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 structured notes linked to the iShares® Expanded Tech-Software Sector ETF. The $1,000-denomination securities run to February 10, 2028 and feature an auto-call and a downside buffer.
The notes may be automatically redeemed on February 24, 2027 with an early redemption payment of at least $1,170 per security if the ETF’s level on the first determination date is at or above the call threshold. If held to maturity and the ETF rises, investors receive principal plus 125% of the ETF’s gain.
If the final ETF level is between 85% and 100% of the initial level, investors receive only principal. Below 85%, losses accelerate at 1.1765% of principal for each 1% drop beyond the 15% buffer, up to a total loss. The estimated value on the pricing date is approximately $974.60 per $1,000, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Callable Buffered Jump Securities due February 28, 2031, linked to the S&P 500 Index and the Nasdaq-100 Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and no periodic interest payments.
The notes can be redeemed early on scheduled redemption dates starting March 9, 2027 if a risk-neutral valuation model makes early redemption economically rational for the issuer. Redemption payments step up over time and correspond to an annualized return of about 11.50% if called.
If the notes are not redeemed and both final index levels exceed their initial levels, investors receive principal plus a 100% participation upside based on the worst-performing index. If either index finishes below a 70% buffer of its initial level, investors lose 1% of principal for each 1% decline beyond the 30% buffer, with a minimum payment at maturity of 30% of principal. The estimated value on the pricing date is approximately $932.70 per security, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes called Buffered Jump Securities with an auto-call feature, linked to the worst performer of the S&P 500® Index and the Russell 2000® Index. Each security has a $1,000 stated principal amount, no periodic interest, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed starting February 17, 2027 if both indices are at or above their call thresholds, paying an early redemption amount that targets approximately 8.00% per annum, up to $1,393.333 by the last call date. If not called and, at maturity in February 2031, both indices are at or above their call thresholds, investors receive $1,400 per security.
If at maturity at least one index is below its call threshold but both are at or above 85% of initial levels, investors get only the $1,000 principal. If either index finishes below the 85% buffer level, repayment is reduced 1% for each 1% decline of the worst-performing index beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $962.10 per security, the notes are unsecured, not listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities linked to the common stock of Tesla, Inc., fully and unconditionally guaranteed by Morgan Stanley and issued at $1,000 per security.
Investors may receive a contingent coupon at an annual rate of 17.75%, but only when Tesla’s closing price on an observation date is at or above a coupon barrier set at 60% of the initial level. The notes can be automatically redeemed on scheduled determination dates if Tesla closes at or above 100% of the initial level, paying principal plus the applicable coupon, with no further payments afterward.
If the notes are not called and Tesla’s final level on February 11, 2028 is at or above the 60% downside threshold, investors receive principal back (plus any final coupon, if payable). If the final level is below this threshold, repayment is reduced 1% for each 1% Tesla has fallen, potentially resulting in a total loss of principal.
The estimated value on the pricing date is approximately $970.90 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. All payments depend on the credit of MSFL and Morgan Stanley, the notes are unsecured, not FDIC insured, and no investor participates in any upside of Tesla beyond the contingent coupons.
Morgan Stanley Finance LLC is offering principal-at-risk "Dual Directional Jump" structured notes linked to the worst performer of the MSCI EAFE Index and the MSCI Emerging Markets Index, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and is issued at $1,000, with an estimated value on the pricing date of about $984.20. The notes may be auto-called on February 16, 2027 for an early redemption payment of $1,151.50 per security if both indices are at or above 100% of their initial levels on the February 10, 2027 determination date.
If not redeemed early, at maturity on February 10, 2028 investors can receive leveraged upside with a 150% participation rate if both indices finish above their initial levels, or a capped positive return based on the absolute performance of the worst index as long as both stay at or above 80% of initial. If either index ends below its 80% downside threshold, repayment is reduced one-for-one with the worst index’s decline, and the payoff can be zero. The notes pay no coupons, are unsecured, not listed on any exchange and expose holders to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, contingent income auto-callable securities due March 1, 2029, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices.
The notes pay an 8.00% annual contingent coupon only when all three indices close at or above 70% of their initial levels on scheduled observation dates and can be automatically redeemed early if each index is at or above 100% of its initial level on specified redemption determination dates. If held to maturity and every index finishes at or above its 70% downside threshold, holders receive principal back; otherwise they lose 1% of principal for every 1% decline in the worst index, potentially losing the entire investment. The securities are unsecured, not listed, subject to Morgan Stanley’s credit risk, carry an estimated value of about $959.70 per $1,000, and have complex U.S. tax and withholding considerations.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to principal loss.
At maturity on March 9, 2027, if the S&P 500® final level is at or above the downside threshold of 5,506.176 (80% of the 6,882.72 initial level), investors receive $1,000 plus a fixed $85 upside payment (8.50% return). If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level / initial level), so losses match the index decline and the payout can fall to zero.
The securities are unsecured, not listed on any exchange and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $983.70 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS structured notes linked to the EURO STOXX 50® Index, maturing on February 13, 2031. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, if the index finishes above its initial level, investors receive $1,000 plus 175% of the index’s gain. If the index is at or below its initial level but not below 75% of that level, investors get back only $1,000. If the index ends below 75% of the initial level, repayment is reduced 1% for every 1% decline, with no minimum payment, so the entire investment can be lost.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are subject to their credit risk. The estimated value on the pricing date is approximately $943.40 per $1,000 note, reflecting dealer costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC is offering principal-at-risk "Jump Securities" notes, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the Nasdaq-100 Technology Sector Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount, prices at $1,000, and is scheduled to mature on February 23, 2029, with an observation date on February 20, 2029.
The notes can be automatically called on February 26, 2027 or February 22, 2028 if each index closes at or above its 100% call threshold level, paying $1,140 or $1,280 per security, respectively, and then terminating. If not called, maturity payment depends on index performance: investors get principal plus an upside payment if both final levels exceed initial levels, only principal if both stay at or above 70% downside thresholds, and a proportional loss (down to zero) based on the worst index if either finishes below its 70% downside threshold. The participation rate on upside is 180%.
The securities pay no interest, are unsecured obligations of MSFL, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $950.30 per security, reflecting issuance, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income auto-callable securities due August 9, 2027, linked to the worst performer of the S&P 500, Russell 2000 and Nasdaq-100 Indexes. Each note has a $1,000 stated principal amount, with a total offering of $1,459,000.
Investors may receive a contingent coupon at an annual rate of 6.25%, but only if on each observation date all three indexes are at or above their coupon barrier levels, set at 75% of initial levels. The notes auto-call, paying principal plus the coupon, if on a redemption determination date all indexes are at or above 92.5% of their initial levels.
If not called, principal is repaid only if, on every trading day, each index stays at or above its downside threshold (70% of initial). If any index ever closes below its threshold and the worst-performing index finishes below its initial level, investors lose 1% of principal for each 1% decline, potentially losing the entire investment. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not listed on any exchange, and had an estimated value on the pricing date of $962.20 per $1,000 note, reflecting embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering $1,000,000 of contingent income auto-callable securities due February 7, 2029, linked to the worst performer of Bank of America and JPMorgan Chase common stock and fully guaranteed by Morgan Stanley. These unsecured notes pay a 13.25% per annum contingent coupon only when both stocks close at or above 70% of their initial levels on scheduled observation dates and may be automatically redeemed early if both are at or above 100% of their initial levels on specified redemption determination dates. If the notes are not called and either stock finishes below its 70% downside threshold at maturity, repayment of principal is reduced one-for-one with the decline of the worst performer and can fall to zero. The issue price is $1,000 per security, with an estimated value on the pricing date of $987, and the securities will not be listed on any exchange, leaving investors fully exposed to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $39,800,000 of Capped Leveraged S&P MidCap 400 Index-Linked Notes due May 13, 2027. The notes pay no interest and expose holders to full downside of the S&P MidCap 400 Index.
For each $1,000 note, investors get 300% participation in index gains from the initial level of 3,473.51, but returns are capped at a maximum payout of $1,189. If the index is at or below its initial level on the determination date, principal is reduced one-for-one and can be fully lost. The estimated value on the trade date is $979.70 per note, below the $1,000 issue price, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $7,000,000 of Contingent Income Auto-Callable Securities due August 8, 2028, linked to Blackstone Inc. common stock. Investors can receive a contingent quarterly coupon at a 15.75% annual rate, but only when Blackstone’s price on a determination date is at or above 75% of the initial share price of $133.88, a downside threshold of $100.41.
If Blackstone’s price is at or above the initial share price on any of the first nine determination dates, the notes are automatically redeemed at $1,000 per security plus the quarterly coupon. If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon; if below, repayment is reduced in line with Blackstone’s decline and can fall to zero. The estimated value on the pricing date is $961.30 per $1,000 security, the notes are not listed on any exchange, and investors bear both market risk in Blackstone and the unsecured credit risk of Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,833,000 of principal-at-risk Callable Contingent Income Securities due November 8, 2027, linked to the worst performer of three ETFs: XLE, XLK and SMH.
The notes may pay a 10.25% per annum contingent coupon, but only when all three ETFs close at or above their coupon barrier (50% of their initial levels) on each observation date. From August 6, 2026, Morgan Stanley may redeem the notes early if a risk-neutral valuation model shows it is economically rational for the issuer, ending all future payments.
If the notes are not redeemed and each ETF finishes at or above its 50% downside threshold, investors receive full principal back plus any final coupon. If any ETF finishes below its threshold, repayment is reduced 1% for every 1% decline of the worst performer, and the maturity payment can fall to zero. The issue price is $1,000 per note, while the estimated value on the pricing date is $979.70, reflecting embedded issuance and hedging costs.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, a pricing and strike date of February 6, 2026, and matures on February 9, 2029, fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on February 12, 2027 for $1,101 per security if the index on the February 9, 2027 determination date is at or above the initial level. If held to maturity and not auto-called, investors receive principal plus a leveraged upside based on a 161% participation rate when the final index level exceeds the initial level, full principal back if the final level is between 75% and 100% of the initial level, and a proportional loss beyond a 25% buffer, with a minimum payment equal to 25% of principal. The estimated value on the pricing date is approximately $985.20 per security, and all payments are unsecured and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering $575,000 of “Jump Securities” with an auto-call feature linked to the worst performer among Visa Class A, Procter & Gamble and Amazon stock. Each $1,000 note can be automatically redeemed starting in 2027 if all three stocks are at or above their call thresholds, paying early redemption amounts that imply about 29.5% per annum (from $1,295 up to $2,180).
If the notes are not called and on the final date all three stocks are at or above their call thresholds, investors receive $2,475 per note. If any stock finishes below its call threshold but all remain at or above roughly 81% of initial levels, investors receive back only principal. If any stock ends below its downside threshold, repayment falls 1% for every 1% decline of the worst performer, and the maturity payment can be zero. The estimated value on the pricing date is $974.80 per $1,000 note, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000-denomination Buffered Jump Securities with an auto-call feature linked to the worst performer of the Russell 2000®, Nasdaq-100® and S&P 500® indices, maturing February 8, 2029.
The notes may be automatically redeemed on February 16, 2027 for $1,127.50 per security if each index is at or above its initial level. If held to maturity and all final index levels exceed their initials, investors receive principal plus a 150% participation in the worst index’s gain. A 15% buffer applies on the downside, but if the worst index falls more than 15%, principal is reduced one-for-one beyond that buffer, with a minimum maturity payment of 15% of principal. The estimated value on the pricing date is approximately $954.90 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing 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, with an aggregate principal of $13,751,000, and is fully guaranteed by Morgan Stanley.
The notes do not pay interest and do not guarantee principal. They may be automatically redeemed on set determination dates beginning February 5, 2027 if both indices are at or above their call thresholds, paying early redemption amounts that imply about 10.30% per annum. If held to maturity on February 8, 2029, investors receive $1,309 per security only if both indices are at or above their call thresholds.
If at maturity either index is below its call threshold but both remain at or above 70% of their initial levels, investors receive only the $1,000 principal. If either index finishes below its 70% downside threshold, repayment is reduced 1% for every 1% decline of the worst index, and the amount can fall to zero. The securities’ estimated value on the pricing date is $956.60 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk. 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 auto-callable securities linked to ConocoPhillips common stock, maturing on February 15, 2028, in $1,000 denominations.
The notes pay a 10.00% annual contingent coupon, only if the stock closes at or above a 67% barrier on each observation date. They may be automatically redeemed at par plus coupon if the stock closes at or above 100% of the initial level on specified redemption dates. If not called and the final stock level is below the 67% downside threshold, repayment of principal is reduced one-for-one with the stock’s decline and can be zero, and investors never participate in upside beyond coupons.
The estimated value on the pricing date is approximately $965.50 per $1,000 note, reflecting embedded costs and Morgan Stanley’s internal funding rate. Dealers receive $17.50 in sales commission and a $1 structuring fee per note. The securities are unsecured, not listed, subject to Morgan Stanley’s credit risk, limited liquidity and uncertain tax treatment, including potential 30% U.S. withholding for some non-U.S. holders.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) due February 15, 2029, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the State Street Energy Select Sector SPDR ETF (XLE) and State Street Materials Select Sector SPDR ETF (XLB).
Each security has a $1,000 stated principal amount and pays no interest. If both ETFs finish above their initial levels on the February 12, 2029 observation date, investors receive $1,000 plus 298% of the percentage gain of the worst performing ETF. If either ETF is at or below its initial level, the maturity payment equals $1,000 times the performance of the worst performer, with a 1% loss of principal for every 1% decline and no minimum repayment, so the payment can be zero.
The preliminary estimated value on the pricing date is approximately $954.90 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any securities exchange, so secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” linked to Microsoft common stock, with an auto-call feature and no interest payments. The notes may be automatically redeemed on February 22, 2027 for $1,202 per $1,000 if Microsoft’s stock closes at or above $414.19 on the February 17, 2027 determination date.
If not called, at maturity on February 9, 2028 investors receive $1,000 plus 125% of any stock appreciation if the final level exceeds the $414.19 initial level, only $1,000 if the final level is between 80% and 100% of that level, and a proportional loss of principal if it falls below the $331.352 downside threshold, potentially losing the entire investment. The estimated value on the pricing date is approximately $975.60 per note, the securities are unsecured and unlisted, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk fixed income securities due June 8, 2028, linked to the worst performer of the S&P 500 Index and Novo Nordisk A/S American depositary shares. The notes pay a fixed coupon at an annual rate of 10.40%, with monthly coupon payments.
At maturity, holders receive the $1,000 stated principal amount only if the final level of each underlier is at or above its downside threshold, set at 55% of its initial level (3,785.496 for the S&P 500 and $25.955 for Novo Nordisk ADS). If either underlier finishes below its threshold, repayment of principal is reduced 1% for every 1% decline in the worst-performing underlier, and the maturity payment can fall to zero, though the final coupon is still paid.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $981.50 per $1,000 security. They will not be listed on any exchange, secondary trading may be limited, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay no interest and are unsecured obligations subject to Morgan Stanley’s credit.
The securities have a $1,000 stated principal amount per note and may be automatically redeemed starting in February 2027 if the index is at or above an 85% call threshold, paying fixed early redemption amounts that target about 17% per annum. If held to February 2031, investors receive $1,850 per security if the index is at or above the call threshold, par if it is between 60% and 85% of the initial level, and a loss matching the index decline if it finishes below 60%, which can reduce repayment to zero.
The estimated value on the pricing date is approximately $930.30 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed on any exchange, secondary liquidity may be limited, the underlier has limited live history and includes a 4% annual decrement and leverage, and U.S. tax treatment is complex and uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000 principal-at-risk notes linked to the S&P 500® Index, maturing March 9, 2027. The securities pay no interest and do not guarantee any return of principal.
If the index’s final level is at or above the 90% buffer level of 6,194.448, investors receive $1,087.40 per note, a fixed 8.74% upside payment. If the final level falls below the buffer, principal is reduced by 1.1111% for each 1% decline beyond the 10% buffer, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $984.80 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate that is favorable to the issuer. The notes will not be listed on any exchange, and secondary market liquidity depends on Morgan Stanley & Co. LLC’s discretion.
Morgan Stanley Finance LLC is offering contingent income memory auto-callable securities linked to the Class A common stock of Datadog, Inc. Each note has a $1,000 principal amount, is fully and unconditionally guaranteed by Morgan Stanley, and is a principal-at-risk unsecured obligation.
The notes pay a contingent coupon at 14.75% per annum only when Datadog’s closing level on an observation date is at or above the coupon barrier of $57.855 (50% of the initial level of $115.71). Missed coupons may be paid later if the barrier is met on a future observation date.
The securities are automatically redeemed on specified redemption dates if Datadog’s closing level is at or above the call threshold of $115.71, returning principal plus the applicable coupon and any unpaid coupons. If not called and at maturity Datadog is at or above the downside threshold of $57.855, investors receive full principal plus the final coupon if payable.
If at maturity Datadog’s final level is below the downside threshold, investors lose 1% of principal for each 1% decline from the initial level, which can result in a total loss of the $1,000 principal. The estimated value on the pricing date is approximately $967.50 per note, reflecting structuring and hedging costs and the issuer’s internal funding rate. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange, so liquidity may be limited.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the common stock of Blackstone Inc., maturing on February 9, 2028, and fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $978.50. The notes may be automatically redeemed on February 22, 2027 for $1,219 per security if Blackstone’s stock closes at or above $134.54 on February 17, 2027. If held to maturity and the final stock level is at or above the initial $134.54 level, investors receive $1,000 plus the greater of a fixed $438 upside payment or 100% of the stock’s price gain. A 15% buffer applies to moderate moderate losses, but below 85% of the initial level, principal loss accelerates at a 1.1765 factor, and repayment of principal is not guaranteed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes maturing on March 8, 2027. The notes pay no interest and repayment of principal is not guaranteed.
The return depends on the worst performer among the Russell 2000 Index, the S&P 500 Futures Excess Return Index and the State Street Utilities Select Sector SPDR ETF. If the worst underlier’s final level is at or above 75% of its initial level, investors receive $1,000 plus a fixed $86.50 upside payment per note, an 8.65% gain. If any underlier finishes below its 75% buffer, 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. The estimated value on the pricing date is expected to be about $987.10 per $1,000 note due to embedded issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $17,295,000 of principal-at-risk, S&P MidCap 400® index-linked notes maturing on February 3, 2028.
The notes pay no interest and offer a digital payoff: if the index’s final level is at least 90% of its initial level of 3,473.51, investors receive a fixed Maximum Settlement Amount of $1,167 per $1,000 note (116.70% of face value).
If the index falls by more than 10%, repayment is reduced using a buffer rate of approximately 111.11%, and investors can lose up to their entire principal. The estimated value on the trade date is $979.90 per $1,000 note, below the issue price, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing contingent income memory auto-callable securities linked to the Class B common stock of NIKE, Inc., with a stated principal amount of $1,000 per security and aggregate principal of $550,000, fully and unconditionally guaranteed by Morgan Stanley.
The notes offer a 9.75% annual contingent coupon, paid only when NIKE’s share price is at or above the $36.558 coupon barrier on observation dates, with missed coupons potentially paid later if conditions are met. The notes can be automatically redeemed starting February 2027 if NIKE closes at or above the $60.93 call threshold, returning principal plus due coupons. If held to February 2029 and NIKE is below the $36.558 downside threshold, investors lose 1% of principal for each 1% decline, up to a total loss of the $1,000 principal per note. The estimated value on the pricing date is $957.90 per security, below the $1,000 issue price, and the notes are unsecured, not listed, and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS notes linked to the S&P 500® Equal Weight Index, with an aggregate principal amount of $1,335,000 and a $1,000 denomination, maturing on May 6, 2027. The notes pay no interest and offer 125% upside participation when the index rises, capped at a maximum payment of $1,107.50 per security. If the index falls but not more than 5%, investors can earn up to a 5% positive return via an absolute-return feature. If the index declines more than 5%, principal is lost 1% for each additional 1% drop, subject to a minimum payment of 5% of principal, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $967.40 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 $1,000,000 of contingent income, memory, buffered auto-callable securities linked to Amazon.com, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount and an estimated value of $972 on the pricing date.
The notes pay a contingent coupon at an annual rate of 10.70%, but only when Amazon’s closing price on an observation date is at or above the coupon barrier of $190.896 (80% of the $238.62 initial level). Missed coupons can be “remembered” and paid later if the barrier is met.
The securities may be automatically redeemed quarterly starting May 2026 if Amazon’s price is at or above the $238.62 call threshold, returning principal plus due coupons. At maturity in February 2029, principal is fully repaid only if the final level is at or above the 80% buffer; below that, losses increase at 1.25% for each 1% drop beyond the buffer, with no minimum payment. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $823,000 of Contingent Income Auto-Callable Securities linked to Hewlett Packard Enterprise common stock, each with a $1,000 stated principal amount and an issue price of $1,000 per security.
The securities pay a 13.50% per annum contingent coupon only when the underlier’s closing level on an observation date is at or above the $13.068 coupon barrier level, which is 60% of the $21.78 initial level. They may be automatically redeemed on specified dates if the underlier is at or above the $21.78 call threshold level, returning principal plus the applicable coupon.
If not redeemed early and the final level on February 3, 2028 is at or above the $13.068 downside threshold level, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced in full proportion to the decline, and the maturity payment can fall to zero. The estimated value on the pricing date is $959.80 per security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,253,000 of Dual Directional Jump Securities with an auto-call feature linked to the worst performer of Microsoft, Apple and NVIDIA common stocks. Each security has a $1,000 stated principal amount and is a principal-at-risk note.
The notes may be automatically redeemed on February 9, 2027 for $1,370 per security if each stock closes at or above its initial level on the February 4, 2027 determination date. If held to the February 8, 2029 maturity, investors can receive 300% of the gain of the worst-performing stock when all finish above their initial levels, or up to a 40% positive "absolute return" if all stay at or above 60% of initial. If any stock finishes below its 60% downside threshold, repayment is reduced one-for-one with the worst performer and can fall to zero. The issue price is $1,000 per security, while the estimated value on the pricing date is $937.20, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is issuing $3,833,000 of principal-at-risk structured notes, fully and unconditionally guaranteed by Morgan Stanley, at $1,000 per security. The notes run to August 6, 2027 and are linked to the worst performer of three ETFs: State Street Energy Select Sector SPDR (XLE), State Street Technology Select Sector SPDR (XLK) and VanEck Semiconductor ETF (SMH).
Investors may receive a 10.15% annual contingent coupon, paid only when on an observation date all three ETFs close at or above their coupon barrier, set at 50% of each initial level. The issuer can call the notes on scheduled redemption dates if a risk-neutral valuation model indicates early redemption is economically rational for Morgan Stanley; if called, investors receive principal plus any due coupon, and no further payments.
If not called, and at maturity each ETF is at or above its downside threshold (also 50% of its initial level), investors receive full principal plus any final coupon. If any ETF finishes below its threshold, principal is reduced 1% for each 1% decline in the worst-performing ETF, potentially to zero. The notes are unsecured, not listed on an exchange, subject to Morgan Stanley’s credit risk, and have an estimated value on the pricing date of $980.80 per $1,000 note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of Enhanced Trigger Jump Securities maturing on February 8, 2028, at $1,000 per security. These notes pay no interest and are linked to the worst performer of the S&P 500, Nasdaq-100 and Russell 2000 indexes.
If the final level of each index is at or above 60% of its initial level, investors receive $1,000 plus a fixed $165 upside payment, a 16.50% return, regardless of further index gains. If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index and may fall to zero.
The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange and have an estimated value on the pricing date of $987.50 per security, below the issue price due to issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing $360,000 of structured “Buffered Jump Securities with Auto-Callable Feature” linked to the worst performer of the VanEck Gold Miners ETF (GDX) and the State Street SPDR S&P Metals & Mining ETF (XME). Each security has a $1,000 stated principal amount, no periodic interest, and is fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
The notes can be automatically redeemed quarterly starting August 3, 2026 if both ETFs close at or above their call thresholds, paying early redemption amounts that target roughly a 9% per annum return, up to $1,240 by October 2028. If not called, maturity payment depends on final ETF levels: $1,247.50 per security if both are at or above their call thresholds, only principal back if both stay above a 20% buffer, and a loss of 1% of principal for each 1% decline of the worst-performing ETF beyond that buffer, subject to a minimum payment of 20% of principal.
The initial levels are $98.22 for GDX and $124.58 for XME, with 90% call thresholds and 80% buffer levels. The estimated value on the pricing date is $942 per security, below the $1,000 issue price due to structuring, distribution and hedging costs and the issuer’s internal funding rate. The securities are unsecured, not listed, and expose investors to Morgan Stanley’s credit risk as well as sector-specific risks in gold, silver, metals and mining.
Morgan Stanley Finance LLC is issuing $4,010,000 of Buffered Jump Securities with an auto-callable feature, each with a $1,000 principal amount, linked to the worst performer among the Russell 2000® Index, EURO STOXX 50® Index and iShares® MSCI Emerging Markets ETF, and fully guaranteed by Morgan Stanley.
The notes pay no interest and may be automatically redeemed on February 10, 2027 for $1,181 per security if each underlier is at or above its initial level on the February 5, 2027 determination date. If held to February 8, 2029 and all final underlier levels exceed their initial levels, investors receive principal plus a 300% participation in the gain of the worst underlier; if any underlier finishes between 80% and 100% of its initial level, only principal is repaid.
If any final underlier level is below 80% of its initial level, principal is reduced 1% for each 1% drop in the worst underlier beyond the 20% buffer, but not below 20% of principal. The estimated value on the pricing date is $983.20 per security, below the $1,000 issue price, and returns depend on Morgan Stanley’s credit and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering $438,000 of Trigger Jump Securities linked to the worst performer of the S&P 500, EURO STOXX 50 and Russell 2000 indexes, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and do not guarantee a return of principal. At maturity in February 2028, investors get $1,000 plus at least a 34.10% upside payment per security if all indexes finish at or above their initial levels, or principal back if the worst index stays at or above 70% of its initial level. If any index ends below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst index, potentially to zero.
Morgan Stanley Finance LLC is offering contingent income buffered auto-callable securities due August 13, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performer of three underliers: the Nasdaq-100 Technology Sector Index, the State Street SPDR S&P Regional Banking ETF and the VanEck Semiconductor ETF.
Investors can receive a 10.70% annual contingent coupon, but only when each underlier closes at or above its coupon barrier (70% of its initial level) on an observation date. The notes may be automatically redeemed if all underliers are at or above their call thresholds (100% of initial levels) on specified redemption determination dates, returning principal plus the applicable coupon.
If not called, principal is protected only down to a 15% buffer. If any underlier finishes below its buffer level at maturity, repayment is reduced 1% for each 1% decline of the worst underlier beyond the buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is expected to be approximately $958.60 per note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments are subject to the issuer’s and guarantor’s credit risk, and the securities are not listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk callable contingent income securities linked to Class B common stock of United Parcel Service, Inc. The notes pay a contingent annual coupon of 12.05% only when UPS closes at or above a coupon barrier on scheduled observation dates.
The securities can be called in whole on specified redemption dates starting August 11, 2026, but only if a risk-neutral valuation model shows early redemption is economically rational for Morgan Stanley. If not called and UPS is at or above a downside threshold of 65% of the initial level at maturity on February 10, 2028, investors receive the full $1,000 principal per note plus any final coupon.
If the final UPS level is below the downside threshold, repayment is reduced 1% for each 1% decline in UPS over the term, potentially resulting in a zero payment. The estimated value on the pricing date is approximately $978.20 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed, may have limited liquidity, and all payments are subject to Morgan Stanley’s credit risk and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due August 17, 2028, linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index.
The notes pay a 10.70% annual contingent coupon, but only when each index closes at or above its coupon barrier on scheduled observation dates. Beginning February 19, 2027, the issuer may redeem the notes on specified dates if a risk-neutral valuation model indicates early redemption is economically rational for Morgan Stanley.
If the notes are not redeemed and each index finishes at or above its downside threshold on the final observation date, investors receive full principal (plus any final coupon). If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, potentially to zero. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $1,000-denomination principal-at-risk structured notes linked to the worst performing of the Invesco QQQ Trust, Series 1 and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and mature on August 13, 2027.
At maturity, if both underliers finish above their initial levels, investors receive principal plus 100% of the worst performer’s gain, capped at a maximum payment of $1,307 per security (130.70% of principal). If either underlier ends between its initial level and its 15% buffer level, investors receive only principal.
If either underlier closes below its 15% buffer level, repayment is reduced 1% for each 1% decline beyond the buffer, with a minimum payment of 15% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, and had an indicative estimated value of approximately $985.10 per security on the pricing date.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes linked to the worst performer of the EURO STOXX 50® and Nasdaq-100 Index®, maturing on February 16, 2029. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if both indexes finish above their initial levels, holders receive $1,000 plus 220.75% of the gain of the worst-performing index. If the worst performer is down but not below 80% of its initial level, investors gain the absolute decline, up to a 20% maximum positive return. If either index ends below its 80% downside threshold, investors lose 1% of principal for each 1% decline in the worst performer, with no minimum repayment.
The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is approximately $977.50 per $1,000 security, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Trigger Jump Securities 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 return of principal.
At maturity, if both indices finish at or above their initial levels, holders receive $1,000 plus the greater of index-based upside or a fixed $226 upside payment per $1,000. If either index is below its initial level but both remain at or above 50% of their initial levels, investors receive only $1,000. If either index falls below its 50% downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, potentially to zero.
The initial levels are 6,976.44 for the S&P 500 and 25,738.61 for the Nasdaq‑100, with downside thresholds at half those values. The estimated value on the pricing date is approximately $965.40 per security, reflecting issuance, structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC is issuing principal-at-risk "Jump Securities" with an auto-callable feature, fully guaranteed by Morgan Stanley, maturing on February 4, 2031. The notes are linked to the worst performer of the S&P 500, EURO STOXX 50 and Russell 2000 indices.
Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $1,453,000. An automatic early redemption on February 8, 2027 pays $1,300 per security if, on the first determination date, all three indices are at or above their call threshold levels, set at 100% of their initial levels.
If not redeemed early and all final index levels exceed their initial levels, investors receive principal plus an upside payment equal to 150% of the gain of the worst-performing index. If any index finishes below its downside threshold level of 70% of its initial level, repayment is reduced 1% for every 1% decline in the worst-performing index and can fall to zero.
The estimated value on the pricing date is $965.40 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering $1,952,000 of Contingent Income Memory Auto-Callable Securities linked to Alphabet Inc. Class A common stock, fully and unconditionally guaranteed by Morgan Stanley, at $1,000 per security.
The notes pay a contingent coupon at an annual rate of 11.80%, but only when Alphabet’s closing level is at or above the $236.60 coupon barrier (70% of the $338.00 initial level) on scheduled observation dates, with missed coupons potentially paid later if the barrier is met. The notes may be automatically redeemed if Alphabet closes at or above the $338.00 call threshold (100% of the initial level) on any redemption determination date.
At maturity, if not called and Alphabet’s final level is at or above the $236.60 downside threshold, investors receive principal plus any due coupons; otherwise, repayment is reduced 1% for each 1% decline in Alphabet from the initial level, and the investment can be lost entirely. The estimated value on the pricing date is $973.30 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities linked to the worst performer among three ETFs: VanEck Semiconductor (SMH), State Street Financial Select Sector (XLF) and State Street Utilities Select Sector (XLU).
The notes have a stated principal amount of $1,000 per security, an aggregate principal amount of $1,035,000, and mature on February 4, 2031. They pay no interest and do not guarantee principal. At maturity, holders can receive upside based on the worst-performing ETF if it stays at or above its 90% “upside threshold” level, a return of principal only if the worst ETF stays between 70% and 90% of its initial level, and a 1-for-1 loss with no minimum if the worst ETF finishes below 70%.
The issue price is $1,000 per security, while the estimated value on the pricing date is $942.90 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, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC priced a $109,000 aggregate principal issuance of Principal at Risk auto-callable structured notes, $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The notes reference the Dow Jones Industrial Average and the Nasdaq-100 Index, mature on February 4, 2030, and may auto‑redeem on specified determination dates beginning February 2, 2027.
The securities pay no interest and expose investors to principal loss based on the worst performing underlier; downside thresholds are 70% of initial levels (INDU initial 48,892.47, NDX initial 25,552.39). Early redemption payments are fixed amounts ($1,097.50; $1,195.00; $1,292.50) and the payment at maturity can be $1,390.00, $1,000, or the stated principal multiplied by the performance factor of the worst performing underlier. Issue price was $1,000 with estimated value $961.20 on the pricing date.
Morgan Stanley Finance LLC is offering $708,000 aggregate principal amount of structured, principal-at-risk, auto-callable securities due February 4, 2030.
The notes are linked to the worst performing of the Dow Jones Industrial Average and the Nasdaq-100 Index®, carry a stated principal amount of $1,000 per security and an estimated value on the pricing date of $980.80. The securities can be automatically redeemed beginning on the first determination date February 2, 2027 for fixed early redemption payments that correspond to approximately 11.65% per annum, and pay at maturity either a fixed positive amount ($1,466 if both underliers meet call thresholds), the stated principal, or a reduced payment tied to the worst performing underlier if that underlier falls below its downside threshold level (70 of initial level).
Morgan Stanley Finance LLC files a pricing supplement to offer $295,000 aggregate principal of structured, principal‑at‑risk notes due February 3, 2028. The notes pay a contingent coupon of 11.50% annually if each underlier meets coupon barriers on observation dates and are callable beginning August 4, 2026 based on a risk‑neutral valuation model. At maturity investors receive principal only if each underlier is at or above its 80% downside threshold; otherwise payment equals the worst performing underlier’s performance factor multiplied by the stated principal.