Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering $3,839,000 aggregate principal amount of contingent income memory auto-callable principal-at-risk securities due February 2, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at an annual rate of 8.32% only if both underliers meet coupon barriers on observation dates and are automatically redeemed early if both underliers meet call thresholds on a redemption determination date. The securities are linked to the worst performing of the EURO STOXX 50 and the S&P 500, expose investors to potential loss of principal down to zero, and include an estimated value on the pricing date of $968.70 per security.
Morgan Stanley Finance LLC priced a series of principal‑at‑risk, auto‑callable securities fully guaranteed by Morgan Stanley. The offering is $475,000 aggregate in $1,000 denominations with an issue price $1,000 and an estimated value $955.90 on the pricing date. The securities reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, have a participation rate of 350%, a strike/initial level of 2,990.59, a downside threshold at 50% of the initial level (1,495.295), a final determination date of January 30, 2031, and maturity on February 4, 2031. An automatic early redemption is possible on the first determination date of February 3, 2027 for an early redemption payment of $1,252.50 per security if the underlier is at or above the call threshold. All payments are subject to issuer and guarantor credit risk and the securities may result in a total loss of principal.
Morgan Stanley Finance LLC offers Principal at Risk Callable Contingent Income Securities totaling $1,003,000 aggregate principal. 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 $980.60. They pay a contingent coupon at an annual rate of 9.05% only if the closing level of each underlier meets its coupon barrier on observation dates. The notes are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the S&P 500® Index, mature on August 3, 2028, and are subject to an early call based on a risk neutral valuation model beginning on the first redemption date of August 4, 2026. If any underlier is below its downside threshold (60% of initial) at maturity, payment at maturity will be reduced proportionally to the worst performing underlier and could be zero. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers Buffered PLUS principal-at-risk notes with an aggregate principal amount of $7,831,000. The securities are sold at a $1,000 stated principal amount per security with an estimated value on the pricing date of $991.30. The notes pay no interest, carry a 150% leverage factor on upside, a 15% downside buffer (buffer level = 85% of the initial level), a maximum payment at maturity of $1,179 (117.90% of principal), and a minimum payment at maturity of 15% of principal. The strike and pricing date are January 30, 2026, the observation date is July 30, 2027 (subject to postponement), and maturity is August 4, 2027. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a Buffered PLUS principal-at-risk note offering guaranteed by Morgan Stanley with an aggregate principal amount of $1,613,000 and a stated principal amount of $1,000 per security. The securities reference the worst performing of the iShares Russell Mid-Cap ETF and the S&P 500 Index, provide 120% leveraged upside subject to a 15% buffer and a $1,150 maximum payment at maturity, have an observation date of March 1, 2027, and mature on March 4, 2027.
The securities pay no interest, have an estimated value on the pricing date of $986.70 per security, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley, and expose investors to issuer credit risk and potential loss of principal if the worst performing underlier falls below its buffer level.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities with an aggregate principal amount of $1,377,000, fully and unconditionally guaranteed by Morgan Stanley.
The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, an estimated value on the pricing date of $964.20 per security, a 400% leverage factor, a maximum payment at maturity of $1,735 per security and mature on February 4, 2031 (observation date January 30, 2031). Payment at maturity is tied to the performance of the worst performing underlier among the Nasdaq-100, Russell 2000 and S&P 500 indices and may result in full loss of principal if the worst performing underlier falls below its 70% downside threshold.
The offering includes customary distribution arrangements with Morgan Stanley & Co. LLC as agent; per-security proceeds to the issuer are $992.50 after agent fees and commissions, and the securities do not pay interest and are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced $961,000 aggregate of Dual Directional Trigger PLUS securities due February 4, 2030, each with a stated principal amount of $1,000.
The securities are principal‑at‑risk notes, fully guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index. Key terms: leverage factor 140%, absolute return participation rate 50%, and a downside threshold set at 70% of each underlier's initial level. If the worst performing underlier finishes below its downside threshold, investors bear losses dollar‑for‑dollar; there is no guaranteed return of principal. The estimated value on the pricing date was $975.30 per security, and sales are limited to fee‑based advisory accounts.
Morgan Stanley Finance LLC priced $1,057,000 aggregate principal of Contingent Income Auto-Callable Securities linked to Salesforce, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security, an issue price of $1,000, an estimated value on the pricing date of $951.30, a final maturity date of February 1, 2029, and a final observation date of January 29, 2029. The securities pay a contingent coupon at an annual rate of 15.25% only if the underlier meets the coupon barrier level on observation dates and are auto‑callable beginning with the redemption determination date of April 28, 2026. The initial level of the underlier (Salesforce, Inc.) on the strike date was $212.29, the coupon barrier and downside threshold are $169.832 (80% of the initial level), and the call threshold is $212.29 (100% of the initial level). All payments are subject to the issuer and guarantor credit risk; if the final level is below the downside threshold, payment at maturity is the stated principal multiplied by the performance factor and could be significantly less than the principal or zero.
Morgan Stanley Finance LLC is offering structured notes that pay a 10.00% per annum contingent coupon, linked to the worst performer of the EURO STOXX 50, S&P MidCap 400 and Nasdaq‑100 Technology Sector indices. Each note has a $1,000 face amount, with an estimated value on the pricing date of $960.60 due to embedded fees and funding costs.
Coupons are paid quarterly only if the lowest-performing index on that date is at or above 75% of its starting level. Starting about six months after issuance, the notes can be automatically called if all three indices are at or above their starting levels, returning face value plus the coupon. If held to February 1, 2030 and any index finishes below 75% of its starting level, principal is reduced in line with the worst index and losses can exceed 25% of principal, up to a total loss.
Morgan Stanley Finance LLC is offering fixed-income auto-callable securities linked to Ford Motor Company common stock, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a fixed coupon at an annual rate of 10.30%, with monthly payments.
The notes may be redeemed early if Ford’s stock closes at or above a call threshold equal to 100% of the initial level on specified determination dates, returning principal plus the applicable coupon. If held to March 11, 2027 and not called, investors receive principal back only if the final stock level is at or above a downside threshold set at 60% of the initial level; below that, repayment is reduced in proportion to the stock’s decline and can fall to zero.
The securities are unsecured, subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and do not offer any participation in upside moves of Ford stock. The estimated value on the pricing date is approximately $983.80 per $1,000 note, reflecting issuance, structuring and hedging costs embedded in the price.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the worst performer of the Dow Jones Industrial, Russell 2000® and S&P 500® indices, with a stated principal amount of $1,000 per security and a maturity date of February 9, 2029.
The notes pay a contingent coupon at an annual rate of 8.20%, but only when each index closes at or above its coupon barrier (70% of its initial level) on the relevant observation date; otherwise no coupon is paid. Starting February 8, 2027, the securities are automatically redeemed if all indices are at or above 100% of their initial levels, returning principal plus the contingent coupon.
If the notes are not called and, on the final observation date, any index finishes below its downside threshold (65% of its initial level), investors lose principal in proportion to the decline of the worst-performing index, potentially down to zero. The estimated value on the pricing date is approximately $982.30 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on the credit of Morgan Stanley Finance LLC and its Morgan Stanley guarantee, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering principal-at-risk, callable contingent income securities due February 15, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer among the State Street Energy Select Sector SPDR ETF (XLE), the Nasdaq-100 Technology Sector (NDXT) and the Russell 2000 Index (RTY).
Investors may receive a contingent coupon at an annual rate of 11.30% on scheduled payment dates, but only if on each observation date the closing level of every underlier is at or above 70% of its initial level. If any underlier is below this coupon barrier on an observation date, no coupon is paid for that period.
Starting August 14, 2026, the issuer may redeem the notes on specified redemption dates if a risk-neutral valuation model indicates it is economically rational to do so. If the notes are not redeemed and at maturity each underlier is at or above 60% of its initial level, investors receive the $1,000 stated principal amount plus any final contingent coupon. If any underlier finishes below its 60% downside threshold, repayment of principal is reduced 1% for each 1% decline of the worst-performing underlier, potentially resulting in a zero payment. The estimated value on the pricing date is approximately $976.90 per security, reflecting issuance and hedging costs and the issuer’s internal funding rate. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Trigger Jump Securities linked to the worst performer of the MSCI EAFE Index, MSCI Emerging Markets Index and Nikkei Stock Average, fully and unconditionally guaranteed by Morgan Stanley.
The $1,000-denomination notes pay no interest and do not guarantee principal. At maturity in February 2031, investors can either receive enhanced upside (including a fixed $956 upside payment per security if the worst index is at or above its initial level) or par if the worst index stays at or above 80% of its initial level. If the worst index closes below its 80% downside threshold, investors lose 1% of principal for each 1% decline, with no minimum repayment.
The securities are unsecured and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $963.60 per $1,000, 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 principal-at-risk contingent income auto-callable securities linked to Microsoft Corporation common stock, maturing on February 2, 2029. Each security has a stated principal of $1,000 and an issue price of $1,000.
The notes pay a 9.00% per annum contingent coupon only when Microsoft’s closing price on an observation date is at or above the coupon barrier of $301.203, which is 70% of the initial level of $430.29. They can be automatically called on specified dates if Microsoft closes at or above the call threshold, set at $430.29, returning principal plus that period’s coupon.
If not called, and the final Microsoft level on January 30, 2029 is at or above the downside threshold of $301.203, investors receive principal back plus any final coupon. If the final level is below this threshold, repayment is reduced linearly with Microsoft’s decline, and the maturity payment can fall to zero. The securities are unsecured obligations exposed to Morgan Stanley’s credit and carry complex tax and liquidity considerations, with an estimated value on the pricing date of approximately $967.90 per security.
Morgan Stanley Finance LLC is offering market-linked notes due March 4, 2030, fully guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Tokyo Stock Price (TPX) and the EURO STOXX 50 (SX5E) and pay no periodic interest.
Each note has a $1,000 stated principal amount and an issue price of $1,000. The participation rate will be determined on the pricing date and is expected to be between 155% and 165%. At maturity, if the final level of either underlier is equal to or less than its initial level, holders will receive the stated principal amount only; if both final levels exceed their initial levels, holders receive principal plus the upside payment based on the worst performing underlier.
The estimated value on the pricing date is approximately $962.10. All payments are subject to Morgan Stanley’s credit risk, the notes will not be listed, and U.S. tax treatment is expected to follow contingent payment debt instrument rules.
Morgan Stanley Finance LLC is offering unsecured Enhanced Jump Notes due February 28, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return principal at maturity, with additional upside tied to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the iShares Silver Trust.
If the final level of each underlier is at least 90% of its initial level, holders receive $1,000 plus the greater of the worst underlier’s percentage gain or a fixed upside payment of $350 to $400 per note, set on the pricing date. If any underlier finishes below its threshold, only the $1,000 principal is repaid. The preliminary estimated value on the pricing date is approximately $942.70 per $1,000 note, reflecting issuance, structuring and hedging costs, and the notes carry Morgan Stanley credit risk and limited expected liquidity, with no stock exchange listing.
Morgan Stanley Finance LLC is offering Principal at Risk securities fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal per security, a fixed coupon determined on the pricing date (range disclosed 7.00% to 8.00% per annum), a maturity date of February 27, 2031, and monthly coupon payments. The securities are based on the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, include a 15% buffer (buffer level 85% of initial level) and a minimum payment at maturity of 15% of principal. Automatic early redemption is possible on specified determination dates beginning February 24, 2027. Pricing/strike date is February 24, 2026 and original issue date is February 27, 2026. All payments are subject to issuer credit risk and the estimated value at pricing is approximately $925 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Dual Directional Trigger Jump Securities linked to the S&P 500® Futures Excess Return Index, maturing on March 4, 2031.
Each $1,000 security pays no interest and may return less than the principal at maturity, including a potential total loss. If the index finishes at or above its initial level, holders receive $1,000 plus the greater of the index gain or a fixed upside payment expected between $545 and $565 per security. If the index is below the initial level but at or above 70% of it, investors receive $1,000 plus a positive “absolute return” on losses up to a 30% decline. Below the 70% downside threshold, repayment is reduced 1% for each 1% index loss. The estimated value on the pricing date is approximately $966.20 per $1,000, reflecting embedded issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering leveraged buffered notes linked to the S&P 500® Index. The notes pay no interest and return at maturity depends entirely on index performance over roughly 18–21 months.
For each $1,000 note, investors get 150% of any positive index return, but gains are capped at a maximum settlement amount expected between $1,148.35 and $1,174.00. A 10% downside buffer protects against moderate losses, but if the index falls more than 10%, principal loss accelerates and can reach 100%.
The estimated value on the trade date is approximately $975.50 per note, below the $1,000 issue price due to issuing, structuring and hedging costs and an internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, not FDIC insured, not listed on an exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk "Jump Securities" linked to the worst performer of the S&P 500, EURO STOXX 50 and Russell 2000 indices, maturing on February 27, 2031, with an auto-call feature in March 2027.
The notes may be automatically redeemed on the first determination date if each index is at or above its call threshold, paying an early redemption amount of $1,230 to $1,250 per $1,000. If held to maturity and not called, investors receive enhanced upside at a 150% participation rate if all indices finish above initial levels, principal back if all stay above 70% of initial, and a loss of 1% of principal for every 1% drop in the worst index below that 70% threshold, potentially down to zero.
The securities pay no interest, will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $936.10 per security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering $2,831,000 of auto-callable market-linked securities tied to the S&P 500 Index, fully guaranteed by Morgan Stanley. Each $1,000 security has an estimated value of $966.70 on the pricing date, reflecting issuance, selling, structuring and hedging costs borne by buyers.
The notes can be automatically called annually from 2027 if the S&P 500 closes at or above the starting level, paying fixed amounts from $1,075 to $1,300 per security (7.50% to 30.00% total return). If not called and the index falls more than 7.50%, principal is reduced one-for-one and losses can reach 92.50% of face amount.
The securities pay no interest, do not pass through dividends, are unsecured obligations subject to Morgan Stanley’s credit risk, and are not listed on any exchange. Secondary market pricing may be below face value and below the initial estimated value, and liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Jump Securities with an auto-call feature linked to the worst performer of the S&P 500 Index, Nasdaq-100 Technology Sector and Russell 2000 Index, maturing on March 4, 2031.
Each security has a stated principal amount and issue price of $1,000$1,220 and $1,240 per security. If held to maturity and not called, investors receive upside based on 150% of the gain of the worst-performing index if all finish above their initial levels, principal only if all are above 70% of initial levels, and a proportional loss of principal if any index finishes below 70% of its initial level.
The securities do not guarantee repayment of principal or pay interest, are unsecured and subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The preliminary estimated value on the pricing date is approximately $967.60 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due March 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal at risk, issued at a stated principal amount of $1,000 per security and will pay a contingent coupon determined on the pricing date in the range of 9.50% to 10.50% per annum if observation-date conditions are met. The securities are linked to the worst performing of the iShares Silver Trust (SLV), the Nasdaq-100 Technology Sector (NDXT) and the Russell 2000 (RTY), and have an estimated value on the pricing date of approximately $888.90. Payments depend on observation and redemption tests and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes due February 27, 2031. The securities are issued at a $1,000 stated principal amount per security and are fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at an annual rate of 9.50% to 10.50% if the underlier meets the coupon barrier on observation dates, are auto-callable beginning with the redemption determination date on February 24, 2027 at a call threshold of 100% of the initial level, and return principal at maturity only if the final level is at or above a buffer level of 85% (buffer amount 15%), otherwise exposing investors to losses beyond the buffer with a minimum payment at maturity of 15%.
The strike and pricing dates are February 24, 2026 with an original issue date of February 27, 2026. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (inception March 14, 2022). The document discloses an estimated value on the pricing date of Approximately $904.60 per security.
Morgan Stanley Finance LLC offers callable Jump Notes due March 4, 2031 linked to the S&P 500® Futures Excess Return Index, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, does not pay interest and has a 160% participation rate in positive index performance. The notes can be called beginning March 10, 2027 if a risk neutral valuation model shows redemption is economically rational; fixed early redemption payments rise across scheduled redemption dates (beginning at at least $1,120 on the first date). If not redeemed and the final level exceeds the initial level, maturity payment equals stated principal plus the upside payment; otherwise you receive only the stated principal. Estimated value on the pricing date was approximately $969.20. All payments are subject to Morgan Stanley’s credit risk; the notes will not be listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable structured notes linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount and is issued at $1,000, with an estimated value on the pricing date of approximately $947.40 per note.
The notes pay no interest. If they are not called and the index finishes above its initial level on February 24, 2031, investors receive principal plus a 125% participation in the index gain; otherwise only principal is repaid at maturity, assuming no issuer default.
Starting March 8, 2027, Morgan Stanley may redeem the notes on specified dates for at least $1,120 per note, with minimum redemption payments increasing over time up to at least $1,590. Early redemption is based on a risk neutral valuation model that favors the issuer, which can cap upside and shorten the investment horizon.
Key risks include issuer credit risk, no listing and potentially limited liquidity, the possibility of receiving no more than principal, sensitivity to futures-market dynamics, and complex U.S. tax treatment as contingent payment debt instruments.
Morgan Stanley Finance LLC is issuing Trigger PLUS structured notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $831,000.
The notes pay no interest and do not guarantee any return of principal. If the final index level is above 565.43, investors receive $1,000 plus 138.50% of the index gain. If the final level is between 75% and 100% of the initial level, investors receive only $1,000.
If the final level falls below 75% of the initial level, the payoff is reduced 1% for each 1% decline in the index, and the return can fall to zero. The estimated value on the pricing date is $985.50 per security, the notes are unsecured and not listed on any exchange, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is issuing $2,769,000 of principal-at-risk structured notes that pay an 8.00% per annum contingent coupon, linked to the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, and fully guaranteed by Morgan Stanley.
Coupons are only paid if both indices stay at or above 75% of their initial levels on scheduled observation dates, and the notes may be automatically called starting in January 2027 if both indices are at or above 100% of their initial levels. If held to February 2028 and either index finishes below 75% of its initial level, investors lose principal in line with the worst index’s decline, potentially down to zero. The issue price is $1,000 per note, with an estimated value on the pricing date of $950.30 and dealer selling commissions of $17.50 per note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities linked to Oracle Corporation common stock, maturing on February 25, 2028. Each $1,000 security pays a contingent coupon at an annual rate of 14.25% to 15.25% only when Oracle’s closing level is at or above a 60% coupon barrier on scheduled observation dates.
The notes can be automatically redeemed early if Oracle’s closing level is at or above 100% of its initial level on specified redemption determination dates, paying principal plus due and previously unpaid coupons. If held to maturity and Oracle’s final level is below a 60% downside threshold, investors lose 1% of principal for each 1% decline in Oracle, up to a total loss. The estimated value on the pricing date is approximately $945.60 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering market-linked notes due February 27, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is linked to the S&P 500® Futures Excess Return Index.
At maturity, investors receive $1,000 plus an upside payment if the index’s final level is above its initial level. The upside payment equals the principal times a participation rate of 108% to 118% times the index percentage gain. If the final level is at or below the initial level, investors receive only the $1,000 principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments are subject to their credit risk. The estimated value on the pricing date is approximately $941.60 per note, reflecting issuance, structuring and hedging costs and an internal funding rate. The notes will not be listed on any exchange, and secondary market trading, if any, may be limited and at prices below issue. U.S. investors are generally expected to treat the notes as contingent payment debt instruments for tax purposes, with annual interest accruals and ordinary income treatment on gains.
Morgan Stanley Finance LLC is offering callable contingent income securities due February 17, 2028, linked to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500 indexes. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 7.80% per annum, but only if on each observation date all three indexes are at or above their coupon barrier levels (70% of initial levels). Morgan Stanley can redeem the notes on scheduled redemption dates using a risk‑neutral valuation model. At maturity, if not called and any index finishes below its 65% downside threshold, investors lose 1% of principal for each 1% decline in the worst‑performing index, potentially losing their entire investment. All payments are subject to Morgan Stanley’s credit risk, and the securities are not listed on any exchange.
Morgan Stanley Finance LLC is issuing principal-at-risk Callable Contingent Income Memory Securities due February 2, 2028, linked to the worst performer of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index. The aggregate principal amount is $500,000, at $1,000 per security.
Investors may receive an 11.00% per annum contingent coupon, but only if on each observation date all three indices are at or above coupon barrier levels set at 75% of their initial levels; missed coupons can be paid later if conditions are met. If any index finishes below its downside threshold (also 75% of initial level) at maturity and the notes have not been called, principal is reduced 1% for every 1% decline in the worst-performing index, potentially to zero.
The notes are callable in whole from July 31, 2026 on specified redemption dates if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and the estimated value on the pricing date is $982.40 per security, below the issue price.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Participation Securities maturing on February 10, 2028, linked to the worst performing of the iShares Core S&P Small-Cap ETF, the Russell 2000 Index and the SPDR S&P MidCap 400 ETF Trust.
Each security has a stated principal amount of $1,000, no interest payments and a 100% participation rate in the appreciation of the worst performing underlier above its initial level. A 20% buffer protects against moderate losses, but if any underlier falls more than 20%, investors lose 1% of principal for each 1% additional decline, with a minimum payment of 20% of principal.
The securities 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 approximately $986.50 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due November 8, 2027, at $1,000 per note, linked to the worst performer of the State Street Energy Select Sector SPDR ETF (XLE), State Street Technology Select Sector SPDR ETF (XLK) and VanEck Semiconductor ETF (SMH).
The notes pay a 10.25% per annum contingent coupon, only if on each observation date all three ETFs close at or above 50% of their initial levels. Beginning August 6, 2026, the issuer may redeem the notes on specified dates if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to do so.
If not redeemed and each ETF finishes at or above its 50% downside threshold on the final observation date, investors receive principal back plus any final coupon. If any ETF finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, potentially to zero. The estimated value on the pricing date is approximately $980.70 per note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk notes linked to the VanEck Gold Miners ETF. The notes pay no interest and are unsecured obligations.
At maturity, investors receive $1,000 plus 300% of any positive ETF return, but only up to a capped maximum settlement amount expected between $1,510.90 and $1,599.40 per $1,000 face amount. If the ETF finishes at or below its initial level, repayment is reduced one-for-one with the decline, and investors can lose their entire investment.
The estimated value on the trade date is approximately $979.90 per note, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes are not listed, may have limited liquidity, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $3,652,000 of callable contingent income securities due February 1, 2029, linked to the worst performer of the Russell 2000 Index, S&P 500 Index and State Street Technology Select Sector SPDR ETF.
The notes offer a 10.25% per annum contingent coupon, paid only if on each observation date all three underliers stay at or above their respective coupon barriers (70% of initial levels). Principal is fully at risk: if at maturity any underlier finishes below its downside threshold (60% of initial level), repayment is reduced 1% for each 1% decline of the worst underlier and can fall to zero.
The securities are callable in whole, starting July 31, 2026, only if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. The issue price is $1,000 per security, while the estimated value on the pricing date is $982.70, reflecting embedded costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing Structured Investments Buffered PLUS notes due December 31, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with a total offering size of $303,000, and pays no interest.
The notes are linked to a weighted basket including the iShares MSCI EAFE ETF, MSCI Emerging Markets Index, Russell 2000 Index, S&P 500 Index and S&P MidCap 400 Index, with an initial basket level of 100. At maturity, investors get leveraged upside of 120% of any basket gain, capped at a maximum payment of $1,290 per security. A 5% buffer protects against small losses, but below that investors lose 1% of principal for each 1% further decline, subject to a minimum payment of 5% of principal.
All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange. The estimated value on the pricing date is $980.70 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley is issuing $4,000,000,000 of Global Medium‑Term Notes, Series I, Fixed/Floating Rate Senior Notes due January 30, 2037. The notes pay a fixed interest rate of 5.073% per annum from February 2, 2026 until January 30, 2036, then switch to a floating rate based on compounded SOFR plus a 1.184% spread, with interest paid semiannually during the fixed period and quarterly during the floating period.
The notes are senior unsecured obligations, issued at 100.000% of principal, with a redemption percentage at maturity of 100%. Morgan Stanley may redeem the notes through an optional make‑whole call on or after August 6, 2026 and prior to January 30, 2036, and may also redeem (i) in whole on January 30, 2036 or (ii) in whole or in part on or after October 30, 2036 at 100% of principal plus accrued interest. Investors face SOFR‑linked rate uncertainty, potential early redemption requiring reinvestment, market value sensitivity to interest rates and credit spreads, and tax treatment as variable rate debt instruments for U.S. federal income tax purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering unsecured structured notes linked to the BlackRock Adaptive U.S. Equity 5% Index, maturing March 1, 2033. The notes pay no periodic interest and are issued at $1,000 per note, with an estimated value on the pricing date of approximately $945.10 per note.
The notes feature an automatic early redemption starting February 24, 2027. If the index closes at or above preset call thresholds on a determination date, investors receive an increasing early redemption payment, targeting at least about 9.25% per annum, and the notes terminate. If held to maturity without early redemption, investors receive the $1,000 principal plus 100% of any index gain, or only $1,000 if the index is flat or lower.
All payments depend on Morgan Stanley’s credit. The notes are not listed, may have limited liquidity, and are sensitive to index performance, interest rates, volatility, and Morgan Stanley’s credit spreads. Investing is not equivalent to owning the index or any underlying ETFs.
Morgan Stanley Finance LLC is offering $4,884,000 of Contingent Income Auto-Callable Securities due February 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount and an estimated value on the pricing date of $970.50.
The notes pay a contingent coupon at an annual rate of 8.02%, but only if on each observation date the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index all close at or above their respective coupon barrier levels set at 70% of initial levels. If on any observation date at least one index is below its barrier, no coupon is paid for that period.
The notes may be automatically redeemed quarterly starting July 28, 2026 if all three indices are at or above their call thresholds, set at 100% of initial levels, paying principal plus the applicable coupon. If not called, and at maturity any index finishes below its downside threshold (also 70% of its initial level), investors lose 1% of principal for each 1% decline of the worst-performing index, up to a total loss of principal. All payments are subject to Morgan Stanley’s credit risk, and the notes are not listed on any exchange.
Morgan Stanley Finance LLC is offering $500,000 of structured notes linked to the iShares Silver Trust, fully guaranteed by Morgan Stanley. Each $1,000 note pays no interest and returns at least 95% of principal at maturity, with 1:1 exposure to SLV’s price move on the March 1, 2027 observation date.
If SLV rises, investors receive principal plus 100% of the gain, capped at $1,201.30 per note, or 120.13% of principal. If SLV falls, investors lose 1% of principal for every 1% decline, down to a minimum payoff of $950. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and initially have an estimated value of $978.20 per note versus the $1,000 issue price.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes, fully guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security and maturity on February 28, 2030. The notes pay no interest and are principal-at-risk.
Returns depend on the worst performing of the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, based only on their levels on the February 25, 2030 observation date. If both finish above their initial levels, investors receive principal plus leveraged upside at a 116%–131% leverage factor. If the worst index finishes between its initial level and a downside threshold at 70% of its initial level, investors get principal plus an “absolute return” on the decline, with this feature effectively capped at a 15% positive return.
If either index ends below its downside threshold, investors lose 1% of principal for each 1% decline of the worst index, with no minimum repayment, so the entire investment can be lost. The preliminary estimated value on the pricing date is about $933.50 per note, 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, are not listed on any exchange and may have limited secondary liquidity, and the U.S. federal tax treatment is described as uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. The notes pay a contingent coupon at an annual rate of at least 6.25% only when both indices close at or above their coupon barrier levels on scheduled observation dates.
The securities can be auto-called starting in February 2027 if both indices are at or above 100% of their initial levels, returning principal plus the applicable coupon. At maturity in March 2029, investors receive full principal only if both indices are at or above 85% of their initial levels; otherwise, principal is reduced 1% for each 1% decline in the worst index beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $951 per $1,000 security. They are not listed on any exchange, may have limited liquidity, involve complex tax treatment and carry full issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due March 4, 2030, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities are linked to the worst performer of the Nasdaq-100 Technology Sector Index and the Russell 2000 Index.
The notes pay no interest and may return less than your principal at maturity, including a total loss. If the final level of each index is above its initial level, holders receive the $1,000 stated principal amount plus a leveraged upside payment based on a leverage factor between 132% and 147%.
If the worst-performing index is flat or down but not below 70% of its initial level, investors receive principal plus an “absolute return” of 50% of the index’s percentage decline, capped at an effective positive return of 15%. If either index finishes below its 70% downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum payment.
The estimated value on the pricing date is approximately $961.60 per $1,000 note, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed on any securities exchange, and secondary trading, if any, may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $5,000,000 of Trigger Autocallable Contingent Yield Notes linked to Goldman Sachs Group common stock. Each Security has a $10 principal amount and offers a 10.00% per annum contingent coupon, paid quarterly as $0.25 when the stock closes at or above the $611.76 Coupon Barrier.
The notes may be automatically called on any quarterly Observation Date beginning July 27, 2026 if the stock closes at or above the $929.72 Initial Price, returning principal plus that quarter’s coupon. If not called and on the final Observation Date, January 29, 2029, the final stock price is at or above the $611.76 Downside Threshold, investors receive full principal plus the last coupon at maturity on February 1, 2029.
If the final price is below the Downside Threshold, repayment is reduced one-for-one with the stock’s decline, and investors can lose most or all principal. The notes do not participate in stock upside, pay no dividends, are not exchange-listed, and all payments depend on Morgan Stanley’s credit. The price to public is $10 per Security, while the issuer’s estimated value on the trade date is $9.693, reflecting embedded costs and an internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $42,757,480 of Autocallable Trigger GEARS linked to the State Street SPDR S&P Oil & Gas Exploration & Production ETF. Each Security has a $10 principal amount and matures on January 31, 2029, with principal at risk.
If on the February 1, 2027 Observation Date the ETF closes at or above the Autocall Barrier of $137.10 (100% of the Initial Price), the notes are automatically called and pay $12 per Security, reflecting a 20.00% per annum Call Return, with no further upside.
If not called and the ETF ends above the Initial Price, investors receive $10 plus 1.40 times the positive Share Return. If the Share Return is zero or negative but the Final Price is at or above the Downside Threshold of $102.83 (75% of the Initial Price), investors receive only their $10 principal. If the Final Price is below the Downside Threshold, repayment is reduced dollar-for-dollar with the ETF’s loss, up to a total loss of principal.
The Securities pay no interest or dividends, will not be listed on any exchange, and their value depends on Morgan Stanley’s credit. The estimated value on the trade date is $9.597 per Security, below the $10 issue price, and the offering involves complex U.S. tax considerations.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $6,844,500 of Trigger Step Securities linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average, maturing on January 30, 2031, at $10 per Security.
Holders receive no interest or dividends. At maturity, if both indices finish at or above their 100% step barriers, investors get principal plus the greater of a 50.00% step return or the actual gain of the weaker index. If either index is below its barrier but both stay at or above their 75% downside thresholds, only principal is returned.
If either index closes below its 75% downside threshold, repayment is reduced in full proportion to the loss of the least performing index, and investors can lose all principal. The estimated value on the trade date is $9.915 per $10 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 $9,548,400 of Trigger Step Securities linked to the EURO STOXX 50® Index at $10 per Security.
The 5-year notes pay no interest and are principal-at-risk. If the Final Level is at or above the Step Barrier of 100% of the Initial Level of 5,933.20, investors receive $10 plus the greater of a 50.00% Step Return or the index return. If the Final Level is below the Step Barrier but at or above the Downside Threshold of 4,449.90 (75% of the Initial Level), investors receive only their $10 principal. If the Final Level is below the Downside Threshold, repayment is reduced dollar-for-dollar with the index loss, up to a total loss of principal.
The estimated value on the trade date is $9.476 per Security, below the $10 issue price, reflecting distribution, structuring and hedging costs and an internal funding rate advantageous to the issuer. The Securities are unsecured, unsubordinated obligations, subject to Morgan Stanley’s credit risk, and will not be listed on any securities exchange, so liquidity may be limited.
Morgan Stanley Finance LLC is offering principal-at-risk "Jump Securities" linked to the worst performer of the S&P 500® Index and Russell 2000® Index, guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of about $966.70.
The notes may auto-call on March 8, 2027 if both indices are at or above 100% of their initial levels, paying an early redemption amount between $1,152.50 and $1,172.50. If held to March 2, 2029, investors receive upside at a 150% participation rate on the worst index if both finish above initial levels, only principal back if both stay at or above 75% of initial levels, and a 1-to-1 loss with the worst index if either finishes below its 75% downside threshold, potentially resulting in a total loss of principal. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS notes maturing on February 27, 2031 linked to the worst performer of the Russell 2000 Index and the S&P 500 Index. The notes pay no interest and are principal-at-risk.
At maturity, holders get their $1,000 principal plus leveraged upside of 107%–117% of any gain in the worst-performing index if both finish above their initial levels. If the worst-performing index finishes between its initial level and a 20% buffer, investors receive only principal. Below the buffer, principal is reduced 1% for each 1% additional decline, but there is a minimum repayment of 20% of principal.
The value is based solely on the observation date levels in February 2031, and the estimated value on the pricing date is approximately $935.30 per $1,000 note. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and involve complex risk and tax considerations.