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 prices contingent income auto-callable securities due March 19, 2027. The notes, fully and unconditionally guaranteed by Morgan Stanley, have a $1,000 stated principal per security, an issue price of $1,000, and an estimated value on the pricing date of approximately $982.80. The securities pay a contingent coupon at an annual rate of 12.88% on observation dates only if both underliers meet coupon barrier levels. Underliers are the State Street® Industrial Select Sector SPDR® ETF (XLI) and the State Street® Consumer Discretionary Select Sector SPDR® ETF (XLY). The securities are automatically redeemed early if both underliers meet call thresholds on a redemption determination date; otherwise payment at maturity depends on the worst performing underlier and principal is at risk. Strike/pricing date: March 13, 2026.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes tied to the worst-performing share of NVIDIA Corporation and Microsoft Corporation. Each note has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of $933.90, and an aggregate offering of $1,500,000. The securities can be automatically redeemed on March 22, 2027 for an early redemption payment of $1,520 if both underliers meet their call thresholds on the first determination date. If not auto-redeemed, maturity is March 15, 2029, with a 150% participation rate in the upside of the worst-performing underlier or potential loss of principal if the worst-performing underlier falls below its 90% downside threshold.
The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, and all payments are subject to the issuer’s credit risk. The offering includes a fixed sales commission of $28.50 per security and hedging, structuring and distribution costs embedded in the issue price. Key mechanics include initial levels set at the strike date ($184.77 for NVDA and $405.76 for MSFT), downside thresholds at 90% of those levels, and final determination on March 12, 2029.
Morgan Stanley Finance LLC is offering Principal at Risk Buffered Jump Securities due March 14, 2031 tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an aggregate principal amount of $2,218,000. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
The securities have an automatic early redemption feature beginning with the first determination date on March 18, 2027; if the underlier is at or above the call threshold (approximately 85% of the initial level) on a determination date, the securities will be redeemed for a fixed early redemption payment that increases over time. If not redeemed, maturity payments depend on the final level relative to a 15% buffer: a fixed payment of $1,500.00 if the final level is at or above the buffer level, or a reduced payment that reflects losses beyond the buffer (subject to a 15% minimum payment). The issue price is $1,000 per security and the estimated value on the pricing date was $903.80 per security.
Morgan Stanley Finance LLC is offering $5,680,000 of Digital VanEck® Gold Miners ETF‑Linked Notes due April 14, 2027 (trade date March 11, 2026). The notes are unsecured, fully guaranteed by Morgan Stanley and are principal‑at‑risk.
Payments at maturity are linked to the VanEck® Gold Miners ETF (Bloomberg GDX). If the Final Underlier Level is ≥ 90% of the Initial Underlier Level, each $1,000 face amount pays the Maximum Settlement Amount of $1,273.50 (127.35%). If the Underlier falls below 90%, losses apply and investors may lose some or all principal. The estimated value on the trade date is $978.70 per note; price to public is $1,000 with agent commissions of 1.09%.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due March 15, 2029 with a stated principal amount of $1,000 per security and an aggregate principal amount of $3,520,000. The securities are fully and unconditionally guaranteed by Morgan Stanley and were issued at a public price of $1,000 per security (estimated value on the pricing date: $940.10 per security).
The notes are auto-callable on specified determination dates beginning March 12, 2027 and reference the worst performing of three ETFs: KRE (regional banks), GDX (gold miners) and TLT (20+ Year Treasury). Call threshold levels equal 100% of initial levels; upside and downside thresholds equal 90% and 60% of initial levels, respectively. Early redemption payments and the fixed maturity payoff levels are specified in the supplement; if the worst performing underlier falls below the downside threshold, investors lose 1% for each 1% decline in that underlier (payment at maturity could be significantly less than principal or zero).
Morgan Stanley Finance LLC offers $2,886,000 of Principal at Risk structured securities—$1,000 stated principal per security—fully and unconditionally guaranteed by Morgan Stanley. The notes are auto-callable beginning on March 12, 2027 with fixed early redemption payments that deliver approximately 17.10% per annum if a call threshold (967.649) is met on a determination date.
If not called, maturity outcomes (maturity March 14, 2031) depend on the final level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index versus the initial level (1,138.41): full positive payoff of $1,855.00 if final level ≥ call threshold; return of principal if final level ≥ downside threshold (683.046); pro rata principal loss (1% loss per 1% decline) if final level < downside threshold. The securities carried an estimated value of $930.10 on the pricing date and were sold at an issue price of $1,000, reflecting issuance and hedging costs.
Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent‑coupon, auto‑callable securities due March 15, 2029, fully and unconditionally guaranteed by Morgan Stanley. The issue price is $1,000 per security, aggregate principal $113,000, and estimated value on the pricing date was $981.00 per security.
The securities pay a contingent coupon at an annual rate of 12.25% only if each underlier (the Nasdaq‑100, Russell 2000 and S&P 500) is at or above its coupon barrier (approximately 75% of initial levels) on each observation date. They are automatically redeemed early if each underlier meets its call threshold (100% of initial levels) on a redemption determination date. At maturity, if any underlier is below its downside threshold (approximately 75% of initial levels), investors suffer loss equal to the percentage decline of the worst performing underlier; the payment could be significantly less than principal or zero.
Morgan Stanley Finance LLC is offering $1,920,000 of Dual Directional Trigger PLUS linked to the VanEck® Gold Miners ETF (GDX). Each Trigger PLUS has an 18-month term maturing September 16, 2027, an issue price of $1,000 and an estimated value on the pricing date of $964.80. The notes provide 200% leveraged upside if the final share price exceeds the initial share price ($101.36 on the pricing date), subject to a maximum payment of $1,598 per Trigger PLUS. If the final share price is between the initial price and the trigger level (85% of initial), investors receive a positive return equal to the absolute decline (capped at 15%). If the final share price is below the trigger level, investors incur losses pro rata and may lose their entire principal. The Trigger PLUS pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal‑at‑Risk notes linked to the Invesco S&P 500® Equal Weight ETF (Bloomberg: RSP). The securities are $1,000 stated principal per security, with an $1,190,000 aggregate offering and an estimated value of $956.80 on the pricing date.
Key economics: $1,000 issue price, $32.50 agent commission per security, 100% upside participation (capped at $1,140 or 114% of principal), an absolute return participation of 100%, a 15% buffer (buffer level $167.085 / initial level $196.57), and a 15% minimum payment at maturity. Maturity is March 16, 2028; observation date is March 13, 2028.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for Principal-at-Risk, contingent income auto-callable securities linked to the common stock of Chevron Corporation. Each security has a stated principal amount of $1,000, an annual contingent coupon of 10.60% and an estimated value on the pricing date of approximately $968.20.
Key dates: strike/pricing March 17, 2026, original issue date March 23, 2026, final observation date September 18, 2028 and maturity September 21, 2028. The call threshold equals 100% of the initial level and both the coupon barrier level and downside threshold equal 70% of the initial level. Investors face principal‑at‑risk: if the final level is below the downside threshold, payment at maturity will decline pro rata and could be zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced contingent-income, memory auto-callable securities linked to Blackstone Inc. common stock. Each security has a stated principal amount of $1,000, an estimated pricing-date value of approximately $984.00, and a 17.00% annual contingent coupon.
The securities are principal-at-risk: automatic early redemption can occur on specified redemption determination dates if the underlier meets the call threshold (100% of the initial level), and if not redeemed, the payment at maturity depends on the final level versus a downside threshold (50% of the initial level). Final observation date is March 20, 2028 with maturity on March 23, 2028. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes called Buffered Jump Securities with an automatic early‑call feature and a $1,000 stated principal amount per security. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, have a strike date of March 19, 2026 and mature on March 24, 2031.
The securities may be automatically redeemed on specified determination dates beginning March 22, 2027 for fixed early redemption payments that correspond to approximately 17.00% per annum; the payment at maturity is $1,850 if the final level is at or above the call threshold, returns the stated principal if the final level is at or above an 85% buffer, and exposes investors to losses below that buffer, subject to a minimum payment at maturity of 15% of principal. All payments are subject to Morgan Stanley's credit risk; the estimated value on the pricing date was approximately $904.00 per security.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stock of The Goldman Sachs Group, Inc. The notes have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 11.10%, automatic early redemption opportunities beginning on June 15, 2026, and maturity on March 16, 2029. Coupons are paid only if the underlier meets the coupon barrier on observation dates; principal is at risk if the final level falls below the downside threshold (set at 60% of the initial level). All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured notes fully guaranteed by Morgan Stanley with a $1,000 stated principal per security. The notes mature on April 4, 2030 and reference the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and S&P 500. An automatic early redemption can occur if each underlier closes at or above its call threshold on the first determination date (April 2, 2027), producing an early redemption payment of $1,127.50 per security. If not called, maturity payoffs depend on worst‑performing underlier: full principal plus an upside payment if all final levels exceed initial levels; return of principal only if all final levels are at or above 70% of initial levels; and pro rata losses if any final level is below 70% (potentially a total loss). The participation rate is at least 150%. Estimated value on the pricing date is approximately $937.20 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due April 16, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay no interest and provide a fixed upside payment of $102.50 (10.25%) if the worst performing underlier finishes at or above its buffer level (80% of initial). If the worst performing underlier finishes below its buffer, investors lose 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The securities reference the Russell 2000, S&P 500 and Nasdaq-100 Technology Sector indices, are linked to the worst performing underlier, and are exposed to issuer credit risk, index volatility, limited upside, and possible significant principal loss.
Morgan Stanley Finance LLC offers principal‑at‑risk structured notes with an aggregate principal amount of $800,000 and a stated principal amount of $1,000 per security. The securities are issued at $1,000 with an estimated value of $972 on the pricing date and mature on March 14, 2029.
The notes are auto‑callable beginning with the first determination date on March 22, 2027 and pay fixed early redemption amounts of $1,114.30 on March 25, 2027 and $1,228.60 on March 14, 2028 if each underlier equals or exceeds its call threshold. If not auto‑redeemed, maturity payments are $1,342.90 if every underlier is at or above its downside threshold (70% of initial level); otherwise payment equals principal times the performance factor of the worst performing underlier and could be significantly less or zero. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers structured Principal‑at‑Risk securities linked to the worst performing of the Nasdaq‑100 and S&P 500. The issuance aggregates $4,597,000 at a $1,000 stated principal amount per security and carries an estimated value of $974.00 on the pricing date.
The notes feature automatic early redemption beginning on September 10, 2026 with scheduled determination dates and early redemption payments designed to deliver about 10.00% per annum if call conditions are met. At maturity on March 15, 2029, payments depend on the final levels of each index relative to specified upside (90%) and downside (70%) thresholds; losses occur if the worst performing underlier closes below its downside threshold.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due March 9, 2028, fully and unconditionally guaranteed by Morgan Stanley. The issue is $1,000 per security with an aggregate principal amount of $300,000.
The notes pay a contingent coupon at an annual rate of 22.20% on each coupon payment date only if the closing level of the underlying common stock of Oracle Corporation is at or above the coupon barrier ($91.776, 60% of the initial level) on the related observation date. The notes feature automatic early redemption if the underlier closes at or above the call threshold ($152.96, 100% of the initial level) on any redemption determination date. If not redeemed and the final level is below the downside threshold ($91.776), payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes—Buffered Jump Securities with an auto‑callable feature—guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the estimated value on the pricing date is approximately $906 per security.
The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes have a 15% buffer (buffer level = 85% of the initial level) and a call threshold equal to 90% of the initial level. The first determination date is March 23, 2027; the final determination date is March 20, 2031 and the maturity date is March 25, 2031. If a determination date triggers the call condition, investors receive a scheduled early redemption payment (payments shown per determination date). At maturity, if final level ≥ call threshold, payment is $1,620.00; if final level ≥ buffer but < call threshold, investors receive the stated principal; if final level < buffer, investors suffer losses of 1% per 1% decline beyond the buffer, subject to a minimum payment of 15% of principal.
Morgan Stanley Finance LLC priced buffered jump securities with an auto-call feature and a $1,000 stated principal amount per security. The offering totals $1,179,000 and the securities issue on March 13, 2026 with maturity on March 13, 2031.
The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an initial level of 1,142.90 and a call threshold of 1,028.61 (90% of initial). The buffer level is 971.465 (85% of initial). Early redemption payments correspond to an approximate return of 16.10% per annum on specified determination dates; the payment at maturity is $1,805.00 if the final level is at or above the call threshold, the stated principal if final level is at or above the buffer, or a reduced amount below the buffer, subject to a minimum payment of 15% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable notes linked to Amazon.com, Inc. stock. Each note has a $1,000 stated principal amount and the offering aggregate is $685,000. The notes are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley.
The notes were issued on March 13, 2026, have a March 10, 2031 maturity (final determination date March 10, 2031), a first determination date of March 11, 2027, an initial level/call threshold of $214.33, and a downside threshold of $150.031 (70% of initial level). Automatic early redemption yields fixed early redemption payments approximating 15.95% per annum on specified determination dates. The estimated value on the pricing date was $983.20 per security.
Morgan Stanley Finance LLC offers Principal-at-Risk notes linked to Tesla, Inc. common stock with a 14.00% contingent coupon and a March 16, 2028 maturity. The securities pay coupons only if the underlier meets a coupon barrier (50% of the initial level) on observation dates and expose investors to full downside risk below a 50% downside threshold. The notes are callable beginning September 17, 2026 based on a risk-neutral valuation model selected by the calculation agent; estimated value on pricing date was approximately $973.90 per security and the issue price is $1,000 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Accenture plc with a stated principal amount of $1,000 per security due April 23, 2027. The securities pay a contingent coupon at an annual rate of 18.00% only when the closing level of the underlier meets or exceeds a coupon barrier of 67.20% of the initial level on each observation date and are automatically redeemed if the underlier meets a call threshold of 100% on any redemption determination date.
The securities expose investors to full credit risk of Morgan Stanley and MSFL, do not participate in upside performance of Accenture plc, and at maturity will pay the stated principal only if the final level is at or above the downside threshold of 67.20% of the initial level; otherwise payment equals stated principal multiplied by the performance factor and could be significantly less or zero.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due March 15, 2029, linked to the worst performing of three ETFs: XLE, XLP and KRE. The securities pay a contingent coupon of 18.90% per annum only if each underlier meets its coupon barrier on an observation date; otherwise no coupon is paid.
These notes are principal‑at‑risk: if any underlier finishes below its downside threshold at maturity, the payment equals the stated principal multiplied by the worst performing underlier’s performance factor, potentially resulting in a total loss. The issuer may call the notes on set redemption dates beginning June 15, 2026 if a risk neutral valuation model indicates redemption is economically rational. Estimated value at issuance was $979.30 per security; issue price is $1,000 with $2.50 agent fees per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes with an aggregate principal amount of $835,000 and a stated principal amount of $1,000 per security. The securities mature on March 13, 2031, observe the underlier on March 10, 2031, and are fully guaranteed by Morgan Stanley.
These structured, unsecured notes reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, feature automatic early redemption beginning on the first determination date of March 11, 2027, and pay fixed early redemption payments corresponding to ~15.25% per annum on applicable dates. At maturity investors receive either a fixed payment of $1,762.50, the stated principal, or a principal tied to index performance (payment = stated principal × performance factor), with the possibility of losing up to the entire principal.
Morgan Stanley Finance LLC priced a preliminary offering of callable, principal‑at‑risk memory securities due March 29, 2029, 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 pay a contingent coupon at an annual rate of 8.85% only if the closing level of each underlier (Nasdaq‑100, Russell 2000, S&P 500) is at or above its coupon barrier (70% of initial level) on an observation date. The securities are callable beginning June 30, 2026 based on a risk‑neutral valuation model selected by the calculation agent. At maturity, if the final level of any underlier is below its downside threshold (60% of initial level), payment equals the stated principal amount multiplied by the performance factor of the worst performing underlier, risking significant or total loss of principal. The preliminary estimated value on the pricing date is approximately $976.50 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC prices Principal-at-Risk notes offering an aggregate principal amount of $3,338,000 of fixed‑coupon Buffered Auto‑Callable Securities due March 13, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a 7.00% annual fixed coupon (monthly payments) and may be automatically redeemed beginning on the first redemption determination date of March 10, 2027 if the closing level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is at or above the call threshold (1,142.90). If not called, maturity payment depends on the final index level relative to a 15% buffer (buffer level 971.465); losses beyond the buffer reduce principal dollar‑for‑dollar subject to a 15% minimum payment at maturity. The original issue price is $1,000 per security, estimated value on pricing date was $920.00, and issuer proceeds after commissions total $3,201,142. All payments are subject to issuer credit risk and the securities do not participate in index appreciation.
Morgan Stanley Finance LLC priced $2,971,000 aggregate principal of Structured Investments — Contingent Income Memory Buffered Auto-Callable Securities due February 15, 2029, $1,000 per security (issue price $1,000).
The notes are linked to the worst performing of the XME Fund (State Street SPDR S&P Metals & Mining ETF) and the GDX Fund (VanEck Gold Miners ETF). They pay a contingent coupon at an annual rate of 7.00% only when both underliers meet coupon barrier tests on observation dates and feature automatic early redemption if both underliers meet call thresholds on specified redemption determination dates. At maturity, if the worst performing underlier is below its buffer level (each buffer = 75% of initial level), principal is reduced 1% for each 1% decline beyond the buffer, subject to a minimum payment of 25% of principal. All payments are unsecured and guaranteed by Morgan Stanley and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due March 16, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and a contingent annual coupon of 8.45% payable only when all three underliers meet coupon barriers on observation dates.
The notes reference the Dow Jones Industrial, Russell 2000® and S&P 500®, use the worst-performing underlier for payoff determination, and feature automatic early redemption beginning March 15, 2027 if all underliers meet 100% call thresholds. If any underlier is below the downside threshold (65% of initial level) at final observation, principal is reduced pro rata to the worst performing underlier, potentially to zero. Estimated value on pricing date was about $977.60 per security.
Morgan Stanley Finance LLC issues Principal at Risk securities due July 16, 2027 linked to the S&P 500® Index, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000, an estimated value on the pricing date of $983.60, and a minimum upside payment of $120.60 (12.06%). The securities provide an upside payment if the final level is at or above a 90% buffer (10% buffer amount). If the final level is below the buffer, investors lose 1.1111% of principal for each 1% decline beyond the buffer; there is no guaranteed minimum and investors could lose their entire investment. Agent commissions are $11.67 per security and net proceeds per security are $988.33. All payments are subject to issuer and guarantor credit risk, and market value prior to maturity may be materially lower than the original issue price.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Trigger Jump Securities linked to the iShares® Silver Trust (SLV). The notes have a $1,000 stated principal amount and a fixed $202 upside payment (20.20%) if the final level is at or above a 60% downside threshold. If the final level is below that threshold, investors lose in direct proportion to the decline in the underlier and could lose their entire principal. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments remain subject to issuer and guarantor credit risk. The securities pay no interest, have an estimated value of approximately $970 on the pricing date, include issuance and structuring costs reflected in the $1,000 issue price, and carry detailed tax, market, liquidity and conflict-of-interest risks described in the supplement.
Morgan Stanley Finance LLC is offering contingent income, memory auto-callable, principal-at-risk securities due March 15, 2029, linked to the worst performing of the EURO STOXX 50® and S&P 500®. Each security has a $1,000 stated principal amount and an annual contingent coupon of 9.50%, payable only when both underliers meet coupon barrier levels on observation dates. The notes may auto-redeem on specified redemption determination dates starting September 10, 2026 if both underliers meet call thresholds. At maturity, if the worst performing underlier is below its 80% downside threshold, principal is reduced proportionally and could be zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Digital S&P 500® Index-Linked Notes due in roughly 19–22 months, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note offers a capped payout if the Final Underlier Level is ≥87.50% of the Initial Underlier Level (Maximum Settlement Amount expected $1,133.70–$1,157.20). If the Final Underlier Level is <87.50%, principal is exposed and losses up to the full investment are possible. The estimated Trade Date value is approximately $996.90 per $1,000 note. All payments are subject to issuer credit risk and the notes are not listed or insured.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 23, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 issue price and an estimated value of approximately $974.80 on the pricing date. The notes reference the worst performing of three underliers: the CIBR ETF, SMH ETF and the Nasdaq-100 Index. Automatic early redemption can occur on a sequence of determination dates beginning March 25, 2027, with specified early redemption payments rising to $1,638.75. If not called, maturity payoffs are: $1,657.00 if all final levels meet call thresholds; the stated principal ($1,000) if final levels remain at or above 70% downside thresholds; otherwise payment equals principal multiplied by the worst-performing underlier's performance factor, potentially reducing payout to zero. All payments are subject to issuer credit risk and the securities do not pay interest or participate in underlier appreciation.
Morgan Stanley Finance LLC offers Principal-at-Risk auto-callable notes linked to Accenture plc Class A ordinary shares with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The securities pay a 15.50% contingent annual coupon on each observation date only if the closing level of the underlier meets or exceeds the coupon barrier, and they feature automatic early redemption on specified redemption determination dates beginning September 21, 2026.
If not called, at maturity on April 23, 2027 investors receive principal only if the final level is at or above the downside threshold (set at 67.20% of the initial level); otherwise the payment equals the stated principal multiplied by the performance factor and could be substantially less than principal or zero. All payments are subject to Morgan Stanley’s credit risk, and the estimated value on the pricing date is approximately $963.70 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable securities linked to the S&P 500® Index, 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 may be automatically redeemed for $1,100 if the underlier is at or above the call threshold (100% of the initial level) on the first determination date of March 29, 2027; maturity is March 16, 2028. If not called, maturity payoffs depend on the arithmetic average of the closing levels on specified final averaging dates: investors receive principal plus an upside payment when the final level exceeds the initial level, receive only principal if the final level is between the downside threshold (73.50% of the initial level) and the initial level, or suffer pro rata principal loss if the final level is below the downside threshold. The participation rate is 200%. The estimated value on the pricing date was approximately $978.70 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable notes with a stated principal amount of $1,000 per security, linked to the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and S&P 500. The strike and pricing date is March 31, 2026, original issue date April 6, 2026, first early‑call determination April 2, 2027 (early redemption payment $1,128.50 on April 7, 2027) and stated maturity April 5, 2029. The participation rate will be at least 150%. The preliminary estimated value on the pricing date is approximately $945.50 per security. Investors bear full credit risk of Morgan Stanley and may lose some or all principal; payments are determined by the worst performing underlier and the securities do not pay interest.
Morgan Stanley Finance LLC and Morgan Stanley are offering Trigger PLUS principal-at-risk notes with a $1,000 stated principal per security and an issue price of $1,000. The securities pay no interest and are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500, with a 125% leverage factor, an observation date of March 31, 2028 and maturity on April 5, 2028. If the worst performing underlier is above its initial level at observation, holders receive principal plus 125% of that appreciation. If the worst performing underlier is between its initial level and a 70% downside threshold, holders receive principal. If the worst performing underlier is below the 70% threshold, holders lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and investors could lose their entire investment. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley and therefore subject to the guarantors credit risk. The estimated value on the pricing date was approximately $955.50 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 24, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security and an original issue price of $1,000 per security.
The notes are linked to the worst performing of the EURO STOXX 50®, the S&P 500® and the Nasdaq-100®, feature automatic early redemption beginning on March 22, 2027, fixed early redemption payments that increase by determination date, and downside protection only to a 70% threshold; if the worst performing underlier finishes below that downside threshold at maturity, investors lose proportionally and could lose their entire principal.
Morgan Stanley Finance LLC is offering buffered, principal-at-risk notes linked to the MSCI EAFE® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount $1,000 and a capped cash payoff: if the Final Underlier Level is ≥ 90% of the Initial Underlier Level, investors receive a Maximum Settlement Amount expected to be between $1,139.20 and $1,163.70 per note. If the Final Underlier Level is below 90%, holders receive a formulaic cash amount that can result in a loss of some or all principal. The term is expected to be about 20 to 23 months from the Trade Date; the issuer will set exact dates and the Initial Underlier Level on the Trade Date. The estimated value on the Trade Date is approximately $991.50 per note.
Morgan Stanley is offering Global Medium-Term Notes, Series I: Fixed/Floating Rate Senior Notes due 2032 (principal $3,500,000,000) and due 2047 (principal $2,500,000,000), issued on March 13, 2026.
The 2032 notes bear a fixed rate of 4.708% per annum through March 12, 2031, then convert to a SOFR-based floating rate with a +1.195% spread; the 2047 notes bear a fixed rate of 5.900% per annum through March 13, 2046, then convert to a SOFR-based floating rate with a +1.782% spread. Both tranches were issued at par and are callable under make-whole and optional redemption provisions as described in the prospectus.
Morgan Stanley Finance LLC is offering Structured Investments—Buffered Jump Securities with an Auto-Callable feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities may be automatically redeemed on the first determination date if the underlier closing level is at or above the call threshold of 100. The first determination date is March 24, 2027; the early redemption date is March 30, 2027. If not called, maturity is March 16, 2028. Key economics: participation rate 150%, buffer amount 15% (buffer level 85), downside factor 1.1765, and a stated upside payment of at least $498. The securities are principal‑at‑risk notes that pay no interest; investors can lose some or all principal. The pricing date was March 12, 2026, estimated value was about $971 per security, and placement fees up to $15 per security reduce proceeds to $985 per security.
Morgan Stanley Finance LLC is offering Principal at Risk Structured Investments linked to the worst performing of the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $165 (16.50%) and a maturity date of March 16, 2028. The securities pay no interest and provide a 20% buffer: if the final level of each underlier is >= its buffer level, holders receive principal plus the upside payment; if the final level of either underlier is below its buffer level, holders lose 1% for each 1% decline of the worst performing underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal. The pricing and strike dates are March 13, 2026 with original issue date March 18, 2026. The document discloses an estimated value of approximately $979.10 per security on the pricing date and shows agent compensation of $15 per security.
Morgan Stanley Finance LLC priced callable principal‑at‑risk notes due March 28, 2031 linked to the worst performing of the Dow Jones Industrial, Nasdaq‑100 and Russell 2000 (contingent income structure).
The securities have a stated principal amount of $1,000 per security and an original issue price of $1,000. They pay a contingent coupon at an annual rate of 7.85% only when the closing level of each underlier is at or above its coupon barrier (70% of initial level) on an observation date. The notes are callable beginning on March 30, 2027 if a risk‑neutral valuation model indicates redemption is economically rational. At maturity, if the final level of any underlier is below its downside threshold (65% of initial level), payment is the stated principal times the performance factor of the worst performing underlier; principal can be significantly reduced and could be zero. All payments are subject to Morgan Stanley’s credit risk. The issuer’s estimated value on the pricing date is approximately $941.80 per security.
Morgan Stanley Finance LLC offers principal‑at‑risk, auto‑callable securities linked to the common stock of Blackstone Inc. The securities have a $1,000 face amount, a contingent coupon rate to be set at no less than 16.35% per annum, an estimated value of approximately $956.50 per security on the pricing date and a maturity date of March 23, 2029. Payments of contingent coupons occur quarterly only if the stock closing price on each calculation day meets or exceeds a coupon threshold equal to 60% of the starting price. After a six‑month non‑call period, the securities may be automatically called on quarterly calculation days if the stock closing price is at or above a call threshold equal to 90% of the starting price, producing a cash payment of face amount plus a final contingent coupon. If not called, at maturity investors receive either full face amount if the ending price is at or above the downside threshold (also 60% of the starting price) or a reduced principal equal to the performance factor multiplied by $1,000, exposing holders to more than 40% principal loss if the ending price falls below that threshold. All payments are subject to issuer credit risk, distribution commissions of up to $23.25 per security, and other offering costs.
Morgan Stanley Finance LLC prices Principal at Risk Buffered Jump Securities with an auto-callable feature due March 13, 2031. The offering is for securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,735,000. The issue price is $1,000 per security and the estimated value on the pricing date was $904.00 per security.
The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, include a 15% buffer and a minimum payment at maturity of 15% of principal, provide potential automatic early redemption with fixed per‑security early redemption payments, do not pay periodic interest, and are fully guaranteed by Morgan Stanley. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced $8,969,000 of buffered jump securities (principal at risk) with a $1,000 stated principal amount per security. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
The notes are auto-callable beginning on March 11, 2027 if the underlier closes at or above the call threshold level of 1,142.90. Early redemption payments correspond to a return of approximately 17.00% per annum and increase on each determination date. If not called, maturity is March 13, 2031. At maturity investors receive $1,850 if the final level is at or above the call threshold, the stated principal if the final level is at or above the buffer level of 971.465 (85% of initial), or a reduced payment that loses 1% per 1% decline beyond the buffer, subject to a 15% minimum payment.
The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (initial level 1,142.90), established March 14, 2022. The estimated value on the pricing date was $907.30 per security; the issue price is $1,000 with agent commissions of $42.50 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering contingent income, memory buffered auto-callable securities with a $1,000 stated principal per security and an issue price $1,000. The securities pay a contingent coupon at an annual rate of 11.50% if observation-date conditions are met, are fully and unconditionally guaranteed by Morgan Stanley, and mature on March 25, 2031 (final observation March 20, 2031), subject to postponement for non-trading days and market disruption events. The securities feature a 15% buffer (buffer level = 85% of initial level), a minimum payment at maturity of 15% of principal, automatic early redemption beginning with the first redemption determination date on March 22, 2027, and an estimated value on the pricing date of approximately $903.60 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable market-linked securities linked to the common stock of Broadcom Inc. due March 23, 2028. Each security has a face amount of $1,000 and a price to public of $1,000 per security; the agent commission is $23.25 and proceeds to the issuer are $976.75 per security. The issuer estimates the value on the pricing date at approximately $959.90 (within $35.00). Coupon payments are contingent and only paid monthly if the stock closing price meets the coupon threshold (equal to 60% of the starting price); the contingent coupon rate will be set on the pricing date and will be at least 14.50% per annum. If not called and the ending price is below the downside threshold (equal to 50% of the starting price), the maturity payment will be reduced on a 1-to-1 basis and could result in a loss of more than 50% or all of principal. All payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC offers Trigger Autocallable Contingent Yield Notes linked to the Least Performing Underlying Shares between the Invesco S&P 500® Equal Weight ETF (RSP) and the Invesco QQQ, Series 1 (QQQ). The Securities are principal‑at‑risk debt obligations of MSFL, fully guaranteed by Morgan Stanley.
Key economic terms in this preliminary pricing supplement: Trade Date March 13, 2026, Settlement Date March 18, 2026, Final Observation Date March 13, 2031, Maturity Date March 18, 2031. Contingent Coupon Rate will be set on the Trade Date in the range 9.50% to 10.10% per annum. Coupon Barriers are 70% of the Initial Underlying Price and Downside Thresholds are 60% of the Initial Underlying Price for each Underlying. Minimum investment is $1,000 and the Issue Price is $10.00 per Security; estimated Trade Date value is approximately $9.798 per Security (within $0.40).
The notes pay equal quarterly Contingent Coupons only if both Underlying Shares close at or above their Coupon Barriers on an Observation Date, are automatically callable beginning on the Observation Date September 14, 2026 if both Underlying Shares close at or above their Initial Underlying Prices, and repay a principal linked to the Least Performing Underlying Shares at maturity (including potential significant loss if the Least Performing Underlying Share is below its Downside Threshold). All payments are subject to MSFL and Morgan Stanley credit risk.