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 $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.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income securities due August 15, 2028 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 pays a contingent coupon at 8.55% per annum only when all three indexes close at or above their respective coupon barrier levels on the observation dates.
Beginning August 13, 2026, the notes are callable in whole on specified redemption dates if a risk neutral valuation model shows it is economically rational for the issuer to redeem, in which case investors receive $1,000 plus any due coupon and no further payments. At maturity, if not previously redeemed and each index is at or above its downside threshold (70% of its initial level), investors receive $1,000 plus any final coupon; if any index is below its downside threshold, repayment is reduced 1% for each 1% decline in the worst index and can fall to zero. The estimated value on the pricing date is approximately $956.70 per $1,000, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable income auto-callable notes due February 4, 2031 linked to the worst performing of Microsoft, Apple, Alphabet Class C and Oracle common stocks. Each note has a stated principal amount of $1,000.
The notes pay a variable monthly coupon: a higher annual rate of 8.00% if all underliers are at or above their coupon barriers on the observation date, or a lower annual rate of 0.25% if any underlier is below its barrier. From February 2027, the notes are automatically redeemed if all underliers are at or above their call thresholds, returning principal plus the higher coupon for that period. If not called, investors receive principal at maturity plus the final period coupon. The structure is based on the worst-performing stock, provides no upside participation in the equities, and carries full issuer and guarantor credit risk; the estimated value on the pricing date is approximately $947.70 per note.
Morgan Stanley Finance LLC is offering $2,340,000 of Contingent Income Memory Securities tied to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index, maturing on January 25, 2030. Each $1,000 note can pay an annualized 8.50% contingent coupon, but only if on an observation date all three indices close at or above their coupon barrier levels, set at 80% of their initial levels.
At maturity, investors receive full principal only if every index is at or above its downside threshold (70% of its initial level). If any index finishes below its threshold, the payoff is reduced one-for-one with the decline of the worst-performing index, and can fall to zero. The notes do not participate in any index upside and may pay few or no coupons. They are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, carry an estimated value of $977.90 per $1,000 at pricing, and will not be listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing S&P 500®-linked Buffered Participation Securities maturing on July 27, 2027, in an aggregate principal amount of $1,337,000 at $1,000 per security. The notes pay no interest and return principal plus 100% of any index gain at maturity, capped at a maximum payment of $1,170 per security. If the index is flat or down but not below the 85% buffer level, investors receive only their principal. Below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The securities are unsecured, subject to Morgan Stanley’s credit risk, and are not exchange‑listed; the estimated value on the pricing date is $990.10 per security.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due February 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and State Street Utilities Select Sector SPDR ETF.
Investors can receive a contingent coupon at 11.50% per annum, paid only if on each observation date the closing level of every underlier is at or above its coupon barrier level. If any underlier is below its coupon barrier on a given observation date, no coupon is paid for that period.
Starting August 4, 2026, the notes are callable in whole on specified redemption dates if a risk-neutral valuation model shows early redemption is economically rational for the issuer. If the notes are not redeemed and on the final observation date each underlier is at or above its downside threshold, investors receive full principal (plus any final coupon). If any underlier is below its downside threshold, repayment is reduced in proportion to the worst underlier’s decline, and the amount repaid can fall to zero. The estimated value on the pricing date is expected to be about $981.20 per security, below the $1,000 issue price, and the notes are unsecured, subject to Morgan Stanley’s credit risk and will not be listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $2,079,000 of Buffered PLUS notes linked to the State Street® Energy Select Sector SPDR® ETF, maturing January 27, 2028. Each security has a $1,000 principal amount, pays no interest and is a principal-at-risk structured note.
At maturity, if the ETF’s final level is above $48.91, holders receive $1,000 plus 125% of the gain, capped at a maximum payment of $1,437.50 per security. If the final level is between 85% and 100% of the initial level, investors simply receive $1,000. Below the 85% buffer, principal is reduced 1% for each 1% further decline, but not below 15% of principal.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited liquidity. The issue price is $1,000 per note, including a $17.50 sales commission, while the estimated value on the pricing date is $980.30, reflecting structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $2,000,000 of S&P 500®-linked Buffered Jump Securities maturing on January 27, 2028, at $1,000 per security. The notes may be automatically called on February 2, 2027 for $1,090 per security if the S&P 500® closes at or above 6,913.35 on January 28, 2027. If held to maturity and the index is above 6,913.35, investors receive principal plus 125% of the index gain; if it is between 90% and 100% of that level, they receive only principal. Below 90% of the initial level, principal is reduced 1% for each 1% additional decline, but not below 10% of principal. The securities pay no interest, are not listed, carry full principal risk and had an estimated value of $978.60 per $1,000 at pricing.
Morgan Stanley Finance LLC is issuing $2,586,000 of Contingent Income Auto-Callable Securities linked to Broadcom Inc. (AVGO), fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount and a term to July 27, 2027.
The note pays a contingent coupon at 13.00% per annum only if Broadcom’s stock closes on each observation date at or above the coupon barrier of $162.745 (50% of the $325.49 initial level). The same level acts as the downside threshold. The securities auto-call at par plus the coupon if the stock is at or above 100% of the initial level on any redemption determination date.
If the note is not called and Broadcom’s final level is below the downside threshold, investors lose 1% of principal for each 1% decline in the stock, potentially losing their entire investment. All payments are subject to Morgan Stanley’s credit risk, and the estimated value on the pricing date is $983.80 per security.
Morgan Stanley Finance LLC is issuing principal-at-risk “Enhanced Trigger Jump” notes linked to the worst performer of the S&P 500 Index and the Russell 2000 Index, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with $2,209,000 in aggregate principal, and matures on April 27, 2027. If, on the April 22, 2027 observation date, both indices are at or above 75% of their initial levels (6,913.35 for the S&P 500 and 2,718.765 for the Russell 2000), investors receive $1,000 plus a fixed $119 upside payment, an 11.90% return. If either index finishes below its 75% downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, with no minimum, so the entire investment can be lost. The notes pay no interest, will not be listed on an exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $990.90 per $1,000 note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due January 25, 2029, linked to the worst performing of the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX). Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $2,433,000, and an estimated value on the pricing date of $913.10 per security.
The notes pay a 14.70% per annum contingent coupon only if, on each observation date, the closing level of both SLV and GDX is at or above a coupon barrier set at 60% of their initial levels ($52.278 for SLV and $63.102 for GDX). Starting July 27, 2026, the issuer may redeem the notes early on specified redemption dates if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to call them, in which case investors receive principal plus any due coupon and no further payments. If the notes are not redeemed and, on the final observation date, either underlier is below its downside threshold (also 60% of initial), investors lose 1% of principal for every 1% decline in the worst-performing underlier, potentially losing their entire investment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering copper-linked Buffered PLUS notes maturing on February 8, 2027. Each note has a $1,000 stated principal, pays no interest, and is tied to the official cash offer price of copper grade A on the LME.
At maturity, if copper is above the initial price, holders receive $1,000 plus 150% of the price gain, capped at a maximum payment of $1,180 (118% of principal). If copper is flat or down by up to 10%, investors receive their $1,000 principal. If copper falls by more than 10%, repayment is reduced 1-for-1 with losses beyond the buffer, but not below the minimum payment of $100, meaning up to 90% of principal can be lost.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and carry full issuer credit risk. They will not be listed on any exchange, and the estimated value on the pricing date is about $977.20 per note, reflecting embedded issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000-denomination Buffered Jump Securities with an auto-call feature linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, maturing on February 4, 2031. The notes pay no interest and expose investors to issuer credit risk.
The securities can be automatically redeemed quarterly starting February 2, 2027 if the index is at or above 100% of its initial level, for cash payments that target about 18.10% per annum, from $1,181.00 on the first call date up to $1,889.917 on the last. If not called and the final index level is at or above the call threshold, investors receive $1,905.00 at maturity.
If the final level is below the call threshold but at or above an 80% buffer, investors get back the $1,000 principal. Below the 80% buffer, repayment is reduced 1% for each 1% additional decline, with a minimum payment of 20% of principal. The preliminary estimated value on the pricing date is approximately $924.60 per note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are not listed, and the underlier is a leveraged, volatility-targeted futures index with a daily 4% per annum decrement.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due May 3, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays no interest and is linked to the worst performer among the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index.
At maturity, if the worst-performing index is above its initial level, holders receive $1,000 plus 144% of that index’s gain. If the worst-performing index is down but not below 85% of its initial level, holders receive only the $1,000 principal. If it falls below 85%, repayment is reduced 1% for each 1% drop beyond the 15% buffer, with a minimum payment of 15% of principal.
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 $984.30 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes that pay a 13.00% per annum contingent coupon, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Coupons are paid only if the index closes on each observation date at or above a coupon barrier set at 85% of the initial level, with missed coupons potentially paid later if the barrier is met on a future date.
The notes may auto-call on scheduled dates starting in 2027 if the index is at or above its initial level, returning principal plus due coupons. If held to the February 4, 2031 maturity and the index is at or above the 85% buffer level, investors receive full principal; below that, they lose 1% of principal for each 1% drop beyond the 15% buffer, subject to a minimum repayment of 15% of principal. The issue price is $1,000 per note, with an estimated value of about $904.70, and investors face Morgan Stanley credit risk, limited liquidity, complex tax treatment and possible U.S. withholding on coupons.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” maturing in February 2028, linked to the worst performer of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each note has a $1,000 stated principal amount and may be automatically redeemed on the February 2027 determination date for $1,180 per security if all three indices are at or above their 100% call thresholds.
If not called, at maturity investors get $1,000 plus an upside payment equal to 170% of the gain of the worst-performing index if all three finish above their initial levels. If at least one index finishes at or below its initial level but all stay at or above 65% of initial, investors receive only the $1,000 principal. If any index finishes below its 65% downside threshold, the payoff is $1,000 multiplied by that index’s performance factor, so losses match the percentage decline of the worst performer and can reach 100%. The estimated value on the pricing date is approximately $978 per security, the notes will not be listed on an exchange, secondary liquidity may be limited, and all payments depend on Morgan Stanley’s credit. U.S. tax treatment is complex and relies on treating the notes as prepaid financial contracts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Dual Directional Buffered PLUS linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index.
The notes have a $1,000 stated principal amount, pay no interest and mature on February 3, 2028. If the worst-performing index rises, holders receive 125% of its gain, capped at a maximum payment of $1,210 per security. If that index falls but not more than 20%, investors earn up to a 20% positive return from the absolute decline. Below the 20% buffer, principal is reduced 1% for each additional 1% drop, with a minimum payment of 20% of principal. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on an exchange, and their estimated value on the pricing date is approximately $990.70 per security.
Morgan Stanley Finance LLC is offering Buffered PLUS structured notes linked to the State Street® Energy Select Sector SPDR® ETF, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and matures on February 10, 2028.
At maturity, if the ETF’s final level is above its initial level, investors receive $1,000 plus 125% of the ETF’s gain, capped at a maximum payment of $1,490 per note. If the final level is at or below the initial level but at or above 85% of the initial level, investors simply receive the $1,000 principal. Below the 85% buffer, investors lose 1% of principal for each 1% additional decline, with a minimum payment of 15% of principal.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange, so liquidity may be limited. The issue price is $1,000, while the estimated value on the pricing date is approximately $977.20 per note, reflecting issuance, structuring and hedging costs borne by investors. The underlier’s focus on the energy sector adds sector-specific volatility and risk.
Morgan Stanley Finance LLC is offering structured “Buffered Jump Securities” linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and does not pay periodic interest, so investors trade current income for contingent payoff features.
The notes can be automatically redeemed on February 17, 2027 if, on the February 12, 2027 determination date, the index is at or above 100% of its initial level. In that case, investors receive an early redemption payment of $1,100 per security, and no further amounts are paid.
If not called, the February 8, 2029 maturity payment depends on index performance. If the final index level is above the initial level, investors receive $1,000 plus an upside payment equal to 161% of the index gain. If the final level is between 75% and 100% of the initial level, investors receive only the $1,000 principal. Below 75%, principal is reduced 1% for each 1% decline beyond the 25% buffer, but not below a minimum of 25% of principal. The issuer’s estimated value on the pricing date is approximately $982.60 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS structured notes due February 3, 2028, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the index finishes above its initial level, holders receive $1,000 plus 111% of the index gain. If the index ends at or below the initial level but at or above 60% of that level (the downside threshold), the return is just the $1,000 principal. If the index falls below the 60% threshold, principal is reduced 1% for every 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 $981.70 per security, reflecting issuer costs and internal funding assumptions. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed-income auto-callable securities due January 27, 2028 linked to the worst performer among CrowdStrike, Mastercard and Visa Class A shares. Each $1,000 note pays a fixed coupon at an annual rate of 11.16%, regardless of stock performance, until the notes are either called or mature.
The notes are automatically redeemed on set quarterly dates if each stock closes at or above its call threshold, returning the $1,000 principal plus the coupon for that period. If they are not redeemed early and, on the final observation date, every stock is at or above 60% of its initial level, investors receive $1,000 plus the final coupon. If any stock finishes below its 60% downside threshold, principal is reduced 1% for every 1% decline in the worst-performing stock, and the maturity payment can fall to zero.
The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange and may trade below the $1,000 issue price. The estimated value on the pricing date is approximately $966.10 per note, reflecting issuance, structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Performance Leveraged Upside Securities (PLUS) due January 28, 2031, linked to the worst performer of the State Street Technology Select Sector SPDR ETF (XLK) and the VanEck Semiconductor ETF (SMH). Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of about $967.70 per security.
The notes pay no interest and do not guarantee any return of principal. At maturity, if both ETFs finish above their initial levels (XLK $145.09, SMH $400.09 on January 23, 2026), investors receive principal plus 150% of the gain of the worst-performing ETF. If either ETF is at or below its initial level, repayment is reduced 1% for every 1% decline in the worst performer, with no minimum payment; a large drop can result in total loss of principal.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market. They also concentrate exposure in technology and semiconductor sectors, increasing volatility and sector-specific risk.
Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) due January 31, 2036, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to the performance of the worst of the Nasdaq-100 Futures Excess Return Index and the S&P 500 Futures Excess Return Index.
At maturity, if the final level of each index is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 403% of the gain of the worst-performing index. If the worst-performing index finishes at or below its initial level but at or above 77% of its initial level, investors receive only the $1,000 principal. If the worst-performing index ends below 77% of its initial level, the payoff is reduced 1% for every 1% decline, with no minimum, so the entire investment can be lost.
The preliminary estimated value on the pricing date is approximately $943.60 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any securities exchange, so secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable income memory auto-callable notes due February 11, 2031 linked to the worst-performing of Bloom Energy, Robinhood Markets, Micron Technology and Marvell Technology stocks. Each note has a stated principal amount of $1,000.
The notes pay a variable monthly coupon: a lower annual rate of 0.25% when any stock closes below its coupon barrier on an observation date, or a higher annual rate of 8.00% when all are at or above their barriers. Missed higher coupons can be repaid later as a conditional annual coupon of 7.75% if all stocks meet the barrier on a future observation date.
The notes are automatically redeemed starting in 2027 if each stock is at or above its call threshold (100% of initial level), returning principal plus the higher coupon and any unpaid conditional coupons. If never called, investors receive principal at maturity plus the applicable coupon. The estimated value on the pricing date is approximately $932.90 per note, below issue price, and investors face issuer credit risk, limited liquidity, equity-market volatility and contingent payment debt instrument tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,670,000 of leveraged buffered notes linked to the S&P 500® Index, maturing on May 3, 2028. These notes pay no interest and expose investors to loss of principal.
At maturity, each $1,000 note pays: full principal plus 150% of any S&P 500 gain, but only up to a maximum of $1,270 (a 27% cap); full principal if the index loss is up to 15%; and if the index falls more than 15%, losses increase at about 117.65% of the decline beyond that buffer, so investors can lose their entire investment.
The initial index level is 6,913.35, with a cap level at 118% of that and a buffer level at 85%. The issuer’s estimated value on the trade date is $995.20 per $1,000 note, reflecting issuing, structuring and hedging costs. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Step Down Trigger Autocallable Notes linked to the least performing of the Russell 2000®, S&P 500® and EURO STOXX 50® indexes. Each note has a $10 issue price, an estimated initial value of about $9.887 and a term of roughly five years, with automatic call checks starting in February 2027.
If on an observation date all three indexes are at or above their initial levels (or at or above 90% of those levels on the final date), the notes are automatically called and pay back principal plus a call return based on at least 15.10% per annum, up to at least 75.50% if called at maturity. If the notes are never called and any index finishes below its 90% downside threshold, repayment is reduced 1-for-1 with the loss of the worst index, down to a total loss of principal.
The notes pay no interest or dividends, do not participate in index gains beyond the fixed call returns, are unsecured obligations of MSFL and expose holders to both full market downside of the worst index and Morgan Stanley credit risk. Secondary market liquidity may be limited and sale before maturity can result in significant loss.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities maturing on August 3, 2028. Each note has a stated principal amount of $1,000 and is linked to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and Nasdaq-100 Index.
Investors can receive a 9.50% per annum contingent coupon, paid only if on each observation date all three indices are at or above their coupon barrier, set at 75% of their initial levels. If any index is below its barrier on an observation date, no coupon is paid for that period.
Starting on August 3, 2027, the notes are callable in whole at par plus any due coupon if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. If not called, and on the final observation date each index is at or above its downside threshold (70% of its initial level), investors receive full principal back plus any final coupon. If any index finishes below its downside threshold, repayment is reduced one-for-one with the decline of the worst-performing index and can fall to zero. The estimated value on the pricing date is approximately $984.90 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due February 1, 2029 linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index.
The notes pay a contingent coupon at 10.00% per year, but only if on each observation date all three indices are at or above 80% of their initial levels; missed coupons can be paid later if the barrier is met. The notes are automatically redeemed at par plus any applicable coupons if, on specified quarterly redemption determination dates starting April 29, 2026, each index is at or above 100% of its initial level.
If not called and at maturity any index is below 60% of its initial level, investors lose 1% of principal for each 1% decline of the worst index, potentially losing their entire investment. The indicative estimated value on the pricing date is approximately $989.40 per $1,000 note, reflecting embedded costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable market-linked securities with a $1,000 face amount per security, linked to an unequally weighted basket of five international equity indices and fully and unconditionally guaranteed by Morgan Stanley.
The notes mature on February 2, 2029 and may be automatically called on February 4, 2027 if the basket is at or above its starting level, paying at least $1,095.50 (a minimum 9.55% return). If held to maturity and not called, investors receive 125% of any positive basket return; if the basket is between the starting level and the 75% threshold, they receive only principal back. If the basket falls below the threshold, losses match the basket decline and investors can lose more than 25%, up to their entire investment.
The current estimated value is approximately $954.80–$959.10 per $1,000 security, reflecting issuer costs and an internal funding rate that is advantageous to Morgan Stanley. The securities pay no interest or dividends, are not listed, involve Morgan Stanley credit risk and carry selling commissions of up to $25.75 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $10,000,000 of structured Variable Income Auto-Callable Notes due January 24, 2031. The notes are linked to the worst performer among Alphabet (GOOGL), Broadcom (AVGO), UnitedHealth Group (UNH) and NVIDIA (NVDA).
Investors receive monthly variable coupons: a higher coupon at an annual rate of 10.75% if on an observation date the closing level of each stock is at or above its coupon barrier (80% of its initial level), or a lower coupon at 0.25% annually if any stock is below its barrier. Starting January 2027, the notes are auto-callable monthly if all stocks are at or above 95% of their initial levels, paying principal plus the higher coupon and then terminating.
If not redeemed early, investors receive the $1,000 principal per note at maturity plus the final variable coupon. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, have an issue price of $1,000 with an estimated value of $950.90, and are not listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Jump Securities with an auto-callable feature linked to the worst-performing of Lam Research, Broadcom and Carnival common stocks, in an aggregate principal amount of $1,246,000 at $1,000 per security.
The notes pay no interest and do not guarantee repayment of principal. If on any determination date all three stocks close at or above their call threshold levels (80% of initial levels), the notes are automatically redeemed for a cash amount that implies a return of about 32% per year, starting at $1,320 on the first determination date and rising to $1,933.333 by the 24th. If still outstanding and a redemption event has occurred for each stock by the final determination date, investors receive $1,960 at maturity.
If no full redemption event occurs but each final stock level is at or above its downside threshold (60% of initial), investors receive only the $1,000 principal. If any stock finishes below its downside threshold without having met its redemption condition, the payoff is $1,000 multiplied by the performance of the worst stock, and the amount can fall to zero. The estimated value on the pricing date is $984.20 per security, all payments are subject to Morgan Stanley’s credit risk, and the notes are not listed, so secondary liquidity may be limited.
Morgan Stanley Finance LLC is issuing $500,000 of contingent income “principal at risk” securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index. Each $1,000 note offers a 9.00% per annum contingent coupon, paid only on observation dates when both indices are at or above 70% of their initial levels, with missed coupons potentially paid later if the barrier is met.
The notes auto-call on August 27, 2026 if, on August 24, 2026, both indices are at or above 100% of their initial levels, paying principal plus the applicable coupon. If not called, and on February 22, 2027 both indices are at or above 70% of initial, investors receive full principal back plus any due coupon; otherwise repayment is reduced 1% for each 1% decline in the worst index, down to zero. The notes are unsecured, not listed, have an estimated value of $984.30 per $1,000, and involve complex tax and liquidity risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000-denomination callable contingent income memory securities linked to Robinhood Markets, Inc. Class A common stock, with an aggregate principal amount of $500,000.
The notes pay a 25.75% annual contingent coupon only when Robinhood’s closing price is at or above the $63.552 coupon barrier on observation dates; missed coupons can be paid later if the barrier is met. The issuer may redeem the notes on scheduled redemption dates if a risk neutral valuation model shows early redemption is economically rational. If not called and the final stock level is at or above the $63.552 downside threshold, investors receive principal back; if below, repayment is reduced 1% for each 1% decline in the stock, potentially to zero. The estimated value on the pricing date is $981.40 per $1,000 note, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000,000 of Buffered PLUS notes maturing on January 28, 2027, linked to the worst performer among the EURO STOXX 50 Index, iShares MSCI EAFE ETF, iShares MSCI Emerging Markets ETF and Nikkei Stock Average.
Each $1,000 note pays no interest and can return enhanced upside at maturity: if the worst performing underlier finishes above its initial level, investors receive principal plus a leveraged gain of 231% of that underlier’s appreciation.
If the worst performer is at or below its initial level but at or above 80% of its initial level, investors receive only their $1,000 principal. If the worst performer falls below 80% of its initial level, principal is reduced 1% for each 1% decline beyond this 20% buffer, with a minimum payment of 20% of principal; for example, a 95% drop would pay $250.
The notes are unsecured and subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and had an estimated value of $990 per note on the pricing date, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing $5,000,000 of structured “Jump Notes” due June 7, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note pays no interest and is linked to the worst performer between the State Street® Energy Select Sector SPDR® ETF and the S&P 500® Index.
At maturity, if the final level of both underliers is at or above their initial levels (XLE $47.60 and S&P 500® 6,796.86), investors receive $1,000 plus a fixed upside payment of $103.50 per note, a 10.35% return. If either underlier finishes below its initial level, investors receive only the $1,000 principal. The notes are unsecured, not listed on an exchange, and carry issuer credit risk, with an estimated value on the pricing date of $988.50 per note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $140,000 of Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, at $1,000 stated principal amount per security. The notes pay no interest and can be automatically redeemed quarterly starting January 22, 2027 if the index is at or above the call threshold of 1,263.96, with early redemption payments designed to reflect a return of approximately 17.65% per annum, up to $1,867.792 per security before maturity. If held to January 24, 2031 and not called, investors receive $1,882.50 per security if the final index level is at or above the call threshold, $1,000 if it is between the buffer level of 1,074.366 and the threshold, and a reduced amount if it falls below the buffer, subject to a 15% minimum payment at maturity. The estimated value on the pricing date is $911.10 per security, the securities are unsecured and unlisted, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk “Jump Securities” linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount and was priced at $1,000, with an aggregate principal amount of $943,000 and an estimated value on the pricing date of $904.30 per security. The notes are unsecured and not listed on any exchange.
The securities are auto-callable starting January 28, 2027: if on a determination date the index closes at or above the call threshold (100% of the 2,955.93 initial level), investors receive an early redemption payment corresponding to about 20% per annum (e.g., $1,200 on the first call date), and the notes terminate.
If not redeemed early, at maturity on January 24, 2031 investors receive $2,000 per security if the index is at or above the upside threshold (80% of initial), $1,000 if between 80% and 60%, and a linear loss of 1% of principal for each 1% index decline below 60%, down to zero. Returns are capped, investors do not participate in full index gains, and they face full downside risk and Morgan Stanley credit risk. The underlying index is highly engineered, uses leverage up to 400%, applies a 4% per annum decrement, and has limited live history with substantial reliance on hypothetical back-tested data.
Morgan Stanley Finance LLC is offering auto-callable Market Linked Securities tied to the worst performer of Amazon, Home Depot and Nike stock, maturing in January 2028. The notes have a 15.65% annual contingent coupon, paid monthly only if the lowest stock closes at or above 70% of its starting price.
The face amount is $1,000 per security, with total offering proceeds of $974,353.75 to the issuer. The notes are issued at $1,000 but the issuer’s estimated value is $958.80, reflecting embedded costs and internal funding rates. Principal is at risk below a 70% downside threshold and investors do not participate in stock upside.
The securities may be automatically called after about three months if all three stocks are at or above their starting prices, returning face value plus due coupons. They are unsecured obligations guaranteed by Morgan Stanley, not listed on any exchange, and fully subject to Morgan Stanley’s credit risk and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering market-linked, auto-callable notes due January 25, 2029, tied to the worst performer among NVIDIA, Broadcom, Alphabet Class A and Amazon.com stock. Each security has a $1,000 face amount, with a total offering size of $7,863,000.
The notes pay a contingent coupon at 15.20% per annum, but only when the lowest-performing stock on a monthly observation date is at or above 50% of its starting price; missed coupons can be "remembered" and paid later if the condition is met. If all stocks stay below their 50% coupon thresholds, no coupons are ever paid.
Principal is fully at risk. If the securities are not called and any stock finishes below 50% of its starting price at maturity, repayment is reduced in line with the worst stock’s decline and can be far below the $1,000 face amount, including a total loss. The securities are issued at $1,000 but have an estimated value of $963 on the pricing date, reflecting embedded costs and funding terms.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities linked to the KraneShares CSI China Internet ETF. Each security has a $1,000 stated principal amount, issue price of $1,000, and aggregate principal of $500,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on January 28, 2027 if the ETF’s closing level on the first determination date is at or above the $35.58 call threshold, paying an early redemption amount of $1,150 per security. If held to the January 25, 2029 maturity and not called, investors receive principal plus an upside payment if the final level exceeds the $35.58 initial level, with a 125% participation rate. Principal is protected only down to a downside threshold of $17.79; below that, losses match the ETF’s decline and can reach 100%.
The estimated value on the pricing date is $981.80 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not pay interest, are not listed on an exchange, and embed risks tied to China internet equities, market volatility, liquidity and complex U.S. tax treatment.