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 Buffered Jump Securities with Auto-Callable Feature and Downside Factor due August 17, 2028, linked to the Global X Copper Miners ETF and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value of approximately $973 on the pricing date, reflecting embedded issuance, selling, structuring and hedging costs.
The notes may be automatically redeemed on September 2, 2027 if, on August 30, 2027, the ETF’s closing level is at or above 100% of the initial level. In that case, investors receive at least $1,210 per security and no further payments. If held to maturity and the final level is at or above the initial level, investors receive $1,000 plus the greater of a fixed upside payment of at least $420 or 100% of the ETF’s price appreciation. If the final level is below the initial level but at or above 70% of it, investors receive only the $1,000 principal. Below the 70% buffer level, losses accelerate at a downside factor of 1.4286, so each 1% additional decline beyond the 30% buffer reduces principal by 1.4286%, potentially to zero.
The securities pay no interest, have no minimum payment at maturity and expose investors to the credit risk of Morgan Stanley and MSFL, as well as volatility and concentration risks tied to the copper mining industry. J.P. Morgan entities act as placement agents, receiving up to $15 per $1,000 in fees.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature due August 17, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performing of three ETFs: iShares MSCI EAFE, iShares U.S. Medical Devices, and State Street Utilities Select Sector SPDR.
The notes pay no interest and do not guarantee principal. Beginning August 18, 2027, they are automatically redeemed on specified determination dates if each underlier is at or above its call threshold, for fixed call payments rising from $1,170 to $1,425 per $1,000. If held to maturity and all underliers are at or above their call thresholds, investors receive $1,510 per security. If any underlier finishes below its call threshold but above its downside threshold (65% of initial level), only principal is returned. If any finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst underlier, potentially to zero. The estimated value on the pricing date is about $964.80 per security, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due February 17, 2028, linked to the common stock of Arista Networks, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, with an issue price of $1,000.
Investors may receive a contingent coupon at 20.00% per annum, paid only if on each observation date the Arista stock closing level is at or above a coupon barrier level equal to 50% of the initial level. The downside threshold is also 50% of the initial level; if the final level is below this threshold and the notes are not called, principal is reduced 1% for every 1% decline in the stock from the initial level, potentially to zero.
The securities are callable in whole on specified redemption dates starting February 19, 2027, based solely on a risk neutral valuation model that determines whether early redemption is economically rational for the issuer, not on stock performance. The estimated value on the pricing date is approximately $978.30 per security, reflecting issuance, selling, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Jump Notes with an auto-callable feature due August 23, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays no interest.
The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Starting with the first determination date on August 25, 2027, the notes are automatically redeemed if the index closing level is at or above 101% of the initial level, paying fixed early redemption amounts that correspond to roughly 10.50% per annum and rising from $1,105 to $1,630 per note over six annual dates. If never called, and the final index level on August 18, 2033 is above the initial level, investors receive principal plus 100% of index appreciation; otherwise, only principal is repaid.
The estimated value on the pricing date is approximately $923.30 per $1,000 note, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, limited secondary market liquidity, and complex U.S. tax treatment as contingent payment debt instruments.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities with Downside Factor due September 2, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest, and is principal-at-risk unsecured debt.
The return is linked to an equally weighted basket of seven semiconductor-related stocks. If the final basket level on the August 30, 2027 observation date is at or above the 80% buffer level, holders receive $1,000 plus an upside payment of at least $169.40 (at least 16.94%). If the final level falls below the buffer, investors lose 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment at maturity, so the entire investment can be lost.
The issue price is $1,000 per security, including up to $10 in placement fees, while the estimated value on the pricing date is approximately $983. The notes are subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and involve complex U.S. federal income tax treatment, expected to be as prepaid financial contracts under current counsel’s opinion.
Morgan Stanley Finance LLC is issuing Market Linked Securities with contingent fixed return and contingent downside principal at risk, linked to the lowest performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on August 19, 2027 and fully and unconditionally guaranteed by Morgan Stanley. The aggregate face amount is $600,000, with a face amount of $1,000 per security. If, on the calculation day, the lowest performing index is at or above its threshold level (79% of its starting level), investors receive $1,000 plus a contingent fixed return of 13.35% ($133.50). If the lowest performing index ends below its threshold level, the maturity amount is $1,000 plus $1,000 times that index’s return, so investors lose more than 21% and up to all principal. The initial estimated value is $986.10 per security, below the $1,000 price to public, reflecting issuance, selling, structuring and hedging costs borne by investors. The securities pay no interest, offer no participation beyond the fixed return, are subject to Morgan Stanley’s credit risk, may have limited or no secondary market, and carry complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Partial Principal at Risk Notes due August 18, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the Class A common stock of Space Exploration Technologies Corp. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, investors receive $1,000 plus 100% of any appreciation in the underlier, capped at a maximum payment of $2,395 per note. If the stock falls, investors lose 1% of principal for each 1% decline, but not below the partial principal return amount of 95% of principal. The estimated value on the pricing date is approximately $946.20 per note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s funding rate.
The notes are unsecured and subject to the credit risk of MSFL and Morgan Stanley, will not be listed, and may have limited or no secondary market. The underlier began trading on June 12, 2026 and had a closing level of $138.74 on August 10, 2026, implying limited trading history and potentially higher risk.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due July 26, 2029, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). Each security has a $1,000 stated principal amount and an original issue price of $1,000, while the issuer’s estimated value on the pricing date is approximately $943.70 per security.
The notes pay a contingent coupon at 8.00% per annum, only if on the relevant observation date both ETFs are at or above their coupon barrier levels (50% of initial levels); missed coupons can be “memorized” and paid later if a subsequent observation meets the barrier. The securities are subject to automatic early redemption quarterly starting August 23, 2027 if both ETFs are at or above their call thresholds (100% of initial levels), in which case investors receive principal plus the current and any previously unpaid coupons.
If the notes are not called and at maturity both ETFs are at or above their buffer levels (83.40% of initial levels), investors receive full principal plus any payable coupons. If either ETF is below its buffer, principal is reduced 1% for each 1% decline of the worst performing underlier beyond the 16.60% buffer, but not below the minimum payment at maturity of 16.60% of principal. All payments are subject to the credit risk of MSFL and Morgan Stanley, and investors do not participate in any upside of the ETFs.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due August 21, 2031, linked to the Russell 2000® Index and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk obligations issued under the Series A Global Medium-Term Notes program.
At maturity, investors receive $1,000 plus an upside payment if the index finishes above its initial level, with a 102% participation rate80% buffer levelminimum payment of 20% of principal.
The estimated value on the pricing date is approximately $983.70 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. Key risks include exposure to small-cap index volatility, full issuer and guarantor credit risk, limited or no secondary market liquidity, and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due September 1, 2027, linked to the common stock of Amazon.com, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $985.40.
Investors may receive a contingent coupon at an annual rate of at least 17.00%, payable only when Amazon’s closing level on an observation date is at or above a coupon barrier equal to 85% of the initial level, with unpaid coupons potentially paid later if the barrier is subsequently met. The notes are auto-callable on specified redemption determination dates if the stock closes at or above a call threshold equal to 100% of the initial level, returning principal plus applicable coupons. At maturity, if not called, principal is repaid only if the final level is at or above the 85% buffer level; below that, repayment is reduced using a 1.1765 downside factor, and the amount can fall to zero. All payments are subject to MSFL’s and Morgan Stanley’s credit risk, and there is no minimum payment at maturity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes tied to Bloom Energy Corporation Class A stock, maturing August 16, 2029. Each security has a $1,000 face amount and an estimated value on the pricing date of about $947.10, reflecting issuance and hedging costs borne by investors.
The notes pay a quarterly contingent coupon at a rate of at least 38.00% per annum only when Bloom Energy’s closing price is at or above the coupon threshold price of $105.315 (50% of the $210.63 starting price); missed coupons can be paid later under a memory feature. Starting about six months after issuance, the notes are auto-callable quarterly if the stock closes at or above the starting price, returning $1,000 plus due and unpaid coupons.
If not called, principal repayment at maturity depends on the final stock price. Investors receive $1,000 only if the ending price is at or above the downside threshold of $105.315; otherwise they receive $1,000 times the performance factor, incurring losses greater than 50% and potentially the entire investment. The notes do not pay fixed interest, do not participate in stock upside, are subject to Morgan Stanley credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 25, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, with principal at risk.
Investors may receive a contingent coupon at an annual rate of 8.55% on scheduled coupon payment dates, but only if on the related observation date the closing level of each index is at or above its coupon barrier level, set at 70% of its initial level. The notes are auto-callable quarterly starting November 19, 2026 if each index is at or above its call threshold level, equal to 100% of its initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments.
If not redeemed early, at maturity investors receive $1,000 per security only if each index is at or above its downside threshold level, also 70% of its initial level; otherwise the payoff is reduced in proportion to the decline of the worst-performing index and can fall to zero. The estimated value on the pricing date is approximately $969.30 per security, reflecting offering costs and issuer pricing.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to Alphabet Inc. Class A common stock, fully and unconditionally guaranteed by Morgan Stanley, maturing on September 1, 2027. Each security has a $1,000 stated principal amount and issue price of $1,000.
Investors may receive a contingent coupon at an annual rate of at least 16.00%, payable only if the underlier’s closing level on an observation date is at or above the coupon barrier level of 85% of the initial level, with unpaid coupons potentially paid later if conditions are met. The notes are auto-callable on specified redemption determination dates if the underlier is at or above 100% of the initial level, returning principal plus due coupons and ending further payments.
If not redeemed early, and the final level is at or above the buffer level of 85% of the initial level, investors receive full principal plus any payable coupon. If the final level falls below the buffer, maturity payment is reduced by 1.1765% of principal for each 1% decline beyond the 15% buffer, potentially to zero. The estimated value is approximately $985.40 per $1,000 security due to embedded costs. All payments depend on Morgan Stanley’s credit, secondary market liquidity may be limited, and U.S. tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities linked to the lowest performing of Bloom Energy Class A and Generac Holdings common stock, fully and unconditionally guaranteed by Morgan Stanley, maturing on August 23, 2029.
Each security has a $1,000 face amount. If on the August 24, 2027 call date both stocks close at or above 50% of their starting prices (their threshold prices), the notes are automatically called and pay a fixed $1,400 per security (a 40% return), with no further payments.
If not called, at maturity investors receive: (i) $1,000 + 425% or more of the positive return of the lowest performing stock if it finishes above its starting price; (ii) $1,000 if the lowest performer finishes between 50% and 100% of its starting price; or (iii) $1,000 plus the full stock loss if it ends below 50%, meaning a loss of more than 50% and possibly all principal.
The current estimated value on the pricing date is about $906.30 per $1,000 security, reflecting embedded issuing, selling, structuring and hedging costs. The notes pay no interest, provide no dividends, are subject to Morgan Stanley credit risk, may have limited or no secondary market, and involve complex tax and market risks.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due August 15, 2031, linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $973.60 per security, reflecting issuance, structuring and hedging costs borne by investors.
At maturity, if the index is above its initial level, holders receive principal plus a leveraged upside payment based on a 206% leverage factor. If the final level is at or below the initial level but at or above 80% of the initial level (the buffer level), investors receive only principal. Below the buffer, investors lose 1% of principal for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The notes pay no interest, are subject to Morgan Stanley’s and MSFL’s credit risk, may be illiquid, and carry complex U.S. tax and regulatory considerations.
Morgan Stanley Finance LLC is issuing Buffered PLUS with Downside Factor notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security and a total aggregate principal amount of $2,071,000, maturing on August 12, 2031.
The notes pay no interest and offer 186.36% leveraged upside if the final index level exceeds the initial level of 6,523.86. Principal is fully protected only down to a 10% buffer, with a buffer level of 5,871.474. Below the buffer, investors lose 1.1111% of principal for each 1% additional index decline, with no minimum repayment, so the investment can be reduced to zero. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley; the estimated value on the pricing date is $955.80 per $1,000 security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing Trigger PLUS notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley, with a scheduled maturity on August 12, 2032. The notes have a $1,000 stated principal amount and pay no interest.
At maturity, if the index is above the initial index value of 6,523.86, holders receive $1,000 plus 190.50% of the index percent increase. If the index is at or below the initial level but at or above the trigger level of 4,240.509 (65% of the initial value), investors receive $1,000. If the final index value is below the trigger level, repayment is $1,000 multiplied by the index performance factor, so investors lose one percent of principal for each one percent index decline and may lose their entire investment.
The notes are unsecured obligations of MSFL under its global medium-term note program, subject to the credit risk of MSFL and Morgan Stanley. The issue price is $1,000 per note, with an estimated value of $949.20 on the pricing date and an aggregate principal amount of $37,546,000. The notes will not be listed on any securities exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, principal-at-risk notes linked to an equally weighted basket of seven semiconductor-related stocks, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest.
At maturity on August 27, 2027, if the basket’s final level is at or above the 80% buffer level, investors receive $1,000 plus a fixed upside payment of $174.501.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the entire investment can be lost. The notes are unsecured obligations subject to Morgan Stanley’s credit risk. The issue price is $1,000, while the estimated value on the pricing date is approximately $986.30 per security, reflecting issuance, selling, structuring and hedging costs. U.S. tax counsel views the notes as prepaid financial contracts with uncertain tax treatment, and the issuer currently expects Section 871(m) dividend-equivalent withholding not to apply.
Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due July 10, 2031, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. Each security has a stated principal amount and issue price of $1,000, for an aggregate principal amount of $1,997,000, linked to the worst performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index.
The notes pay a contingent coupon at 11.20% per annum only if on an observation date the closing level of each index is at or above its coupon barrier (75% of its initial level). They are callable in whole on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer, in which case investors receive principal plus any due coupon and no further payments.
If not redeemed and on the final observation date each index is at or above its downside threshold (70% of initial), investors receive full principal plus any final contingent coupon; otherwise, repayment is reduced in proportion to the decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is $983.40 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing $450,000 of Contingent Income Memory Auto-Callable Securities linked to the common stock of Advanced Micro Devices, Inc. (AMD), fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000.
The notes pay a 19.50% per annum contingent coupon, but only if AMD’s closing level on an observation date is at or above the coupon barrier level of $241.68 (50% of the initial level of $483.36). They are automatically redeemed if AMD is at or above the call threshold of $483.36 on specified redemption determination dates, returning principal plus due and previously unpaid coupons. If not redeemed and AMD’s final level is at or above the downside threshold of $241.68, investors receive principal back; if below, repayment is reduced in proportion to AMD’s decline, potentially to zero. The estimated value on the pricing date is $975.70 per security, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee repayment of principal.
At maturity on August 30, 2027, if the S&P 500 final level is at or above the downside threshold level of 88% of the initial level, investors receive $1,000 plus a fixed upside payment of $100 per security (a 10% return), regardless of how much the index has risen within that range. If the final level is below the downside threshold, the payment is $1,000 multiplied by the performance factor (final level ÷ initial level), producing a 1% loss of principal for each 1% decline in the index and potentially 0 repayment. The estimated value on the pricing date is approximately $986.10 per security, reflecting issuance, selling, structuring and hedging costs, and dealer commissions of up to $10 per $1,000. The notes are subject to Morgan Stanley’s and MSFL’s credit risk, limited liquidity, complex tax treatment, and various conflicts of interest.
Morgan Stanley Finance LLC is issuing $3,347,000 of Contingent Income Memory Buffered Auto-Callable Securities due August 25, 2027, linked to Capital One Financial Corporation common stock and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price.
Investors may receive a 16.36% per annum contingent coupon on scheduled payment dates, but only when the stock’s closing level is at or above the coupon barrier level of $185.096 (85% of the $217.76 initial level). The notes are auto-called at par plus applicable coupons if the stock is at or above the call threshold of $217.76 on specified redemption determination dates.
If not redeemed early, and the final level is at or above the buffer level of $185.096, investors receive principal plus any payable coupons. If the final level is below the buffer, maturity payment is reduced by 1.1765% for each 1% decline beyond the 15% buffer and can fall to zero. The estimated value on the pricing date is $985.90 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and issuer credit spreads. Principal is fully at risk and all payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is offering $822,000 of Contingent Income Memory Buffered Auto-Callable Securities due July 12, 2029, fully and unconditionally guaranteed by Morgan Stanley, at $1,000 per security. The notes are linked to the worst performer of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX) and expose investors to principal-at-risk.
Investors may receive a contingent coupon at 8.00% per annum, payable only on observation dates when both ETFs close at or above 50% of their initial levels (coupon barrier levels of $57.87 for XME and $44.945 for GDX). The notes are auto-callable quarterly from August 9, 2027 if both underliers are at or above 100% of initial (call thresholds of $115.74 and $89.89), paying principal plus the due and any previously unpaid coupons.
If not called, at maturity investors receive full principal only if each ETF is at or above its 85% buffer level (XME $98.379, GDX $76.407). Otherwise, repayment is reduced 1% for each 1% decline of the worst underlier beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is $939.80 per $1,000, reflecting embedded costs and issuer funding levels. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering $1,101,000 of principal-at-risk Jump Securities with an auto-call feature due August 12, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of $979.10.
The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. An automatic early redemption on August 15, 2028 pays $1,330 per security if each index is at or above its initial level. If held to maturity and all final index levels exceed their initial levels, investors receive principal plus a 300% participation in the worst underlier’s gain; if any finishes below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst underlier, potentially to zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due September 17, 2027, linked to the worst performance of the Nasdaq-100, Russell 2000 and S&P 500 indices, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and pays no interest. At maturity, if each index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $114.50 (11.45%). If any index finishes below its downside threshold, repayment equals $1,000 multiplied by the performance of the worst-performing index, with a 1% loss of principal for each 1% decline, and the payment can be zero. The estimated value on the pricing date is approximately $990.50 per security, reflecting issuance, structuring and hedging costs and the issuer’s funding rate. The securities are unsecured, subject to Morgan Stanley’s and MSFL’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering $2,304,000 of Enhanced Trigger Jump Securities linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to principal at risk.
At maturity on August 12, 2031, if the index’s final level is at or above the upside threshold level$545 upside payment. If the final level is between the upside and downside threshold level
The issue price is $1,000 per security, while the issuer’s estimated value on the pricing date is $984.70, reflecting embedded issuing, selling, structuring and hedging costs and credit spreads. The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee, and their value and secondary market liquidity are affected by the issuer’s credit, market volatility, index methodology changes and limited market-making by affiliates.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on August 12, 2031, with an issue price of $1,000 per security and aggregate principal of $113,000.
The notes feature a single automatic early redemption on August 16, 2027 for $1,265 per security if the index closes at or above the call threshold of 3,246.462 (90% of the initial level of 3,607.18) on August 11, 2027. If not called, at maturity investors receive upside exposure of 335% of any index gain; full principal back if the final level is between the initial level and the downside threshold of 1,803.59 (50% of initial); and a 1:1 loss with the index below that level, potentially down to zero.
The estimated value on the pricing date is $944.10 per security, below the issue price due to embedded costs. The securities pay no interest, are unsecured and unsubordinated, and carry Morgan Stanley credit risk. The underlier is a relatively new, leveraged, volatility-targeting futures-based index with a 4% per annum decrement, and the tax treatment and future regulatory changes present additional uncertainty.
Morgan Stanley Finance LLC is offering $35,539,000 of Digital S&P 500® Index-Linked Notes due February 9, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are unsecured, principal-at-risk obligations linked to the S&P 500® Index.
For each $1,000 note, if the S&P 500® final level on the February 7, 2028 determination date is at least 87.50% of the initial level of 7,709.96, investors receive a fixed Maximum Settlement Amount of $1,139 (113.90% of face). If the index declines by more than 12.50%, the payoff is $1,000 plus 1.1429 times the amount the index return falls below -12.50%, exposing holders to losses up to a total loss of principal.
The estimated value on the trade date is $997.70 per $1,000 note, reflecting issuing, structuring and hedging costs. The notes are not listed, have no redemption feature, and secondary market liquidity depends on Morgan Stanley & Co. LLC, which is not obligated to make a market.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-callable feature due August 19, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000 and pays no periodic interest.
The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. On quarterly determination dates starting August 17, 2027, if the index closing level is at or above the call threshold of 100% of the initial level, the notes are automatically redeemed for a fixed early redemption payment that increases over time, corresponding to an annualized return of about 21.25%.
If not called, at maturity investors receive $2,062.50 per $1,000 if the final index level is at or above the call threshold, the stated principal amount if the final level is between the call threshold and the 50% downside threshold, and a loss of 1% of principal for each 1% index decline below the downside threshold. The payment can be significantly less than principal and may be zero.
The estimated value on the pricing date is approximately $904.60 per security, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and the notes are expected to have limited or no liquidity in secondary trading.
Morgan Stanley Finance LLC is offering fixed-income auto-callable securities due August 19, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and principal at risk. The notes pay a fixed coupon of 8.35% per annum, regardless of the underlier’s performance, until they are redeemed or mature.
The securities are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Beginning August 16, 2027, if on any redemption determination date the index closes at or above 100% of the initial level, the notes are automatically redeemed for $1,000 plus the coupon, and no further payments are made. If held to maturity and the final index level is at or above 60% of the initial level, investors receive $1,000 plus the final coupon. If the final level is below 60%, the repayment of principal is reduced 1% for every 1% index decline, and the payment can fall to zero.
The original issue price is $1,000, while the estimated value on the pricing date is approximately $920 per security, reflecting issuing, selling, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may be illiquid, and involve complex tax and index strategy risks.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor notes, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $4,638,000. The notes mature on February 11, 2031 and pay no interest.
The return is based on the worst performing of the iShares S&P 500 Growth ETF, the S&P 500 Equal Weight Index and the S&P 500 Index. If the worst underlier finishes above its initial level, investors receive principal plus 167% of its positive return. If it finishes between its initial level and the 25% buffer (down to 75% of initial), investors receive only principal. Below the buffer, investors lose about 1.3333% of principal for each 1% additional decline in the worst underlier, with no minimum repayment, so the entire investment can be lost. The estimated value on the pricing date is $983 per $1,000 note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 15, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the EURO STOXX 50®, Nasdaq-100 Index® and Russell 2000®. Each security has a stated principal amount of $1,000 and pays a contingent coupon at 11.10% per annum only if, on the relevant observation date, all three indices close at or above their coupon barrier levels, set at 70% of their initial levels.
Beginning November 17, 2026, the notes are callable in whole on specified quarterly redemption dates, but only if a risk neutral valuation model indicates it is economically rational for the issuer to redeem. If called, investors receive $1,000 plus any due coupon, with no further payments.
If not redeemed and on the final observation date each index is at or above its downside threshold level, set at 60% of its initial level, investors receive $1,000 plus any final coupon. If any index finishes below its downside threshold, the maturity payment equals $1,000 multiplied by the worst-performing index’s performance factor, exposing investors to a 1% loss of principal for each 1% decline, potentially to zero. The estimated value on the pricing date is approximately $980.50 per security, and all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering market-linked notes due August 11, 2031, linked to the performance of the iShares Silver Trust (SLV), fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays no periodic interest.
At maturity, investors receive $1,000 plus an upside payment equal to 100% of any increase in SLV from the initial level of $55.85 to the final level on August 6, 2031, capped at a maximum payment of $2,232.50 per note (223.25% of principal). If the final level is equal to or below the initial level, only principal is repaid.
The total offering size is $3,000,000 at an issue price of $1,000 per note, including a $33.50 per-note sales commission, with an estimated value of $956.50 per note on the pricing date. The notes are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, and may trade at a substantial discount before maturity. For U.S. tax purposes, they are expected to be treated as contingent payment debt instruments, requiring annual accrual of taxable interest income.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, offers market-linked, auto-callable principal-at-risk securities tied to the lowest performing of Lam Research and Marvell Technology common stocks, maturing on August 23, 2029 with a face amount of $1,000 per security.
If on the August 24, 2027 call date both stocks close at or above 70% of their starting prices, the notes are automatically called for a $1,400 payment per security, a 40% return, with no further upside. If not called, at maturity investors receive: leveraged upside of at least 345% of the positive return of the lowest performer, full principal back if that stock finishes between 50% and 100% of its start, or a one-for-one loss below 50%, potentially losing most or all of principal.
The initial estimated value is about $925.30 per $1,000 note, reflecting embedded issuing, selling, structuring and hedging costs; the public offering price is $1,000, with agent commissions of $25.75 and issuer proceeds of $974.25 per security. The notes pay no interest, offer no dividends, carry Morgan Stanley credit risk, may have limited or no secondary market, and feature complex tax and structural risks.
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income auto-callable securities due August 9, 2029, linked to the common stock of Western Digital Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $586,000.
Investors may receive a contingent coupon at 39.75% per annum, payable only if Western Digital’s closing level on an observation date is at or above the coupon barrier level of $225.76 (50% of the initial level). The notes are auto-callable on specified redemption determination dates if the stock closes at or above the call threshold level of $451.52 (100% of the initial level), in which case investors receive principal plus the applicable coupon and no further payments.
If not called, at maturity investors receive principal back only if the final level is at or above the downside threshold level of $225.76. Below this level, repayment is reduced in proportion to the decline in the underlier, potentially to zero. The estimated value on the pricing date is $980 per security, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the ordinary shares of ASML Holding N.V., fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk, unsecured notes that pay no interest and do not guarantee any return of principal.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,000,000. At maturity on September 10, 2027, if ASML’s final level on the observation date is at or above the downside threshold level of $1,271.1687 (75% of the $1,694.8916 initial level), investors receive $1,000 plus a fixed upside payment of $334.10, regardless of how much the stock has appreciated above the threshold.
If the final level is below the downside threshold, the maturity payment equals $1,000 multiplied by the performance factor (final level divided by initial level), resulting in a 1% loss of principal for each 1% decline in the underlier, with no minimum payment and potential for a total loss. The estimated value on the pricing date is $981.80 per security, lower than the issue price due to issuing, selling, structuring and hedging costs, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Trigger PLUS structured notes due February 11, 2031, linked to the worst performer among the iShares S&P 500 Growth ETF, the S&P 500 Equal Weight Index and the S&P 500 Index. Each security has a $1,000 stated principal amount, with an aggregate principal of $3,159,000, and was priced at $1,000, while the estimated value on the pricing date was $983 per security.
At maturity, if each underlier’s final level is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 183% of the worst underlier’s gain. If any underlier is at or below its initial level but all remain at or above 70% of their initial levels, investors receive only principal back. If any underlier falls below its 70% downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, with no minimum; the payment could be zero. The notes pay no interest, are unsecured, and all payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an aggregate principal amount of $1,050,000. The notes pay no interest, are unsecured, and expose investors to full principal risk.
At maturity on September 10, 2027, if the S&P 500® final level on the September 7, 2027 observation date is greater than or equal to the downside threshold level of 6,565.018 (85% of the initial level 7,723.55), investors receive $1,000 plus a fixed upside payment of $97.60, a 9.76% return, regardless of how much the index has risen. If the final level is below the downside threshold, the payoff equals $1,000 multiplied by the performance factor (final level / initial level), producing a 1% loss of principal for each 1% index decline with no minimum, so the payment can be zero.
The issue price is $1,000 per note, with an estimated value on the pricing date of $986.40 after issuance, selling, structuring and hedging costs. Minimum denomination is $1,000 with a $10,000 minimum ticket. All payments depend on Morgan Stanley’s and MSFL’s credit; the notes are not bank deposits and are not FDIC insured.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured structured notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an issue price of $1,000, and an aggregate principal amount of $700,000. The notes pay no interest and have principal at risk.
At maturity on September 10, 2027, if the S&P 500® final level is at or above the downside threshold of 5,792.663 (75% of the initial level of 7,723.55), investors receive $1,000 plus a fixed upside payment of $78 per security, regardless of how much the index has appreciated. If the final level is below the threshold, investors receive $1,000 multiplied by the performance factor (final level ÷ initial level), losing 1% of principal for each 1% index decline, with no minimum payment.
The estimated value on the pricing date is $986.40 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. The notes are subject to Morgan Stanley’s credit risk, limited liquidity, model-based valuation uncertainty and complex, unsettled U.S. federal income tax treatment.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due August 10, 2028, linked to the Class A ordinary shares of Accenture plc and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $487,000. The initial level of the Accenture underlier is $171.11.
Investors may receive a contingent coupon at 18.50% per annum, payable only if on each observation date the underlier closes at or above the coupon barrier of $85.555 (50% of the initial level). The notes are auto-callable from February 8, 2027 onward if the underlier is at or above the call threshold of $171.11, in which case investors receive principal plus the applicable coupon and no further payments. At maturity, if not previously redeemed and the final level is at or above the downside threshold of $85.555, investors receive principal (plus any final coupon). If the final level is below the downside threshold, repayment is reduced in proportion to the decline, and the principal repayment can fall to zero. The securities are principal-at-risk, unsecured obligations, with all payments subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is $984.00 per security, below the $1,000 issue price.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the S&P 500 Index, Russell 2000 Index and EURO STOXX 50 Index. Each security has a $1,000 stated principal amount, but principal is at risk and no interest is paid.
The notes may be automatically redeemed on quarterly determination dates starting August 27, 2027 if each index is at or above its call threshold (100% of its initial level), paying at least a return of approximately 10.50% per annum (for example, at least $1,105 on the first call date, stepping up to at least $1,516.25 by the last). If not called, at maturity in August 2031 investors receive at least $1,525 per security only if each index is at or above 90% of its initial level; otherwise they receive $1,000 if all stay at or above 70%, or suffer a 1% loss of principal for each 1% decline in the worst index below 70%, potentially losing the entire investment.
The estimated value on the pricing date is approximately $949.10 per $1,000 security, reflecting issuance and hedging costs. All payments are subject to Morgan Stanley’s credit risk, secondary market liquidity may be limited, and the U.S. tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is offering Callable Contingent Income Buffered Securities due August 10, 2028, linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the State Street® Utilities Select Sector SPDR® ETF. Each security has a $1,000 principal amount, with an aggregate offering of $1,000,000, and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a 10.85% per annum contingent coupon on scheduled dates, but only if the closing level of each underlier is at or above its coupon barrier (70% of its initial level). Starting November 12, 2026, Morgan Stanley may redeem the notes early on specified redemption dates if a risk-neutral valuation model indicates redemption is economically rational, paying principal plus any due coupon.
If not redeemed and on the final observation date each underlier is at or above its buffer level (80% of initial), investors receive principal plus any final coupon. If any underlier finishes below its buffer, repayment decreases 1% for each 1% drop of the worst performer beyond the 20% buffer, but not below the minimum 20% of principal. The notes are principal-at-risk, offer no participation in underlier appreciation, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $990.70 per security, below the issue price, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 10, 2028, fully and unconditionally guaranteed by Morgan Stanley, in an aggregate principal amount of $1,490,000 at $1,000 per security. These are principal-at-risk structured notes linked to the worst performing of three ETFs: Invesco S&P 500® Equal Weight ETF (RSP), iShares® Russell 2000® ETF (IWM) and State Street® Energy Select Sector SPDR® ETF (XLE).
The notes pay a contingent coupon of 8.90% per annum only if on each observation date all underliers are at or above their coupon barrier levels, set at 60% of initial levels (RSP $131.148; IWM $178.95; XLE $34.896). Starting August 11, 2027, the issuer may redeem the notes on specified monthly dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; if called, investors receive principal plus that period’s coupon and no further payments.
If not redeemed and on the final observation date each underlier is at or above its downside threshold (also 60% of initial levels), investors receive principal plus any final contingent coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The estimated value on the pricing date is $986.70 per security, below the issue price, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley, and U.S. tax treatment is uncertain, with potential withholding for non-U.S. holders.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with a total offering of $500,000.
The note pays a 23.00% per annum contingent coupon only if the stock’s closing level on each observation date is at or above the coupon barrier level of $54.135, 50% of the $108.27 initial level. The securities may be automatically redeemed on scheduled redemption determination dates if the underlier is at or above the $108.27 call threshold, returning principal plus the applicable coupon.
If not called, and the final level is at or above the downside threshold of $54.135, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced one-for-one with the underlier’s decline, potentially to zero. The securities are unsecured, principal-at-risk obligations, with an estimated value on the pricing date of $936.40 per $1,000, reflecting embedded costs and issuer economics.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities due August 28, 2031, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security and no periodic interest.
At maturity, investors participate 100% in upside of the worst-performing index, capped at $1,994 per security (199.40% of principal). If the worst-performing index is down but not below its 70% buffer level, investors receive a positive return up to 30% through an absolute return feature. If it falls below the buffer, principal is reduced 1% for each 1% decline beyond the 30% buffer, with a minimum payment of 30% of principal. The estimated value on the pricing date is approximately $943.50 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, principal-at-risk structured notes linked to the common stock of Marvell Technology, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is unsecured.
At maturity on February 17, 2028, investors receive $1,000 plus a fixed upside payment of $520 per security (a 52% return) if the final stock level on the February 14, 2028 observation date is at or above the downside threshold, which is set at 50% of the initial level. If the final level is below this threshold, the payoff equals the principal multiplied by the performance factor, causing a 1% loss of principal for each 1% decline in the stock, with no minimum payment and potential total loss of investment.
The estimated value on the pricing date is approximately $963.20 per security, reflecting issuing, selling, structuring and hedging costs borne by investors. The notes expose holders to Morgan Stanley’s credit risk, limited or no secondary market liquidity, potentially volatile Marvell share performance, and uncertain U.S. federal tax treatment, including possible effects of future tax law or IRS guidance.
Morgan Stanley Finance LLC is issuing structured Buffered Jump Securities with Auto-Callable Feature due August 11, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal of $1.71 million.
The notes pay no interest and are subject to automatic early redemption starting August 13, 2027 if the index closes at or above the call threshold level of 1,344.12, triggering increasing early redemption payments corresponding to about 18.80% per annum. If held to maturity and not called, investors receive $1,940 per security if the final index level is at or above the call threshold, only principal back if the final level is between the buffer level of 1,142.502 (85% of initial) and the threshold, and a buffered downside payoff below the buffer, subject to a minimum payment of 15% of principal. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the securities may suffer significant losses and limited liquidity.
Morgan Stanley Finance LLC is offering $510,000 of Buffered Participation Securities linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at $1,000 per security with an estimated value on the pricing date of $978.50 and pay no interest.
At maturity on August 11, 2031, investors receive principal plus an upside payment if the final index level exceeds the initial level of 3,001.547, based on a 103.50% participation rate. If the index finishes between the initial level and the buffer level of 2,551.315 (an 85% buffer), investors receive only principal. Below the buffer, principal is reduced 1% for each 1% further decline, subject to a minimum payment of 15% of principal.
The notes are unsecured, subject to the credit risk of Morgan Stanley and MSFL, and may be illiquid. Risks include potential loss of a significant portion of principal, volatility of small-cap stocks in the Russell 2000® Index, model-based pricing, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is issuing $1,581,000 of Trigger Autocallable Contingent Yield Notes linked to the Class B common stock of United Parcel Service, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 principal amount and a term of approximately one year, from the August 11, 2026 settlement date to the August 12, 2027 maturity, unless called earlier.
The notes pay a 9.75% per annum Contingent Coupon, or $0.24375 per quarter per $10 Security, only if on an Observation Date the UPS share price is at or above the Coupon Barrier of $70.01, which is also the Downside Threshold and equals approximately 65% of the $107.70 Initial Price. Beginning November 5, 2026, the notes are automatically called if the Observation Date Closing Price is at or above the Initial Price, returning principal plus the applicable coupon and ending further payments.
If the notes are not called and the Final Price is at or above the Downside Threshold, investors receive principal plus the final Contingent Coupon. If the Final Price is below the Downside Threshold, the repayment equals $10 × (1 + Share Return), resulting in a loss proportionate to the decline in UPS shares and potentially a total loss of principal. Investors do not participate in any upside of UPS stock, may receive no coupons, face limited liquidity, and bear the full credit risk of Morgan Stanley and MSFL. The estimated value on the trade date is $9.809 per Security, below the $10 issue price.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due September 29, 2027, linked to the common stock of Zoetis Inc. Each security has a $1,000 stated principal and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a 12.40% per annum contingent coupon, paid only when the Zoetis stock closing level on an observation date is at or above a coupon barrier set at 62% of the initial level. The notes are subject to automatic early redemption if the underlier is at or above a call threshold equal to 100% of the initial level on specified dates, in which case investors receive principal plus the applicable coupon and no further payments.
If the notes are not redeemed early and the final level is at or above the downside threshold (also 62% of the initial level), investors receive principal back (plus any final coupon, if payable). If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the underlier, potentially down to zero. The original issue price is $1,000, while the estimated value on the pricing date is approximately $975 per security, and all payments depend on Morgan Stanley’s creditworthiness.