC is offering Capped Leveraged Buffered Basket-Linked Notes (principal-at-risk) fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount $1,000 and an Initial Basket Level of 100. The notes provide 230% Upside Participation on positive basket returns subject to a Cap Level (expected ~108.16%–109.60%) and a Maximum Settlement Amount (expected ~$1,187.68–$1,220.80 per $1,000). The notes include a 12.50% buffer (Buffer Level 87.50); declines beyond that produce proportional losses, possibly total loss of principal. Estimated value on the trade date is about $994.40 per note. All payments are subject to issuer credit risk; the notes pay no interest, are not FDIC insured and will not be listed.
Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes fully guaranteed by Morgan Stanley with an aggregate principal amount of $2,997,000 and a stated principal amount of $1,000 per security. The securities mature on March 24, 2031 and are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
The notes feature an automatic early redemption if the underlier is at or above the call threshold (1,072.72) on any determination date starting with the first determination date March 22, 2027, specified early redemption payments up to $1,835.83, a buffer level at 911.812 (85% of initial level), and a minimum payment at maturity equal to 15% of principal. The estimated value on the pricing date was $901.80; the issue price is $1,000 with an agent commission of $45 per security.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to NVIDIA Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $960.60, and an original issue date of March 31, 2026.
The securities pay a contingent coupon at an annual rate of 16.30% only if the underlier 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 mature on September 30, 2027. If the final level is below the downside threshold, investors suffer losses proportional to the decline in the underlier and could lose their entire principal.
Morgan Stanley Finance LLC prices structured Dual Directional Buffered PLUS notes due April 19, 2029. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security and an original issue price of $1,000 per security.
The payout at maturity is tied to the worst performing of the Russell 2000® and the S&P 500®. Key terms: a 114.50% leverage factor on upside, an 18% buffer (buffer level = 82% of the initial level), 100% absolute return participation, and a minimum payment at maturity of 18% of principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal‑at‑Risk notes called "Dual Directional Jump Securities" due March 29, 2029, linked to the worst performing common stock of Microsoft, Broadcom, and Micron. The stated principal amount is $1,000 per security and the original issue price is $1,000 per security. The document states an estimated value on the pricing date of approximately $952.40 per security.
The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. They are auto‑callable: if each underlier is at or above a call threshold of 70% of its initial level on the first determination date (March 25, 2027), holders receive an early redemption payment of $1,400. At maturity the payoff depends on the worst performing underlier: upside participation is 225%, absolute return participation is 50%, downside thresholds are 50% of initial levels, and a performance factor applies for deep declines that can result in a loss of some or all principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured Principal at Risk securities with a stated principal amount of $1,000 per security. The securities mature on October 5, 2027 and reference the worst performing of the Russell 2000® and S&P 500® indices with an observation date of September 30, 2027.
Key economic terms: issue price $1,000, estimated value on the pricing date approximately $981.20, participation rate 101%, buffer amount 20% (buffer level = 80% of initial level) and a minimum payment at maturity of 20% of stated principal. Payment depends on the worst performing underlier and all payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC issues principal-at-risk notes fully guaranteed by Morgan Stanley. The offering totals $825,000 in aggregate and is sold in $1,000 denominations with an original issue price of $1,000 per security and an estimated value on the pricing date of $981.20. The securities mature on March 23, 2028 and reference the worst performing of the Dow Jones Industrial Average and the S&P 500 Index.
Payments at maturity depend solely on closing levels on the observation date. There is a 15% buffer (buffer level = 85% of initial levels) and a minimum payment of 15% of principal. Upside participation is 100%, upside returns are effectively capped at 15% in the absolute-decline scenario, and principal is at risk if the worst performing underlier closes below the buffer. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Structured Investments: Enhanced Buffered Jump Securities fully and unconditionally guaranteed by Morgan Stanley.
The securities have a stated principal amount of $1,000 per security, an upside payment of $317.50 (31.75%), a buffer amount of 20% and a minimum payment at maturity of 20%. Key dates include a strike date and pricing date of March 31, 2026, an observation date of April 3, 2029 and a maturity date of April 6, 2029. The securities are linked to the worst performing of XLF, XLRE and the SXXP Index; a decline in any underlier beyond the buffer will reduce principal on a 1:1 basis. The estimated value on the pricing date is approximately $965.90 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers Principal at Risk Buffered Participation Securities linked to the MSCI EAFE® Index, with a $1,000 stated principal per security and a maturity of March 30, 2028. The securities are fully guaranteed by Morgan Stanley and are unsecured obligations of MSFL.
Key economic terms disclosed: 100% participation in upside subject to a maximum payment of $1,421.50 (142.15% of principal), a 10% buffer (buffer level = 90% of initial level), a minimum payment of 10% of principal, pricing/strike on March 25, 2026, and an observation date of March 27, 2028. Payments are subject to issuer credit risk and structured fees reflected in an estimated value of approximately $966.10 on the pricing date.
Morgan Stanley Finance LLC proposes Structured Investments Enhanced Buffered Jump Securities due April 29, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security and an estimated value of approximately $979.30 on the pricing date.
Key economic terms: an upside payment of $142.50 (a 14.25% return) if the worst performing underlier is at or above its 85% buffer level on the observation date, a buffer of 15%, and a minimum payment at maturity of 15% of principal. Payment depends on the worst performing of the Russell 2000®, S&P 500® and Nasdaq-100® Technology Sector indices; principal is at risk and all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC offers callable Contingent Income Principal at Risk Securities due September 23, 2027, fully and unconditionally guaranteed by Morgan Stanley. The offering totals $2,222,000 aggregate principal at $1,000 stated principal per security.
The notes pay a contingent coupon of 14.25% per annum for each interest period only if the closing level of each of the three underliers (Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index, Russell 2000®) is at or above its coupon barrier (70% of initial level) on the observation date. If any underlier is below the coupon barrier on an observation date, no coupon is paid for that period. At maturity, if the final level of every underlier is at or above its downside threshold (70% of initial), the stated principal is returned; otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier, producing proportional principal loss (possible total loss).
The securities are redeemable beginning June 25, 2026, if, based on a risk‑neutral valuation model using specified inputs, early redemption is economically rational for the issuer. Estimated value on the pricing date was $982.50 per security; issue price is $1,000 with $7 agent compensation and proceeds to issuer of $993 per security. All payments are subject to issuer credit risk and MSFL is a finance subsidiary with recourse only to Morgan Stanley under the guarantee.
Morgan Stanley Finance LLC priced a series of principal‑at‑risk, auto‑callable structured notes due March 28, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an estimated value on the pricing date of approximately $982.50. The notes reference the Dow Jones Industrial Average, the Nasdaq‑100 and the S&P 500 and are linked to the worst performing underlier. Automatic early redemption may occur beginning on the first determination date, with scheduled early redemption payments that correspond to an approximate 15.60% per annum return on the listed determination dates. At maturity investors either receive a fixed positive payment, the stated principal, or—if the worst performing underlier falls below its downside threshold (70% of initial level)—a principal amount reduced in proportion to that worst performing underlier, which could result in total loss of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes due March 23, 2028, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an initial level of 100, a call threshold of 100 (first determination date April 2, 2027) and a buffer level of 85. If called on the first determination date, the early redemption payment is $1,253. At maturity the payoff offers a 150% participation rate up to the greater of a fixed upside payment ($506) or participation-based upside, while declines beyond the 15% buffer are multiplied by a 1.1765 downside factor and can fully erode principal. All payments are subject to issuer credit risk; estimated value on pricing date was approximately $973.60 per security.
Morgan Stanley Finance LLC priced a preliminary offering of buffered, auto-callable Principal at Risk securities due March 23, 2028, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a 100% participation rate, a 20% buffer (buffer level = 80% of the initial level) and a call threshold of 100. If the underlier meets or exceeds the call threshold on the first determination date (March 24, 2027), an early redemption payment of $1,123.50 per security applies. If not called, maturity payoffs depend on the final level versus the buffer: full principal if final level ≥ buffer level, upside participation if final level > initial level, or pro rata losses beyond the buffer (minimum cash payment set at 20% of principal). The underlier is a weighted basket of the MSCI EAFE Index (70%) and MSCI Emerging Markets Index (30%).
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities (principal-at-risk notes) linked to the S&P 500® Index and fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value of approximately $983.80 on the pricing date. The securities mature on April 23, 2027 with an observation date of April 20, 2027 and an original issue date of March 26, 2026.
The payoff: if the final level on the observation date is ≥ the downside threshold (80% of the initial level), holders receive the stated principal plus an upside payment of $105 per $1,000 (10.50%). If the final level is below the downside threshold (initial level 6,506.48; threshold 5,205.184), investors lose 1% of principal for each 1% decline in the underlier; there is no minimum payment and the principal could be lost in full. All payments are subject to Morgan Stanley’s credit risk. Agent commissions of up to $10.42 per $1,000 are disclosed; proceeds to the issuer per security are $989.58.
Morgan Stanley Finance LLC is offering structured Principal-at-Risk securities—Enhanced Buffered Jump Securities—linked to the S&P 500® Index maturing on April 23, 2027. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
Payment at maturity: if the final level is at or above the buffer level (5,855.832), holders receive the stated principal plus a fixed $108.80 upside payment (10.88%). If the final level is below the buffer level, investors lose 1.1111% of principal for each 1% decline beyond the 10% buffer, with no minimum payment and the possibility of losing the entire investment.
Morgan Stanley Finance LLC prices contingent income auto-callable securities linked to NVIDIA Corporation common stock, with a $1,000 stated principal amount per security and an issue price of $1,000 on the pricing date. The securities pay a contingent coupon at an annual rate of 18.00% on each coupon date only if the closing level of the underlier on the related observation date is at or above the coupon barrier level of $103.62 (60% of the initial level). The securities may be automatically redeemed on scheduled redemption determination dates if the closing level is at or above the call threshold of $172.70 (100% of the initial level), and mature on April 7, 2027. If not redeemed and the final level is below the downside threshold of $103.62, repayment at maturity is reduced pro rata by the performance factor and could be significantly less than principal or zero. The estimated value on the pricing date is approximately $984.90 per security.
Morgan Stanley Finance LLC is offering Autocallable Contingent Coupon (with Memory) Barrier Notes linked to the Global X Uranium ETF, with a $10 principal per unit and a scheduled maturity in April, 2029. The notes pay quarterly contingent coupons (per-quarter coupon per unit to be set at pricing between $0.475 and $0.5125, approximately 19.00% to 20.50% per annum), are automatically callable beginning about one year after pricing if the ETF meets the call condition, and repay principal at maturity only if the Ending Value is at least 80% of the Starting Value; otherwise investors have 1-to-1 downside exposure. The initial estimated value is about $9.262 per unit (below the $10 offering price), underwriting discount totals $0.15 per unit, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for Dual Directional Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley, linked to the worst performing of Microsoft Corporation, Broadcom Inc. and Micron Technology, Inc.
The securities have a $1,000 stated principal amount per security, an original issue date of March 27, 2026 and a maturity date of March 29, 2029. The first determination date for automatic early redemption is March 25, 2027, with an early redemption payment of $1,432 per security. Key economics: an upside participation rate of 225%, an absolute return participation rate of 50%, and downside thresholds equal to 70% of each initial level. The estimated value on the pricing date is approximately $936.40 per security. All payments are subject to Morgan Stanley’s credit risk and the securities do not guarantee repayment of principal.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities fully guaranteed by Morgan Stanley with an aggregate principal amount of $4,170,000. Each security has a $1,000 stated principal amount and an issue price of $1,000; the estimated value on the pricing date was $975.30.
The securities mature on March 23, 2028 and reference the S&P 500® Index. They feature an automatic early redemption tested on the first determination date of March 31, 2027 at a call threshold equal to the initial level (6,624.70) with an early redemption payment of $1,100.10. If not called, a payment at maturity depends on the final level versus the initial level and a 15% buffer (buffer level 5,630.995) and uses a downside factor of 1.1765 and a participation rate of 100%. Investors bear principal risk and Morgan Stanley credit risk; there is no guaranteed minimum payment at maturity.
Morgan Stanley Finance LLC is offering $700,000 aggregate principal of Buffered Jump Securities with an automatic early‑call feature, issued at $1,000 per security. The securities are principal‑at‑risk notes, fully guaranteed by Morgan Stanley, maturing on March 22, 2028.
The notes reference a five‑stock basket (APO, BX, KKR, ARES, BLK) with an initial level of 100, a buffer of 20%, a downside factor of 1.25, and a participation rate of 125%. If the basket is at or above 100 on the first determination date, the notes auto‑redeem on April 2, 2027 for $1,255 per security. If not called, payments at maturity depend on the final level: full principal, enhanced principal plus upside, or a leveraged loss beyond the buffer that could eliminate principal.
Estimated value on the pricing date was $973.60 per security; agent commissions were $15 per security and proceeds to issuer were $689,500. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities with an aggregate principal amount of $2,512,000 at $1,000 per security. The securities mature on March 23, 2028, are fully and unconditionally guaranteed by Morgan Stanley, and are linked to a 50/50 basket of EWT and EWY.
Terms include a 145% leverage factor on upside (capped at a $1,500 maximum payment), a 10% buffer (buffer level 90) on downside, and a 10% minimum payment at maturity. Investors bear issuer credit risk, may receive no interest, and must accept potential significant principal loss if the final level falls below the buffer.
Morgan Stanley Finance LLC offers Structured Investments — Buffered Jump Securities with an Auto-Callable Feature linked to the MSCI Emerging Markets Index. The offering aggregates $1,973,000 of securities at a $1,000 stated principal amount per security, with an estimated value of $971.90 on the pricing date.
The notes pay no regular interest, carry principal-at-risk, and can be automatically redeemed on the first determination date (March 31, 2027) if the underlier is at or above the call threshold (1,517.45), producing an early redemption payment of $1,143.70. If not called, maturity (March 23, 2028) payments depend on the final index level relative to the initial level (1,517.45) and an 85% buffer level (1,289.833), with a downside factor of 1.1765 that increases losses beyond the buffer.
Morgan Stanley Finance LLC is offering Principal at Risk notes due April 22, 2027 linked to the worst performing of the S&P 500, Nasdaq-100 and Russell 2000. The aggregate stated principal amount is $1,000,000 in $1,000 denominations.
Each security has an issue price of $1,000, an estimated value on the pricing date of $983.20, and a fixed upside payment of $120 (12.00%) payable at maturity only if the worst performing underlier is at or above a 70% downside threshold of its initial level. If any underlier closes below its 70% threshold on the observation date, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to a potential loss of principal (including total loss). All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. The issue consists of notes with a stated principal amount of $1,000 per security (aggregate principal amount $3,390,000), issued at $1,000 each and an estimated value on the pricing date of $970.20.
The notes pay a contingent coupon at an annual rate of 11.50% on each coupon payment date only if the underlier’s closing level on the related observation date is at or above the coupon barrier ($43.834, 70% of the initial level). The notes are automatically redeemed early if the underlier closes at or above the call threshold ($62.62, 100%) on any redemption determination date. If not redeemed, final principal at maturity is protected only if the final level is at or above the downside threshold ($43.834); otherwise principal is reduced proportionally to the underlier’s decline and could be zero.
Morgan Stanley Finance LLC is offering Structured Investments Enhanced Buffered Jump Securities linked to a four-stock basket, with an aggregate principal amount of $850,000 and a $1,000 stated principal amount per security. The securities mature on April 2, 2027 with an observation date of March 30, 2027.
Payment at maturity: if the final level is ≥ the buffer level (85% of the initial level) investors receive the stated principal plus an upside payment of $227.50 (22.75%). If the final level is below the buffer, holders lose 1.1765% of principal for each 1% decline beyond a 10% buffer; there is no minimum payment. The estimated value on the pricing date was $961.60 per security and the issue price is $1,000 (agent fee $10 per security).
Morgan Stanley Finance LLC is offering Structured Investments—Buffered Jump Securities with an Auto-Callable feature, fully guaranteed by Morgan Stanley. The securities are issued at a $1,000 stated principal amount per security for an aggregate principal of $353,000 with an issue price $1,000 and an estimated value $946.60 on the pricing date. The notes reference the S&P 500® Index with an initial level and call threshold level of 6,624.70, a buffer level at 90% of initial level, and a 10% buffer. Automatic early redemption can occur on scheduled determination dates beginning March 25, 2027, producing fixed early redemption payments that approximate 6.80% per annum. If not called, maturity is March 21, 2031, with payment rules: $1,340 if final level ≥ call threshold; return of principal if final level ≥ buffer level; reduced principal pro rata below the buffer, subject to a minimum payment at maturity of 10% of principal. All payments are subject to Morgan Stanley’s credit risk.