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 $5,418,000 of $1,000 face-value market-linked securities tied to the lowest-performing of Alphabet Class A, Broadcom and Amazon common stock, maturing January 26, 2029.
The notes are auto-callable on January 28, 2027 for a fixed cash payment of $1,285.50 per $1,000 (about 28.55% total return) if each stock is at or above its call price. If not called, at maturity investors get: 150% of the gain of the lowest-performing stock if it finishes above its starting price; full principal back if the lowest-performing stock is between 80% and 100% of its starting price; or a loss beyond a 20% buffer, with up to 80% of principal at risk.
The securities pay no interest, forgo dividends, are not exchange-listed, and all payments depend on Morgan Stanley’s credit. The issuer’s estimated value on the pricing date is $937.40 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC is offering $1,000 principal-at-risk Dual Directional Trigger Jump Securities due February 4, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and all payments depend on Morgan Stanley’s credit.
Returns are tied to the worst performer of the S&P 500 Futures Excess Return Index and the Russell 2000 Index. If both finish at or above their initial levels, investors receive $1,000 plus the greater of index gains on the worst underlier or a fixed $622 upside payment (62.20%). If the worst index is down but no more than 30% (stays at or above 70% of its initial level), investors get a positive return matching the percentage decline, capped at a 30% gain.
If either index ends below its 70% downside threshold, principal falls 1% for each 1% decline in the worst index, with no minimum repayment; an 85% drop would leave investors with $150. The preliminary estimated value on the pricing date is approximately $972.90 per $1,000 note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing $1,857,000 of three-year principal-at-risk structured notes linked to the worst performer of Broadcom, Alphabet (Class C) and Meta (Class A). Each $1,000 security is issued at par, with estimated value on the pricing date of $945.70.
Investors may receive a contingent coupon at an annual rate of 18.65%, but only when all three stocks close at or above their coupon barrier levels, set at 60% of their initial prices. The notes are auto-callable quarterly from July 23, 2026 if every underlier is at or above 100% of its initial level, returning principal plus the applicable coupon.
At maturity in January 2029, if the notes have not been called and each stock finishes at or above its 60% downside threshold, investors receive full principal back, plus any final coupon if payable. If any stock ends below its threshold, repayment is reduced 1% for each 1% loss in the worst performer, and principal can be completely lost. Payments depend on Morgan Stanley’s credit, and the securities will not be listed on an exchange.
Morgan Stanley Finance LLC is offering callable contingent income buffered securities linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each note has a $1,000 stated principal amount, with an aggregate principal of $5,003,000, and matures on October 28, 2027.
The notes pay a contingent coupon at an annual rate of 7.90% only if, on each observation date, every index is at or above its coupon barrier level set at 70% of its initial level. Principal repayment is protected only down to a 20% buffer; if the worst-performing index finishes below 80% of its initial level, investors lose 1% of principal for each 1% decline beyond that buffer, with a minimum payment of 20% of principal.
The securities are callable in whole, but not in part, on specified redemption dates starting April 28, 2026, if a risk-neutral valuation model indicates it is economically rational for the issuer to redeem. The estimated value on the pricing date is $982.80 per security versus a $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing principal-at-risk "Jump Securities" linked to the worst performer of three State Street sector ETFs: Energy (XLE), Industrials (XLI) and Utilities (XLU). Each note has a $1,000 stated principal amount and the total offering size is $728,000.
The notes may auto-call on January 26, 2027 if each ETF is at or above its initial level, paying an early redemption amount of $1,490 per security. If not called, at maturity on January 26, 2029 investors receive principal plus 150% of the gain of the worst performer if all three finish above their initial levels.
If any ETF ends at or below its initial level but all remain at or above 80% of initial, principal is merely returned. If any closes below its 80% downside threshold, repayment is reduced 1% for each 1% decline of the worst performer and can fall to zero. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, not listed on an exchange, and carry valuation, liquidity, credit, sector concentration and tax-uncertainty risks. The estimated value on the pricing date is $968.50 per security, below the $1,000 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities linked to the worst performer of the Dow Jones Industrial, Russell 2000® and S&P 500® Index. Each security has a stated principal amount and issue price of $1,000.
Investors may receive a contingent coupon at an annual rate of 6.70%, but only when all three indices are at or above their coupon barrier levels (75% of initial levels) on scheduled observation dates. The notes can be automatically redeemed from February 2027 onward if all indices are at or above their call thresholds (100% of initial levels), paying principal plus the coupon for that period.
If the notes are not called and, on the final observation date, each index is at or above its downside threshold (70% of initial level), investors receive principal back plus any final coupon. If any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst index, potentially to zero. The estimated value on the pricing date is approximately $948.30 per $1,000 security, reflecting issuance, structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due February 4, 2031, linked to the worst performer of the S&P 500® Futures Excess Return Index and the Russell 2000® Index. Each security has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the final level of each index is at or above 70% of its initial level, investors receive $1,000 plus the greater of index-based upside or a fixed $483 upside payment, a 48.30% gain. If either index finishes below 70% of its initial level, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum payment; investors can lose their entire investment.
The estimated value on the pricing date is approximately $973 per security, reflecting issuance, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The notes are unsecured, not listed on an exchange, subject to Morgan Stanley’s credit risk and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Jump Securities with an auto-call feature linked to the worst performer of three ETFs: the State Street SPDR S&P Regional Banking ETF, the iShares Semiconductor ETF and the iShares 20+ Year Treasury Bond ETF.
Each security has a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $19,413,000, with an estimated value on the pricing date of $964.40 per security. The notes offer no coupons and are principal at risk.
The securities auto-call if all underliers are at or above their call thresholds on scheduled determination dates, paying early redemption amounts that target approximately 16.00% per annum. If held to maturity without early redemption, investors receive $1,160.00 per security if each final level is at or above its upside threshold.
If any final level is below its upside threshold but all are at or above their downside thresholds (60% of initial levels), repayment is limited to principal. If any final level falls below its downside threshold, repayment is reduced 1% for each 1% decline in the worst performing underlier, and the maturity payment can fall to zero.
All payments depend on Morgan Stanley’s credit. The notes will not be listed, may have limited liquidity, embed dealer commissions of $18.75 per security and are designed for investors willing to accept complex structure, sector and interest-rate risks, and the possibility of losing their entire investment.
Morgan Stanley Finance LLC is offering auto-callable Buffered Jump Securities linked to the worst performer of the VanEck Gold Miners ETF (GDX) and the iShares Silver Trust (SLV), fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, with a total offering of $349,000, and an estimated value on the pricing date of $929.60 per security.
The notes pay no interest and can be automatically redeemed on 29 scheduled determination dates from July 2026 to November 2028 if both underliers are at or above their call thresholds (85% of their initial levels), for fixed cash payments that correspond to roughly 7.50% per annum. If held to December 2028 and both underliers are at or above their thresholds, investors receive $1,218.75 per security; if at least one is below its call threshold but both are at or above its 20% buffer level, investors receive only principal back. If either underlier finishes below its 80% buffer, principal is reduced 1% for each 1% loss of the worst performer beyond the buffer, subject to a minimum payment of 20% of principal.
Morgan Stanley Finance LLC is offering market-linked notes tied to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest, and matures on February 3, 2028.
At maturity, investors receive $1,000 plus 100% of the index’s gain if the final level exceeds the initial level, capped at a maximum payment of $1,140 per note (114% of principal). If the index finishes at or below the initial level, repayment is limited to principal, with no positive return.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange. The estimated value on the pricing date is approximately $983 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due August 4, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities pay no interest and are linked to a basket of equity indices: Russell 2000 (25%), S&P 500 (45%) and EURO STOXX 50 (30%).
At maturity, investors receive leveraged upside of 150% of any basket gain, capped at a maximum payment of $1,179 per $1,000 note, and full principal back if losses stay within a 15% buffer. Below the buffer, principal is reduced one-for-one, with a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $991.80 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performer of the EURO STOXX 50® and S&P 500® indices, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 8.32%, but only when both indices close at or above 80% of their initial levels on scheduled observation dates. If, on any redemption determination date from July 30, 2026 onward, both indices are at or above 100% of their initial levels, the notes auto-call and repay principal plus the applicable coupon and any unpaid coupons.
If the notes are not redeemed early and, at maturity in February 2029, either index finishes below 80% of its initial level, 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 $972.60 per security, reflecting structuring and hedging costs and an internal funding rate. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering partial principal at risk notes linked to the SPDR® Gold Trust, maturing on April 29, 2027. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, investors receive $1,000 plus 100% of any gain in GLD from the initial level of $464.70, capped at a maximum payment of $1,149 per note. If GLD falls, investors lose 1% of principal for each 1% decline, but not below a partial principal return amount of 95% of principal, or $950 per note.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange. The estimated value on the pricing date is approximately $982.80 per note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC is offering partial principal at risk notes linked to the SPDR® Gold Trust. Each note has a $1,000 stated principal amount, matures on March 3, 2027, and pays no interest. An observation on February 26, 2027 determines the final payoff.
If GLD is above the initial level of $464.70, holders receive principal plus 100% of the upside, capped at a maximum payment of $1,130 (113% of principal). If GLD is below the initial level, investors lose 1% of principal for each 1% decline, with a minimum repayment of 95% of principal. The estimated value on the pricing date is approximately $982.80 per note, and all payments are subject to the credit risk of Morgan Stanley and MSFL. The notes are treated as contingent payment debt instruments for U.S. tax purposes and will not be listed on any exchange, so liquidity may be limited.
Morgan Stanley Finance LLC is offering 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 4, 2031. Each security has a stated principal amount and issue price of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and can be automatically redeemed starting February 2, 2027 if the index closes at or above the call threshold level. Early redemption payments range from $1,195 on the first early redemption date up to $1,926.25 on the last, corresponding to a return of approximately 19.50% per annum.
If not called, payment at maturity depends on index performance. Investors receive $1,975 per security if the final index level is at or above the call threshold level, the stated principal amount if it is between the buffer level (85% of the initial level) and the call threshold, and a reduced amount if below the buffer, with losses of 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $911.40 per security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) due January 30, 2036, linked to the worst performer of the Nasdaq-100 Futures Excess Return Index and the S&P 500 Futures Excess Return Index. Each security has a $1,000 issue price and an estimated value on the pricing date of approximately $926.90.
At maturity, if both indexes finish above their initial levels, holders receive $1,000 plus a leveraged upside payment equal to 389% of the gain of the worst-performing index. If either index is at or below its initial level, the payout is $1,000 multiplied by the performance of the worst-performing index, with no minimum; investors can lose their entire principal.
The notes pay no interest, are unsecured obligations of Morgan Stanley Finance LLC fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. Returns depend solely on the observation date levels, and the securities are subject to Morgan Stanley’s credit risk, market volatility in the underlying futures-based indexes, limited liquidity, and uncertain U.S. federal income 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. Each security has a $1,000 stated principal amount, is issued at $1,000, and is scheduled to mature on March 3, 2027.
The securities pay no interest and do not guarantee a return of principal. If on the observation date the S&P 500® closing level is at or above 80% of the initial level of 6,950.23, investors receive $1,000 plus a fixed upside payment of $80, an 8% return. If the final level is below the 80% downside threshold of 5,560.184, repayment is reduced 1% for each 1% index decline, with no minimum, so the payment can be zero.
The estimated value on the pricing date is approximately $983.70 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer. Agent compensation is up to $10.42 per $1,000 security. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity. U.S. tax treatment is expected to follow a prepaid financial contract approach, though this is not certain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk step-down jump securities with an auto-call feature due February 2, 2029, linked to the worst performer of the SPDR S&P 500 ETF (SPY) and the State Street Consumer Staples Select Sector SPDR ETF (XLP).
Each $1,000 security may be automatically redeemed on scheduled determination dates if both ETFs close at or above their call thresholds, paying early redemption amounts that imply about 9.60% per annum, starting at $1,048 and rising to $1,264. If held to maturity and both final levels are at or above their upside thresholds, investors receive $1,288; if both remain above downside thresholds but miss upside thresholds, only principal is returned. If either ETF 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 approximately $971.30 per $1,000, reflecting embedded costs, including a $20 sales commission and $1 structuring fee per security. The notes pay no interest, do not participate in any ETF upside beyond the fixed payouts, are unsecured, unlisted, and fully subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a stated principal amount and issue price of $1,000 and a term to January 28, 2031.
Investors may receive a 10.00% per annum contingent coupon, paid only when the index is at or above a coupon barrier on observation dates; missed coupons can be paid later if the barrier is met. The notes can be automatically redeemed on scheduled redemption dates if the index is at or above a call threshold, returning principal plus the applicable coupon and any previously unpaid coupons.
If the notes are not redeemed early and the final index level is below a downside threshold, repayment of principal is reduced 1% for each 1% index decline, and the maturity payment can fall to zero. The estimated value on the pricing date is approximately $910.20 per security, reflecting issuance, structuring and hedging costs and an internal funding rate. The index itself employs leverage up to 400%, targets 40% volatility, and applies a 4.0% per annum decrement, all of which can depress returns.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $10,487,000 of Digital S&P 500® Index-Linked Notes due May 17, 2028. These principal-at-risk securities pay no interest and are unsecured obligations.
Each note has a $1,000 face amount and is linked to the S&P 500® Index, set initially at 6,915.61. At maturity, if the index is at or above 85% of this level, investors receive a capped payment of $1,194.10 per note (119.41% of face value). If the index falls more than 15%, the payoff declines with a buffer rate of about 117.65%, and investors can lose up to their entire investment.
The notes are sold at par with no public commissions, and the issuer’s estimated value on the trade date is $996.60 per note. They will not be listed on an exchange, secondary liquidity may be limited, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $12,124,000 of Leveraged Buffered S&P 500 Index-Linked Notes maturing on May 3, 2028. The notes pay no interest and are unsecured, principal-at-risk obligations linked to the S&P 500 Index.
At maturity, for each $1,000 note you receive: 160% of any positive index return, capped at a maximum settlement amount of $1,265.76; full repayment of $1,000 if the index decline is up to 15%; and a leveraged loss (via a buffer rate of about 117.65%) if the index falls more than 15%, with the potential to lose your entire investment.
The initial index level is 6,915.61, with a cap level at 116.61% of that value and a buffer level at 85%. The notes are sold at 100% of face amount with no agent commission; the estimated value on the trade date is $995.70 per note. The notes will not be listed on any exchange, and secondary trading, if any, will be limited and influenced by Morgan Stanley’s credit and market factors.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the MSCI EAFE® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and is expected to mature in about 13–15 months.
At maturity, if the index has not fallen more than 10% from its initial level, investors receive a fixed maximum settlement amount expected between $1,077.10 and $1,090.70 per $1,000, regardless of how much the index has risen. If the index declines by more than 10%, repayment is reduced using a buffer rate of about 111.11%, so losses accelerate below the 90% threshold and investors can lose their entire principal.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange. The preliminary estimated value on the trade date is approximately $989.20 per note, reflecting issuance, structuring and hedging costs that reduce investor economics versus the $1,000 issue price.
Morgan Stanley Finance LLC is issuing $4,387,500 of five-year Trigger Step Securities linked to a weighted basket of six equity indices, including the EURO STOXX 50, Nikkei 225, FTSE 100, Swiss Market Index, S&P/ASX 200 and S&P 500 Equal Weight Index. Each Security has a $10 Principal Amount and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity in January 2031, if the Final Basket Level is at or above the Step Barrier of 100, investors receive $10 plus the greater of a 40.00% Step Return or the actual Basket Return, with no maximum gain. If the Final Basket Level is below the Step Barrier but at or above the Downside Threshold of 75, investors receive only their $10 principal. If the Final Basket Level falls below 75, the payoff is $10 plus $10 times the Basket Return, exposing holders to full downside and potential total loss of principal.
The Securities pay no interest or dividends, will not be listed on an exchange and are subject to Morgan Stanley’s credit risk. The issue price is $10 per Security, while the estimated value on the trade date is $9.491, reflecting issuance, selling, structuring and hedging costs built into the price.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities tied to the lowest performing of Microsoft and NVIDIA common stock, fully and unconditionally guaranteed by Morgan Stanley and maturing on February 2, 2029. Each security has a $1,000 face amount and may be automatically called on February 4, 2027 if both stocks are at or above their starting prices, in which case investors receive a cash payment of at least $1,330.50 per security and no further payments.
If not called, at maturity investors receive 175% of any positive return of the lowest performing stock, full return of face amount if that stock finishes between its starting and 50% threshold price, and a one‑for‑one loss below the threshold, potentially losing most or all principal. The preliminary estimated value is about $955.80 per $1,000 security due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes pay no interest or dividends, carry Morgan Stanley credit risk and will not be listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $5,200,000 of Trigger Callable Yield Notes linked to the worst performer between the MSCI Emerging Markets Index and the S&P 500 Index, maturing April 26, 2027.
The notes pay a fixed coupon at an annual rate of 8.15%, with monthly payments of $0.06792 per $10 note, regardless of index performance, unless the notes are called. Starting April 27, 2026, the issuer may redeem all notes monthly if a risk‑neutral valuation model indicates calling is economically rational for the issuer.
If the notes are not called and both indexes finish at or above 70% of their initial levels, investors receive full principal plus the final coupon. If either index is below its 70% downside threshold, repayment is reduced in line with the decline of the worst-performing index, and investors can lose most or all of their principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed, so secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $12,200,000 of Trigger Callable Contingent Yield Notes at $10 per Security linked to the least performing of the S&P 500, Russell 2000 and MSCI EAFE indices. The notes pay a quarterly contingent coupon at 8.75% per annum only if all three indices are at or above their respective coupon barriers, set at 70% of initial levels.
The notes can be called quarterly beginning April 24, 2026 based on a risk‑neutral valuation model; if called, investors receive principal plus the applicable coupon. If not called and, at maturity in 2031, any index is below its downside threshold of 65% of its initial level, repayment is reduced in proportion to the worst index’s loss, potentially to zero. The estimated value on the trade date is $9.728 per Security, below the $10 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $8,110,000 of market-linked, principal-at-risk securities tied to the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector, each with a $1,000 face amount. These notes pay a contingent coupon of 8.65% per annum, credited monthly only if the lowest-performing index on each calculation day stays at or above 70% of its starting level. After an initial six‑month non‑call period, the notes are auto-callable quarterly if all three indices are at or above their starting levels, returning principal plus the final coupon. If held to January 25, 2029 and any index finishes below 70% of its starting level, repayment of principal is reduced in line with the worst index, leading to losses greater than 30% and potentially the entire investment. The issuer’s estimated value is $969 per security, below the $1,000 price, reflecting embedded costs and funding spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $750,000 of Contingent Income Memory Auto-Callable Securities due February 9, 2027, linked to the worst performer of the EURO STOXX 50® and S&P 500® indices. Each security has a $1,000 principal amount and issue price, with an estimated value on the pricing date of $987.60 and dealer fees up to $10 per $1,000.
The notes pay a 9.20% per annum contingent coupon only if on each observation date both indices are at or above their coupon barrier levels, set at approximately 75% of their initial levels (4,467.128 for the EURO STOXX 50® and 5,185.013 for the S&P 500®). Missed coupons can be “memorized” and potentially paid later if barriers are met.
The securities are auto-callable quarterly starting May 4, 2026 if both indices are at or above 100% of their initial levels, 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 in the worst index, up to a total loss of principal. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering capped leveraged buffered notes linked to a weighted basket of five major equity indices: EURO STOXX 50® (38%), TOPIX (26%), FTSE® 100 (17%), Swiss Market Index® (11%) and S&P®/ASX 200 (8%). The notes have a $1,000 face amount, no interest payments and expose holders to both upside and downside in the basket over roughly 25–28 months.
If the basket rises, investors receive 250% of the positive return, but payments are capped at a maximum settlement amount expected between $1,246.50 and $1,289.75 per $1,000. If the basket falls by up to 17.50%, holders receive their full principal, but deeper declines lead to losses amplified by a buffer rate of about 121.21%, with the possibility of losing the entire investment. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, and the estimated value on the trade date is about $995.30 per note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing principal-at-risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is offered at $1,000, with an aggregate principal amount of $100,000.
Investors may receive a contingent coupon at 15.25% per annum, paid only if the index level on each observation date is at or above the coupon barrier of 2,216.948 (75% of the initial level of 2,955.93). The notes are automatically called at par plus any due coupons if the index is at or above the call threshold of 2,955.93 on any redemption determination date after January 25, 2027.
If not called, and the final index level on January 21, 2031 is at or above the downside threshold of 1,773.558 (60% of the initial level), investors receive principal back plus any payable coupons. If it is below that threshold, repayment is reduced in full proportion to the index decline and can fall to zero. The estimated value on the pricing date is $929.10 per security, and there is no listing, limited expected liquidity and full exposure to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $7,530,000 of dual directional buffered participation securities linked to the Russell 1000 reg; Growth Index. Each note has a $1,000 stated principal amount, is issued at $1,000, pays no interest and matures on April 15, 2027.
At maturity, investors get upside exposure at a 100% participation rate, but returns are capped at a maximum payment of $1,115 per note (111.50% of principal). If the index finishes down but no more than 15%, investors earn a positive return matching the index 27s absolute decline, up to 15%. Below the 15% buffer, principal is lost 1% for each additional 1% drop, with a minimum payment of 15% of principal. The initial index level is 4,655.884, the buffer level is 3,957.501 (85% of initial), and the estimated value on the pricing date is $986.60 per note, reflecting issuance and hedging costs and the issuer 27s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Trigger PLUS notes linked to the S&P 500® Index, due January 27, 2031. Each note has a $1,000 stated principal amount, with a total offering of $19,000,000, and pays no interest.
At maturity, if the S&P 500 final level is above the initial level of 6,913.35, investors receive principal plus 200% of the index gain, capped at a maximum payment of $1,550 per note (155% of principal. If the index is flat or down but not below 6,222.015 (90% of the initial level), investors receive only their principal back.
If the index closes below the downside threshold, repayment is reduced 1% for each 1% decline in the index, with no minimum payment, so the entire investment can be lost. The notes are unsecured obligations of MSFL, subject to Morgan Stanley credit risk, are not listed on any exchange, and had an estimated value on the pricing date of $959.20 per $1,000 note due to embedded fees and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing $1,517,000 of principal-at-risk Callable Contingent Income Securities maturing on January 27, 2031, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices and guaranteed by Morgan Stanley.
The notes offer an 8.80% per annum contingent coupon, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. If any index is below its barrier on a given observation date, no coupon is paid for that period.
Beginning October 27, 2026, the notes can be redeemed early at par plus any due coupon, but only if a risk‑neutral valuation model indicates it is economically rational for Morgan Stanley to call them. At maturity, if not redeemed, investors receive principal back only if every index is at or above its downside threshold (60% of its initial level); otherwise, payoff is reduced 1% for each 1% decline in the worst index and can fall to zero. The issue price is $1,000 per note, with an estimated value of $984.70 on the pricing date.
Morgan Stanley Finance LLC is offering callable contingent income securities due July 27, 2028, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and an aggregate offering size of $425,000.
The notes pay a contingent coupon at an annual rate of 9.75% only when all three indices close at or above their coupon barrier levels (70% of initial) on scheduled observation dates. Principal is fully at risk: if, at maturity, any index finishes below its downside threshold (60% of initial), repayment is reduced 1% for each 1% decline in the worst index and can fall to zero. The notes can be redeemed early, in whole, on specified dates if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley; after redemption, no further payments are made. The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, not listed on any exchange, and had an estimated value at pricing of $984.10 per $1,000.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes called Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and the aggregate principal amount is $1,222,000. The notes are linked to the worst performer of the Nasdaq-100® Technology Sector Index, the S&P 500® Index and the Russell 2000® Index and do not pay periodic interest.
The notes may be automatically redeemed on specified determination dates if the closing level of each index is at or above its applicable call threshold, paying early redemption amounts designed to correspond to a return of about 14.60% per year, up to $1,401.50 per security. If not called, and on the observation date all three indices are at or above their upside thresholds (100% of initial levels), investors receive $1,438 per security. If any index finishes below its upside threshold but all stay at or above their downside thresholds set at 70% of initial levels, investors simply receive the $1,000 principal.
If at maturity any index closes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, with losses up to the entire investment. The securities are unsecured obligations subject to the issuer’s and guarantor’s credit risk, will not be listed on an exchange, and had an estimated value on the pricing date of $982.80 per security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering $559,000 of Contingent Income Memory Buffered Auto-Callable Securities linked to the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX), fully guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 8.00% per year only when the closing level of each ETF is at or above its coupon barrier, set at about 65% of the initial level. Missed coupons can be paid later if both ETFs recover above the barrier, but investors may receive no income for long periods.
The notes can be auto-called on scheduled dates if both ETFs are at or above 100% of their initial levels, returning principal plus the applicable coupon and any unpaid coupons, ending the investment early. If held to maturity and either ETF finishes below its 85% buffer level, investors lose 1% of principal for each 1% drop beyond the 15% buffer, with a minimum maturity payment of 15% of principal. The issue price is $1,000 per note, while the estimated value at pricing is $934.20, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing principal-at-risk Jump Securities with an auto-call feature maturing on January 27, 2031, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index. Each security has a $1,000 stated principal amount and total issuance of $254,000.
The notes can be automatically redeemed on scheduled determination dates starting in 2027 if all three indices are at or above 100% of their initial levels, paying rising early redemption amounts (from $1,102 to $1,501.50 per $1,000). If held to maturity and all indices are at or above their call thresholds, investors receive $1,510 per security. If any index finishes below its call threshold but all remain at or above 75% of initial, only principal is returned.
If at maturity any index is below 75% of its initial level, repayment is reduced 1% for each 1% decline in the worst-performing index, and the payout can fall to zero. The securities pay no interest, do not participate in index gains, and all payments depend on Morgan Stanley’s credit. The issue price is $1,000 per security, with an estimated value of $928.10 and a $38 sales commission to dealers.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk structured notes tied to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and VanEck Semiconductor ETF. Each $1,000 security offers a 9.80% per annum contingent coupon, paid only when all three underliers close at or above 70% of their initial levels on the observation date. The notes are auto-callable quarterly starting July 22, 2026 if all underliers are at or above 100% of their initial levels, returning principal plus the applicable coupon. If not called, and at maturity any underlier is below 70% of its initial level, repayment is reduced 1% for each 1% decline of the worst underlier, potentially resulting in a total loss of principal. The issue price is $1,000 with an estimated value of $940.20, including $38 in selling commissions, and the notes are unsecured, unlisted and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of principal-at-risk Jump Securities with an auto-callable feature linked to the worst performer of the iShares U.S. Real Estate ETF, State Street Utilities Select Sector SPDR ETF and the EURO STOXX 50 Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of $925.50.
The notes may be redeemed early on scheduled determination dates if each underlier is at or above its call threshold level (95% of its initial level), paying fixed step-up amounts that correspond to roughly a 10.15% per annum return. If held to maturity without early redemption and each underlier is at or above its call threshold, investors receive $1,507.50 per security; if any underlier finishes below its downside threshold (70% of initial), repayment is reduced one-for-one with the decline of the worst underlier, and the payoff can fall to zero.
The securities do not pay periodic interest, offer no participation in any underlier upside, are unsecured and unsubordinated, and all payments depend on Morgan Stanley’s creditworthiness and secondary market conditions, with no exchange listing and potentially limited liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of principal-at-risk “Jump” Securities with auto-callable features, issued in $1,000 denominations and maturing on January 27, 2031. The notes are linked to the worst performing of the State Street Technology Select Sector SPDR ETF (XLK), iShares MSCI EAFE ETF (EFA) and the EURO STOXX 50 Index (SX5E).
The notes can be automatically redeemed on scheduled determination dates starting January 29, 2027 if all three underliers are at or above their call thresholds (100% of initial levels), paying an increasing early redemption amount that targets about 11.10% per year. If held to maturity and all underliers are at or above their call thresholds, investors receive $1,555 per $1,000 note; if any underlier is below its call threshold but all are at or above 70% of initial (downside thresholds), only the $1,000 principal is returned.
If at maturity any underlier finishes below its downside threshold, the payoff is reduced in full proportion to the decline of the worst performer, and the return can fall to zero. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on an exchange, carry an estimated initial value of $939.30 per $1,000, and include a $36.25 per-note sales commission.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $280,000 of structured “Buffered Jump Securities” due January 25, 2029, at $1,000 per note. The notes are linked to the worst performer of the S&P 500 Index, State Street Health Care Select Sector SPDR ETF and State Street Utilities Select Sector SPDR ETF.
The notes can be automatically redeemed on scheduled determination dates starting January 2027 if all three underliers are at or above their call thresholds (100% of initial levels), paying fixed early redemption amounts that target about 13.5% per year.
If not called, and on the final date all underliers are at or above their call thresholds, investors receive $1,405 per note. If any underlier finishes below its threshold but all stay above a 15% buffer, investors just receive principal back. If any underlier falls more than 15%, principal is reduced 1% for each 1% additional decline, with a minimum maturity payment of 15% of principal. The notes pay no interest, are not listed, and carry credit risk of Morgan Stanley. The estimated value on the pricing date is $977.60 per note.
Morgan Stanley Finance LLC is offering $4,229,000 of principal-at-risk structured notes that pay a 10.00% per annum contingent coupon, fully and unconditionally guaranteed by Morgan Stanley. Payments depend on the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index; coupons are paid only when the index is at or above the coupon barrier level of 902.111 (70% of the 1,288.73 initial level).
The notes are automatically callable starting in January 2027 if the index is at or above the call threshold of 1,262.955 (about 98% of the initial level), returning principal plus any due coupons. If held to January 27, 2031 and the final index level is at or above the buffer level of 1,095.421 (85% of initial), investors receive full principal back; below that, losses match the index decline beyond the 15% buffer, with a minimum payment of 15% of principal. The issue price is $1,000 per note, with an estimated value of $907.90 and a $42.50 per-note sales commission, and the notes are not listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,860,000 of Enhanced Buffered Jump Securities due February 25, 2027, linked to the worst performer among the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF and the Russell 2000 Index.
The notes pay no interest. At maturity, investors receive the $1,000 principal plus a fixed digital payment of $120 per security if the final level of each underlier is at or above its digital threshold (75% of its initial level). If each underlier is at or above its 90% buffer level, principal is repaid; if any underlier finishes below its buffer, principal is reduced 1% for each 1% decline of the worst underlier beyond the 10% buffer, subject to a minimum payment of 10% of principal.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee, and expose investors to issuer credit risk, market volatility in equity indices, lack of liquidity as the notes are not exchange-listed, and complex U.S. tax treatment. The estimated value on the pricing date is $989.90 per $1,000 security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Enhanced Buffered Jump Securities with a stated principal of $1,000 per security and an aggregate principal amount of $1,748,000. The notes pay no interest and mature on February 25, 2027, with payoff based on the worst performer among the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF and the Russell 2000 Index.
Investors can receive a fixed digital payment of $117 per security (11.70%) at maturity if each underlier finishes at or above 75% of its initial level. Principal is protected only by a 10% buffer; beyond that, losses match the decline of the worst underlier, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is $987.50 per security, reflecting issuance, structuring and hedging costs, and the notes are not listed and carry Morgan Stanley credit and market risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $1,211,000 of dual directional buffered participation securities linked to the worst performer among the Dow Jones Industrial Average, EURO STOXX 50® and S&P 500® Index, maturing on January 27, 2028. Each note has a stated principal of $1,000, pays no interest and is sold at $1,000 with estimated value on the pricing date of $982.20, reflecting issuance, structuring and hedging costs borne by investors.
At maturity, if all three indices finish above their initial levels, investors receive principal plus 100% of the worst index’s gain. If the worst index is down but not below its 75% buffer level, investors earn a positive return equal to its absolute decline, up to a 25% maximum gain. If any index closes below its 75% buffer, principal is reduced 1% for each 1% decline of the worst index beyond the 25% buffer, subject to a minimum payment of 25% of principal.
The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited or no secondary market liquidity. The issuer highlights that its internal funding rate and embedded costs lower the economic terms relative to ordinary debt, and that investors face complex tax treatment and potential adverse U.S. federal income tax outcomes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P 500® Index, maturing on July 27, 2027. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $535,000, and pays no interest.
At maturity, if the index is above the initial level of 6,913.35, investors receive principal plus 100% of the index gain, capped at a maximum payment of $1,150 per security (115% of principal). If the index is down but not below the 15% buffer level of 5,876.348, investors earn a positive return equal to 50% of the index’s percentage decline, up to about 7.5%.
If the index falls more than 15%, principal is reduced 1% for every 1% drop beyond the buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is $988.60 per security, below the issue price, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes carry Morgan Stanley credit risk, will not be listed on an exchange, may have limited liquidity and involve uncertain U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk “Jump Securities” with an auto-call feature linked to Alphabet class A and Amazon.com stock. Each security has a $1,000 stated principal amount and the total offering is $795,000, with an issue price of $1,000 and an estimated value on the pricing date of $993.50 per security.
The notes can be automatically redeemed starting January 29, 2027 if both stocks are at or above 90% of their initial levels, paying early redemption amounts of $1,222 or $1,444 depending on the call date. If held to January 25, 2029 and both stocks are at or above their 90% call thresholds, investors receive $1,666 per security; if both stay above 60% downside thresholds but miss the call levels, only the $1,000 principal is returned.
If either stock finishes below its 60% downside threshold, repayment is reduced 1% for each 1% decline in the worst performing stock, potentially to zero. The securities pay no interest, offer no upside participation beyond fixed payouts, are unsecured, will not be listed, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering two-year Trigger Jump Securities linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee return of principal, so your investment is fully at risk.
At maturity, if NVIDIA’s final share price is greater than or equal to its initial share price, you receive $1,000 plus a fixed upside payment of $597.50 per security, a 59.75% return. If the stock has declined by no more than 10% (final price at or above 90% of the initial price), you receive only the $1,000 principal. If the final price falls below 90% of the initial level, your payoff is $1,000 multiplied by the share performance factor, exposing you 1:1 to the full decline and potentially reducing the payment to zero.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk and are not listed on any exchange, so secondary market liquidity may be limited. The issue price is $1,000 per security, but the estimated value on the pricing date is approximately $961.60, reflecting embedded issuing, selling, structuring and hedging costs and the use of an internal funding rate.
Morgan Stanley Finance LLC is offering $826,000 of Jump Securities with an auto-call feature linked to the worst performer of the S&P 500 Index and Nasdaq-100 Index, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value of $978.40 on the pricing date, reflecting issuance, structuring and hedging costs borne by investors.
The notes may be automatically redeemed on August 3, 2028 for $1,290 per security if both indices are at or above their call thresholds on the first determination date. If not called, maturity payments in December 2030 range from enhanced upside participation at a 200% rate when both indices finish above their initial levels, to full principal return if both stay above 70% of initial, down to a loss of 1% of principal for each 1% decline in the worst-performing index below its downside threshold, up to total loss of principal. The securities pay no interest, are unsecured, not listed, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities due January 27, 2031, linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. The notes have a stated principal amount of $1,000 per security and an aggregate principal amount of $1,282,000, with an issue price of $1,000 and an estimated value on the pricing date of $963.90.
Holders can receive an annual contingent coupon of 8.44%, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 80% of their initial levels. The notes may be automatically redeemed starting January 22, 2027 if, on a redemption determination date, each index is at or above its call threshold level, equal to 100% of its initial level.
If the notes are not called and on the final observation date each index is at or above its downside threshold (60% of its initial level), investors receive full principal back (plus any final contingent coupon if payable. If any index finishes below its downside threshold, the maturity payment is reduced one-for-one with the decline of the worst-performing index and can fall to zero. All payments are unsecured and subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.