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 offers structured, principal‑at‑risk notes (Series A) with an aggregate principal amount of $2,110,000, $1,000 stated principal per security, and issue price of $1,000 per security. These unsecured notes are fully and unconditionally guaranteed by Morgan Stanley and feature an automatic early redemption mechanism and a maturity date of March 22, 2029. Redemption and final payments depend on the worst performing of two underliers: the iShares Core S&P Small‑Cap ETF (IJR) and the S&P 500 Index (SPX). Early redemption payments imply approximately 11.00% per annum on specified determination dates; payment at maturity can be up to $1,330, the stated principal amount, or a reduced amount tied to the worst performing underlier (potentially to zero). All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC launches a $1,000,000 offering of Principal at Risk securities linked to NIKE, Inc. Class B common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an upside payment of $157.50 (15.75%) if the final level is at or above the buffer, and a buffer of 20% (buffer level $43.832) against losses. If the final level is below the buffer, investors lose 1.25% for every 1% decline beyond the buffer; there is no minimum payment and investors may lose their entire investment. The securities mature on April 1, 2027, with observation date March 29, 2027. The issue price is $1,000 per security, estimated value on the pricing date was $975.70, and aggregate proceeds to the issuer are $990,000 after $10,000 in placement fees.
Morgan Stanley Finance LLC is offering callable, contingent-income principal-at-risk securities fully guaranteed by Morgan Stanley with an aggregate principal amount of $1,000,000 (stated principal $1,000 per security). The securities pay a contingent coupon of 11.10% per annum only if each underlier is at or above its 70% coupon barrier on each observation date. A 20% buffer applies at maturity: if the final level of the worst performing underlier is below its buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. The notes may be redeemed beginning on June 23, 2026 based on a risk-neutral valuation model; all payments remain subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering $1,566,000 aggregate Face Amount of leveraged, buffered MSCI EAFE® Index-linked notes due January 28, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity is tied to the MSCI EAFE® Index performance measured from the March 17, 2026 Trade Date to the January 26, 2028 Determination Date.
Key economic terms: $1,000 Face Amount per note; 160% Upside Participation Rate with a cap (Maximum Settlement Amount) of $1,292.16 per $1,000; a 15.00% Buffer (loses occur if final index falls below 85.00% of the initial level). Estimated value on the Trade Date is $989.30 per note. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities tied to the common stock of Chevron Corporation, with an aggregate principal amount of $800,000 and an issue price of $1,000 per security. The securities pay a contingent coupon at an annual rate of 10.60% on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier of $138.579 (70% of the initial level) on the related observation date. The initial level and call threshold equal $197.97; the downside threshold is $138.579. The securities can be automatically redeemed on specified redemption determination dates beginning September 17, 2026, and mature on September 21, 2028. If not automatically redeemed and the final level is below the downside threshold, payment at maturity will be reduced pro rata and could be zero. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC priced $1,605,000 aggregate of Principal at Risk securities, $1,000 stated principal each. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, linked to the worst performing of NVDA, PLTR and GOOG.
The securities have an automatic early redemption feature beginning on the first determination date March 22, 2027, a final determination date of March 19, 2029 and maturity on March 22, 2029. Call threshold levels equal 90% of initial levels (NVDA $163.737; PLTR $139.572; GOOG $278.469) and downside thresholds equal 50% of initial levels (NVDA $90.965; PLTR $77.54; GOOG $154.705). Early redemption payments rise across scheduled dates (example: $1,344.00 on first possible redemption to $2,003.333 on the last), and the payment at maturity can be $2,032, the stated principal, or reduced pro rata to the worst performing underlier down to zero. The estimated value on the pricing date was $966.10 per security and the issue price was $1,000 per security, with a $20 sales commission per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable step-down notes due March 20, 2031. The securities are issued in $1,000 denominations with an aggregate principal amount of $1,652,000. They pay no interest, have an automatic early redemption schedule tied to determination dates beginning March 19, 2027, and provide fixed early redemption payments that equate to approximately 11.50% per annum if all three underliers meet call thresholds on a determination date. If not redeemed, maturity payouts depend on the worst performing underlier versus its initial level and can result in a full loss of principal if the worst underlier falls below its downside threshold (70% of initial level). All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices contingent-income, principal-at-risk notes — MSFL is issuing Structured Investments (principal at risk) with a stated principal amount of $1,000 per security and an aggregate principal amount of $321,000. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and mature on March 20, 2031.
The notes pay a contingent coupon at an annual rate of 9.30% on coupon payment dates only if the underlier meets the coupon barrier (70% of the initial level) on observation dates. The notes feature an automatic early redemption mechanism beginning with the first redemption determination date on March 17, 2027, a buffer of 15% (buffer level 85% of initial), and a minimum payment at maturity of 15% of principal. All payments are subject to the issuer and guarantor credit risk; estimated value on the pricing date was $903.70 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk securities linked to Micron Technology, Inc. Each note has a $1,000 stated principal amount and a contingent annual coupon of 20.50% payable only if the underlier meets the coupon barrier on observation dates. The notes can be automatically called on specified redemption determination dates if the closing level meets the call threshold; otherwise maturity payoff depends on the final level versus a 40% buffer and applies a downside factor of 1.6667, which can result in substantial principal loss. The estimated value on the pricing date is approximately $960.40 per security. All payments are subject to issuer and guarantor credit risk and the securities do not provide regular interest or participation in upside of the underlying stock.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable notes due March 28, 2028, 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 $979.10.
The notes reference three underliers—the S&P 500®, the Nasdaq‑100® Technology Sector and the Russell 2000®—are redeemed automatically if all underliers meet their call thresholds on any determination date (first determination date: March 24, 2027). Call threshold levels are set at 100% of initial levels and downside thresholds at 70%. Early redemption payments are fixed amounts per schedule; if not auto‑redeemed, maturity payments depend on whether the worst performing underlier falls below the downside threshold and can result in full principal loss.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable securities fully and unconditionally guaranteed by Morgan Stanley with an aggregate principal amount of $833,000 and a stated principal amount of $1,000 per security. The securities link payoff to the worst performing of the S&P 500, Nasdaq-100 and Russell 2000 indices, feature automatic early redemption beginning on March 24, 2027, and mature on March 22, 2029.
The offering pays no periodic interest; early redemption payments correspond to fixed cash amounts up to $1,353.375 per security on later determination dates, and maturity payoffs range from a capped positive payment of $1,385.50 to a principal loss tied to the worst performing underlier down to zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 22, 2029, fully guaranteed by Morgan Stanley. The offering covers an aggregate principal amount of $320,000 in denominations of $1,000 per security at an issue price of $1,000 each and an estimated value on the pricing date of $940.70 per security. The notes reference the worst performing of Broadcom Inc. (AVGO) and Meta Platforms, Inc. (META). If, on any determination date before maturity, both underliers close at or above their call threshold levels (AVGO $321.31; META $622.66), the notes will auto-redeem for specified early redemption payments ($1,300 on March 23, 2027 or $1,600 on March 22, 2028). If not auto-redeemed, maturity payoffs depend on final levels: $1,900 if both ≥ call thresholds, $1,000 if both ≥ downside thresholds (50% of initial levels), or a loss equal to the percentage decline of the worst performing underlier if it is below its downside threshold, possibly resulting in a total loss of principal. All payments are subject to issuer credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC priced a Dual Directional Buffered PLUS due March 31, 2031 with a stated principal amount of $1,000 per security. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
The payoff is based on the worst performing of the Russell 2000® and the S&P 500®. Key terms: leverage factor 110% on upside, buffer amount 20% (buffer level = 80% of initial), absolute return participation 100%, and a minimum payment at maturity 20% of principal. Estimated value on the pricing date was approximately $935.40 per security. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering callable Contingent Income Securities due March 23, 2029. Each security has a stated principal amount of $1,000 and an initial issue price of $1,000, with an estimated value on the pricing date of approximately $952.50. The securities pay a contingent coupon at an annual rate of 13.25% only when the closing level of each of four underliers meets or exceeds its coupon barrier on an observation date; otherwise no coupon is paid for that interest period.
The payout is linked to the worst performing underlier—iShares 20+ Year Treasury Bond ETF (TLT), Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 (RTY) and State Street Utilities Select Sector SPDR ETF (XLU). A downside threshold set at 60% of initial levels means that if the final level of any underlier is below that threshold, investors suffer a proportional loss of principal equal to the decline of the worst performing underlier. The notes are redeemable on scheduled redemption dates beginning June 25, 2026 if a risk-neutral valuation model determines redemption is economically rational for the issuer; an early call truncates future payments.
All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and therefore subject to Morgan Stanley’s credit risk. These securities do not participate in any appreciation of the underliers; purchasers must accept the risk of receiving no coupons and losing a significant portion or all of principal.
Morgan Stanley Finance LLC is offering structured, principal-at-risk securities tied to the worst-performing share of META, NVDA, AVGO and GOOGL. The offering registers an aggregate principal amount of $4,028,000 at a stated principal amount of $1,000 per security.
The securities pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. They feature an automatic early redemption on the first determination date (March 19, 2027) if each underlier meets its call threshold (each initial level shown as META $622.66, NVDA $181.93, AVGO $321.31, GOOGL $310.92), producing an early redemption payment of $2,400 per security. If not redeemed, maturity is March 22, 2029, and final payout depends on the worst-performing underlier: full principal plus an upside payment at a 250% participation rate if all underliers finish above initial levels; principal only if all finish at or above 70% of initial levels; or a pro rata loss linked to the worst-performing underlier (potentially zero).
Morgan Stanley Finance LLC is offering Dual Directional Trigger Jump Securities due April 3, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $430.40 (43.04%), a trigger level equal to 75 of the initial basket value and a valuation date of March 31, 2031. The pricing date is March 31, 2026, original issue date April 7, 2026, and the estimated value on the pricing date is approximately $945.70. The securities pay no interest, provide an absolute-return feature for declines up to 25, expose investors 1:1 below the trigger and carry full issuer credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Trigger Jump Securities due October 6, 2027. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security. The securities pay no interest and are fully and unconditionally guaranteed by Morgan Stanley. The upside payment is $152 per security (15.20%) if each underlier closes at or above its downside threshold. The securities reference the Dow Jones Industrial Average, the Nasdaq-100 Index and the Russell 2000 Index, and the downside threshold for each underlier is 70% of its initial level. If the worst performing underlier finishes below its downside threshold, the payment equals principal multiplied by that underlier’s performance factor; there is no minimum payment and investors could lose their entire investment. The pricing/strike date is April 1, 2026, original issue date April 7, 2026, observation date October 1, 2027 (subject to postponement), and maturity date October 6, 2027. The estimated value on the pricing date is approximately $967.80 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Callable Contingent Income Securities due February 23, 2028 with an aggregate principal amount of $986,000 and a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 9.20% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (65% of initial level) on the related observation date.
The securities are linked to the worst performing of the Nasdaq-100 Technology Sector, the Russell 2000 and the S&P 500. If not called, investors receive principal at maturity only if each final level is at or above its downside threshold (65% of initial level); otherwise payment equals principal multiplied by the worst-performing underlier's performance factor, potentially resulting in a substantial loss or total loss of principal. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers a series of Principal at Risk structured notes due May 6, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal of $1,000, an estimated value on the pricing date of Approximately $986.10, and an observation date of May 3, 2027.
The notes reference the S&P 500® Index and provide three possible maturity payoffs: (1) participation in upside at a 100% upside rate capped at $1,075 per security; (2) an absolute return participation of 100% if the final level is down but remains at or above an 80% buffer level, effectively capping positive returns at 20%; or (3) principal losses beyond the 20% buffer, subject to a 20% minimum payment at maturity. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced $2,198,000 of capped leveraged basket-linked notes due May 19, 2028. Each note has a Face Amount of $1,000; the Trade Date is March 17, 2026 and Original Issue Date is March 20, 2026.
The notes provide 300% upside participation in a weighted five-index basket but cap returns at a Cap Level of 115.03%, yielding a Maximum Settlement Amount of $1,450.90 per $1,000 face amount. The estimated value on the Trade Date was $981.10 per note. The notes pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley, and are subject to issuer credit risk; principal is at risk and investors may lose their entire investment.
Morgan Stanley Finance LLC priced market-linked notes due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, an issue price of $1,000, and an estimated value on the pricing date of approximately $957.80. The notes pay no interest and pay at maturity based solely on the performance of the worst performing of the Tokyo Stock Price Index (TPX) and the EURO STOXX 50® (SX5E). If the worst performing underlier finishes above its initial level, investors receive the stated principal plus an upside equal to the participation rate of 104.50% times the underlier percent change; if the worst performing underlier is equal to or below its initial level, investors receive only the stated principal. Strike and pricing dates are March 19, 2026; observation date is March 19, 2029 (subject to postponement). All payments are subject to Morgan Stanley’s credit risk; the notes are unsecured and will not be listed.
Morgan Stanley Finance LLC issues $1,379,000 of Buffered Digital MSCI EAFE® Index-Linked Notes due November 19, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return depends on the MSCI EAFE® Index performance from the Trade Date: March 17, 2026 to the Determination Date: November 17, 2027. If the Final Underlier Level is ≥ 90% of the Initial Underlier Level (Initial Underlier Level: 2,942.98), each $1,000 Face Amount will pay the Maximum Settlement Amount of $1,168.30 (116.83%). If the Final Underlier Level is 90% of the Initial Underlier Level, holders receive a reduced Cash Settlement Amount calculated using the Buffer Rate (≈ 111.11%), and could lose up to their entire principal. The Original Issue Price per note is $1,000 and the issuer estimates the Trade Date value at $991.50 per note.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering fixed rate callable notes with a stated principal of $1,000 per note. The notes pay 4.250% per annum, semi‑annually, accrue from March 30, 2026, and mature on March 28, 2031.
The notes are callable semi‑annually beginning March 28, 2027. Calls will occur only if a risk neutral valuation model determined by the calculation agent finds redemption economically rational; redemption pays 100% of principal plus accrued interest. Estimated value on the pricing date is approximately $972.90 per note. The notes will not be listed and are book‑entry only.
Morgan Stanley Finance LLC launches a priced offering of fixed rate callable notes due March 30, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, an estimated value on the pricing date of approximately $969.70 per note, and a semi‑annual fixed interest rate of 4.400% per annum from the original issue date to maturity.
The notes include a semi‑annual call feature with the initial redemption date of March 30, 2027. Early redemption will occur only if a risk neutral valuation model determination (using prevailing market inputs and Morgan Stanley’s credit spreads as of the pricing date(s)) indicates redemption is economically rational; redemption pays 100% of principal plus accrued interest. The notes will not be listed and are book‑entry only. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers Fixed Rate Callable Notes due 2033, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal and issue price of $1,000 per note and pay interest at a fixed 4.550% per annum, semi-annually, with maturity on March 30, 2033. The notes are callable semi-annually beginning March 30, 2027 based on a risk neutral valuation model determination; any redemption would pay 100% of principal plus accrued interest. The issuer estimates the value on the pricing date at approximately $967.20 per note (within $47.20 of that estimate). The notes will not be listed on any exchange, are book-entry only, and are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers fixed rate callable notes due March 29, 2030 with a stated principal of $1,000 per note and an interest rate of 4.100% per annum.
The notes pay semi‑annual interest on the 29th of March and September, begin interest accrual on March 30, 2026 and have an initial redemption date of March 29, 2027. Early redemption will occur only if a risk neutral valuation model determination (using market inputs and Morgan Stanley’s pricing date credit spreads) indicates redemption is economically rational; redemption pays 100% of principal plus accrued interest. The estimated value on the pricing date is approximately $976.80 per note. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk auto‑callable securities tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an aggregate principal amount of $1,225,000 and a stated principal of $1,000 per security. The securities mature on March 20, 2031 and pay a contingent coupon at an annual rate of 14.00% only if the underlier meets the coupon barrier on observation dates. The initial level and call threshold are 2,571.55, the coupon barrier is 1,800.085 (70% of initial), and the downside threshold is 1,285.775 (50% of initial). Automatic early redemption may occur on scheduled redemption dates beginning with the redemption determination date of March 17, 2028. If not called and the final level is below the downside threshold, investors lose 1% of principal for every 1% decline in the underlier; payments could be significantly less than principal or zero. All payments are unsecured and subject to Morgan Stanley credit risk. The estimated value on the pricing date was $884.00 per security.
Morgan Stanley Finance LLC is offering Fixed Rate Callable Notes due March 29, 2029 with a stated principal of $1,000 per note and an interest rate of 4.000% per annum. The original issue date is March 30, 2026 and interest is paid semi‑annually.
The notes are fully and unconditionally guaranteed by Morgan Stanley and are callable semi‑annually beginning on March 29, 2027. Early redemption will occur only if a risk neutral valuation model, applied on a determination date five to eight business days before a redemption date, indicates redemption is economically rational for the issuer. The issuer estimates the note value on the pricing date at approximately $981.80 per note; the issue price is $1,000 per note.
Morgan Stanley Finance LLC is offering Buffered PLUS securities due March 31, 2031. These are unsecured, principal‑at‑risk notes guaranteed by Morgan Stanley that provide leveraged upside on the worst performing of the Dow Jones Industrial Average and the S&P 500, subject to a 15% buffer, a leverage factor of 135.85%, and a minimum payment at maturity equal to 15% of principal. The securities pay no interest; payment at maturity depends solely on closing levels on the observation date (March 26, 2031). All payments are subject to Morgan Stanley’s credit risk. Investors face full downside beyond the buffer and should expect the estimated value on pricing to be less than the $1,000 issue price.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes: Buffered Jump Securities with an auto-callable feature tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
The notes have a $1,000 stated principal amount, a five-year term maturing on April 1, 2031, automatic early redemption opportunities beginning on March 30, 2027, a 15% buffer and a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is about $899.20 per security. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured, partial principal-at-risk notes due September 30, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, pays no interest and is linked to the worst performing of the Nasdaq-100, S&P 500 and Dow Jones Industrial indices.
At maturity the payment is based solely on the worst performing underlier: investors receive the stated principal plus upside at a 100% participation rate subject to a maximum payment of $1,211, or otherwise lose principal pro rata with the worst underlier, down to a partial principal return amount of 95% ($950). The estimated value on the pricing date was approximately $984.80 per note.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes linked to Broadcom Inc. The offering is for $3,394,000 aggregate in principal at $1,000 per security with an issue price of $1,000 and an estimated value of $966.30 on the pricing date.
The notes mature on March 22, 2028 and reference an initial level of $321.31 (strike date March 17, 2026). Upside payoff is 150% leverage on appreciation capped at a $2,035 maximum per security. If final level ≥ 75% of initial ($240.983), investors may receive a capped positive return via a 50% absolute return participation. If final level is below the downside threshold, principal is lost pro rata (1% loss per 1% decline).
Morgan Stanley Finance LLC offers callable contingent income securities due March 30, 2028, fully guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500 indices. The securities pay a 10.10% per annum contingent coupon on each interest period only if the closing level of each underlier meets its coupon barrier (60% of initial level) on the related observation date. The notes are principal‑at‑risk: at maturity investors receive principal only if each final level is at or above its downside threshold (60% of initial); otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which can result in a substantial loss, including total loss. The issuer may redeem early beginning on July 2, 2026 if a risk neutral valuation model indicates redemption is economically rational; first redemption cannot occur earlier. All payments are subject to Morgan Stanley credit risk. The issue price is $1,000 per security and the estimated value on pricing date was approximately $976.50 per security.
Morgan Stanley Finance LLC offers contingent income, principal-at-risk auto-callable securities due March 23, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an annual contingent coupon of 14.05% payable only if the Campbell Soup Company closing level meets the coupon barrier on observation dates. The securities can be automatically redeemed early if the underlier meets the call threshold on specified redemption determination dates; otherwise, at maturity investors receive principal only if the final level is at or above the downside threshold (both coupon barrier and downside threshold equal 70% of the initial level, call threshold is 100% of the initial level). Estimated value on the pricing date is approximately $941.50 per security. All payments are subject to issuer and guarantor credit risk; if the final level is below the downside threshold, payment at maturity will be reduced pro rata and could be zero.
Morgan Stanley Finance LLC issues a preliminary pricing supplement for callable, principal‑at‑risk notes linked to Micron Technology common stock. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security, with an estimated value of approximately $979.60 on the pricing date. They pay a contingent coupon at an annual rate of 25.00% on observation dates when the underlier is at or above a coupon barrier equal to 50% of the initial level, and a downside threshold also set at 50% of the initial level. If not redeemed, maturity is February 28, 2028, with final observation date February 23, 2028. Investors face full principal risk if the final level is below the downside threshold, the possibility of receiving no coupons, and an issuer call determined by a risk neutral valuation model. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes linked to the common stock of Chipotle Mexican Grill, Inc. The securities have a $1,000 issue price per security, an original issue date of March 25, 2026 and maturity on March 23, 2028.
The notes pay a contingent coupon at an annual rate of 12.00% only if the closing level of the underlier meets the coupon barrier (61% of the initial level) on observation dates. Automatic early redemption occurs if the closing level meets the call threshold (100% of initial level) on specified redemption determination dates. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold (61% of initial); otherwise payment equals principal × (final level/initial level), and could be zero. Estimated value on the pricing date was approximately $964.80 per security.
Morgan Stanley Finance LLC is offering $3,022,000 aggregate face amount of Digital EURO STOXX 50® Index‑Linked Notes (Face Amount $1,000 each) due April 21, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal‑at‑risk: if the Final Underlier Level on the Determination Date (April 19, 2028) is below 85% of the Initial Underlier Level (5,769.25), investors will receive a reduced cash payment that could result in a loss of some or all principal. If the Final Underlier Level is greater than or equal to 85% of the Initial Underlier Level, each note pays a capped Cash Settlement Amount of $1,200.80 (120.08% of face). Trade Date is March 17, 2026; Original Issue (Settlement) Date is March 20, 2026. The estimated value on the Trade Date is $989.30 per note. All payments are subject to issuer and guarantor credit risk; proceeds to the issuer equal $3,022,000.
Morgan Stanley Finance LLC issues market-linked notes due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, pays no interest and references the worst performing of the Tokyo Stock Price Index (TPX) and the EURO STOXX 50® (SX5E).
Payment at maturity: if the final level of both underliers exceeds their initial levels, investors receive principal plus an upside equal to the underlier percent change of the worst performing underlier × a 104.50% participation rate; if either underlier is equal to or below its initial level, investors receive only the stated principal. Initial levels: TPX 3,717.41; SX5E 5,736.85 (both as of the strike date March 18, 2026). Estimated value on the pricing date was approximately $957.80 per note.
Morgan Stanley Finance LLC priced a primary offering of market‑linked, auto‑callable principal‑at‑risk securities totaling $3,357,000 (face amount $1,000 per security). The securities mature on March 22, 2029, have a 200% participation rate in positive performance of the lowest performing underlying stock, an automatic call feature with a call payment of $1,355 on March 22, 2027, and an estimated value at pricing of $963.20 per security.
The payout depends on the lower‑performing of Microsoft and NVIDIA common stock; threshold prices are 50% of the stated starting prices, exposing holders to losses greater than 50% if the lowest performing stock falls below its threshold on the calculation day.
Morgan Stanley Finance LLC priced a market-linked, auto-callable principal-at-risk security linked to the lowest-performing common stock of Bank of America, Citigroup and Goldman Sachs with a face amount of $1,000 per security and a total offering size of $4,002,000.
The securities mature March 22, 2028, are callable beginning March 22, 2027, carry capped call premiums ($1,279.00, $1,418.50, $1,558.00 on the three calculation days) and expose holders to a 1-to-1 downside tied to the lowest-performing underlying stock below a 70% downside threshold. The estimated value at pricing was $951.10 per security, and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers $650,000 aggregate of Principal at Risk securities — contingent income buffered auto-callable notes due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000.
The notes pay a 10.00% annual contingent coupon only if each underlier meets an 80% coupon barrier on each observation date, are automatically callable when each underlier equals its initial level on scheduled determination dates, and protect only the first 20% decline (buffer amount) with a minimum payment at maturity of 20% of principal; investors bear full credit risk of Morgan Stanley and are exposed to the worst-performing of the NDX, RTY and SPX indices.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable notes due December 28, 2026, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000, an estimated value on the pricing date of $976.90, and a fixed annual coupon of 15.72%.
The notes reference Apollo Global Management, Inc. common stock with an initial level of $111.20 (strike date March 18, 2026). Automatic early redemption is possible on redemption determination dates (first: June 22, 2026) if the closing level is at or above the call threshold ($111.20). If not called, maturity payout depends on the final level versus the downside threshold of $66.72 (60% of initial); declines below that level reduce principal pro rata and could result in a total loss.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering with an $475,000 aggregate principal amount. The securities are auto-callable on March 18, 2027 and mature on March 22, 2029. They are linked to the worst performing common stock of UnitedHealth Group, Eli Lilly and Johnson & Johnson.
The issue price is $1,000 per security, estimated value on the pricing date is $943.70 per security, the participation rate is 300%, and the early redemption payment is $1,720 per security. At maturity investors face full principal risk if the worst performing underlier falls below its 50% downside threshold.
Morgan Stanley Finance LLC offers Structured Investments — contingent income, memory buffered auto-callable notes linked to Broadcom Inc. common stock. The notes have a $1,000 stated principal amount per security and an issue price of $1,000; pricing date was March 19, 2026 and original issue date is March 24, 2026.
The notes pay a contingent coupon at an annual rate of 15.60% on observation dates if the underlier meets the coupon barrier ($213.253, ~67.50% of the initial level). Automatic early redemption may occur on specified dates if the closing level is at or above the call threshold ($315.93, 100% of the initial level). At maturity (April 5, 2027) holders receive principal only if the final level is at or above the buffer ($213.253); otherwise principal is reduced by the downside factor (1.4814) applied beyond the 32.50% buffer.
Morgan Stanley Finance LLC is issuing Structured Investments Step-Down Jump Securities fully guaranteed by Morgan Stanley with an aggregate principal amount of $460,000 at a $1,000 stated principal per security. The securities are dated March 20, 2026 and mature on March 22, 2029.
The notes are linked to the worst performing of the Nasdaq-100, S&P 500 and Russell 2000. They feature automatic early redemption beginning on March 24, 2027 with fixed early redemption payments (approximately 13.25% per annum when triggered). Payouts at maturity depend on whether each underlier meets specified upside (≈90% of initial) or downside (≈70% of initial) threshold levels; investors may lose up to 100% of principal if the worst performing index falls below its downside threshold. All payments are subject to Morgan Stanley credit risk; the estimated value on the pricing date was $969.70 per security.
Morgan Stanley Finance LLC is offering contingent income memory buffered auto-callable securities linked to Amazon.com, Inc. common stock, fully guaranteed by Morgan Stanley. The securities pay a contingent coupon at an annual rate of 11.92%, are auto‑callable on specified dates, mature on April 5, 2027, and have a 25% buffer with a 1.3333 downside factor.
The initial level and call threshold are $209.87 (strike date close). The coupon barrier and buffer level are approximately $157.403 (about 75% of the initial level). Investors risk loss of principal if the final level is below the buffer and will not participate in upside of the underlier.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes fully guaranteed by Morgan Stanley: Buffered Jump Securities with a $1,000 stated principal amount per security maturing on March 23, 2028. The securities feature an automatic early redemption based on the closing level of a three-stock basket at the first determination date on March 31, 2027; if the underlier is at or above the call threshold (100), investors receive an early redemption payment of $1,265.
If not called, maturity payoffs depend on the final level: above the initial level (100) investors receive principal plus an upside payment (participation rate 125%); if final level ≥ buffer level (80), investors receive principal only; if final level < buffer level, investors absorb losses calculated using a buffer amount 20% and a downside factor 1.25, which can fully erode principal. Estimated value on the pricing date is approximately $972 per security; agent commissions up to $15 per $1,000 reduce proceeds to $985 per security. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest. Minimum ticket is $10,000.
Morgan Stanley Finance LLC priced an offering of auto-callable, principal-at-risk securities linked to the common stock of Tesla, Inc., due March 22, 2027. Each security has a face amount of $1,000 and an estimated value on the pricing date of $977.30.
The securities pay a contingent monthly coupon at a 20.00% per annum rate (monthly amount equivalent shown as $16.667) only if the stock closing price on each monthly calculation day is at or above the coupon threshold of $279.489 (70% of the starting price). The starting price on the pricing date was $399.27. Beginning after a six-month non-call period, the securities may be automatically called on a monthly calculation day if the stock closing price is at or above the starting price, in which case holders receive the face amount plus a final contingent coupon payment.
If not called, at maturity the holder receives $1,000 if the ending price is at or above the downside threshold of $279.489; if the ending price is below that threshold the maturity payment equals $1,000 multiplied by the performance factor (ending price divided by starting price), exposing holders to more than a 30% loss and possibly the full loss of principal.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due March 31, 2028, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The securities are linked to the Russell 2000 Index with a 150% leverage factor and a capped maximum payment at maturity of $1,295.50 (129.55% of principal). The notes include a 10% buffer (buffer level = 90% of the initial level) and a minimum payment at maturity of 10% of principal; if the final level is below the buffer, investors lose 1% for each 1% decline beyond the buffer. Strike date and pricing date are March 27, 2026, original issue date is March 31, 2026, observation date is March 27, 2028. All payments are subject to the issuer and guarantor credit risk, estimated value on the pricing date is approximately $966.50 per security, and secondary market liquidity and tax treatment are uncertain.
Morgan Stanley Finance LLC is offering Autocallable Notes linked to a weighted basket of global indices, fully guaranteed by Morgan Stanley. The Securities have a Principal Amount of $10.00 per Security, a term of approximately three years, annual Observation Dates beginning March 30, 2027, a Final Observation Date of March 23, 2029, and a Maturity Date of March 28, 2029.
If the Basket closes at or above the Initial Basket Level on an Observation Date, MSFL will automatically call the Securities and pay the principal plus a fixed Call Return (illustrative Call Return Rate range: 12.00%–12.50% per annum). If not called and the Final Basket Level is below the Initial Basket Level, investors may receive less than the principal amount at maturity, in proportion to the negative Basket Return. The Securities do not pay interest and are subject to Morgan Stanley credit risk and limited secondary-market liquidity.