Morgan Stanley (MS) 424B Filings

Morgan Stanley Finance LLC amends the pricing supplement for a $13,113,000 issuance of Structured Investments Variable Income Auto-Callable Notes due January 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a variable monthly coupon of 9.00% (higher) or 0.25% (lower) depending on observation-date performance of four underlying stocks and are linked to the worst performing underlier (Broadcom, Meta Platforms class A, Tesla, Micron). The notes may be automatically redeemed on specified redemption determination dates if each underlier meets its 90% call threshold; otherwise investors receive principal at maturity. The document discloses estimated value ($940.40 per note), issue price ($1,000), agent commissions ($42.50 per note) and that all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of market-linked, auto-callable, principal-at-risk securities due March 15, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000, a public price of $1,000, and estimated value of approximately $970.10 on the pricing date. The offering includes an agent commission of $18.25 per security (proceeds to issuer $981.75 per security). The securities carry contingent quarterly coupons (annualized contingent coupon rate set at not less than 10.25%) payable only if the lowest performing underlying meets daily coupon thresholds, and feature a 70% downside threshold (exposure to losses greater than 30% if breached). Terms and payment mechanics are subject to the pricing date determinations and the product and index supplements referenced herein.

Morgan Stanley Finance LLC amended a preliminary pricing supplement for contingent income memory auto-callable securities due July 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000, with an estimated value on the pricing date of approximately $987.20.

The securities reference the EURO STOXX 50®, Russell 2000® and S&P 500® indices. A 15.00% per annum contingent coupon may pay on observation dates only if every underlier is at or above its coupon barrier (70% of initial level). The notes are automatically redeemed on November 12, 2026 if each underlier is at or above its call threshold (100% of initial level) as of the redemption determination date November 9, 2026. If not called, maturity payoff on July 9, 2027 returns principal only if each final level is at or above the downside threshold (70%); otherwise holders suffer losses proportional to the worst performing underlier.

Morgan Stanley Finance LLC offers Trigger PLUS securities due March 16, 2029, fully guaranteed by Morgan Stanley. Each $1,000 security provides leveraged upside (245%) if the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500® finishes above its strike level, principal repaid at maturity if the worst underlier is at or above 70% of its initial level, and pro rata loss equal to the full decline of the worst underlier below that 70% threshold. The securities pay no interest, carry issuer credit risk, have an estimated pricing‑date value of approximately $966.80, and are intended for fee‑based advisory accounts.

Morgan Stanley Finance LLC offers callable Contingent Income Securities due September 14, 2028. The securities are principal‑at‑risk notes, fully and unconditionally guaranteed by Morgan Stanley, linked to the VanEck® Junior Gold Miners ETF. They pay a contingent coupon at an annual rate of 21.40% only if the underlier’s closing level on each observation date is at or above the coupon barrier level (the coupon barrier is 70% of the initial level).

The notes may be redeemed early beginning on the first redemption date (September 16, 2026) if, on a model determination date, a risk neutral valuation model indicates early redemption is economically rational for the issuer. If not called and the final level is below the downside threshold (also 70% of initial level), the payment at maturity equals the stated principal amount multiplied by the performance factor (final/initial), exposing investors to full downside, potentially to zero.

Morgan Stanley Finance LLC issues $2,000,000 of auto-callable, principal-at-risk notes due March 18, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and an estimated value on the pricing date of $985.40 per security.

The notes reference the Dow Jones Industrial Average with an initial and call threshold level of 48,904.78 (initial level), a downside threshold of 39,123.824 (80% of initial), and automatic early redemption opportunities on specified determination dates beginning June 15, 2026. Early redemption payments and the payment at maturity are fixed per the terms; if the final level is below the downside threshold, payment at maturity equals the stated principal amount multiplied by the performance factor and could be significantly less or zero. All payments are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC priced contingent income memory securities, aggregate principal $1,145,000, fully and unconditionally guaranteed by Morgan Stanley. The notes, $1,000 each, pay a contingent coupon at an annual rate of 9.30% on scheduled coupon dates only if all three underliers (EURO STOXX 50®, Nasdaq-100® Technology Sector, Russell 2000®) close at or above their coupon barrier (80% of initial level) on each observation date. At maturity on March 7, 2030, if each underlier is at or above its downside threshold (70% of initial level), investors receive principal; otherwise payment equals $1,000 times the worst performing underlier's performance factor and could be zero. Issue price $1,000; estimated value on pricing date $957.40. All payments subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC amends a preliminary pricing supplement for Principal-at-Risk structured notes due March 11, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued at a $1,000 stated principal amount per security with an estimated value on the pricing date of approximately $935.80.

The notes reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, include a 4.0% per annum decrement, and are auto-callable beginning on the first determination date, March 9, 2027. If auto‑redeemed on a determination date, the early redemption payment corresponds to a return of approximately 16.00% per annum. If not redeemed, maturity payoffs are $1,800 per security if the final level is at or above the downside threshold (60% of the initial level); otherwise the payment equals the stated principal multiplied by the performance factor (final/initial), exposing investors to full downside risk.

Morgan Stanley Finance LLC offers Structured Investments—Buffered Jump Securities with an Auto-Callable feature, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a participation rate of 100% in upside performance of the S&P 500® Futures Excess Return Index.

The securities have an initial issue price of $1,000, an estimated value on the pricing date of approximately $945.30, a strike/pricing date of March 26, 2026, an original issue date of March 31, 2026, a first determination date of April 5, 2027 (auto-call test), an early redemption payment of $1,137.50 if the call threshold (100% of the initial level) is met, and a maturity date of March 31, 2031. The securities include a 10% buffer (buffer level = 90% of initial) and a 10% minimum payment at maturity.

Morgan Stanley Finance LLC priced a preliminary offering of structured Principal-at-Risk notes due March 23, 2028 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.

The notes are linked to the MSCI Emerging Markets Index, have a 15% buffer (buffer level = 85% of the initial level), a downside factor of 1.1765, a 100% participation rate for upside, an automatic early‑redemption feature with first determination on March 31, 2027 (call threshold = 100% of the initial level) and maturity on March 23, 2028. The estimated value on the pricing date was approximately $973.50 per security and agent fees are up to $15 per $1,000 security.

Morgan Stanley Finance LLC priced a preliminary offering of structured, principal-at-risk, auto-callable buffered jump securities due December 26, 2028, linked to the worst performing of the VanEck® Gold Miners ETF (GDX) and the State Street® SPDR® S&P® Metals & Mining ETF (XME). Each security has a $1,000 stated principal amount and an original issue price of $1,000. The document shows an estimated value on the pricing date of approximately $945.70. The notes feature a 15% buffer level (buffer amount 15%) and a minimum payment at maturity equal to 15% of principal. Automatic early redemption begins no earlier than the first determination date on September 18, 2026, with scheduled determination/early redemption dates through the final determination date on December 20, 2028 and early redemption payments that equate to approximately 9.70% per annum on the listed dates. If both final levels are at or above their buffer levels, the payment at maturity is $1,266.75; if the worst performing underlier is below its buffer, maturity payment falls by 1% for each 1% decline beyond the buffer. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due March 13, 2031 that are fully guaranteed by Morgan Stanley. The securities pay a 9.50% contingent coupon on scheduled coupon dates only if the underlier meets the coupon barrier level on the related observation date.

The notes feature automatic early redemption beginning with the March 10, 2027 redemption determination date if the underlier is at or above the call threshold (100% of the initial level). At maturity investors receive principal if the final level is at or above the buffer level (70% of the initial level); otherwise principal is reduced 1% per 1% decline beyond the buffer, subject to a 30% minimum payment. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS notes linked to the Russell 2000® Index with a $1,000 stated principal per security. The notes feature a 200% leverage on upside subject to a $1,175 maximum payment at maturity and a 10% buffer (buffer level = 90% of the initial level). The observation date is September 7, 2027 (pricing and strike dates: March 6, 2026; original issue date: March 11, 2026; maturity: September 10, 2027). If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $965.40. All payments are subject to issuer and guarantor credit risk; the securities pay no interest and have uncertain U.S. federal income tax treatment.

Morgan Stanley Finance LLC offers Buffered PLUS principal-at-risk securities tied to the iShares MSCI EAFE ETF (EFA) with a stated principal amount of $1,000 per security. The securities mature on September 10, 2027, have a 200% leverage factor, a 10% buffer (buffer level = 90% of initial level) and a maximum payment at maturity of $1,135 per security (113.50%). The estimated value on the pricing date is approximately $967 per security. Payments at maturity depend solely on the closing level of the underlier on the observation date, subject to postponement for non-trading days and certain market disruptions; if the final level falls below the buffer, investors incur pro rata losses beyond the buffer, subject to a minimum payment of 10% of stated principal. All payments are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley; holders bear Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced market-linked, auto-callable principal-at-risk securities due March 13, 2031, guaranteed by Morgan Stanley. Each security has a $1,000 face amount, an estimated value of approximately $953.20 on the pricing date and a contingent quarterly coupon rate to be set on the pricing date of at least 9.85% per annum. Quarterly calculation days begin in June 2026; automatic call features start after ~six months. At maturity, unpaid principal is linked 1:1 to the performance of the lowest performing underlying (S&P 500, Russell 2000, Nasdaq-100 Technology), with downside threshold at 75% of starting levels.

Morgan Stanley Finance LLC (through Morgan Stanley) is offering structured, principal‑at‑risk notes called Buffered Jump Securities due December 26, 2028, linked to the worst performing of the VanEck® Gold Miners ETF and the Global X Copper Miners ETF. Each security has a $1,000 stated principal amount and an estimated pricing‑date value of approximately $938.80. The notes feature an automatic early redemption schedule that yields an early redemption payment equivalent to approximately 12.25% per annum if both underliers meet call thresholds on a determination date. A 15% buffer applies: at maturity investors receive a fixed positive payment if both underliers finish at or above their buffer levels, but will lose 1% of principal for each 1% decline of the worst performing underlier beyond the buffer, subject to a minimum payment at maturity of 15% of principal. All payments are unsecured and subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable notes linked to the common stock of Amazon.com, Inc. The notes have a stated principal amount of $1,000 per security, an original issue date of March 13, 2026 and a maturity date of March 13, 2031. The pricing and strike dates are March 10, 2026.

If the closing level of the underlier meets or exceeds the call threshold (set at 100% of the initial level) on any determination date (first determination date March 11, 2027), the notes will be automatically redeemed for a fixed early redemption payment that corresponds to a return of approximately 15.95% per annum (scheduled per‑security amounts are listed for each determination date). If not auto‑redeemed, the maturity payout is: $1,797.50 if the final level ≥ call threshold; $1,000 if final level is ≥ downside threshold; or stated principal × (final level / initial level) if final level < downside threshold (downside threshold = 70% of initial level), which could result in a substantial loss or zero. The estimated value on the pricing date is approximately $983.70 per security; all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income memory auto-callable securities linked to the common stock of NVIDIA Corporation. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 14.68% on observation dates when the closing level of the underlier is at or above the coupon barrier level, which is 55% of the initial level. The securities may be automatically redeemed early if the closing level of the underlier is at or above the call threshold (100% of the initial level) on scheduled redemption determination dates, beginning with the first redemption determination date of June 12, 2026. If not redeemed, maturity is September 16, 2027; if the final level is below the downside threshold (55% of the initial level), payment at maturity is reduced pro rata and could be zero. The estimated value on the pricing date is approximately $979.40 per security.

Morgan Stanley Finance LLC is offering auto-callable principal-at-risk securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. The stated principal amount is $1,000 per security. Pricing and strike dates are March 11, 2026, original issue date March 16, 2026, and maturity is March 15, 2029. The first determination date for automatic early redemption is March 12, 2027. Call threshold levels equal 100% of each initial level; downside thresholds equal 70% of each initial level. The participation rate for upside is 150%. Early redemption payments shown are $1,161 on the first early redemption date and $1,322 on the second. The preliminary estimated value on the pricing date is approximately $956.70 per security. All payments are subject to MSFL and Morgan Stanley credit risk; the securities do not guarantee principal, may pay nothing at maturity if the worst performing underlier falls below its downside threshold, and may be automatically redeemed earlier for the fixed early redemption payments.

Morgan Stanley Finance LLC offers Principal-at-Risk, auto-callable structured notes due March 25, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a 300% participation rate on the worst performing underlier and an early redemption payment of $1,532.50 on September 23, 2027 if all three underliers meet their call thresholds. The notes are linked to the worst performing of the XLK, XLF and XLU ETFs, use 70% downside threshold levels, and carry issuer credit risk; estimated value on the pricing date was approximately $929.60.

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured notes linked to the MSCI Emerging Markets Index with a stated principal amount of $1,000 per security and an issue price of $1,000. The notes are fully guaranteed by Morgan Stanley and mature on March 6, 2031.

The notes may be automatically redeemed on the first determination date of March 9, 2027 for an early redemption payment of $1,175 if the underlier is at or above the call threshold of 1,527.62. If not called, maturity payoffs vary: upside participation is 150% of appreciation, while loss exposure is 1% of principal for each 1% decline below the downside threshold of 70% of the initial level (1,069.334). All payments are subject to Morgan Stanley credit risk; investors may lose their entire investment.

Morgan Stanley Finance LLC is offering contingent income memory auto-callable securities due March 16, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a contingent coupon at an annual rate of 17.20% only if each underlier meets its coupon barrier on observation dates.

The securities are linked to the worst performing of the iShares Expanded Tech‑Software ETF (IGV), the Russell 2000 Index (RTY) and the State Street SPDR S&P Regional Banking ETF (KRE). They may automatically redeem early on specified redemption determination dates beginning September 13, 2027, and at maturity investors either receive principal (if all underliers meet downside thresholds) or a principal payment tied to the worst performing underlier, which could result in significant loss or zero. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering structured, principal-at-risk notes linked to the S&P 500® Index with a $1,000 stated principal per security and an aggregate principal amount of $1,325,000. The securities feature an automatic early redemption on the first determination date March 12, 2027 for an early redemption payment of $1,087.20 if the closing level is at or above the call threshold. If not called, maturity is on March 2, 2028 with the final determination date of February 28, 2028. Key economic terms: participation rate 125%, buffer 20% (buffer level 5,503.104), and downside factor 1.25. The estimated value on the pricing date is $979.50 and the issue price is $1,000 (agent commission $15). All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Structured Investments Jump Notes linked to the EURO STOXX 50® Index. Each note has a stated principal amount of $1,000, pays no interest, and has an original issue price of $1,000 with an estimated value of approximately $962.70 on the pricing date. The notes are auto-callable on the first determination date, March 13, 2028, for an early redemption payment of $1,140 if the underlier is at or above the call threshold (100% of the initial level). If not redeemed early, maturity is March 18, 2031; at maturity investors receive the stated principal plus an upside payment equal to 100% participation of the underlier percent change if the final level exceeds the initial level, otherwise only the stated principal. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk; the notes will not be listed.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and an estimated value on the pricing date of $951.80.

The notes reference the worst performing of four underliers: META, NVDA, AVGO and GOOGL. Key economics: strike and pricing dates March 17, 2026, first determination date for automatic early redemption March 19, 2027 (call threshold = 100% of initial level), early redemption payment $2,400, participation rate 250%, downside threshold = 70% of initial level, and final determination date March 19, 2029.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the S&P 500® Index through a Preliminary Pricing Supplement. The notes have a $1,000 stated principal amount and issue price, an estimated value of approximately $977 on the pricing date, and commissions of $15 per security (proceeds to issuer $985).

The securities feature a 15% buffer (buffer level = 85% of initial level), a downside factor of 1.1765, a 100% participation rate, automatic early redemption if the underlier is >= the call threshold (first determination date March 31, 2027) with an early redemption payment of at least $1,100.10, and a final maturity of March 23, 2028. The strike and pricing date are March 18, 2026 and the final determination date is March 20, 2028. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Buffered Participation Securities due June 1, 2027, guaranteed by Morgan Stanley. Each Buffered Security has an original issue price of $1,000, a 20% downside buffer, a maximum payment at maturity of $1,139.50 and a minimum payment of $200. The pricing date is March 6, 2026 and the expected original issue date is March 11, 2026. These notes pay no interest, are unsecured, expose investors to Morgan Stanley credit risk and may result in a loss of up to 80% of principal if the basket falls more than the buffer.

Morgan Stanley Finance LLC offers Digital iShares® Expanded Tech-Software Sector ETF‑Linked Notes due in roughly 13–15 months, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount; the estimated Trade Date value is approximately $974.40. At maturity you receive between $1,109.80–$1,128.80 per $1,000 if the Final Underlier Level is ≥80% of the Initial Underlier Level; if the Final Underlier Level is <80% you receive a reduced cash settlement that can result in a total loss of principal. Payments are unsecured and subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC amends a Preliminary Pricing Supplement for callable Jump Notes due March 13, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. The notes have a stated principal amount of $1,000 per note and an estimated value on the pricing date of approximately $945.20 per note.

The notes do not pay interest and include a call feature beginning on the first redemption date, with scheduled redemption payments that provide fixed cash amounts corresponding to at least approximately 8.00% per annum if the issuer’s risk‑neutral valuation model indicates calling is economically rational. If not called, maturity payoff equals the stated principal plus an upside payment equal to $1,000 × participation rate (127%) × underlier percent change, payable only if the final level exceeds the initial level. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due July 6, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $135 (13.50%) and a downside threshold equal to 75% of each underlier's initial level.

The securities are linked to the worst performing of the S&P 500® Index and the Russell 2000® Index, with observation date June 30, 2027 and pricing/strike date March 31, 2026. If either underlier is below its downside threshold at the observation date, payment at maturity equals the stated principal multiplied by the worst performing underlier's performance factor (final/initial), so investors can lose up to the full principal. All payments are subject to the issuer's and guarantor's credit risk.

Morgan Stanley Finance LLC priced a series of principal‑at‑risk structured notes due April 28, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $116.50 (11.65%) and is linked to the worst performing of the S&P 500® and Russell 2000® indices. The observation date is April 23, 2027 and the strike/pricing date is March 23, 2026. If the final level of either underlier is below its downside threshold of 75% of its initial level, holders will suffer losses equal to the percentage decline of the worst performing underlier, and could lose their entire investment. Payments are subject to the issuer’s and guarantor’s credit risk. The preliminary estimated value on the pricing date is approximately $989.50 per security.

Morgan Stanley Finance LLC priced contingent income, memory auto-callable notes due March 15, 2029, fully guaranteed by Morgan Stanley. Each $1,000 security offers a 11.80% annual contingent coupon payable only if all three underliers meet coupon barriers on observation dates. The notes are linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500 and carry principal‑at‑risk: call thresholds are 100% of initial levels and both coupon barriers and downside thresholds are 75% of initial levels. First redemption determination date is September 11, 2026. Estimated value on pricing date was approximately $977.00 per security. All payments are subject to Morgan Stanley's credit risk.

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 stated principal amount of $1,000, an issue date of March 31, 2026, a pricing and strike date of March 27, 2026, and a maturity date of January 2, 2029.

The notes reference the VanEck® Gold Miners ETF (GDX) and the Global X Copper Miners ETF (COPX) and use the worst performing underlier to determine payoffs. The securities carry a 15% buffer amount and a minimum payment at maturity of 15% of principal. If neither underlier falls below its buffer at maturity, the payment at maturity is $1,330 per security; otherwise payment at maturity equals principal times (performance factor of the worst performing underlier + 15%), which may be materially below principal. The securities may automatically redeem on specified determination dates for increasing fixed early redemption payments (first early redemption payment $1,060 on September 30, 2026, rising up to $1,320), and no further payments occur after an automatic redemption. The preliminary pricing supplement discloses an estimated value on the pricing date of approximately $938.60 per security and highlights credit risk, limited upside (no direct participation in underlier appreciation), industry and ETF-specific risks, and uncertain U.S. federal income tax treatment.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Jump Securities with a stated principal amount of $1,000 per security, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities have a pricing and strike date of March 11, 2026, an original issue date of March 16, 2026, and mature on March 14, 2031.

The securities may be automatically redeemed on scheduled determination dates beginning March 12, 2027 if the closing level of the underlier is at or above the call threshold (85% of the initial level). Early redemption payments increase through the term, reaching up to $1,812.25 per security on the last early redemption date shown. At maturity, if not previously redeemed, investors receive $1,855.00 if the final level is at or above the call threshold, the stated principal amount if the final level is at or above the downside threshold (60% of the initial level), or a pro rata loss if the final level is below the downside threshold.

The estimated value on the pricing date is approximately $932.10 per security, reflecting issuing, structuring and hedging costs included in the $1,000 issue price. All payments are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of Principal‑at‑Risk structured notes (stated principal $1,000 per security) due January 2, 2029, fully guaranteed by Morgan Stanley. The notes are linked to the worst performing of the VanEck Gold Miners ETF (GDX) and the SPDR S&P Metals & Mining ETF (XME). Pricing and strike date are March 27, 2026; estimated value on the pricing date is approximately $945.30 per security.

The securities feature an automatic early redemption schedule beginning with the first determination date on September 28, 2026, with preset early redemption payments that rise through multiple determination dates (e.g., $1,047.50 on #1 up to $1,253.33 on #27). They include a 15% buffer and a minimum payment at maturity of 15% of principal. If the worst performing underlier falls below its buffer at maturity, investors lose 1% of principal for each 1% decline beyond the buffer. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers Contingent Income Auto-Callable Securities due February 14, 2028 that are fully and unconditionally guaranteed by Morgan Stanley and have principal at risk. The securities are issued in $1,000 denominations with an issue price of $1,000 and an estimated value on the pricing date of approximately $955.50.

The notes reference the S&P 500® Index (SPX) and the VanEck® Gold Miners ETF (GDX), pay a contingent coupon at an annual rate of 13.80% if both underliers are at or above coupon barrier levels on observation dates, and feature automatic early redemption if both underliers meet call thresholds on any redemption determination date. Strike and pricing date: March 9, 2026; final observation date: February 9, 2028. Coupon barrier levels are 70% of initial levels, call thresholds are 100% of initial levels and downside thresholds are 60% of initial levels. At maturity, if the worst performing underlier is below its downside threshold, payment equals principal multiplied by the worst performing underlier's performance factor, potentially resulting in significant principal loss or zero.

Morgan Stanley Finance LLC offers a preliminary pricing supplement for principal-at-risk Structured Investments — Enhanced Trigger Jump Securities due March 14, 2028 linked to the worst performing of the S&P 500, Russell 2000 and Nasdaq-100. Each security has a stated principal amount of $1,000 and a fixed upside payment of $239 ( 23.90% ) if the worst performing underlier finishes at or above its upside threshold on the observation date.

Key dates: Strike/Pricing March 9, 2026, Original issue March 12, 2026, Observation date March 9, 2028. Payment at maturity depends solely on the worst performing underlier versus defined upside (80% of initial) and downside (70% of initial) thresholds; if the worst performer is below its downside threshold, loss equals the percentage decline of that underlier and could be total.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due March 9, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an annual contingent coupon of 12.75% payable only if each listed underlier meets its coupon barrier on observation dates.

The notes are linked to the worst performing of four underliers: TLT (iShares 20+ Year Treasury Bond ETF), NDXT (Nasdaq-100 Technology Sector), RTY (Russell 2000 Index) and XLU (State Street Utilities ETF). Coupon barriers are 70% of initial levels and downside thresholds are 60% of initial levels. If any underlier is below its downside threshold at maturity, principal is reduced in proportion to the worst performing underlier; payments could be significantly less than principal or zero.

The securities are callable beginning on June 11, 2026 based on a risk-neutral valuation model selected by the calculation agent, and the estimated value on the pricing date was approximately $957.20 per security.

Morgan Stanley Finance LLC offers structured, principal-at-risk notes—auto-callable securities due March 9, 2029 linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the S&P 500. Each note has a stated principal amount of $1,000 and may automatically redeem on specified determination dates beginning March 9, 2027 for fixed early redemption payments.

The notes pay no interest, limit upside to fixed early redemption or maturity amounts (examples show up to $1,420 at maturity), and expose investors to full downside of the worst performing underlier below a 70% downside threshold. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments remain subject to the issuer/guarantor credit risk.

Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Principal-at-Risk notes due September 16, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a fixed upside payment of $125.50 (12.55%) payable at maturity if the final level of each underlier is at or above its downside threshold of 70% of its initial level.

Performance is determined by the worst performing underlier among the S&P 500, Nasdaq-100 and Russell 2000 measured on the observation date September 13, 2027. If any underlier falls below its downside threshold, the payment equals the stated principal amount multiplied by the performance factor of the worst performing underlier, and could be significantly less than principal or zero. Estimated value on the pricing date is approximately $959.90 per security.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk, callable contingent income securities with a stated principal amount of $1,000 per security and maturity on March 15, 2029. The securities pay a contingent coupon at an annual rate of 18.90% per annum on each coupon payment date only if the closing level of each of three ETF underliers is at or above its coupon barrier on the related observation date. If any underlier is below its coupon barrier on an observation date, no coupon is paid for that period.

The securities are linked to the worst performing of three ETFs (XLE, XLP, KRE), use observation dates from April 10, 2026 through the final observation date of March 12, 2029, and include a call feature usable beginning on June 15, 2026 that depends on the output of a risk neutral valuation model. If any underlier’s final level is below its downside threshold (70% of its initial level), the maturity payment is reduced pro rata to the worst performing underlier, potentially to zero. Estimated value on the pricing date was approximately $979.20 per security.

Morgan Stanley Finance LLC prices auto‑call, principal‑at‑risk market‑linked securities linked to the lowest performing of the S&P 500, Russell 2000 and Nasdaq‑100 due March 13, 2031.

The securities have a face amount of $1,000 per security, an estimated value on the pricing date of $959.90 (±$40.00) and a contingent coupon rate that will be set on the pricing date at no less than 9.10% per annum. Coupon payments are quarterly and paid only if the lowest performing underlying on a calculation day is at or above its coupon threshold (75% of its starting level). If not called, maturity payout depends on the lowest performing underlying and can result in losses greater than 25%, up to a total loss of principal.

Morgan Stanley Finance LLC priced a contingent income, memory auto-callable note due March 9, 2029 linked to Delta Air Lines, Inc. common stock. The securities have a $1,000 stated principal and an issue price of $1,000 per security.

The notes pay a contingent coupon at an annual rate of 18.50% on observation dates if the closing level is at or above a coupon barrier of 75% of the initial level; automatic early redemption can occur on scheduled determination dates if the underlier is at or above the call threshold of 100% of the initial level. If not called and the final level is below the downside threshold of 75%, principal at maturity is reduced pro rata by the underlier's decline. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent income auto‑callable securities due April 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000.

The securities pay a contingent coupon at an annual rate of 10.15% only if both underliers meet coupon barrier tests on observation dates. The underliers are the Nasdaq-100® Technology Sector (NDXT) and the S&P 500® (SPX). Call threshold levels equal 100% of initial levels and coupon barrier and downside threshold levels equal 75% of initial levels. Automatic early redemption can occur on specified observation/redemption dates beginning with the September 18, 2026 determination date; maturity is April 22, 2027. All payments are subject to issuer and guarantor credit risk and investors may lose up to their entire principal if the worst performing underlier declines below its downside threshold.

Morgan Stanley Finance LLC amends Pricing Supplement No. 14,020 for a structured note offering: Buffered Jump Securities tied to the VanEck® Gold Miners ETF and the State Street® SPDR® S&P® Metals & Mining ETF, fully and unconditionally guaranteed by Morgan Stanley.

The offering is for $1,157,000 aggregate principal at $1,000 per security. The securities mature on November 30, 2028 with a final determination date of November 27, 2028, and the first determination date on August 25, 2026. Investors face a 15% buffer and a 15% minimum payment at maturity; losses equal 1% for each 1% decline of the worst performing underlier beyond the buffer. The document discloses an estimated value on the pricing date of $951.70 per security and agent commissions of $32 per security.

Morgan Stanley Finance LLC priced structured, principal-at-risk notes linked to the Tokyo Stock Price Index (TOPIX) with automatic early redemption and 5-year term maturing March 31, 2031. Each security has a stated principal amount $1,000, a participation rate 200%, a first determination date of April 2, 2027 and an estimated value on the pricing date of approximately $942.40 per security. If the underlier is at or above the call threshold (100% of the initial level) on the first determination date, securities will be auto-redeemed for at least $1,080. At maturity investors receive either the stated principal plus an upside payment, the stated principal, or a loss proportional to the underlier decline if the final level is below the downside threshold (50% of the initial level).

Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable securities due March 11, 2030 linked to the S&P 500®, Nasdaq-100® and Russell 2000® indices. Each security has a $1,000 stated principal amount and an issue price of $1,000. The estimated value on the pricing date was approximately $983.40.

The securities feature automatic early redemption beginning on the first determination date of March 9, 2027, with preset early redemption payments corresponding to an approximate return of 14.75% per annum on specified determination dates. Call threshold levels equal 100% of each initial level; downside threshold levels equal 70% of each initial level. At maturity, holders either receive a fixed positive payment, the stated principal, or a reduced principal tied to the worst performing underlier (losses of 1% per 1% decline in the worst performing underlier).

Morgan Stanley Finance LLC priced contingent income auto-callable securities due March 15, 2029, principal $1,000 per security. The notes pay a 12.25% contingent coupon subject to each underlier meeting a coupon barrier of 75% and may auto-redeem if each underlier meets a call threshold of 100% on scheduled redemption determination dates. Observation dates begin June 11, 2026 with the first redemption determination on September 11, 2026, and the final observation date is March 12, 2029 (subject to postponement for non-trading days and certain market disruption events). If not auto-redeemed, payment at maturity depends on the final level of the worst performing underlier versus a 75% downside threshold; losses can equal the full decline of the worst performing underlier and the payment could be zero. The estimated value on the pricing date was approximately $978.50 per security. All payments are subject to the issuer and guarantor credit risk and the securities do not provide regular interest or principal protection.

Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Buffered PLUS notes due September 16, 2027. The notes reference a 70%/30% basket of the Invesco S&P 500® Equal Weight ETF (RSP) and the Russell 2000® Index (RTY), with a 125% leverage factor, a 10% buffer (buffer level 90), a maximum payment of $1,160.50 per $1,000 stated principal, and a stated principal amount of $1,000 per security.

The securities do not pay interest, may return only the minimum payment at maturity, and expose investors to Morgan Stanley and MSFL credit risk. The document shows an estimated value on the pricing date of approximately $971.80 per security and highlights material risks including limited upside, potential loss of principal if the underlier falls below the buffer, model-based valuation, and uncertain U.S. federal tax treatment.