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 Contingent Income Memory Auto-Callable Securities due August 11, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate offering size of $482,000.
Investors may receive an annual 11.75% contingent coupon, paid only when the index closes on an observation date at or above the coupon barrier level of 2,472.414 (70% of the 3,532.02 initial level). The notes are automatically redeemed at par plus any due coupons if, on any redemption determination date from May 2027 onward, the index is at or above the call threshold of 3,178.818 (90% of initial).
If the notes are not called and the final index level is at or above the downside threshold of 2,119.212 (60% of initial), investors receive principal back plus any applicable coupons. If the final level is below this threshold, repayment is reduced 1% for each 1% index decline, down to zero. The estimated value on the pricing date is $916 per $1,000 security, reflecting embedded costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 17, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the State Street Utilities Select Sector SPDR ETF (XLU) and the VanEck Gold Miners ETF (GDX).
Investors receive a contingent coupon at 11.55% per annum only if on each observation date both ETFs close at or above 70% of their initial levels. The notes are automatically redeemed early at par plus the coupon if on any redemption determination date both ETFs are at or above 100% of their initial levels. If not called, and at maturity both ETFs are at or above 60% of initial levels, principal is repaid; otherwise investors lose 1% of principal for every 1% decline in the worst ETF, potentially losing the entire investment. The estimated value is about $959.50 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 29, 2029, linked to the Class A common stock of Meta Platforms, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is a principal-at-risk unsecured note.
Investors may receive a 16.00% per annum contingent coupon, paid only if Meta’s closing level on each observation date is at or above the coupon barrier level, set at 70% of the initial level. The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date, Meta’s closing level is at or above the call threshold level, which is 100% of the initial level.
If not called, at maturity investors receive par plus any final coupon if Meta’s final level is at or above the downside threshold level (70% of initial). If the final level is below that threshold, repayment is reduced in proportion to Meta’s decline, and the payment can be zero. The estimated value on the pricing date is approximately $967.20 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal at risk callable fixed income securities due August 16, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a fixed coupon at an annual rate of at least 9.70%, with monthly payments.
The notes are linked to the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices. If not called and, on the final observation date, each index is at or above 70% of its initial level, investors receive full principal plus the final coupon. If any index finishes below its downside threshold, principal is reduced 1% for every 1% decline of the worst performing index, potentially to zero.
Beginning February 16, 2027, the issuer may redeem the notes monthly at par plus coupon if a risk neutral valuation model indicates redemption is economically rational for Morgan Stanley. The estimated value on the pricing date is approximately $991 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. 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, due August 19, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and no periodic interest.
The notes may be automatically redeemed on scheduled determination dates if the index closes at or above a call threshold equal to 90% of the initial level, paying increasing fixed early redemption amounts (for example $1,160 on August 20, 2027 up to $1,786.667 on July 17, 2031). If held to maturity and not auto-called, investors receive $1,800 per security if the final index level is at or above the call threshold, only principal back if the final level is between the call threshold and a 50% downside threshold, and a proportional loss of 1% per 1% decline below the downside threshold, potentially losing the entire investment. The estimated value on the pricing date is approximately $904.20 per security, below the $1,000 issue price, reflecting costs and issuer pricing.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due May 10, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are issued at $1,000 per security with an estimated value on the pricing date of approximately $964.30 per security.
The notes pay a contingent coupon at 12.80% per annum only if, on each observation date, the value of a weighted basket of five stocks (HPE, APP, ORCL, QCOM, UAL, each at 20% weighting) is at or above the coupon barrier level of 70 (70% of the basket’s initial level of 100). The notes are subject to automatic early redemption on specified dates if the basket level is at or above the call threshold level of 95, in which case investors receive principal plus the applicable coupon and no further payments.
If not redeemed early, and on the final observation date the basket level is at or above the downside threshold level of 60, investors receive full principal (plus any final coupon). If the final level is below 60, repayment is reduced in proportion to the basket’s decline, and the maturity payment can be as low as zero. All payments depend on Morgan Stanley’s and MSFL’s credit; the notes are unsecured, offer no principal guarantee, may pay no coupons for the entire term, can be illiquid, and carry complex and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities with Auto-Callable Feature, unsecured notes linked to the MSCI Emerging Markets Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal, with an issue price of $1,000 and an estimated value of approximately $967 on the pricing date.
The notes may be automatically redeemed on August 30, 2027 for an early redemption payment of $1,171 per security if the index closes at or above 100% of its initial level on the first determination date. If held to July 29, 2031 and not called, upside is 125% of any index gain; if the index ends between 80% and 100% of its initial level, investors receive a positive “dual direction” return based on the index’s absolute decline, capped at a 20% maximum positive return. Below the 80% buffer level, investors lose 1% of principal for each 1% decline beyond the 20% buffer, subject only to a minimum payment of 20% of principal. The securities pay no interest, carry full principal risk, have limited liquidity and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Callable Buffered Jump Securities due August 29, 2031, linked to the S&P 500® Futures Excess Return Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest; principal is at risk.
Starting September 1, 2027, the issuer may redeem the notes on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational, paying fixed cash amounts that target approximately 20.50% per annum, up to $2,007.917 per security on the last redemption date.
If not redeemed, maturity payment depends on index performance: full principal plus an upside payment with 220% participation if the final level exceeds the initial level; full principal if the final level is between the initial level and a 15% buffer; and a loss of 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $928.50 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, and liquidity in any secondary market may be limited.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the Class A common stock of Bloom Energy Corporation, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, have no principal protection and mature on August 25, 2027, with an observation date on August 20, 2027.
Each $1,000 security has an initial underlier level of $219.34 and a buffer level of $109.67 (50% of the initial level). If the final level is at or above the buffer level, holders receive $1,000 plus a fixed upside payment of $445.70, a 44.57% gain. If the final level is below the buffer level, the maturity payment is reduced by 2% of principal for every 1% decline beyond the 50% buffer, with no minimum payment, so the investment can lose all principal.
The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $980.20, reflecting issuing, selling, structuring and hedging costs borne by investors. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due August 25, 2027, linked to the worst performer of the S&P 500 Equal Weight Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee repayment of principal.
At maturity, if the final level of each index is at or above its buffer level (90% of its initial level), investors receive $1,000 plus a fixed upside payment of $102.30 (10.23%). If either index finishes below its buffer level, the payoff is reduced by 1.1111% of principal for every 1% decline of the worst-performing index beyond the 10% buffer, with no minimum payment, so the entire investment can be lost.
The initial levels are 8,914.99 for the SPW Index and 7,757.64 for the SPX Index, with corresponding buffer levels of 8,023.491 and 6,981.876. The estimated value on the pricing date is approximately $988.10 per security, reflecting issuance, selling, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley, and the securities may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering fixed-income auto-callable securities due August 17, 2029, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a fixed 9.00% annual coupon, with monthly payments.
The notes may be automatically redeemed on scheduled dates starting February 11, 2027 if the index is at or above 100% of its initial level, returning principal plus the coupon for that period. If held to maturity and the final index level is at or above the 60% downside threshold, investors receive principal plus the final coupon; otherwise they lose 1% of principal for each 1% index decline, potentially losing the entire investment. The estimated value on the pricing date is about $935.90 per $1,000 note, reflecting issuance and hedging costs. All payments depend on the credit of MSFL and Morgan Stanley, and the complex index uses leverage, volatility targeting and a 4% per annum decrement. U.S. tax treatment is uncertain and Non‑U.S. Holders may face 30% withholding on coupons.
Morgan Stanley Finance LLC is offering $2,686,000 of Digital S&P 500® Index-Linked Notes due October 19, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, bear no interest, are not principal-protected and are subject to Morgan Stanley’s credit risk.
For each $1,000 note, if on the determination date the S&P 500® Index is at or above 90% of its initial level of 7,723.55, investors receive a fixed maximum settlement amount of $1,100 (110% of face). If the index closes below 90%, repayment is reduced by an amplified downside formula using a buffer rate of approximately 111.11%, and investors can lose up to their entire investment.
The public offering price is $1,000 per note, including $12 in selling commissions, with issuer proceeds of $988 per note. Morgan Stanley estimates the value on the trade date at $984.30, reflecting issuance, structuring and hedging costs and an internal funding rate, which may make secondary market prices lower than the issue price. The notes will not be listed, and any secondary trading will be limited and conducted by affiliates on a discretionary basis.
Morgan Stanley Finance LLC is offering $3,070,000 of Digital S&P 500® Index-Linked Notes due September 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and is principal at risk.
At maturity, if the S&P 500® final level is at least 90% of the initial level of 7,723.55, investors receive a fixed Maximum Settlement Amount of $1,092.60 per $1,000 note (109.26% of face). If the index has fallen more than 10%, repayment is reduced using a Buffer Rate of about 111.11%, and investors can lose up to their entire investment.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the trade date is $985.40 per note, below the $1,000 price, reflecting issuance, structuring and hedging costs. Net proceeds of about $3,040,835 will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an Auto-Callable Feature due August 24, 2028, linked to the First Trust Nasdaq Cybersecurity ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $973.30, reflecting issuing, selling, structuring and hedging costs borne by investors.
The notes pay no interest and are subject to principal at risk. On the first determination date (August 27, 2027), if the ETF’s closing level is at or above the call threshold (100% of the initial level), the notes are automatically redeemed on September 1, 2027 for a fixed early redemption payment of $1,165 per security, with no further payments. If not called, at maturity investors receive: principal plus an Upside Payment equal to 125% of any ETF appreciation; principal only if the final level is at or below the initial level but at or above the buffer level of 90% of the initial level; or a reduced amount if the final level is below the buffer, calculated as principal multiplied by (final level ÷ initial level + 10%), subject to a minimum payment at maturity of 10% of principal.
The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments depend on Morgan Stanley’s credit. They may be illiquid, are not equivalent to investing in the ETF itself, and carry sector, mid- and small-cap, tax, and conflict-of-interest risks described in detail in the risk disclosures.
Morgan Stanley Finance LLC is offering Leveraged Buffered MSCI EAFE® Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest, is unsecured and principal is at risk, with payments subject to Morgan Stanley’s credit.
At maturity (expected in 17–20 months), holders receive a cash amount based on the performance of the MSCI EAFE® Index. Upside is leveraged at 160% and capped at a Maximum Settlement Amount of $1,175.52–$1,206.40 per $1,000 note. A 12.50% buffer protects against moderate declines, but if the index falls more than 12.50%, losses accelerate using a Buffer Rate of approximately 114.29%, and investors can lose all principal.
The notes will not be listed, have no redemption right, and secondary liquidity depends on dealer markets. The issuer’s estimated value on the trade date is $992.70 per note, below the $1,000 issue price due to issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering $2,186,000 of Digital S&P 500® Index-Linked Notes due September 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are unsecured, principal-at-risk obligations.
At maturity, for each $1,000 note, investors receive a cash amount based on S&P 500® performance from the August 5, 2026 trade date to the September 7, 2027 determination date. If the final index level is at least 90% of the initial level of 7,723.55, the payout is capped at the Maximum Settlement Amount of $1,090.50 (109.05% of face). If the index falls more than 10%, repayment declines linearly using a Buffer Rate of approximately 111.11%, down to a possible total loss of principal.
The notes’ estimated value on the trade date is $985.40 per note, below the $1,000 issue price because it includes issuing, selling, structuring and hedging costs and uses an internal funding rate. They will not be listed on any exchange, secondary liquidity may be limited, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 9, 2029, linked to the common stock of The Cigna Group, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes have a stated principal of $1,000 per security and an aggregate principal amount of $3,327,000.
Investors may receive a contingent coupon at 10.00% per annum, payable only if the stock’s closing level on an observation date is at or above the coupon barrier level of $175.825 (65% of the $270.50 initial level). The notes are automatically redeemed, paying principal plus the contingent coupon, if on a redemption determination date the stock closes at or above the call threshold level of $270.50.
If not redeemed early and the final level is at or above the downside threshold level of $175.825, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced in proportion to the stock’s decline and can fall to zero. The estimated value on the pricing date is $962.30 per security, lower than the $1,000 issue price due to issuance, selling, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Jump Securities with Auto-Callable Feature due September 5, 2031, linked to the worst performer of the MSCI EAFE Index and the MSCI Emerging Markets Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and does not pay interest or guarantee return of principal.
The notes may be automatically redeemed on September 10, 2027 for an early redemption payment of $1,243.50 per security if on September 7, 2027 the closing level of each index is at least 100% of its initial level. If not redeemed, at maturity investors receive: principal plus an upside payment equal to 150% of the gain of the worst-performing index if both are above initial; only principal if both are at or above 70% of initial and at least one is at or below initial; or a loss 1% for each 1% decline in the worst-performing index if either finishes below 70% of its initial level, potentially resulting in a zero return.
The estimated value on the pricing date is approximately $945.10 per security, reflecting issuer costs and hedging. The securities are unsecured obligations of MSFL subject to Morgan Stanley’s guarantee, expose investors to the volatility and downside of developed ex-U.S./Canada and emerging markets equities, and carry significant credit, market, liquidity and tax risks, including complex and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk, unsecured notes that pay no interest and may return less than the stated principal amount at maturity.
Each security has a $1,000 stated principal amount and issue price. At maturity on August 25, 2031, if the S&P 500® final level is at or above the downside threshold level, investors receive $1,000 plus the greater of a fixed $200 upside payment or $1,000 times the underlier percent change, subject to a maximum payment of $1,900 per security. If the final level is below the downside threshold (80% of the initial level), investors lose 1% of principal for each 1% decline in the index, with no minimum repayment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $958.60 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s pricing models. All payments depend on the credit of MSFL and Morgan Stanley, secondary market liquidity may be limited, and the U.S. federal income tax treatment is uncertain.
Morgan Stanley Finance LLC is offering market-linked, auto-callable securities tied to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley, maturing August 14, 2028. Each security has a $1,000 face amount, with an estimated value on the pricing date of approximately $976.40 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
Beginning February 12, 2027, the notes are subject to quarterly automatic call if the index closes at or above the starting level, paying a fixed call amount (at least $1,042 on the first calculation day, up to at least $1,168 on the final one) and then terminating with no further payments. The securities pay no interest and offer contingent downside protection only to a threshold level set at 80% of the starting level. If never called and the S&P 500 ending level is below this threshold, the maturity payment equals $1,000 times the performance factor, exposing holders to losses greater than 20% and potentially the entire principal. All payments depend on Morgan Stanley’s creditworthiness, and there may be limited or no secondary market.
Morgan Stanley Finance LLC is offering Callable Contingent Income Memory Securities due August 19, 2027, fully and unconditionally guaranteed by Morgan Stanley, at $1,000 per security. The notes are linked to the worst performer of the State Street Energy Select Sector SPDR ETF (XLE), State Street Utilities Select Sector SPDR ETF (XLU) and VanEck Semiconductor ETF (SMH) and are principal-at-risk.
Investors may receive a contingent coupon at 16.70% per annum, paid only if on each observation date the closing level of every underlier is at or above its coupon barrier, set at 60% of its initial level; missed coupons can be paid later if barriers are met ("memory" feature). Beginning February 19, 2027, the issuer may redeem the notes on specified monthly dates if a risk neutral valuation model deems early redemption economically rational for Morgan Stanley, paying principal plus due and previously unpaid coupons.
If the notes are not redeemed and on the final observation date each underlier is at or above its downside threshold (also 60% of initial), investors receive principal plus any due coupons. If any underlier finishes below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst-performing underlier, potentially to zero. The estimated value on the pricing date is approximately $985.50 per $1,000, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Contingent Income Buffered Auto-Callable Securities due September 24, 2027 linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a 9.50% per annum contingent coupon only if the underlier’s closing level is at or above a coupon barrier set at 75% of the initial level on the relevant observation date.
The notes may be automatically redeemed on specified dates if the underlier is at or above a call threshold equal to 100% of the initial level, in which case investors receive principal plus the applicable coupon. If held to maturity and not auto-called, investors receive principal back if the final level is at or above a 75% buffer level; otherwise, they lose 1% of principal for every 1% decline beyond the 25% buffer, subject to a minimum payment of 25% of principal. The estimated value on the pricing date is approximately $972.10 per $1,000 security, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due September 6, 2029, linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is subject to Morgan Stanley’s credit risk.
At maturity, investors receive upside performance of the underlier at a 100% participation rate, capped at a maximum payment of $2,430 per security (243% of principal). A 30% buffer protects against moderate declines; below the 70% buffer level, principal is lost 1% for each additional 1% drop, with a minimum payment of 30% of principal. The estimated value on the pricing date is approximately $910.50 per security, reflecting issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering fixed-income structured notes due October 5, 2027, fully and unconditionally guaranteed by Morgan Stanley. The $1,000-denomination securities pay a fixed 9.90% annual coupon, paid monthly, but are principal at risk securities linked to the worst performing of the S&P 500 Index and the Russell 2000 Index.
A daily trigger event occurs if either index closes below 75% of its initial level on any trading day. If no trigger event occurs, investors receive full principal at maturity plus the final coupon. If a trigger occurs and the worst index finishes below its initial level, the maturity payment is reduced 1% for every 1% decline of the worst index, potentially to zero. Investors do not participate in any index upside. The estimated value on the pricing date is about $986.50 per $1,000 note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk. The notes involve limited liquidity, complex tax treatment and additional risks tied to small-cap exposure via the Russell 2000.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due December 3, 2027, 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 of $1,000, pays no interest and does not guarantee repayment of principal.
At maturity, if the final level of each index is at or above its downside threshold level (75% of its initial level), investors receive $1,127.50 per security, a fixed 12.75% upside payment. If either index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum payment, so the investment can result in a total loss of principal. The indicative estimated value on the pricing date is approximately $987.40 per security, reflecting issuance, structuring and hedging costs. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due August 15, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, pays no interest and does not guarantee any return of principal.
At maturity, if the final level of both the Russell 2000® Index and the S&P 500® Index is above its initial level, holders receive $1,000 plus a leveraged upside payment based on 150% of the gain of the worst performing index. If at least one index is at or below its initial level but both remain at or above 70% of their initial levels (the downside threshold), investors receive only the $1,000 principal. If either index finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst performer, with no minimum; the payoff can be zero.
The estimated value on the pricing date is approximately $981.60 per security, reflecting issuance, structuring and hedging costs borne by investors. All payments depend on Morgan Stanley’s credit; the notes are unsecured, not bank deposits and not FDIC insured.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, principal-at-risk notes linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and matures on December 2, 2027.
At maturity, if the S&P 500 final level is at or above the 85% buffer level, investors receive $1,000 plus a fixed upside payment of $80 per security, an 8% return regardless of how much the index has risen within that range. If the final level falls below the buffer, investors lose 1.1765% of principal for every 1% decline beyond the 15% buffer, with no minimum payment; the entire investment can be lost.
The estimated value on the pricing date is approximately $971.50 per security, below the $1,000 issue price because it embeds issuing, selling, structuring and hedging costs. Investors are exposed to Morgan Stanley’s credit risk, limited secondary market liquidity, complex and uncertain U.S. tax treatment, and structural risks such as capped upside and amplified downside beyond the buffer.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-call feature, due September 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the State Street Financial Select Sector SPDR ETF (XLF) and the State Street SPDR S&P Regional Banking ETF (KRE).
Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of about $943.10 due to embedded costs. On the first determination date, September 7, 2027, if both underliers are at or above 100% of their initial levels, the notes auto-call and pay a fixed $1,191.50 per security, with no further upside.
If not called, at maturity investors receive principal plus an upside payment equal to 150% of the gain of the worst underlier if both are above initial levels; principal back if each is at or above 70% of its initial level; and a linear loss (1% per 1% decline) based on the worst underlier if either finishes below that 70% downside threshold, potentially reducing the payment to zero. Payments are unsecured and subject to Morgan Stanley’s and MSFL’s credit risk, and the product offers no periodic interest and carries complex tax and liquidity risks.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes due September 3, 2031, fully and unconditionally guaranteed by Morgan Stanley and linked to the S&P 500® Futures Excess Return Index. The notes pay no interest.
Each security has a $1,000 stated principal and issue price. At maturity, if the index is above its initial level, investors receive $1,000 plus 221.50% of the index gain. If the final level is at or below the initial level but at or above 60% of the initial level, investors receive only $1,000. If the final level is below 60% of the initial level, principal is reduced 1% for each 1% index decline, with no minimum payment, so the investment can be lost entirely.
The estimated value on the pricing date is approximately $973.60 per security, below the issue price due to issuing, selling, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and have uncertain and complex U.S. tax treatment described as prepaid financial contracts.
Morgan Stanley Finance LLC is offering Lookback Entry Trigger PLUS notes due September 6, 2028, linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest, with principal at risk.
The initial level will be the lowest closing level of the stock during an observation period from the August 31, 2026 pricing date through November 30, 2026, while the final level is the closing level on the August 31, 2028 observation date. At maturity, investors receive: (i) principal plus a 200% leveraged upside payment, capped at a maximum of $1,612.50 per security (161.25% of principal), if the final level is above the initial level; (ii) only principal if the final level is at or below the initial level but at or above the downside threshold of 75% of the initial level; or (iii) a loss of 1% of principal for each 1% decline in the stock if the final level is below the downside threshold, with no minimum payment.
The estimated value on the pricing date is approximately $923.30 per security, reflecting issuing, selling, structuring and hedging costs borne by investors, as well as the issuer’s funding rate. The notes are unsecured obligations of MSFL, subject to the credit risk of MSFL and Morgan Stanley, and may have limited or no secondary market liquidity. The underlying stock began trading on June 12, 2026 and has a very limited trading history, adding to risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst of Advanced Micro Devices and Apple common stock. Each security has a $1,000 stated principal amount, no periodic interest and is an unsecured obligation subject to Morgan Stanley’s credit risk.
The notes may auto-call on August 24, 2027 if each stock closes at or above 100% of its initial level, paying an early redemption amount of $1,610 per security. If not called, at maturity investors receive: 200% of the gain of the worst-performing stock if both finish above initial; up to a 50% positive return via an “absolute return” feature if the worst-performing stock is down but stays at or above 50% of its initial level; or a one-for-one loss with the worst-performing stock if it finishes below that downside threshold, potentially losing the entire investment.
The indicative estimated value on the pricing date is about $937.20 per $1,000, reflecting issuance, structuring and hedging costs. The notes are expected to be treated for U.S. tax purposes as prepaid financial contracts, with complex and uncertain tax and Section 871(m) consequences, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities with an auto-callable feature maturing on August 9, 2029. The notes are unsecured obligations linked to the worst performing of Microsoft, NVIDIA and Tesla common stocks and pay no coupons.
The stated principal amount is $1,000 per security, with an aggregate principal amount of $503,000, issued at par. The initial stock levels also serve as call threshold levels, while downside threshold levels are set at 60% of each initial level. If on any determination date from August 6, 2027 onward each underlier closes at or above its call threshold, the notes auto-redeem for a fixed early redemption payment that corresponds to approximately 47.10% per annum, increasing over time, and no further payments are made.
If not redeemed early and on the final determination date all underliers are at or above their call thresholds, holders receive $2,413 per security at maturity. If at least one underlier is below its call threshold but all are at or above their downside thresholds, only principal is returned. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst performer, potentially to zero. The estimated value on the pricing date is $977 per $1,000, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 10, 2028, linked to the worst performer of Bank of America, Citigroup and JPMorgan Chase common stocks, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Each security has a $1,000 stated principal amount and pays an 11.00% per annum contingent coupon only if, on the relevant observation date, all three stocks close at or above their coupon barrier levels, set at 60% of their initial levels ($37.80 for BAC, $80.292 for C, $213.78 for JPM). The notes are automatically called, starting November 6, 2026, if on any redemption determination date all three stocks are at or above their call thresholds, equal to 100% of initial levels, returning principal plus the due and any unpaid coupons.
If not called, at maturity investors receive principal only if each final stock level is at or above its downside threshold (also 60% of initial); otherwise, repayment is reduced 1% for each 1% decline of the worst performing underlier, potentially to zero. The estimated value on the pricing date is approximately $981.90 per $1,000 security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Buffered Auto-Callable Securities due August 25, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is principal at risk.
Investors may receive an 11.50% per annum contingent coupon, paid only when the index closes at or above 70% of its initial level on observation dates; missed coupons can be paid later if conditions are met. The notes auto-call if the index is at or above 100% of its initial level on specified redemption determination dates.
If not called, maturity payment is buffered: full principal back when the final index level is at or above 85% of the initial level, but losses of 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is about $909 per $1,000, and investors face issuer credit risk, limited liquidity, index-specific risks and uncertain tax treatment.
Morgan Stanley Finance LLC is offering $1,000,000 of Contingent Income Memory Auto-Callable Securities, issued at $1,000 per note and fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the EURO STOXX 50®, Russell 2000® and S&P 500® indices.
Investors may receive a 9.65% per annum contingent coupon (with “memory”) only if all three indices are at or above their respective 70% coupon barrier levels on observation dates; missed coupons can be paid later if conditions are met. The notes are automatically called at par plus applicable coupons if, on a redemption determination date starting February 5, 2027, all indices are at or above 100% of their initial levels. If held to February 10, 2028 and any index finishes below its 70% downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, down to zero. The estimated value on the pricing date is $987.80 per note, and all payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is offering long-dated, principal-at-risk structured notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley, maturing on January 29, 2032. Each Security has a $1,000 stated principal amount and pays no coupons.
The initial and final index levels are based on arithmetic averages over specified initial and final averaging periods. At maturity, investors can receive tiered payouts: enhanced upside if the index ends above 119% of the initial average, a lower participation gain between 86% and 119%, par at exactly 86%, leveraged losses (via a 2.00 downside factor) between 86% and 72%, and one-for-one losses below 72%, with a maximum payment of $1,823.80 per Security and no minimum payment. The estimated value on the pricing date is about $982.40 per Security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is scheduled to mature on February 9, 2028.
At maturity, if the S&P 500® final level is at or above the buffer level of 80% of the initial level, investors receive $1,000 plus a fixed upside payment of $105, a 10.50% return regardless of how much the index has risen. If the final level is below the buffer, principal is reduced 1% for each 1% index decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The securities are unsecured, subject to Morgan Stanley’s credit risk, have an aggregate principal amount of $625,000, and an estimated value on the pricing date of $992.20 per note, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due August 20, 2027, fully and unconditionally guaranteed by Morgan Stanley, linked to the performance of the SPDR® Gold Trust (GLD). Each security has a $1,000 stated principal amount, with an aggregate principal of $500,000, and pays no interest.
At maturity, if the final level of GLD is at or above the downside threshold level of $336.744 (90% of the $374.16 initial level), investors receive $1,000 plus a fixed upside payment of $124.60, a 12.46% return, regardless of how much GLD has risen. If the final level is below the threshold, repayment is reduced 1% for each 1% decline in GLD, with no minimum payment, so the principal can be entirely lost.
The estimated value on the pricing date is $983.00 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding spread. Agent commissions are up to $10 per $1,000, leaving proceeds of $990 per security to the issuer. The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley and may be illiquid, with secondary trading dependent largely on Morgan Stanley & Co. LLC. U.S. federal tax treatment is complex and may involve “prepaid financial contract” and “constructive ownership” considerations.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due September 24, 2027, linked to the worst performer of the Dow Jones Industrial, Russell 2000® Index and S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.
At maturity, if the final level of each underlier is at or above 75% of its initial level (its downside threshold), investors receive $1,095 per security, a fixed $95 upside payment (9.50% of principal). If any underlier finishes below its downside threshold, the payout equals $1,000 multiplied by the performance factor of the worst performing underlier, producing a 1% loss of principal for each 1% decline; repayment of principal is not guaranteed and the amount can be zero.
The estimated value on the pricing date is approximately $974.20 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. The notes are unsecured obligations of MSFL, subject to the credit risk of both MSFL and Morgan Stanley, and may have limited or no secondary market liquidity. U.S. federal income tax treatment is uncertain, with counsel currently expecting treatment as prepaid financial contracts, subject to future confirmation and possible changes in law.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-call feature linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are principal at risk, pay no interest, and are issued at $1,000 per security, with an aggregate principal amount of $2,395,000. The estimated value on the pricing date is $953.70 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes may be automatically redeemed on August 11, 2027 for $1,132.50 per security if the index closes at or above the call threshold level of 616.74 on August 6, 2027. If not called, at maturity on August 8, 2031 investors receive upside participation of 170% of index appreciation above the initial level of 616.74, full principal back if the final level is between 60% and 100% of the initial level, and a 1% loss of principal for every 1% index decline below the downside threshold level of 370.044, potentially down to zero. All payments are subject to the credit risk of MSFL and Morgan Stanley, and the securities may be illiquid with uncertain tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes linked to the Class A common stock of Vertiv Holdings Co and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is scheduled to mature on February 23, 2028.
At maturity, if Vertiv’s closing stock price on the observation date is at or above the downside threshold level of 54.75% of the initial level, investors receive $1,000 plus a fixed upside payment of $400 per security, regardless of how much the stock has risen. If the final level is below the threshold, repayment is reduced 1% for each 1% decline in the stock from the initial level, with no minimum payment at maturity, so the entire principal can be lost. The original issue price is $1,000, while the estimated value on the pricing date is approximately $961.90 per security, reflecting issuing, selling, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due October 5, 2027, linked to the worst performing of the Russell 2000 Index and the S&P 500 Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee principal.
At maturity, if the final level of each index is at or above its downside threshold level (70% of its initial level), investors receive $1,000 plus a fixed upside payment of $95.60 (a 9.56% gain), regardless of how much the indices have risen. If either index finishes below its threshold, repayment is reduced 1% for every 1% decline of the worst performing index, with no minimum payment, so the investment can fall to zero.
The estimated value on the pricing date is approximately $987.60 per security, below the $1,000 issue price due to issuance, structuring and hedging costs. The notes are unsecured and subject to Morgan Stanley’s credit risk and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering principal at risk contingent income memory auto-callable securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the EURO STOXX 50 Index and the S&P 500 Index. Each security has a stated principal amount and issue price of $1,000.
Investors may receive a contingent coupon at 9.16% per annum, but only if on each observation date both indexes are at or above their coupon barrier levels, set at 75% of initial levels (4,876.92 for EURO STOXX 50 and 5,782.47 for S&P 500). Missed coupons can be paid later if conditions are met, but may be lost entirely.
The notes are auto-callable on quarterly determination dates if both indexes are at or above 100% of their initial levels (6,502.56 and 7,709.96), returning principal plus applicable coupons. If not called, and at maturity either index is below its downside threshold (the same 75% levels), investors lose 1% of principal for each 1% decline of the worst-performing index, potentially losing their entire investment. The estimated value on the pricing date is approximately $985.20 per $1,000, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Contingent Income Auto-Callable Securities due February 17, 2028, linked to the common stock of Western Digital Corporation. Each note has a $1,000 stated principal amount and pays a 34.00% per annum contingent coupon only when the underlier closes at or above a coupon barrier set at 50% of the initial level on specified observation dates.
The notes may be automatically redeemed quarterly starting February 16, 2027 if the underlier is at or above 100% of the initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments. If held to maturity and the final level is at or above the 50% downside threshold, investors receive $1,000 plus any final coupon; if it is below, repayment is reduced in full proportion to the underlier’s decline and can be zero.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley. All payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $946.10 per security, below the $1,000 issue price, reflecting embedded costs and issuer funding economics, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is issuing Buffered PLUS notes due August 9, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to an equal-weighted basket of 10 stocks, including AMD, ASML, Broadcom, NVIDIA, TSM and SpaceX’s SPCX.
The notes pay no interest. At maturity, if the basket’s final level is above the initial level of 100, investors receive principal plus a leveraged upside payment of 110% of the basket’s gain, capped at a maximum payment of $2,000 per security. If the final level is between the 85 buffer level and the initial level, principal is returned. Below the buffer, investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The aggregate principal amount is $4,064,000, and the estimated value on the pricing date is $894.30 per security, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the securities may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due February 16, 2028, linked to the performance of the Invesco DB Agriculture Fund and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to the credit risk of Morgan Stanley and MSFL.
At maturity, investors receive the $1,000 principal plus 100% of any fund appreciation, capped at a maximum payment of $1,189 per security (118.90%). A 10% buffer protects against moderate declines: if the fund’s final level is at or above 90% of its initial level, principal is returned. Below the buffer, investors lose 1% of principal for each 1% decline beyond 10%, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $979.20 per security, reflecting issuance, structuring and hedging costs and the issuer’s funding rate.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 10, 2029, linked to the common stock of Advanced Micro Devices, Inc., and fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes place principal at risk and are not bank deposits or FDIC insured.
Each security has a $1,000 stated principal and issue price, with an estimated value on the pricing date of approximately $962.30. The notes pay a contingent coupon at 19.50% per annum, but only when AMD’s closing level on an observation date is at or above a coupon barrier set at 50% of the initial level; missed coupons can be paid later if the barrier is subsequently met. The notes are subject to automatic early redemption if AMD closes at or above 100% of the initial level on specified redemption determination dates, returning principal plus due and unpaid contingent coupons.
If not redeemed early, and AMD’s final level is at or above a downside threshold of 50% of the initial level, investors receive full principal plus any payable coupons at maturity. If the final level is below this threshold, repayment is reduced in proportion to AMD’s decline, potentially to zero. All payments depend on Morgan Stanley’s credit, and the U.S. tax treatment is uncertain, with potential 30% withholding on coupons for certain non-U.S. investors.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 9, 2029, linked to the worst-performing of Bank of America and JPMorgan Chase common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $987.50.
The notes pay a 12.00% per annum contingent coupon only if on each observation date both underliers are at or above their coupon barrier levels (70% of initial levels). The securities are subject to automatic early redemption if, on specified redemption determination dates, both underliers are at or above their call threshold levels (100% of initial levels), in which case investors receive principal plus the contingent coupon and no further payments. If not redeemed early, and at maturity either underlier is below its downside threshold level (70% of its initial level), the repayment of principal is reduced 1% for each 1% decline of the worst-performing underlier, potentially to zero. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due February 10, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the S&P 500 Index, State Street SPDR S&P Regional Banking ETF and State Street Technology Select Sector SPDR ETF and are principal-at-risk.
Investors may receive a 12.13% per annum contingent coupon, paid only if on each observation date all underliers are at or above their coupon barrier levels, set at 60% of initial levels100% of initial levels.
If not redeemed early and at maturity any underlier is below its downside threshold (also 60% of its initial level), the payoff is reduced 1:1 with the decline of the worst underlier, potentially to $0. Aggregate issuance is $525,000 at $1,000 per security, with an estimated value of $985.60 on the pricing date. Payments depend on Morgan Stanley’s credit and the tax treatment of the notes is uncertain.
Morgan Stanley Finance LLC is offering principal at risk Jump Securities due August 9, 2029, linked to the worst performer of the S&P 500®, Nasdaq‑100® and Russell 2000® indices, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal of $389,000.
The notes feature automatic early redemption starting August 6, 2027 if all three indices are at or above their call threshold levels (100% of initial levels), paying fixed amounts that correspond to about 16.90% per annum, up to $1,422.50 per security. If not called and, at maturity, each index is at or above its call threshold, investors receive $1,507 per security. If any index is below its call threshold but all are at or above 70% of initial levels (the downside thresholds), investors receive only principal. If any index finishes below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst performing underlier, and can fall to zero.
The estimated value on the pricing date is $994.70 per security, reflecting embedded costs and Morgan Stanley’s pricing models. The securities pay no interest, offer no participation in index appreciation beyond the fixed payouts, are unsecured obligations subject to Morgan Stanley’s credit risk, may be illiquid in the secondary market and carry uncertain U.S. federal income tax treatment.