Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing contingent income auto-callable securities maturing on December 24, 2030, linked to the worst performer among NVIDIA, Block, Palantir and Chipotle shares. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $2,050,000, and an estimated value on the pricing date of $950.50.
Investors may receive a 20.00% per annum contingent coupon, paid only if on each observation date all underliers are at or above their coupon barrier levels, set at 60% of initial levels. The notes are auto-callable from December 21, 2026 if all underliers are at or above their call thresholds (100% of initial levels), in which case investors receive principal plus the applicable coupon.
If not called, and at maturity all underliers are at or above their downside thresholds (60% of initial levels) or any underlier is at or above its initial level, investors receive principal (plus any final coupon). Otherwise, repayment is reduced 1% for each 1% decline of the worst-performing underlier, and the payment can fall to zero. The securities are unsecured, not listed, and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering 3-year autocallable notes linked to the Russell 2000® Index with principal at risk. Each $10 Security can be automatically called on annual Observation Dates starting in December 2026 if the index closes at or above the Initial Level, paying back principal plus a fixed Call Return based on an 11.65% per annum Call Return Rate (for example, $11.165 after one year, $12.33 after two, $13.495 at maturity).
If the notes are not called and the Final Level is below the Initial Level, repayment at maturity is reduced 1:1 with the index decline using $10 × (1 + Underlying Return), and investors can lose some or all of their principal. The notes pay no interest, do not participate in index gains beyond the fixed Call Returns, and will not be listed on an exchange, so secondary liquidity may be limited. All payments depend on Morgan Stanley’s credit, and the estimated value on the Trade Date is approximately $9.707 per $10, reflecting issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering $651,000 of Dual Directional Trigger PLUS 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 and is priced at $1,000, with estimated value on the pricing date of $965.60 per security.
The notes pay no interest and do not guarantee return of principal. At maturity, investors gain 170% of any index increase. If the index is down but not below 60% of its initial level of 556.90 (a downside threshold of 334.14), investors receive up to a 20% positive return via a 50% “absolute return” feature. If the index ends below the threshold, repayment is reduced 1% for each 1% decline, and the entire investment can be lost.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary liquidity. MS & Co. acts as agent, retaining $7.50 per security with additional possible structuring fees to selected dealers, and expects to sell to an unaffiliated dealer at $992.50 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk “Jump Securities” due December 23, 2027, linked to the worst performer of the Nasdaq-100® Technology Sector Index and the Invesco QQQ Trust. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,396,000, and an estimated value on the pricing date of $967.10 per security.
The notes feature an automatic early redemption on December 30, 2026 if, on the first determination date, both underliers close at or above 100% of their initial levels (12,763.18 for the NDXT Index and $617.05 for QQQ). In that case, investors receive a fixed $1,138.50 per security and no further payments. If not called, the maturity payment depends on the worst-performing underlier: full principal plus 100% of upside if both finish above initial levels; principal only if both stay at or above 70% of initial levels; and a linear loss of 1% of principal for each 1% decline of the worst underlier below its downside threshold, potentially reducing the payment to zero.
All payments are unsecured and subject to Morgan Stanley’s credit risk. The securities pay no interest, are not FDIC insured, and will not be listed on any securities exchange, so secondary market liquidity may be limited.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due December 22, 2028, linked to the common stock of Apple Inc., in an aggregate principal amount of $2,889,000. Each $1,000 security can pay a contingent quarterly coupon at an annual rate of 10.06% (about $25.15 per quarter) for any determination date when Apple’s adjusted closing price is at or above the downside threshold of $218.936, which is 80% of the initial share price of $273.67.
The notes are automatically redeemed at par plus the coupon if Apple’s price is at or above the initial share price on any of the first eleven quarterly determination dates. If not called, and the final share price is at or above the downside threshold, holders receive par plus the final coupon; if it is below the threshold, repayment is reduced 1-to-1 with Apple’s decline and can fall to zero, meaning total loss of principal is possible. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, will not be listed on an exchange, and had an estimated value on the pricing date of $973.20 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $100,000 of Contingent Income Buffered Auto-Callable Securities due December 22, 2028, linked to the worst performer of the S&P 500 Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of $978.30.
The notes pay a contingent coupon at 8.25% per year, but only if on each observation date both indices are at or above their coupon barrier levels, set at 85% of their initial levels. The securities may be automatically redeemed on scheduled determination dates if both indices are at or above their call thresholds, equal to 100% of initial levels, returning principal plus the applicable coupon.
If not redeemed early and at maturity either index finishes below its 15% buffer, investors lose 1% of principal for each 1% decline of the worst-performing index beyond that buffer, subject to a minimum payment of 15% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, and are not listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Contingent Income Memory Auto-Callable Securities due December 22, 2028, linked to the worst performer of the S&P 500® Index, Russell 2000® Index and Nasdaq-100® Technology Sector IndexSM. The securities have a stated principal amount of $1,000 per security, issue price of $1,000 and aggregate principal amount of $2,733,000, with an estimated value on the pricing date of $989.10 per security.
Investors may receive a contingent coupon at an annual rate of 9.50% on each coupon payment date, but only if on the related observation date the closing level of each index is at or above its coupon barrier level set at 80% of its initial level. Starting December 21, 2026, the notes will be automatically redeemed if on any redemption determination date all indices are at or above 100% of their initial levels, paying principal plus the current and any previously unpaid coupons.
If the notes are not called and, on the final observation date, each index is at or above its downside threshold (60% of its initial level), investors receive principal plus any due coupons. If any index finishes below its downside threshold, repayment of principal is reduced 1% for each 1% decline of the worst-performing index, and the payment at maturity could be zero. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited secondary liquidity and involve complex risk and tax considerations, including potential 30% U.S. withholding on coupons for certain non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income buffered securities linked to the worst performer of the Dow Jones Industrial Average and the Technology Select Sector SPDR Fund. Each security has a $1,000 stated principal amount, with a total offering size of $548,000.
The notes can pay a contingent coupon at an annual rate of 6.25%, but only if on each observation date both underliers close at or above their coupon barrier levels, set at 80% of their initial levels. A 25% buffer applies at maturity: if the final level of each underlier is at or above 75% of its initial level, investors receive principal back (plus any final coupon). If either underlier finishes below its buffer level, repayment is reduced in line with the decline of the worst performer beyond the buffer, subject to a minimum of 25% of principal.
The notes are callable in whole from June 25, 2026, based on a risk neutral valuation model that favors redemption when it is economically rational for the issuer, and they will not be listed on any exchange. The estimated value on the pricing date is $968.10 per security, below the issue price, reflecting embedded costs and internal funding assumptions. Investors face principal risk, the possibility of receiving no coupons over the life of the notes, issuer credit risk and limited liquidity.
Morgan Stanley Finance LLC is issuing structured “Jump Securities with Auto-Callable Feature” due December 22, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $498,000.
The notes are linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. Investors can receive automatic early redemption payments starting at $1,126 per security in December 2026, rising over time to $1,315 in June 2028, if on a determination date all three indexes are at or above their call threshold levels (100% of initial levels). If held to maturity and all underliers are at or above their call thresholds, the payment is $1,378 per security.
If any index finishes below its downside threshold (70% of initial level) at maturity and the notes have not been called, investors lose 1% of principal for each 1% decline of the worst-performing index, potentially losing their entire investment. The estimated value on the pricing date is $984.70 per security, reflecting issuing, selling, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering structured “Buffered Step-Down Jump Securities with Auto-Callable Feature” linked to the worst performer of the S&P 500® Index, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index, with a stated principal amount of $1,000 per security and an aggregate principal of $1,610,000. The notes do not pay interest and are fully and unconditionally guaranteed by Morgan Stanley.
The securities can be automatically redeemed quarterly from December 2026 onward if each index is at or above its call threshold, paying an early redemption amount that targets about 10.30% per annum, with scheduled call payments ranging from $1,103.00 to $1,300.42 per $1,000. If held to December 2028 and all final index levels are at or above their upside thresholds, investors receive $1,309.00; if they are between the buffer and upside thresholds, only principal is returned; below the 10% buffer, principal is reduced 1% for each 1% additional decline in the worst-performing index, subject to a minimum payment of 10% of principal.
The initial index levels are 6,721.43 for the S&P 500, 12,343.87 for the Nasdaq-100 Technology Sector Index and 2,492.295 for the Russell 2000. The estimated value on the pricing date is $956.70 per security, reflecting structuring and hedging costs and the issuer’s internal funding rate, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk market-linked securities tied to the lowest performer among Dollar General, Altria and Philip Morris, maturing on January 5, 2029. Each security has a $1,000 face amount, with a current estimated value of about $911.90 due to built-in issuing, selling, structuring and hedging costs.
The notes may be automatically called on January 7, 2027 if every stock is at or above 105% of its starting price, paying at least $1,450 per security, after which no more payments are made. If not called, at maturity investors get 150% of the positive return of the lowest-performing stock, or up to a 45% positive return if that stock has declined but remains above 55% of its starting price. If any stock ends below its 55% threshold, repayment is reduced one-for-one with the loss on the worst stock, and investors can lose more than 45%, including their entire principal.
The securities pay no interest, do not provide dividends, are not listed, and all payments depend on Morgan Stanley’s credit. Agents, including Wells Fargo Securities, may receive up to $25.75 per security in commissions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,500,000 of Digital S&P 500® Index-Linked Notes due March 3, 2033. The notes pay no interest and are principal-at-risk securities linked to the S&P 500® Index.
At maturity, for each $1,000 note, investors receive a fixed $1,598.50 (159.85% of face amount) if the index is at or above 85% of its initial level of 6,800.26. If the index has fallen more than 15%, the payoff equals $1,000 plus $1,000 times the index return, leading to losses greater than 15% and potentially a total loss of principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, not insured by any government agency, and will not be listed on any exchange. The original issue price is $1,000 per note, while the estimated value on the trade date is $917.60, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing $4,310,000 of Step Down Trigger Autocallable Notes linked to the least performing of the Russell 2000® Index, S&P 500® Index and EURO STOXX 50® Index, maturing on December 19, 2030 and fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 issue price and offers a potential Call Return Rate of 9.50% per annum, paid only if all three indices are at or above their Initial Underlying Values on one of sixteen quarterly observation dates (beginning after one year), or at or above their Downside Thresholds on the Final Observation Date.
The Downside Thresholds are set at 75% of the Initial Underlying Values (RTY 1,889.478; SPX 5,100.20; SX5E 4,288.37). If the notes are not called and at least one index finishes below its Downside Threshold, repayment of principal is reduced 1‑for‑1 with the negative return of the Least Performing Underlying, and investors can lose their entire investment. The Securities pay no interest, do not participate in index appreciation, and will not be listed on any exchange. The estimated value on the trade date is $9.562 per Security, below the $10 issue price, reflecting distribution, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Callable Contingent Income Securities linked to NVIDIA common stock, with a stated principal amount of $1,000 per security and an aggregate principal of $510,000, maturing on December 21, 2027.
Investors may receive a contingent coupon at an annual rate of 17.90%, but only if NVIDIA’s closing price on each observation date stays at or above the coupon barrier of $106.632, which is 60% of the initial level of $177.72. The notes can be called in whole on specified redemption dates if a risk-neutral valuation model indicates it is economically rational for the issuer, ending all future payments.
If not redeemed and the final NVIDIA level is at or above the downside threshold of $106.632, investors receive their principal back plus any final contingent coupon. If the final level is below this threshold, repayment is reduced in full proportion to the decline and can fall to zero. The estimated value on the pricing date is $986.70 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Trigger PLUS structured notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, with a total offering of $9,275,000, matures on December 19, 2030, pays no interest and does not guarantee return of principal.
At maturity, if the index finishes above the initial level of 5,717.83, investors receive $1,000 plus 300% of the index gain, capped at a maximum payment of $1,774.60 per security. If the final level is at or below the initial level but at or above the downside threshold of 4,288.373 (75% of the initial level), investors receive only $1,000. If the index closes below the downside threshold, repayment is reduced 1% for each 1% decline, and the payout can fall to zero.
The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited liquidity. The estimated value on the pricing date is $963.80 per security, below the $1,000 issue price due to internal funding and issuance, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering $1,935,000 of Trigger Performance Leveraged Upside Securities, or Trigger PLUS, linked to the S&P 500® Futures Excess Return Index, maturing on December 19, 2030. Each unsecured note has a $1,000 denomination and is fully and unconditionally guaranteed by Morgan Stanley but pays no interest and does not guarantee return of principal.
At maturity, if the index finishes above the initial level of 554.39, investors receive $1,000 plus 182.50% of the index gain. If the final level is between 70% and 100% of the initial level (at or above the 388.073 downside threshold), investors receive only the $1,000 principal. Below the downside threshold, repayment falls 1% for each 1% index decline and can drop to zero. The notes are not listed on an exchange, the estimated value on the pricing date is $941.40 per note, and returns depend on both index performance and Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due December 29, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon at an annual rate of 7.85%, but only if on each observation date the Nasdaq-100 Index®, S&P 500® Index and Russell 2000® Index are all at or above their coupon barrier levels, set at 70% of initial levels.
The notes can be automatically redeemed starting June 23, 2026 if all three indices are at or above 100% of their initial levels, returning principal plus the applicable coupon. If not called and at maturity any index finishes below its 70% downside threshold, investors lose 1% of principal for each 1% decline of the worst-performing index and could lose their entire investment. The estimated value on the pricing date is approximately $968.90 per security, the notes are unsecured, subject to Morgan Stanley’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,617,000 of Buffered Digital MSCI EAFE® Index-Linked Notes due November 19, 2027. These unsecured, principal-at-risk securities pay no interest and are tied to the MSCI EAFE® Index from the December 16, 2025 trade date to the November 17, 2027 determination date.
For each $1,000 note, if the index finishes at or above 87.50% of its initial level, investors receive a fixed $1,151.20 (115.12% of face value). If the index falls more than 12.50%, repayment drops according to a formula using a buffer rate of approximately 114.29%, and investors can lose up to their entire investment. The initial index level is 2,854.21, and the issuer’s estimated value on the trade date is $996.00 per note. The notes will not be listed and secondary liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Digital Notes linked to the S&P 500® Index. The notes pay no interest and return at maturity depends entirely on index performance from the trade date to the determination date, expected to be about 21–24 months later.
If the S&P 500® final level is at least 87.50% of its initial level, investors receive a fixed Maximum Settlement Amount expected between $1,133.00 and $1,156.40 per $1,000 face amount. If the index falls more than 12.50%, repayment is reduced using a downside factor of approximately 114.29%, and investors can lose all of their principal. The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, not FDIC-insured, and the estimated value on the trade date is approximately $993.50 per note.
Morgan Stanley Finance LLC is offering callable contingent income securities due December 21, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $827,000. The notes pay a contingent coupon at 13.35% per annum, but only if on each observation date the closing level of all three underliers—the Technology Select Sector SPDR Fund (XLK), Utilities Select Sector SPDR Fund (XLU) and Nasdaq-100 Technology Sector Index (NDXT)—is at or above its coupon barrier level set at 80% of the initial level.
Principal repayment is not guaranteed. If the notes are not called and on the final observation date any underlier is below its downside threshold level set at 70% of its initial level, investors lose 1% of principal for each 1% decline in the worst-performing underlier, potentially losing the entire investment. The notes are callable in whole from December 21, 2026 onward if a risk neutral valuation model indicates early redemption is economically rational for the issuer. The estimated value on the pricing date is $983.30 per security, below the issue price, reflecting issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering "Jump Securities" with an auto-call feature linked to the worst performer of the Russell 2000® Index and EURO STOXX 50® Index. Each security has a stated principal amount of $1,000, with a total offering of $4,370,000.
The notes can be automatically redeemed on scheduled determination dates if both indices are at or above their call threshold levels, paying an early redemption amount that targets about 11.60% per year and then terminating. If held to maturity and both indices finish at or above their call thresholds, investors receive $1,580 per security; if at least one index is below its call threshold but both stay above a 75% downside threshold, only principal is returned.
If at maturity either index closes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, and the payoff can fall to zero. The securities pay no interest, are unsecured obligations of MSFL guaranteed by Morgan Stanley, and had an estimated value on the pricing date of $960.70 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due December 19, 2030 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $893,000 and an estimated value on the pricing date of $895.10 per security.
Investors may receive a contingent coupon at 11.75% per annum, but only if the index closes on or above the coupon barrier level of 2,062.529 (70% of the initial level) on the relevant observation date; missed coupons can be paid later if conditions are met. The notes are auto-callable quarterly starting December 16, 2026 if the index is at or above the call threshold level of 2,946.47, returning principal plus due coupons.
If not called, at maturity investors receive principal back only if the final index level is at or above the downside threshold of 1,767.882 (60% of the initial level). Below that level, repayment is reduced 1% for each 1% index decline, potentially to zero. The securities are unsecured, not insured, involve complex index and tax features, and carry both market and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is issuing callable contingent income securities linked to the Class A common stock of Palantir Technologies Inc., with an aggregate principal amount of $1,689,000 and a stated principal of $1,000 per security. Investors may receive a contingent coupon at an annual rate of 27.50%, but only when Palantir’s closing price is at or above the coupon barrier of $112.65, which is 60% of the initial level of $187.75. The downside threshold is the same level, so if the notes are not redeemed early and the final stock price falls below $112.65, principal is reduced 1% for each 1% decline in the stock and can be reduced to zero.
The notes are callable in whole on specified redemption dates if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to redeem, which tends to occur when continued coupons would be costly to the issuer. The estimated value on the pricing date is $981.70 per security, below the $1,000 issue price, reflecting structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any securities exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,060,000 of Dual Directional Buffered Participation Securities linked to the S&P 500® Index, at $1,000 per security. These principal-at-risk structured notes pay no interest and mature on June 22, 2027.
At maturity, investors gain 100% of S&P 500 upside if the index rises, but returns are capped at a maximum payment of $1,167.50 per security (116.75% of principal. If the index is flat or down but not below 90% of the initial level, investors receive a positive return matching the index’s decline in absolute terms, up to about 10%.
If the index falls below the 10% buffer, investors lose 1% of principal for each 1% further decline, with a minimum payment of 10% of principal. The estimated value on the pricing date is $984.50 per security, the notes will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of Contingent Income Memory Auto-Callable Securities linked to the Class A common stock of Robinhood Markets, Inc. Each note has a $1,000 principal amount and pays a 21.00% annual contingent coupon only if the Robinhood share price on scheduled observation dates is at or above the coupon barrier of $81.426, which is 60% of the initial level of $135.71.
The notes may be automatically redeemed starting June 9, 2026 if the stock closes at or above the call threshold of $135.71, returning principal plus any due coupons. If held to December 14, 2028 and the final stock level is at or above the downside threshold of $67.855 (50% of the initial level), investors receive full principal back plus any payable coupons. If the final level is below this threshold, repayment is reduced in line with the stock’s decline and can fall to zero, so principal is fully at risk. The notes are unsecured, not listed on an exchange, and were priced at $1,000 with an estimated value of $972.30 per security.
Morgan Stanley Finance LLC is offering 2-year Contingent Income Auto-Callable Securities linked to the class A common stock of Rivian Automotive, Inc. The notes pay a contingent quarterly coupon at an annual rate of 21.00% (about $52.50 per $1,000 per quarter) only if Rivian’s share price on the determination date is at or above the downside threshold price of $7.052, which is 40% of the $17.63 initial share price.
If on any of the first seven quarterly determination dates Rivian’s price is at or above the initial share price, the notes are automatically called, returning the $1,000 principal plus the current and any previously unpaid coupons. If not called, and Rivian’s final share price in December 2027 is at or above the downside threshold, investors receive $1,000 plus all due coupons. If the final share price is below the threshold, repayment is reduced 1-for-1 with Rivian’s decline, and investors can lose most or all of their principal. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, will not be listed on an exchange, and have an estimated value of about $961.50 per $1,000 at pricing, reflecting embedded fees and funding costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, auto-callable securities linked to the lowest performing of the S&P 500 Index, Microsoft stock and the Nasdaq-100 Index, maturing on December 20, 2029. Each security has a $1,000 face amount, with total issuance of $1,209,000, priced at par; after up to $25.75 per security in selling commissions, estimated proceeds to the issuer are $974.25 per security. The current estimated value on the pricing date is $955.90 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate.
The notes pay no interest and may be called monthly starting December 21, 2026 if each underlying is at or above its starting level, returning the face amount plus a fixed call payment, with premiums ranging from 12.90% on the first calculation day up to 51.60% on the final calculation day. If not called, investors receive $1,000 at maturity only if every underlying finishes at or above its 70% threshold; otherwise the payoff equals $1,000 multiplied by the lowest underlying’s performance factor, so investors can lose more than 30% and possibly all principal. The securities are unsecured, subject to Morgan Stanley’s credit risk, pay no dividends, are not listed on an exchange and may have limited or no secondary liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,559,000 of market-linked, auto-callable securities tied to the S&P 500 Index, Amazon.com, Inc. common stock and the Nasdaq-100 Index, maturing in December 2029. Each security has a $1,000 face amount, with an estimated value on the pricing date of $956.30 after issuance, selling, structuring and hedging costs.
The notes can be automatically called monthly starting in December 2026 if all three underlyings are at or above their starting levels, paying fixed call amounts that rise up to $1,580.00 per security (a 58% call premium) on the final calculation day. If not called, investors receive $1,000 at maturity only if each underlying stays at or above 60% of its starting level; otherwise the payout is reduced in line with the lowest performer, with losses exceeding 40% and potentially reaching the full principal. The securities pay no interest or dividends, are not exchange-listed, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering callable contingent income securities due January 4, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the VanEck Semiconductor ETF (SMH), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY).
Investors may receive a contingent coupon at 15.50% per year, paid only if on each observation date all three underliers are at or above their coupon barrier levels, set at 75% of initial levels. The notes can 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 redeemed and at maturity each underlier is at or above its downside threshold level of 60% of its initial level, investors receive full principal plus any final contingent coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, potentially resulting in a total loss of principal. The estimated value on the pricing date is approximately $975.20 per security, the notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $16,434,000 of Dual Directional Trigger Jump Securities linked to the EURO STOXX 50® Index and maturing on January 3, 2031. Each $1,000 note pays no interest and offers equity-index exposure with principal at risk.
At maturity, if the index is at or above its initial level of 5,717.83, investors receive $1,000 plus the greater of a 46.35% fixed gain ($463.50) or the full percentage gain of the index, with no upside cap. If the index is below the initial level but at or above the 75% trigger level, investors get a positive “absolute return” matching the percentage loss of the index, up to a 25% gain.
If the index closes below the trigger level on the valuation date, repayment is reduced 1% for each 1% index decline, with no buffer or minimum payment, so the entire principal can be lost. The estimated value on the pricing date is $957.70 per note, below the $1,000 issue price, and the notes will not be listed on any exchange. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $3,000,000 of Contingent Income Memory Auto-Callable Securities due December 21, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the S&P 500 Index, Russell 2000 Index and Nasdaq-100 Technology Sector Index.
Investors may receive a 10.10% per annum contingent coupon on scheduled dates, but only if each index closes at or above its coupon barrier (80% of initial level). The notes can be automatically redeemed at par plus any due coupons if, on specified dates starting March 16, 2026, each index is at or above its initial level.
If not called and any index ends below its downside threshold (65% of initial level), principal is reduced 1% for each 1% decline of the worst index, potentially to zero. The issue price is $1,000 per note, while the estimated value on the pricing date is $985.90, reflecting issuance, structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities due December 23, 2027 linked to the common stock of Wells Fargo & Company. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $972.40 per security, reflecting embedded costs and an internal funding rate.
The notes may pay a 10.00% per annum contingent coupon on scheduled coupon payment dates, but only when the Wells Fargo stock closing level on the related observation date is at or above a coupon barrier level set at no more than 73.50% of the initial level; unpaid coupons may be “remembered” and paid later if a future observation is above the barrier. The securities are automatically redeemed at par plus applicable coupons if the stock is at or above the 100% call threshold on any redemption determination date starting March 19, 2026.
If not redeemed early and the final stock level on December 20, 2027 is at or above the downside threshold level (also at most 73.50% of the initial level), investors receive full principal back plus any due coupons. If the final level is below the downside threshold, repayment is reduced in proportion to the stock decline, leading to a substantial loss of principal and potentially zero return. Payments depend on Morgan Stanley’s credit, the notes are unsecured, will not be listed on an exchange, and involve complex market, liquidity, and tax risks.
Morgan Stanley Finance LLC is offering callable contingent income securities linked to the common stock of Tesla, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, with a total offering of $1,366,000, and an issue price of $1,000 versus an estimated value on the pricing date of $975.70.
The notes can pay a contingent coupon at an annual rate of 23.00%, but only if Tesla’s closing stock price is at or above the coupon barrier of $293.928 (60% of the $489.88 initial level) on each observation date. The same level serves as the downside threshold. If the securities are not redeemed and the final Tesla level is at or above this threshold, investors receive principal back plus any final coupon; if it is below, repayment is reduced in full proportion to Tesla’s decline and can fall to zero.
Beginning March 19, 2026, Morgan Stanley may redeem the notes early on specified redemption dates if a risk neutral valuation model indicates that calling is economically rational for the issuer. The securities are unsecured, subject to Morgan Stanley’s credit risk, may pay no coupons over their life and are not listed on any exchange.
Morgan Stanley Finance LLC is issuing $8,652,000 of Buffered PLUS structured notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley and maturing on July 6, 2028. Each $1,000 note offers 200% leveraged upside if the index rises, but total payout is capped at $1,300 per note, or 130% of principal. If the index falls by up to 15%, investors receive their full $1,000 back; below that buffer, losses track the index decline beyond 15%, with a minimum payment of $150, meaning up to 85% of principal can be lost.
The notes pay no coupons, are unsecured and not listed on any exchange, and their value depends on Morgan Stanley’s credit. The issue price is $1,000 per note, while the estimated value on the pricing date is $959.70, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Selling dealers receive a $25 sales commission and a $5 structuring fee per note, and Morgan Stanley’s affiliates may hedge and make a secondary market, but are not obligated to do so.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the iShares MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $979,000, and matures on December 20, 2029. The securities pay no interest.
At maturity, if the ETF’s final level is above the initial level of $94.92, holders receive principal plus 150% of the ETF’s gain, capped at a maximum payment of $1,677.50 per security (167.75% of principal). If the final level is between the initial level and the buffer level of $80.682 (85% of initial), investors receive only principal. Below the buffer, 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 $992.80 per security. The notes are unsecured, subject to Morgan Stanley’s credit risk, are not listed on any exchange and involve complex market, liquidity and U.S. tax risks.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due December 21, 2028, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each note has a $1,000 stated principal amount, with a total offering size of $1,643,000, and an estimated value on the pricing date of $978.40 per security.
Investors may receive a contingent coupon at an annual rate of 10.70%, but only if on each observation date all three indices are at or above their coupon barrier levels (generally 75% of initial). Principal repayment at maturity is protected only if every index stays at or above its downside threshold level (about 70% of initial); otherwise, repayment is reduced 1% for each 1% decline of the worst index and can fall to zero.
The notes can be redeemed early, in whole, on specified redemption dates starting December 21, 2026, if a risk neutral valuation model indicates that calling is economically rational for the issuer. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any securities exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Buffered PLUS notes linked to the S&P 500® Futures Excess Return Index. The $1,000-denomination securities pay no interest and mature on January 7, 2030.
At maturity, investors gain 144% of any index appreciation. If the index is flat or down but not below 80% of its initial level, investors receive a positive return matching the index’s percentage decline, capped at a 20% gain. Below the 80% buffer, principal is reduced 1% for each additional 1% index loss, with a minimum payout of 20% of principal.
The estimated value on the pricing date is approximately $971.50 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on an exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $2,000,000 of Dual Directional Buffered Participation Securities due April 21, 2027 linked to the S&P 500® Index. Each security has a $1,000 principal amount, pays no interest and carries principal risk.
At maturity, investors can gain from rises in the index or from moderate declines down to a 10% buffer. Upside is fully participated but capped at a maximum payment of $1,141 per security, while the absolute return feature can provide up to a 10% positive return if the index finishes up to 10% below its initial level of 6,800.26. If the index falls more than 10%, principal is reduced 1% for each additional 1% decline, with a minimum payment of 10% of principal.
The estimated value on the pricing date is $984.70 per security, below the issue price, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Callable Contingent Income Securities due December 20, 2029, linked to the worst performer of the S&P 500® Index, Dow Jones Industrial AverageSM and Russell 2000® Index. Each security has a $1,000 stated principal amount, with a total deal size of $940,000 and an estimated value on the pricing date of $988.60 per security.
Investors can receive a contingent coupon at an annual rate of 9.35%, but only if on each observation date all three indices are at or above their coupon barrier levels, which are set at 70% of their initial levels. Starting June 22, 2026, the notes may be redeemed early in whole, but only if a risk neutral valuation model indicates that calling them is economically rational for the issuer.
If the notes are not called and, at maturity, each index is at or above its downside threshold (also 70% of its initial level), investors receive full principal plus any final contingent coupon. If any index finishes below its downside threshold, the payoff is reduced 1% for each 1% decline of the worst-performing index, and repayment of principal can be significantly reduced or reduced to zero. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due January 22, 2027, linked to the worst performer of the S&P 500 Index and the Nasdaq-100 Technology Sector Index, with a stated principal of $1,000 per security and an aggregate principal amount of $822,000. The notes pay no interest and do not guarantee a return of principal.
If the final level of each index stays at or above 75% of its initial level, investors receive principal plus a fixed $90 upside payment (a 9% return). If either index finishes below its downside threshold, investors lose 1% of principal for each 1% decline of the worst-performing index, and the maturity payment can fall to zero.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is $970.30 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Morgan Stanley & Co. receives a $21 sales commission per security.
Morgan Stanley Finance LLC is issuing $500,000 of Contingent Income Auto-Callable Securities, at $1,000 per note, linked to the worst performer of the VanEck Semiconductor ETF, the S&P 500 Index and the iShares Silver Trust. The notes run to December 19, 2030, pay a 12.70% annual contingent coupon only if each underlier is at or above its coupon barrier on scheduled observation dates, and may be automatically redeemed early if all are at or above their call thresholds (100% of initial levels) on specified redemption determination dates.
If the notes are not called and any underlier finishes below its downside threshold (60% of its initial level), investors lose 1% of principal for each 1% decline in the worst-performing underlier, up to a total loss of principal. The estimated value on the pricing date is $916.50 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. Payments depend on Morgan Stanley’s credit, and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC is offering $2,000,000 of Dual Directional Buffered Participation Securities due May 20, 2027, linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the index rises, holders receive principal plus 100% of the index gain, capped at a maximum payment of $1,153 per security (115.30% of principal). If the index is flat or down but not below 90% of the initial level, investors earn a positive “absolute return” up to about 10%. Below the 10% buffer, investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 10% of principal. The initial index level is 6,800.26 and the estimated value on the pricing date is $984.50 per security. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Jump Securities with an auto-callable feature, linked to the worst performer of the EURO STOXX 50® Index and the Tokyo Stock Price Index. Each security has a $1,000 stated principal amount and is part of Morgan Stanley’s Series A Global Medium-Term Notes program.
The notes may be automatically redeemed on scheduled determination dates starting January 2027 if both indices are at or above their call thresholds, paying early redemption amounts that correspond to roughly 8.75%–9.50% per annum, such as $1,087.50–$1,095.00 on the first early redemption date. If not called and both indices stay at or above 75% of their initial levels at final maturity, investors receive a fixed payment of $1,437.50 to $1,475.00 per security.
If, however, on the final determination date either index finishes below its downside threshold, investors lose 1% of principal for each 1% decline in the worst-performing index, and the maturity payment can be significantly below principal, down to zero. The estimated value on the pricing date is expected to be about $949.70 per security, and the securities pay no periodic interest, are unsecured, not listed on any exchange, and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the Class A common stock of Alphabet Inc., 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 approximately $964.90.
Investors may receive a 10.00% per annum contingent coupon, paid only if Alphabet’s closing level on each observation date is at or above a coupon barrier set at no more than 72% of the initial level; missed coupons can be “remembered” and paid later if the barrier is met. The notes are automatically called at par plus due coupons if Alphabet is at or above 100% of the initial level on specified redemption determination dates, starting in March 2026.
If the notes are not called and Alphabet’s final level on December 19, 2029 is at or above the downside threshold (also at most 72% of the initial level), investors receive full principal plus any due coupon; if it is below, repayment is reduced 1% for each 1% decline, potentially to zero. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering $1,000-denomination Jump Notes with an auto-callable feature due January 12, 2029, fully and unconditionally guaranteed by Morgan Stanley and linked to the iShares iBoxx $ High Yield Corporate Bond ETF. The notes pay no interest and are unsecured obligations subject to Morgan Stanley’s credit risk.
The notes may be automatically redeemed if the ETF’s closing level is at or above the call threshold on a determination date, paying $1,070 per note on January 19, 2027 or $1,140 per note on January 13, 2028, corresponding to a return of approximately 7.00% per annum. If the notes are not called and the final ETF level on January 9, 2029 is at least the initial level, investors receive $1,210 per note; if it is below the initial level, they receive only the $1,000 principal. The estimated value on the pricing date is approximately $967.30 per note, the notes are not listed on any exchange, and secondary trading and liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing S&P 500-linked Buffered PLUS notes maturing on July 6, 2028, with an aggregate principal amount of $11,061,000. Each note has a $1,000 stated principal amount, pays no interest, and offers 200% leveraged upside on any S&P 500® Index gains, capped at a maximum payment of $1,219.20 per note (121.92% of principal).
Principal is at risk. A 10% buffer protects against moderate declines, but if the index falls by more than 10%, repayment is reduced in line with losses, with a minimum of $100 per note (10% of principal). The initial index value is 6,800.26, and investors bear Morgan Stanley’s credit risk.
The issue price is $1,000 per note, while the estimated value on the pricing date is $963.10, reflecting issuing, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer. The notes are not listed, secondary liquidity may be limited, and the tax treatment is complex and uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of about $907.50 per security.
The notes can be automatically redeemed quarterly from December 29, 2026 onward if the index is at or above the call threshold level, paying fixed cash amounts that correspond to an annualized return of roughly 17.10%. If held to the December 31, 2030 maturity and not called, investors receive $1,855 per security if the final index level is at or above the call threshold, the $1,000 principal back if the index finishes at or above an 85% buffer level, and a reduced amount if the index falls more than the 15% buffer, but not less than 15% of principal. The notes pay no interest, do not participate in index upside beyond the fixed schedule, are unsecured, not listed, and expose investors to both market risk of the index and the credit risk of Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income memory auto-callable securities due December 22, 2028 linked to the common stock of Citigroup Inc.
Each $1,000 security may pay a contingent coupon at an annual rate of 10.00%, but only if Citigroup’s closing level on an observation date is at or above a coupon barrier set at no more than 73.75% of the initial level; missed coupons can be paid later if the barrier is met. The notes are automatically redeemed, starting March 19, 2026, if the stock closes at or above 100% of the initial level on a redemption determination date, returning principal plus the applicable contingent coupon and any unpaid coupons.
If the notes are not called and the final stock level is at or above the downside threshold (at most 73.75% of the initial level), investors receive full principal back (plus any due coupons). If the final level is below the threshold, repayment is reduced in line with the stock’s decline and can fall to zero. The estimated value on the pricing date is approximately $969.90 per $1,000 security, reflecting structuring and distribution costs and an internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due December 27, 2030 linked to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index.
Each security has a $1,000 stated principal amount and may pay a contingent coupon at 8.80% per year, but only if on each observation date all three indices are at or above 80% of their initial levels. The notes are automatically called, starting in December 2026, if on a redemption determination date all indices are at or above 100% of their initial levels, returning principal plus the applicable coupon.
If the notes are not called and, at maturity, any index is below 60% of its initial level, investors lose 1% of principal for each 1% decline in the worst performing index, up to a total loss. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and have an estimated value on the pricing date of approximately $966.10 per $1,000 security, reflecting embedded costs and an internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk "Jump Securities" linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on January 5, 2029. Each security has a $1,000 stated principal amount and may be automatically called starting January 4, 2027 if the index closes at or above 90% of its initial level, triggering fixed early redemption payments ranging from $1,195 to $1,487.50 per security. If held to maturity and not called, investors receive $1,585 per security if the index is at or above the 90% call threshold, only the $1,000 principal if the index is between 80% and 90% of its initial level, and a loss of 1% of principal for every 1% index decline below the 80% downside threshold, potentially losing the entire investment. The estimated value on the pricing date is about $896.80 per $1,000 security, reflecting embedded issuance, structuring and hedging costs and the issuer’s internal funding rate, and the notes pay no interest and are unsecured obligations subject to Morgan Stanley’s credit risk.