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 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.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes linked to the iShares Silver Trust, maturing on May 5, 2027. Each note has a $1,000 denomination, pays no interest and is fully guaranteed by Morgan Stanley, with principal at risk.
At maturity, investors get $1,000 plus 200% of any price gain in the trust, capped at a maximum payment of $1,620 per note. If the trust falls by up to 20%, investors still receive a positive return equal to the absolute decline, up to a 20% gain. If it falls by more than 20%, repayment is reduced one-for-one with the loss in the trust and can fall to zero.
The notes 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 $943.60 per note, reflecting dealer commissions, a $17.50 sales commission, a $5 structuring fee and hedging and issuance costs that reduce investor economics versus the $1,000 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Buffered Securities due January 26, 2029, linked to the worst performer of the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index. Each $1,000 security pays a contingent coupon at an annual rate of 6.25% only if, on each observation date, all three indices close at or above 75% of their initial levels; missed coupons can be paid later if the barrier is again met.
At maturity, investors receive full principal only if each index is at or above its 75% buffer level. If any index finishes below this buffer, the payoff is reduced 1% for each 1% decline of the worst index beyond the 25% buffer, with a minimum payment of 25% of principal. Investors do not participate in index gains, face credit risk of Morgan Stanley and MSFL, limited liquidity because the notes are not exchange-listed, an estimated pricing-date value of about $982.50 per $1,000, and complex, uncertain tax treatment, including potential withholding for non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due January 26, 2029 linked to U.S. Bancorp common stock. Each security has a stated principal amount of $1,000 and pays a contingent quarterly coupon at an annual rate of 10.73% (about $26.825 per quarter per $1,000) only when the underlying stock is at or above 75% of the initial share price, the downside threshold.
The notes may be automatically redeemed on any of the first eleven quarterly determination dates if the stock is at or above the initial share price, paying back $1,000 plus the coupon for that period. If not redeemed early, maturity outcomes depend on the final share price: at or above the downside threshold, investors receive $1,000 plus the final coupon; below the threshold, repayment is reduced in line with the stock’s decline and can fall to zero, meaning full loss of principal.
The securities do not participate in any stock price appreciation, are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited liquidity. The estimated value on the pricing date is approximately $966.10 per $1,000 security, reflecting embedded selling, structuring and hedging costs and an internal funding rate, while agents receive $17.50 in sales commissions and a $5 structuring fee per security.
Morgan Stanley Finance LLC is offering market-linked, auto-callable securities that put your principal at risk and are tied to the worst performer of the EURO STOXX 50, Russell 2000 and Nasdaq-100 Technology Sector Index. Each security has a $1,000 face amount and may pay a contingent quarterly coupon at a rate of at least 10.25% per annum, but only when the lowest-performing index on a calculation day is at or above 75% of its starting level.
If, starting six months after issuance, all three indices are at or above their starting levels on a calculation day, the notes are automatically called and repay $1,000 plus a final contingent coupon. If they are not called and on the final calculation day any index finishes below 75% of its starting level, repayment is reduced in proportion to the worst index’s decline, so investors can lose more than 25% and up to all of their investment.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, carry significant market, credit, liquidity and tax risks, and have an estimated value on the pricing date of about $960 per $1,000 of face amount due to embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due January 26, 2029 linked to the Class A subordinate voting shares of Shopify Inc.
Each security has a $1,000 stated principal amount and may pay a contingent quarterly coupon at an annual rate of 12.83% (about $32.075 per quarter) whenever the Shopify share price on a determination date is at least 50% of the initial share price (the downside threshold). Missed coupons may be paid later if this condition is met on a future determination date.
If on any of the first eleven determination dates the share price is at or above the initial share price, the note is automatically redeemed for the principal plus the current and any previously unpaid coupons. If not called, and the final share price is at least the downside threshold, investors receive principal plus all due coupons. If the final share price is below the threshold, repayment is reduced 1-for-1 with the stock’s decline and can be far below 50% of principal, down to zero.
The securities do not offer any upside participation in Shopify shares, are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited liquidity. The original issue price of $1,000 includes issuance, selling, structuring and hedging costs; the estimated value on the pricing date is about $965.70 per security.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS, 18‑month structured notes linked to the VanEck Gold Miners ETF, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, if the ETF is above its initial price, investors receive $1,000 plus 200% of the gain, capped at a maximum payment of $1,462.60 per note. If the ETF is flat or down by up to 20%, investors get $1,000 plus the absolute value of the decline, up to a 20% positive return.
If the ETF falls more than 20% (below the 80% trigger level), investors lose 1% of principal for each 1% decline, with no protection and no minimum payment, meaning a total loss is possible. The notes will not be listed, are subject to Morgan Stanley’s credit risk, and have an estimated value on the pricing date of about $960.70, below the $1,000 issue price due to fees and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due January 27, 2027, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index.
The notes pay a contingent coupon at an annual rate of 10.30% only when all three indexes close at or above their coupon barrier levels (80% of initial) on scheduled observation dates, with unpaid coupons potentially paid later if the barriers are met. Starting October 20, 2026, the notes auto-call if all indexes are at or above 100% of their initial levels, returning principal plus due and previously unpaid coupons.
If not called and any index finishes below its 80% downside threshold, repayment of principal is reduced 1% for each 1% decline of the worst index and can be zero. The estimated value on the pricing date is approximately $988.10 per $1,000 note, the securities are unsecured, not listed on an exchange, and subject to issuer credit risk, market volatility, liquidity risk and uncertain U.S. tax treatment, including potential withholding for non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable notes linked to the worst-performing of Broadcom (AVGO), Robinhood Markets (HOOD), The Home Depot (HD) and Palantir (PLTR). Each note has a $1,000 stated principal amount, with an estimated value on the pricing date of approximately $953.50 per note.
The notes pay a 9.00% per annum contingent coupon, but only if on each observation date the closing level of every stock is at or above its coupon barrier, set at 75% of its initial level. The notes are automatically redeemed if, on any quarterly redemption determination date starting January 27, 2027, each stock is at or above its call threshold level, set at 100% of its initial level, returning principal plus the applicable coupon.
If not redeemed early, investors receive the $1,000 principal at maturity on January 31, 2030, plus a final coupon only if all underliers are at or above their coupon barriers on the final observation date. Investors do not participate in any stock price appreciation and face risks including missing all coupons, issuer credit risk, limited liquidity, and an initial value below the issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000 principal-at-risk structured notes linked to the worst performer of the SPDR® Gold Trust (GLD) and iShares® Silver Trust (SLV). The notes may be automatically called on February 3, 2027 for an early redemption payment of $1,455 per security if, on January 29, 2027, the closing level of each ETF is at or above 100% of its initial level.
If not called and on January 27, 2028 the final level of each underlier is above its initial level, holders receive principal plus an upside payment equal to 100% of the worst performer’s gain. If at least one underlier is at or below its initial level but both remain at or above 85% of initial, investors receive only the $1,000 principal. If either underlier finishes below 85% of initial, repayment is reduced 1% for each 1% decline of the worst performer beyond the 15% buffer, with a minimum payment at maturity of 15% of principal.
The notes pay no interest, are unsecured obligations of MSFL, are not listed on an exchange, and have an estimated value on the pricing date of approximately $965.90 per security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to a basket of five international equity indices: the S&P®/ASX 200, FTSE® 100, Swiss Market Index®, EURO STOXX 50® and Tokyo Stock Price Index. Each note has a $1,000 stated principal amount, pays no interest and matures on February 5, 2029.
At maturity, if the basket has risen, investors receive $1,000 plus 145.09% of the basket’s gain. If the basket is flat or down but still at or above 80% of its initial value, investors receive $1,000. If the basket closes below this 80% trigger, repayment is reduced one-for-one with the basket’s loss, and the entire principal can be lost. The notes are unsecured, subject to Morgan Stanley credit risk, not listed on any exchange, and have an estimated value of about $956.60 per $1,000 at pricing due to embedded costs and issuer funding assumptions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities due January 27, 2027 linked to the common stock of Broadcom Inc. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $3,825,000, and pays no interest.
At maturity, if Broadcom’s final stock level on the January 22, 2027 observation date is at or above the downside threshold of $241.479 (70% of the $344.97 initial level), investors receive $1,000 plus a fixed upside payment of $214 per security, a 21.40% return, regardless of how much the stock has risen. If the final level is below the threshold, the payoff is $1,000 multiplied by the stock’s performance factor (final level ÷ initial level), causing a 1% loss of principal for each 1% decline and potentially a total loss.
The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary liquidity. The estimated value on the pricing date is $980.30 per $1,000, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate. The tax discussion indicates a treatment as prepaid financial contracts is considered reasonable but remains uncertain.
Morgan Stanley Finance LLC is issuing $250,000 of “Jump Securities” with an auto-call feature, at $1,000 stated principal per security, fully and unconditionally guaranteed by Morgan Stanley.
The notes run to January 16, 2031 and are linked to the worst performer of the VanEck Semiconductor ETF, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index. If on any determination date from January 19, 2027 onward all three underliers are at or above their call thresholds (100% of initial levels), the notes are automatically redeemed for a fixed cash amount, rising over time and corresponding to about 15.50% per annum.
If not called, at maturity investors receive $1,775 per security if all final underlier levels are at or above their call thresholds, only $1,000 if all stay at or above 60% downside thresholds, and otherwise an amount that falls 1% for every 1% decline in the worst underlier, potentially zero. The estimated value on the pricing date is $957.10 per security, below the $1,000 issue price, and investors face both market risk and Morgan Stanley credit risk, with no listing and potentially limited liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Callable Contingent Income Securities maturing on January 18, 2029, in $1,000 denominations with an aggregate principal amount of $870,000. These notes pay a contingent coupon at an annual rate of 8.55%, but only when the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index are all at or above their coupon barrier levels (60% of their initial levels) on the relevant observation date.
Starting April 16, 2026, the issuer may redeem the notes on specified monthly dates if a risk-neutral valuation model indicates it is economically rational to do so, paying $1,000 plus any due coupon and ending future payments. At maturity, if any index is below its downside threshold (about 55% of its initial level), investors lose 1% of principal for each 1% decline of the worst-performing index, potentially down to zero. The estimated value on the pricing date is $983.90 per $1,000 note, the securities will not be listed on an exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $1,000,000 of S&P 500®-linked Buffered Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000, with an estimated value on the pricing date of $979.80 per security.
The notes may be automatically redeemed on January 22, 2027 for an early redemption payment of $1,092 per $1,000 if the S&P 500 closing level on January 19, 2027 is at or above the initial level of 6,977.27. If not called, the January 18, 2028 maturity payout depends on index performance: investors receive principal plus upside if the final level is above the initial level; principal only if the final level is at or above the 10% buffer level of 6,279.543; and a proportional loss beyond the buffer, down to a minimum of 10% of principal.
The securities pay no interest, are unsecured and unsubordinated obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited secondary market liquidity. Investors bear structural risks including early redemption at a capped return, potential significant loss of principal, model-based pricing, and uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) tied to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley, maturing on May 5, 2027. Each $1,000 note pays no interest and offers 300% leveraged upside on any index gain, but returns are capped at a maximum payment of $1,138 per PLUS, or 113.80% of principal.
If the index is flat at maturity, investors simply receive $1,000. If the index falls, repayment is reduced one-for-one with the decline, with no minimum payment, so the entire investment can be lost. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on an exchange, so secondary liquidity may be limited.
The issue price embeds selling, structuring and hedging costs, so the estimated value on the January 30, 2026 pricing date is approximately $969.50 per PLUS. Investors effectively pay upfront fees, including a $17.50 sales commission and a $5 structuring fee per note, while Morgan Stanley and its affiliates may hedge and trade in related instruments in ways that can affect the index level and note value.
Morgan Stanley Finance LLC is issuing S&P 500®-linked Buffered Jump Securities with an auto-call feature, maturing on January 15, 2032. Each security has a stated principal amount of $1,000 and an issue price of $1,000, with a total aggregate principal of $3,740,000. The securities are fully and unconditionally guaranteed by Morgan Stanley but are principal-at-risk and pay no interest.
The notes may be automatically redeemed starting January 13, 2027 if the S&P 500® closing level is at or above the call threshold of 6,977.27, providing step-up early redemption payments from $1,080 to $1,400 per security. If held to maturity and not called, investors receive $1,480 per security if the final index level is at or above the call threshold, $1,000 if it is between the buffer level of 6,279.543 and the call threshold, and a reduced amount if the index falls below the buffer, with a minimum payment of 10% of principal.
The estimated value on the pricing date is $980.60 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed on any exchange, involve significant market and credit risk, and secondary market liquidity, if any, will depend largely on Morgan Stanley & Co. LLC.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income securities due January 18, 2029, linked to the worst performer of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each $1,000 note pays an 8.90% per annum contingent coupon only when all three indexes are at or above 70% of their initial levels on scheduled observation dates.
If the notes are not called and, at maturity, any index is below its 70% downside threshold, investors lose principal 1-for-1 with the decline of the worst-performing index, potentially losing the entire investment. The notes are callable in whole from July 16, 2026 onward if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. The issue price is $1,000 per note, aggregate principal amount is $1,405,000, and the estimated value on the pricing date is $961.70 per note. The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on January 16, 2031. Each security has a $1,000 stated principal amount, with a total offering size of $1,000,000, and an issue price of $1,000 per security. The estimated value on the pricing date is $941.20 per security.
Investors may receive a contingent coupon at 13.85% per annum, paid on scheduled coupon dates only if the index closes at or above the coupon barrier level of 2,219.525 (70% of the initial level of 3,170.75). Missed coupons can be "remembered" and paid later if a future observation meets the barrier. The notes are auto-callable quarterly starting July 13, 2026 if the index is at or above the call threshold of 3,170.75, returning principal plus due coupons.
If not called, and on the final observation date the index is at or above the downside threshold of 1,585.375 (50% of initial), investors receive full principal plus any payable coupons. If the final level is below this threshold, repayment is reduced in line with the index decline, and the maturity payment can be significantly less than $1,000 or zero. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk, callable contingent income securities due February 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. These $1,000-denomination notes pay a 9.10% per annum contingent coupon only if, on each observation date, the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index are all at or above their coupon barrier levels set at 70% of their initial levels.
Beginning July 30, 2026, the notes are callable in whole on specified redemption dates if an internal risk-neutral valuation model indicates it is economically rational for Morgan Stanley to redeem. If not called, and at maturity all three indices are at or above their 70% downside thresholds, investors receive the full principal plus any final coupon; if any index finishes below its threshold, repayment is reduced one-for-one with the decline of the worst-performing index and can fall to zero.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, carry an estimated value of approximately $958.70 per $1,000 on the pricing date, will not be listed on any exchange and may have limited secondary liquidity. Investors face issuer credit risk, the possibility of receiving few or no coupons, early redemption risk, complex U.S. tax treatment and sector and small-cap exposure through the underlying indices.
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. Each security has a $1,000 stated principal amount, matures on January 24, 2031, pays no interest and does not guarantee any return of principal.
At maturity, if the index is above its initial level, investors receive $1,000 plus 191% of the index gain. If the index is at or below the initial level but at or above 70% of that level, investors receive only the $1,000 principal. If the index closes below 70% of the initial level, repayment is reduced 1% for each 1% decline and can fall to zero, as shown in a scenario where an 85% drop yields just $150. The estimated value on the pricing date is approximately $945.10 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering callable contingent income securities due July 17, 2028, with an aggregate principal amount of $2,541,000, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 security pays a contingent coupon at 11.50% per year, but only if on each observation date the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index are all at or above their coupon barrier levels, set at 70% of their initial levels. If any index is below its barrier on a given observation date, no coupon is paid for that period.
Starting April 16, 2026, the notes may be called in whole on scheduled redemption dates if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer. If not called and at maturity all three indexes are at or above their downside thresholds (also 70% of initial levels), investors receive full principal plus any final coupon; otherwise, repayment is reduced 1% for each 1% decline in the worst-performing index, and the maturity payment can be zero.
The notes are principal-at-risk, unsecured obligations, not listed on any exchange, and the estimated value on the pricing date is $985.50 per $1,000, below the issue price due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the VanEck Gold Miners ETF with an aggregate principal amount of $1,967,000 at $1,000 per security. The notes pay a contingent coupon at 7.00% per year, but only if the ETF’s closing level is at or above the coupon barrier of $62.218 (65% of the $95.72 initial level) on each observation date; missed coupons may be paid later if the barrier is met.
The securities are auto-callable quarterly starting July 13, 2026 if the ETF is at or above the call threshold of $95.72, returning principal plus due coupons. If held to December 15, 2028 and not called, investors receive full principal only if the final level is at or above the buffer level of $81.362 (85% of the initial level); below that, losses match the ETF’s decline beyond the 15% buffer, with a minimum payout of 15% of principal. The notes’ estimated value on the pricing date is $949.00 per security, below the issue price, and investors face credit risk of Morgan Stanley, limited liquidity, ETF and gold/silver mining sector volatility, and uncertain U.S. tax treatment, including potential 30% withholding on coupons for certain non-U.S. holders.
Morgan Stanley Finance LLC is issuing $26.643 million of Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley. These structured notes are linked to the worst performer among three ETFs: the State Street SPDR S&P Regional Banking ETF (KRE), the iShares Semiconductor ETF (SOXX) and the iShares 20+ Year Treasury Bond ETF (TLT).
Each $1,000 note can be automatically redeemed on scheduled determination dates if all underliers are at or above their call threshold levels, paying an early redemption amount that corresponds to a return of approximately 15.50% per annum. If held to maturity and all final ETF levels are at or above their upside thresholds, investors receive $1,155; if any is below its downside threshold (60% of its initial level), principal is reduced 1% for every 1% decline in the worst-performing ETF and can fall to zero.
The securities pay no interest, do not participate in ETF upside beyond the fixed payouts, and are unsecured obligations subject to Morgan Stanley’s credit risk. They are not listed on any exchange, the estimated value on the pricing date is $961 per $1,000 note, and secondary liquidity and pricing may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Performance Leveraged Upside Securities (PLUS) linked to the Russell 2000® Index, maturing on May 5, 2027. Each PLUS has a $1,000 stated principal amount, pays no interest and offers 300% leveraged upside if the index rises, subject to a maximum payment at maturity of $1,202.50 (120.25% of principal).
If the final index value is above the initial index value, investors receive $1,000 plus 300% of the index percent increase, capped at $1,202.50. If the index is unchanged, they receive $1,000. If the index falls, the notes lose 1% of principal for every 1% index decline, with no minimum repayment, so the entire investment can be lost.
The notes are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley and will not be listed on any exchange, so secondary trading may be limited. The estimated value on the pricing date is expected to be approximately $968.50 per PLUS, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate favorable to the issuer.
Morgan Stanley Finance LLC is offering 1.5-year Trigger Jump Securities linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is unsecured, with principal at risk.
At maturity, if NVIDIA’s final share price is greater than or equal to its initial share price, holders receive $1,000 plus a fixed upside payment of $396.90 per security, a 39.69% return. If the final share price is below the initial but at or above 70% of the initial share price, the payout is $1,000. If it falls below 70% of the initial level, the payout is $1,000 times the share performance factor, producing 1:1 exposure to the full decline and a potential total loss of principal.
The estimated value on the pricing date is approximately $966.50 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities will not be listed, secondary trading may be limited, and all payments depend on Morgan Stanley’s creditworthiness. The U.S. federal income tax treatment is uncertain and may change.
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 do not pay interest and return at maturity depends solely on the index level on a single determination date about 27–30 months after pricing.
For each $1,000 note, investors receive 150% of any positive index return, but this upside is capped, with the maximum settlement amount expected between $1,233.25 and $1,274.35. If the index falls by up to 15.00%, investors receive back $1,000. If it falls by more than 15.00%, losses accelerate at a buffer rate of approximately 117.65% of the decline beyond that level, and investors could lose their entire investment.
The estimated value on the trade date is expected to be about $994.70 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate that is favorable to the issuer. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and secondary trading, if any, may be limited and at prices below the original issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk "Jump Securities" linked to the worst performer of the Dow Jones Industrial Average and the Nasdaq-100 Index. Each security has a $1,000 stated principal amount and does not pay interest or guarantee repayment of principal.
The notes can be automatically redeemed starting February 2027 if on a determination date both indices are at or above their call thresholds, paying early redemption amounts that correspond to a return of approximately 11.65% per annum (for example, $1,116.50, $1,233.00 or $1,349.50 per security on successive dates). If held to February 2030 and both final index levels are at or above their call thresholds, investors receive $1,466 per security. If either index finishes below its downside threshold (70% of its initial level), repayment is reduced 1% for each 1% decline in the worst-performing index, potentially to zero.
The securities are unsecured obligations, 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 $983.10 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS notes linked to the Nasdaq-100 Index®. These principal-at-risk securities pay no interest and return depends entirely on index performance at a single observation date on January 18, 2028.
If the index is above its initial level at maturity, investors receive their principal plus 150% of the index gain, capped at a maximum payment of $1,225 per $1,000 security (122.50% of principal). If the index is at or below the initial level but at or above 90% of it, investors receive only their $1,000 principal back. If the index finishes below 90% of the initial level, investors lose 1% of principal for each 1% decline beyond that 10% buffer, with a minimum payment of 10% of principal. The notes are unsecured, not listed on any exchange, their estimated value on the pricing date is expected to be about $970.10 per $1,000, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS structured notes due February 3, 2028, linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, pays no interest and exposes investors to the issuer’s credit risk.
At maturity, if the index is above its initial level, investors receive $1,000 plus 138.50% of the index gain. If the index is between its initial level and the downside threshold at 75% of the initial level, investors receive only the $1,000 principal. If the index finishes below the downside threshold, repayment is reduced 1% for each 1% index decline and can fall to zero.
The notes will not be listed on any exchange, and secondary trading may be limited. The estimated value on the pricing date is approximately $984.30 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable income auto-callable notes due January 24, 2031, linked to the worst performer of Alphabet (GOOGL), Broadcom (AVGO), UnitedHealth (UNH) and NVIDIA (NVDA).
The notes are issued at $1,000 per note and pay monthly coupons at either 0.25% per annum (lower coupon) or 10.75% per annum (higher coupon). The higher coupon is paid only if on each observation date every stock closes at or above its coupon barrier level, set at 80% of its initial level; otherwise only the lower coupon is paid.
Starting January 20, 2027, the notes are automatically redeemed if on a redemption determination date each stock is at or above 95% of its initial level, paying back principal plus the higher coupon. If never called, investors receive the $1,000 principal at maturity plus the final variable coupon.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, with all payments subject to issuer and guarantor credit risk. The estimated value on the pricing date is approximately $951.70 per note, reflecting issuance, structuring and hedging costs and an internal funding rate, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS, unsecured notes linked to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley and maturing on February 3, 2028. Each note has a $1,000 principal amount, pays no coupons and is not listed on any exchange.
At maturity, if the index is above its initial level, investors receive $1,000 plus 150% of the index gain, capped at a maximum payment of $1,172.50 per note. If the index is flat or down by up to 10%, investors get a positive, unleveraged return equal to the absolute index move, up to a 10% gain. If the index falls more than 10%, investors lose 1% of principal for each 1% drop beyond the buffer, but not less than $100 back.
The notes are “principal at risk” securities; investors can lose up to 90% of principal and are exposed to Morgan Stanley’s credit. The issue price is $1,000, while the estimated value on the pricing date is about $968.80 per note. Sales commissions of $20 and a $5 structuring fee per note are included in the price, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS notes due February 4, 2031 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, pays no interest and does not guarantee principal.
At maturity, investors receive $1,000 plus a leveraged upside payment if both indexes finish above their initial levels, using a 125.50% leverage factor on the gain of the worst performer. If either index finishes at or below its initial level but both stay at or above 75% of their initial levels, investors receive only the $1,000 principal. If either index closes below its 75% downside threshold, repayment is reduced 1% for each 1% decline in the worst performer and can fall to zero.
The issue price is $1,000 per security, with an estimated value on the pricing date of approximately $944 per security and selling commissions of $30 per security. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the S&P 500® Index and the S&P MidCap 400® Index. 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 about $962.20 due to embedded fees and funding costs.
The notes can be automatically redeemed on February 8, 2027 for $1,115 per security if, on February 3, 2027, both indices are at or above 100% of their initial levels. If not called and both final index levels are above their initial levels at maturity in February 2029, investors receive principal plus an upside payment equal to 125% of the gain of the worst-performing index. If at least one index finishes at or below its initial level but both stay at or above 70% of initial, investors receive only principal back.
If either index ends below 70% of its initial level, investors lose 1% of principal for each 1% decline in the worst performer and could lose their entire investment. The notes pay no interest, are unsecured, are not listed on any exchange and are subject to Morgan Stanley’s credit risk and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes that pay no interest and expose principal to market risk. The notes, fully and unconditionally guaranteed by Morgan Stanley, mature on February 4, 2030 and are linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index.
If the final level of each index is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 141% of the gain of the worst-performing index. If either index is at or below its initial level but both remain at or above 75% of their initial levels, investors receive only the $1,000 principal. If either index finishes below its downside threshold (75% of initial), principal is reduced 1% for every 1% decline in the worst-performing index, with no minimum payment, so the entire investment can be lost.
The notes will not be listed on any exchange, and secondary market liquidity may be limited. The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $980.70, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. All payments depend on Morgan Stanley’s credit, and U.S. tax treatment is described as uncertain, with the notes expected to be treated as prepaid financial contracts.
Morgan Stanley Finance LLC is offering $1,000 “Jump Notes” with an auto-call feature linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. The notes pay no interest, are unsecured obligations of MSFL guaranteed by Morgan Stanley, and are scheduled to mature on January 24, 2031.
The notes are automatically redeemed on January 27, 2027 for $1,090 per note if on January 22, 2027 each index closes at or above 100% of its initial level. If not called and at maturity all three final index levels are above their initial levels, holders receive $1,000 plus 100% of the gain of the worst performing index; if any index is at or below its initial level, holders receive only the $1,000 principal. The estimated value on the pricing date is approximately $978.90 per note, and the notes will not be listed on any exchange, with all payments subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered Participation Securities linked to the Russell 2000® Index, maturing on January 30, 2031. Each security has a $1,000 stated principal amount, pays no interest and is an unsecured, principal-at-risk note that will not be listed on any exchange.
At maturity, investors receive $1,000 plus 100% of index gains, capped at a maximum payment of $1,765 per security. If the index is at or below the initial level but at or above 80% of that level, investors receive only the $1,000 principal. Below the 80% buffer, investors lose 1% of principal for each additional 1% index decline, with a minimum payment of 20% of principal.
The issuer’s estimated value on the pricing date is approximately $946.70 per $1,000, reflecting embedded costs and an internal funding rate. The notes are subject to Morgan Stanley’s credit risk, limited secondary market liquidity, risks of small-cap U.S. equities in the Russell 2000®, and uncertain U.S. tax treatment treated as “prepaid financial contracts” under current counsel opinion.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to an equally weighted basket of Apple, Amazon, Alphabet, Meta and Microsoft. Each note has a $1,000 stated principal amount, no interest payments and a maturity date of January 19, 2029.
The notes may be automatically redeemed on February 3, 2027 for $1,080 per security if the basket level is at or above 100 on the first determination date. If held to maturity and not called, investors participate in upside at a participation rate of at least 144% when the basket finishes above its initial level, receive principal back if the basket is between 80 and 100, and suffer a leveraged loss of 1.25% for each 1% decline below the 20% buffer, with no minimum payout. The estimated value on the pricing date is approximately $967.30 per security, the notes are unsecured and unlisted, and the tax treatment is expected to follow prepaid financial contract treatment subject to IRS uncertainty.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering long-dated fixed-to-floating callable notes due January 22, 2041 with a stated principal amount and issue price of $1,000 per note.
The notes pay a fixed interest rate of 9.50% per annum from the original issue date to January 22, 2029. After that, they pay a variable rate each quarter equal to 9.50% per annum multiplied by the fraction of days in the period when the 10-Year Constant Maturity Treasury Rate (10CMT) is between 0.00% and 4.50%. On days when 10CMT is outside this range, no interest accrues, so investors could earn little or no interest during the floating period.
Beginning January 22, 2029, the issuer may redeem the notes in whole on quarterly dates at 100% of principal plus accrued interest if a risk neutral valuation model indicates calling is economically rational. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited secondary liquidity. The estimated value on the pricing date is approximately $890.00 per note, reflecting issuance, structuring and hedging costs, and for U.S. taxpayers the notes are expected to be treated as contingent payment debt instruments.
Morgan Stanley Finance LLC is offering principal-at-risk Enhanced Buffered Jump Securities maturing on February 25, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.
The return depends on the worst performing of the Russell 2000® Index, the S&P 500® Index and the Nasdaq-100® Technology Sector IndexSM. If, on the observation date, the final level of each index is at or above 85% of its initial level, investors receive the principal plus a fixed upside payment of $103.50 per security, a 10.35% gain. If any index finishes below its 85% buffer level, the maturity payment is reduced by 1% for each 1% decline of the worst index beyond the 15% buffer, with a minimum payment of 15% of principal.
The securities will not be listed on an exchange and are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date is approximately $975.20 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.