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 $945,000 of market-linked notes, at $1,000 per note, fully and unconditionally guaranteed by Morgan Stanley and linked to Eli Lilly, Micron Technology, Meta Platforms and NVIDIA common stocks.
The notes are auto-callable monthly starting in January 2027 if each stock closes at or above its starting price, paying fixed call amounts that rise from $1,126.00 (12.60% premium) up to $1,630.00 (63.00% premium) on the final calculation day. If never called, investors receive only the $1,000 principal at maturity in January 2031, with no additional return.
The notes pay no interest and do not provide dividends or upside beyond the preset call payments. The issuer’s estimated value on the pricing date is $949.40 per note, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. Key risks include issuer credit risk, complex valuation, limited or no secondary market, reinvestment risk if called early, and exposure to the lowest-performing stock among the four underlyings.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable income “memory” auto-callable notes due February 27, 2031 linked to the worst performer among five stocks: Palantir, Micron, AppLovin, Tesla and Oracle.
The notes pay a monthly variable coupon: a lower rate of 0.25% per year if any stock is below its coupon barrier on the observation date, or a higher rate of 8.00% per year plus any unpaid conditional coupons if all are at or above their barriers. Barriers are set at 80% of each stock’s initial level and call thresholds at 100%.
The notes may be automatically redeemed from February 2027 onward if each stock meets its call threshold, paying principal plus the higher coupon and any unpaid conditional coupons. If never called, investors receive principal at maturity plus the applicable final coupon, subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $937.90 per $1,000 note.
Morgan Stanley is offering fixed rate, unsecured notes due February 13, 2029, in $1,000 denominations. The notes pay a 3.750% annual interest rate, with semi-annual payments each February and August, beginning on August 13, 2026.
The payment at maturity will be $1,000 per note plus accrued interest, subject to Morgan Stanley’s credit risk. The notes are not insured by the FDIC, will not be listed on an exchange, and secondary market liquidity may be limited. The estimated value on the pricing date is approximately $986.60 per note, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC is offering fixed rate callable notes due February 13, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays a fixed annual interest rate of 4.200%, with semi-annual interest payments every February 13 and August 13, starting August 13, 2026.
The notes are callable in whole, but not in part, on semi-annual redemption dates beginning February 13, 2028, at 100% of principal plus accrued interest if a risk neutral valuation model indicates redemption is economically rational for the issuer. The estimated value on the pricing date is approximately $981.60 per note, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured, subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed rate callable notes maturing on February 13, 2034. Each note has a stated principal amount and issue price of $1,000, with interest accruing from February 13, 2026.
The notes pay a fixed annual interest rate of 4.400%, with semi-annual interest payments each February 13 and August 13, starting August 13, 2026, using a 30/360 day-count convention. At maturity, investors receive $1,000 per note plus accrued and unpaid interest, unless the notes are redeemed earlier.
The issuer may redeem the notes in whole, but not in part, on semi-annual redemption dates beginning February 13, 2030, at 100% of principal plus accrued interest. The decision to call is based on a risk neutral valuation model comparing the economics of redeeming versus holding the notes outstanding.
The estimated value on the pricing date is approximately $963.20 per note, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate that is advantageous to the issuer. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary market liquidity.
Morgan Stanley is offering unsecured fixed rate notes due February 13, 2034, with a stated principal amount and issue price of $1,000 per note.
The notes pay interest at a fixed rate of 4.350% per annum, accruing from February 13, 2026 and paid semi-annually on the 13th of February and August, starting August 13, 2026. At maturity, investors receive $1,000 per note plus accrued and unpaid interest.
The notes are subject to the credit risk of Morgan Stanley, are not insured or secured, and will not be listed on any securities exchange. Morgan Stanley estimates the value on the pricing date at approximately $966.60 per note, reflecting issuance, structuring and hedging costs embedded in the $1,000 issue price. Secondary market prices may be lower and liquidity may be limited, with Morgan Stanley & Co. LLC potentially, but not obligated, to make a market.
Morgan Stanley is offering fixed rate senior notes due February 13, 2036. Each note has a stated principal amount and issue price of $1,000 and pays a fixed annual interest rate of 4.500%, with interest paid semi-annually on February 13 and August 13, starting August 13, 2026.
All payments depend on Morgan Stanley’s credit; the notes are unsecured, not bank deposits, and are not FDIC insured. The notes will not be listed on any securities exchange, so secondary market liquidity may be limited and sale prices may be below the issue price.
The bank estimates the value of each note on the pricing date at approximately $958.50, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate. Proceeds are for general corporate purposes, and affiliated dealers may receive sales commissions and engage in hedging activities.
Morgan Stanley is offering unsecured fixed rate notes maturing on February 13, 2032. Each note has a $1,000 stated principal amount and pays interest at a fixed annual rate of 4.150%, with semi-annual payments every February 13 and August 13, starting August 13, 2026.
At maturity, investors receive $1,000 per note plus any accrued and unpaid interest, subject to Morgan Stanley’s credit risk. The notes are not secured, are not bank deposits, are not FDIC insured and will not be listed on any securities exchange, so secondary market liquidity may be limited.
The estimated value on the pricing date is approximately $975.80 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate that is advantageous to the issuer. Proceeds will be used for general corporate purposes, and Morgan Stanley & Co. LLC and affiliates may hedge and make a market in the notes.
Morgan Stanley is offering unsecured fixed rate notes due February 13, 2031. Each note has a stated principal amount and issue price of $1,000 and pays a fixed interest rate of 4.000% per year, with semi-annual interest payments every February 13 and August 13, starting August 13, 2026.
All payments depend on Morgan Stanley’s credit; a default could result in loss of some or all invested principal. The notes will not be listed on any securities exchange, so secondary market liquidity may be limited and sale prices could be substantially below the issue price.
The estimated value on the pricing date is approximately $978.40 per note, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate that is advantageous to the issuer. Morgan Stanley & Co. LLC, an affiliate, acts as agent, calculation agent and may make a secondary market, but is not obligated to do so.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income securities due February 2, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index.
The notes pay a 9.00% per annum contingent coupon, but only when the closing level of each index on an observation date is at or above its coupon barrier, set at 70% of its initial level. At maturity, investors receive full principal only if every index finishes at or above its 70% downside threshold; otherwise, 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 approximately $984.80 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited liquidity, and involve complex U.S. tax treatment.
Morgan Stanley is issuing unsecured fixed rate notes due January 29, 2032, with an aggregate principal amount of $6,250,000 and a stated principal amount and issue price of $1,000 per note.
The notes pay fixed interest of 4.150% per annum, accruing from January 29, 2026, with semi-annual payments on January 29 and July 29, starting July 29, 2026, using a 30/360 day-count convention. At maturity, investors receive the stated principal plus accrued and unpaid interest.
The estimated value on the pricing date is $978.00 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are subject to Morgan Stanley’s credit risk, are not insured, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley is issuing $342,000 aggregate principal amount of fixed rate notes due January 27, 2034, at $1,000 per note with a 4.350% annual interest rate. Interest is paid semi-annually each January 27 and July 27, starting July 27, 2026, using a 30/360 day-count basis.
The notes are senior unsecured obligations of Morgan Stanley, so all payments depend on its credit and are not insured or secured by any assets. The notes will not be listed on any exchange and secondary market liquidity may be limited.
The estimated value on the pricing date is $969.00 per note, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate. Agent sales commissions are $12 per note, except for fee-based advisory accounts, which pay $988 per note without sales commissions.
Morgan Stanley is issuing $4.984 million of fixed rate notes due January 29, 2031. Each note has a $1,000 principal amount and pays a fixed 4.00% annual interest, with semi-annual interest payments every January 29 and July 29 starting July 29, 2026.
Investors receive the $1,000 principal per note at maturity plus accrued interest, subject to Morgan Stanley’s credit risk. The notes are sold at $1,000 per note, while the bank’s own estimated value on the pricing date is $980.30 per note due to embedded costs and its internal funding rate.
The notes are unsecured, not insured by the FDIC, and will not be listed on any securities exchange, so liquidity may be limited and secondary market prices may be below the issue price. Proceeds are for Morgan Stanley’s general corporate purposes, and affiliated dealers earn sales commissions of $7.50 per note in most accounts.
Morgan Stanley is offering $2.522 million of unsecured fixed rate notes due January 29, 2036. Each note has a $1,000 stated principal amount and pays 4.500% annual interest, with semi-annual payments every January and July starting July 29, 2026.
The notes are issued in U.S. dollars under a 30/360 day-count basis and will not be listed on any securities exchange, so liquidity may be limited. The price to the public is $1,000 per note, but Morgan Stanley estimates the value on the pricing date at $960.90, reflecting issuing, selling, structuring and hedging costs and an internal funding rate favorable to the issuer.
MS & Co. acts as agent and expects to receive a fixed sales commission of $15 per note, with total proceeds to Morgan Stanley of $2,484,170 before general corporate use. All payments depend on Morgan Stanley’s credit; if it defaults, investors could lose some or all of their investment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes tied to the lowest performing of four State Street SPDR sector ETFs in metals & mining, technology, energy and health care, maturing on February 5, 2027.
Each $1,000 security has a current estimated value of $951.10, a 100% participation rate in gains of the lowest performing ETF and a maximum return of 50%, capping the maturity payment at $1,500 per security. A 20% downside buffer applies: if the lowest performer finishes between 0% and –20%, investors receive a positive return equal to the absolute decline, up to 20%.
If the lowest performing ETF falls by more than 20% from its starting price, principal is reduced beyond the buffer and investors can lose up to 80% of face amount. The notes pay no interest, forgo dividends on the ETFs, will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Trigger PLUS notes linked to the Invesco QQQ Trust, Series 1, maturing on August 4, 2027. Each $1,000 security offers 200% leveraged upside if QQQ rises, but gains are capped at a maximum payment of $1,181 per security.
If QQQ finishes between its initial level and a downside threshold at 85% of that level, investors simply receive their $1,000 principal back. If QQQ closes below the downside threshold, investors lose 1% of principal for every 1% decline in QQQ, with no minimum repayment.
The notes pay no interest, are unsecured obligations of Morgan Stanley Finance LLC guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is approximately $963.90 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing $390,000 of fixed rate callable notes due January 27, 2034, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays fixed interest of 4.400% per year, with semi-annual payments each January and July starting July 27, 2026.
The notes are callable in whole, but not in part, at par plus accrued interest on semi-annual redemption dates beginning January 27, 2030, if a risk neutral valuation model indicates redemption is economically rational for the issuer. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any securities exchange, so secondary market liquidity may be limited.
The agent’s commission is $12 per note, resulting in proceeds to the issuer of $988 per note. The estimated value on the pricing date is $965.70 per note, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due January 31, 2036, fully and unconditionally guaranteed by Morgan Stanley, in an aggregate principal amount of $3,930,000 and issued at $1,000 per security.
The notes pay no interest and return depends on the worst performer between the Nasdaq-100 Futures Excess Return Index and the S&P 500 Futures Excess Return Index. If the worst underlier finishes above its initial level, holders receive principal plus 403% of its gain. If the worst underlier ends at or below its initial level but at or above 77% of its initial level, only principal is repaid. Below that 77% downside threshold, repayment falls 1% for each 1% decline in the worst underlier, and the amount can be zero. The securities are unsecured, subject to Morgan Stanley credit risk, will not be listed on an exchange, and had an estimated value on the pricing date of $967.30 per $1,000.
Morgan Stanley Finance LLC is offering $3,000,000 of Contingent Income Buffered Auto-Callable Securities, at $1,000 per note, linked to the worst performer of three State Street sector ETFs: Financial (XLF), Health Care (XLV) and Technology (XLK). The notes pay a 13.44% annual contingent coupon, but only if on each observation date all three ETFs are at or above their coupon barrier levels, set at 85% of their initial levels. The notes can be automatically called quarterly starting April 21, 2026 if all ETFs are at or above 100% of their initial levels, returning principal plus that period’s coupon. At maturity in February 2027, if not called and any ETF has fallen more than the 15% buffer, investors lose about 1.1765% of principal for every 1% decline beyond the buffer, with no minimum repayment. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $985.10 per $1,000 note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered PLUS notes maturing July 29, 2027, linked to a weighted basket of the S&P 500, Russell 2000 and EURO STOXX 50 indices. The aggregate principal amount is $161,000, at $1,000 per security.
The notes pay no interest. At maturity, investors get leveraged upside of 150% of any basket gain, capped at a maximum payment of $1,179 per security. A 15% downside buffer applies; below that level, principal is reduced 1% for each additional 1% decline, with a minimum payment of 15% of principal.
These unsecured securities expose investors to the credit risk of Morgan Stanley, potential loss of most of their investment, limited liquidity because they are not exchange-listed, and complex U.S. tax treatment. The estimated value on the pricing date is $992.40 per $1,000 security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P 500® Futures Excess Return Index, maturing on March 1, 2029. The securities pay no interest and return depends entirely on index performance at a single observation date near maturity.
If the index rises, holders receive the $1,000 stated principal plus 100% of the index upside. If the index is flat or down but not below 80% of its initial level, investors still receive a positive return, matching the absolute percentage decline, effectively capped at a 20% gain. If the index falls below the 80% buffer, principal is reduced 1% for each additional 1% decline, with a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $952.60 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer. The notes are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, and may have limited or illiquid secondary trading and uncertain tax treatment.
Morgan Stanley Finance LLC is offering market-linked securities tied to the lowest-performing of Alphabet Class A, Meta Class A and Amazon common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount, with an estimated value on the pricing date of about $939.90, reflecting issuing, selling, structuring and hedging costs.
The notes are auto-callable on February 19, 2027 if each stock’s closing price is at or above its starting price, in which case investors receive a call payment of at least $1,350 per $1,000 and the investment ends. If not called, the notes mature on February 16, 2029 and pay 300% of the positive return of the lowest-performing stock if it finishes above its starting price, return only the $1,000 face amount if that stock finishes between 50% and 100% of its starting price, or incur losses matching the stock’s decline if it finishes below 50%, potentially losing most or all principal.
The securities pay no interest, do not provide dividends, are not listed on any exchange and are subject to Morgan Stanley’s credit risk. The filing details extensive market, liquidity, structural and tax risks, emphasizing that these complex notes suit only investors who can tolerate full downside exposure to the three underlying stocks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000 face-value market-linked securities due February 17, 2028, tied to the lowest performer of Bank of America, Citigroup and Goldman Sachs common stocks. The notes are auto-callable and put investors’ principal at risk.
The current estimated value is approximately $957.30 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate favorable to the issuer. If all three stocks are at or above their starting prices on a calculation day, the notes are called for a fixed cash payment with call premiums of at least 26%, 39% or 52% for the first, second and final calculation days, respectively.
If the notes are not called and any stock finishes below its 70% downside threshold, repayment of principal falls in line with the worst stock’s performance, so investors can lose more than 30%, up to their entire investment. The securities pay no interest or dividends, are not listed on an exchange, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering auto-callable market-linked securities tied to the S&P 500, Russell 2000 and Nasdaq-100 indexes, maturing in August 2027. Each security has a $1,000 face amount and an estimated initial value of about $970, reflecting embedded issuance and hedging costs borne by investors.
The notes pay a contingent coupon at a rate of at least 9.00% per annum, but only when the lowest-performing index on a monthly observation date is at or above 75% of its starting level. After a six-month non-call period, the notes auto-call if all three indexes are at or above their starting levels, returning face amount plus the final coupon. If held to maturity and any index finishes below 75% of its starting level, repayment is reduced 1‑for‑1 with that decline, so investors can lose more than 25%, up to all principal.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS notes due February 26, 2027, linked to the worst performer among the Dow Jones Industrial Average, the Nasdaq-100 Index® and the S&P 500® Index.
Each $1,000 security offers 175% leveraged upside on the worst performing index if it finishes above its initial level, but the payout is capped at a maximum of $1,189 (118.90% of principal). If the worst index ends at or below its initial level but at or above 70% of its initial level, investors receive only their $1,000 back.
If the worst index closes below 70% of its initial level, repayment is reduced 1% for each 1% decline in that index, with no minimum payment, so the entire principal can be lost. The aggregate principal amount is $900,000, the estimated value at pricing is $985.70 per note, the securities pay no interest, are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered PLUS with Downside Factor notes linked to the S&P 500® Index, maturing on November 26, 2027. Each security has a $1,000 principal amount within a total offering of $1,150,000.
The notes pay no interest and do not guarantee principal. If the index rises, investors earn 150% of the gain up to a maximum payment of $1,192 per security. If the index falls up to 20%, investors receive only their principal back.
If the index declines more than 20%, investors lose 1.25% of principal for every 1% additional drop, with no minimum repayment, so the entire investment can be lost. The estimated value on the pricing date is $993.50 per security, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Memory Auto-Callable Securities linked to the Class A common stock of Dave Inc. The notes have a stated principal of $1,000 per security and an aggregate principal amount of $500,000, with an issue price of $1,000 and an estimated value on the pricing date of $951.80 per security.
The notes pay a contingent coupon at 26.40% per annum, but only when Dave’s stock closes at or above the coupon barrier of $91.185 (50% of the $182.37 initial level) on an observation date; missed coupons can be paid later if the barrier is subsequently met. The notes are auto-callable on specified dates if the stock is at or above the call threshold of $182.37, returning principal plus the applicable coupon. If not called, and at maturity the final level is at or above the downside threshold of $91.185, investors receive full principal. If the final level is below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero, so principal is fully at risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $500,000 of Structured Investments Partial Principal at Risk Notes linked to the STOXX® Europe 600 Index. Each note has a stated principal amount and issue price of $1,000, but only a $950 partial principal return is protected at maturity.
At maturity on January 31, 2028, if the index’s final level is above the upside threshold level of 95% of the initial level, investors receive the $950 partial principal plus an upside payment based on an 82.35% participation rate in index appreciation above that threshold. If the final level is at or below the upside threshold, investors receive only $950, meaning a loss of 5% of principal.
The notes pay no interest, depend entirely on the index level on a single observation date, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $962.30 per note, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk structured notes linked to DoorDash Class A shares, with an aggregate principal amount of $802,000 and a stated principal amount of $1,000 per security.
The notes offer a 15.00% annual contingent coupon, payable only when DoorDash’s closing price on an observation date is at or above the coupon barrier of $119.675, equal to about 57.75% of the $207.23 initial level. Missed coupons can be paid later if the barrier is met, but may be lost entirely.
The securities auto-call on set dates starting July 23, 2026 if DoorDash closes at or above the call threshold of $207.23, returning principal plus the applicable coupon and any unpaid coupons. If not redeemed early, and DoorDash’s final level on January 24, 2028 is at or above the downside threshold of $119.675, investors receive full principal plus any due coupon.
If the final level is below the downside threshold, maturity payment is $1,000 × (final level ÷ 207.23), creating 1-for-1 downside exposure and potential total loss of principal. The estimated value on the pricing date is $972.70 per security, below issue price due to fees and the issuer’s internal funding rate, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $1,100,000 of principal-at-risk “Jump Securities” linked to a basket of three equity indices: MSCI EAFE (25%), MSCI Emerging Markets (10%) and the S&P 500 Futures Excess Return Index (65%). Each security has a $1,000 principal amount, a January 28, 2031 maturity and no periodic interest.
The notes are automatically redeemed on January 29, 2027 for $1,110 per security if the basket level on the first determination date is at or above the initial level of 100. If not called, maturity payment depends on basket performance: investors gain 225% of any positive return, receive principal back if the basket is between 70 and 100, and lose 1% of principal for every 1% decline below 70, potentially losing their entire investment.
The estimated value on the pricing date is $972.60 per security, reflecting issuer funding levels and structuring and hedging costs. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities linked to Ford Motor Company common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $805,000.
The notes pay a contingent coupon at 11.28% per year, but only if Ford’s closing price on an observation date is at or above the coupon barrier of $8.136, which is 60% of the $13.56 initial level. The same level serves as the downside threshold; if the final price is below this at maturity and the notes have not auto-called, investors lose 1% of principal for each 1% decline in the stock, potentially down to zero.
The notes are automatically redeemed at set dates if Ford’s stock closes at or above the $13.56 call threshold, returning principal plus the applicable coupon. They are unsecured obligations of MSFL, guaranteed by Morgan Stanley, have an estimated value of $974.30 per $1,000 at pricing, and will not be listed on any exchange.
Morgan Stanley Finance LLC is issuing Trigger PLUS structured notes due January 28, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with a total aggregate principal of $2,646,000, and pays no periodic interest.
The notes are linked to the worst performer of the Russell 2000 Index, the S&P 500 Index and the State Street Financial Select Sector SPDR ETF. If all final levels exceed their initial levels, holders receive principal plus 166% of the worst performer’s gain. If any underlier finishes below its 60% downside threshold, repayment is reduced 1% for each 1% decline in the worst performer, and repayment can fall to zero.
The estimated value on the pricing date is $944.50 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing partial principal at risk notes linked to the SPDR® Gold Trust (GLD). Each note has a $1,000 stated principal amount, with a total offering of $4,441,000, and matures on February 10, 2027.
The notes pay no interest. At maturity, investors receive $1,000 plus 100% of any GLD gain, capped at a maximum payment of $1,121.40 per note. On the downside, investors lose 1% of principal for each 1% decline in GLD, but repayment will not fall below the 95% partial principal return amount, or $950 per note.
The estimated value on the pricing date is $983 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes carry Morgan Stanley credit risk, are not listed on any exchange, may have limited liquidity, and are subject to complex tax treatment as contingent payment debt instruments.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to the worst performer of the State Street Energy Select Sector SPDR ETF, the Russell 2000 Index and the S&P 500 Equal Weight Index. Each security has a $1,000 stated principal amount, with a total offering size of $500,000, and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a 9.45% per annum contingent coupon, paid only if on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of initial levels. The notes can be automatically redeemed quarterly from January 2027 onward if each underlier is at or above its call threshold level, equal to 100% of its initial level, in which case investors receive principal plus the current and any previously unpaid coupons.
If the notes are not called and on the final observation date any underlier finishes below its downside threshold (also 70% of initial level), the maturity payment is reduced 1% for every 1% decline of the worst performer and can fall to zero. The estimated value on the pricing date is $974.50 per security, the notes will not be listed on an exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” with an auto-call feature maturing on February 4, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst-performing of the EURO STOXX 50®, S&P 500® and Nasdaq-100 Index®.
The securities pay no interest and do not guarantee principal. If on a determination date each index is at or above its call threshold (100% of its initial level), the notes are automatically redeemed for fixed call payments targeting about 10.25%–11.25% per annum. If held to maturity with all indices at or above their call thresholds, investors receive a fixed amount between $1,512.50 and $1,562.50 per $1,000 stated principal.
If at maturity any index is below its call threshold but all are at or above 70% of initial, only principal is repaid. If any index finishes below 70% of initial, repayment is reduced 1% for every 1% decline of the worst-performing index and can fall to zero. The estimated value on the pricing date is approximately $947.30 per $1,000 note because of issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering $21,037,000 of principal-at-risk “Jump Securities” with an auto-call feature, each at $1,000, fully and unconditionally guaranteed by Morgan Stanley. The notes run to January 25, 2030 and are linked to the worst performer of the iShares MSCI EAFE ETF, the S&P 500 Index and the State Street Financial Select Sector SPDR ETF.
The securities pay no coupons and may be automatically redeemed on annual determination dates starting in 2027 if all underliers are at or above their call thresholds, returning $1,102.50, $1,205.00 or $1,307.50 per security, corresponding to about 10.25% per year. If held to maturity and each underlier stays at or above its downside threshold (70% of initial level), investors receive $1,410.00 per security; otherwise repayment falls one-for-one with the worst underlier and can be reduced to zero.
The notes expose investors to full principal loss, Morgan Stanley credit risk, limited secondary liquidity and structural complexity. The estimated value on the pricing date is $990.30 per security, below the $1,000 issue price, reflecting embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing $9,931,000 of two-year Callable Contingent Income Securities, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. These notes are linked to the worst performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.
Investors may receive a contingent coupon at an annual rate of 12.35%, but only if on each observation date all three indices close at or above their coupon barrier levels, set at 75% of their initial levels. The same 75% levels act as downside thresholds for principal protection at maturity.
The notes are callable in whole, but not in part, on scheduled redemption dates from February 1, 2027 through December 28, 2027 if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. If the notes are not redeemed and any index finishes below its downside threshold, principal is reduced 1% for each 1% decline of the worst performer, potentially to zero. The estimated value on the pricing date is $995 per $1,000 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 any exchange and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income memory auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with an aggregate principal amount of $700,000 and maturity on January 28, 2031.
Investors may receive a contingent coupon at a 14.00% annual rate, paid only when the index closes on an observation date at or above the coupon barrier level of 2,091.929 (70% of the 2,988.47 initial level). Missed coupons can be paid later if the barrier is subsequently met.
The notes auto-call at par plus the applicable coupon and any unpaid coupons if the index is at or above the 2,988.47 call threshold (100% of initial) on any monthly redemption determination date after July 23, 2026. If held to maturity and the final index level is below the downside threshold of 1,494.235 (50% of initial), the repayment is reduced in line with the index decline and can be zero.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $946.70 per $1,000 note. The underlier is a leveraged, volatility-targeting futures index with a fixed 4.0% per annum decrement, which structurally drags performance versus a similar index without the decrement.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 28, 2027, issued at $1,000 per note with an aggregate principal amount of $962,000. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and principal is at risk.
Investors may receive a contingent coupon at 9.75% per annum, but only if on each observation date the EURO STOXX 50® Index (SX5E), Nasdaq-100® Technology Sector Index℠ (NDXT) and State Street® SPDR® S&P® Regional Banking ETF (KRE) all close at or above their coupon barrier levels, set at 70% of their initial levels. The notes auto-call at par plus the applicable coupon if, on any redemption determination date starting April 23, 2026, all three underliers are at or above 100% of their initial level.
If the notes are not redeemed early and on the final observation date any underlier finishes below its 70% downside threshold level, the maturity payment is reduced 1% for each 1% decline in the worst-performing underlier, potentially to zero. The estimated value on the pricing date is $960.50 per note, below the issue price, reflecting structuring and hedging costs and an internal funding rate. The securities will not be listed, and Morgan Stanley & Co. LLC will receive a sales commission of $18.75 per note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $6,682,000 of principal-at-risk structured notes, each with a $1,000 face amount, maturing on January 26, 2029. The notes offer a contingent coupon at an annual rate of 11.00%, paid only if on each observation date the Nasdaq-100 Technology Sector Index, the S&P 500 Index and the State Street Utilities Select Sector SPDR ETF are all at or above 70% of their initial levels.
Beginning April 28, 2026, the notes may be called in whole on specified monthly dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley, in which case investors receive principal plus any due coupon and no further payments. If the notes are not redeemed and at maturity each underlier is at or above 60% of its initial level, investors receive full principal back (plus the final coupon if payable. If any underlier finishes below 60%, repayment is reduced 1% for each 1% decline of the worst performer, down to zero.
The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, are not listed on any exchange, and have an estimated value on the pricing date of $988.80 per $1,000 note, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Callable Contingent Income Securities due January 26, 2029, linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each note has a $1,000 stated principal amount, with a total offering of $1,655,000, and an estimated value on the pricing date of $988.40 per security.
Investors may receive a 10.35% per annum contingent coupon, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of initial levels. Principal is repaid at maturity only if every index finishes at or above a downside threshold of 60% of its initial level; otherwise, repayment is reduced 1% for every 1% decline of the worst-performing index, potentially to zero.
The notes are callable in whole, but not in part, on scheduled redemption dates starting July 28, 2026, if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. The securities will not be listed, all payments depend on Morgan Stanley’s credit, secondary market liquidity may be limited, and the U.S. tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is offering $2,089,000 of callable contingent income securities due July 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount and is linked to the worst performer among the TLT and XLU ETFs, plus the NDXT and Russell 2000 indices.
The notes can pay a 12.80% annual contingent coupon, but only if all underliers stay at or above their respective coupon barrier levels on each observation date. Principal is at risk: if, at maturity, any underlier finishes below its downside threshold, repayment is reduced in full proportion to the worst underlier’s decline and can fall to zero.
The notes are callable in whole on scheduled redemption dates if a risk‑neutral valuation model shows early redemption is economically rational for Morgan Stanley, which is more likely when coupons are relatively attractive. The estimated value on the pricing date is $968.50 per $1,000 note, reflecting embedded costs, and the securities will not be listed on any exchange, so liquidity and secondary market pricing may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing S&P 500®-linked Dual Directional Buffered Participation Securities with a stated principal of $1,000 per security and an aggregate principal amount of $1,678,000, maturing on January 28, 2031. The securities pay no interest and are unsecured principal-at-risk notes.
The initial S&P 500® level is 6,915.61, with a buffer level at 80% (5,532.488). If the index rises, holders receive principal plus 100% of the index gain, capped at a maximum payment of $1,485 per security (148.50% of principal). If the index is down but not below the buffer, investors still earn a positive return up to 20% via an absolute return feature. If the index falls below the buffer, principal is reduced 1% for each 1% decline beyond 20%, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is $947.70 per security, below the $1,000 issue price due to internal funding rates and offering costs. The notes will not be listed on any exchange, secondary liquidity may be limited, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due January 27, 2028, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $500,000.
The notes pay a contingent coupon at 10.35% per annum, but only if on an observation date the closing level of each of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index is at or above its coupon barrier level, set at 70% of the initial level. Missed coupons can be paid later if all underliers are back above their barriers.
The securities may be automatically redeemed on scheduled redemption determination dates if each index is at or above its call threshold level (100% of initial), in which case holders receive principal plus the applicable contingent coupon and any unpaid coupons. If not redeemed early, principal is repaid at maturity only if the final level of each index is at or above its downside threshold (70% of initial); otherwise, repayment is reduced 1% for each 1% decline in the worst-performing index and can fall to zero. The estimated value on the pricing date is $985.50 per security, below the issue price, reflecting structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing $35.2 million of Step Down Trigger Autocallable Notes linked to the Russell 2000, S&P 500 and EURO STOXX 50, maturing on January 30, 2031. The notes are unsecured, unsubordinated and fully guaranteed by Morgan Stanley, with principal at risk.
The notes can be called semi-annually from February 19, 2027, paying $10 plus a call return based on a 15.10% per‑annum rate if all three indices are at or above their initial levels (or their 90% downside thresholds at final observation). If not called and any index finishes below its downside threshold, repayment falls in line with the least performing index, potentially to zero. Investors forgo dividends and any index upside, face limited liquidity, issuer credit risk and an estimated initial value of $9.887 per $10 note, reflecting embedded costs.
Morgan Stanley Finance LLC is issuing principal-at-risk Callable Contingent Income Securities linked to the worst performer of four underliers: the iShares 20+ Year Treasury Bond ETF (TLT), Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) and State Street Utilities Select Sector SPDR ETF (XLU). The notes mature on January 26, 2029, with $1,000 stated principal amount per security and an aggregate principal of $6,012,000.
Investors may receive a contingent coupon at a 12.10% annual rate, payable only if on each observation date all underliers close at or above their coupon barrier levels, set at 70% of initial levels. Principal is protected only if, at maturity and absent prior redemption, all underliers finish at or above downside thresholds, set at 60% of initial levels; otherwise, repayment is reduced 1% for each 1% decline in the worst underlier and can fall to zero.
The issuer can redeem the notes in whole, on scheduled redemption dates starting April 28, 2026, but only when a specified risk-neutral valuation model indicates early redemption is economically rational for Morgan Stanley. The issue price is $1,000 per security, with an estimated value on the pricing date of $966.20, reflecting structuring and hedging costs and an internal funding rate. All payments depend on Morgan Stanley’s credit, and the securities will not be listed on an exchange.
Morgan Stanley Finance LLC is issuing Buffered PLUS structured notes with a stated principal amount of $1,000 per security, for an aggregate principal amount of $321,000, linked to the S&P 500® Futures Excess Return Index and maturing on January 28, 2031. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index finishes above its initial level of 561.63, investors receive principal plus 155% of the index’s gain. If the final level is between 80% and 100% of the initial level, investors receive only principal. Below the 80% buffer level of 449.304, investors lose 1% of principal for each 1% further decline, subject to a minimum payment of 20% of principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary market liquidity. The issue price is $1,000 per security, including a fixed sales commission of $45, and the estimated value on the pricing date is $935.30 per security.
Morgan Stanley Finance LLC is issuing $740,000 of principal-at-risk structured notes linked to the S&P 500 Index, maturing January 26, 2029. Each security has a $1,000 denomination, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
If the index finishes above the initial level of 6,915.61, investors receive principal plus 87% of the index gain. If the final level is between 85% and 100% of the initial level, they earn a positive “absolute return” on declines, capped at a 15% gain. Below the 85% buffer, investors lose 1% of principal for each 1% further index drop, with a minimum payout of 15% of principal.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange and may have limited secondary liquidity. They price at $1,000 with an estimated value of $987.10 per note, reflecting issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is issuing principal-at-risk Callable Contingent Income Memory Securities maturing on January 26, 2029, linked to the worst performer of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index. Each note has a $1,000 stated principal amount, with a total offering of $1,500,000.
Investors may receive a 10.00% per annum contingent coupon, paid only when all three indices close at or above 70% of their initial levels on an observation date; missed coupons can be paid later if conditions are met. The issuer can redeem the notes early, starting July 28, 2026, if a risk-neutral valuation model deems redemption economically rational for Morgan Stanley.
If the notes are not called and each index finishes at or above its 70% downside threshold at maturity, investors receive full principal plus any payable coupons. If any index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, potentially resulting in a total loss. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $985.20 per note and no stock-market upside participation.
Morgan Stanley Finance LLC is issuing three-year contingent income auto-callable securities linked to the worst performer of the Russell 2000® Index and the State Street® SPDR® S&P® Regional Banking ETF, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and was priced at $1,000, with an aggregate principal amount of $1,575,000 and an estimated value on the pricing date of $969.20. The notes pay a 10.00% per annum contingent coupon only if, on an observation date, both underliers close at or above their coupon barrier levels, set at 70% of initial levels.
The notes are automatically redeemed at stated principal plus the applicable coupon if, on any redemption determination date from July 23, 2026 onward, both underliers are at or above their call thresholds, set at 100% of initial levels. If not called and, at final observation, either underlier is below its downside threshold (also 70% of initial), investors lose 1% of principal for each 1% decline in the worst-performing underlier, potentially losing their entire investment. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity.