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 principal-at-risk structured notes linked to the Class A common stock of Dave Inc.. The notes run to April 27, 2027 and can be automatically called early if the stock closes at or above the call threshold level of $190.40 on specified redemption determination dates.
Holders may receive a high contingent coupon at an annual rate of 26.40%, but only when the Dave share price on an observation date is at or above the coupon barrier level of $95.20. Missed coupons can be “remembered” and paid later if the barrier is met on a subsequent observation date, but may never be paid if the underlier remains below the barrier.
If the notes are not called and the final share price is at or above the downside threshold level of $95.20, investors receive their stated principal back plus any due coupons. If the final level is below this threshold, repayment of principal is reduced one-for-one with the stock’s decline, and the return of principal can fall to zero. 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 principal-at-risk contingent income auto-callable securities maturing on March 9, 2027, linked to the Nasdaq-100® Technology Sector Index and the S&P 500® Index. The notes pay a contingent coupon at 8.50% per annum only if, on each observation date, both indices close at or above 80% of their initial levels.
The securities are automatically redeemed on specified dates if both indices are at or above 100% of their initial levels, paying back the $1,000 principal per security plus the applicable coupon, after which no further payments are made. If held to maturity and both indices are at or above 80% of their initial levels, investors receive principal plus any final coupon; otherwise, they lose 1% of principal for each 1% decline in the worst-performing index, down to a possible zero repayment.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, not listed on any exchange, and have an estimated value on the pricing date of approximately $966.90 per $1,000, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering unsecured structured notes linked to the STOXX® Europe 600 Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount but only guarantees a partial principal return of $950 at maturity.
The notes pay no interest. If the index’s final level is above the upside threshold of 578.417, investors receive $950 plus an upside payment based on an 82.35% participation rate in index gains above that threshold. If the final level is at or below the threshold, investors receive only $950, meaning a 5% loss of principal. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange. The estimated value on the pricing date is approximately $961.10 per note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes tied to the lowest-performing of Eli Lilly, Micron Technology, Meta Platforms Class A and NVIDIA common stocks, maturing on January 30, 2031. Each note has a $1,000 principal amount, with an estimated value on the pricing date of approximately $946.60, reflecting issuance, structuring and hedging costs.
The notes are auto-callable monthly beginning in January 2027 if all four stocks close at or above their starting prices, paying a fixed cash amount that steps up over time, up to at least $1,630.00 (a 63% call premium) on the final calculation day. If never called, investors receive only the $1,000 principal at maturity, with no upside beyond principal, even if the stocks rise. The notes pay no interest or dividends, are not listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering leveraged buffered notes linked to the S&P 500 Index under its medium-term note program. These unsecured, principal-at-risk securities pay no interest and return depends entirely on index performance over roughly 27 to 30 months.
At maturity, investors receive enhanced upside through a 160% participation rate in positive index returns, but gains are capped by a maximum settlement amount expected to be about 122.8%–126.8% of the $1,000 face amount per note. A 15% downside buffer protects principal against moderate declines, but if the index falls more than 15% from its initial level, repayment is reduced using a buffer rate of about 117.65%, and investors can lose all of their investment.
The notes will not be listed on any exchange and may have limited liquidity. All payments are subject to the credit risk of MSFL and Morgan Stanley. The issuer estimates the value on the trade date at about $995.70 per $1,000 note, reflecting structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities maturing in February 2029, linked to the common stock of Valero Energy Corporation. These notes pay a contingent quarterly coupon at a 10.19% annual rate only if Valero’s share price on a determination date is at or above 60% of the initial share price, the downside threshold.
If Valero’s stock is at or above the initial share price on any of the first eleven quarterly dates, the notes are automatically called for principal plus that period’s coupon. At maturity, if never called and the final share price is at or above the downside threshold, investors receive principal plus the final coupon; otherwise, repayment is reduced in line with Valero’s price decline and can fall to zero. The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of about $968.70 per $1,000 note and no stock-price upside participation.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to Apollo Global Management, Inc. common stock, maturing on February 2, 2029.
The notes pay a contingent quarterly coupon at a 10.89% annual rate only if, on the relevant determination date, the stock is at or above 60% of the initial share price. If on any of the first eleven determination dates the stock is at or above the initial share price, the notes are automatically redeemed for principal plus the applicable coupon and any previously unpaid coupons.
If the notes are not called and the final share price is at least 60% of the initial share price, investors receive principal plus the final and any unpaid coupons. If the final share price is below 60%, repayment is reduced 1-to-1 with the stock decline and can fall to zero, meaning a total loss of principal is possible. The securities do not participate in any stock upside, are unsecured obligations subject to Morgan Stanley’s credit risk, and have an estimated value on the pricing date of approximately $968.80 per $1,000 due to embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes, called Step-Down Jump Securities with Auto-Callable Feature, linked to the worst performer of the SPDR® S&P 500® ETF Trust (SPY) and the State Street® Consumer Staples Select Sector SPDR® ETF (XLP). Each security has a $1,000 stated principal amount and issue price, with an estimated value of approximately $971.30 per security on the pricing date.
The notes can be automatically redeemed on scheduled determination dates if the closing level of each ETF is at or above its call threshold. Early redemption pays fixed amounts rising over time, corresponding to about 9.60% per annum, after which no further payments are made. If held to maturity and not called, investors receive $1,288 per security if each ETF finishes at or above 90% of its initial level, only principal back if both stay at or above 70% but one falls below 90%, and a loss of 1% of principal for each 1% decline in the worst ETF below 70%, potentially losing the entire investment.
The notes pay no interest, do not participate in ETF upside beyond the fixed payouts, will not be listed on any exchange, and all payments depend on the credit of Morgan Stanley Finance LLC and its guarantee by Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering digital notes linked to the S&P 500® Index that pay no interest and put principal at risk. The notes have a term expected between about 13 and 15 months, with payment at maturity based solely on the index level on the determination date.
If the S&P 500 final level is at least 85% of its initial level, investors receive a fixed maximum settlement amount expected between $1,066.90 and $1,078.50 per $1,000 face amount. If the index falls more than 15%, the payoff declines using a buffer rate of approximately 117.65%, and investors can lose up to 100% of principal. The estimated value on the trade date is about $981.70 per note, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not listed, pay no dividends, are not FDIC insured and are subject to Morgan Stanley’s credit risk. Secondary market trading, if any, will be limited and may occur at prices significantly below the original issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $81,769,100 of Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500, Russell 2000 and Nasdaq‑100 indices, maturing on October 25, 2028.
The notes pay a contingent coupon at a rate of 11.00% per annum, but only for quarters in which, on every Index Business Day, each index stays at or above its respective coupon barrier set at about 70% of its initial level. If any index closes below its barrier even once in a quarter, no coupon is paid for that entire period.
Beginning April 27, 2026, the notes are callable quarterly at the issuer’s option if a risk‑neutral valuation model shows it is economically rational to call. If called, investors receive principal plus the due coupon and the investment ends early.
If the notes are not called and, on the final valuation date, each index is at or above its downside threshold (about 60% of its initial level), investors receive full principal plus any final coupon. If any index is below its downside threshold, repayment is reduced in line with the percentage loss of the worst‑performing index, and investors can lose some or all of their principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on an exchange, and may have limited or illiquid secondary trading.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Variable Income Memory Auto-Callable Notes linked to the worst performing of Bloom Energy, Robinhood Markets, Micron Technology and Marvell Technology shares. Each note has a $1,000 stated principal amount and is scheduled to mature on February 11, 2031, unless auto‑called earlier.
Investors receive a variable monthly coupon: a lower rate of 0.25% per annum if any stock is below its coupon barrier on an observation date, or a higher rate of 8.00% per annum if all are at or above their barriers, plus any unpaid 7.75% per annum conditional coupons. The notes are automatically redeemed if all stocks are at or above their call thresholds (100% of initial levels) on specified redemption determination dates, paying principal plus the higher coupon and any unpaid conditional coupons.
If never auto‑called, investors receive principal back at maturity plus the applicable final coupon, subject to Morgan Stanley’s credit risk. The notes are unsecured, will not be listed on an exchange, and have an estimated value on the pricing date of approximately $948.40 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The issuer expects to treat the notes as contingent payment debt instruments for U.S. federal income tax purposes.
Morgan Stanley Finance LLC is offering $704,000 of Jump Notes with an auto-callable feature, in $1,000 denominations, fully guaranteed by Morgan Stanley. These five-year notes, maturing on January 24, 2031, are linked to the worst performer among the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. If on January 22, 2027 all three indexes are at or above their initial levels, the notes are automatically redeemed early for $1,090 per note.
If the notes are not called and on the final determination date all three indexes finish above their initial levels, holders receive $1,000 plus 100% of the gain of the worst-performing index. If any index is at or below its initial level at maturity, investors receive only the $1,000 principal, so there is no downside below par but upside is limited and based on the lowest return of the three indexes. The notes are not listed on any exchange, carry Morgan Stanley credit risk, and have an estimated value of $976.90 per $1,000 at pricing, reflecting embedded fees and funding costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” with an auto-call feature maturing on February 1, 2029. Each note has a $1,000 stated principal amount and pays no periodic interest.
The notes are linked to the worst performer of the S&P 500 Index, Nasdaq‑100 Index and Russell 2000 Index. Starting with the first determination date on February 4, 2027, the notes are automatically redeemed if all three indices are at or above their call thresholds (100% of initial levels), for an increasing cash amount that targets about 11.20% per annum (from $1,112 on the first call date up to $1,308 on the last).
If not called, maturity payment is $1,336 per note (a fixed positive return) if all final index levels are at or above their call thresholds, only the $1,000 principal if each index is at or above its downside threshold (70% of initial levels), and otherwise a loss of 1% of principal for each 1% decline in the worst-performing index, potentially down to zero. The estimated value on the pricing date is expected to be about $958.50 per note, the notes will not be listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley and linked to a basket of four indices: MSCI EAFE, MSCI Emerging Markets, S&P 500 Futures Excess Return and Russell 2000. Each security has a stated principal amount and issue price of $1,000, a strike and pricing date of January 28, 2026, and matures on January 31, 2031.
The notes may be automatically redeemed on February 4, 2027 for an early redemption payment of $1,100 per security if the basket level on the first determination date is at or above 100% of its initial level. If not called, at maturity investors receive upside based on 174% participation in any basket gain, return of principal if the basket is flat to down but above 60% of its initial level, or a 1-for-1 loss of principal if the basket finishes below that downside threshold. The estimated value on the pricing date is expected to be about $972.90 per security, reflecting issuance, 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 $562,000 of principal-at-risk structured notes at $1,000 per security. These auto-callable securities, maturing in January 2029, pay a contingent coupon at an 8.00% annual rate only if on each observation date all three underliers—the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index—are at or above their coupon barriers set at 70% of initial levels.
The notes are automatically redeemed at par plus the coupon if on a redemption determination date all underliers are at or above 100% of initial levels. If held to maturity without early redemption, investors get principal back only if every final index level is at or above its downside threshold, also at 70% of initial levels; otherwise, repayment is reduced 1% for each 1% decline in the worst-performing index and can fall to zero. The notes are unsecured, not listed on any exchange, and the estimated value on the pricing date is $954.80 per $1,000, reflecting issuance and structuring costs.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due July 23, 2027, linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index. The notes have a stated principal amount of $1,000 per security and an aggregate principal amount of $875,000, issued at $1,000 with an estimated value of $978.80 on the pricing date.
Investors may receive a contingent coupon at 11.00% per year, paid on scheduled dates only if each index closes at or above its coupon barrier, set at 70% of its initial level. The same 70% levels act as downside thresholds at maturity if the notes are not redeemed.
Starting April 23, 2026, the issuer may call the notes on specified redemption dates if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. If the notes are not called and any index finishes below its downside threshold, repayment of principal is reduced in full proportion to the decline of the worst index and can fall to zero. All payments depend on Morgan Stanley’s credit and the notes will not be listed, and the tax treatment is described as uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS notes due January 30, 2031 linked to a basket of four equity indices: the S&P 500, Swiss Market Index, FTSE MIB and STOXX Europe 600, each at 25% weight. The notes pay no interest and are principal-at-risk securities.
Each $1,000 security returns principal plus a leveraged upside payment if the final basket level is above the initial level, using a 148.50% leverage factor on the basket’s positive performance. If the final level is at or below the initial level but at or above the downside threshold of 70 (70% of the initial basket level of 100), investors receive only their principal.
If the final level falls below the downside threshold, repayment is reduced 1% for each 1% decline in the basket, with no minimum payment, so investors can lose their entire investment. The estimated value on the pricing date is approximately $908.90 per $1,000 security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and are not listed, so secondary liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, principal-at-risk securities tied to the worst performer among three ETFs: the VanEck Semiconductor ETF (SMH), State Street Financial Select Sector SPDR ETF (XLF) and State Street Utilities Select Sector SPDR ETF (XLU). Each security has a $1,000 face amount, with an estimated value on the pricing date of about $938.20, reflecting issuing, selling, structuring and hedging costs borne by investors.
The notes are auto-callable on February 4, 2027: if the lowest-performing ETF is at or above 95% of its starting price, investors receive a fixed call payment of $1,388.50 per $1,000 and the investment ends. If not called, at maturity in 2031 investors get 300% of any positive return of the lowest-performing ETF, full principal back if that ETF is down by up to 30%, and otherwise a loss matching the ETF’s decline, potentially losing most or all of principal.
The securities pay no interest or dividends, are unsecured obligations exposed to Morgan Stanley’s credit risk, are not listed on an exchange, and may have limited liquidity. Dealer compensation includes up to $28.25 per security in selling commissions, with proceeds to the issuer of about $971.75 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $500,000 of principal-at-risk structured notes linked to the worst performing of Amazon, Costco and Microsoft stock. Each $1,000 security offers an 11% annual contingent coupon, paid only when all three stocks stay above preset barrier levels.
The notes can be automatically called starting July 2026 if all underliers are at or above their initial levels, returning principal plus due coupons. If held to July 2027 and any stock finishes below its downside threshold (65% of its initial level), repayment is reduced 1% for each 1% decline in the worst stock, potentially to zero. The estimated value on the pricing date is $960.10 per $1,000, and investors are exposed to Morgan Stanley’s credit risk with no listing or principal protection.
Morgan Stanley Finance LLC is issuing $1,816,000 of Contingent Income Memory Auto-Callable Securities, at $1,000 per security, linked to the common stock of NVIDIA Corporation.
The notes pay a contingent coupon at an annual rate of 10.65% only when NVIDIA’s closing level on an observation date is at or above the coupon barrier of $89.035 (50% of the $178.07 initial level). Missed coupons may be paid later if the barrier is met on a future observation date.
The notes auto-call if NVIDIA’s closing level on a redemption determination date is at or above the $178.07 call threshold, returning principal plus the applicable coupon and any unpaid coupons. If held to maturity without being called and the final level is at or above $89.035, investors receive principal plus any due coupons; if below $89.035, repayment is reduced in full proportion to NVIDIA’s decline, and the payoff can be zero.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value of $968.30 per security on the pricing date. They are not listed, may have limited liquidity, and involve credit, market, valuation and tax risks, including the possibility of receiving no coupons and losing the entire principal.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $929.30 per security, reflecting issuing, selling, structuring and hedging costs.
The notes may pay a 15.25% per annum contingent coupon, but only when the index closes at or above the coupon barrier level of 2,216.948 (75% of the initial level). They auto-call at par plus any due coupons if the index is at or above the call threshold of 2,955.93 (100% of the initial level) on specified redemption determination dates. If not called and the final index level is below the downside threshold of 1,773.558 (60% of the initial level), investors lose 1% of principal for every 1% index decline, up to a total loss of principal. Payments depend entirely on issuer and guarantor credit, the notes are not listed, and the complex underlier includes 4% annual decrement and volatility-targeting features.
Morgan Stanley Finance LLC is offering $2,761,000 of principal-at-risk Jump Securities with auto-call features, 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 State Street Utilities Select Sector SPDR ETF, the Nasdaq-100 Technology Sector Index and the Dow Jones Industrial Average.
The notes can be automatically redeemed from January 27, 2027 if all underliers are at or above their call thresholds, paying early redemption amounts of $1,222 or $1,444 per security, corresponding to about 22.20% per annum. If held to January 24, 2031 and not called, investors receive principal plus a 150% participation in the gain of the worst underlier if all finish above initial levels, only principal if all remain at or above 70% of initial levels, and a loss of 1% of principal for each 1% decline in the worst underlier below its downside threshold, up to total loss.
The estimated value on the pricing date is $930.70 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities pay no interest, are unsecured, will not be listed on an exchange, and expose holders to market risk in the three underliers and to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk "Jump Securities" with an auto-call feature maturing on January 25, 2030, linked to the worst performer of the iShares MSCI EAFE ETF, the S&P 500 Index and the State Street Financial Select Sector SPDR ETF. Each security has a $1,000 stated principal amount and does not pay interest or guarantee principal repayment.
The notes can be automatically redeemed on scheduled determination dates starting January 27, 2027 if each underlier is at or above its call threshold, for fixed early redemption payments that correspond to a return of about 10.15% per year (e.g., $1,101.50, $1,203.00 or $1,304.50 per security). If not called and each underlier finishes at or above its downside threshold (70% of its initial level), investors receive a fixed $1,406.00 per security at maturity. If any underlier ends below its downside threshold, the payoff is $1,000 times the performance of the worst underlier, exposing investors to a full 1-for-1 loss that can reach zero.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $984.90 per security. They will not be listed, secondary liquidity may be limited, their value is sensitive to underlier levels, volatility, rates and Morgan Stanley’s credit spreads, and the U.S. federal income tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is issuing $5,000,000 of fixed-to-floating rate callable notes due January 22, 2041, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, while the estimated value on the pricing date is $902.10 per note.
From issuance to January 22, 2029, the notes pay a fixed 9.50% per annum, with quarterly interest. After that, the rate becomes variable: investors earn 9.50% per annum only for days when the 10-Year Constant Maturity Treasury Rate (10CMT) stays between 0.00% and 4.50%; on other days, no interest accrues, so quarterly interest can be very low or zero.
The notes are callable at 100% of principal plus accrued interest on quarterly dates starting January 22, 2029, if a risk-neutral valuation model shows it is economically rational for the issuer to redeem. They are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited secondary liquidity, and are treated as contingent payment debt instruments for U.S. tax purposes.
Morgan Stanley is issuing three euro-denominated senior notes under its Global Medium-Term Notes, Series J program: €1,250,000,000 Euro Floating Rate Senior Registered Notes due 2029, €2,000,000,000 Euro Fixed/Floating Rate Senior Registered Notes due 2032 and €1,750,000,000 Euro Fixed/Floating Rate Senior Registered Notes due 2037, each at an issue price of 100.000% and a 100% redemption percentage at maturity.
The 2029 notes pay a quarterly floating rate of three-month EURIBOR plus 0.700%. The 2032 notes pay a fixed 3.383% per annum until January 23, 2031, then a quarterly floating rate of three-month EURIBOR plus 0.911%. The 2037 notes pay a fixed 3.981% per annum until January 23, 2036, then a quarterly floating rate of three-month EURIBOR plus 1.143%.
Morgan Stanley can redeem the 2029 notes at par plus accrued interest in whole on October 5, 2028, and in whole or in part on or after September 5, 2029. The 2032 and 2037 notes feature optional make-whole redemptions from July 27, 2026, plus par calls on January 23, 2031 and January 23, 2036, respectively, and thereafter on a par basis on specified dates, creating early redemption and reinvestment risk for investors.
Application will be made to admit all three notes to the Official List of the FCA and to trading on the Main Market of the London Stock Exchange. The notes are intended to be Eurosystem eligible and are targeted only at professional clients and eligible counterparties in the EEA and United Kingdom, with explicit prohibitions on sales to retail investors under PRIIPs and UK PRIIPs rules.
Morgan Stanley Finance LLC is issuing principal-at-risk structured notes that pay contingent income and can be auto-called early, linked to the worst performer of the State Street Energy Select Sector SPDR ETF, the EURO STOXX 50 Index and the Nasdaq-100 Technology Sector Index. Each security has a $1,000 stated principal amount, aggregate principal of $1,001,000, a term to January 19, 2029, and an annual contingent coupon rate of 8.15%, payable only when all three underliers are at or above their coupon barrier levels (70% of initial levels).
The notes may be automatically redeemed starting July 16, 2026 if each underlier is at or above its call threshold level, set at 100% of its initial level, returning principal plus the applicable coupon and any unpaid coupons. If not called, investors receive full principal at maturity only if each underlier finishes at or above its downside threshold level, approximately 65% of its initial level; otherwise, principal is reduced 1% for every 1% decline in the worst-performing underlier, and the payment can be zero.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is $952.20 per security versus the $1,000 issue price, reflecting structuring, hedging and distribution costs, including a $30 per-security sales commission to dealers. All payments depend on Morgan Stanley’s credit and the performance of the three underliers.
Morgan Stanley Finance LLC is offering $1,000,000 of Contingent Income Memory Auto-Callable Securities, each with a stated principal of $1,000, due January 19, 2029. These notes are linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index and are fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a 9.80% annual contingent coupon, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 80% of initial index levels. The notes may be automatically redeemed quarterly starting April 16, 2026 if all indices are at or above their call thresholds (100% of initial levels), paying principal plus the current and any previously unpaid coupons.
If not called, principal is repaid at maturity only if all final index levels are at or above 60% downside thresholds; otherwise repayment is reduced one-for-one with the decline of the worst index and can be zero. The estimated value on the pricing date is $984.30 per security, below the $1,000 issue price, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing $39,360,000 of three-year contingent income buffered auto-callable securities linked to the worst performer of the Nasdaq-100 Technology Sector Index and the S&P 500 Index. Each note has a $1,000 principal amount and pays a contingent coupon at 9.20% per year, but only if on each observation date both indices are at or above their coupon barrier levels, set at 80% of their initial levels. If either index is below its barrier on a given observation date, no coupon is paid for that period.
The notes can be automatically called on scheduled redemption determination dates if both indices are at or above their initial levels, returning principal plus the applicable coupon and ending the investment early. If held to maturity and both final index levels are at or above their 80% buffer levels, investors receive full principal back (plus any final coupon). If either index finishes below its buffer, principal is reduced 1% for each 1% decline of the worst performer beyond the 20% buffer, with a minimum payment of 20% of principal.
The estimated value on the pricing date is $987.60 per $1,000, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, subject to issuer credit risk. They will not be listed on any exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is issuing $2,000,000 of principal-at-risk “Jump Securities with Auto-Callable Feature” linked to the worst performer of three ETFs: State Street SPDR S&P Regional Banking (KRE), iShares Semiconductor (SOXX) and iShares 20+ Year Treasury Bond (TLT). Each note has a $1,000 stated principal amount and an original issue price of $1,000, with an estimated value on the pricing date of $954.40.
The notes can be automatically redeemed on scheduled determination dates starting in January 2027 if all three ETFs are at or above their call thresholds (set at 100% of initial levels), for fixed cash payments that correspond to roughly 33.50% per annum (for example, $1,335 on the first call date, rising to $1,921.25 on the last). If not called, investors receive $2,005 at maturity in January 2029 only if each ETF is at or above its 90% “upside threshold.” If any ETF finishes below its 60% downside threshold, the payoff is reduced in full proportion to the worst ETF’s decline, down to zero. The securities pay no coupons, do not guarantee principal, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing $750,000 of Callable Contingent Income Securities, at $1,000 per security, due July 21, 2027. The notes are linked to the worst performer of the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index and are fully guaranteed by Morgan Stanley, with principal at risk.
Investors may receive a 9.00% per annum contingent coupon, paid only if on each observation date all three indexes close at or above their coupon barrier levels, set at 70% of their initial levels. The same 70% levels act as downside thresholds at maturity if the notes are not called. If any index finishes below its downside threshold, the maturity payment is reduced in proportion to the worst index’s decline and can fall to zero.
The notes are callable in whole on specified redemption dates if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to redeem, in which case holders receive principal plus any due coupon and no further payments. The estimated value on the pricing date is $986.30 per $1,000, the notes will not be listed on any exchange, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing dual directional buffered participation securities linked to the S&P 500® Index. Each note has a $1,000 stated principal amount, an aggregate principal of $450,000, and is sold at $1,000 per security, while the estimated value on the pricing date is $984.40 per security.
The notes pay no interest. At maturity in January 2029, if the index rises from the initial level of 6,940.01, investors receive principal plus 100% of the index gain, capped at a maximum payment of $1,308 per security (130.80% of principal). If the index is down but not below 80% of the initial level, investors earn a positive return matching the absolute decline, up to a 20% gain.
If the index falls below the 80% buffer, investors lose 1% of principal for each 1% decline beyond that buffer, with a minimum payment of 20% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity. The pricing reflects issuer funding and structuring costs, and the U.S. tax treatment is described as uncertain.
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income auto-callable securities linked to the worst performer of the Nasdaq-100 Technology Sector Index, the S&P 500 Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount, a total offering size of $1,312,000, and matures on January 19, 2029, unless called earlier.
The notes pay a 9.00% per annum contingent coupon, only when all three indices close on an observation date at or above their coupon barrier, set at 70% of initial levels. They are automatically redeemed at par plus the coupon if, on a redemption determination date, all indices are at or above 100% of their initial levels. If held to maturity and any index finishes below its downside threshold (also 70% of initial), repayment of principal is reduced in full proportion to the worst index’s decline, potentially to zero, with no participation in index gains.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value of $968.90 per $1,000 at pricing. The issue price includes selling, structuring and hedging costs, a dealer commission of $27.50 per security and may trade at a discount, with limited secondary liquidity and complex tax treatment.
Morgan Stanley Finance LLC is offering $551,000 of auto-callable structured notes due January 19, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 Jump Security is linked to the worst performer of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index, with no interest payments and principal at risk.
The notes can be automatically redeemed on quarterly determination dates starting January 20, 2027 if all three indices are at or above their call thresholds, delivering fixed cash payments that target about 14.15% per year. If held to maturity and all indices are at or above their call thresholds, investors receive $1,424.50 per note; if the worst index finishes between its downside threshold (70% of initial) and its call threshold, only principal is returned, and if any index ends below its downside threshold, repayment is reduced one-for-one with the decline of the worst index, potentially to zero.
The issue price is $1,000 per note, while the estimated value on the pricing date is $973.60, 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, will not be listed on an exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, auto-callable principal-at-risk securities tied to the worst performer of Bank of America, Citigroup and Goldman Sachs common stocks, maturing January 21, 2028. Each security has a $1,000 face amount, with total offering proceeds of $5,832,000 before expenses and an estimated value on the pricing date of $956.10 per security, reflecting issuance, structuring and hedging costs borne by buyers.
The notes may be automatically called semi-annually from January 22, 2027 if all three stocks are at or above their starting prices, paying fixed call amounts of $1,265.50, $1,398.25 or $1,531.00 depending on the call date. If not called, principal is protected only down to a 70% downside threshold on each stock; if any stock finishes below its threshold, repayment is reduced one-for-one with the worst performer and can fall to zero. The securities pay no interest, do not pass through dividends and carry Morgan Stanley credit and liquidity risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities linked to the worst performer of the Russell 2000 Index, EURO STOXX 50 Index and State Street Utilities Select Sector SPDR ETF, with a total offering size of $1,494,000 at $1,000 per security.
The notes pay no interest and do not guarantee principal. If all underliers finish at or above their initial levels, investors receive principal plus the greater of participation in the worst performer’s gain or a $700 higher upside payment per security; if the worst performer is below its initial level but above its 60% downside threshold, they receive a $200 lower upside payment. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst performer and can fall to zero. The estimated value on the pricing date is $954.40 per security, below the issue price, and the notes are unsecured, unlisted and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities linked to the Class A common stock of Robinhood Markets, Inc. Each security has a stated principal amount of $1,000, with a total aggregate principal amount of $1,155,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 25.00% per annum, but only if on each observation date the Robinhood share price is at or above the coupon barrier level of $65.244, which is 60% of the initial level of $108.74. If the share price is below the barrier on an observation date, no coupon is paid for that period.
The securities may be called in whole, but not in part, on specified redemption dates starting July 21, 2026, if a risk neutral valuation model indicates early redemption is economically rational for the issuer. If not called, the notes mature on July 21, 2027. At maturity, if the final Robinhood price is at or above the downside threshold of $54.37 (50% of the initial level), investors receive principal back plus any final contingent coupon. If it is below the downside threshold, repayment is reduced in line with the share’s decline, and the payment can be zero. The estimated value on the pricing date is $982.10 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk jump securities with an auto-call feature maturing on January 22, 2031, linked to the worst performer of the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index. Each note has a stated principal amount of $1,000 and an aggregate issuance of $2,421,000, with no guaranteed interest or principal repayment.
The notes may be automatically redeemed starting January 26, 2027 if all three indexes are at or above their call thresholds, paying step-up amounts of $1,089, $1,178, $1,267 or $1,356 per security, corresponding to a return of approximately 8.90% per annum. If held to maturity and all final index levels are at or above their call thresholds, investors receive $1,445 per security; if any index is below its call threshold but all remain at or above 70% of their initial level, only the $1,000 principal is returned. If any index finishes below its 70% downside threshold, the payoff is reduced 1% for every 1% decline in the worst-performing index, and the maturity payment can fall to zero.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $944.20 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate, and the notes will not be listed on any securities exchange.
Morgan Stanley Finance LLC is offering $8,856,900 of Trigger GEARS, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to a weighted basket of five international equity indices and maturing in January 2031.
The notes provide leveraged upside, paying $10 plus $10 × (Basket Return × 1.91) if the basket rises, with an initial basket level of 100. If the basket return is at or below zero but the final basket level stays at or above the Downside Threshold of 75, investors receive only their $10 principal at maturity. If the final basket level falls below 75, repayment is reduced in line with the negative basket return, and investors can lose their entire principal.
The securities pay no interest or dividends, are not listed on any exchange, and expose holders to both market risk of the underlying indices and the credit risk of Morgan Stanley and MSFL. The issue price is $10 per security, while the estimated value on the trade date is $9.800, reflecting issuer funding and hedging costs.
Morgan Stanley Finance LLC is offering $2,625,000 of trigger autocallable notes linked to the S&P 500® Equal Weight Index, the Dow Jones Industrial Average℠ and the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at $10 per Security, with estimated value on the trade date of $9.918, and no underwriting discount, so all proceeds go to the issuer.
The notes may be automatically called on semi-annual observation dates starting January 25, 2027 if each index is at or above its Redemption Threshold (90% of its initial level), paying back principal plus a fixed call return based on a 10.00% per annum rate, up to 55.00% if called at maturity. If not called and any index finishes below its Downside Threshold (75% of initial), repayment is reduced in full proportion to the decline of the worst-performing index, and principal can be lost entirely.
The notes pay no interest, do not participate in any upside of the indices, will not be listed on an exchange, and secondary liquidity depends mainly on the issuer’s affiliate. All payments are subject to Morgan Stanley’s credit risk, and the issuer highlights significant market, structuring, liquidity and tax risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $15,000,000 of Trigger Callable Contingent Yield Notes linked to the worst performer among the S&P 500, Russell 2000 and EURO STOXX 50.
The notes pay a 10.55% per annum contingent coupon (about $0.26375 per $10 each quarter) only if all three indices stay at or above their respective Coupon Barriers (70% of initial levels) on every index business day in the quarter. Coupons are skipped entirely for any quarter in which a single index closes below its barrier even once.
Starting April 21, 2026, the issuer may call the notes quarterly if a risk‑neutral valuation model indicates it is economically rational to do so. If called, investors receive principal plus the due coupon and no further payments.
If not called, principal is repaid at maturity in April 2029 only if each index finishes at or above its Downside Threshold (60% of initial). If any index ends below its threshold, repayment is reduced one‑for‑one with the loss of the worst index, and investors can lose all principal. The estimated value on the trade date is $9.866 per $10 note, the notes are not listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering market-linked notes that pay no interest and return principal at maturity, with performance tied to the S&P 500® Futures Excess Return Index. At the January 31, 2031 maturity, investors receive the $1,000 stated principal amount per note plus an upside payment if the index final level is above its initial level; otherwise they receive only the stated principal amount.
The upside payment equals the stated principal amount multiplied by a 113% participation rate times the index percent gain, giving leveraged exposure to any appreciation. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and are subject to the issuer’s and guarantor’s credit risk. They will not be listed on any securities exchange, may have limited secondary liquidity and an estimated value on the pricing date below the $1,000 issue price due to structuring, selling and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering Buffered PLUS, a type of principal-at-risk structured note fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and return at maturity depends entirely on index performance on a single observation date in January 2031.
If the index finishes above its initial level, investors receive principal plus a leveraged upside payment based on a 155% leverage factor20% below the initial level, investors receive only their principal back. If the index falls more than 20%, principal is reduced 1% for each additional 1% decline, with a minimum payment of 20% of principal. The estimated value on the pricing date is expected to be approximately $933.50 per $1,000, reflecting embedded fees and an internal funding rate, and the notes will not be listed on any exchange, with liquidity relying on Morgan Stanley & Co. as a potential, but not obligated, market maker. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering jump securities with an auto-callable feature maturing on February 1, 2029, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each note has a $1,000 principal amount and does not pay interest or guarantee return of principal.
The notes are automatically redeemed on February 10, 2027 for $1,205 per security if on February 5, 2027 each index closes at or above its initial level. If not called, at maturity investors receive $1,000 plus 175% of the gain of the worst performing index if all three finish above their initial levels, only $1,000 if any are at or below initial but all stay at or above 70% of initial, and a loss of 1% of principal for each 1% decline of the worst index below that 70% threshold, potentially reducing the payoff to zero.
The securities are unsecured and subject to the credit risk of Morgan Stanley and MSFL, are not listed on any exchange, and may have limited liquidity. The estimated value on the pricing date is approximately $954.50 per $1,000 note due to internal funding rates and embedded issuing, selling, structuring and hedging costs. The U.S. federal income tax treatment is uncertain and the issuer expects to treat the notes as prepaid financial contracts.
Morgan Stanley is offering three euro-denominated senior notes under its Global Medium-Term Notes, Series J: floating rate notes due 2029 and fixed/floating rate notes due 2032 and 2037. The 2032 and 2037 notes pay a fixed annual rate until one year before maturity, then switch to a floating rate based on three‑month EURIBOR plus a spread. All notes are redeemable at 100% of principal plus accrued interest, with make‑whole call features on the 2032 and 2037 tranches and additional issuer call dates close to maturity, creating early redemption risk for investors.
Application will be made to list the notes on the London Stock Exchange’s Main Market, and minimum denominations are €100,000. Sales are restricted to professional and eligible counterparties in the EEA and United Kingdom, with no PRIIPs KID prepared for retail investors. For U.S. tax purposes, counsel expects the notes to be treated as euro‑denominated variable rate debt instruments with potentially complex original issue discount calculations. Morgan Stanley & Co. International plc, an affiliate of the issuer, acts as premium calculation agent and as lead manager, giving rise to conflicts of interest that are addressed through regulatory procedures.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk market-linked securities tied to the worst-performing of the S&P 500, Russell 2000 and EURO STOXX 50, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and may be automatically called monthly starting February 2027 if all three indices are at or above their starting levels, paying a fixed call amount beginning at least $1,140 (a 14% premium) and rising on later dates up to at least $1,420 (a 42% premium) by the final calculation day.
If the notes are not called and any index finishes below 75% of its starting level, holders receive $1,000 multiplied by the worst index’s performance, which can mean losing more than 25% and potentially all principal. The notes pay no interest, do not participate in any index appreciation beyond the fixed call premiums, and are subject to Morgan Stanley’s credit risk. They are sold at $1,000 but have an estimated value of about $962.90 per note, will not be listed on an exchange and may have limited secondary liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, auto-callable principal-at-risk securities tied to the lowest performer of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Equal Weight Index, maturing July 28, 2031. Each security has a $1,000 face amount, while the current estimated value on the pricing date is expected to be approximately $990.30 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate.
Beginning January 28, 2027, the notes may be automatically called semi-annually if each index is at or above 90% of its starting level, paying at least $1,100 on the first calculation day and up to at least $1,550 if called on the final calculation day; investors do not participate in any additional index gains. If not called and any index finishes below 75% of its starting level, the maturity payment is reduced 1-for-1 with the worst index, so investors can lose more than 25% and potentially all principal. The notes pay no interest, 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 5‑year Trigger Absolute Return Step Securities linked to a weighted basket of five international equity indices. Each Security has a $10 issue price, with an estimated value on the trade date of about $9.397 per Security.
If the final basket level is at or above 100% of the initial basket level, investors receive $10 plus the greater of a 36.00%–40.00% Step Return or the actual basket return. If the final basket level is below this Step Barrier but at or above 75% of the initial basket level, investors receive $10 plus the absolute value of the basket return. If the final basket level falls below 75%, principal is reduced in line with the negative basket return, and investors can lose all of their investment.
The Securities pay no interest, do not provide dividends from the underlying indices, involve issuer credit risk, and are not listed, so liquidity may be limited. The product is intended only for investors who fully understand the payoff structure and can tolerate substantial principal risk to maturity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering 10-year Trigger GEARS linked to the EURO STOXX 50® Index maturing on January 30, 2036. Each Security has a $10 issue price and no interest or dividends.
If the index return at maturity is positive, investors receive $10 plus the index gain multiplied by an Upside Gearing between 1.80 and 1.955, set on the trade date. If the index return is zero, or negative but the final level is at least 65% of the initial level, investors receive only the $10 principal.
If the final index level is below 65% of the initial level, principal is fully exposed to losses, with repayment equal to $10 plus $10 times the negative index return, so all principal can be lost. The Securities will not be listed, may have limited liquidity, and all payments depend on Morgan Stanley’s credit. The estimated value on the trade date is about $8.759 per $10 Security, reflecting issuer costs and funding spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk callable contingent income securities maturing on January 31, 2029. The notes are linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.
Investors may receive a 10.40% annual contingent coupon, paid on scheduled dates only if the closing level of each index is at or above 70% of its initial level on the related observation date. If any index is below its coupon barrier, no coupon is paid for that period.
Starting on April 30, 2026, the notes are callable in whole at the issuer’s option on specified dates, based on a risk neutral valuation model, for principal plus any due coupon. If not redeemed early, and each index finishes at or above 60% of its initial level, investors receive principal back (plus any final coupon). If any index ends below 60%, repayment is reduced 1% for each 1% decline of the worst performer, up to a total loss of principal. 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 5-year Trigger Step Securities linked to the EURO STOXX 50® Index. Each Security has a $10 issue price and offers a fixed "Step Return" of between 47.60% and 51.60%, if at maturity the index’s Final Level is at or above the Step Barrier, set at 100% of the Initial Level. In that case, investors receive $10 plus $10 times the greater of the Step Return or the actual index return.
If the Final Level is below the Step Barrier but at or above the Downside Threshold of 75% of the Initial Level, investors simply receive back their $10 principal per Security. If the Final Level falls below the Downside Threshold, repayment is $10 plus $10 times the Underlying Return, exposing investors to the full downside and potentially a total loss of principal. The Securities pay no interest or dividends, are unsecured, not listed on an exchange, and carry Morgan Stanley credit risk. The estimated value on the Trade Date is approximately $9.397 per $10 Security, reflecting embedded costs and an internal funding rate.