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, 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 is issued at $1,000.
The notes may be automatically redeemed on March 2, 2027 for $1,260 per security if the index on February 25, 2027 is at or above 100% of its initial level. Otherwise, at maturity in February 2031, investors get $1,000 plus a 330% participation in any index gain, only $1,000 if the index is between 50% and 100% of its initial level, or a proportional loss of principal if the index finishes below 50%, potentially down to zero. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the iShares® Expanded Tech-Software Sector ETF. Each security has a $1,000 stated principal amount and may be automatically redeemed on March 3, 2027 if the ETF closes at or above 100% of its initial level on February 26, 2027, paying an early redemption amount of $1,175.10.
If not called, at the February 17, 2028 maturity investors receive the principal plus 125% of any ETF gain, full principal back if the ETF is down by up to 15%, and a leveraged loss of 1.1765% for each 1% decline beyond that buffer. The estimated value on the pricing date is approximately $974.40 per security, reflecting issuance, structuring and hedging costs borne by investors. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the worst performer of Walmart, Alphabet Class A and Amazon common stock, maturing on February 23, 2029.
The notes have a $1,000 stated principal amount, no periodic interest, and an estimated value on the pricing date of approximately $974 per security, reflecting issuance, structuring and hedging costs. The securities are automatically redeemed on March 3, 2027 for an early redemption payment of $1,630 per security if, on February 26, 2027, each underlier’s closing level is at or above 100% of its initial level.
If not called and each final underlier level is above its initial level, investors receive principal plus an upside payment equal to 300% of the worst performer’s positive return. If any underlier finishes at or below its buffer level of 80% of its initial level, repayment of principal is reduced one-for-one beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due August 23, 2027, linked to the iShares® Expanded Tech-Software Sector ETF.
Each $1,000 security pays a contingent coupon at a 14.48% annual rate, but only if the ETF’s closing level on an observation date is at or above a 75% coupon barrier; missed coupons can be paid later if the barrier is subsequently met. The notes may be automatically redeemed on specified dates if the ETF is at or above 100% of its initial level, returning principal plus due coupons.
If not called, and the final ETF level is at or above a 75% downside threshold, investors receive principal back (plus any payable coupons). If the final level is below this threshold, repayment is reduced 1% for each 1% ETF decline, potentially to zero. The estimated value on the pricing date is approximately $978.90 per $1,000 security, the notes are unsecured, unlisted, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering partial principal at risk notes linked to the performance of the SPDR® Gold Trust (GLD), fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return only a partial principal amount at maturity if gold prices fall sharply.
At maturity in August 2027, holders receive $1,000 plus 100% of any gain in GLD, capped at a maximum payment of $1,164.70 per note. If GLD declines, principal is reduced 1% for each 1% drop, but not below a partial principal return amount of 95% of principal.
The estimated value on the pricing date is approximately $980.40 per note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, and may have limited or illiquid secondary trading.
Morgan Stanley Finance LLC is issuing $1,000,000 of Buffered Jump Securities, principal-at-risk notes linked to the worst performer of the iShares® Expanded Tech-Software Sector ETF (IGV) and the Global X Copper Miners ETF (COPX), maturing on August 2, 2027.
The notes pay no interest. If the final level of each ETF is at or above its initial level, investors receive $1,000 plus a fixed upside payment of $410 per security, a 41% gain. If the worst-performing ETF finishes below its initial level but at or above 75% of its initial level, investors receive only the $1,000 principal.
If the worst-performing ETF ends below 75% of its initial level, repayment is reduced 1% for each 1% decline beyond the 25% buffer, with a minimum payment of 25% of principal. The minimum payout is $250 per $1,000 security. The estimated value on the pricing date is $961.40 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s and MSFL’s ability to meet their obligations.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk autocallable notes linked to the VanEck Gold Miners ETF, with a total public offering price of $4,915,000 and $10 principal per unit.
The notes may be automatically called after about one year at $12.135 per unit if the ETF is at or above its starting level, capping returns at the 21.35% call premium. If not called, at maturity investors get 150% of any ETF gain. If the ETF is flat to down but not below 70% of the starting value, they earn the absolute value of that decline, up to a 30% positive return. Below the 70% threshold, losses match the ETF decline from the starting value, up to a total loss of principal.
The initial estimated value is $9.717 per unit, below the $10 issue price due to structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes pay no interest, do not distribute dividends from the ETF, have limited secondary market liquidity, and all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk callable contingent income securities maturing in February 2029, linked to the worst-performing of Campbell Soup, Humana and UnitedHealth Group stocks. Each security has a $1,000 stated principal and total aggregate principal of $870,000.
Investors can receive a contingent coupon at an annual rate of 25.45%, paid only if on each observation date all three stocks stay at or above their coupon barrier levels, set at 70% of initial levels. If any stock is below its barrier on an observation date, no coupon is paid for that period.
Starting February 11, 2027, the notes are callable on set quarterly dates if a risk‑neutral valuation model deems early redemption economically rational for Morgan Stanley, in which case investors receive principal plus any due coupon and no further payments. At maturity, if the notes have not been called and each stock is at or above its downside threshold (set at 60% of its initial level), principal is repaid, plus any final coupon. If any stock finishes below its downside threshold, repayment is reduced one-for-one with the decline of the worst performer and can fall to zero.
Morgan Stanley Finance LLC offers Principal at Risk callable contingent income securities with a $3,627,000 aggregate principal amount. The securities, fully and unconditionally guaranteed by Morgan Stanley, have a stated principal amount of $1,000 per security and an original issue price of $1,000 per security.
The notes pay a contingent coupon at an annual rate of 10.80% on each coupon payment date only if the closing level of each underlier meets its coupon barrier on the related observation date, and are linked to the worst performing of four underliers. If not called, maturity is February 9, 2029, with potential principal loss tied to the worst performing underlier; estimated value at pricing was $962.90 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $643,000 of Callable Contingent Income Securities due February 10, 2028, linked to Class B common stock of United Parcel Service, Inc.
The notes pay a contingent coupon at an annual rate of 12.05% only if UPS’s closing stock price is at or above the $76.271 coupon barrier on each observation date. The same $76.271 level, equal to 65% of the $117.34 initial level, also serves as the downside threshold at maturity.
The securities can be called in whole on scheduled redemption dates if a risk‑neutral valuation model indicates early redemption is economically rational for Morgan Stanley; once redeemed, no further payments are made. If held to maturity and UPS is at or above the downside threshold, investors receive principal back plus any final contingent coupon. If UPS finishes below the threshold, principal repayment is reduced 1% for each 1% decline in UPS’s price, and the payment can be zero. The issue price is $1,000 per note, while the estimated value on the pricing date is $975.70.
Morgan Stanley Finance LLC priced an offering of $3,193,000 aggregate principal of auto-callable notes 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 $985.00 per security.
The notes pay a fixed coupon at an annual rate of 10.30%, may be automatically redeemed early if the underlier (Ford Motor Company common stock) closes at or above the call threshold of $13.80 on specified redemption determination dates, and mature on March 11, 2027. If not called and the final level is below the downside threshold of $8.28 (60% of the initial level), repayment at maturity will be reduced pro rata to the underlier's performance and could be zero. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with a stated principal amount of $1,000 per security and an aggregate principal amount of $570,000.
The notes pay an 11.00% per annum contingent coupon only when the index closes at or above the 70% coupon barrier (2,050.706) on observation dates, with missed coupons potentially paid later if the barrier is met. The securities may auto-call from February 2027 if the index is at or above 100% of the initial level (2,929.58). If held to maturity in 2031 and the final index level is at or above the 50% downside threshold (1,464.79), investors receive principal back; below that, repayment is reduced in line with the index decline and can fall to zero. The notes are unsecured, principal-at-risk, not listed, carry an estimated value of $898.40 per $1,000 at pricing, and include $45 per security in selling commissions.
Morgan Stanley Finance LLC is offering auto-callable, principal‑at‑risk securities linked to the S&P 500® Index with an aggregate principal amount of $1,650,000 (stated principal $1,000 per security). The notes have a strike date of February 5, 2026, an original issue date of February 11, 2026, a first determination date of February 10, 2027 (auto‑call test) and maturity on February 10, 2028.
The securities pay no interest and expose investors to loss of principal if the final S&P 500 level is below the downside threshold (80% of initial level or 5,438.72 based on the disclosed initial level of 6,798.40). An early redemption payment of $1,104.60 occurs if the closing level on the first determination date is ≥ the call threshold (6,798.40); otherwise payoff depends on final index performance with a 150% participation rate for appreciation.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, with a $1,000 stated principal amount per security and $1,070,000 total principal.
The notes offer a 10.25% annual contingent coupon, paid only when the index closes on an observation date at or above the 70% coupon barrier level (879.844), with missed coupons potentially paid later if the barrier is met. From the first redemption determination date in 2027, the notes are auto-callable at par plus applicable coupons if the index is at or above the 100% call threshold (1,256.92).
If not redeemed early, investors receive par at maturity in 2031 if the final index level is at or above the 85% buffer level (1,068.382); below that, principal is reduced one-for-one beyond the 15% buffer, subject to a 15% minimum payment. The estimated value on the pricing date is $908.20 per $1,000, and the notes carry issuer and guarantor credit risk with limited expected liquidity.
Morgan Stanley Finance LLC prices dual‑direction, principal‑at‑risk securities. The offering consists of securities linked to the worst performing of the MSCI EAFE® and MSCI Emerging Markets indices, with an aggregate principal amount of $2,515,000 and a stated principal amount of $1,000 per security. The securities can be automatically redeemed on the first determination date if each underlier is at or above its call threshold, and otherwise pay at maturity based on the worst performing underlier with an upside participation rate of 150% and an absolute return participation rate of 100%. If the worst performing underlier falls below its downside threshold (80% of initial), investors suffer proportional principal loss. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering structured, principal‑at‑risk, auto‑callable securities linked to the worst performing of the NDXT Index, the KRE Fund and the RTY Index. The offering is $892,000 aggregate at $1,000 per security with an original issue date of February 11, 2026 and a maturity date of February 9, 2029. The securities can be automatically redeemed on scheduled determination dates beginning February 16, 2027 for early redemption payments corresponding to approximately 17.50% per annum. At maturity investors receive $1,525.00 if all underliers are at or above their upside thresholds, the stated principal if all are at or above their downside thresholds, or a principal loss equal to the percentage decline of the worst performing underlier below its downside threshold (60% of initial level). Estimated value on pricing date: $971.00 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities due January 11, 2028, linked to the worst performer of Invesco QQQ, the S&P 500 Index and the State Street Financial Select Sector SPDR ETF. Each note has a $1,000 stated principal amount, with total issuance of $675,000, and an estimated value on the pricing date of $962.20 per security.
The notes pay a 6.80% per annum contingent coupon only when all three underliers close at or above their coupon barrier levels (70% of initial). They auto-call at par plus coupon if, on specified redemption determination dates, all underliers are at or above their 100% call thresholds. If held to maturity and any underlier finishes below its 70% downside threshold, repayment is reduced one-for-one with the decline of the worst performer and can fall to zero. All payments depend on Morgan Stanley’s credit; the notes are unsecured and not FDIC insured.
Morgan Stanley Finance LLC is offering $1,600,000 of Trigger Jump Securities, $1,000 per security, linked to the worst performer of the S&P 500 Index and Nasdaq-100 Index, maturing on February 6, 2031. The notes pay no interest and do not guarantee any principal return.
If both indices finish at or above their initial levels, holders receive principal plus the greater of index gain on the worst performer or a fixed $226 upside payment per security. If the worst performer finishes below its 50% downside threshold, repayment is reduced 1% for each 1% decline, and principal loss can reach 100%.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley. They will not be listed on any exchange, and the estimated value on the pricing date is $965.40 per $1,000 security, reflecting issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due February 9, 2029 linked to ConocoPhillips common stock, with an aggregate principal amount of $3,573,000 and a price of $1,000 per security. Investors can receive a contingent quarterly coupon at an annual rate of 10.11% (about $25.275 per quarter per $1,000) only when the ConocoPhillips share price on a determination date is at or above 70% of the initial share price of $107.62, a downside threshold of $75.334. The notes auto-call if the stock is at or above the initial share price on any of the first eleven determination dates, paying principal plus the applicable coupon and any previously unpaid coupons. If held to maturity and the final share price is below the downside threshold, repayment is reduced 1-to-1 with the stock’s decline and can fall to zero, so principal is fully at risk. The estimated value on the pricing date is $970.10 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC priced contingent income, principal-at-risk notes due March 6, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $933.50.
The securities pay a contingent coupon at an annual rate of 16.60% only if the underlier’s closing level on each observation date is at or above a coupon barrier equal to 80% of the initial level; automatic early redemption occurs if the underlier is at or above the call threshold of 100% on any redemption determination date. At maturity, if the final level is below the downside threshold of 60% of the initial level, principal is reduced proportionally (performance factor = final level / initial level). The underlier applies a 4.0% per annum daily decrement and uses intraday rebalancing and up to 400% leverage.
Morgan Stanley Finance LLC provides an index supplement describing the S&P 500 Futures 40% Intraday 4% Decrement VT Index, a rules-based, long-only strategy on E-mini S&P 500 futures. The index targets 40% annualized volatility, can use up to 400% futures exposure, and rebalances intraday using volume‑weighted average prices.
The index deducts a fixed 4.0% per annum decrement from its level on a daily basis after leverage, which causes it to underperform an otherwise identical index without this feature. The index was established on August 30, 2024, and all performance before that date is hypothetical back‑tested data with significant limitations and risks highlighted.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due February 9, 2029, linked to Eli Lilly and Company common stock and fully guaranteed by Morgan Stanley. The aggregate principal amount is $2,888,000, with a $1,000 issue price and stated principal per security.
Investors may receive a contingent quarterly coupon at a 10.00% annual rate (about $25 per quarter per security) only when Eli Lilly’s determination closing price is at least 65% of the initial share price of $1,058.18, a downside threshold of $687.817. If on any of the first eleven determination dates the stock is at or above the initial share price, the notes are automatically redeemed for principal plus that period’s coupon.
If not called, and the final share price is at or above the downside threshold, investors receive principal plus the final coupon. If the final share price is below the downside threshold, repayment is reduced 1‑for‑1 with the stock decline, potentially to zero, so all principal is at risk. The estimated value on the pricing date is $957.40 per security, below the $1,000 issue price, reflecting issuer costs and funding spread. The securities are unsecured obligations, not listed on any exchange, and depend entirely on Morgan Stanley’s credit.
Morgan Stanley Finance LLC offers Buffered PLUS principal-at-risk notes linked to the worst-performing of the iShares IEMG and EEM ETFs, maturing February 21, 2031. Each security has a stated principal amount of $1,000, a 124.50% leverage factor for upside, a 15% buffer and a minimum payment at maturity of 15% of principal. The strike and pricing date are February 18, 2026 and the estimated value on the pricing date is approximately $928 per security. Payments at maturity depend solely on the closing levels of the underliers on the observation date and are based on the worst-performing underlier; if that underlier falls below the buffer level, investors lose 1% of principal for each 1% decline beyond the buffer. All payments are subject to the issuer and guarantor credit risk of Morgan Stanley.
Morgan Stanley Finance LLC prices Callable Contingent Income Securities linked to the S&P 500® Index. The offering totals $1,245,000 (stated principal $1,000 per security) with a contingent quarterly coupon of 7.81% per annum (≈$19.525 per quarter) payable only if the S&P 500® closes at or above the coupon barrier of 5,545.84 (80% of the initial index value 6,932.30) on each observation date.
The notes mature February 10, 2028, are callable quarterly beginning May 11, 2026 based on a risk‑neutral valuation model, and are principal‑at‑risk: if the final index value is below the downside threshold (5,545.84), the maturity payment equals the stated principal multiplied by the index performance factor and could be less than 80% of principal or zero. Estimated value on pricing date: $978.00 per security. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is issuing principal-at-risk Enhanced Trigger Jump Securities linked to the State Street® Consumer Discretionary Select Sector SPDR® ETF. Each note has a $1,000 stated principal amount, with $500,000 aggregate principal and an issue price of $1,000 per security.
At maturity on February 9, 2029, if the ETF’s final level is at or above the downside threshold of $94.392 (80% of the $117.99 initial level), holders receive $1,000 plus a fixed upside payment of $295, a 29.50% return. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level divided by initial level), so investors lose 1% of principal for each 1% decline, up to a complete loss.
The notes pay no interest, are unsecured obligations of MSFL fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is $976.70 per security, reflecting issuer costs and an internal funding rate, and secondary market prices may be lower. The securities carry issuer credit risk, potential limited liquidity, sector concentration risk in consumer discretionary stocks, and complex U.S. federal income tax treatment.
Morgan Stanley Finance LLC offers a Preliminary Pricing Supplement for Buffered PLUS Principal at Risk Securities due February 18, 2027, 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 $982.90.
Payoff is tied to the worst performing of three underliers — the iShares MSCI EAFE ETF (EFA), iShares MSCI Emerging Markets ETF (EEM) and the Nikkei Stock Average (NKY). If the worst performing underlier appreciates, investors receive principal plus a 210% leverage on that appreciation. A buffer of 15% (buffer level = 85% of the initial level) protects against losses up to that amount; if the worst underlier falls below the buffer, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 15% of principal.
Morgan Stanley Finance LLC priced principal-at-risk callable notes linked to Amazon.com common stock. Each note has a stated principal amount of $1,000, an annual fixed coupon of 8.25%, a first redemption date of February 17, 2027 and maturity on February 17, 2028.
If not called, repayment at maturity depends on the final closing level of the underlier on the observation date: if the final level is at or above a downside threshold equal to 60% of the initial level, investors receive principal; if below, principal is multiplied by final/initial level, exposing investors to full downside (principal could be zero). The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Dual Directional Jump Securities due March 2, 2029 linked to the worst performing of Microsoft, Alphabet (Class A) and NVIDIA common stock. Each security has a stated principal amount of $1,000, an early redemption payment of $1,500 on the first determination date and an upside participation rate of 300%.
The securities pay no regular interest, are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley. Automatic early redemption is determined on March 2, 2027. If not called, payout at maturity depends on the worst performing underlier versus its initial level and a downside threshold of 60% of initial level; losses can be 1% for each 1% decline and could result in a total loss of principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal at Risk Trigger Jump Securities linked to the common stock of EMCOR Group, Inc. with a stated principal amount of $1,000 per security and an aggregate principal amount of $469,000.
The securities have an initial level of $764.35 (strike date February 6, 2026), an upside payment of $515 per security (51.50% of principal), a downside threshold of $573.263 (approximately 75% of the initial level), an observation date of February 7, 2028 and a maturity date of February 10, 2028.
At maturity the payout is: principal plus the upside payment if the final level is >= initial level; principal only if the final level is >= downside threshold but < initial level; otherwise holders lose an amount proportional to the decline in the underlier, with no minimum payment. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC prices principal‑at‑risk notes tied to Amazon.com, Inc. stock
The offering is unsecured and fully guaranteed by Morgan Stanley, with an issue price of $1,000 per security and an estimated value on the pricing date of approximately $979.90. The notes have an initial level of $208.72 (closing on February 9, 2026), a downside threshold of $156.54 (75% of the initial level), an upside payment of $156.70 (15.67% of principal) and a maturity on March 12, 2027 after an observation date of March 9, 2027. If the final level is below the threshold, investors lose 1% of principal for each 1% decline in the underlier; there is no minimum payment. Commissions of up to $10.42 per $1,000 stated principal are disclosed and proceeds to the issuer are shown as $989.58 per security.
Morgan Stanley Finance LLC is issuing callable contingent income securities linked to Best Buy Co., Inc. common stock, with a total aggregate principal amount of $446,000 and a stated principal amount of $1,000 per security. The notes pay a contingent coupon at 15.00% per year, but only when the Best Buy share price on an observation date is at or above the coupon barrier level of $39.676, which is 56.35% of the initial level of $70.41.
Beginning August 11, 2026, the notes may be called in whole at certain dates if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to redeem, in which case investors receive principal plus any due coupon and no further payments. At maturity on February 10, 2028, if not redeemed and Best Buy’s final level is at or above the same downside threshold level of $39.676, investors get back principal plus any final coupon; otherwise, they lose 1% of principal for each 1% decline in the stock from the initial level, potentially losing their entire investment. The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $978.10 per security, below the $1,000 issue price.
Morgan Stanley Finance LLC is issuing $496,000 of callable contingent income securities linked to Ford Motor Company stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, matures on February 10, 2028, and is part of the Series A Global Medium-Term Notes program.
Investors may receive a contingent coupon at an annual rate of 14.05%, paid only if Ford’s share price on each observation date is at or above the $8.28 coupon barrier, which is 60% of the $13.80 initial level. The same $8.28 level serves as the downside threshold: if the final level on the February 7, 2028 observation date is below this threshold and the notes have not been called, the maturity payment is reduced 1% for every 1% decline in Ford’s stock from the initial level, potentially to zero.
The notes can be redeemed early in whole, but not in part, on specified redemption dates starting August 11, 2026, if a risk-neutral valuation model indicates it is economically rational for the issuer to call them. The estimated value on the pricing date is $990.20 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. Payments depend entirely on Morgan Stanley’s and MSFL’s credit and the notes will not be listed on any exchange, so liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,054,000 of Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing February 11, 2031, at $1,000 issue price per security.
The notes can be automatically redeemed starting February 12, 2027 if the index is at or above the 1,256.92 call threshold, paying fixed step-up amounts up to $1,926.25. If held to maturity and the index is at or above the threshold, investors receive $1,975.00; if between the 1,068.382 buffer level and the threshold, they receive principal only.
If the final index level falls below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is $911.80 per $1,000, and the notes pay no interest and carry full issuer and guarantor credit risk.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index. Each security has a $1,000 stated principal amount and total issuance of $3,760,000, with an original issue price of $1,000 and an estimated value on the pricing date of $960.20.
The note can be automatically redeemed on February 19, 2027 for $1,200 per security if each index is at or above its initial level on the first determination date. If held to February 9, 2029 and not called, investors receive principal plus a leveraged upside payment at a 170% participation rate based on the appreciation of the worst-performing index, principal only if all final levels stay at or above 70% of their initial levels, or a loss of 1% of principal for each 1% decline in the worst performer below that threshold, potentially down to zero.
The securities pay no interest, are unsecured obligations of MSFL fully guaranteed by Morgan Stanley, are not listed on any exchange and may have limited liquidity. The structure embeds issuance, selling and hedging costs, so the estimated value is lower than the issue price, and holders are fully exposed to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers Trigger Autocallable Contingent Yield Notes linked to the least performing shares between the State Street SPDR S&P 500 ETF and the Invesco KBW Bank ETF. The notes have an Issue Price of $10.00, an estimated Trade Date value of $9.761, a quarterly Contingent Coupon rate to be set on the Trade Date in the range of 10.10% to 10.70% per annum, are callable beginning August 11, 2026, and mature on February 15, 2029.
Coupons are paid only if both underlyings close at or above their Coupon Barriers (set at 70% of the Initial Underlying Price). At maturity, if the Least Performing Underlying Share is below its 70% Downside Threshold, investors suffer a loss proportionate to that decline; there is no upside participation beyond contingent coupons. Payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor notes linked to the worst performer of Amazon, Apple and Microsoft stock, maturing on February 16, 2029. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and do not guarantee principal. If the worst-performing stock finishes above its initial level, holders receive $1,000 plus 190% of that stock’s gain. If it finishes between its initial level and a 50% buffer, investors receive only $1,000.
If the worst-performing stock closes more than 50% below its initial level, investors lose 2% of principal for every 1% drop beyond the buffer, with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is approximately $951.10 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering Trigger Autocallable Contingent Yield Notes due February 15, 2029, fully guaranteed by Morgan Stanley. The notes pay contingent quarterly coupons at a rate to be set on the trade date (range 8.00% to 8.60% per annum) and are automatically callable beginning August 11, 2026 if both Underlyings close at or above their Initial Underlying Prices on an Observation Date. The payout is linked to the least performing of the State Street® SPDR® S&P 500® ETF (SPY) and the Invesco KBW Bank ETF (KBWB); Coupon Barriers and Downside Thresholds equal 70% of each Initial Underlying Price. If, at maturity, the Least Performing Underlying is below its Downside Threshold, principal will be reduced proportionally (example: a 60% decline produces a $4.00 payment on a $10 principal). Issue Price is $10.00 (estimated value on the Trade Date approx $9.577); minimum investment is $1,000. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities linked to the worst performer of the Nasdaq-100 Index® and the S&P 500® Index. Each security has a $1,000 stated principal amount and an issue price of $1,000.
Investors may receive a contingent coupon at an annual rate of 8.45%, but only when both indices close at or above their respective coupon barrier levels (70% of initial levels) on scheduled observation dates. The notes can be automatically called starting February 12, 2027 if both indices are at or above 100% of their initial levels, paying principal plus the applicable coupon.
If not redeemed early, and on the final observation date both indices are at or above their 70% downside thresholds, investors receive principal back (plus the final coupon if payable). If either index finishes below its downside threshold, repayment is reduced 1-for-1 with the decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $991.10 per security.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for a Trigger PLUS note due February 19, 2031. The securities have a $1,000 stated principal amount per security, a 175% leverage factor for upside and a downside threshold equal to 75% of the initial level.
The payment at maturity depends on the EURO STOXX 50® Index closing level on the observation date: investors receive principal plus leveraged upside if the final level is above the initial level; principal only if final level is between the downside threshold and initial level; and a prorated loss (1% loss per 1% decline) if the final level is below the downside threshold, with no minimum payment.
Morgan Stanley Finance LLC priced $19,648,000 of Contingent Income Auto-Callable Securities due February 9, 2029. Each security has a $1,000 stated principal amount and an initial share price of $122.69 (pricing date February 6, 2026).
Holders may earn a contingent quarterly coupon at an annual rate of 11.21% (~$28.025 per quarter) only when the determination closing price is at or above the downside threshold of $85.883 (70% of the initial share price). The securities are auto-callable on quarterly determination dates if the underlying share equals or exceeds the initial share price; otherwise principal at maturity is linked 1-to-1 to the final share performance and can be less than 70% of principal or zero. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 9, 2029 linked to the common stock of Bank of America Corporation. The aggregate principal amount is $6,044,000 with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The securities pay a contingent quarterly coupon at an annual rate of 10.19% only when the determination closing price on a determination date is at or above the downside threshold price of $42.398 (≈75% of the initial share price of $56.53 on the pricing date). If any of the first eleven determination dates has a closing price at or above the initial share price, the securities will be automatically redeemed early for the stated principal plus the contingent coupon. If not called and the final share price is below the downside threshold, holders are exposed on a 1-to-1 basis to declines in the underlying and could receive substantially less than principal, possibly zero. All payments are subject to the credit risk of Morgan Stanley Finance LLC and the guarantor, Morgan Stanley. The estimated value on the pricing date was $970.20 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $2,567,000 of principal-at-risk callable contingent income securities maturing on February 9, 2029. The notes are linked to the worst performer among the State Street Energy Select Sector SPDR ETF (XLE), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY).
Investors may receive a 10.20% per annum contingent coupon, paid only if on each observation date all three underliers are at or above their coupon barrier levels, set at roughly 65% of initial levels. If any underlier is below its barrier on an observation date, no coupon is paid for that period. From August 11, 2026, the notes are callable in whole on specified redemption dates if a risk-neutral valuation model indicates it is economically rational for the issuer to redeem, stopping all future payments.
At maturity, if the notes have not been called and each underlier is at or above its downside threshold (about 60% of initial level), investors receive full principal plus any final coupon. If any underlier finishes below its downside threshold, principal is reduced 1% for every 1% decline of the worst performer, potentially to zero. The securities are unsecured obligations, with an estimated value on the pricing date of $972.20 per $1,000 issue price.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due February 9, 2029, linked to the State Street® Consumer Discretionary Select Sector SPDR® ETF. Each note has a $1,000 principal amount, with a total offering size of $6,940,000, and is fully guaranteed by Morgan Stanley.
The notes pay no interest and do not guarantee a return of principal. If the ETF’s final level is at or above 80% of the initial level of $117.99, investors receive $1,000 plus a fixed upside payment of $275.60. If the final level is below the threshold, repayment falls in line with the ETF’s percentage decline, and investors can lose all invested principal.
The estimated value on the pricing date is $960.40 per note, below the $1,000 issue price, reflecting embedded structuring and hedging costs and an internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on an exchange, and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities fully guaranteed by Morgan Stanley. Each security has a $1,000 face amount, a planned $160 contingent fixed return (at least 16% of face amount) to be set on the pricing date, and a 30% downside buffer. The securities are linked to the lowest performing of Apple, Broadcom and Tesla and mature on March 10, 2027 (calculation day March 5, 2027), with a pricing date of February 19, 2026 and original issue date February 24, 2026. The estimated value on the pricing date is approximately $952.40 per security, or within $35.00 of that estimate. All payments are subject to Morgan Stanley credit risk; investors may lose up to 70% of face amount if the lowest performing underlying closes below its threshold (70% of its starting price).
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due February 16, 2029, fully guaranteed by Morgan Stanley. The notes are linked to the worst performer among the iShares 20+ Year Treasury Bond ETF (TLT), Nasdaq‑100 Technology Sector (NDXT), Russell 2000 Index (RTY) and State Street Utilities Select Sector SPDR ETF (XLU).
Investors may receive a 12.40% per annum contingent coupon, but only if all underliers are at or above 70% of their initial levels on scheduled observation dates. The notes are callable quarterly from May 2026 based on a risk‑neutral valuation model that favors Morgan Stanley. At maturity, if not redeemed and any underlier finishes below 60% of its initial level, repayment is reduced in line with the worst underlier’s loss and can fall to zero. The estimated value on the pricing date is approximately $954.70 per $1,000 note, reflecting issuance and hedging costs.
Morgan Stanley Finance LLC is offering $1,120,000 of 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, pays no interest and matures on March 9, 2027.
Investors receive $1,085 per $1,000 security (an 8.50% upside payment) if the S&P 500 final level on the March 4, 2027 observation date is at or above the downside threshold level of 5,506.176, which is 80% of the 6,882.72 initial level. If the final level is below this threshold, repayment is reduced 1% for every 1% index decline, with no minimum, so the payment can fall to zero.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk and will not be listed on any exchange. The issue price is $1,000 per security, while the estimated value on the pricing date is $983.70, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering $1,551,000 of Enhanced Trigger Jump Securities, $1,000 per note, linked to the worst performer of the S&P 500 Index and Russell 2000 Index. The notes pay no interest, are unsecured, and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity on February 10, 2028, if each index is at or above 75% of its initial level, investors receive $1,000 plus a fixed $193.50 upside payment (a 19.35% return). If either index closes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum—principal can be fully lost. The estimated value on the pricing date is $981.20 per note, below the $1,000 issue price, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for callable contingent income securities. The securities are issued in $1,000 denominations at an issue price of $1,000 per security and pay a contingent coupon at an annual rate of 10.70% if each underlier meets coupon barriers on observation dates.
The notes are linked to the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000® Index, are fully and unconditionally guaranteed by Morgan Stanley, carry principal-at-risk (losses if the worst-performing underlier falls below a 70% threshold), and are callable beginning on February 19, 2027 based on a risk-neutral valuation model. Terms reference pricing/strike on February 13, 2026 and observation dates through February 13, 2029.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $3,371,000 of Contingent Income Auto-Callable Securities due November 8, 2030, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq‑100 Index and S&P 500 Index. Each security has a $1,000 stated principal amount and issue price.
Investors may receive a 6.20% per annum contingent coupon, but only when all three indices are at or above their coupon barriers (75% of initial levels) on observation dates. From February 5, 2027 onward, the notes auto‑call if all indices are at or above their initial levels, paying principal plus coupon. If held to maturity and any index finishes below its downside threshold (65% of its initial level), repayment is reduced one‑for‑one with the worst index’s decline, and the maturity payment can fall to zero. The securities are unsecured, not insured, and have an estimated value of $945.30 per security on the pricing date, below the issue price.
Morgan Stanley Finance LLC priced structured Principal at Risk securities linked to the S&P 500® Futures Excess Return Index. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, and an estimated value on the pricing date of approximately $938.70. The strike date is February 11, 2026, the observation date is February 11, 2031 and the maturity date is February 14, 2031.
At maturity investors receive either (i) principal plus the greater of the underlier percent change-based cash amount or the $470 upside payment, (ii) principal plus a positive return when the final level is down but >= a 70% threshold, or (iii) a loss of principal pro rata if the final level is below the downside threshold. All payments are subject to Morgan Stanley credit risk.