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 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.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities due January 26, 2029, linked to the worst performer of the Russell 2000® Index and the State Street® SPDR® S&P® Regional Banking ETF. Each security has a $1,000 stated principal amount and pays a 10.00% per annum contingent coupon only when both underliers close at or above their coupon barrier levels on the relevant observation date.
The notes can be automatically redeemed on scheduled redemption determination dates if both underliers are at or above their call thresholds, returning the stated principal plus the applicable coupon, with no further payments. If not redeemed early, investors receive principal at maturity only if both final underlier levels are at or above their downside thresholds; otherwise, the payoff is reduced 1% for every 1% decline in the worst performer and can fall to zero. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value of approximately $966.60 per security on the pricing date and no stock-market upside participation.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the common stock of Broadcom Inc. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at an annual rate of 11.40%, but only if Broadcom’s closing level on the relevant observation date is at or above a coupon barrier set at 50% of the initial level. The notes can be automatically redeemed on scheduled redemption determination dates if Broadcom’s stock is at or above 100% of the initial level, in which case holders receive principal plus the applicable coupon and no further payments.
If the notes are not called and, on the final observation date, Broadcom’s stock is at or above the 50% downside threshold, investors receive principal back (plus any final coupon). If it is below that threshold, repayment is reduced 1% for every 1% decline in the stock, up to a total loss of principal. The estimated value on the pricing date is approximately $966.60 per $1,000 security, 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 5-year Trigger Step Securities linked to the least performing of the S&P 500 Index and the Dow Jones Industrial Average, maturing on January 30, 2031. Each unsecured note has a $10 issue price and exposes investors to both equity index performance and Morgan Stanley credit risk.
If, on the final valuation date, the level of each index is at or above its Step Barrier (100% of its initial level), investors receive $10 plus the greater of a fixed Step Return of 47.40%–51.40% (set on the trade date) or the actual gain of the worst-performing index. If either index finishes below its Step Barrier but at or above its Downside Threshold (75% of its initial level), investors receive only their $10 principal back.
If either index closes below its Downside Threshold, repayment is fully exposed to the loss of the least performing index, so investors can lose a significant portion or all of their principal. The securities pay no interest or dividends, are not listed on an exchange, and the estimated value on the trade date is approximately $9.785 per $10 note, reflecting issuing, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the worst performer of the Nasdaq-100 Index, the Russell 2000 Index and the VanEck Semiconductor ETF. The notes pay a 9.80% annual contingent coupon only when all three underliers close at or above their coupon barrier (70% of initial level) on each observation date.
The securities may be automatically redeemed quarterly starting July 2026 if all underliers are at or above their call thresholds (100% of initial levels), paying back principal plus the relevant coupon. If held to January 2031 and not called, investors receive principal only if every underlier finishes at or above its downside threshold (70% of initial level; worst-of structure). Otherwise, repayment is reduced 1% for each 1% decline in the worst underlier and can be zero. The notes are unsecured, subject to Morgan Stanley’s credit risk, and have an estimated value of about $943.60 per $1,000 issue price.
Morgan Stanley is issuing $1,500,000,000 principal amount of Global Medium-Term Notes, Series F, Fixed Rate Reset Subordinated Notes due January 18, 2041. The notes pay a fixed interest rate of 5.314% per annum from January 20, 2026 until January 18, 2036, then reset once to the five-year Constant Maturity Treasury Rate plus 1.170% for the remainder of the term, with interest paid semiannually in U.S. dollars.
The notes are subordinated obligations, ranking junior in right of payment to Morgan Stanley’s senior indebtedness, including approximately $309.98 billion of senior long-term borrowings as of September 30, 2025, and to claims on subsidiaries’ assets. Morgan Stanley may redeem the notes using a make-whole call from January 24, 2031 to January 18, 2036, and at par on January 18, 2036 or on or after July 18, 2040, subject to Federal Reserve capital rules, creating early redemption and reinvestment risk for investors.
Morgan Stanley is issuing three tranches of Global Medium‑Term Notes, Series I, totaling $6.5 billion. The deal includes $750 million floating‑rate senior notes due 2030, $2.5 billion fixed/floating‑rate senior notes due 2030, and $3.25 billion fixed/floating‑rate senior notes due 2032, all at 100% issue price and in U.S. dollars.
The floating‑rate portions reference daily compounded SOFR plus a spread (0.800% for the 2030 tranches and 0.950% for the 2032 tranche), with interest reset quarterly. The 2030 and 2032 fixed/floating notes pay fixed coupons of 4.238% and 4.493% per year, respectively, until their switch dates, then convert to SOFR‑linked floating rates.
Morgan Stanley can redeem the notes early at par plus accrued interest on specified dates or, for the fixed/floating tranches, through an earlier make‑whole call starting July 24, 2026. The notes are unsecured senior obligations, not bank deposits or FDIC‑insured, and are targeted at qualified institutional investors in the EEA and U.K., with explicit restrictions on retail sales and detailed SOFR‑related and early‑redemption risk disclosures.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Trigger Autocallable GEARS linked to the Nikkei Stock Average, maturing on January 24, 2031, at an issue price of $10.00 per Security.
The notes may be automatically called on the January 27, 2027 observation date if the index closes at or above 100% of its initial level, paying back principal plus a fixed call return based on a 17.00%–19.75% per annum rate (a call price of $11.70–$11.975 per $10 Security). If not called and the index ends above its initial level, investors receive principal plus 1.50× the positive index return. If the index return is zero or negative but the final level is at least 75% of the initial level, investors receive only their principal back.
If the final index level is below 75% of the initial level, repayment is reduced one-for-one with the negative index return, down to a total loss of principal. The Securities pay no interest, provide no dividends, are unsecured obligations of MSFL with a Morgan Stanley guarantee, will not be listed on any exchange, and have an estimated value on the trade date of approximately $9.495 per Security, reflecting upfront costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $8,000,000 of Trigger Autocallable Notes linked to the S&P 500 Index, with a $10 principal amount per security. The notes run to January 18, 2028 and pay no interest. Instead, beginning July 13, 2026, they are automatically called on any quarterly Observation Date if the index closes at or above the Initial Level of 6,977.27, paying back principal plus a fixed Call Return based on an annual rate of 8.75% per annum.
If the notes are not called and on the Final Observation Date the S&P 500 is below the Initial Level but at or above the Downside Threshold of 5,581.82 (80% of the Initial Level), investors receive only their $10 principal. If the index finishes below the Downside Threshold, repayment is reduced in full proportion to the index decline, and investors can lose all of their principal. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and have an estimated value on the trade date of $9.810 per $10 note, reflecting embedded issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” with an auto-call feature, maturing on January 30, 2031. Each note has a $1,000 stated principal and is linked to the worst performer of the S&P 500® Futures Excess Return Index and the State Street® Utilities Select Sector SPDR® ETF (XLU), fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on scheduled determination dates, starting February 2, 2027, if both underliers are at or above their call thresholds, paying an increasing early redemption amount that corresponds to roughly 11.15% per annum, up to $1,529.625 per note. If held to maturity and both final underlier levels are at or above their call thresholds, investors receive $1,557.50 per note. If at least one underlier finishes below its call threshold but both stay at or above 70% of initial (the downside thresholds), only principal is returned.
If, at maturity, either underlier is below its downside threshold, repayment is reduced dollar-for-dollar with the decline of the worst performer, and the payout can be zero. The notes pay no interest, do not participate in upside beyond the fixed payouts, are unsecured and subject to Morgan Stanley’s credit risk, and are expected to have an estimated value on the pricing date of about $945.50 per $1,000.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering structured notes linked to the SPDR® Gold Trust (GLD), maturing on February 19, 2027. Each note has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $982.70 per note, reflecting issuance, structuring and hedging costs borne by investors.
At maturity, if the ETF’s final level is above the initial level of $423.33, investors receive $1,000 plus 100% of the upside, capped at a maximum payment of $1,123 per note. If the final level equals the initial level, investors receive $1,000. If the ETF declines, they lose 1% of principal for each 1% drop, but not below the partial principal return amount of 95%, or $950 per note. The notes pay no interest, are unsecured, unlisted, subject to Morgan Stanley’s credit risk and may trade below issue price in the secondary market.
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 January 26, 2029. The notes pay no interest and are unsecured obligations.
At maturity, investors receive $1,000 plus 87% of any S&P 500 gain, or, if the index is down but not below 85% of its initial level, a positive "absolute return" up to 15%. If the index falls below the 85% buffer, principal is reduced 1% for each additional 1% decline, with a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $985.70 per $1,000 note, and repayment depends entirely on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due December 28, 2028, fully and unconditionally guaranteed by Morgan Stanley. The $1,000-per-security notes pay a contingent coupon at 8.00% per year, but only if on each observation date both underliers—the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX)—are at or above their coupon barrier levels, set at 65% of initial levels. Missed coupons can be paid later if both funds recover above the barriers.
The notes are auto-callable starting July 22, 2026 if both ETFs are at or above 100% of their initial levels, returning principal plus the applicable coupons, after which no further payments are made. If held to maturity and either ETF finishes below its 85% buffer level, investors lose 1% of principal for each 1% decline in the worst performer beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is about $948 per $1,000 note, reflecting issuance and hedging costs. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “jump” securities due January 25, 2029, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the S&P 500 Index and the Russell 2000 Index. The notes may be automatically redeemed on scheduled determination dates starting January 29, 2027 if all three indices are at or above their call thresholds, paying an early redemption amount that targets roughly a 14.60% per annum return.
If the notes are not called and, on the final observation date, all three indices are at or above their upside thresholds, investors receive a fixed $1,438 per $1,000 note; if all are at or above their downside thresholds, only principal is repaid. If any index finishes 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 $976.80 per note, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering leveraged buffered notes linked to the S&P 500® Index. The notes pay no interest and return at maturity depends on index performance over roughly 27–30 months. If the index rises, holders get 160% of the index gain, capped at a Maximum Settlement Amount expected between $1,224.96 and $1,264.48 per $1,000. If the index falls by up to 15%, principal is returned, but beyond a 15% drop losses increase at a buffer rate of about 117.65%, and all principal can be lost. The estimated value on the trade date is about $996 per note, reflecting issuance, structuring and hedging costs. The notes are unsecured, not listed on an exchange, and their value and payment are subject to Morgan Stanley’s credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk jump securities with an auto-call feature maturing on January 27, 2031. Each note has a $1,000 stated principal amount and is linked to the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, based on the worst-performing index.
The notes may be automatically redeemed on scheduled determination dates if each index is at or above its call threshold, paying an early redemption amount that targets roughly 10.20% per annum (for example, $1,102.00 to $1,501.50 per $1,000 depending on call date). If held to maturity and all final index levels meet their call thresholds, investors receive $1,510.00; if all stay above downside thresholds but not all meet call thresholds, only principal is returned. If any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst index, potentially to zero.
The preliminary estimated value on the pricing date is approximately $941.40 per $1,000 note, reflecting issuer costs and an internal funding rate. The securities pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange and embed additional risks tied to technology and small‑cap equity exposure and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, contingent income auto-callable securities due January 26, 2029 linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Futures Excess Return Index. The notes pay a 12.00% annual contingent coupon only when all three indexes are at or above their barrier levels on scheduled observation dates and may be automatically redeemed early if all three meet call thresholds on specified redemption determination dates.
If not called, investors receive full principal at maturity only if each index finishes at or above its downside threshold; otherwise, repayment is reduced 1% for every 1% decline in the worst-performing index, and the payment can be zero. The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $984.40, reflecting offering and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering principal-at-risk jump securities with an auto-call feature, linked to the worst performer of NVIDIA, Palantir Technologies class A, and Broadcom common stock. Each security has a stated principal of $1,000 and an original issue price of $1,000, with an estimated value on the pricing date of approximately $970.60.
The notes can be automatically redeemed on scheduled determination dates if each stock is at or above its call threshold, paying increasing fixed early redemption amounts (for example, $1,577 on the first call date, up to $2,586.75 on the eighth). If held to maturity and each stock is at or above its call threshold, investors receive $2,731 per security; if any stock falls below its downside threshold, repayment is reduced in full proportion to the worst stock’s decline and can go to zero.
The securities pay no coupons or dividends, offer no participation in stock appreciation, are unsecured obligations of MSFL fully and unconditionally guaranteed by Morgan Stanley, will not be listed on any exchange, and expose investors to both market risk on the underliers and the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside 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 pays no interest.
At maturity on January 30, 2031, if the index is above its initial level, investors receive $1,000 plus a leveraged upside payment equal to 195% of the index gain. If the index is at or below the initial level but not below 75% of that level, investors receive only the $1,000 principal. If the index finishes below 75% of the initial level, repayment is reduced 1% for each 1% index decline, and the payout can fall to zero.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange and had an estimated value on the pricing date of approximately $944.90 per $1,000 security, reflecting issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) linked to the iShares MSCI EAFE ETF, 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.
At maturity in January 2031, investors receive $1,000 plus 136% of any positive ETF performance, but lose 1% of principal for every 1% decline with no minimum payment, so the payout can fall to zero. The estimated value on the pricing date is approximately $959.60 per $1,000, reflecting issuing, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer.
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. The filing highlights market, liquidity, tax and conflict-of-interest risks, and notes that investing in the PLUS is not the same as investing directly in the EAFE ETF.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities due February 26, 2027, linked to the worst performer of the S&P 500 Index, Russell 2000 Index and State Street Energy Select Sector SPDR ETF.
The notes pay no interest and are issued at $1,000 each. At maturity, if the final level of each underlier is at or above its downside threshold level (70% of its initial level), investors receive $1,000 plus a fixed digital payment of $97
The estimated value on the pricing date is approximately $982.50 per security, reflecting issuer costs and an internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited secondary liquidity. Risks highlighted include market volatility, small-cap exposure through the Russell 2000, energy-sector concentration via the ETF, potential adverse tax treatment and conflicts of interest from affiliated hedging and calculation activities.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due February 2, 2029, linked to the worst performer of the iShares Bitcoin Trust ETF and the S&P 500 Index. The notes pay no interest and do not guarantee any principal repayment.
At maturity, if both underliers finish above their initial levels, investors receive $1,000 per note plus a leveraged upside payment based on 300% of the worst performer’s gain. If the worst performer is down but not below 70% of its initial level, investors receive a positive “absolute return” on the decline, capped at a 30% gain. If either underlier finishes below its downside threshold, investors lose 1% of principal for each 1% decline in the worst performer, and repayment can be reduced to zero.
The estimated value on the pricing date is approximately $913.70 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not listed on any exchange, and expose investors to Morgan Stanley’s credit risk, bitcoin and digital asset risks, market volatility, limited liquidity and uncertain tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk jump securities with an auto-call feature linked to the worst performer of the State Street® Technology Select Sector SPDR® ETF, the iShares® MSCI EAFE ETF and the EURO STOXX 50® Index. Each security has a stated principal amount of $1,000 and no periodic interest payments.
The notes can be automatically redeemed on set determination dates starting January 29, 2027 if each underlier is at or above its call threshold, paying an early redemption amount that targets approximately 11.10% per annum, from $1,111.00 up to $1,527.25 per security over time. If held to January 27, 2031 and each underlier is at or above its call threshold, investors receive $1,555.00 per security; if any underlier breaches its downside threshold, repayment is reduced in proportion to the worst-performing underlier and can fall to zero. An estimated value of approximately $941.90 per security on the pricing date reflects embedded costs and an internal funding rate, 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 due February 2, 2029, linked to the worst performer of NVIDIA, Palantir Technologies Class A, and Broadcom common stock. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
The notes can be automatically redeemed starting February 2, 2027 if on a determination date all three stocks close at or above 90% of their initial levels, paying fixed early redemption amounts that start at $1,460 and step up to $2,265 per $1,000. If held to maturity and all three final levels are at or above their call thresholds, investors receive $2,380.
If any stock finishes below its 90% call threshold but all are at or above 60% of initial, investors only receive the $1,000 principal. If any stock ends below 60% of its initial level, the payoff is $1,000 multiplied by the performance of the worst-performing stock, so losses are 1% of principal for each 1% decline and can reach 100%. The estimated value on the pricing date is approximately $963.80 per security, reflecting structuring and hedging costs.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities maturing on January 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. These structured notes are linked to the worst performing of the SPDR® Gold Trust (GLD), the S&P 500® Index (SPX) and the iShares® Silver Trust (SLV), and are explicitly labeled principal at risk.
Each $1,000 security may pay a contingent coupon at a 13.20% annual rate, but only if on each observation date the closing level of every underlier is at or above its coupon barrier level (set at 60% of its initial level). The notes can be automatically called on monthly redemption dates from January 2027 onward if all underliers are at or above their call thresholds (100% of initial levels), paying back principal plus the applicable coupon.
If the notes are not called and, at maturity, any underlier finishes below its downside threshold (60% of initial level), investors lose 1% of principal for each 1% decline of the worst performer, up to a total loss of their investment. The initial issue price is $1,000 per security, while the estimated value on the pricing date is approximately $939.60, reflecting issuing, selling, structuring and hedging costs borne by investors. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk jump securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer among the iShares® U.S. Real Estate ETF, the State Street® Utilities Select Sector SPDR® ETF and the EURO STOXX 50® Index. Each security has a stated principal amount of $1,000 and an issue price of $1,000, but the estimated value on the pricing date is expected to be approximately $927.70 per security.
The notes can be automatically redeemed on scheduled determination dates starting on January 29, 2027 if each underlier closes at or above its call threshold level, paying early redemption amounts that correspond to a return of approximately 10.15% per annum (for example, $1,101.50 on the first early redemption date, rising to $1,482.125 on the last one). If not called, and on the final determination date each underlier is at or above its call threshold, investors receive $1,507.50 per security; if any underlier is below its call threshold but all are at or above their downside thresholds, only principal is returned.
If on the final determination date any underlier finishes below its downside threshold level, the maturity payment is reduced in proportion to the decline of the worst-performing underlier, leading to losses up to 100% of principal. The securities pay no interest, do not participate in any upside of the underliers, will not be listed on any exchange and are subject to Morgan Stanley’s credit risk, limited liquidity, pricing and valuation model risks, sector concentration risks in real estate and utilities, and complex, uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes that pay a high contingent coupon instead of regular interest. The notes, guaranteed by Morgan Stanley, run to December 30, 2027 and are linked to the worst performer of three equity indices: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.
Holders can receive an annual coupon of 11.60%, but only on observation dates when all three indices are at or above 70% of their initial levels. If any index is below that barrier, no coupon is paid for that period, and it is possible to receive no income over the entire term.
From April 30, 2026 onward, the issuer may call the notes in whole on scheduled redemption dates if a risk-neutral valuation model shows it is economically rational for Morgan Stanley, ending all future payments. At maturity, if the notes have not been called and any index finishes below 70% of its initial level, investors lose principal on a 1-for-1 basis with the decline of the worst index, potentially down to zero. The estimated value on the pricing date is approximately $983.30 per $1,000 note, and the notes will not be listed, so liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of Amazon, JPMorgan Chase and Visa shares. Each $1,000 security can pay a contingent coupon at an annual rate of 11.60%, but only on dates when all three stocks close at or above their respective coupon barrier levels, set at 70% of the initial stock levels. Missed coupons can be paid later if all underliers recover above the barrier, but investors may receive few or no coupons over the life of the notes.
The notes are automatically called if, on specified redemption determination dates, all three stocks are at or above their call thresholds, set at 100% of initial levels. If not called, and at maturity all underliers are at or above their downside thresholds of 65% of initial levels, investors receive full principal plus any due coupons. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing stock, potentially to zero. The estimated value on the pricing date is approximately $961.10 per $1,000 note, reflecting issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering buffered jump securities with an auto-call feature maturing on January 25, 2029, linked to the worst performer of the S&P 500 Index, the State Street Health Care Select Sector SPDR ETF and the State Street Utilities Select Sector SPDR ETF. Each security has a stated principal amount of $1,000 and pays no interest.
The notes can be automatically redeemed on scheduled determination dates starting January 29, 2027, for fixed early redemption payments ranging from $1,135.00 to $1,371.25 per security if each underlier is at or above its call threshold level. If held to maturity and each underlier is at or above its call threshold level, investors receive $1,405.00 per security. If any underlier finishes below its call threshold but all are at or above 85% of their initial level, investors receive only principal. Below the 85% buffer on any underlier, investors lose 1% of principal for each 1% decline in the worst performer beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated initial value of approximately $975.80 per security. They are not listed on any exchange, involve principal-at-risk, valuation and liquidity risks, and are sensitive to Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is offering callable contingent income "memory" securities due January 26, 2029, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each note has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley, but principal is at risk and can be lost in full.
The notes pay a contingent coupon at an annual rate of 10.00% only when, on a given observation date, the closing level of each index is at or above 70% of its initial level. Missed coupons can be paid later if all indices recover above their coupon barriers. Starting July 28, 2026, the notes are callable in whole on scheduled redemption dates if a risk-neutral valuation model shows it is economically rational for the issuer to redeem.
If not called, and on the final observation date each index is at or above 70% of its initial level, investors receive back principal plus any due coupons. If any index finishes below 70%, repayment is reduced 1% for every 1% decline of the worst-performing index, potentially to zero. The notes will not be listed, secondary liquidity is uncertain, U.S. tax treatment is complex, and the estimated value on the pricing date is approximately $980.40 per $1,000 note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk callable contingent income securities due January 27, 2031 linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. Investors can receive a contingent coupon at an annual rate of 8.80%, but only for periods when the closing level of each index is at or above its coupon barrier on the relevant observation date; otherwise no interest is paid for that period.
Starting on October 27, 2026, the notes can be redeemed early in whole at par plus any due coupon if a risk‑neutral valuation model shows it is economically rational for the issuer to call them. If the notes are not redeemed and, on the final observation date, every index is at or above its downside threshold, investors receive their full principal (plus any final coupon). If any index finishes below its downside threshold, the maturity payment is reduced in proportion to the decline of the worst performing index and can fall to zero, meaning investors may lose their entire investment. The estimated value on the pricing date is expected to be approximately $981.60 per $1,000 security, reflecting embedded costs and an internal funding rate.
Morgan Stanley Finance LLC is offering contingent income memory buffered auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 10.00% per annum contingent coupon only if the index closes at or above a coupon barrier set at 70% of the initial level on scheduled observation dates; missed coupons can be paid later if the barrier is met.
The securities may be automatically redeemed starting January 22, 2027 if the index is at or above a call threshold of 98% of the initial level, returning principal plus the applicable coupons. If held to January 27, 2031 and the final index level is at or above an 85% buffer level, investors receive full principal back; below that, principal loss is 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $904.90 per $1,000 note, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS notes linked to the S&P 500® Index, maturing on February 4, 2031. The notes pay no interest and are principal-at-risk securities.
At maturity, if the index is above its initial level, holders receive $1,000 plus 125% of the index gain, capped at a maximum payment of $1,595 per $1,000. If the index is between 85% and 100% of its initial level, investors receive only the $1,000 principal. Below 85% of the initial level, principal is reduced 1% for each 1% decline beyond the 15% buffer, but not below 15% of principal.
The indicative estimated value on the pricing date is approximately $972.50 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The notes will not be listed on any exchange, may have limited secondary liquidity, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due January 19, 2029, linked to the worst performer of Bank of America, Goldman Sachs and JPMorgan Chase common stocks. The notes are fully and unconditionally guaranteed by Morgan Stanley but are principal at risk and pay no guaranteed interest.
Investors may receive a contingent coupon at an annual rate of 13.00%, but only if on each observation date all three stocks are at or above their coupon barrier levels, set at 70% of their initial levels. The notes can be automatically redeemed quarterly beginning July 15, 2026 if each stock is at or above its 100% call threshold, returning principal plus the coupon for that period. If held to maturity and any stock finishes below its 70% downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing stock and can fall to zero. The estimated value on the pricing date is approximately $956.70 per $1,000 security.
Morgan Stanley Finance LLC is offering Buffered PLUS notes linked to the iShares MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley and maturing on January 21, 2028. The notes pay no interest and are principal-at-risk securities.
At maturity, investors receive $1,000 plus 150% of any positive ETF return, capped at a maximum payment of $1,255 per $1,000. If the ETF falls but stays within a 15% downside buffer, investors receive only their principal back. If the decline exceeds 15%, repayment is reduced 1% for each additional 1% drop, with a minimum payment of 15% of principal.
All payments depend on Morgan Stanley’s credit. The notes are not listed on an exchange, may have limited liquidity, and their estimated initial value is approximately $995.30 per $1,000. The filing highlights market, structural, credit, liquidity and tax risks, and is intended for fee-based advisory accounts willing to accept complex payoff terms and possible significant loss of principal.
Morgan Stanley Finance LLC is offering principal-at-risk Contingent Income Memory Auto-Callable Securities linked to the worst performer of Goldman Sachs and JPMorgan common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an estimated value on the pricing date of approximately $986.60, and pays an 11.05% per annum contingent coupon only when both stocks close at or above their coupon barrier levels on scheduled observation dates.
The notes can be automatically redeemed starting July 23, 2026 if, on a redemption determination date, each stock is at or above 100% of its initial level, paying back principal plus the current and any previously unpaid coupons. If not called and held to January 26, 2029, investors receive full principal only if each stock finishes at or above a downside threshold equal to 60% of its initial level; otherwise, repayment is reduced 1% for each 1% decline of the worst-performing stock, and can fall to zero. The securities are unsecured, not listed, sensitive to issuer credit and market factors, and have complex, uncertain U.S. tax treatment, including potential 30% withholding for certain non-U.S. holders.
Morgan Stanley Finance LLC is offering principal-at-risk “Contingent Income Memory Auto-Callable Securities” due January 21, 2028, linked to the worst performer of Mastercard, American Express and Visa common stocks. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $974.20.
Investors may receive a contingent coupon at a 9.00% annual rate, but only when the closing level of each stock on an observation date is at or above its coupon barrier, set at 60% of its initial level. The notes can be automatically redeemed quarterly beginning April 15, 2026 if all three stocks are at or above their call thresholds, set at 100% of initial levels.
If not redeemed early and, at maturity, each stock is at or above its downside threshold (also 60% of initial), investors receive principal plus any due coupons. If any stock finishes below its downside threshold, the maturity payment is reduced one-for-one with the decline of the worst performer, and can fall to zero. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Dual Directional Trigger Jump Securities linked to the EURO STOXX 50® Index, maturing on January 22, 2031. The notes pay no interest and do not guarantee any return of principal.
Each security has a $1,000 stated principal amount and an issue price of $1,000, with an estimated value on the pricing date of approximately $960.50 and selling commissions of $30 per $1,000. If the index finishes at or above its initial level, investors receive $1,000 plus the greater of the index gain or a fixed upside payment of $420 per security (42%). If the index is below the initial level but at or above 70% of that level, investors receive $1,000 plus a positive return matching the absolute index decline, effectively capped at a 30% gain.
If the index closes below the 70% downside threshold, investors lose 1% of principal for every 1% index decline, potentially losing their entire investment. The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited secondary liquidity and carry complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the common stock of Microsoft Corporation. Each security has a $1,000 stated principal amount and can pay a contingent coupon at an annual rate of 8.25%, but only if Microsoft’s closing share price on a given observation date is at or above the coupon barrier of $319.662, which is 70% of the initial level.
The notes may be automatically redeemed quarterly starting January 2027 if Microsoft’s stock closes at or above the call threshold of $456.66, equal to 100% of the initial level. In that case, holders receive $1,000 plus the applicable contingent coupon and no further payments. If the notes are not called, and on the final observation date Microsoft’s share price is at or above the downside threshold of $319.662, investors receive their $1,000 back plus any final coupon.
If at maturity Microsoft’s final share price is below the downside threshold, the repayment is reduced 1% for every 1% decline from the initial level, so the maturity payment can be far below $1,000 and may be zero. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not listed on any exchange, and had an estimated value on the pricing date of approximately $961.60 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering three-year principal-at-risk structured notes linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. Each $1,000 security can pay a contingent coupon at 7.50% per year, but only if on an observation date the closing level of every index is at or above its coupon barrier level, set at 75% of its initial level.
The notes are auto-callable from July 27, 2026 onward if all indices are at or above their call threshold levels, each equal to 100% of the initial level, in which case holders receive principal plus the applicable coupon and the investment ends early. At maturity in December 2028, if the notes have not been called and each index is at or above its downside threshold level of 70% of initial, investors receive full principal back (plus the final coupon, if payable). If any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, potentially resulting in a total loss of principal. The estimated value on the pricing date is approximately $961.20 per $1,000 security, reflecting embedded costs and Morgan Stanley’s internal funding rate.