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 leveraged buffered notes linked to the S&P 500® Index. The notes pay no interest and return at maturity depends on index performance over about 14–16 months.
For each $1,000 note, investors get 150% of any positive index return, capped at a Maximum Settlement Amount expected between $1,129.15 and $1,151.50, and full principal repayment if the index decline is up to 10%. Below a 10% decline, losses accelerate using a buffer rate of about 111.11%, and principal can be entirely lost.
The estimated value on the trade date is approximately $986.60 per $1,000 note, and an unaffiliated dealer receives a 0.92% sales commission. The notes are unsecured, not listed on an exchange, subject to Morgan Stanley’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering callable contingent income "memory" buffered securities linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index, S&P 500 Futures Excess Return Index and State Street Utilities Select Sector SPDR ETF. The notes pay a 10.00% annual contingent coupon, but only when all underliers close at or above 75% of their initial levels on scheduled observation dates; missed coupons can be paid later if conditions are met. The securities mature on January 27, 2028, feature a 25% downside buffer, and if any underlier finishes below its buffer level, investors lose 1.3333% of principal for each 1% decline of the worst underlier beyond that buffer, potentially down to zero. The notes are callable from March 26, 2026 based on a risk neutral valuation model, are unsecured obligations guaranteed by Morgan Stanley, will not be listed on any exchange, and have an estimated value of approximately $991.40 per $1,000 on the pricing date.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature due January 25, 2029, linked to the worst performer of Alphabet Class C (GOOG), Microsoft (MSFT) and Meta Class A (META). Each security has a $1,000 stated principal amount and pays no coupons or interest.
Starting with the first determination date on January 26, 2027, the notes are automatically redeemed if each stock closes at or above its call threshold (100% of its initial level), paying an early redemption amount that targets approximately 29.25% per annum, from $1,292.50 on the first date up to $1,853.125 on the 24th. If held to maturity and all three stocks have had a redemption event by the final determination date, investors receive $1,877.50 per security.
If no full redemption event occurs but each final stock level is at or above its downside threshold (60% of initial), investors receive only the $1,000 principal. If any stock finishes below its downside threshold without a prior redemption event for all three, the maturity payment is $1,000 multiplied by the performance of the worst underlier, which can reduce the payout to zero. The estimated value on the pricing date is approximately $947.40 per security, the notes will not be listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities linked to the S&P 500® Index, due February 3, 2031. Each security has a $1,000 stated principal amount and pays no interest, with principal at risk.
If the final S&P 500® level on January 29, 2031 is at or above 80% of its initial level, holders receive $1,000 plus the greater of a fixed $200 upside payment or participation in the index gain, capped at a maximum payment of $1,850 per security. If the final level is below 80% of the initial level, investors lose 1% of principal for each 1% index decline, and the payout can fall to zero.
The estimated value on the pricing date is approximately $962.30 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. Morgan Stanley & Co. LLC acts as agent, receiving a $30 sales commission per security, and the notes will not be listed on any exchange, so secondary trading may be limited. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable income auto-callable notes due January 29, 2031 linked to the worst performer of five stocks: Chipotle, Dell Technologies (Class C), PayPal, Palo Alto Networks and Boeing.
The notes pay a variable monthly coupon: a higher rate of 7.75% per annum if on the observation date every stock is at or above its coupon barrier, or a lower rate of 0.25% per annum otherwise. Starting January 2027, the notes are automatically redeemed if all stocks are at or above their call thresholds, returning principal plus the higher coupon for that period. If never called, investors receive their stated principal at maturity plus the applicable final coupon. The estimated value on the pricing date is approximately $933.50 per $1,000 note, and investors face issuer credit risk, limited liquidity and no participation in stock price gains beyond coupons.
Morgan Stanley Finance LLC is offering principal-at-risk "jump" securities linked to the worst performer of the S&P 500® Index and the Dow Jones Industrial AverageSM, fully and unconditionally guaranteed by Morgan Stanley. Each unsecured note has a $1,000 stated principal amount and does not pay periodic interest.
The notes are automatically redeemed on scheduled determination dates if each index is at or above its call threshold (100% of its initial level), paying an early redemption amount that equates to approximately 8.50% per annum (for example, $1,085 in 2027 or $1,170 in 2028). If not called, maturity payment depends on index performance: full principal plus upside if both final levels exceed their initial levels, principal only if both stay at or above 70% downside thresholds, and a proportional loss (down to zero) if either finishes below its downside threshold.
The preliminary estimated value on the pricing date is approximately $944.60 per $1,000 security. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited secondary liquidity, and carry complex risk and U.S. federal income tax considerations.
Morgan Stanley Finance LLC is offering three-year contingent income "memory" auto-callable securities linked to the common stock of Amazon.com, Inc., fully and unconditionally guaranteed by Morgan Stanley. These notes pay a contingent coupon at an annual rate of 11.30%, but only for periods where Amazon’s closing share price on the relevant observation date is at or above a coupon barrier set at 75% of the initial stock level. Missed coupons can be paid later if the stock recovers above the barrier, but investors may receive few or no coupons over the life of the notes.
The notes can be automatically redeemed starting July 16, 2026 if Amazon’s stock closes at or above 100% of the initial level on a redemption determination date, returning principal plus the due and any previously unpaid coupons, with no further payments. If the notes are not called and, at final observation in January 2029, Amazon’s share price is at or above the 75% downside threshold, investors get back principal plus any payable coupons. If the final level is below this threshold, repayment is reduced 1% for every 1% stock decline, potentially to zero, meaning principal is fully at risk. The estimated value on the pricing date is approximately $970.10 per $1,000 note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” linked to the KraneShares CSI China Internet ETF, maturing on January 25, 2029. Each note has a $1,000 denomination and pays no interest.
The notes are auto-callable: if on January 25, 2027 the ETF closes at or above 100% of its initial level, they are redeemed early for $1,150 per note and terminate. If held to maturity and the final ETF level is above the initial level, investors receive $1,000 plus an upside payment based on a 125% participation rate. If the final level is at or below the initial level but at or above 50% of it, only $1,000 is returned. Below the 50% downside threshold, repayment is reduced in full proportion to the ETF’s loss and can fall to zero.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may trade at prices below issue. The estimated value on the pricing date is approximately $980.80 per note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the Nasdaq-100® Technology Sector Index℠, the Russell 2000® Index and the S&P 500® Index. Each security has a $1,000 stated principal amount, a January 23, 2026 original issue date and matures on January 25, 2029.
The notes pay a contingent coupon at an annual rate of 8.00% only when, on an observation date, all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. The notes are automatically redeemed, starting July 20, 2026, if on a redemption determination date all indices are at or above 100% of their initial levels, returning principal plus the contingent coupon.
If not called, and on the final observation date any index is below its 70% downside threshold, investors lose 1% of principal for each 1% decline in the worst-performing index, potentially losing their entire investment. The estimated value on the pricing date is approximately $957.30 per $1,000 security. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and have complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities with Auto-Callable Feature” linked to the worst performer of the State Street SPDR S&P Regional Banking ETF, the S&P 500 Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount and may be automatically redeemed on scheduled determination dates if all three underliers are at or above their call threshold levels, paying preset early redemption amounts that correspond to an annual return of approximately 13.65%.
If the notes are never called and on the final determination date each underlier is at or above its call threshold, investors receive $1,682.50 per security; if at least one underlier is below its call threshold but all are at or above their downside thresholds, investors receive only the $1,000 principal. If any underlier finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst-performing underlier, potentially to zero. The estimated value on the pricing date is approximately $975.70 per security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities linked to the EURO STOXX 50® Index. Each note has a stated principal amount and issue price of $1,000 and pays no interest, with principal fully at risk.
At maturity on February 3, 2031, if the index’s final level is at or above the downside threshold of 75% of the initial level, investors receive $1,000 plus the greater of the index gain or a fixed upside payment of $344.50 per security, equal to 34.45% of principal. If the final level is below the downside threshold, repayment is reduced 1% for each 1% index decline, and the payment can be zero.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk, and will not be listed on an exchange. The preliminary estimated value on the pricing date is approximately $961.00 per security, reflecting issuance, selling, structuring and hedging costs that make the economic terms less favorable than ordinary debt.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities maturing on February 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. These notes are linked to the worst performing of three equity indices: the Dow Jones Industrial Average℠, Nasdaq-100 Index® and Russell 2000® Index.
Each $1,000 note may pay a contingent coupon at an annual rate of at least 8.00%, but only if on each observation date all three indices are at or above their coupon barrier levels, initially set at 70% of each index’s strike-date level. If any index is below its barrier on an observation date, no coupon is paid for that period.
Starting with the July 28, 2026 redemption determination date, the notes are auto-callable if all three indices are at or above 100% of their initial levels, in which case holders receive $1,000 plus the applicable coupon and the product terminates. If the notes are not called and, at final observation, any index is below its 70% downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst index, potentially down to $0.
The estimated value on the pricing date is approximately $968.50 per $1,000 note, reflecting issuing, selling, structuring and hedging 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 or no secondary market. The U.S. federal income tax treatment is uncertain and may differ from the issuer’s expectations.
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 entirely on index performance between the trade date and a determination date roughly 14–16 months later.
For each $1,000 note, investors receive 150% of any positive index return, but this upside is capped by a maximum settlement amount
The notes are unsecured and subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited liquidity. The estimated value on the trade date is expected to be about $986.40 per $1,000 note, reflecting embedded issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes maturing on January 26, 2029. The securities pay a contingent coupon at 9.25% per year, but only when the iShares MSCI EAFE ETF, the Russell 2000 Index and the State Street Financial Select Sector SPDR ETF are all at or above their coupon barrier levels (70% of initial) on scheduled observation dates. Missed coupons can be paid later if all underliers recover above their barriers.
The notes are automatically called at par plus due coupons if, from January 2027 onward, all three underliers are at or above their 100% call thresholds on a redemption determination date. If not called, investors receive par at maturity only if each underlier finishes at or above its 70% downside threshold. If any finishes below its threshold, the payoff is reduced 1% for each 1% decline of the worst-performing underlier and can be zero. The estimated value is approximately $992 per $1,000 security, and all payments are unsecured obligations subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the S&P 500 Index, Russell 2000 Index and Nikkei Stock Average, maturing in January 2029 and fully guaranteed by Morgan Stanley. The notes aim to pay a quarterly contingent coupon at a rate of at least 11.25% per year if, on every index business day in a quarter, each index stays at or above 70% of its initial level.
Beginning April 21, 2026, the issuer may call the notes quarterly based on a risk-neutral valuation model; if called, investors receive principal plus any due coupon and no further payments. If not called and any index finishes below 60% of its initial level at maturity, repayment is reduced in line with the loss on the worst-performing index, and investors can lose most or all of their principal. Payments depend entirely on Morgan Stanley’s creditworthiness, and the securities are not listed or principal-protected.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Securities with an auto-call feature due February 2, 2029, linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index. Each security has a $1,000 stated principal amount and pays no interest. If on February 8, 2027 both indexes are at or above 100% of their initial levels, the notes auto-redeem for $1,100 and terminate.
If held to maturity and both final index levels exceed their initial levels, investors receive $1,000 plus an upside payment equal to 164.25% of the worst index’s gain. If at least one index is at or below its initial level but both stay at or above 85% of initial, investors receive only the $1,000 principal. If either index finishes below 85% of its initial level, principal is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $978.30 per security, and the notes are unsecured, unlisted obligations guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, pays no interest, and matures on February 4, 2030.
At maturity, if the index’s final level is at or above 85% of its initial level, investors receive $1,000 plus the greater of the index return on $1,000 or a fixed upside payment of $293. If the final level is between 80% and 85% of the initial level, investors receive only the $1,000 principal. Below 80%, principal is reduced 1% for each 1% decline beyond the 20% buffer, with a minimum payment of 20% of principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and may trade below the $1,000 issue price. The estimated value on the pricing date is approximately $979.80 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing principal-at-risk Jump Securities with an auto-call feature, linked to the worst performer of the SPDR S&P MidCap 400 ETF (MDY), the S&P 500 Index and the STOXX Europe 600 Index. The unsecured notes, fully and unconditionally guaranteed by Morgan Stanley, are scheduled to mature on January 24, 2031.
Each security has a stated principal amount of $1,000. If, on the first determination date in January 2027, all three underliers are at or above their call thresholds, the notes are automatically redeemed early for a fixed $1,195 per security and no further payments are made. If the notes remain outstanding to maturity and the final level of each underlier is above its initial level, investors receive $1,000 plus an upside payment equal to 200% of the gain of the worst performing underlier. If at least one underlier finishes below its downside threshold level, set at 75% of its initial level, investors lose 1% of principal for each 1% decline in the worst performer, up to a total loss.
The securities pay no interest, will not be listed on an exchange and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $949.80 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable securities maturing in August 2027 linked to PayPal Holdings, Inc. common stock. Each $1,000 security pays a 13.50% per annum contingent coupon only if PayPal’s closing level on an observation date is at or above a coupon barrier set at 63% of the initial level.
The notes may be automatically redeemed on scheduled determination dates if PayPal’s stock is at or above a call threshold set at 100% of the initial level, paying back principal plus the applicable coupon. If not called, and the final level is at or above the downside threshold (also 63% of the initial level), investors receive principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the stock, potentially to zero. The estimated value on the pricing date is approximately $979.50 per $1,000 security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due February 25, 2027, linked to the worst performer of three underliers: the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF, and the Russell 2000 Index. Each security has a stated principal amount of $1,000 and pays no periodic interest.
At maturity, investors receive their $1,000 principal if the final level of each underlier is at or above its 90% buffer level, plus a digital payment of $120 (12% of principal) if each underlier is at or above 75% of its initial level. If any underlier finishes below its buffer, principal is reduced 1% for each 1% decline of the worst performer beyond the 10% buffer, with a minimum payment of 10% of principal. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and the estimated value on the pricing date is approximately $988.60 per security.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due February 25, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and are linked to the worst performing of three underliers: the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF and the Russell 2000 Index.
Each $1,000 security can pay a fixed digital amount of $117 (11.70%) at maturity if the final level of every underlier is at least 75% of its initial level. If each underlier is at or above 90% of its initial level, investors also receive full principal back; below that buffer, principal is reduced 1% for each 1% decline of the worst underlier, with a minimum payment of 10% of principal. The estimated value on the pricing date is about $986.20 per security, and the notes will not be listed, with secondary trading and pricing subject to Morgan Stanley’s credit, market factors and dealer spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk notes linked to the S&P 500® Index that pay no interest and return a variable amount at maturity.
Each $1,000 security offers a fixed upside payment of $364 (a 36.40% gain) if the index finishes at or above its initial level. If the index is below the initial level but no lower than 80% of it, investors receive a positive return equal to the index’s percentage decline multiplied by a 400% absolute return rate, up to an effective 80% gain. Below the 80% buffer level, principal is reduced 1% for each 1% further decline, but not below 20% of principal.
The securities are unsecured obligations of MSFL, carry Morgan Stanley credit risk, are not insured by the FDIC, and will not be listed on any exchange, so liquidity may be limited. The estimated value on the pricing date is approximately $976.60 per $1,000, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate, and the tax treatment is described as uncertain.
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 (XLK) and the iShares® Semiconductor ETF (SOXX). Each security has a $1,000 stated principal amount and matures on January 17, 2031.
The notes may be automatically redeemed on January 25, 2027 if, on the first determination date, each ETF is at or above its initial level of $144.70 for XLK and $331.90 for SOXX, in which case investors receive a fixed $1,300 per security and no further payments. If not called, at maturity investors get their principal plus an upside payment equal to 140% of the gain of the worst-performing ETF, but only if both finish above their initial levels.
If either ETF ends at or below its initial level, the maturity payment is $1,000 multiplied by the performance factor of the worst performer, creating a 1-for-1 downside and potential total loss of principal. The estimated value on the pricing date is approximately $965.50 per security, reflecting structuring and hedging costs. The notes pay no interest, are unsecured, not listed, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000 principal-at-risk contingent income auto-callable securities linked to Starbucks Corporation common stock. These notes do not guarantee repayment of principal and do not pay regular interest.
Investors may receive a contingent coupon at an annual rate of 11.05%, but only if Starbucks’ closing level on each observation date is at or above 71% of the initial level. The notes are automatically redeemed early, returning principal plus the applicable coupon, if on certain dates Starbucks closes at or above 100% of the initial level.
If the notes are not called and the final level is at or above the 71% downside threshold, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced 1% for every 1% decline in Starbucks from the initial level, up to a total loss. The estimated value on the pricing date is approximately $963 per $1,000, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Dual Directional Buffered Participation Securities maturing on January 27, 2028. The notes pay no interest and are linked to the worst performer among the Dow Jones Industrial Average, EURO STOXX 50 Index and S&P 500 Index.
At maturity, if all three indices finish above their initial levels, investors receive the $1,000 stated principal plus 100% of the worst index’s gain. If the worst index is at or below its initial level but at or above 75% of its initial level, investors receive the principal plus an “absolute return” on the decline, up to a 25% positive return cap. If the worst index closes below 75% of its initial level, investors lose 1% of principal for each 1% drop beyond the 25% buffer, with a minimum payment of 25% of principal.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk. They will not be listed on any exchange, their estimated value on the pricing date is approximately $980.60 per $1,000, and secondary market prices may be significantly below the issue price due to fees, funding rates and market factors.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS securities, principal-at-risk notes fully guaranteed by Morgan Stanley, linked to the worst performer of the Dow Jones Industrial Average and the Nasdaq-100 Index. The $1,000-denomination securities mature on February 2, 2029 and pay no interest.
At maturity, if both indexes finish above their initial levels, investors receive principal plus 132% of the worst index’s gain. If the worst index is at or below its initial level but at or above 70% of its initial level, investors get principal plus 50% of its percentage decline, capped at a 15% positive return. If either index ends below 70% of its initial level, investors lose 1% of principal for each 1% decline of the worst index and could lose their entire investment.
The estimated value on the pricing date is approximately $975.80 per $1,000 security. The notes will not be listed on any exchange, secondary trading may be limited, and all payments depend on Morgan Stanley’s credit and complex, uncertain tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable-income auto-callable notes due January 24, 2031 linked to the worst-performing of Costco, Dell Technologies (Class C) and UnitedHealth Group common stocks. Each note has a $1,000 stated principal amount and pays a monthly variable coupon at either 0.25% per annum (lower coupon) or 7.00% per annum (higher coupon).
The higher coupon is paid for an interest period only if, on the related observation date, the closing level of each underlier is at or above its coupon barrier level, set at 75% of its initial level. Otherwise, investors receive only the lower coupon for that period. Starting with the first redemption determination date on January 20, 2027, the notes are automatically redeemed if all three stocks close at or above 100% of their initial levels, paying principal plus the higher coupon, with no further payments.
If the notes are never called, investors receive principal back at maturity plus the applicable final coupon. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and have an estimated value on the pricing date of approximately $949.50 per $1,000 note.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income, auto-callable notes linked to the common stock of Delta Air Lines, Inc., guaranteed by Morgan Stanley. Investors pay $1,000 per security, while the estimated value on the pricing date is approximately $960.90 per security, reflecting issuance, selling, structuring and hedging costs and an internal funding rate beneficial to the issuer.
The notes pay a contingent coupon at an annual rate of at least 10.00%, but only if Delta’s stock is at or above a coupon barrier set at 55% of the initial level on each observation date; missed coupons may be paid later if the barrier is met. The securities are automatically redeemed if Delta’s stock is at or above a call threshold of 100% of the initial level on specified redemption determination dates. If held to February 1, 2029 and not called, investors receive full principal only if the final stock level is at or above the downside threshold, also 55% of the initial level; otherwise, repayment is reduced in proportion to the stock’s decline and can fall to zero. The notes do not participate in any stock upside and expose holders to both equity market risk and Morgan Stanley credit risk, with limited secondary market liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the common stock of Amazon.com, Inc. The $1,000-denomination securities run from the January 30, 2026 original issue date to March 4, 2027 and are fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive an 11.00% per annum contingent coupon, paid on scheduled coupon dates only when Amazon’s closing price on the related observation date is at or above a 70% coupon barrier. Missed coupons can be “remembered” and paid later if a future observation date is at or above the barrier, but coupons can be zero for the entire term.
The notes are auto-callable starting January 27, 2027 if Amazon closes at or above 100% of the initial level, returning principal plus the applicable coupon and any unpaid coupons. If not called, and on the final observation date Amazon is at or above a 70% downside threshold, investors receive full principal plus any due coupon; if it is below that level, repayment is reduced one-for-one with the stock’s decline, and the maturity payment can fall to zero.
The estimated value on the pricing date is approximately $985.40 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, may have limited liquidity and involve complex and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering callable contingent income securities due December 27, 2027, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and pays a 9.55% per annum contingent coupon only when, on a given observation date, all three indices are at or above 70% of their initial levels.
Beginning on April 24, 2026, the notes can be called in whole at par plus any due coupon if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. At maturity, if not redeemed and each index is at or above its 70% downside threshold, holders receive the full principal; if any index is below its threshold, repayment is reduced in proportion to the worst index’s decline and can fall to zero. The estimated value on the pricing date is approximately $969.10 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering S&P 500®-linked Dual Directional Jump Securities with an auto-call feature maturing in January 2028. Each note has a $1,000 stated principal amount, with an estimated value on the pricing date of about $979.60 per security, reflecting embedded fees and hedging costs. The notes can be automatically redeemed in February 2027 if the S&P 500® closing level on the first determination date is at or above the call threshold, paying at least $1,097.50 per security and then terminating.
If not called, at maturity investors receive upside one-for-one when the index finishes above its initial level, or a positive “absolute return” when the index is down but not below 80% of the initial level, with that positive return effectively capped at 20%. If the index ends below the 80% downside threshold, repayment drops in proportion to the index decline and can fall to zero. The securities do not pay interest, are unsecured and unsubordinated, will not be listed on an exchange, and are fully subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering 2‑year “Jump Securities with Auto‑Callable Feature” linked to the S&P 500® Index. Each security has a $1,000 issue price and pays no interest. If on the first determination date in February 2027 the index closes at or above the initial index value, the notes are automatically called for $1,088.50 per $1,000 and then terminate.
If the notes are not called and on the final determination date the index is above the initial level, investors receive $1,000 plus 125% of the index gain. If the index ends between the initial level and 80% of that level (the downside threshold), investors receive $1,000. If it finishes below 80% of the initial level, repayment is reduced in line with the index and can fall to zero, so principal is fully at risk. The issuer’s estimated value on the pricing date is about $966.70 per security, reflecting embedded costs and its internal funding rate.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Index, maturing on January 28, 2032. Each security has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley. The estimated value on the pricing date is approximately $966.90 per security, reflecting issuing, selling, structuring and hedging costs borne by investors.
At maturity, if the S&P 500 final level is at or above 85% of its initial level, investors receive $1,000 plus a fixed $500 upside payment, a 50% total return regardless of how much the index has risen or declined within that buffered range. If the final level is below 85% of the initial level, principal is reduced 1% for each 1% drop beyond the 15% buffer, subject to a minimum payment of 15% of principal ($150). The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited liquidity and involve uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to Salesforce, Inc. common stock. These auto-callable securities, due March 4, 2027, pay a contingent coupon at 12.00% per annum only when the stock closes on each observation date at or above a barrier set at 71% of the initial level, with a “memory” feature that can catch up missed coupons.
The notes are automatically redeemed on February 1, 2027 if the stock is at or above 100% of the initial level on January 27, 2027, returning principal plus the applicable coupon and any unpaid coupons. If not called, investors receive principal at maturity only if the final stock level is at or above the same 71% downside threshold; otherwise, they lose 1% of principal for each 1% decline, up to a total loss. The securities are unsecured, not listed on any exchange, and carry Morgan Stanley credit risk. The estimated value on the pricing date is approximately $982.10 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering leveraged buffered notes linked to the S&P 500® Index. These principal-at-risk securities pay no interest and return at maturity depends entirely on index performance from trade date to determination date, expected in about 16–19 months.
For each $1,000 note, investors get 150% of any positive index return, but gains are capped by a maximum settlement amount expected between $1,163.65 and $1,192.00. A 7.50% downside buffer protects against moderate declines: if the index falls by up to 7.50%, investors receive $1,000 back. Below that buffer, losses accelerate, using a buffer rate of approximately 108.11%, and investors could lose all principal.
The estimated value on the trade date is approximately $985.00 per note, reflecting issuance, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The notes are unsecured, not listed on an exchange, subject to Morgan Stanley’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Capped Buffer GEARS linked to the iShares Russell 2500 ETF. Each Security has a $10 issue price, a term of about two years to February 1, 2028, and provides 2.00x leveraged upside on positive ETF performance at maturity, limited by a Maximum Gain expected between 19.00% and 22.05%.
If the ETF ends between 0% and 10% below its initial level, investors receive their $10 principal at maturity due to a 10% downside buffer. If the ETF falls more than 10%, maturity repayment is reduced 1% for each 1% drop beyond the buffer, with losses up to 90% of principal. The notes pay no interest or dividends, are unsecured and unsubordinated, and depend entirely on Morgan Stanley’s credit.
The Securities are not listed, may have limited secondary liquidity, and the estimated value on the trade date is about $9.434 per $10 issue price, reflecting embedded fees and an internal funding rate. The filing highlights extensive market, liquidity, credit and U.S. tax risks, including potential “constructive ownership” and other complex tax treatments.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Buffered Jump Securities tied to the S&P 500® Index, maturing on January 28, 2030. Each note has a $1,000 principal amount and pays no interest.
If the index on the observation date is at or above its initial level, investors receive $1,281 per security, a fixed 28.10% gain. If the index is below the initial level but at or above 80% of it, investors earn a positive return equal to the absolute index decline times a 300% participation rate, effectively capped at a 60% gain. If the index closes below 80% of the initial level, investors lose 1% of principal for each 1% drop beyond that buffer, with a minimum payoff of 20% of principal.
The estimated value on the pricing date is about $980.50 per note, reflecting issuance and hedging costs. The securities 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. U.S. tax treatment is uncertain and is expected to follow a prepaid financial contract approach, subject to confirmation at pricing.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income “memory” auto-callable securities linked to Delta Air Lines, Inc. common stock, maturing on February 1, 2029. Each $1,000 security pays a contingent coupon at an annual rate of at least 10.00%, but only if Delta’s closing share price on an observation date is at or above a coupon barrier set at 55% of the initial level; missed coupons can be paid later if the barrier is met on a future date.
The notes may be automatically redeemed starting with the July 28, 2026 redemption determination date if Delta’s share price is at or above 100% of the initial level, returning principal plus the current and any unpaid coupons. If not called, and at maturity Delta is at or above the 55% downside threshold, investors receive full principal; if below, repayment is reduced 1% for every 1% decline, and the amount received could be zero. The estimated value on the pricing date is approximately $958.60 per $1,000 security, the notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and feature complex, uncertain tax treatment.
Morgan Stanley Finance LLC is offering principal-at-risk callable contingent income securities maturing in January 2029, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note can pay a 10.50% per annum contingent coupon, but only if on each observation date the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index are all at or above their respective coupon barrier levels.
Beginning in October 2026, the notes may be redeemed early in whole at the issuer’s option if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley, in which case investors receive principal plus any due coupon and no further payments. If the notes are not redeemed and, at maturity, any index finishes below its downside threshold (set at 70% of its initial level), repayment is reduced one-for-one with the worst-performing index and can fall to zero. The estimated value on the pricing date is expected to be about $976.30 per $1,000 note, reflecting embedded costs and an internal funding rate.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices, fully guaranteed by Morgan Stanley. Each $1,000 note can pay a contingent coupon at an annual rate of 8.75% to 9.75%, but only if on each observation date all three indices are at or above 80% of their initial levels; otherwise no coupon is paid for that period.
The notes may be automatically redeemed on scheduled dates if all indices are at or above 100% of their initial levels, in which case investors receive $1,000 plus the applicable coupon and no further payments. If not redeemed early, and at maturity any index finishes below 75% of its initial level, repayment is reduced in full proportion to the worst-performing index and can fall to zero, so principal is not protected. The estimated value on the pricing date is approximately $956.60 per $1,000 note, reflecting issuing, selling, structuring and hedging costs, and investors face Morgan Stanley credit risk, limited liquidity and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and mature on January 27, 2033, in $1,000 denominations.
At maturity, if the S&P 500® final level is at or above 90% of its initial level, investors receive $1,000 plus a fixed upside payment of $651 per security, a 65.10% return regardless of how far the index has risen. If the final level falls more than 10% below the initial level, principal is reduced 1% for each 1% decline beyond that buffer, with a minimum payment of 10% of principal.
The preliminary estimated value on the pricing date is approximately $960.60 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities linked to the S&P 500® Index, maturing on January 26, 2029. Each note has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index finishes at or above its initial level, investors receive $1,000 plus a fixed $180 upside payment, an 18% maximum gain. If the index is below the initial level but at or above 80% of it, investors get $1,000 plus a positive return equal to the index’s percentage decline multiplied by a 325% absolute return participation rate, effectively capped at a 65% gain. Below the 80% buffer, principal is reduced 1% for each 1% additional decline, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $982.80 per note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The $1,000-denomination securities pay no interest and do not guarantee a return of principal.
At maturity in July 2034, investors receive $1,000 plus a leveraged upside payment if the index finishes above its initial level, using a 275.50% leverage factor. If the final level is at or below the initial level but at or above the downside threshold of 60% of the initial level, investors receive only the $1,000 principal. If the final level falls below the downside threshold, repayment is reduced 1% for each 1% index decline, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $960.60 per $1,000 note, reflecting issuance, structuring and hedging 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 secondary liquidity may be limited.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) due January 22, 2030, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the S&P 500® Equal Weight Index and the S&P 500® Index. The notes pay no interest and are issued at $1,000 per security, with an estimated value on the pricing date of approximately $982.20 per security.
At maturity, if both indexes finish above their initial levels, investors receive principal plus 122% of the worst index’s gain. If the worst index finishes up to 20% below its initial level (at or above its 80% buffer level), investors receive only principal back. If the worst index falls more than 20%, principal is reduced 1% for each 1% drop beyond the buffer, subject to a minimum payment of 20% of principal.
The notes are unsecured and subject to the credit risk of Morgan Stanley and MSFL, will not be listed on any exchange, and may have limited or no secondary market. The issuer’s internal funding rate and embedded structuring and hedging costs make the economic terms less favorable than a conventional bond, and investors face complex tax treatment characterized as prepaid financial contracts, which may change with future IRS or legislative action.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P 500 Index, with a lookback feature and an automatic early redemption provision.
Each security has a $1,000 stated principal amount and may be automatically redeemed on March 12, 2027 for $1,098.50 per security if the index on March 9, 2027 is at or above the call threshold, set at 100% of the initial level. If not redeemed, the notes mature on March 14, 2028. At maturity, holders receive the principal plus 150% of any index gain, principal only if the index is at or above 80% of the initial level, or a proportionally reduced amount if it falls below that level, exposing investors to the full downside of the index.
The initial level is the lowest S&P 500 closing level from January 9 to January 30, 2026, capped at 6,966.28. The estimated value on the pricing date is approximately $978.20 per security, reflecting issuance, structuring and hedging costs, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is offering callable buffered jump securities linked to the S&P 500® Futures Excess Return Index, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to issuer credit risk.
The notes are callable in whole starting on February 9, 2027, with fixed redemption payments that target roughly 18.50% per annum, rising over 48 scheduled redemption dates through January 3, 2031. If not redeemed and the index ends above its initial level, investors receive principal plus a 200% participation in the index gain. If the final level is between 85% and 100% of the initial level, only principal is returned; below 85%, losses match the index decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal.
The preliminary estimated value on the pricing date is approximately $947.10 per $1,000 security, reflecting embedded fees and an internal funding rate advantageous to the issuer. The notes are unsecured, not FDIC insured, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the S&P 500, Russell 2000 and EURO STOXX 50. Each note has a $10 principal amount and offers a contingent coupon at a rate of at least 10.55% per annum, paid quarterly only if all three indices stay at or above 70% of their initial level (the Coupon Barrier) on every index business day in the quarter.
The notes are callable quarterly starting April 21, 2026 if a risk‑neutral valuation model shows it is economically rational for the issuer to redeem. If not called and, at maturity on April 19, 2029, any index is below its 60% Downside Threshold, repayment is reduced in line with the worst index’s loss, down to zero. Investors do not participate in any index upside, face full issuer credit risk, and the notes will not be listed on any exchange.
Morgan Stanley is issuing three types of senior unsecured Global Medium‑Term Notes, Series I: floating rate notes due 2030, fixed/floating rate notes due 2030 and fixed/floating rate notes due 2032. All are U.S. dollar notes, issued in registered form in minimum denominations of $1,000.
The notes pay interest linked to SOFR, using a daily compounding formula with an added spread, and the 2030 and 2032 tranches start with a fixed-rate period before switching to floating. Morgan Stanley can redeem each tranche early at defined dates, either via a make‑whole call or at 100% of principal plus accrued interest. Sales in the EEA and UK are limited to qualified investors, with an explicit prohibition on retail investors in those regions.
Morgan Stanley is preparing to issue Global Medium-Term Notes, Series F, Fixed Rate Reset Subordinated Notes due January 2041. These notes pay a fixed interest rate from the January 2026 settlement date until January 2036, then reset once to the five-year Constant Maturity Treasury rate plus a spread for the remaining term.
The notes are deeply subordinated, ranking below all senior indebtedness and potentially to U.S. government claims in a resolution. As of September 30, 2025, they would have been subordinated to approximately $309.98 billion of senior long‑term borrowings and to about $14.75 billion of existing subordinated long‑term borrowings. Investors have limited acceleration rights, mainly in bankruptcy events.
Morgan Stanley can redeem the notes at a make‑whole price from January 2031 to January 2036, at par on January 2036, and at par in whole or in part on or after July 2040, in each case plus accrued interest and subject to Federal Reserve capital rules. The notes are targeted to qualified institutional investors in the EEA and UK and are not intended for retail investors. They are unsecured, not bank deposits, and not insured by the FDIC or any government agency.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, principal-at-risk securities tied to the lowest performing of Bank of America, Citigroup and JPMorgan Chase common stocks, maturing on February 1, 2029. Each security has a $1,000 face amount, with an estimated value on the pricing date of about $957.30 due to embedded issuing, selling, structuring and hedging costs.
The notes are auto-callable monthly starting February 3, 2027 if each stock closes at or above its starting price, paying at least $1,210 on the first observation and up to at least $1,630 on the final calculation day (minimum call premiums from 21% to 63%). If never called, holders receive $1,000 at maturity only if every stock ends at or above its 70% downside threshold; otherwise the payoff is $1,000 multiplied by the performance of the worst stock, so investors can lose more than 30% and possibly all principal.
The securities pay no interest or dividends, are not listed, and all payments depend on Morgan Stanley’s credit. Wells Fargo Securities acts as agent, with total selling compensation of up to $25.75 per $1,000 security.