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 contingent income, memory buffered auto-callable notes linked to the Class A common stock of Snowflake Inc. (underlier). The notes have a $1,000 stated principal amount, aggregate principal of $530,000, an issue date of March 5, 2026 and maturity on March 17, 2027.
The securities pay a contingent coupon at an annual rate of 23.20% only if the closing level of the underlier meets the coupon barrier of $117.887 (70% of the initial level) on observation dates. They are automatically redeemed if the underlier equals or exceeds the call threshold of $168.41 (100% of initial level) on any redemption determination date. At maturity, if the final level is below the buffer level ($117.887), principal is reduced by 1.4285% for each 1% decline beyond the 30% buffer; the payment could be significantly less or zero. Estimated value on the pricing date was $981.30 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced contingent income memory buffered auto-callable securities due March 6, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. The offering is for $1,000 per security, aggregate $2,332,000, with an estimated value on the pricing date of $903.60 per security.
The securities pay a contingent coupon at an annual rate of 11.75% on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier of 987.456 (80% of the initial level). They are automatically redeemable if the underlier closes at or above the call threshold of 1,234.32 on a redemption determination date. At maturity, if the final level is below the buffer level of 1,049.172 (85% of initial), principal is reduced by 1% for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. All payments are unsecured and subject to the issuer and guarantor credit risk of Morgan Stanley.
Morgan Stanley Finance LLC priced a $6,326,000 aggregate offering of structured, principal-at-risk securities with an auto-callable feature linked to the EURO STOXX 50®, S&P 500® and Dow Jones Industrial indices.
The notes have a stated principal amount of $1,000 per security, pay no periodic interest, and may be automatically redeemed beginning on March 3, 2027 for scheduled early redemption payments that rise to $1,498.75 by December 2030. If not redeemed, maturity is March 6, 2031 with a fixed top payment of $1,525 if all underliers meet call thresholds; otherwise payment depends on the worst performing underlier with a 70% downside threshold and potential loss of principal.
Morgan Stanley Finance LLC is offering $615,000 aggregate principal of Principal at Risk Structured Investments (PLUS) due April 7, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued at a stated principal amount of $1,000 per security and were priced at $1,000 per security with an estimated value of $969.90 on the pricing date.
The payoff is linked to the Dow Jones Industrial Average with a 300% leverage factor, a maximum payment at maturity of $1,120 per security (112% of principal) and downside exposure that reduces principal 1% for each 1% decline in the index; there is no minimum payment and investors could lose their entire investment.
Morgan Stanley Finance LLC prices Principal at Risk securities offering an aggregate principal amount of $877,000 consisting of $1,000 stated principal per security. The notes mature April 7, 2027 and are linked to the worst performing of the S&P 500® and Russell 2000® indices. If the final level of each underlier is at or above its downside threshold, holders receive the stated principal plus a fixed $106 upside payment (10.60%). If the final level of either underlier is below its downside threshold (75% of the initial level), holders suffer losses proportional to the decline in the worst performing underlier and could lose their entire investment. The pricing date and strike date are March 2, 2026, the original issue date is March 5, 2026, and the estimated value on the pricing date was $984.10 per security. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, sold to certain fee-based advisory accounts, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering callable Principal at Risk securities due March 14, 2029, fully 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 12.20% only if the closing level of each underlier meets or exceeds its coupon barrier (each set at 70% of the initial level) on observation dates. If any underlier is below its downside threshold (also 70% of initial) at maturity, investors lose principal proportionate to the worst performing underlier. The securities are linked to the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector Index and the Russell 2000® Index, are callable beginning June 12, 2026 based on a risk neutral valuation model determination, and had an estimated value on the pricing date of approximately $979.30 per security.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due March 14, 2031 linked to the SPDR® Gold Trust (GLD) and fully guaranteed by Morgan Stanley.
Each security has a stated principal amount of $1,000, a 125% leverage factor for upside, a maximum payment at maturity of $1,900 (190% of principal), and a downside threshold equal to 65% of the initial level. The offering pays no interest; if the final level is below the downside threshold, investors lose 1% of principal for each 1% decline in the underlier. The pricing and strike date are March 11, 2026, original issue date March 16, 2026, and observation date March 11, 2031. The estimated value on the pricing date is approximately $910 per security.
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 $1,000 stated principal amount, an issue date of March 11, 2026 and a maturity date of March 11, 2030. The securities pay a contingent coupon (the preliminary coupon is at least 15.12% per annum) only if the closing level of the underlier meets or exceeds a coupon barrier (set at 70 of the initial level). The notes may be automatically redeemed early if the closing level meets or exceeds the call threshold (100% of the initial level) on any redemption determination date, in which case investors receive the stated principal plus the contingent coupon. If not redeemed and the final level is below the downside threshold (70 of the initial level), maturity payment equals the stated principal multiplied by the final/initial level, exposing holders to full downside (possible loss of principal). Estimated value on the pricing date is approximately $966.20; agent commissions are $25 per security and proceeds to issuer are $975 per security.
Morgan Stanley Finance LLC is offering callable Principal at Risk notes due March 14, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon of 10.50% per annum payable only if each underlier meets its coupon barrier on observation dates.
The securities are linked to the worst performing of three indices (NDXE Equal Weighted, RTYFPE and SPXFP). They feature a 25% buffer and a downside factor of 1.3333 (losses on the worst underlier beyond the buffer). The first redemption date is May 14, 2026; early calls are governed by a risk‑neutral valuation model. Estimated value on pricing date: approximately $988.10 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley priced a preliminary offer of fixed rate notes maturing March 18, 2030 with a stated principal amount of $1,000 per note and an interest rate of 3.65% per annum payable semi‑annually, with an original issue date of March 18, 2026.
The notes pay stated principal plus accrued interest at maturity and are unsecured obligations subject to the credit risk of Morgan Stanley. Proceeds will be used for general corporate purposes. The notes will not be listed on an exchange and secondary market liquidity may be limited.
Morgan Stanley is offering fixed rate notes due March 16, 2029 with a stated and issue price of $1,000 per note and an annual interest rate of 3.55%, payable semi‑annually beginning September 16, 2026. The notes accrue interest from the original issue date of March 18, 2026 and all payments are subject to the credit risk of Morgan Stanley.
The preliminary pricing supplement does not state an aggregate principal amount in this excerpt. The proceeds per note are payable to the issuer; Morgan Stanley estimates the notes’ value on the pricing date at $984.90.
Morgan Stanley Finance LLC is offering callable contingent income securities guaranteed by Morgan Stanley with a stated principal of $1,000 per security and an original issue price of $1,000. The two-year notes mature on March 15, 2028, pay a contingent quarterly coupon at an annual rate of 14.09% only if each of the S&P MidCap 400®, MSCI Emerging Markets and Nikkei Stock Average closes at or above 75% of its initial index value on every index business day during an observation period, and are principal-at-risk (investors can lose up to all principal based on the worst performing index).
The securities are callable beginning June 15, 2026 on any quarterly redemption date if a risk neutral valuation model indicates redemption is economically rational; estimated value on the pricing date was approximately $969.10 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Partial Principal at Risk Notes due September 8, 2027 linked to the SPDR® Gold Trust (GLD). The notes have a $1,000 stated principal amount per note and pay no interest; at maturity investors receive either the stated principal plus an upside payment (subject to a $1,166.70 maximum payment) or a reduced principal amount based on the underlier’s performance.
Key terms: initial level $490.00 (strike date March 2, 2026), pricing date March 3, 2026, original issue date March 6, 2026, observation date September 2, 2027, participation rate 100%, partial principal return amount 95%, estimated value on the pricing date approximately $980.70 (within $25.00). The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, carry placement fees of $12.50 per note and will not be listed on an exchange.
Morgan Stanley Finance LLC priced a series of Principal at Risk "Trigger PLUS" securities due April 1, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, was issued at $1,000 with an estimated value of $949.70 on the pricing date, and the aggregate principal amount is $798,000.
The payoff is based on the worst performing of the Dow Jones Industrial Average, Nasdaq-100, and S&P 500. A 150% leverage factor applies to upside, capped at a $1,100 maximum payment. If the worst performing underlier falls below its downside threshold (70% of its initial level), investors lose principal on a 1% for 1% basis; there is no guaranteed minimum.
Morgan Stanley Finance LLC intends to offer Principal at Risk buffered participation securities tied to the iShares MSCI Emerging Markets ETF, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a stated principal amount of $1,000, an original issue price of $1,000, an estimated value on the pricing date of approximately $970, a March 6, 2026 issue date and a March 8, 2029 maturity with an observation date of March 5, 2029. The terms include a 5% buffer (buffer level = 95% of the initial level), a participation rate of 101.60%, and a minimum payment at maturity of 5% of stated principal. At maturity investors may receive the principal plus an upside payment, full principal, or a reduced payment that declines 1% for each 1% the underlier falls below the buffer amount.
Morgan Stanley Finance LLC issues Structured Investments Market-Linked Notes linked to the EURO STOXX 50® Index with an aggregate principal amount of $100,000 (100 notes of $1,000 each). The notes mature on March 4, 2030 and pay no interest; at maturity investors receive the stated principal plus an upside payment equal to 100% participation in any appreciation of the index measured from an initial level of 6,138.41 (strike date Feb 27, 2026) to the final level on the observation date (Feb 27, 2030).
The notes were priced at $1,000 per note (issue price) with an estimated value of $972.70 on the pricing date. Agent commissions and fees reduce proceeds to the issuer to $995 per note; selected dealers may receive additional structuring fees. All payments are unsecured and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is pricing Principal‑at‑Risk, auto‑callable notes linked to the EURO STOXX 50® Index due March 7, 2030. Each note has a $1,000 stated principal amount and an original issue price of $1,000. The securities can auto‑redeem on the first determination date March 10, 2027 for an early redemption payment of $1,160 if the underlier meets the 100% call threshold. If not auto‑redeemed, final payoff depends on the index level at final determination on March 4, 2030: investors may receive upside via a 150% participation rate, return of principal, or suffer pro rata principal loss below an 80% downside threshold. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Buffered PLUS notes linked to the iShares® Bitcoin Trust ETF, with principal at risk and a March 16, 2029 maturity. Each security has a stated principal amount of $1,000, a 150% leverage factor for upside exposure, an 80% buffer level (20% buffer amount), a capped maximum payment at maturity of $2,110 to $2,120 per security, and a minimum payment of 20% of principal.
The observation/strike date is March 13, 2026 and the original issue date is March 18, 2026. Estimated value on the pricing date is approximately $942.60 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to Morgan Stanley’s credit risk. The securities do not pay interest; downside exposure applies if the final level falls below the buffer.
Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, auto-callable structured notes linked to the iShares® Bitcoin Trust ETF, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and an estimated value on the pricing date of $963.40 per security.
The notes pay no interest, carry 150% participation in upside at maturity, and include an automatic early redemption on March 17, 2027 if the underlier closes at or above the call threshold (100% of the initial level), with an early redemption payment set between $1,285 and $1,335. At maturity March 16, 2029, investors either receive principal plus upside, principal only, or suffer pro rata losses if the final level is below the downside threshold (60% of the initial level).
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due March 16, 2029, linked to the performance of the iShares® Bitcoin Trust ETF and fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security, an automatic early redemption feature with a $1,230 to $1,280 early redemption payment if the underlier meets the call threshold on the first determination date, and a 150% participation rate for any upside at maturity.
The notes pay no regular interest, expose investors to full credit risk of Morgan Stanley, and can result in losses of principal if the final level of the underlier falls below the downside threshold (set at 60% of the initial level). Key dates in the pricing supplement include a strike/pricing date of March 13, 2026, a first determination date of March 17, 2027, and a final determination date of March 13, 2029.
Morgan Stanley Finance LLC is offering Structured Investments Callable Jump Notes due March 4, 2031, fully guaranteed by Morgan Stanley. The offering totals $100,000 in aggregate principal at $1,000 per note, issued on March 4, 2026.
The notes are linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®. Payment at maturity, if not called, equals the stated principal plus an upside payment equal to 125% times the percent change of the worst performing underlier; if any underlier’s final level is equal to or below its initial level, you receive only stated principal.
Notes are callable beginning March 10, 2027; redemption payments are fixed by date (rising from $1,120 to $1,590 per note on later dates). The estimated value on the pricing date was $978.40 per note. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Structured Investments Market-Linked Notes due March 4, 2031, fully and unconditionally guaranteed by Morgan Stanley. The offering is for $1,111,000 aggregate principal in denominations of $1,000 per note. Each note pays no interest and at maturity will return the stated principal plus an upside payment if the final level of the S&P 500® Futures Excess Return Index exceeds the initial level (initial level 557.04 on the strike date). The participation rate is 125%. The estimated value on the pricing date was $989.00 per note; the issue price is $1,000 per note, which embeds selling, structuring and hedging costs. Payments are subject to issuer credit risk and the notes will not be exchange listed.
Morgan Stanley Finance LLC prices structured, principal‑at‑risk notes linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an $410 upside payment (41%), a 15% buffer and a maximum payment at maturity of $1,600 (160%).
The strike and pricing dates are March 26, 2026, the original issue date is March 31, 2026, the observation date is March 26, 2031 (subject to postponement) and the maturity date is March 31, 2031. The estimated value on the pricing date is approximately $949.80. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk; investors may lose a significant portion of principal if the final level is below the buffer.
Morgan Stanley Finance LLC is offering $24,253,000 aggregate principal amount of Structured Investments (contingent income, memory buffered, auto-callable) tied to NVIDIA Corporation common stock, due March 17, 2027.
The notes have a $1,000 stated principal amount, a contingent coupon at an annual rate of 22.16%, automatic early redemption opportunities on scheduled determination dates beginning June 12, 2026, and an 80% buffer level. At maturity investors either receive principal (if final level ≥ buffer) or suffer losses equal to 1.25% times each 1% decline beyond the 20% buffer, with no minimum payment. All payments are subject to Morgan Stanley Finance LLC credit risk and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering $275,000 aggregate principal of Dual Directional Buffered Jump Securities (principal at risk notes) due March 2, 2029, fully and unconditionally guaranteed by Morgan Stanley.
The securities have a $1,000 stated principal amount per security, an estimated value on the pricing date of $949.70 and a fixed early redemption payment of $1,276 if each underlier meets its call threshold on the first determination date (March 2, 2027). Payouts are linked to the worst performing common stock of Microsoft, Alphabet (Class A) and NVIDIA, include a 30% buffer, an upside participation rate of 300% and an absolute return participation rate of 100%, and carry a 30% minimum payment at maturity.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Structured Investments — Enhanced Buffered Jump Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities pay no interest and are principal-at-risk.
The terms include a strike date and pricing date of March 26, 2026, an original issue date of March 31, 2026, an observation date of March 27, 2028, and a maturity date of March 30, 2028. If the final level is ≥ the buffer level (90% of the initial level), holders receive the stated principal plus an upside payment of $134 (13.40%). If the final level is below the buffer level, holders incur a 1% loss of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal. The document shows an estimated value on the pricing date of approximately $959.80 per security and discloses that all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a primary offering of principal-at-risk, auto-callable structured notes due February 27, 2031. The offering aggregates $500,000 in stated principal ($1,000 per security) linked to the S&P 500® Index and the Dow Jones Industrial Average. The securities carry an automatic early redemption feature with a first determination date on March 2, 2027 and an early redemption payment of $1,150 per security on March 5, 2027 if both underliers close at or above their call threshold levels (100% of initial levels). The participation rate for upside at maturity is 152%. A downside threshold of 70% of initial level applies; if the worst performing underlier finishes below that threshold, principal is reduced pro rata and could be lost. The securities were issued at $1,000 with an estimated value on the pricing date of $983.60, and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers $100,000 aggregate of Structured Investments — Buffered Participation Securities — due September 1, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and was issued at $1,000 with an estimated value of $968.90 on the pricing date.
The securities reference the S&P 500® Index with an initial level of 6,878.88 (strike date February 27, 2026), an observation date of August 27, 2027, and pay at maturity based on the final level: full principal plus 100% participation of appreciation up to a maximum payment of $1,142.50; a 10% buffer protects against losses up to that amount, and the minimum payment is 10% of principal.
Morgan Stanley Finance LLC priced $10,920,000 aggregate principal of Jump Securities—auto-callable, principal-at-risk notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The securities have an issue price of $1,000 per security, an estimated value on the pricing date of $965.40, and mature on March 3, 2028.
The securities will be automatically redeemed if the index closing value on the first determination date (March 5, 2027) is greater than or equal to the initial index value of 6,878.88, triggering an early redemption payment of $1,088 on the early redemption date (March 10, 2027). If not redeemed, maturity payoffs depend on the final index value relative to the initial index value and the downside threshold of 5,503.104 (80% of the initial index value), with downside exposure of up to the full principal.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities due March 28, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $951.30.
The notes pay a contingent coupon at an annual rate of 7.15% only if the closing level of each underlier meets its coupon barrier on observation dates. The underliers are the Dow Jones Industrial Average, the Nasdaq-100 Index® and the Russell 2000® Index. Automatic early redemption can occur beginning on March 25, 2027 if each underlier meets its call threshold (90% of initial level). At maturity, if any underlier is below its downside threshold (70% of initial level), payment is the stated principal multiplied by the performance factor of the worst performing underlier; principal could be significantly reduced or zero.
Morgan Stanley Finance LLC priced a $957,000 aggregate offering of Trigger PLUS principal-at-risk securities, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, an estimated value on the pricing date of $953.10, and mature on March 4, 2031 with the observation date of February 27, 2031.
The payout is linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Key economics: a 400% leverage factor, a downside threshold at 70% of initial levels, and a maximum payment at maturity of $1,735 per security (173.50% of principal). If the worst performing underlier falls below its downside threshold, the payment falls pro rata and could be zero.
Morgan Stanley Finance LLC prices Principal-at-Risk notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The offering is for $508,000 aggregate principal ( $1,000 stated principal per security) with an original issue date of March 4, 2026 and maturity March 4, 2031. The securities pay a contingent annual coupon of 12.50% on observation dates when the underlier is at or above the coupon barrier (1,661.478, 60% of the initial level). They feature automatic early redemption if the underlier is at or above the call threshold (2,769.13, 100% of the initial level) on redemption determination dates. At maturity, if the final level is below the downside threshold (1,661.478), principal is reduced pro rata by the performance factor; if at or above that level, investors receive the stated principal. The estimated value on the pricing date was $943.20 per security. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering $358,000 aggregate principal amount of Dual Directional Trigger PLUS notes, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 security matures on March 2, 2029, is linked to the worst performing of the Dow Jones Industrial Average and the Nasdaq-100 Index, and is a principal-at-risk instrument that may pay no interest and can lose up to the entire principal. Key economics in the pricing supplement: leverage factor 125% on upside, absolute return participation rate 50%, downside threshold 70% of the initial level, issue price $1,000 and estimated value on the pricing date $964.80. Payment at maturity depends on the worst performing underlier on the observation date February 27, 2029.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes, $1,000 stated principal per security and an aggregate principal amount of $100,000, maturing on March 4, 2031. The payoff is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. If the worst performing underlier finishes above its initial level, holders receive principal plus a 136% leverage on that appreciation. If the worst performing underlier finishes between its initial level and a 75% downside threshold, holders receive principal. If the worst performing underlier finishes below the 75% threshold, investors lose 1% of principal for each 1% decline in that underlier; the payment could be zero. The estimated value on the pricing date was $956.60 per security and the issue price is $1,000 with agent commissions of $7.50 per security.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk, auto‑callable note series guaranteed by Morgan Stanley linked to the S&P 500® Index. Each security has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of approximately $964.50, an original issue date of March 31, 2026 and a maturity date of March 29, 2029.
The securities will auto‑redeem if the underlier’s closing level on the first determination date of April 5, 2027 is greater than or equal to the call threshold (100% of the initial level) for an early redemption payment of $1,085. If not redeemed, final payments depend on the final level versus the initial level and a downside threshold equal to 75% of the initial level. The participation rate is at least 150%. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, memory buffered auto-callable securities due March 18, 2031, 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 14.00% subject to monthly observation tests and an automatic early redemption feature if the underlier meets the call threshold. The securities include a 15% buffer and a minimum payment at maturity of 15% of principal; estimated value on the pricing date was approximately $919.70.
Morgan Stanley Finance LLC offers principal-at-risk, auto-callable notes fully and unconditionally guaranteed by Morgan Stanley, with a stated issue price of $1,000 per security and an estimated value on the pricing date of approximately $964.50.
The securities reference the S&P 500® Index, have a strike and pricing date of March 26, 2026, an original issue date of March 31, 2026, a first determination date of April 5, 2027 (automatic early redemption if the index is ≥ the call threshold), and a maturity date of March 29, 2029. The call threshold equals 100% of the initial level, the downside threshold equals 75% of the initial level, the fixed early redemption payment is $1,085, and the participation rate will be at least 150%. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC prices a preliminary offering of Dual Directional Trigger PLUS securities due March 31, 2031, linked to the worst performing of the Dow Jones Industrial, Russell 2000® and S&P 500® indices. Each security has a stated principal amount of $1,000.
Payment at maturity depends on the worst performing underlier: investors may receive a leveraged upside if all underliers finish above their initial levels, a capped positive return when the worst underlier declines but stays at or above 60% of its initial level, or suffer proportional principal loss if the worst underlier falls below that threshold. The estimated value on the pricing date is approximately $930.70 per security; the leverage factor will be set between 125.50% and 140.50% and the absolute return participation rate is 50%.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an aggregate principal amount of $1,060,000 at a $1,000 stated principal amount per security. The securities are linked to the Nasdaq-100 Index with an initial level of 25,034.37 and a buffer of 10% (buffer level 22,530.933).
The notes carry a participation rate of 125%, an automatic early redemption feature on the first determination date (March 5, 2027) with an early redemption payment of $1,108.50, and a maturity date of March 2, 2028. The estimated value on the pricing date is $974.00 and the issue price is $1,000 (agent commission $17.50 per security). These are principal‑at‑risk securities and are fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC offers a Dual Directional Trigger PLUS due April 5, 2029. The notes, fully guaranteed by Morgan Stanley, are principal-at-risk securities linked to the worst performing of the Nasdaq-100 and Russell 2000 indices and sold at a stated issue price of $1,000 per security.
The payout depends on the worst performing underlier: (1) if both final levels exceed initial levels, investors receive principal plus a leveraged upside (leverage factor set on pricing date between 126%–141%); (2) if the worst underlier is down but not below a 70% downside threshold, investors may receive principal plus an absolute-return payment with a 50% participation rate (effectively capped at 15% positive return in described scenarios); (3) if the worst underlier falls below its 70% threshold, investors lose principal on a 1%-for-1% basis, potentially to zero. The estimated value on the pricing date is approximately $968.60 per security. The securities are sold to fee-based advisory accounts and include distributor structuring fees of up to $6.25 per security.
Morgan Stanley Finance LLC priced contingent income securities with an aggregate principal amount of $1,378,000. The notes, fully and unconditionally guaranteed by Morgan Stanley, pay a contingent coupon of 7.70% per annum on scheduled coupon dates only if each underlier closes at or above its coupon barrier on the related observation date. The securities are linked to the worst performing of EEM, SPY and EFA, mature on March 1, 2029, and use coupon barrier and downside threshold levels equal to 70% of each underlier’s initial level. If any underlier is below its downside threshold at maturity, principal is reduced pro rata to the performance of the worst performing underlier. The estimated value on the pricing date was $973.30 per security.
Morgan Stanley Finance LLC offers Trigger Autocallable GEARS linked to the EURO STOXX 50® Index. The securities have a $10.00 principal amount per security, an expected Trade Date of March 13, 2026, an Observation Date of March 22, 2027, and a stated Maturity Date of March 17, 2031. If the Observation Date Closing Level is at or above the Autocall Barrier (100% of the Initial Level) the securities will be automatically called and pay the principal plus a Call Return based on a 16.00% per annum Call Return Rate. If not called, positive Underlying Return is multiplied by an Upside Gearing (1.50–1.75) to determine the payout; if the Final Level is below the Downside Threshold (75% of the Initial Level) holders may lose a significant portion or all principal. All payments are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced contingent-income, memory auto-callable notes linked to Microsoft Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $963.30, an expected contingent coupon of at least 10.00% per annum, and a term from March 19, 2026 to March 21, 2029.
The notes pay contingent coupons only when the closing level of the underlier on observation dates equals or exceeds a coupon barrier set at 75% of the initial level, may be automatically redeemed early if the underlier closes at or above a call threshold equal to the initial level, and expose holders to loss of principal at maturity if the final level is below a downside threshold of 75% of the initial level.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due April 4, 2030 linked to the worst performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $960.40.
At maturity the payout depends on the worst performing underlier: full principal plus a leveraged upside if both underliers finish higher; a capped positive absolute-return payment (capped effectively at 15%) if declines remain above the 70% downside threshold; or a loss equal to the percentage decline (1% loss per 1% decline) if the worst underlier finishes below its downside threshold. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC prices principal-at-risk, auto-callable structured notes linked to the worst performing of the S&P 500® and Russell 2000®. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $970.10.
The securities can be automatically redeemed on the first determination date of April 5, 2027 if each underlier is at or above its call threshold (100% of initial level); the early redemption payment is set between $1,168.50 and $1,178.50. If not redeemed, maturity is April 5, 2029. At maturity investors either receive principal plus an upside payment (participation rate 150%) if both underliers finish above initial levels, return of principal if both are at or above downside thresholds (75% of initial), or a loss equal to the percentage decline of the worst performing underlier (potentially full loss).
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities due April 4, 2030, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $969, and an original issue date of April 6, 2026.
The payout is tied to the S&P 500® Index with a 100% upside participation rate subject to a $1,520 maximum upside payment (152% of principal). A 15% buffer applies: if the index on the observation date (scheduled April 1, 2030) is between the initial level and 85% of that level, investors receive principal plus an absolute-return credit (absolute return participation rate 100%), effectively capped at 15%. 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 at maturity equal to 15 of principal.
These are principal-at-risk notes that pay no interest, expose holders to Morgan Stanley credit risk, include tax-treatment uncertainty, and are intended for investors willing to forgo current income and accept the risk of significant principal loss.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS securities due April 4, 2028 linked to the S&P 500® Index that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a leverage factor of 200% for upside exposure, subject to a maximum upside payment of $1,165 (116.50% of principal). If the S&P 500 final level on the observation date is between the buffer level (90% of the initial level) and the initial level, holders receive principal plus a positive return equal to the absolute decline multiplied by a 100% participation rate, effectively capped at a 10% positive return under those terms. If the final level is below the buffer level, holders suffer losses of 1% of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment at maturity of 10% of principal. The pricing date and strike date are March 30, 2026, original issue date is April 2, 2026, and the observation date is March 30, 2028, subject to postponement for non-trading days and certain market disruption events. The estimated value on the pricing date is approximately $963.00 per security.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due March 30, 2028, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index. The securities pay a 9.00% annual contingent coupon only if both underliers are at or above their coupon barrier levels on each observation date, are automatically redeemed if both underliers meet call thresholds on a redemption determination date, and expose investors to full principal loss if the worst performing underlier falls below its downside threshold at maturity.
The strike and pricing dates are March 26, 2026, original issue date March 31, 2026, first redemption determination date March 29, 2027, and final observation and maturity dates are March 27, 2028 and March 30, 2028, respectively. The estimated value on the pricing date is approximately $949.00 per security; the issue price is $1,000 per security. These are principal-at-risk notes; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Dual Directional Buffered Participation Securities linked to the Russell 2000® Index, with a stated principal amount of $1,000 per security. The pricing and strike date are March 6, 2026, original issue date March 11, 2026, observation date February 7, 2028 and maturity February 10, 2028. The securities pay no interest, are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. Payouts: upside participation is 100% but capped at $1,282.50 (128.25%); an absolute return participation feature applies if the final level is between the initial level and a 15% buffer (buffer level = 85% of initial); losses exceed the buffer on a 1:1 basis beyond that point, with a minimum payment at maturity equal to 15% of principal. Estimated value on the pricing date is approximately $988.50 per security. All payments are subject to Morgan Stanley credit risk and the securities are intended for investors willing to risk principal and forgo current income.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note issuance fully guaranteed by Morgan Stanley. The pricing supplement shows an aggregate principal amount of $1,909,000 of securities with a $1,000 stated principal amount per security, issued at $1,000 with an estimated value of $981.30 on the pricing date. The securities mature March 31, 2027 with an observation date of March 25, 2027. Investors receive a digital payment of $122 (12.20%) at maturity only if each underlier is at or above its digital threshold (75% of initial level). A 10% buffer applies: losses occur 1% for each 1% decline of the worst performing underlier beyond the buffer; the minimum payment at maturity is 10% of stated principal. Underliers: SPXFP Index, XLU ETF and RTY Index. All payments are subject to issuer and guarantor credit risk.