Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stock of Iron Mountain Incorporated. Each note has a $1,000 stated principal amount, a contingent annual coupon of 15.60%, a strike/pricing date of February 27, 2026, original issue date March 4, 2026, and maturity on April 1, 2027.
The notes pay the contingent coupon only if the underlier's closing level at each observation date meets or exceeds a coupon barrier equal to 70.51% of the initial level. The securities are automatically redeemed if the underlier meets or exceeds a call threshold equal to 100% of the initial level on any redemption determination date. At maturity, if the final level is below the downside threshold of 70.51% of the initial level, principal is reduced pro rata (payment = principal × final level / initial level), and investors may lose a substantial portion or all of their principal. The estimated value on the pricing date was approximately $978.40 per security; the notes are principal-at-risk and are fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC amends a pricing supplement for a further issuance of structured, principal‑at‑risk notes backed by Morgan Stanley and due August 15, 2028. The offering adds $14,000 aggregate principal to existing securities to form a single tranche.
The securities pay a contingent coupon at an annual rate of 12.00% only if each underlier meets its coupon barrier on observation dates, are callable beginning May 14, 2026 based on a risk‑neutral valuation model, and return principal at maturity only if each underlier is at or above its downside threshold; otherwise payment is reduced pro rata to the worst performing underlier. Issue price is $1,000 per security; estimated value on the pricing date is $977.10.
Morgan Stanley Finance LLC offers a Preliminary Pricing Supplement for Performance Leveraged Upside Securities (PLUS) due February 25, 2031, guaranteed by Morgan Stanley.
The PLUS are unsecured principal‑at‑risk notes that pay no interest and provide a leveraged upside at maturity equal to the stated principal amount plus the 135% leverage factor times the underlier percent change if the underlier appreciates; if the underlier declines, investors lose 1% of principal for each 1% decline in the underlier and could lose their entire investment. The underlier is a three‑index basket (Nikkei, S&P 500, EURO STOXX 50) with equal weightings and an observation/strike tied to February 20, 2026 (strike/pricing) and the final observation on February 20, 2031. The issue price is $1,000 per security, with an estimated value on the pricing date of approximately $935.60 per security and sales compensation disclosed in the supplement.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note offering with an aggregate principal amount of $687,000, issued at $1,000 per security and maturing on March 22, 2027. Each security pays no interest and is linked to the worst performing of the Russell 2000, S&P 500 and Nasdaq-100 Technology Sector indices.
Key economics: an upside payment of $120.50 per security (12.05%), an initial buffer of 15% and a minimum payment at maturity of 15% of stated principal. If the worst performing underlier finishes below its buffer, holders lose 1% of principal for each 1% decline beyond the buffer; all payments are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced $5,201,000 of Structured Investments Step-Down Jump Securities due February 23, 2029 with a stated principal amount of $1,000 per security.
These principal-at-risk notes, fully and unconditionally guaranteed by Morgan Stanley, offer automatic early redemption on specified determination dates and tiered cash payoffs: a fixed upside payment of $1,475.50 at maturity if both underliers meet upside thresholds, return of principal if both meet downside thresholds, or principal loss tied to the worst-performing underlier if either falls below its downside threshold. Underliers are the iShares Expanded Tech-Software Sector ETF (IGV) and the State Street Energy Select Sector SPDR ETF (XLE). The estimated value on the pricing date was $951.80 per security and the issue price is $1,000 per security, reflecting selling and structuring costs.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Trigger Jump Securities totaling $885,000 aggregate principal. The notes have a stated principal of $1,000 per security, maturity on May 20, 2027 and an observation date of May 17, 2027. At maturity investors receive $1,000 plus an upside payment of $112.50 (an 11.25% capped gain) if each underlier is at or above its downside threshold (70% of initial levels); otherwise the payout equals the stated principal multiplied by the performance factor of the worst performing underlier, with no minimum payment and potential loss of the entire investment. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. The pricing date estimated value was $966.20 per security, the issue price was $1,000 and selected dealers receive a fixed commission of $23.75 per security.
Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS linked to a weighted basket of 18 stocks with a term of approximately 5 years. Each Security has an Issue Price of $10.00 and a Principal Amount of $10.00. The Observation Date is March 4, 2027 and the Final Valuation Date is February 25, 2031 with Maturity on February 28, 2031.
If the Observation Date Closing Basket Level is greater than or equal to the Autocall Barrier of 100, the Securities will be automatically called and pay a fixed Call Price of $11.175 (based on an annual Call Return Rate of 11.75% per annum). If not called, maturity payments depend on the Basket Return and the Upside Gearing (range 1.30–1.50): positive Basket Return produces leveraged upside; a Final Basket Level below the Downside Threshold of 75 can result in a loss of a significant portion or all of principal. Estimated value on the Trade Date is approximately $9.175 per Security.
Morgan Stanley Finance LLC priced contingent income, principal-at-risk securities with an aggregate principal amount of $12,731,000. The notes are issued at $1,000 per security and mature on February 21, 2031, with the final observation date of February 18, 2031.
The securities pay a contingent coupon at an annual rate of 16.50% subject to the coupon barrier level of 2,199.704 (80% of the initial level). Automatic early redemption is possible if the underlier is at or above the call threshold of 2,749.63 (100% of the initial level) on specified determination dates. At maturity, if the final level is below the downside threshold of 1,649.778 (60% of the initial level), principal is reduced pro rata by the performance factor.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) due February 25, 2031 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 pricing and strike date are February 20, 2026, and the estimated value on the pricing date is approximately $934.70.
At maturity, if the basket underlier appreciates, holders receive the stated principal plus a 170% leverage factor times the underlier percent change; if the underlier declines, holders lose 1% of principal for each 1% decline in the underlier. Payments are subject to MSFL's and Morgan Stanley’s credit risk, there is no interest, no minimum payment at maturity, and investors may lose their entire investment.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 21, 2031 with an aggregate principal amount of $799,000 at an issue price of $1,000 per security. The notes pay a 6.70% contingent coupon on each coupon payment date only if the closing level of each underlier meets its coupon barrier, and they are linked to the worst performing of the Dow Jones Industrial Average, Russell 2000® and S&P 500®.
Automatic early redemption may occur on scheduled redemption determination dates starting February 17, 2027 if each underlier meets its call threshold (100% of initial levels). At maturity, if any underlier is below its downside threshold (70% of initial level), payment is reduced pro rata to 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 offering principal-at-risk, auto-callable securities linked to the worst performing of the State Street Energy Select Sector SPDR ETF, the Nasdaq-100 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and a contingent annual coupon of 8.00% that pays only if all underliers meet coupon barriers on observation dates.
The securities may be automatically redeemed on scheduled redemption determination dates beginning on February 26, 2027 if each underlier is at or above its call threshold; otherwise holders face potential principal loss at maturity on March 2, 2029 if the final level of any underlier is below its buffer (a 25% buffer), subject to a 25% minimum payment at maturity. All payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced auto-callable principal-at-risk securities linked to the S&P 500® Futures Excess Return Index. The issue totals $2,302,000 in $1,000 denominations, with an issue date of February 20, 2026 and maturity on February 21, 2031. The notes pay no interest, carry a 200% participation rate in upside at maturity, feature automatic early redemption (first determination date February 24, 2027) for an early redemption payment of $1,135, and a downside threshold at 70% of the initial level (initial level 554.73; downside threshold 388.311). The estimated value on the pricing date is $946.80 per security and the agent received commissions of $36.25 per security.
Morgan Stanley Finance LLC offers contingent-income, principal-at-risk notes due August 30, 2027. The securities have a $1,000 stated principal amount per security and an original issue price of $1,000; the estimated value on the pricing date is approximately $962.10.
The notes pay a contingent coupon at an annual rate of 9.55% for each interest period only if the closing level of each underlier meets or exceeds its coupon barrier on the related observation date. The notes are auto-callable on specified redemption determination dates beginning May 26, 2026. At maturity, if no early redemption occurs and each underlier’s final level is at or above its buffer level, investors receive the stated principal; if the worst performing underlier is below its buffer level, holders lose 1% principal for each 1% decline beyond the 20% buffer, subject to a minimum payment at maturity of 20% of stated principal. The value and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers a preliminary pricing supplement for callable Contingent Income Securities due February 23, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and issue price, an estimated value of approximately $979.20 on the pricing date, and a contingent coupon of 10.60% per annum payable only if each underlier closes at or above its coupon barrier on observation dates. The securities are linked to the worst performing of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index. The notes may be called beginning on May 26, 2026 based on a risk neutral valuation model; if not redeemed, holders receive principal at maturity only if each underlier is at or above its downside threshold (60% of initial level), otherwise investors bear losses equal to the percentage decline of the worst performing underlier.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes fully guaranteed by Morgan Stanley linked to the iShares® Russell 2000® ETF. The stated principal amount and issue price are $1,000 per security; the estimated value on the pricing date is approximately $960.10. The initial level of the underlier (closing level on the strike date) was $263.99, which also sets the call threshold at 100% and the downside threshold at 90% ($237.591).
If the closing level on the first determination date (February 25, 2027) is greater than or equal to the call threshold, the securities will be automatically redeemed on the early redemption date for an early redemption payment of $1,130 per security. If not redeemed early, maturity is February 23, 2029, with payoff mechanics: upside payment = $1,000 × participation rate (150%) × underlier percent change; if final level < downside threshold, payment = stated principal × (final level / initial level).
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to NVIDIA Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued in $1,000 denominations with an original issue price of $1,000 and an estimated value of approximately $958.40 on the pricing date.
The notes pay a contingent coupon at an annual rate of 12.65% on each coupon payment date only if the closing level of the underlier is at or above the coupon barrier (set at 60% of the initial level). The securities feature automatic early redemption beginning with the first redemption determination date on September 4, 2026, for the stated principal plus any contingent coupon if the closing level is at or above the call threshold (100% of the initial level). If not redeemed, at maturity on March 8, 2029 the securities pay principal if the final level is at or above the downside threshold (set at 50% of the initial level), but otherwise pay the stated principal multiplied by the performance factor (final level/initial level), exposing investors to potential loss of principal.
Morgan Stanley Finance LLC offers structured notes linked to the iShares Russell 2000 ETF with a $1,000 stated principal amount per security and a maturity date of February 25, 2028. The securities pay no interest and are fully guaranteed by Morgan Stanley.
Payment at maturity depends on the average closing level of the underlier on specified final averaging dates in February 2028. Upside participation is 100% subject to a maximum upside payment of at least $1,335 (133.50%). An absolute-return feature provides positive payment for limited declines down to a downside threshold set at 80% of the initial level; declines below that threshold produce proportional losses to principal, possibly to zero.
Morgan Stanley Finance LLC priced a preliminary pricing supplement for structured notes: Contingent Income Memory Buffered Auto-Callable Securities due February 28, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued at an issue price of $1,000 per security with an estimated value of approximately $906.50 on the pricing date.
The notes pay a contingent coupon at an annual rate of 8.65% only if the underlier meets the coupon barrier on observation dates. Key thresholds: call threshold = 90% of the initial level, coupon barrier = 70%, buffer level = 85% (buffer amount 15%), and a minimum payment at maturity of 15% of principal. Strike and pricing date: February 25, 2026.
Morgan Stanley Finance LLC is offering Trigger Autocallable Notes due February 20, 2032, fully guaranteed by Morgan Stanley, with principal at risk and a $10 issue price per Security. The notes are linked to the least performing of the S&P 500 Equal Weight, Dow Jones Industrial Average and Russell 2000 indices and pay a fixed 11.40% per‑annum Call Return Rate (semi‑annual observation dates beginning February 25, 2027).
If called on an Observation Date, holders receive principal plus the fixed Call Return for that date. If not called, repayment at maturity depends on the Final Underlying Values: full principal only if each Underlying is at or above its respective Downside Threshold (approx. 75% of initial); otherwise repayment falls proportionately with the Least Performing Underlying, and investors may lose a significant portion or all principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC prices Principal at Risk securities offering an aggregate principal amount of $5,877,000 in notes fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $988.50. The securities pay no interest and return is tied to the worst performing of the S&P 500® and Russell 2000® over the term. Investors receive a fixed $90.50 upside payment at maturity if both underliers finish at or above 70% of their initial levels; otherwise principal is reduced in proportion to the decline of the worst performing underlier, with no minimum payment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffer Autocallable GEARS linked to the Russell 2000® Index, a small-cap U.S. equity benchmark. Each Security has a $10 issue price and a term of about three years, with principal at risk.
The notes may be automatically called on the March 3, 2027 Observation Date if the index is at or above 100% of its initial level. In that case, investors receive $11 per $10 (a 10.00% Call Return) and no further upside, even if the index continues to rise.
If not called, and the index is above its initial level at maturity, investors get $10 plus the positive index return multiplied by an Upside Gearing of 1.50 to 1.76. If the index is flat or down but not below 90% of the initial level, $10 is repaid. Below this Downside Threshold, losses match the decline beyond a 10% buffer, up to a 90% loss of principal.
The Securities pay no interest or dividends and will not be listed on any exchange. All payments depend on Morgan Stanley’s credit. The estimated value on the trade date is approximately $9.622 per Security, below the $10 issue price, reflecting internal funding rates and issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering four-year Capped Trigger GEARS linked to the S&P 500®, fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 issue price and provides 1.5x leveraged upside when the index return is positive, but gains are capped by a Maximum Gain expected between 42.50% and 45.65%, corresponding to a maximum payment of $14.25 to $14.565 per Security at maturity.
If the S&P 500® return is zero or negative but the final level stays at or above 75% of the initial level, investors receive their $10 principal back. If the final level falls below this 75% downside threshold, repayment drops in proportion to the index loss, and investors can lose some or all of their principal.
The Securities pay no interest, provide no dividend exposure and are unsecured debt subject to Morgan Stanley’s credit risk. They are not listed on any exchange, and secondary liquidity may be limited. The estimated value on the trade date is approximately $9.517 per $10 Security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing $5,010,200 of trigger autocallable contingent yield notes linked to the worst performer between the State Street SPDR S&P 500 ETF (SPY) and the Invesco KBW Bank ETF (KBWB), fully and unconditionally guaranteed by Morgan Stanley.
The notes offer a contingent coupon at an annual rate of 8.65%, paid quarterly only if both ETFs stay at or above their coupon barriers, set at 70% of their initial prices ($484.37 for SPY and $61.72 for KBWB). The notes can be automatically called quarterly from August 11, 2026 if both ETFs are at or above their initial prices, returning principal plus the coupon for that date.
If not called and, at maturity in February 2029, either ETF finishes below its downside threshold (the same as its barrier), repayment is reduced in line with the decline of the weaker ETF and can fall to zero, meaning investors may lose most or all of their principal. The estimated value on the trade date is $9.608 per $10 note, reflecting issuance and structuring costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $1,000,000 of structured notes that mature on August 13, 2027 and are linked to the SPDR® Gold Trust. Each note has a $1,000 principal amount and pays no interest.
At maturity, investors receive the higher of 95% of principal or the principal plus 100% of any gain in GLD, capped at $1,164.70 per note (116.47%). Losses mirror GLD declines until the 5% buffer is reached. The notes are unsecured, subject to Morgan Stanley credit risk, will not be listed on an exchange, and were priced at an estimated value of $980.40 per note, below issue price due to embedded costs and funding spread.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature, linked to the worst performer of the Russell 2000® and S&P 500® indices. Each security has a $1,000 stated principal amount and no periodic interest payments.
The notes can be automatically redeemed on March 11, 2027 for $1,130 per security if both indices close at or above 90% of their initial levels on March 8, 2027. If held to March 2, 2029 and both final index levels exceed their initial levels, investors receive principal plus an upside payment equal to 200% of the worst index’s gain. If at least one index is at or below its initial level but both remain at or above 90% of initial, investors receive only principal.
If either index finishes below 90% of its initial level, repayment is reduced 1% for every 1% decline of the worst index beyond the 10% buffer, subject to a minimum payment at maturity of 10% of principal. The securities are unsecured, subject to Morgan Stanley’s credit risk, and the estimated value on the pricing date is approximately $986.40 per security.
Morgan Stanley Finance LLC is offering principal-at-risk Step-Down Jump Securities with an auto-call feature due February 23, 2029, linked to the worst performer of the iShares Expanded Tech-Software ETF (IGV) and the State Street Energy Select Sector SPDR ETF (XLE), fully guaranteed by Morgan Stanley.
Each note has a $1,000 stated principal amount and an estimated value on the pricing date of about $953, reflecting issuing, structuring and hedging costs. The notes can be automatically redeemed on scheduled determination dates if both ETFs are at or above their call thresholds, paying step-up early redemption amounts that correspond to about 15.85% per annum.
If not called, investors receive at maturity either a fixed $1,475.50 per security if both underliers are at or above their upside thresholds, only principal back if both stay above their downside thresholds, or a loss of 1% of principal for each 1% decline in the worst-performing ETF below its downside threshold, potentially down to zero. The notes pay no interest, are unsecured, not listed on an exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk notes tied to the weakest performer among three sector ETFs: State Street Energy Select Sector SPDR, Financial Select Sector SPDR and Health Care Select Sector SPDR, maturing on March 2, 2029 and fully guaranteed by Morgan Stanley.
Each $1,000 note pays a contingent coupon at a rate of at least 10.20% per year, paid quarterly only if on each calculation day the lowest-performing ETF is at or above 75% of its starting price. From roughly six months after issuance, the notes are auto-callable if all three ETFs are at or above their starting prices, returning face value plus the applicable coupon.
If the notes are not called and on the final calculation day any ETF closes below 70% of its starting price, investors receive $1,000 multiplied by the performance of the worst ETF, meaning they can lose more than 30% and up to all principal. The estimated value on the pricing date is about $959.90 per $1,000 note, reflecting issuance, selling, structuring and hedging costs, while the public offer price is $1,000 with agent commissions of $23.25 and proceeds to the issuer of $976.75 per note. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Step-Down Jump Securities with an auto-call feature, each with a $1,000 stated principal amount and scheduled to mature on February 23, 2029.
The notes are linked to an equally weighted basket of Amazon, Broadcom, Alphabet, Meta and Micron stocks. Starting August 17, 2026, they are automatically redeemed if the basket is at or above specified call thresholds, paying fixed early redemption amounts that correspond to about 12.25% per year.
If not called, maturity payoff depends on the basket: a fixed $1,367.50 per note if the final level is at least 90% of the initial level, return of principal if between 65% and 90%, and a proportional loss of principal if below 65%, potentially down to zero. The estimated value on the pricing date is approximately $935.70 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk contingent income auto-callable securities due February 16, 2028, linked to the worst performer of the iShares MSCI EAFE ETF, Russell 2000 Index and State Street Utilities Select Sector SPDR ETF.
Each $1,000 security offers a 6.75% annual contingent coupon, paid only if all underliers close at or above their coupon barriers (70% of initial levels) on observation dates. The notes may be automatically redeemed quarterly from August 2026 if all underliers are at or above their 100% call thresholds.
If not called and any underlier finishes below its 70% downside threshold, repayment of principal is reduced 1% for every 1% decline of the worst underlier and can fall to zero. The issue size is $1,539,000, with estimated value on the pricing date of $958.70 per $1,000 and all payments subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, dual directional buffered participation securities maturing in February 2028, linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and all payments depend on Morgan Stanley’s credit.
At maturity, investors receive $1,000 plus index-linked upside, capped by a maximum payoff of $1,194 per security, or may earn up to 15% if the index declines but stays within a 15% buffer. If the index falls beyond the 15% buffer, principal is reduced 1% for each additional 1% decline, with a minimum payment of 15% of principal. The securities are not listed on an exchange and may have limited liquidity, and their estimated value on pricing is expected to be below the $1,000 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $11,868,000 of digital EURO STOXX 50® Index-linked notes due January 28, 2028. Each $1,000 note pays no interest and is principal at risk.
At maturity, if the EURO STOXX 50® final level is at least 85% of its initial level of 6,047.06, investors receive a fixed $1,164.50 per note (116.45% of face value). If the index falls more than 15%, repayment is reduced using a buffer rate of about 117.65%, and investors can lose up to their entire investment.
The notes are unsecured, not listed on any exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the trade date (February 10, 2026) is $993.80 per note, reflecting issuing, structuring and hedging costs included in the $1,000 issue price.
Morgan Stanley Finance LLC is offering $744,000 of contingent income auto-callable securities linked to Tesla, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000, with estimated value of $978.10 on the pricing date.
The notes pay a contingent coupon at 17.75% per annum only if Tesla’s closing level is at or above the coupon barrier of $256.962 (60% of the initial level) on observation dates. They may be automatically redeemed on specified redemption determination dates if Tesla closes at or above the call threshold of $428.27, returning principal plus the applicable coupon.
If not called, and at maturity on February 16, 2028 Tesla is at or above the downside threshold of $256.962, investors receive principal (and any final coupon). If it finishes below that level, repayment is reduced 1% for each 1% decline from the initial level, potentially to zero. Payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities with Auto-Callable Feature” linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index, each security having a stated principal amount and issue price of $1,000.
The notes pay no interest and may be automatically redeemed starting on February 24, 2027 if each index is at or above its call threshold (100% of its initial level), for early redemption payments rising from $1,133.50 to $1,534.00, equivalent to about 13.35% per year. If held to February 21, 2031 and all indices are at or above their call thresholds, investors receive $1,667.50 per security.
If, at maturity, any index is below its call threshold but all remain at or above 70% downside thresholds, only principal is returned. If any index ends below its 70% downside threshold, principal is reduced 1% for every 1% decline in the worst index and can be lost entirely. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $974.60 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable fixed-income securities due February 23, 2028 linked to the common stock of Blackstone Inc. Each security has a stated principal amount and issue price of $1,000 and pays a fixed coupon at an annual rate of 9.30%, regardless of stock performance.
Beginning on February 22, 2027, the notes may be called in whole on specified redemption dates if a risk-neutral valuation model indicates it is economically rational for the issuer to redeem. If not called and the Blackstone stock level on the observation date stays at or above 60% of its initial level, investors receive full principal back at maturity plus the final coupon.
If the final stock level is below this downside threshold and the notes were not redeemed, the maturity payment is reduced 1% for each 1% decline in the stock, potentially to zero, though the final coupon is still paid. The estimated value on the pricing date is approximately $964.90 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and are not bank deposits or FDIC insured.
Morgan Stanley Finance LLC is offering fixed-income auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a fixed coupon at an annual rate of 6.75%, with monthly payments.
The notes can be automatically redeemed starting February 24, 2027 if the underlier closes at or above 100% of its initial level on specified redemption determination dates, returning principal plus the applicable coupon. Otherwise, at maturity on February 27, 2031, investors receive principal only if the final index level is at or above a 50% downside threshold.
If the final level is below this threshold, investors still receive the last coupon but lose 1% of principal for every 1% index decline, potentially losing their entire investment. The estimated value on the pricing date is approximately $907.40 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments are subject to Morgan Stanley’s credit risk, and the underlying index includes leverage and a 4% per annum decrement that causes it to underperform a comparable non-decrement index.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due March 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. These $1,000-denomination notes pay no interest and return depends on the worst performer among the Russell 2000, S&P 500 and Nasdaq-100 Technology Sector indices.
If, on the March 17, 2027 observation date, the final level of every index is at or above 85% of its initial level, investors receive principal plus a fixed $120.50 upside payment, a 12.05% gain. If any index finishes below 85% of its initial level, principal is reduced 1% for each 1% additional decline in the worst index, with a minimum maturity payment of 15% of principal.
The preliminary estimated value on the pricing date is approximately $981.40 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is issuing principal-at-risk Callable Contingent Income Securities linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index. Each note has a stated principal amount of $1,000, with an aggregate principal amount of $5,826,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes offer a contingent coupon at an annual rate of 12.00%, payable only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels (for example, 8,801.611 for the NDXT Index and 4,859.029 for the SPX Index). Starting July 16, 2026, the notes are callable in whole on scheduled redemption dates if a risk-neutral valuation model indicates it is economically rational for the issuer to redeem. If not called and at maturity on July 14, 2028 any index finishes below its downside threshold level (also 70% of its initial level), investors lose 1% of principal for every 1% decline in the worst-performing index, potentially losing their entire investment. The estimated value on the pricing date is $987.30 per security, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $906.
Holders may receive a contingent coupon at an annual rate of 12.40%, but only when the index closes at or above 70% of its initial level on the relevant observation date; missed coupons can be paid later if the barrier is met. The notes are automatically redeemed if the index is at or above 100% of the initial level on specified redemption determination dates, returning principal plus due coupons.
If the notes are not called and the final index level is at or above 60% of the initial level, investors receive principal back (plus any payable coupons). If it is below 60%, repayment is reduced 1% for each 1% decline in the index, potentially to zero. All payments depend on Morgan Stanley’s credit, and the underlying index includes a 4% per annum decrement, can use leverage, and has limited live performance history.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the worst performer of the S&P 500, Nasdaq‑100 and Russell 2000. Each note has a stated principal amount of $1,000, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity on August 31, 2027, if the final level of each index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $133 per security, a 13.30% gain, regardless of how much the best index has risen. If any index finishes below its downside threshold, repayment is $1,000 multiplied by the worst index’s performance factor, causing a 1% loss of principal for each 1% decline and potentially a total loss.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and are expected to have an estimated value on the pricing date of approximately $969.30 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Tax counsel currently expects to treat them as prepaid financial contracts, but the tax outcome is uncertain and could change.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-call feature linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount and an estimated value of about $914.90 on the pricing date.
The notes can be automatically redeemed from March 2027 onward if the index closes at or above the call threshold, paying fixed amounts that target roughly 23% per annum and rising to $2,552.50 by the last call date. If held to maturity in 2033, investors receive $2,610 if the index is at or above the call threshold, only principal back if it is between the call and 50% downside thresholds, and a 1-for-1 loss with the index below the downside threshold, potentially losing the entire investment.
The securities pay no interest, do not participate in any index upside beyond the fixed schedule, are unsecured and unsubordinated, and depend entirely on Morgan Stanley’s credit. The underlying index is new, volatility-targeted, uses leverage, applies a 4% per annum decrement, and has limited live performance history, adding structural and index-specific risks.
Morgan Stanley Finance LLC is issuing S&P 500®-linked Dual Directional Buffered Participation Securities, fully guaranteed by Morgan Stanley, with a stated principal of $1,000 per security and an aggregate principal amount of $7,050,000. The notes pay no interest and mature on March 16, 2027.
At maturity, investors receive upside linked 1:1 to S&P 500® gains, capped at a maximum payment of $1,088 per security (108.80% of principal). If the index is down but not below 85% of its initial level, investors earn a positive “absolute return” up to 15%.
If the final index level is below 85% of the initial 6,941.47 level, investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange. The estimated value on the pricing date is $989.70 per security, below the $1,000 issue price due to embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing Buffered PLUS 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, with $1,151,000 total principal and matures on March 16, 2027.
The notes pay no interest. If the index rises, holders receive leveraged upside of 110% of the index gain, capped at a maximum payment of $1,126 per security (112.60% of principal). If the index ends between 90% and 100% of the initial level, investors receive only principal back. Below 90%, investors lose 1% of principal for each 1% further decline, but never less than 10% of principal.
The initial index level is 6,941.47 and the buffer level is 6,247.323. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited liquidity. The estimated value on the pricing date is $987.10 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” due February 23, 2029 linked to the worst performer of the S&P 500® Index, Nasdaq-100 Index® and Russell 2000® Index.
The notes may be automatically redeemed on scheduled determination dates starting in February 2027 if each index is at or above its call threshold (100% of its initial level). In that case, investors receive an early redemption payment that implies about 15.40% per annum, such as $1,154, $1,231, $1,308 or $1,385 per $1,000 depending on the call date.
If the notes are not called and at maturity all three indexes are at or above their call thresholds, investors receive a fixed $1,462 per $1,000. If at least one index is below its call threshold but all are at or above 70% of their initial levels, only principal is returned. If any index finishes below 70%, investors lose 1% of principal for each 1% decline in the worst-performing index, with a potential total loss.
The estimated value on the pricing date is expected to be about $982.30 per $1,000, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities pay no interest, do not participate in any index upside, are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to Conagra Brands, Inc. stock with an aggregate principal amount of $1,023,000 and a stated principal of $1,000 per security. The notes pay an 11.25% annual contingent coupon only when the stock closes at or above the $15.616 coupon barrier on scheduled observation dates. The notes may be automatically redeemed starting August 11, 2026 if the stock is at or above the $20.02 call threshold, returning principal plus the contingent coupon. If not redeemed and the final stock level is below the downside threshold of $15.616, investors lose 1% of principal for each 1% decline in the stock and can lose their entire investment. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $961.20 per $1,000 note, reflecting issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income, auto-callable, principal-at-risk securities linked to Eli Lilly common stock, maturing on March 2, 2027. Each security has a $1,000 stated principal amount and an issue price of $1,000, with an estimated value of approximately $980.80.
The notes pay a contingent coupon at an annual rate of 11.24%, but only if Eli Lilly’s share price on the relevant observation date is at or above the coupon barrier of $778.703, equal to 75% of the initial level of $1,038.27. Missed coupons can be paid later if the barrier is met on a future observation date.
The notes are automatically redeemed if, on any redemption determination date, the stock closes at or above the call threshold of $1,038.27. If held to maturity and not called, investors receive full principal back only if the final share price is at or above the buffer level of $778.703. Below that level, maturity payment is reduced by 1.3333% of principal for each 1% decline beyond the 25% buffer, with no minimum payment, so the entire investment can be lost. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performer of the iShares Expanded Tech-Software Sector ETF (IGV) and the State Street Energy Select Sector SPDR ETF (XLE), 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 about $947.90 due to embedded costs and internal funding assumptions.
The notes feature an automatic early redemption from August 2026, paying step-up amounts that correspond to roughly 15.75% per annum if on a determination date both ETFs are at or above their applicable call threshold. If held to February 2029 and not called, investors receive $1,472.50 per security only if both final ETF levels are at or above 90% of initial levels, or merely principal back if both stay at or above 70% but one falls below the 90% upside threshold.
If at maturity either ETF finishes below 70% of its initial level, repayment is reduced dollar-for-dollar with the decline in the worst-performing ETF, potentially to zero. The structure offers no dividends or interest and no participation in upside beyond the fixed capped return, and all payments depend on Morgan Stanley’s credit. The notes are not listed and secondary market liquidity is uncertain.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income securities due February 25, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index.
Investors may receive a 13.00% per annum contingent coupon, paid only if on each observation date the index closing level is at or above a coupon barrier set at 50% of the initial level. If the final index level at maturity is at or above a downside threshold set at 70% of the initial level, investors receive full principal back (plus any final contingent coupon). If the final level is below this threshold, repayment is reduced in proportion to the index decline, and the amount due can fall to zero.
The pricing supplement highlights that the securities’ original issue price of $1,000 includes issuing, selling, structuring and hedging costs, so the estimated value on the pricing date is lower, at approximately $872.80 per security. The underlying index is rules-based, volatility-targeted, uses leverage at times, applies a 4.0% per annum daily decrement and has limited actual performance history, all of which add to risk. All payments are subject to Morgan Stanley’s credit risk, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering $360,000 of Dual Directional Trigger Jump Securities, priced at $1,000 per security, linked to the S&P 500® Futures Excess Return Index and maturing on February 14, 2031. These principal-at-risk notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the final index level is at or above the initial level of 562.82, investors receive principal plus the greater of the index gain or a fixed $470 upside payment (47%). If the index is below the initial level but at or above 70% of it, investors receive principal plus a positive return matching the absolute percentage decline, effectively capped at a 30% gain.
If the final level falls below 70% of the initial level, investors lose 1% of principal for each 1% index decline, up to a total loss. The securities are unsecured, will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $939.60 per security, lower than the issue price due to issuance, selling, structuring and hedging costs and an internal funding rate favorable to the issuer.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes linked to a basket of the S&P 500, EURO STOXX 50 and Russell 2000 indexes, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.
At maturity in February 2031, investors receive leveraged upside if the basket performance factor is positive, using a leverage factor of 110%. If the basket performance factor is zero or negative but above or equal to the –30% downside trigger, only principal is returned. Below the trigger, investors lose 1% of principal for each 1% decline, with no minimum payment.
The basket weights are set on the observation date, with the best- and second-best-performing indexes each weighted 40% and the worst 20%. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and have an estimated value on the pricing date of approximately $974.20 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk notes linked to the iShares Expanded Tech-Software Sector ETF, maturing on May 13, 2027. The notes pay no interest and all payments depend on Morgan Stanley’s credit.
For each $1,000 note, if the ETF’s final level is at least 90% of the $83.23 initial level, investors receive a fixed maximum settlement of $1,187.50 (118.75% of face value. If the ETF falls more than 10%, repayment declines with losses and investors can lose their entire investment.
The price to the public is $1,000 per note, including $9.10 in selling commissions, with estimated value on the trade date of about $978.40. The notes will not be listed on an exchange, may have limited liquidity and are sensitive to ETF volatility, market conditions and issuer credit spreads.