Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable “Jump Securities” linked to the S&P 500 Futures Excess Return Index, maturing on February 21, 2031. Each note has a stated principal amount and issue price of $1,000, with no periodic interest and principal at risk.
Starting on March 1, 2027, the issuer may redeem the notes in whole on specified redemption dates if a risk‑neutral valuation model deems early redemption economically rational. The redemption payment steps up over time, targeting a return of approximately 17.50% per year, with scheduled amounts like $1,175 on the first redemption date and up to $1,860.417 near maturity.
If the notes are not redeemed and held to maturity, investors receive $1,000 plus a leveraged upside payment if the index finishes above its initial level, principal only if it ends between the initial level and a downside threshold at 70% of the initial level, and a loss of 1% of principal for each 1% index decline below that threshold, potentially down to zero. The pricing supplement notes an estimated value of approximately $942 per security on the pricing date and highlights significant risks, including issuer credit risk, early redemption risk, limited liquidity, and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Index, maturing on January 27, 2033. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $1,118,000.
If the index’s final level is at or above the buffer level of 6,224.049 (90% of the 6,915.61 initial level), investors receive $1,651 per security, a fixed 65.10% upside payment. If the final level is below the buffer, principal is reduced 1% for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal.
The securities pay no interest, are unsecured obligations of MSFL fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is $962.90 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,304,000 of Dual Directional Buffered Jump Securities linked to the S&P 500 Index, maturing on January 26, 2029. Each note has a $1,000 principal amount and pays no interest.
At maturity, investors receive a fixed $180 upside payment per security if the index finishes at or above its initial level of 6,915.61. If the index declines but stays at or above the 80% buffer level of 5,532.488, holders earn a positive return based on a 325% absolute return participation rate, capped at a 65% gain. Below the buffer, principal loss is one-for-one beyond the 20% buffer, with a minimum payment of 20% of principal. The estimated value on the pricing date is $982.70 per security, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate, and the notes are subject to Morgan Stanley’s credit and limited liquidity risk.
Morgan Stanley Finance LLC is issuing principal-at-risk Callable Contingent Income Securities due January 26, 2029, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, in an aggregate principal amount of $309,000.
The notes offer a contingent coupon at an annual rate of 10.50%, paid only when each index stays at or above its coupon barrier, set at 70% of its initial level. If any index finishes below its 70% downside threshold at maturity and the notes are not earlier redeemed, investors lose 1% of principal for each 1% decline in the worst index, potentially losing their entire investment.
The securities can be called in whole on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer. They are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $983.00 per $1,000 note, reflecting issuance and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering callable buffered jump securities linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and can be redeemed early at the issuer’s option.
If not called, investors receive their principal plus an upside payment when the final index level is above the initial level, with a 200% participation rate. A 15% buffer protects against moderate declines, but losses beyond this apply 1% loss for each 1% drop, with a minimum payment of 15% of principal.
The first possible redemption date is March 2, 2027, with scheduled redemption payments targeting a return of approximately 18.25% per year if called. The estimated value on the pricing date is approximately $941.50 per $1,000 security, reflecting structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. These are unsecured, principal-at-risk structured notes linked to the worst performing of three State Street sector ETFs: Financial (XLF), Energy (XLE) and Industrial (XLI).
Investors may receive a contingent quarterly coupon at an annual rate of 10.88% (about $27.20 per $1,000 security) only if on each observation date the price of every ETF is at or above 75% of its initial share price (the downside threshold level. If any ETF is below its threshold, no coupon is paid for that quarter.
The notes can be automatically redeemed quarterly, starting April 30, 2026, if each ETF is at or above 100% of its initial price, in which case investors receive the $1,000 stated principal plus the applicable coupon and no further payments. If the notes are not redeemed early and, at maturity, each ETF is at or above its downside threshold, investors receive $1,000 plus the final coupon.
If at maturity any ETF is below its downside threshold, repayment is reduced based on the worst performing ETF on a 1-to-1 basis, so the maturity payment can be less than 75% of principal and may be zero, meaning a total loss of investment. Investors do not participate in any price appreciation of the ETFs.
The original issue price is $1,000 per security, including selling, structuring and hedging costs. The estimated value on the pricing date is approximately $973.30 per security, reflecting internal pricing models and an internal funding rate that is likely lower than Morgan Stanley’s secondary market credit spreads. The securities are 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, fully guaranteed by Morgan Stanley, is offering callable buffered jump securities linked to the S&P 500 Futures Excess Return Index, maturing in February 2031. Each security has a stated principal amount and issue price of $1,000, with principal at risk and no periodic interest.
Starting in February 2027, the issuer may redeem the notes on scheduled redemption dates for fixed cash amounts implying roughly 18.25% per annum, after which no further payments are made. If held to maturity and not called, investors receive 200% of any index gain, principal back if the index ends above a 15% buffer level, or a loss of 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment equal to 15% of principal.
The estimated value on the pricing date is approximately $943 per $1,000 security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing contingent income memory buffered securities due January 26, 2029, with a stated principal amount of $1,000 per security and an aggregate principal amount of $507,000. The notes are linked to the worst performer among the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index.
Investors may receive a contingent coupon at an annual rate of 6.25%, but only if on each observation date all three indices are at or above their respective coupon barrier levels, set at 75% of their initial levels. Missed coupons can be paid later if barriers are met, but may be lost entirely.
At maturity, investors receive full principal only if each index is at or above its 75% buffer level; otherwise, principal is reduced 1% for every 1% decline of the worst-performing index beyond the 25% buffer, subject to a minimum payment of 25% of principal. The estimated value on the pricing date is $983.10 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and an internal funding rate. The securities are unsecured, not listed on any exchange and subject to Morgan Stanley’s credit risk and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stock of U.S. Bancorp, in an aggregate principal amount of $2,289,000 at $1,000 per security. Investors can receive a 10.73% annual contingent coupon (about $26.825 per quarter per $1,000) only when the U.S. Bancorp share price on a determination date is at or above 75% of the initial share price ($41.603). If on any of the first eleven quarterly determination dates the share price is at or above the initial share price of $55.47, the notes are automatically redeemed for principal plus that period’s coupon. If held to maturity in 2029 and the final share price is at or above the downside threshold, investors receive principal plus the final coupon; if it is below, repayment is reduced 1-for-1 with the stock’s decline and can fall to zero. The notes do not participate in any stock upside, are unsecured obligations guaranteed by Morgan Stanley, will not be listed, and had an estimated value of $970.10 per $1,000 at pricing.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” with an auto-call feature tied to the worst performer of the S&P 500, Nasdaq-100 Technology Sector and Russell 2000 indices. These unsecured notes do not pay interest and do not guarantee principal repayment.
The notes may be automatically redeemed on scheduled determination dates if all three indices are at or above their call thresholds, paying a fixed early redemption amount that targets about 11.10% per annum and then terminating. If held to maturity and all indices finish at or above their call thresholds, investors receive a fixed cash payment of $1,527.25 per $1,000 stated principal.
If any index finishes below its call threshold but all remain at or above 70% downside thresholds, investors only receive the stated principal. If any index closes below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst-performing index, and can fall to zero. The estimated value on the pricing date is approximately $946.30 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of market-linked securities with a $1,000 face amount per security. These auto-callable, principal-at-risk notes run to January 28, 2032 and are linked to the lowest performer of the S&P 500 Equal Weight Index, the SPDR S&P Regional Banking ETF and the Dow Jones Industrial Average.
The notes can be automatically called starting in late 2026 if all three underlyings are at or above 90% of their starting levels, paying fixed call amounts from $1,120 on the first call date up to $1,720 on the final calculation day. If not called and, at maturity, all underlyings are at or above 75% of their starting levels, investors receive back the $1,000 face amount; if any is below 75%, repayment is reduced one-for-one with the worst performer, and losses can reach 100% of principal.
The securities pay no interest or dividends, will not be listed on any exchange and carry Morgan Stanley credit risk. The public offering price is $1,000 per security, including up to $37.50 in selling commissions, while the issuer’s own estimated value on the pricing date is $971.10 per security, reflecting issuance, structuring and hedging costs and an internal funding rate favorable to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $6,196,000 of unsecured Contingent Income Auto-Callable Securities due January 26, 2029, linked to Blackstone Inc. common stock. Each security has a $1,000 stated principal amount and issue price.
Investors may receive a contingent quarterly coupon at a 10.00% annual rate (about $25 per quarter per $1,000) only if Blackstone’s price on a determination date is at or above the downside threshold of $97.812, which is 65% of the $150.48 initial share price. Missed coupons can be paid later if the condition is met, but may be lost entirely.
If on any of the first eleven determination dates Blackstone closes at or above the initial share price, the notes are automatically redeemed for $1,000 plus the applicable coupon and any unpaid coupons. If held to maturity and the final share price is at or above the downside threshold, investors receive $1,000 plus the final and any unpaid coupons.
If the final share price is below the downside threshold, repayment is reduced one-for-one with Blackstone’s decline, and the maturity payment can be far below 65% of principal and down to zero. The securities do not participate in any stock appreciation, will not be listed on an exchange, and all payments are subject to Morgan Stanley’s credit risk.
The estimated value on the pricing date is $965 per security, below the $1,000 issue price due to built-in issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Sales commissions are $17.50 per security plus a $5 structuring fee, and proceeds are used for general corporate purposes and hedging.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” with an auto-callable feature due February 6, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer among Visa Class A, Procter & Gamble common stock and Amazon.com common stock.
Each security has a stated principal amount of $1,000 and pays no interest. From the first determination date in February 2027, the notes are automatically redeemed if each stock closes at or above its call threshold, paying fixed cash amounts that rise over time: $1,295, $1,590, $1,885 and $2,180 per security on successive early redemption dates. Once redeemed, no further payments are made.
If not called, payment at maturity depends on final stock levels. If each underlier is at or above its call threshold, investors receive $2,475 per security. If at least one is below its call threshold but all are at or above an 81% downside threshold, only the $1,000 principal is returned. If any underlier finishes below its downside threshold, the payoff is $1,000 multiplied by the performance of the worst-performing stock, exposing investors to full downside and potential total loss of principal.
The estimated value on the pricing date is approximately $965.90 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The securities are unsecured, not listed on any exchange, sold only into fee-based advisory accounts, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured securities linked to the Class A common stock of CoreWeave, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and matures on July 28, 2027.
Investors may receive a 30.00% per annum contingent coupon, payable only when the stock closes at or above the coupon barrier level of $58.986 (60% of the $98.31 initial level) on the relevant observation date. The notes are automatically redeemed if the stock closes at or above the call threshold level of $68.817 (70% of the initial level) on specified redemption determination dates, returning principal plus the applicable coupon.
If the notes are not called and the final stock level is at or above the downside threshold of $49.155 (50% of the initial level), investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced one-for-one with the stock’s decline, potentially to zero. The estimated value on the pricing date is approximately $953.50 per security, the securities will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing $7,550,000 of contingent income auto-callable securities due January 26, 2029, linked to Shopify Inc. Class A shares and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000, with an estimated value on the pricing date of $960.90.
Investors may receive a contingent quarterly coupon at a 12.83% annual rate (about $32.075 per quarter) only when Shopify’s determination price is at or above the downside threshold of $68.945, equal to 50% of the $137.89 initial share price. The notes auto-call on any of the first eleven quarterly determination dates if the stock is at or above the initial share price, returning principal plus due coupons. If held to maturity and the final share price is below the downside threshold, repayment is reduced 1‑for‑1 with the stock’s decline and can be zero, so principal is fully at risk. The securities are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit, and include complex tax, liquidity and market risks.
Morgan Stanley Finance LLC is issuing buffered Performance Leveraged Upside Securities (PLUS) maturing on January 27, 2028, linked to the worst performer of the Dow Jones Industrial Average and Nasdaq‑100 Index®. Each note has a $1,000 stated principal and total issuance of $876,000.
The notes pay no interest. At maturity, if both indexes finish above their initial levels, investors receive principal plus 200% of the gain of the worst index, capped at a maximum payment of $1,338 per note. If either index finishes between 90% and 100% of its initial level, only principal is returned. Below 90% of the worst index’s initial level, investors lose 1% of principal for each 1% additional decline, with a minimum payment of 10% of principal.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and are not listed on any exchange. The estimated value on the pricing date is $984 per note, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due March 15, 2027, linked to Best Buy Co., Inc. common stock and fully guaranteed by Morgan Stanley. These unsecured notes put principal at risk and pay no guaranteed interest.
Holders may receive a contingent coupon at an annual rate of 18.00% on scheduled coupon dates, but only when Best Buy’s stock closes at or above 69% of its initial level on the related observation date. The notes are automatically redeemed if, on specified redemption determination dates starting August 10, 2026, the stock closes at or above 100% of the initial level, paying principal plus the applicable coupon.
If not called, and at maturity the final stock level is at least 69% of the initial level, investors receive principal back (plus any final coupon). If the final level is below 69%, repayment is reduced 1% for every 1% stock decline, potentially to zero. The estimated value on the pricing date is approximately $980.20 per $1,000 note. The securities will not be listed on any exchange and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due January 28, 2031, linked to the worst performer of the Russell 2000 Index, S&P 500 Index and State Street Utilities Select Sector SPDR ETF. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal of $4,768,000, and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a 7.00% per annum contingent coupon, paid only if on each observation date all underliers are at or above their coupon barrier levels, set at 70% of initial levels. The notes are automatically callable quarterly from January 25, 2027 if all underliers are at or above 100% of their initial levels, returning principal plus the applicable coupon.
If not redeemed early and on the final observation date any underlier closes below its 70% downside threshold, principal is reduced 1% for every 1% decline of the worst-performing underlier, potentially to zero. The estimated value on the pricing date is $942.20 per $1,000 security, reflecting issuing, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering $486,000 of principal-at-risk "Jump Securities" at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. These notes run to January 26, 2029 and are linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index.
The notes can be automatically called on scheduled determination dates starting February 1, 2027 if each index is at or above its call threshold (100% of its initial level), paying fixed early redemption amounts that correspond to about 14.10% per annum. If held to maturity and every index is at or above its call threshold, investors receive $1,423 per $1,000 security.
If, at maturity, at least one index is below its call threshold but all are at or above 70% of their initial levels, investors receive only the stated principal. If any index finishes below its 70% downside threshold, the payout is reduced 1% for every 1% decline of the worst-performing index, and the return can fall to zero. The estimated value on the pricing date is $976.60 per security, reflecting issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due August 7, 2028 linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index.
The notes are issued at $1,000 per security with an estimated value on the pricing date of about $970.60. Investors may receive a contingent coupon at an annual rate of 8.35%, but only when each index closes at or above a 70% coupon barrier on the relevant observation date.
If the notes are not called and any index finishes below 60% of its initial level at maturity, repayment of principal is reduced 1% for each 1% decline in the worst-performing index, potentially to zero. The notes can be redeemed early, in whole, on specified dates if a risk-neutral valuation model indicates redemption is economically rational for the issuer. All payments depend on Morgan Stanley’s credit and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income auto-callable securities linked to the worst performer of the SPDR® Gold Trust, S&P 500® Index and iShares® Silver Trust, with an aggregate principal amount of $580,000 and a maturity date of January 28, 2030.
The notes offer a contingent coupon at an annual rate of 11.45%, paid only if each underlier closes at or above its barrier (60% of its initial level) on the relevant observation date. The securities may be automatically redeemed if all underliers are at or above their 100% call thresholds on scheduled determination dates.
If not called and any underlier finishes below its 60% downside threshold at final observation, repayment of principal is reduced 1% for every 1% decline in the worst-performing underlier and can fall to zero. The estimated value on the pricing date is $886.70 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” tied 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 and matures on February 21, 2031.
The notes can be automatically redeemed on March 1, 2027 if the index on February 24, 2027 is at or above 105% of its initial level, paying $1,135 per security. If held to maturity and not called, investors get principal plus a 200% participation in any index gain, only principal back if the index is between 70% and 100% of its initial level, and a 1-for-1 loss below 70%, which can reduce repayment to zero.
The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange, and have an estimated value on the pricing date of about $944.10 per $1,000, reflecting issuance, structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes have a $1,000 stated principal amount, $124,000 aggregate principal, and an estimated value of $921.70 per note on the pricing date.
The notes pay no interest and can be automatically redeemed on February 1, 2027 for $1,272.50 per security if the index on January 27, 2027 is at or above the initial level of 2,988.47. If not called, at January 28, 2031 maturity investors receive principal plus 275% of any index gain, full principal back if the index is at or above 50% of the initial level, and a proportional loss below that 50% downside threshold, potentially losing the entire investment.
The unsecured notes depend on Morgan Stanley’s credit and are not listed on any exchange. The underlier is a leveraged, volatility-targeted futures-based index with a built-in 4% per year decrement, which structurally reduces its performance compared with a similar index without such a fee-like drag.
Morgan Stanley Finance LLC is issuing $2,257,000 of three-year Buffered Jump Securities linked to the worst performer among Apple, Alphabet (Class C) and Tesla stock. Each security has a $1,000 stated principal amount and no periodic interest, and is fully and unconditionally guaranteed by Morgan Stanley.
The note can auto-call on January 26, 2027 if each stock closes at or above its initial level, paying $1,400 per security and then terminating. If held to January 26, 2029 and all final stock levels are above their initial levels, investors receive $1,000 plus 400% of the gain of the worst performer. If at least one stock finishes below its initial level but all remain at or above 75% of initial, investors receive only $1,000. If any stock ends below 75% of initial, principal is reduced 1% for each 1% drop of the worst performer beyond the 25% buffer, with a minimum payoff of 25% of principal.
The securities are unsecured, not listed on an exchange and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $950.20 per security, reflecting issuance, structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index in an aggregate principal amount of $2,450,000, issued in $1,000 denominations and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and can be automatically redeemed starting January 27, 2027 if the index closes at or above the 100% call threshold, delivering early redemption payments that correspond to approximately 19.00% per annum, up to $1,902.50 per security. If held to January 28, 2031 and not called, investors receive $1,950.00 per security if the final index level is at or above the call threshold, only principal back if it remains at or above the 85% buffer level, and a loss of 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The initial index level is 1,254.46, the buffer level is 1,066.291, and the estimated value on the pricing date is $906.80 per security, below the $1,000 issue price due to embedded issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, and expose investors to the performance and limited history of a leveraged, volatility-targeting equity futures index with a 4% per annum decrement.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing approximately $9.447 million of three-year Jump Securities tied to the S&P 500, EURO STOXX 50 and S&P MidCap 400 indices. Each note has a $1,000 stated principal amount and does not pay periodic interest.
The notes auto-call on February 1, 2027 if all three indices are at or above their initial levels, paying $1,237 per $1,000 note. If held to the January 26, 2029 maturity, investors receive principal plus 125% of the upside of the worst-performing index if all finish at or above initial values, full principal back if all stay at or above 80% of initial levels, and a proportional loss to the worst index if any finish below that 80% downside threshold, which can reduce the payoff to zero.
The securities are unsecured and subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and have an estimated value on the pricing date of $957.40 per note versus the $1,000 issue price, reflecting dealer commissions and structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes maturing on February 2, 2029, linked to the worst performer of the EURO STOXX 50® Index, Russell 2000® Index and State Street® Utilities Select Sector SPDR® ETF.
The notes pay a 10.00% per annum contingent coupon, only if on each observation date all underliers are at or above their coupon barrier levels, set at 70% of initial levels. Investors do not participate in any upside of the underliers.
If not called and every underlier finishes at or above its downside threshold (65% of initial level), investors receive full principal at maturity plus any final coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst underlier and can fall to zero.
The notes are callable in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer. They are unsecured obligations, subject to Morgan Stanley’s credit risk, not listed on an exchange, and have an estimated value of about $985.10 per $1,000 on the pricing date.
Morgan Stanley Finance LLC is offering $5,650,000 of market-linked, auto-callable securities at $1,000 face amount per security, fully and unconditionally guaranteed by Morgan Stanley. Investors pay $1,000 while the issuer’s estimated value on the pricing date is $988.00, reflecting issuance, structuring and hedging costs.
The notes run to July 28, 2031 and are linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Equal Weight Index. They can be called semi-annually starting January 28, 2027, with fixed call payments rising from $1,100 to $1,550 per security, capping upside at a 55% total premium.
If never called, principal is protected only if each index finishes at or above its 75% threshold. If any index ends below that level, repayment is reduced 1-for-1 with the worst-performing index, so investors can lose more than 25% and possibly all principal. The notes pay no interest, are not listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing $11,518,000 of three-year market-linked notes tied to the lowest performer among Bank of America, Citigroup and Goldman Sachs common stocks, with a face amount of $1,000 per security and an estimated value of $965.70. The notes pay a contingent coupon of 13.50% per annum, in quarterly installments, only if on each calculation day the lowest performing stock is at or above 70% of its starting price; missed coupons can be recovered later if the test is met (“memory” feature).
Starting in April 2026, the notes are automatically called if all three stocks are at or above their starting prices, returning $1,000 plus the applicable coupon and any unpaid coupons. If not called, and on the final calculation day any stock has fallen more than 30% below its starting level, principal is reduced in full proportion to the worst stock’s decline, so investors can lose most or all of their investment. The securities are unsecured obligations guaranteed by Morgan Stanley, are not listed on an exchange, and embed issuance and hedging costs that lower both investor economics and likely secondary prices.
Morgan Stanley Finance LLC is issuing $1,000 face amount market-linked notes tied to the iShares® U.S. Aerospace & Defense ETF, guaranteed by Morgan Stanley and maturing on January 26, 2029. The current estimated value on the pricing date is $945.90 per security, below the $1,000 offering price due to embedded costs and the issuer’s internal funding rate.
The notes are auto-callable on January 25, 2027: if the ETF’s closing price is at or above the $235.07 starting price, investors receive a fixed call payment of $1,084 per security (an 8.40% return), and the notes terminate with no further upside. If not called, at maturity investors get 125% of any ETF gain above the starting price, full return of principal if the ETF is between 75% and 100% of the starting price, and one-for-one exposure to losses if the ETF falls below the $176.3025 threshold, with losses that can exceed 25% and reach total principal loss.
The notes pay no interest and do not provide dividends from the ETF. All payments depend on Morgan Stanley’s credit, and the securities will not be listed on an exchange, so any secondary market may be limited and at prices that can be significantly below face value, especially after initial months. The filing highlights extensive risk factors, including market volatility in the aerospace and defense sector, model-based pricing, tax uncertainty, and potential conflicts of interest from affiliates acting as agents, hedgers, and calculation agent.
Morgan Stanley Finance LLC is issuing $11.19 million of three‑year Contingent Income Memory Auto‑Callable Securities linked to the EURO STOXX 50® and S&P 500® indexes, fully and unconditionally guaranteed by Morgan Stanley.
The notes offer an 8.52% per annum contingent coupon, paid only when both indexes close at or above 80% of their initial levels on scheduled observation dates, with unpaid coupons potentially paid later if conditions are met. The notes can be automatically called quarterly from July 2026 if both indexes are at or above 100% of their initial levels, returning principal plus due and previously unpaid coupons.
If not called, and at maturity in January 2029 both indexes are at or above 80% of initial, investors receive full principal plus any payable coupons. If either index finishes below its 80% downside threshold, repayment is reduced 1% for each 1% decline in the worst‑performing index, up to a total loss. The issue price is $1,000 per note, with an estimated value on the pricing date of $974.80, and principal is fully at risk and subject to Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on February 13, 2031, at an issue price of $1,000 per security.
The notes pay no interest. They may be automatically redeemed quarterly from February 11, 2027 onward if the index is at or above a call threshold set at 90% of the initial level, for cash payments that correspond to an annualized return of approximately 12.25% to 13.25%.
If not called, and the final index level is at or above the call threshold, investors receive $1,612.50 to $1,662.50 per $1,000 security. If the final level is between the 85% buffer level and the call threshold, investors receive principal only. Below the buffer, losses match the index decline beyond the 15% buffer, with a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is approximately $905.70 per security, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $282,000 of principal-at-risk Jump Securities with an auto-call feature due January 26, 2029, guaranteed by Morgan Stanley. Each $1,000 note is linked to the worst performer of the S&P 500, Nasdaq-100 and Russell 2000 indexes and pays no interest.
The notes auto-redeem on February 1, 2027 for $1,170 per security if all three indexes are at or above their initial levels. If held to maturity, investors get principal plus 125% of the worst index’s gain if all finish above initial, only principal if all stay at or above 70% of initial, and a proportional loss if any fall below 70%, potentially losing the entire investment. The estimated value on the pricing date is $957.90 per $1,000 note, and the securities are unsecured, unlisted and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering $1,000-denomination Buffered Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, maturing on February 13, 2031. The notes pay no interest and are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
The securities may be automatically redeemed starting on February 11, 2027 if the index closes at or above a call threshold equal to 100% of the initial level, for cash payments that target roughly 17.00%–18.00% per annum. If held to maturity and the final index level is at or above the call threshold, investors receive a fixed payment of $1,850 to $1,900 per $1,000, set on the pricing date.
If the final level is below the call threshold but at or above 85% of the initial level, repayment is limited to principal only. Below 85%, investors lose 1% of principal for each 1% further decline, subject to a minimum maturity payment of 15% of principal. The estimated value on the pricing date is approximately $906.40 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,703,000 of Buffered Jump Securities with an auto-callable feature, at $1,000 stated principal per security tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index.
The notes pay no interest and can be automatically redeemed from January 2027 onward if the index closes at or above the 2,689.623 call threshold, delivering early redemption payments that target about 14.50% per annum and then terminate. If held to January 2031 and the final index level is at or above the call threshold, investors receive $1,725.00 per security; if between the 2,390.776 buffer level and the call threshold, only principal is repaid. Below the buffer, losses match the index decline beyond the 20% buffer, down to a minimum payment of 20% of principal. The index itself is new, uses leverage up to 400% and includes a 4.0% per annum decrement that systematically drags performance, and the estimated value on the pricing date of $930.40 per security is below issue price, reflecting embedded costs and issuer funding.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Contingent Income Memory Buffered Auto-Callable Securities due February 13, 2031. The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and have a stated principal amount of $1,000 per security.
Investors may receive a contingent coupon at an annual rate of 9.00% to 10.00%, but only for periods when the index closes on the observation date at or above 75% of its initial level; missed coupons can be paid later if the barrier is met. The notes are automatically redeemed if, on any redemption determination date from 2027 onward, the index is at or above 90% of its initial level, returning principal plus the applicable coupon.
If held to maturity without early redemption, investors receive full principal back only if the final index level is at or above an 85% buffer level, with a minimum payment of 15% of principal; below the buffer, losses move 1% for each 1% further decline. The estimated value on the pricing date is approximately $903.60 per $1,000, the notes are not listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing step-down “Jump Securities” with an auto-call feature due January 30, 2031, linked to the worst performer of the Dow Jones Industrial, S&P 500® Index and Russell 2000® Index. Each security has a stated principal amount and issue price of $1,000, for an aggregate principal amount of $6,692,000.
The notes do not pay interest and do not guarantee principal. Starting January 28, 2027, the securities are automatically redeemed if each index is at or above its call threshold, paying early redemption amounts that target a return of approximately 9.15% per year, after which no further payments are made.
If not called, investors receive $1,457.50 per security at maturity only if the final level of each index is at or above its upside threshold (80% of its initial level). If any index finishes below its upside but all remain at or above the downside threshold (about 75%), investors receive only principal. If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, and the maturity payment can fall to zero. The estimated value on the pricing date is $987.70 per security, and the notes are unsecured obligations guaranteed by Morgan Stanley, not listed on any exchange and subject to the issuer’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on February 13, 2031. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $905.50 per security.
Investors may receive a contingent coupon at an annual rate of 11.50% to 12.50%, but only if the index closes at or above an 80% coupon barrier on scheduled observation dates; missed coupons can be paid later if the barrier is met. The notes are auto-callable starting February 10, 2027 if the index is at or above 100% of the initial level, returning principal plus due coupons and ending the investment early.
At maturity, if not called and the index is at or above an 85% buffer level, investors receive full principal back (plus any due coupons). Below the buffer, repayment is reduced 1% for every 1% decline beyond the 15% buffer, but not below 15% of principal. Payments depend entirely on index performance and Morgan Stanley’s credit, and the notes will not be listed, so liquidity may be limited.
Morgan Stanley Finance LLC is offering $5.09 million of auto-callable, principal-at-risk securities linked to the worst performer among Alphabet Class A, Microsoft, and JPMorgan Chase common stock, maturing January 26, 2029. Each security has a $1,000 face amount and an estimated initial value of $928.80.
If on the January 28, 2027 call date all three stocks are at or above their starting prices, the notes are automatically called and pay $1,400 per security, a fixed 40% return, with no further payments. If not called, at maturity investors get 300% leveraged upside on the lowest-performing stock if it finishes above its starting price, full principal back if it finishes between 80% and 100% of its starting price, and lose 1-for-1 beyond a 20% buffer, with up to 80% loss of principal.
The notes pay no interest, forgo dividends, are unsecured obligations guaranteed by Morgan Stanley, and will not be listed on an exchange. Secondary market liquidity and prices depend on Morgan Stanley’s affiliates, market conditions and the issuer’s credit spreads.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities tied to the common stock of Microsoft Corporation (MSFT), maturing on July 28, 2027. Each security has a $1,000 face amount and offers a contingent fixed return of 17.15% ($171.50 per security) if, on the calculation day, Microsoft’s stock closes at or above the threshold price of $396.0575, which is 85% of the $465.95 starting price.
If the ending price is below the threshold, investors are fully exposed to the stock’s decline from the starting price on a 1‑for‑1 basis and can lose more than 15%, up to their entire principal. The securities pay no periodic interest or Microsoft dividends and will not be listed on an exchange. Morgan Stanley estimates the value on the pricing date at $957.50 per $1,000 security, reflecting embedded issuance, selling, structuring and hedging costs and an internal funding rate favorable to the issuer.
Morgan Stanley Finance LLC is issuing $6,996,000 of principal-at-risk “Jump Securities” due January 30, 2031, fully and unconditionally guaranteed by Morgan Stanley, at $1,000 per security with an estimated value of $982.50 on the pricing date.
The notes are auto-callable and linked to the worst performing of the Dow Jones Industrial Average, S&P 500® Index and Russell 2000® Index. From the first determination date on January 28, 2027, the notes are automatically redeemed if all three indices are at or above their call thresholds (85% of initial levels), paying fixed step-up amounts that target about 8.75% per year. If held to maturity and all indices are at or above call thresholds, investors receive $1,437.50 per security; if any index finishes between its call threshold and downside threshold (75% of initial), only principal is returned. If any index ends below its downside threshold, repayment is reduced 1% for each 1% decline of the worst index, and the maturity payment can fall to zero. The notes pay no interest, offer no upside participation beyond fixed amounts, are unsecured, and expose holders to Morgan Stanley’s credit risk and limited liquidity.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due February 13, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000.
The notes may pay a contingent coupon at an annual rate of 10.00% to 11.00%, but only when the index closes on or above a 70% coupon barrier on specified observation dates; missed coupons can be paid later if the barrier is met. The securities are auto-callable from February 2027 if the index is at or above 100% of the initial level, returning principal plus due coupons.
If not called, and the final index level is at or above an 85% buffer level, holders receive full principal back (plus any payable coupons). Below the buffer, repayment falls 1% for each 1% further index decline, with a minimum maturity payment of 15% of principal, so substantial losses are possible. The estimated value on the pricing date is about $904.30 per security, reflecting issuer costs and internal funding assumptions. All payments depend on Morgan Stanley’s credit and the notes are not listed on any exchange.
Morgan Stanley Finance LLC is issuing principal-at-risk structured notes linked to the worst performer of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index. Each $1,000 security offers a contingent coupon at a 10.00% annual rate, but only when all three indices close at or above preset coupon barrier levels on scheduled observation dates.
The notes may be auto-called on quarterly redemption determination dates starting July 23, 2026 if each index is at or above its initial level, returning principal plus the applicable coupon. If held to January 28, 2031 and any index finishes below its downside threshold (60% of its initial level), investors lose 1% of principal for every 1% decline in the worst-performing index, up to a total loss. The estimated value on the pricing date is $986.70 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s and MSFL’s credit and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering fixed-income buffered auto-callable securities due February 13, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay a fixed annual coupon of 7.00% to 8.00%, with interest paid monthly, regardless of index performance.
The notes may be redeemed early if the index closes at or above 100% of its initial level on specified monthly redemption determination dates, returning principal plus the coupon for that period. If held to maturity and the final index level is at or above 85% of the initial level, investors receive full principal plus the final coupon. Below this 15% buffer, repayment is reduced dollar-for-dollar with index losses beyond the buffer, subject to a minimum maturity payment of 15% of principal.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk and no upside participation in index gains. The indicative estimated value is approximately $926.50 per $1,000 security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed on any exchange and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $395,000 of Trigger PLUS notes linked to the worst performing of Invesco QQQ Trust, Series 1 and VanEck Semiconductor ETF, maturing on January 28, 2031.
The notes pay no interest and do not guarantee principal. If both ETFs finish above their initial levels, holders receive $1,000 plus 151% of the gain of the worst performer. If the worst performer finishes between 75% and 100% of its initial level, investors only receive their $1,000 back.
If the worst performer ends below 75% of its initial level, investors lose 1% of principal for each 1% decline, with no minimum repayment. The initial levels are $622.72 for QQQ and $400.09 for SMH. The estimated value on the pricing date is $937.20 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due August 12, 2027, unsecured notes 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 Index® and Russell 2000® Index.
The notes pay no interest and do not guarantee principal. At maturity, if the final level of each index is at least 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $126.50 per security, a 12.65% return. If any index finishes below 70% of its initial level, repayment is $1,000 multiplied by the performance factor of the worst index, causing a 1% principal loss for each 1% decline and potentially a total loss.
The securities will not be listed on any exchange, and secondary trading may be limited. The estimated value on the pricing date is approximately $971.80 per $1,000, reflecting issuance, structuring and hedging costs and an internal funding rate. Investors face market risk on all three indices, small-cap risk via the Russell 2000®, credit risk to Morgan Stanley and tax uncertainty, with counsel currently treating the notes as prepaid financial contracts for U.S. federal income tax purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Callable Contingent Income Securities due August 10, 2028. The notes are linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index.
Investors may receive a contingent coupon at 10.25% per year, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of initial levels. If any index is below its barrier on an observation date, no coupon is paid for that period.
Starting May 11, 2026, the issuer may redeem the notes on scheduled redemption dates, but only if a risk‑neutral valuation model indicates early redemption is economically rational for Morgan Stanley. If called, holders receive principal plus any due coupon, and no further payments.
At maturity, if the notes are not redeemed and every index is at or above its downside threshold (60% of initial levels), investors receive full principal plus any final coupon. If any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited secondary liquidity. The estimated value on the pricing date is approximately $984.60 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $993,000, and pays no interest.
At maturity on January 26, 2029, if the worst performing index is above its initial level, investors receive principal plus 110% of its gain. If the worst performer is at or below its initial level but at or above 82% of its initial level (an 18% buffer), investors receive principal plus a positive return matching the absolute decline, effectively capped at an 18% gain. Below the buffer, investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 18% of principal.
The initial levels are 2,669.162 for the Russell 2000 and 6,915.61 for the S&P 500, with corresponding buffer levels at approximately 82% of those values. The estimated value on the pricing date is $981.40 per security, reflecting issuing, selling, structuring and hedging costs. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and secondary trading, if any, may be limited.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities tied to the lowest performer of Costco, Home Depot and TJX common stocks, maturing on January 26, 2029 and fully guaranteed by Morgan Stanley.
Each security has a $1,000 face amount, an initial estimated value of $959.80 and pays no interest. The notes are auto-callable on January 28, 2027 for a cash payment of $1,326 per $1,000 (about 32.60% return) if every stock is at or above its starting price on the call date. If not called, investors get 150% of the gain of the lowest-performing stock at maturity, full principal back if that stock is down no more than 20%, and up to an 80% loss if it falls more than 20% from its starting level.
Key terms include a 150% participation rate, a 20% downside buffer, and starting prices of $983.25 for Costco, $383.77 for Home Depot and $153.24 for TJX. The total offering size is $2,247,000 at $1,000 per security, with up to $25.75 in selling commissions per note. The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may trade at prices below the issue price due to embedded fees and market factors.
Morgan Stanley Finance LLC is offering $4,516,000 of market-linked securities tied to NVIDIA stock, each with a $1,000 face amount and an estimated initial value of $960.40. The notes mature on July 28, 2027 and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors receive $1,365 per note (a 36.50% fixed gain) if NVIDIA’s ending price is at or above the $187.67 starting price. If NVIDIA ends below the starting price but at or above the $121.9855 threshold (65% of start), investors receive the $1,000 face amount. If NVIDIA closes below the threshold, repayment is reduced 1-for-1 with the stock’s loss, exposing investors to losses greater than 35% and potentially a total loss of principal.
The securities pay no interest and do not provide dividends or voting rights in NVIDIA. They embed issuance, selling, structuring and hedging costs, so the estimated value is below face, and secondary market prices may be lower than $1,000. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange, so liquidity may be limited.