Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering Principal-at-Risk Contingent Income Auto-Callable Securities with an aggregate principal amount of $260,000. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the estimated value on the pricing date was $971.50 per security.
The notes pay a contingent coupon at an annual rate of 8.45% on observation dates only if the closing level of each underlier (the Dow Jones Industrial, Russell 2000® and S&P 500®) is at or above its coupon barrier (approximately 65% of initial levels). The securities are automatically redeemed if, on a redemption determination date, each underlier is at or above its call threshold (100% of initial levels). If not redeemed, maturity payment depends on the worst performing underlier and can result in a loss of principal equal to the percentage decline of that underlier.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk securities linked to the worst performing of the Russell 2000® and the S&P 500® Index. Each security has a stated principal amount of $1,000, an upside payment of $165 (16.50%) and a 20% buffer.
If on the observation date the final level of each underlier is at or above its buffer level, holders receive principal plus the upside payment; if the worst performing underlier is below its buffer, holders lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of $200 (20%). The observation date is March 13, 2028 with maturity on March 16, 2028. The pricing date and strike date are March 13, 2026. The estimated value on the pricing date was $972.90 per security and the aggregate principal offered is $1,065,000.
All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; market value before maturity and payment at maturity are subject to issuer credit risk, index volatility and the calculation agent’s determinations. The agent is Morgan Stanley & Co. LLC and placement agents receive up to $15 per security in fees.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 14, 2031, fully guaranteed by Morgan Stanley. The offering registers an aggregate principal amount of $500,000 at an issue price of $1,000 per security.
The securities are linked to the S&P 500® Index and the Dow Jones Industrial Average and reference the worst performing underlier. An automatic early redemption can occur on the first determination date March 16, 2027 for an early redemption payment of $1,150 if both underliers meet their call threshold levels. At maturity, investors may receive the stated principal plus an upside payment equal to 170% of the worst underlier's appreciation, the stated principal only, or a reduced payment proportional to the worst underlier's decline if it falls below its 70% downside threshold. Estimated value on the pricing date was $981.90 per security. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced $332,000 of Structured Investments Buffered Participation Securities, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest; maturity is March 16, 2028 with the observation date of March 13, 2028.
At maturity the payment depends on the MSCI Emerging Markets Index performance: full principal plus upside up to a $1,652.50 cap if the final level is above the initial level, full principal if the final level is within the 10% buffer, and a proportional loss beyond the buffer down to a 10% minimum payment. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable securities guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and is linked to the worst performing of the Russell 2000® and the S&P 500®. The securities feature automatic early redemption on specified determination dates with fixed early redemption payments of $1,132.50 on April 12, 2027 and $1,265.00 on April 5, 2028, a maturity payment of $1,397.50 if both underliers meet call thresholds, and downside protection only to 60% of initial levels, below which investors suffer pro rata losses in the worst performing underlier.
Estimated per-security value on the pricing date is approximately $977.70. The offering discloses that investors bear issuer credit risk, will not receive interest, and will not participate in upside beyond the fixed payoffs. Aggregate principal amount and final pricing details are to be set on the pricing date.
The Bearish Dual Directional Trigger PLUS are unsecured, principal‑at‑risk notes issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley. The offering aggregates $26,250,000 and has a stated principal amount of $1,000 per note. The notes mature on April 16, 2027 with valuation on April 13, 2027. They provide 200% leveraged inverse exposure to the S&P 500® Index below the initial index value (initial index value 6,632.19) capped at a $1,300 maximum payment. If the final index value is between the initial value and the trigger level (114% / 7,560.697), investors receive an unleveraged positive return up to 14%. If the index appreciates above the trigger level, investors lose 1% of principal for each 1% index gain; payments can be below $860 and may be zero. Estimated value on pricing date: $973.30. All payments are subject to issuer credit risk; the notes are not listed and there is no minimum payment at maturity.
Morgan Stanley Finance LLC prices Structured Investments Buffered Participation Securities linked to the S&P 500® Index. The offering comprises $634,000 aggregate principal of $1,000‑denominated, principal‑at‑risk notes with a two‑year term maturing on March 16, 2028. The securities pay no interest, provide a 10% buffer (90% buffer level) and 100% participation in upside subject to a $1,310.50 maximum payment (131.05% of principal). If the final index level is below the buffer level, investors lose 1% for each 1% decline beyond the buffer, with a 10% minimum payment of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; returns depend on the closing index level on the observation date and are subject to issuer credit risk and other stated limitations.
Morgan Stanley Finance LLC offers Principal-at-Risk, contingent-income, memory auto-callable securities linked to Vertiv Holdings Co Class A common stock, fully and unconditionally guaranteed by Morgan Stanley. The offering is in $1,000 denominations with an aggregate principal amount of $500,000 and an issue price of $1,000 per security.
The securities mature on March 15, 2029 (final observation date March 12, 2029). They pay a contingent coupon at an annual rate of 16.00% only when the underlier meets the coupon barrier ($135.03, 50% of the initial level) on observation dates. Automatic early redemption can occur if the underlier is at or above the call threshold ($270.06, 100% of the initial level) on a redemption determination date. At maturity, if the final level is below the downside threshold ($108.024, 40% of the initial level), payment equals the stated principal multiplied by the performance factor and may be significantly less than principal, possibly zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due April 3, 2031 linked to the worst performing of the Russell 2000® and the S&P 500®. The stated principal and issue price are $1,000 per security and the estimated value on the pricing date is approximately $944.70.
The notes pay no regular interest, can be automatically redeemed beginning with the first determination date on April 7, 2027 for early redemption payments that rise across eight potential dates (the first is at least $1,098 per security). At maturity investors receive a fixed positive return if both underliers meet call thresholds, the stated principal if both remain at or above 70% of initial levels, or a loss equal to the worst-performing underlier’s percentage decline (potentially zero recovery).
Morgan Stanley Finance LLC priced $1,368,000 of contingent income auto-callable principal-at-risk securities. Each security has a stated principal of $1,000, an issue price of $1,000, an estimated value on the pricing date of $941.50, and an aggregate principal amount of $1,368,000.
The securities pay a contingent coupon at an annual rate of 9.05% only if, on each observation date, the closing level of each underlier (the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000®) is at or above its coupon barrier (70% of initial level). Automatic early redemption can occur on specified redemption determination dates beginning March 15, 2027, and final maturity is December 18, 2030. If not redeemed and the final level of any underlier is below its downside threshold (70% of initial level), payment at maturity will reflect the performance of the worst performing underlier and may result in a loss of principal, potentially to zero.
Morgan Stanley Finance LLC priced a primary offering of principal-at-risk Buffered Participation Securities with an aggregate principal amount of $471,000 (stated principal $1,000 per security) due March 18, 2031, fully and unconditionally guaranteed by Morgan Stanley.
The notes link to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index, carry a 100% participation rate, a buffer of 25% (buffer level ~75% of initial levels) and a minimum payment at maturity of 25% of principal. Payment depends on closing index levels on the observation date March 13, 2031 and is subject to issuer credit risk, model valuation assumptions and hedging/secondary-market constraints.
Morgan Stanley Finance LLC is offering $1,686,000 aggregate principal of contingent income, principal-at-risk notes linked to the common stock of Microsoft Corporation, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an issue price of $1,000 per security with an estimated value of $964 on the pricing date.
The notes pay a contingent coupon at an annual rate of 9.50% on scheduled coupon dates only if the closing level of the underlier meets or exceeds the coupon barrier ($276.885, 70% of the initial level). Automatic early redemption occurs if the closing level on a redemption determination date is at or above the call threshold ($395.55, 100% of the initial level). At maturity on March 16, 2029, holders receive principal if the final level is at or above the downside threshold ($276.885); otherwise payment equals the stated principal multiplied by the performance factor and could be significantly less or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a contingent income, principal-at-risk note fully guaranteed by Morgan Stanley with an aggregate principal amount of $1,471,000 and a stated principal of $1,000 per security. The securities pay a contingent annual coupon of 11.50% only if the underlier meets observation-date barriers, feature an automatic early‑redemption mechanism beginning on March 15, 2027, and mature on March 18, 2031.
Key economics: the underlier initial level is 1,071.06 (call threshold = initial), the coupon barrier is 80% of initial (856.848), the buffer level is 85% of initial (910.401) with a 15% buffer amount, and a minimum payment at maturity of 15% of principal. All payments are subject to issuer credit risk and the estimated value on the pricing date was $899.80 per security.
Morgan Stanley Finance LLC is offering $433,000 aggregate principal of auto-callable structured notes due March 18, 2031 with a stated principal of $1,000 per security and an issue price of $1,000 per security.
The notes are linked to the worst performing of the SPDR® Gold Trust (GLD) and the VanEck® Semiconductor ETF (SMH). Key terms: first determination date March 22, 2027 (auto-call if both underliers ≥ their 100% call thresholds), early redemption payment $1,495, participation rate 150%, estimated value on pricing date $922.30, downside threshold 50% of initial levels. Payments are subject to MSFL credit risk and the guarantee of Morgan Stanley.
Morgan Stanley Finance LLC is offering $5,312,000 aggregate principal of callable Principal at Risk Securities due March 16, 2029, 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 $972.40.
The notes pay a contingent coupon at an annual rate of 12.15% on each interest period only if the closing level of each of three underliers is at or above its coupon barrier (70% of the initial level) on the related observation date. If any underlier is below its downside threshold (also 70% of initial), repayment at maturity is the stated principal multiplied by the performance factor of the worst performing underlier, which could result in significant principal loss or a zero payment. The issuer may call the securities on scheduled redemption dates beginning September 17, 2026 if a risk neutral valuation model indicates calling is economically rational; no redemption will occur before that date.
Morgan Stanley Finance LLC priced Principal‑at‑Risk Structured Investments due March 18, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of $927.90.
Payments are linked to the worst performing of the Russell 2000® and the S&P 500®. Key terms: an upside participation rate of 104%, an absolute return participation rate of 100%, a 20% buffer (80% buffer level), and a minimum payment at maturity of 20% of principal. If the worst performing underlier is below the buffer on the observation date, investors lose principal beyond the buffer on a 1:1 basis. The issuer bears all credit risk; payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley. The issue price includes a dealer commission of $36.25 per security.
Morgan Stanley Finance LLC offers structured, principal‑at‑risk auto‑callable securities linked to the worst performing of KRE, GDX and TLT with a stated principal amount of $1,000 per security.
The securities have a strike date of March 27, 2026, pricing date March 27, 2026, an observation date March 30, 2027 and maturity on April 2, 2027. Automatic early redemption can occur beginning with the first determination date of June 29, 2026, producing tiered early redemption payments up to provided schedule amounts (e.g., $1,051.25 on Determination #1). The estimated value on the pricing date is approximately $957.60 per security. Investors face full credit risk of Morgan Stanley and may lose up to their entire principal if the worst performing underlier falls below its downside threshold (60% of initial level).
Morgan Stanley Finance LLC offers Principal at Risk callable contingent income securities linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the VanEck® Semiconductor ETF with a $1,000 stated principal amount per security and aggregate principal of $1,500,000.
The securities pay a contingent coupon at an annual rate of 19.10% only when the closing level of each underlier is at or above its coupon barrier (approximately 75% of initial levels) on an observation date, are callable beginning on September 17, 2026 based on a risk neutral valuation model, and mature on March 18, 2030. If any underlier ends below its downside threshold (60% of initial), principal is reduced pro rata to the worst performing underlier.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes linked to the Nasdaq-100 Index with a $1,000 stated principal amount per security and an issue price of $1,000. The securities have a 20% buffer, a 125% participation rate on upside, a first determination (call) date of March 13, 2028 with an early redemption payment of $1,175, and maturity on March 18, 2031. The initial and call threshold level is 24,380.73 (the closing level on March 13, 2026). If not called, investors receive at maturity either (a) principal plus upside when the final level is above the initial level, (b) the stated principal if the final level is at or above the 80% buffer level, or (c) a reduced payment reflecting losses beyond the buffer, subject to a 20% minimum payment. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers principal-at-risk structured notes due March 16, 2029. The notes link to the Russell 2000, S&P 500 and the XLK ETF, pay a contingent coupon of 9.80% per annum only when each underlier is at or above its coupon barrier (approx. 70% of initial level) on observation dates, and return principal at maturity only if each underlier is at or above its downside threshold (approx. 50% of initial level). An investor can lose up to all principal if the worst performing underlier falls below its downside threshold. The notes may be called beginning December 17, 2026 based on the output of a risk neutral valuation model selected by the calculation agent. Issue price is $1,000 per security; aggregate principal offered is $1,030,000. Estimated value on the pricing date was $971.90 per security.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities linked to the lowest performing of Broadcom Inc., Alphabet Inc. (class A) and Netflix, Inc., with a face amount of $1,000 per security and a pricing date of March 13, 2026.
The securities have a 450% participation rate, an automatic call feature with a call payment of $1,500 on the call date (March 18, 2027), a final calculation day of March 13, 2029 and maturity on March 16, 2029. Estimated value on the pricing date was $903.40 per security.
Morgan Stanley Finance LLC priced a principal-at-risk structured note program tied to the worst performing of the Dow Jones Industrial Average and the Nasdaq-100 Index. The offering comprises an aggregate principal amount of $817,000 in $1,000-denominated securities issued at an issue price of $1,000 per security and an estimated value on the pricing date of $946.80 per security.
The securities mature on March 18, 2030 and include an automatic early redemption feature beginning with the first determination date on March 18, 2027. Early redemption payments rise across three scheduled dates to $1,105, $1,210 and $1,315 per security; the payment at maturity can be $1,420, $1,000, or an amount that falls below the stated principal depending on the final levels of the underliers. Each underlier’s downside threshold is 70% of its initial level (INDU initial 46,558.47; NDX initial 24,380.73). All payments are subject to MSFL’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a $726,000 issuance of principal-at-risk, auto-callable notes fully and unconditionally guaranteed by Morgan Stanley. The notes are sold at $1,000 per security with an estimated value of $945.50 on the pricing date and may be automatically redeemed on March 23, 2027 if the Russell 2000® closing level on the first determination date meets the call threshold.
The notes reference the Russell 2000® Index with an initial level of 2,480.051, a call threshold equal to 100% of that level, a downside threshold at ~80% of the initial level (1,984.041), and a participation rate of 150%. If not called, maturity is March 18, 2031 with payoff rules that can preserve principal, provide upside equal to the participation on appreciation, or expose investors to full downside below the threshold.
Morgan Stanley Finance LLC issues principal-at-risk auto-callable securities linked to the worst performing of the S&P 500® and the Dow Jones Industrial Average. The offering comprises $2,785,000 aggregate principal of $1,000-denominated securities priced at $1,000 each with an estimated value of $950 on the pricing date.
The securities may be automatically redeemed on March 18, 2027 for an early redemption payment of $1,104 if both underliers meet their call thresholds. If not called, maturity is March 16, 2029. At maturity holders either receive principal plus an upside payment (150% participation in the worst performing underlier), principal only if both underliers remain at or above 70% of initial levels, or suffer losses pro rata to the decline of the worst performing underlier down to zero. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a series of principal-at-risk structured notes due March 18, 2031 linked to the EURO STOXX 50® Index. The offering is for $1,130,000 aggregate at a $1,000 stated principal amount per security.
Key terms: issue price $1,000, estimated value on the pricing date $954, upside payment $558 (55.80% of principal), initial level 5,716.61, downside threshold 4,287.458 (75% of initial level), observation date March 13, 2031. Payments are subject to Morgan Stanley credit risk; securities pay no interest and may return nothing at maturity if the final level is below the downside threshold.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Digital Basket-Linked Notes due April 15, 2027 with $1,000 face amount per note and payoff tied to an equally weighted six-stock basket (APO, ARES, BX, CG, KKR, TPG). The Initial Basket Level is 100 (Strike Date March 13, 2026) and the Determination Date is April 13, 2027. If the Final Basket Level is ≥ 85.00% of the Initial Basket Level, each $1,000 note pays a Threshold Settlement Amount of $1,245.50. If below 85.00%, repayment is reduced formulaically and could be as low as zero; investors bear issuer credit risk and no interest is paid.
Morgan Stanley Finance LLC priced $296,000 aggregate principal amount of Fixed Rate Callable Notes due March 18, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed 4.100% per annum (semi‑annual) and were issued at $1,000 per note with an estimated value of $968.10 on the pricing date. The notes are callable semi‑annually beginning March 18, 2027 if a risk neutral valuation model, using specified inputs, indicates redemption is economically rational; any redemption pays 100% of principal plus accrued interest. Notes are book‑entry, not listed, and include agent commissions of $4 per note, resulting in proceeds to the issuer of $996 per note.
Morgan Stanley Finance LLC is offering $520,000 aggregate principal amount of fixed rate callable notes due March 18, 2032. The notes pay 4.250% per annum semi‑annually, have an initial issue price of $1,000 per note and an estimated pricing‑date value of $963.50 per note.
The notes are fully and unconditionally guaranteed by Morgan Stanley and are callable semi‑annually on each March 18 and September 18 beginning March 18, 2027, if a risk neutral valuation model determined by the issuer indicates redemption is economically rational. The issuer will deposit funds with the trustee on a call and interest ceases thereafter. Aggregate proceeds to the issuer after commissions are $517,400.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities linked to the worst performing of the DAX®, EURO STOXX 50® and STOXX® Europe 600. Each security has a $1,000 stated principal amount, an original issue price of $1,000, and a leverage factor of 224.50%. The strike and pricing date are March 27, 2026, the original issue date is April 1, 2026, the observation date is March 27, 2031 (subject to postponement) and the maturity date is April 1, 2031. At maturity the payment depends on the worst performing underlier: full principal plus the leveraged upside if that underlier is up; principal only if the worst underlier is between its initial level and its downside threshold of 70% of initial; or a loss equal to the percent decline of the worst underlier (1% loss of principal per 1% index decline), with no minimum payment. The preliminary estimated value on the pricing date is approximately $957.10 per security. All payments are subject to the issuers and guarantors credit risk and the securities are unsecured notes of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, contingent income auto-callable securities linked to Meta Platforms, Inc. class A common stock. Each security has a $1,000 stated principal amount, an issue price of $1,000, and an estimated value on the pricing date of approximately $969.10.
The securities pay a contingent coupon at an annual rate of 12.85% only if the underlier’s closing level on an observation date is at or above the coupon barrier level (set at 68% of the initial level). The notes will be automatically redeemed early if the underlier’s closing level on a redemption determination date is at or above the call threshold (set at 100% of the initial level). If not redeemed, a final level below the downside threshold (also 68% of the initial level) results in a proportional loss of principal at maturity on May 5, 2027.
Morgan Stanley Finance LLC priced an aggregate principal amount of $1,318,000 of contingent income, memory buffered auto-callable securities at a stated principal amount of $1,000 per security with an issue price of $1,000 and an estimated value of $901 per security on the pricing date.
The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an initial level of 1,071.06. They pay a contingent coupon at an annual rate of 11.60% on coupon dates only if the underlier's closing level is >= the coupon barrier (80% of initial, i.e., 856.848). The notes are auto‑callable starting with the redemption determination date of March 15, 2027 if the underlier is >= the call threshold (100% of initial). At maturity on March 18, 2031, if not called, investors receive principal only if the final level is >= the buffer (85% of initial, i.e., 910.401); otherwise principal is reduced pro rata beyond the 15% buffer, subject to a minimum payment of 15% of principal.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes under a Preliminary Pricing Supplement that reference the worst performing of the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector. Each security has a $1,000 stated principal amount and an issue price of $1,000 per security.
The notes pay a contingent coupon at an annual rate of 13.80% on scheduled coupon dates only if all three underliers meet their coupon barrier levels on the related observation dates, feature automatic early redemption on specified determination dates, and mature on June 24, 2027. If a trigger event occurs and the worst performing underlier finishes below its initial level, investors lose 1% of principal for each 1% decline in that underlier; principal repayment could be significantly less than the stated amount or zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and are subject to the issuer's credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk notes due March 21, 2029 linked to the worst performing of Adobe and Microsoft. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $978.50.
The notes pay a contingent coupon at an annual rate of 14.25% on coupon dates only if both underliers close at or above their coupon barrier levels (each set at 60% of initial levels). The securities are auto-callable on specified determination dates if both underliers meet their call thresholds (100% of initial levels). At maturity, if the worst performing underlier is below its downside threshold (60% of initial), investors lose 1% of principal for each 1% decline in that underlier; repayment could be significantly less than principal or zero. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk securities with an aggregate principal amount of $663,000, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $82 ( 8.20% ), and a downside threshold equal to 60% of each underlier's initial level.
The securities reference the S&P 500® Equal Weight ETF, the Nasdaq-100 Index® and the Russell 2000® Index, have a pricing and strike date of March 13, 2026, an original issue date of March 18, 2026, an observation date of April 13, 2027 and a maturity date of April 16, 2027. Payment at maturity depends solely on the worst performing underlier; if any underlier is below its downside threshold you will incur losses pro rata (including loss of the entire principal).
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured securities due March 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. The stated principal amount is $1,000 per security and the issue price is $1,000 per security; the estimated value on the pricing date is approximately $955.20 per security. The securities reference the Dow Jones Industrial Average, Nasdaq‑100® Technology Sector and Russell 2000®. If, on any determination date (first: March 25, 2027), the closing level of each underlier is at or above its call threshold, the notes will be automatically redeemed for a fixed early redemption payment that increases over time (examples range from $1,148.50 to $1,433.125). At maturity, if all underliers meet call thresholds the payment is $1,445.50; if any underlier is below its downside threshold (70% of initial level), investors suffer a pro rata loss tied to the worst performing underlier (1% loss per 1% decline). All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured Jump Notes due March 29, 2029, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 per note, an issue price of $1,000 per note, and an estimated value on the pricing date of approximately $974.50.
The notes pay no interest, are linked to the worst performing of Amazon, Microsoft and Alphabet, carry a 125% participation rate in upside, and include an automatic early redemption feature with a first determination date of April 1, 2027 and an early redemption payment of $1,101.50 per note. All payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable notes linked to the common stock of Apple Inc. The securities have a $1,000 stated principal amount per security, a contingent coupon at an annual rate of 11.90%, a strike date and pricing date of March 30, 2026, an original issue date of April 2, 2026, and a maturity date of May 5, 2027.
The securities pay the contingent coupon only if the underlier’s closing level on each observation date is at or above the coupon barrier level (set at 70% of the initial level). They automatically redeem early if the closing level on a redemption determination date is at or above the call threshold (set at 100% of the initial level). At maturity, if the final level is below the downside threshold (also 70% of the initial level), investors suffer a proportional loss to principal; payments could be significantly less than principal or zero. Estimated value on pricing date is approximately $986 per security.
Morgan Stanley is offering Fixed Rate Notes due March 18, 2030 with an aggregate principal amount of $351,000 issued at $1,000 per note. The notes pay 3.65% per annum, semi‑annually, and mature on March 18, 2030. Payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date was $969.00 per note and the agent’s commission was $5 per note, yielding proceeds to the issuer of $995 per note.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities linked to the common stock of Amazon.com, Inc. Each security has a stated principal amount of $1,000, an original issue date of April 6, 2026, a final observation date of April 30, 2027 and a maturity date of May 5, 2027. The securities pay a contingent coupon at an annual rate of 15.00% only if the closing level of the underlier on each observation date is at or above the coupon barrier level (set at 68% of the initial level). The notes are automatically redeemed early if the underlier is at or above the call threshold (100% of the initial level) on any redemption determination date, in which case holders receive principal plus the contingent coupon for that period. If not redeemed and the final level is below the downside threshold (also 68% of the initial level), repayment at maturity is the stated principal times the performance factor and could be significantly less than principal or zero. The estimated value on the pricing date was approximately $988.00 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured notes with a $1,000 stated principal amount per security and an original issue price of $1,000. The securities mature on March 25, 2031 and are fully and unconditionally guaranteed by Morgan Stanley. They provide no interest and may be automatically redeemed beginning on March 26, 2027 if each underlier meets its call threshold on a determination date; early redemption payments correspond to a fixed approximate return of 13.45% per annum on the listed early redemption dates. Payment at maturity depends on the worst performing of the Dow Jones Industrial Average, S&P 500® and Russell 2000® indices: full positive payout if each underlier ≥ call threshold, return of principal if all final levels ≥ downside threshold, or a loss equal to the percentage decline of the worst performing underlier if any final level < downside threshold (downside threshold = 70% of initial level). All payments are subject to the issuer’s credit risk. The estimated value on the pricing date was approximately $980.80 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes linked to the iShares® Bitcoin Trust ETF with an aggregate principal amount of $100,000. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The securities have a strike/initial level of $40.37 (closing level on March 13, 2026), a first determination date of March 17, 2027 and an early redemption payment of $1,230. Maturity is March 16, 2029 with a final determination date of March 13, 2029. The participation rate is 150% and the downside threshold is $24.222 (60% of the initial level). All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable notes due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities reference the State Street SPDR S&P Regional Banking ETF and pay an annual contingent coupon of 11.50% only if the underlier meets the coupon barrier on observation dates; automatic early redemption may occur on multiple scheduled dates starting June 24, 2026. At maturity, if the final level is below the downside threshold (set at 70% of the initial level), principal is reduced pro rata by the underlier's decline, potentially to zero. The pricing date shows an estimated value of approximately $962.10 per security versus an issue price of $1,000, and all payments are subject to the issuer's credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due March 22, 2028, fully and unconditionally guaranteed by Morgan Stanley.
The securities reference the MSCI AC Asia ex Japan index, have a $1,000 stated principal amount, a 15% buffer (buffer level = 85% of the initial level), a 1.1765 downside factor, and a 150% participation rate. Automatic early redemption is triggered if the underlier is ≥ the call threshold (100% of the initial level) on the first determination date (March 29, 2027), producing an early redemption payment of at least $1,150 per security. Pricing and strike dates are March 17, 2026; the pricing date estimated value was approximately $967.50 per security.
Morgan Stanley Finance LLC is offering Principal at Risk Enhanced Buffered Jump Securities due April 23, 2027, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
Key economics disclosed: an upside payment of $74.50 (7.45% of principal), a buffer amount of 20% (buffer level = 80% of initial level), and a minimum payment at maturity equal to 20% of principal. If the final level of either underlier is below its buffer, investors lose 1% of principal for each 1% decline beyond the buffer. The pricing/strike date is March 20, 2026, original issue date March 25, 2026, and observation date April 20, 2027 (subject to postponement). The estimated value on the pricing date was approximately $983.50 per security. The securities are unsecured obligations of MSFL; holders are exposed to Morgan Stanley credit risk and to limited secondary-market liquidity.
Morgan Stanley Finance LLC is issuing Structured Investments — Enhanced Buffered Jump Securities tied to NIKE, Inc. Class B common stock. Each note has a $1,000 stated principal, an original issue price of $1,000, an estimated value of approximately $975.70 on the pricing date and matures on April 1, 2027.
Key economic terms: an upside payment of $157.50 (15.75%), an initial level of $54.79, a buffer amount of 20% (buffer level $43.832), and a downside factor of 1.25. If the final level is below the buffer level, investors lose 1.25% of principal for every 1% decline beyond the buffer; there is no minimum payment at maturity.
Morgan Stanley Finance LLC files a preliminary pricing supplement for structured, principal-at-risk notes linked to the Russell 2000® Index. The securities are unsecured obligations of Morgan Stanley Finance LLC and are fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, a 125% participation rate, a 15% buffer and a downside factor of 1.1764.
The notes may be automatically redeemed on the first determination date if the underlier equals or exceeds the call threshold (initial level 2,503.292), producing an early redemption payment of $1,152.20. If not called, maturity is March 21, 2028, with payoffs that can return principal plus upside, return principal only if final level ≥ buffer level, or produce losses (possibly to zero) if final level < buffer level. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk Buffered Jump Securities with an auto-call feature due March 21, 2028. Each security has a $1,000 stated principal amount and issue price of $1,000; estimated value on the pricing date was approximately $967.70.
Key terms: a first determination date of March 29, 2027 with a call threshold of 100 and an early redemption payment of $1,262.50; final determination on March 16, 2028; participation rate 150%; buffer 15% (buffer level 85); downside factor 1.1765; upside payment $525.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities due May 5, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an issue price of $1,000.
The securities pay a contingent coupon at an annual rate of 11.65% only if the closing level of both underliers (the Nasdaq-100® Technology Sector Index and the S&P 500® Index) meets or exceeds coupon barrier levels on specified observation dates. The securities are automatically redeemed early if both underliers meet call thresholds on a redemption determination date. If not redeemed, maturity payoff depends on the worst performing underlier: investors receive principal only if both final levels are at or above downside thresholds (each at 80% of initial levels); otherwise investors lose 1% of principal for each 1% decline of the worst performing underlier and could lose their entire principal.
Morgan Stanley Finance LLC is offering Principal at Risk buffered participation securities linked to the S&P 500® Futures Excess Return Index that mature on September 23, 2027. Each security has a $1,000 stated principal amount, pays no interest and is fully guaranteed by Morgan Stanley.
The securities provide 100% participation in positive index performance subject to a maximum payment at maturity of $1,260 (126% of principal). A 20% buffer protects against initial declines: if the final level is at or above 80% of the initial level you receive principal; below that you lose 1% for each 1% decline beyond the buffer, with a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $983.00 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a one‑year principal‑at‑risk, market‑linked security fully and unconditionally guaranteed by Morgan Stanley, maturing April 2, 2027. Each security has a $1,000 face amount, a 103.50% participation rate and an estimated value of $966.40 on the pricing date.
Payments at maturity are linked to the lowest performing of four indices (Russell 2000®, Dow Jones Industrial, Nasdaq‑100®, S&P 500®). If the lowest performing underlying closes below its 60% threshold, holders will lose more than 40% and may lose the entire investment. Price to public per security is $1,000 with agent commissions of $16.25.