Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC offers 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.
Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent income auto‑callable securities due March 20, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index.
Each security has a $1,000 stated principal amount, a contingent annual coupon of 14.00% payable only if the underlier meets the coupon barrier (70% of the initial level) on scheduled observation dates, an automatic early‑redemption feature triggered at the call threshold (100% of the initial level) on specified determination dates beginning March 17, 2028, and downside exposure that begins if the final level is below the downside threshold (50% of the initial level), in which case payment at maturity is $1,000×(final level/initial level). The estimated value on the pricing date was approximately $894.30 per security.
Morgan Stanley Finance LLC offers principal-at-risk callable contingent income buffered securities due March 9, 2029, fully guaranteed by Morgan Stanley. Each $1,000 security pays a contingent coupon of 12.00% per annum on each coupon payment date only if the closing level of each underlier meets its coupon barrier (80% of initial level) on the related observation date. Beginning June 11, 2026, the issuer may call the notes based on a risk neutral valuation model. At maturity investors receive principal if each underlier is at or above its 80% buffer; otherwise the payment equals $1,000 × (performance factor of the worst performing underlier + 20%), with a minimum payment of 20% of principal. The notes are linked to the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index, and Russell 2000 and are unsecured obligations; all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC launches a primary offering of principal-at-risk, contingent-coupon auto-callable notes linked to General Electric common stock. Each security has a $1,000 stated principal amount, a contingent coupon at an annual rate of 11.60%, and an estimated value on the pricing date of approximately $977.60. The securities may be automatically redeemed on specified redemption determination dates and mature on September 10, 2027. Coupon payments and principal repayment at maturity depend on the closing level of the underlier relative to specified barrier levels, including a coupon barrier level equal to 65% of the initial level; if the final level is below that downside threshold, investors incur proportional principal loss. All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is described as uncertain in the supplement.
Morgan Stanley Finance LLC is offering $22,796,000 of structured, auto‑callable notes due February 27, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an issue price of $1,000 per note.
The notes pay a variable monthly coupon of either 9.50% (higher coupon) or 0.25% (lower coupon) depending on the closing levels of four underliers on each observation date. The payoff is linked to the worst performing of Broadcom (AVGO), Meta (META), Tesla (TSLA) and Micron (MU). The notes may be automatically redeemed early beginning on February 24, 2027, if all underliers meet the call thresholds; otherwise the stated principal is payable at maturity.
The document shows an estimated value on the pricing date of $949.50 per note, agent commissions of $42.50 per note, and net proceeds to the issuer of $21,827,170.
Morgan Stanley Finance LLC priced a series of unsecured structured notes called Trigger PLUS tied to an equally weighted basket of ten stocks, with a stated principal of $1,000 per note and a maturity of April 5, 2028.
The notes were priced on March 13, 2026 (original issue date March 18, 2026), offer a leverage factor of 150% on positive basket performance capped at a $1,455 maximum payment per note (145.50% of principal), and include a trigger level of 80% of the initial basket value that determines downside loss exposure. The issuer estimated the value on the pricing date at approximately $949.30 per note.
Morgan Stanley Finance LLC is offering Trigger Autocallable Notes totaling $9,171,960 linked to the Russell 2000® Index due February 27, 2031. The securities have a Call Return Rate of 9.30% per annum, an Initial Level of 2,663.329 and a Downside Threshold of 1,997.497 (≈75% of the Initial Level). Quarterly Observation Dates begin March 1, 2027 (first callable date) and, if an Observation Date closing level is at or above the Initial Level, the notes will be automatically called at fixed Call Prices shown in the supplement. If not called, maturity is February 27, 2031, and repayment depends on the Final Level: if the Final Level is below the Downside Threshold, investors suffer losses proportionate to the index decline and may lose their entire principal. All payments are subject to Morgan Stanley’s credit risk and there may be little or no secondary market.
Morgan Stanley Finance LLC issues principal-at-risk, auto-callable securities with aggregate principal $4,353,000. The securities reference the worst performing of Apple Inc. and Amazon.com, with initial levels of $274.23 (AAPL) and $210.64 (AMZN) on February 25, 2026.
If on any determination date each underlier meets its call threshold (100% of initial level), the notes auto-redeem for increasing fixed early payments (first possible determination date March 4, 2027). At maturity (March 1, 2029), investors receive $1,573.00 if both underliers achieved redemption events; otherwise payment is either the stated principal or the stated principal multiplied by the performance factor of the worst performing underlier (downside thresholds are 70% of initial levels).
The issue price is $1,000 per security, estimated value on pricing date was $949.70, and agent commission was $25 per security.
Morgan Stanley Finance LLC priced $1,113,000 aggregate principal of Variable Income Auto-Callable Notes due February 27, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes reference the worst-performing common stock of Broadcom (AVGO), NVIDIA (NVDA) and Oracle (ORCL).
The notes pay a monthly variable coupon equal to either a 8.60% (higher coupon) or a 0.25% (lower coupon) depending on each observation date vs. coupon barrier levels (80% of initial levels). They can be automatically redeemed after the first redemption determination date of February 24, 2027 for the stated principal plus the higher coupon if each underlier meets its call threshold on a redemption determination date. The notes are unsecured, not exchange-listed, and all payments are subject to issuer credit risk.
Morgan Stanley priced a primary offering of Fixed Rate Notes with an aggregate principal amount of $250,000. The notes pay interest at 3.70% per annum, semi-annually, and mature on February 27, 2030. The issue price is $1,000 per note and the estimated value on the pricing date was $984.40 per note. Commissions of $5 per note are charged and proceeds treatment is described in the supplement; proceeds are for general corporate purposes.
Morgan Stanley priced and is issuing fixed rate notes due 2029 with an aggregate principal amount of $825,000.
The notes pay interest at 3.60% per annum semi‑annually, have a stated principal of $1,000 per note, an estimated value on the pricing date of $988.20 per note, and mature on February 27, 2029. Payments are subject to the credit risk of Morgan Stanley.
Morgan Stanley priced $331,000 aggregate principal of fixed-rate notes due 2031. The notes carry a 3.80% per annum fixed interest rate, pay semi‑annually on February 27 and August 27 (initial payment August 27, 2026), and mature on February 27, 2031. Each note has a stated principal and issue price of $1,000, an estimated value on the pricing date of $978.80 per note, and dealer commissions of $9 per note. All payments are subject to Morgan Stanley's credit risk; proceeds are for general corporate purposes.
Morgan Stanley Finance LLC priced $300,000 aggregate principal of principal‑at‑risk, contingent‑coupon auto‑callable notes due March 1, 2029. Each security has a $1,000 stated principal amount, an issue price of $1,000, an estimated value on the pricing date of $919.40, and a fixed sales commission of $5 per security.
The notes pay a contingent coupon at an annual rate of 13.55% on coupon payment dates only if the closing level of each underlier meets its coupon barrier on the related observation date. The securities are linked to the iShares® Silver Trust (SLV), the Nasdaq‑100® Technology Sector (NDXT) and the Russell 2000® Index (RTY), use the worst performing underlier for payoff determination, and are fully and unconditionally guaranteed by Morgan Stanley. Key trigger levels set the call threshold at 100% of initial levels and the coupon barrier and downside threshold at approximately 60% of initial levels. If any underlier finishes below its downside threshold at maturity, investors bear a loss equal to the percentage decline of the worst performing underlier.
Morgan Stanley Finance LLC issues Principal-at-Risk notes — $734,000 aggregate principal amount of unsecured, guaranteed structured notes due February 27, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and was issued at $1,000.
The notes pay a 11.50% annual contingent coupon on observation dates when the underlier meets the coupon barrier of 60% of the initial level (1,684.776). Automatic early redemption is possible if the underlier reaches the call threshold (initial level 2,807.96) on any redemption determination date beginning August 24, 2026. If not redeemed, maturity payment returns principal only if the final level is at or above the downside threshold (1,684.776); otherwise holders incur proportional losses equal to the underlier decline.
Morgan Stanley Finance LLC offers principal-at-risk, auto-callable notes linked to the worst performing of the SPDR® Gold Trust (GLD) and the VanEck® Semiconductor ETF (SMH), fully and unconditionally guaranteed by Morgan Stanley.
The securities are issued at a stated principal amount of $1,000 per security, with a pricing and strike date of March 4, 2026, original issue date March 9, 2026 and maturity on March 7, 2031. The first determination date for automatic early redemption is March 11, 2027; if both underliers are at or above their call threshold (100% of initial levels) on that date the securities automatically redeem for an early redemption payment of $1,431.50 per security. The participation rate for upside at maturity is 150%. The downside threshold for each underlier is 50% of its initial level, and if the worst performing underlier finishes below that threshold the payment at maturity equals the stated principal amount multiplied by the worst performing underlier’s performance factor, which could result in a loss of up to the entire principal. The document states an estimated value on the pricing date of approximately $903.60 per security.
Morgan Stanley Finance LLC priced a structured note offering—Dual Directional Trigger PLUS notes due February 28, 2030 linked to the Nasdaq-100® Technology Sector (NDXT) and the Russell 2000® Index (RTY).
Each security has a $1,000 stated principal amount; aggregate principal is $215,000. The notes provide a 116% leverage factor on upside, an absolute return participation rate of 50%, and a downside threshold at 70% of initial levels. The estimated value on the pricing date was $926.30.
Morgan Stanley Finance LLC priced a series of principal-at-risk notes called Trigger PLUS linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each note has a $1,000 stated principal, was issued at $1,000 and has an estimated value on the pricing date of $935.20. The notes pay no interest, mature on February 27, 2031, and reference a single observation date of February 24, 2031.
At maturity the payout depends on the worst performing underlier: if both underliers finish above their initial levels investors receive principal plus a leveraged upside equal to 118% times the underlier percent change; if the worst performing underlier finishes between its initial level and a 70% downside threshold, investors receive principal; if the worst performing underlier finishes below the 70% threshold investors lose 1% of principal for each 1% decline and could lose the entire investment. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Structured Investments Jump Notes due February 23, 2029, linked to the worst performing of Microsoft, Tesla and NVIDIA and fully guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $325,000. The issue price is $1,000 per note, the estimated value on the pricing date is $956.50 per note, and selected dealers receive a $30 commission per note.
The notes pay no interest, may be automatically redeemed on specified determination dates for fixed early redemption payments (e.g., $1,085.50 and $1,171.00 per note), and pay either a fixed positive payment at maturity (e.g., $1,256.50 per note if call thresholds are met) or the stated principal if the worst performing underlier is below its call threshold. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Enhanced Buffered Jump Securities linked to the common stock of SoFi Technologies, Inc., with the securities fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an upside payment of $272.50 (27.25%).
Key terms: strike and pricing date March 3, 2026, original issue date March 6, 2026, observation date June 3, 2027 (subject to postponement), and maturity date June 8, 2027. The structure provides a 25% buffer (buffer level = 75% of the initial level) and a minimum payment at maturity of 25% of stated principal. All payments remain subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable securities with a stated principal amount of $1,000 per security. The securities can automatically redeem on scheduled determination dates beginning March 15, 2027 for fixed early redemption payments up to $1,526.50. At maturity on December 11, 2030, investors receive $1,555.75 if each underlier meets the call threshold; otherwise they may receive the stated principal or an amount that falls 1% for each 1% decline in the worst performing underlier. The notes reference the Dow Jones Industrial, Nasdaq‑100 Technology Sector and Russell 2000 indices, use call threshold levels equal to 100% of initial levels and downside thresholds equal to 70% of initial levels, and are unsecured obligations of MSFL fully guaranteed by Morgan Stanley. All payments are subject to Morgan Stanley credit risk. The estimated value on the pricing date was approximately $944.10 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the EURO STOXX 50® Index with a $1,000 stated principal amount per security and an original issue price of $1,000 per security. The securities pay no interest, have limited principal protection down to a 75% downside threshold, and provide an upside payment of $467.50 per security if the final index level meets or exceeds the initial level. The estimated value on the pricing date was approximately $936.10 per security. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk; investors may lose their entire investment.
Morgan Stanley Finance LLC offers a preliminary pricing supplement for auto-callable, principal‑at‑risk securities due March 18, 2030 linked to the worst performing of the Dow Jones Industrial Average and the Nasdaq-100 Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000 per security. The securities feature automatic early redemption on specified determination dates beginning March 18, 2027 with scheduled early redemption payments of $1,105, $1,210, and $1,315 on the listed early redemption dates. At maturity, investors receive $1,420 if both underliers meet call thresholds, the stated principal if levels stay above downside thresholds, or a principal loss tied to the worst performing underlier if either falls below a 70% downside threshold.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 11, 2027 linked to the Invesco S&P 500® Equal Weight ETF. The securities have a 200% leverage factor, a downside threshold at 90% of the initial level, and a stated principal amount of $1,000 per security. The maximum payment at maturity will be at least $1,125 per security (112.50%). Key dates: strike and pricing date March 6, 2026, original issue date March 11, 2026, observation date May 6, 2027.
The securities pay no interest, expose investors to the issuer’s and guarantor’s credit risk, and may pay less than principal at maturity if the final level is below the downside threshold; losses track the underlier on a 1:1 basis below that threshold. The estimated value on the pricing date was approximately $966.40 per security, implying issuance costs borne by purchasers.
Morgan Stanley Finance LLC offers Trigger PLUS principal-at-risk securities linked to the MSCI Emerging Markets Index with a stated principal amount of $1,000 per security. The securities have a 200% leverage factor, an observation date of May 6, 2027 and a maturity date of May 11, 2027. At maturity investors may receive the stated principal, a leveraged upside payment up to a maximum payment of at least $1,180 per security, or a principal loss proportional to any decline below a downside threshold equal to 90% of the initial level. Payments depend on the closing final level on the observation date and are subject to the issuers credit risk; the estimated value on the pricing date was approximately $966.50 per security.
Morgan Stanley Finance LLC issued a preliminary pricing supplement for principal-at-risk, auto-callable notes linked to the Russell 2000® Index. Each security has a $1,000 stated principal and an issue price of $1,000. The pricing and strike dates were March 13, 2026, original issue date March 18, 2026, with a first determination date of March 18, 2027 and a maturity date of March 18, 2031.
The notes pay no interest and expose investors to principal loss if the final index level is below the downside threshold (set at 80% of the initial level). They automatically redeem on the first determination date if the index is ≥ the call threshold (100% of the initial level) for an early redemption payment of $1,160 per security. If not redeemed, maturity payoffs include: principal plus an upside payment at a 150% participation rate if the final level is higher; principal only if final level ≥ downside threshold; or a pro rata loss if final level < downside threshold. The estimated value on the pricing date was approximately $981 per security.
Morgan Stanley Finance LLC offers principal-at-risk, contingent income auto-callable securities tied to Amazon.com, Inc. Each security has a stated principal amount of $1,000. The securities pay a contingent coupon at an annual rate of 11.40% only if the closing level of the underlying stock meets or exceeds a coupon barrier of 69% of the initial level on observation dates. The notes may be automatically redeemed on specified redemption determination dates if the underlying meets a call threshold set at 100% of the initial level; early redemption returns the stated principal plus the contingent coupon. At maturity, if not redeemed and the final level is below the downside threshold of 69% of the initial level, the payment equals the stated principal multiplied by the performance factor and could be significantly less than, or equal to, zero. All payments are subject to Morgan Stanley and MSFL credit risk. Terms include strike date March 9, 2026, original issue date March 12, 2026, final observation date April 9, 2027, and maturity date April 14, 2027.
Morgan Stanley Finance LLC offers Principal at Risk securities due March 18, 2031, linked to the EURO STOXX 50 Index. The securities have a stated principal amount of $1,000 per security and an upside payment of $550 (55% of principal).
At maturity, if the index is at or above the initial level investors receive principal plus the greater of the index percent change payment or the $550 upside payment; if the index is between the downside threshold (75% of the initial level) and the initial level, investors receive principal; if below the downside threshold investors incur losses pro rata (1% loss per 1% index decline), with no minimum payment.
Morgan Stanley Finance LLC priced principal‑at‑risk market‑linked securities linked to the lower‑performing of the VanEck Vectors® Oil Services ETF and the State Street® SPDR® S&P® Oil & Gas Exploration & Production ETF. The securities have a face amount of $1,000, an estimated value of $962.00 on the February 23, 2026 pricing date, a participation rate of 174.00% and a maturity date of August 28, 2028. At maturity, investors receive upside equal to 174.00% of the appreciation of the lowest performing underlying, but will suffer losses (potentially all principal) if the lowest performing underlying closes below its threshold price of 85% of its starting price. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest or dividends.
Morgan Stanley Finance LLC prices Trigger PLUS principal-at-risk securities linked to the worst performing of the Russell 1000 and the S&P 500, due March 7, 2031. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $972.30.
If both underliers finish above their initial levels, holders receive principal plus a leveraged upside using a leverage factor of at least 116%. If either underlier finishes below its downside threshold of 75% of its initial level, holders lose 1 for each 1 decline in the worst performing underlier; payments could be significantly less than principal or zero. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the Class A common stock of Meta Platforms, Inc. The securities are issued at a stated principal amount of $1,000 per security and an issue price of $1,000 with an estimated value on the pricing date of approximately $967.50. The notes have a strike date March 9, 2026, original issue date March 12, 2026, a final observation date April 9, 2027, and maturity on April 14, 2027.
The securities pay a contingent coupon at an annual rate of 12.12% only if the closing level of the underlier is at or above the coupon barrier (set at 69% of the initial level) on each observation date. They are callable early if the closing level is at or above the call threshold (100% of the initial level) on any redemption determination date. At maturity, if the final level is below the downside threshold (set at 69% of the initial level), investors suffer a pro rata loss equal to the underlier’s decline and could lose their entire principal. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC issues Trigger PLUS principal-at-risk notes totaling $579,000 aggregate principal. The securities, $1,000 each, pay no interest, mature on February 28, 2028 and reference the Nasdaq-100 and S&P 500; final payout depends on the worst performing underlier.
The securities offer a 112.50% leverage factor on upside, a downside threshold at 70% of each initial level, and an estimated value on the pricing date of $988.30 per security. If the worst performing underlier falls below its downside threshold, principal losses occur on a 1%-for-1% basis and the payment at maturity could be zero. Proceeds to the issuer are shown as $576,684 after agent commissions.
Morgan Stanley Finance LLC priced a preliminary offer of contingent income auto-callable securities due September 10, 2027, linked to the worst performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index. 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 12.72% for each interest period only if both underliers meet coupon barrier tests on observation dates and can automatically redeem beginning on September 11, 2026 if both underliers meet call thresholds on redemption determination dates starting September 8, 2026.
The final observation date is September 7, 2027 with maturity on September 10, 2027. Coupon and downside barriers are set at 75% of initial levels; call thresholds are 100% of initial levels. If not redeemed and the final level of either underlier is below its downside threshold, payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier, potentially resulting in a total loss of principal. All payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date is approximately $980.40 per security.
Morgan Stanley Finance LLC priced principal‑at‑risk, auto‑callable securities 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 reference the S&P 500® Index and the Dow Jones Industrial Average, pay no interest and expose investors to loss of principal based on the worst performing underlier.
The securities have a first determination date of March 2, 2027 with an early redemption payment of $1,150 if both underliers meet their call thresholds (each equal to its initial level). The maturity date is February 27, 2031. Key economics: participation rate 152%, downside threshold 70% of initial level, estimated value on the pricing date approximately $983.60 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced an auto-callable, principal-at-risk structured note program fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an issue price of $1,000; estimated value on the pricing date was approximately $961.00. The notes reference the Russell 2000® Index, mature on March 18, 2031 and include an automatic early redemption feature on a first determination date of March 18, 2027 with an early redemption payment of $1,123 if the underlier is at or above the call threshold (100% of the initial level). If not auto‑redeemed, the payout at maturity pays 150% participation in positive performance, returns principal if final level ≥ 80% of initial level, or exposes investors to a proportional loss if final level < 80% of initial level. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes fully guaranteed by Morgan Stanley linked to the worst performing common stock of Bank of America, Citigroup and JPMorgan Chase. Each security has a $1,000 stated principal amount and a contingent annual coupon of 10.00%.
The notes have observation dates beginning May 26, 2026, a first redemption determination date of May 26, 2026, and mature on February 29, 2028. Automatic early redemption is possible on specified redemption dates if each underlier meets its call threshold (100% of initial levels). Downside protection is limited: the coupon barrier and downside threshold equal approximately 55% of initial levels, and a final payoff can decline 1% for each 1% drop in the worst performing underlier, potentially to zero. All payments are subject to issuer and guarantor credit risk. The estimated value on the pricing date was approximately $973.90 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due April 15, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $109.10 (10.91%).
The securities are linked to the S&P 500® and Russell 2000® indices and pay at maturity based on the performance of the worst performing underlier on the observation date. If the final level of either underlier is below its downside threshold (75% of its initial level), holders lose 1% of principal for each 1% decline of the worst performing underlier; there is no minimum payment. The pricing date and strike date are March 11, 2026, the original issue date is March 16, 2026, the observation date is April 12, 2027 and estimated value on the pricing date was approximately $987.70 per security.
Morgan Stanley Finance LLC is offering principal at risk, auto-callable structured notes linked to the worst performing of the S&P 500® Index and the Dow Jones Industrial Average. 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 of March 18, 2027 for an early redemption payment of $1,104 if each underlier meets its call threshold. If not redeemed, final payoff at maturity on March 16, 2029 depends on the worst performing underlier: investors receive principal plus an upside payment (participation rate 150%) if both underliers finish above their initial levels, principal only if both finish at or above their downside thresholds (each 70% of initial level), or a reduced payment tied to the worst performing underlier that could result in a total loss of principal.
All payments are unsecured and subject to Morgan Stanley credit risk; the estimated value on the pricing date was approximately $962.40 per security.
Morgan Stanley Finance LLC priced a preliminary offering of Principal at Risk, contingent-income, memory auto-callable securities linked to the Class A common stock of CoreWeave, Inc., with a stated issue price of $1,000 per security and an estimated value on the pricing date of approximately $933.90.
The securities have a contingent coupon at an annual rate of 35.00%, pay coupons only if the closing level of the underlier meets or exceeds a coupon barrier of 60% of the initial level on observation dates, and feature automatic early redemption if the closing level meets the call threshold of 100% of the initial level on any redemption determination date. The strike date is February 25, 2026, original issue date February 27, 2026, final observation date February 26, 2029, and maturity date March 1, 2029.
At maturity, if the final level is below the downside threshold of 60% of the initial level, payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing holders to proportional principal loss; the closing level on February 20, 2026 was $89.25. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 16, 2029 linked to the worst performing of the S&P 500® and the Dow Jones Industrial Average. Each note has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $982.20.
The notes can be automatically redeemed on the first determination date of March 18, 2027 for an early redemption payment of $1,138 if each underlier is at or above its call threshold. At maturity, unpaid principal depends on index performance: investors may receive the principal plus an upside payment (participation rate 150%), the stated principal, or a reduced payment that reflects the full decline of the worst performing underlier down to a downside threshold of 70% of the initial level. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices a preliminary offering of contingent income auto-callable securities linked to Broadcom Inc. common stock. Each note has a $1,000 stated principal amount and a contingent coupon at an annual rate of 13.32%, with automatic early redemption mechanics and a final maturity of April 14, 2027.
The securities pay coupons only if the underlier meets a coupon barrier on observation dates and return principal at maturity only if the final level is at or above a downside threshold (both set at 55% of the initial level). If the final level is below the downside threshold, investors suffer pro rata principal loss equal to the underlier decline. All payments are subject to Morgan Stanley's credit risk.