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 Principal at Risk Securities tied to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500. The securities are $1,000 each, aggregate $250,000, with a 10.60% annual contingent coupon and maturity on February 23, 2029.
Coupons are paid only if all three underliers meet 70% coupon barriers on observation dates; downside thresholds are 60%. A call may occur beginning May 26, 2026 if a risk‑neutral valuation model indicates redemption is economically rational. Principal is at risk: if the worst performing underlier finishes below its 60% threshold, investors lose pro rata principal.
Morgan Stanley Finance LLC priced a series of Principal-at-Risk PLUS securities due February 25, 2031 with an aggregate principal amount of $300,000 and a stated principal amount of $1,000 per security. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
Payments at maturity depend on a three-index basket. If the final level is greater than the initial level, holders receive the stated principal plus a 135% leverage factor applied to the underlier’s appreciation. If the final level is below the initial level, holders lose 1% of principal for each 1% decline in the underlier; there is no minimum payment and investors could lose their entire investment. The estimated value on the pricing date was $937.20 per security; the issue price is $1,000 (agent commission $25 and structuring fee $2 per security). All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering fully guaranteed by Morgan Stanley tied to the worst-performing share of META, MSFT and AMZN. The issue totals $862,000 in aggregate at a $1,000 stated principal amount per security with an original issue price of $1,000 and an estimated value on the pricing date of $949.50.
The notes mature on February 23, 2029 with an automatic early redemption mechanism tied to the first determination date on February 23, 2027 (call threshold levels equal to the initial levels). The early redemption payment is $1,481. If not auto‑redeemed, maturity payoffs depend on the worst performing underlier: investors may receive principal plus an upside payment (participation rate 300%), only principal, or a reduced cash payment proportional to the worst performing underlier if it falls below its downside threshold (60% of the initial level). All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Buffered PLUS notes due February 25, 2028, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an initial level of 2,663.780, an observation date of February 22, 2028 and a maturity date of February 25, 2028.
The securities provide 150% leveraged upside subject to a maximum payment of $1,248 per security, a 10% buffer (buffer level 2,397.402) and a minimum payment of 10% of principal. The offering aggregate principal amount is $280,000; the estimated value on the pricing date was $964.00 per security, and dealers receive a fixed sales commission of $22 per security.
Morgan Stanley Finance LLC offers structured notes — Contingent Income Memory Buffered Auto-Callable Securities due February 15, 2029, fully guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $946.70. The notes pay a contingent coupon at an annual rate of 7.00% on coupon dates only if the closing level of both underliers meets or exceeds coupon barrier levels on observation dates. The securities are linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX), feature automatic early redemption on scheduled determination dates, a buffer level at 75% of initial level, a coupon barrier at 65%, and a 25% minimum payment at maturity.
Morgan Stanley Finance LLC is offering contingent income, memory buffered auto-callable notes due March 4, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an annual contingent coupon of 9.50%, and an estimated value on the pricing date of approximately $907 per security.
The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, feature a 15% buffer (buffer level 85% of initial), a coupon barrier at 70% and an automatic early redemption call threshold at 95% of the initial level. Strike and pricing dates are February 27, 2026 and original issue date is March 4, 2026.
Morgan Stanley Finance LLC priced $730,000 of Principal at Risk securities, fully and unconditionally guaranteed by Morgan Stanley. The securities are buffered, auto-callable notes linked to the worst performing of GLD, EFA and EEM, with a stated principal of $1,000 per security and an original issue price of $1,000.
The terms include a first determination date of February 24, 2027 with an early redemption payment of $1,220, final determination on February 20, 2029, maturity on February 23, 2029, a 30% buffer, a 200% participation rate and a $971 estimated value on the pricing date. Payments depend on the worst performing underlier and all payments are subject to the issuer's credit risk.
Morgan Stanley Finance LLC is offering $2,241,000 aggregate principal amount of contingent income securities fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at an annual rate of 9.00% only when the closing level of each underlier is at or above its coupon barrier (70% of initial level) on observation dates. The securities are principal-at-risk: at maturity on February 23, 2029 investors receive the stated principal if each underlier is at or above its downside threshold (70% of initial level); otherwise the maturity payment equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less or zero. The securities reference the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000® Index, have a stated principal amount of $1,000 per security, an estimated value on the pricing date of $972.90 per security and an original issue price of $1,000 per security.
Morgan Stanley Finance LLC amends a pricing supplement for an offering of auto-callable Jump Notes due January 19, 2029 with an aggregate principal amount of $250,000. The unsecured notes, fully and unconditionally guaranteed by Morgan Stanley, have a stated principal amount of $1,000 per note and an issue price of $1,000 per note.
The notes reference the worst performing of the VanEck® Gold Miners ETF (GDX) and iShares® Silver Trust (SLV), pay no periodic interest, can be automatically redeemed on scheduled determination dates for fixed early redemption payments (approximately 6.00% per annum), and pay either a fixed positive return at maturity or the stated principal depending on final levels. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for Principal-at-Risk, auto-callable structured notes due March 4, 2031 linked to the worst performing of the Dow Jones Industrial Average and the S&P 500®.
Each note has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $948.40, a strike/pricing date of February 27, 2026, and a final determination date of February 27, 2031. Call thresholds are 100% of initial levels and downside thresholds are 90%. Scheduled early redemption payments rise across four annual determination dates (first determination date March 5, 2027), and a payment at maturity can be $1,420, the stated principal, or a principal amount reduced pro rata to the worst performing underlier down to zero.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for its Dual Directional Buffered PLUS securities due March 2, 2029, linked to the worst performing of the iShares Bitcoin Trust ETF and the S&P 500® Index. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The document shows an estimated value on the pricing date of approximately $919.80.
Key economics: a 278% leverage factor for upside, a 20% buffer (80% buffer level), an absolute return participation rate of 100%, and a minimum payment at maturity of 20% of principal. Observation date is February 27, 2029 and maturity is March 2, 2029. Payments depend on the worst performing underlier and are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering $3,800,000 of Trigger GEARS linked to the Invesco S&P 500® Equal Weight ETF (RSP). The Securities have an Issue Price of $10 and an estimated Trade Date value of $9.667 per Security. They mature on February 21, 2031 and require you to hold to maturity for the contingent repayment feature.
The Securities provide an Upside Gearing of 1.23: if the Underlying Share Return is >0, payment at maturity = $10 + [$10 × (Return × 1.23)]. The Downside Threshold is $152.68 (approximately 75% of the Initial Price of $203.57); if the Final Price is below that threshold, holders are exposed to losses proportionate to the negative Underlying Share Return. No interest or dividends are paid; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a preliminary supplement for auto-callable, principal-at-risk securities linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount and an issue price of $1,000.
Strike and pricing dates are February 27, 2026, with original issue date March 4, 2026 and maturity on March 4, 2031. The estimated value on the pricing date is approximately $948.40. Call threshold levels are set at 100% of initial levels and downside thresholds at 90%. Scheduled early redemption payments rise by determination date up to $1,336, and the payment at maturity can be $1,420 if both underliers meet call thresholds; conversely, losses occur if the worst performing underlier falls below its downside threshold.
Morgan Stanley Finance LLC is offering contingent income memory securities due March 7, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon at an annual rate of 9.30%.
Contingent coupons are paid only if each underlier closes at or above its coupon barrier on each observation date; coupon barrier levels are 80% of initial levels and downside threshold levels are 70% of initial levels. At maturity the stated principal is returned only if every underlier is at or above its downside threshold; otherwise payment equals principal × performance factor of the worst performing underlier, exposing investors to full principal loss tied to the worst underlier.
Morgan Stanley Finance LLC is offering callable contingent income securities due January 31, 2030 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The securities pay a contingent quarterly coupon at an annual rate of 8.03% (approximately $20.075 per quarter) only if each of the MSCI EAFE®, Russell 2000® and S&P 500® indices closes at or above its respective coupon barrier (70% of initial) on the observation dates. Beginning September 11, 2026, the issuer may call the securities on quarterly redemption dates if a risk-neutral valuation model indicates redemption is economically rational. At maturity investors face principal risk tied to the worst-performing index with a downside threshold at 60% of initial; payments could be less than $600 or zero.
Morgan Stanley Finance LLC issues contingent income auto-callable securities linked to MGM Resorts International common stock. Each security has a $1,000 stated principal amount and an annual contingent coupon of 14.90%, payable only if observation-date levels meet the coupon barrier.
The notes may automatically redeem on specified redemption determination dates if the underlier meets the call threshold; if not redeemed, maturity payment depends on the final level relative to a 70% downside threshold and could result in full loss of principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Structured Investments Buffered Participation Securities due March 1, 2029 linked to a four-component basket and fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000, a participation rate of 100%, a buffer level of 80 (a 20% buffer), a maximum payment at maturity of $1,397, and a minimum payment at maturity of 20%.
Key dates: Strike date: February 26, 2026, Pricing date: February 26, 2026, Original issue date: March 3, 2026, Observation date: February 26, 2029 ("subject to postponement for non-trading days and certain market disruption events"). The estimated value on the pricing date is approximately $975.80 per security. Payments at maturity depend solely on the basket final level on the observation date; if final level is below the buffer, losses occur at a 1% loss per 1% decline beyond the buffer.
Morgan Stanley Finance LLC offers $500,000 aggregate principal of Structured Investments Enhanced Buffered Jump Securities due March 5, 2027. Each security has a $1,000 stated principal amount, an estimated value of $970.70 on the pricing date, a fixed $675 upside payment if the worst performing underlier meets its buffer, and a 20% buffer with a 1.25 downside factor. Payments depend on the worst performing of DELL class C, HOOD class A, and NVDA common stock and are fully and unconditionally guaranteed by Morgan Stanley; all payments remain subject to the issuers credit risk.
Morgan Stanley Finance LLC issues contingent income memory auto-callable notes due March 9, 2029. Each note has a $1,000 stated principal and a contingent annual coupon of 8.60% payable only when all three underliers meet coupon barrier levels on observation dates.
The notes reference the XLE Fund, the NDXT Index and the RTY Index; automatic early redemption can occur on scheduled redemption determination dates if each underlier is at or above its call threshold (100% of initial level). Coupon barrier levels are 70% of initial level and downside thresholds are 60% of initial level, so principal is at risk if the worst performing underlier falls below its downside threshold.
Morgan Stanley Finance LLC priced a $1,000,000 issuance of structured, principal-at-risk notes fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $435 (43.50%) if the worst performing underlier finishes at or above its buffer.
The securities are linked to the worst performing of Dell Technologies Inc. (Class C), Robinhood Markets, Inc. (Class A) and NVIDIA Corporation common stock, have a strike date February 17, 2026, a pricing date February 18, 2026, an observation date March 2, 2027 and a maturity date March 5, 2027. The buffer is 30%, the downside factor is 1.4286 and there is no minimum payment at maturity; investors can lose their entire principal. The estimated value on the pricing date was $969.40 per security and agent fees were $10 per security.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the Class A subordinate voting shares of Shopify Inc., fully and unconditionally guaranteed by Morgan Stanley. The securities are issued at $1,000 per security with an aggregate principal amount of $3,000,000 and an estimated value on the pricing date of $985.00.
The notes pay a contingent coupon at an annual rate of 19.55% only if the closing level of the underlier is >= the coupon barrier of $56.77 (50% of the initial level) on each observation date. The securities auto-redeem if the underlier’s closing level is >= the call threshold of $113.54 on any redemption determination date. If not auto-redeemed, maturity is February 23, 2028, with downside protection only to the $56.77 threshold; below that, principal is reduced pro rata by the performance factor.
All payments are subject to issuer credit risk; commissions reduce the proceeds (price to public $1,000, agent’s commissions $5, proceeds to issuer $995). The securities do not provide regular interest, do not participate in upside of the underlier, and may result in loss of principal.
Morgan Stanley Finance LLC is offering principal-at-risk buffered auto-callable securities linked to the worst performing of the Russell 2000® Index and the S&P 500® Index with an aggregate principal amount of $5,288,000. The securities pay a fixed coupon at an annual rate of 6.95%, have an original issue price of $1,000 per security and mature on August 23, 2027.
The notes feature automatic early redemption if, on a redemption determination date (first on August 19, 2026), the closing level of each underlier is greater than or equal to its call threshold (set at 100% of the initial level). At maturity, if the final level of either underlier is below its buffer level (75% of initial), investors suffer a loss calculated using a 25% buffer and a downside factor of 1.3333, which can reduce principal to zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC issues $15,475,000 autocallable Tokyo Stock Price Index‑linked notes due February 20, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount, may be automatically called on specified observation dates beginning February 25, 2027, and caps the maximum maturity payment at $1,466.00 per note (a 46.60% maturity premium). The notes do not pay interest, have an estimated trade‑date value of $944.40 per note, and carry issuer credit risk; investors may lose some or all principal and will not receive dividends or other rights in the underlying index components. Net proceeds to the issuer are stated as $14,856,000.
Morgan Stanley Finance LLC priced and offered auto-callable, principal-at-risk securities linked to the lowest performing of the Dow Jones Industrial Average and the S&P 500® Index. The offering totals $2,000,000 at a $1,000 face amount per security, with an estimated value of $958.80 on the February 18, 2026 pricing date. The securities mature on February 23, 2029, are callable on annual calculation days beginning February 23, 2027, and provide fixed call payments of $1,081.50, $1,163.00 and $1,244.50 on the respective call settlement dates. If not called, the maturity payment exposes holders to the negative performance of the lowest performing underlying beyond a 10% buffer, potentially resulting in up to 90% principal loss. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices principal-at-risk auto-callable notes offering an aggregate principal amount of $2,111,000 with a stated principal amount of $1,000 per security. The securities pay a fixed coupon of 13.35% per annum and are callable monthly beginning on February 18, 2027 if each underlying meets its 100% call threshold.
At maturity on February 23, 2028, if any underlier is below its 70% downside threshold (GOOGL $212.331, LLY $714.392, WMT $88.62), repayment is reduced by the performance factor of the worst performing underlier; principal could be significantly reduced or zero. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is pricing callable, principal-at-risk notes due March 2, 2028 linked to the common stock of MGM Resorts International. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $983.70.
The notes pay a contingent coupon at an annual rate of 15.00% on each coupon payment date only if the closing level of the underlier on the related observation date is at or above the coupon barrier (set at 60% of the initial level). Beginning September 1, 2026, Morgan Stanley may call the notes on specified redemption dates if a risk-neutral valuation model indicates redemption is economically rational. If not called and the final level is below the downside threshold (also 60% of the initial level), payment at maturity equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to potentially substantial or total loss of principal.
Morgan Stanley Finance LLC is offering $1,275,000 aggregate principal of structured notes called Trigger PLUS due February 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The notes reference a performance‑allocation basket composed of the S&P 500, EURO STOXX 50 and Russell 2000 with initial levels of 6,881.31, 6,103.37 and 2,658.609 respectively (strike/pricing date February 18, 2026). The payoff uses a 110% leverage factor and a downside trigger of −30%. If the basket performance factor is positive, investors receive principal plus leveraged upside; if the factor is between 0 and −30 they receive principal; if below −30 they suffer pro rata losses and could lose their entire investment.
Morgan Stanley Finance LLC is offering a principal-at-risk structured note issue with an aggregate principal amount of $655,000 consisting of $1,000 per security. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
The securities are linked to the worst performing of the S&P 500, Nasdaq-100 and Russell 2000, include an automatic early redemption feature beginning with the first determination date on February 19, 2027, and mature on February 23, 2029. Fixed early redemption payments and a fixed positive maturity payment apply if all underliers meet call thresholds; a 70% downside threshold applies and losses at maturity are determined by the performance of the worst performing underlier.
Morgan Stanley Finance LLC is offering Principal-at-Risk auto‑callable securities, aggregate principal amount $1,304,000, stated principal amount $1,000 per security.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, pay a fixed coupon at an annual rate of 19.10%, and may be automatically redeemed on scheduled redemption determination dates beginning February 18, 2027. The observation date is February 17, 2028 and the maturity date is February 23, 2028.
Automatic early redemption occurs if the closing level of each underlying (Broadcom, Meta Class A, Palantir Class A) is greater than or equal to its call threshold (each equal to its initial level). At maturity, if the final level of any underlier is below its downside threshold (each set at 70% of initial level), payment will equal stated principal multiplied by the worst performing underlier’s performance factor; principal could be significantly reduced or zero. The estimated value on the pricing date was $957.20 per security and the issue price was $1,000 per security (agent commission $32.50 per security).
Morgan Stanley Finance LLC is offering Principal-at-Risk auto-callable notes due February 23, 2028 with an aggregate principal amount of $2,226,000 and a stated principal amount of $1,000 per security. The notes pay a fixed coupon of 7.70% annually, are fully and unconditionally guaranteed by Morgan Stanley, and are linked to the worst performing of the Nasdaq-100 Index, the S&P 500 Index and the State Street Utilities Select Sector SPDR ETF. The notes feature monthly coupons, automatic early redemption if all underliers meet call thresholds on a redemption determination date (first such date: February 18, 2027), and principal at risk at maturity if the worst performing underlier is below an 80% downside threshold. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering callable Principal at Risk notes linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security. The securities issue on March 10, 2026 and mature on June 10, 2030.
Key economics: a 25% buffer (buffer level = 75% of initial level), a downside factor of 1.3333, and a participation rate of 156% for upside. If final index < buffer, losses scale at 1.3333% per 1% below the buffer. The securities are callable beginning March 17, 2027 with fixed redemption payments corresponding to roughly 18.00% per annum on early redemption dates. Estimated value on pricing date: approximately $946.00 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers $1,109,000 aggregate principal of Buffered PLUS linked to the Vanguard Total International Stock ETF, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value of $945.90 on the pricing date.
The notes mature on February 21, 2031 with an observation date of February 18, 2031. Key economics: initial level $82.51, leverage factor 177%, a 15% buffer (buffer level $70.134) and a minimum payment at maturity of 15% of stated principal. Payments depend on the final closing level and are subject to Morgan Stanley credit risk, potential loss of principal and U.S. federal income tax uncertainty.
Morgan Stanley Finance LLC is offering principal-at-risk, buffered auto-callable notes linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF and the VanEck Gold Miners ETF. The securities have a stated principal amount of $1,000 and pay a fixed coupon of 7.00% per annum.
The notes may be automatically redeemed on specified redemption determination dates beginning August 24, 2026 if each underlier meets its call threshold (100% of initial levels). If not auto‑redeemed, the payment at maturity on January 29, 2029 returns principal only if each final level is at or above its buffer level (85% of initial); otherwise principal is reduced by 1% for each 1% decline in the worst performing underlier beyond the buffer, subject to a minimum payment of 15% of stated principal. The estimated value on the pricing date is approximately $951.10 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable principal-at-risk notes fully guaranteed by Morgan Stanley with a stated principal amount of $1,000 per security and an aggregate principal amount of $684,000. The securities mature on August 23, 2027 and pay a contingent coupon at an annual rate of 6.25% only when each underlier meets its coupon barrier on observation dates.
The notes reference the worst performing of the S&P 500, Russell 2000 and Nasdaq-100, feature automatic early redemption on specified redemption determination dates, expose investors to full downside of the worst performing underlier (70% downside threshold), and carry issuer credit risk. Estimated value on the pricing date was $963.30 per security; agent commission was $18.75 per security.
Morgan Stanley Finance LLC priced a buffered, auto-callable note linked to the worst performing of the State Street® SPDR® S&P® Regional Banking ETF (KRE) and the State Street® Consumer Staples Select Sector SPDR® ETF (XLP). The securities have a $1,000 stated principal amount, a March 11, 2031 maturity date and include a 15% buffer and a 15% minimum payment at maturity. The strike and pricing dates are March 6, 2026 with an original issue date of March 11, 2026. Investors face principal risk if the worst performing underlier finishes below its buffer; automatic early redemption may occur on specified determination dates with escalating fixed cash payments. The issuer is MSFL, guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley credit risk. The estimated value on the pricing date is approximately $932.30 per security.
The document is a pricing supplement for a primary offering of buffered, principal-at-risk notes by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley. The aggregate principal amount is $3,161,000 and the stated principal amount is $1,000 per security. The securities are linked to the worst performing of Apple, Microsoft and Amazon, have a 20% buffer, a participation rate of 385% , an early redemption feature with an early redemption payment of $1,300 on the first determination date, and mature on February 23, 2029. All payments are subject to issuer credit risk and the estimated value on the pricing date was $971.30 per security.
Morgan Stanley Finance LLC priced a preliminary offering of structured, principal-at-risk notes — Contingent Income Memory Auto-Callable Securities tied to Amazon.com, Inc. common stock. The securities have a stated principal amount of $1,000 per security, a final maturity of March 1, 2029, and an original issue date of February 27, 2026.
The notes pay a contingent coupon at an annual rate of 11.15% on each coupon payment date only if the closing level of the underlying stock is at or above the coupon barrier level (set at 70% of the initial level). The securities are auto-callable beginning with the first redemption determination date of August 24, 2026 if the closing level is at or above the call threshold (set at 100% of the initial level). At maturity, if the final level is below the downside threshold (set at 70% of the initial level), investors suffer proportional principal loss (payment = stated principal × performance factor).
Morgan Stanley Finance LLC is offering contingent income auto-callable securities totaling $1,930,000 with a stated principal of $1,000 per security. The securities pay a contingent coupon at an annual rate of 11.10% on each coupon payment date only if the closing level of the iShares Expanded Tech-Software Sector ETF is at or above the coupon barrier of $57.40 (70% of the initial level) on the related observation date.
The notes mature on February 23, 2029 and can be automatically redeemed early beginning with the first redemption determination date of August 18, 2026 if the closing level meets or exceeds the call threshold of $82.00 (100% of the initial level). If not redeemed and the final level is below the downside threshold of $57.40, payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than the principal or zero. The estimated value on the pricing date was $963.90 per security; the issue price is $1,000 with an agent commission of $15 per security.
Morgan Stanley Finance LLC priced a series of principal-at-risk structured notes—contingent income, memory buffered, auto-callable—based on the S&P U.S. Equity Momentum 40% VT 4% Decrement Index with a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate of 10.00% on coupon payment dates only if the underlier’s closing level meets or exceeds the coupon barrier (70% of the initial level) on the related observation date and are subject to automatic early redemption if the underlier is at or above the call threshold (100% of the initial level) on a redemption determination date.
If not called, at maturity investors receive principal if the final level is at or above the buffer (85%); if the final level is below the buffer, investors incur losses equal to declines beyond the buffer (with a 15% buffer and a minimum payment at maturity of 15% of principal). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. Timing: strike and pricing date February 27, 2026, final observation date February 27, 2031, maturity March 4, 2031.
Morgan Stanley Finance LLC priced Contingent Income Memory Auto-Callable Securities based on the iShares Expanded Tech-Software ETF, issuing an aggregate principal amount of $1,235,000 with a stated principal amount of $1,000 per security and an original issue price of $1,000. The notes pay a contingent coupon at an annual rate of 14.48%, feature automatic early redemption on specified redemption determination dates beginning May 18, 2026, and mature on August 23, 2027. If not called, maturity payment depends on the final closing level versus a downside threshold of $61.50 (75% of the initial level), exposing investors to principal loss pro rata with negative performance of the underlier. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a preliminary offering for Structured Investments — Buffered Participation Securities due March 25, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000.
The securities reference the worst performing of the S&P 500 Equal Weight Index and the S&P 500 Index, have a 100% participation rate, a 25% buffer (buffer level = 75% of initial level), a maximum payment at maturity of $1,124.50 (112.45% of principal) and a minimum payment at maturity of 25% of principal. The strike and pricing date are February 20, 2026, the observation date is March 22, 2027, and the securities mature on March 25, 2027.
Morgan Stanley Finance LLC priced $455,000 aggregate principal of Buffered PLUS notes, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000 with an estimated value of $939.10 on the pricing date. The securities are linked to the worst performing of the IEMG and EEM ETFs, provide a 124.50% leverage factor on upside, a 15% buffer and a 15% minimum payment at maturity, and mature on February 21, 2031. Payments at maturity are principal‑at‑risk: if the worst performing underlier finishes below its buffer level, holders suffer a 1% loss for each 1% decline beyond the buffer. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers contingent income auto-callable securities due February 23, 2029, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an annual contingent coupon of 8.00% payable only if all three underliers meet coupon barriers on observation dates.
The notes reference the worst performing of Invesco QQQ (QQQ), iShares Russell 2000 (IWM) and SPDR S&P 500 (SPY). Key strike-date levels were QQQ $603.47, IWM $264.60, SPY $684.48; coupon barrier and downside threshold levels are 60% of those initial levels. First redemption determination date is May 19, 2026. Estimated value on the pricing date was approximately $978.40 per security.
Morgan Stanley Finance LLC priced a $2,402,000 aggregate issuance of Structured Investments Buffered Participation Securities linked to the S&P 500® Index, $1,000 stated principal per security. The securities issue on February 23, 2026 and mature on August 23, 2027.
These principal‑at‑risk notes are fully and unconditionally guaranteed by Morgan Stanley. Key economic terms: participation rate 100%, buffer 10% (buffer level 6,193.179), maximum payment $1,152.50 (115.25% of principal), and a minimum payment 10% of principal. Estimated value on the pricing date was $973.70 per security. All payments are subject to issuer credit risk and dealer commissions of $15 per security.
Morgan Stanley Finance LLC is offering Principal at Risk securities linked to the Russell 2000® Index due February 25, 2028. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $985.80. At maturity holders receive either (a) principal plus appreciation up to a $1,215 maximum payment if the final level exceeds the initial level, (b) principal plus a capped positive return if the index declines but remains at or above an 80% buffer level (a 20% buffer), or (c) a reduced payment, potentially substantially below principal, if the index finishes below the buffer level; the minimum payment at maturity is 20% of principal. All payments are unsecured and subject to Morgan Stanley credit risk; the securities pay no interest.
Morgan Stanley Finance LLC prices contingent-income, principal-at-risk notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount, a 10.25% annual contingent coupon, a 15% buffer, a 15% minimum payment at maturity, a strike/pricing date of February 25, 2026, and a maturity date of February 28, 2031.
The notes pay contingent coupons only if the underlier equals or exceeds a coupon barrier level on observation dates, can be automatically redeemed early if the underlier meets the call threshold, and expose investors to losses beyond the buffer if the final level is below the buffer.
Morgan Stanley Finance LLC priced structured, principal-at-risk notes tied to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index with a strike date of February 25, 2026 and maturity on February 28, 2031. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $909.10. The notes can auto‑call beginning on the first determination date March 4, 2027 if the index is at or above a call threshold (90% of the initial level), producing fixed early redemption payments that escalate across the listed determination dates up to $1,614.583. At final maturity investors receive $1,625.00 if the final level is at or above the call threshold; return of principal if final level is at or above an 85% buffer of the initial level; otherwise losses equal 1% per 1% decline beyond the 15% buffer, subject to a 15% minimum payment.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk buffered jump securities due February 28, 2031 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $910.20.
The notes can auto‑redeem on periodic determination dates beginning March 4, 2027 for fixed early redemption payments that imply ~17.25% per annum. If not redeemed, maturity payoffs are: $1,862.50 if the final level ≥ call threshold (100% of initial), $1,000 if final level ≥ buffer (85% of initial), or a reduced payment down to a minimum of 15% of principal if the final level is below the buffer.
Morgan Stanley Finance LLC is offering principal-at-risk, market-linked notes guaranteed by Morgan Stanley with an approximately eighteen-month term. Each unit has a $10.00 principal amount and provides a Digital Payment of 10.00% to 15.00% (illustrated as $1.00 to $1.50) if the S&P 500® Index Ending Value is less than or equal to the Starting Value. If the Index increases but stays at or below 115.00% of the Starting Value, you receive the Index appreciation up to 15.00%. If the Index rises above 115.00%, the principal is exposed 1-for-1 to increases above that threshold, subject to a $1.50 Minimum Redemption Amount. The initial estimated value on the pricing date is approximately $9.73 per unit and the public offering price is $10.00; payments are subject to the credit risk of MSFL and Morgan Stanley, and there is limited secondary market liquidity.
Morgan Stanley Finance LLC offers structured Enhanced Buffered Jump Securities fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a fixed $96 upside payment (9.60%) at maturity if the worst performing underlier is >= its 25% buffer. If the worst performing underlier finishes below its buffer, investors lose 1.3333% of principal for each 1% decline beyond the buffer; there is no minimum payment and the investment could be worth zero. The underliers are the RTYFPE Index (Russell 2000 Futures Excess Return), the XLV Fund and the XLU Fund. The strike date is February 26, 2026, original issue date March 3, 2026, observation date April 30, 2027 and maturity May 5, 2027. All payments are subject to Morgan Stanley credit risk.