Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Buffered Jump Securities linked to the worst performer of the Russell 2000® Index, S&P 500® Index and Nasdaq-100® Technology Sector IndexSM. Each security has a $1,000 stated principal amount, pays no interest and matures on January 28, 2027, with the underliers observed on January 25, 2027.
If the final level of each index is at or above 85% of its initial level, investors receive $1,000 plus a fixed upside payment of $115 (an 11.50% return). If any index finishes below its 85% buffer level, the maturity payment is reduced by 1% of principal for each 1% decline of the worst performing index beyond the 15% buffer, subject to a minimum payment of 15% of principal. The securities are unsecured obligations, will not be listed on any exchange, and have an estimated value on the pricing date of approximately $984.70 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing callable Jump Securities due December 19, 2030 linked to the Tokyo Stock Price Index (TOPIX). Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $4,405,000. The estimated value on the pricing date is $935.80 per security, reflecting issuing, selling, structuring and hedging costs borne by investors.
The notes are principal-at-risk and pay no interest. If not redeemed early and TOPIX ends above its initial level of 3,431.47, holders receive $1,000 plus an upside payment based on a 278% participation rate. If the final level is at or below the initial level, the payoff is $1,000 multiplied by the index performance; losses are 1% of principal for each 1% index decline and the payment can be zero.
The issuer may redeem the notes in whole, but not in part, on specified redemption dates starting December 21, 2026 if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer. Redemption payments increase over time, from $1,240 on the first redemption date up to $2,140 on the last redemption date before maturity. 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 liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities linked to NVIDIA Corporation common stock, with a stated principal amount of $1,000 per security and an aggregate principal of $1,673,000. The securities pay a contingent coupon at an annual rate of 14.30% only if NVIDIA’s closing level on an observation date is at or above the coupon barrier of $105.774, which is 60% of the initial level of $176.29.
The notes may be automatically redeemed starting June 15, 2026 if NVIDIA’s closing level is at or above the call threshold of $176.29, returning principal plus the applicable contingent coupon and any unpaid coupons. If not called, and on the final observation date the stock is at or above the downside threshold of $105.774, investors receive full principal plus any due coupons. If the final level is below that threshold, repayment is reduced 1% for every 1% decline in the stock, and the maturity payment can fall to zero.
These principal-at-risk securities are unsecured obligations of MSFL, with an estimated value on the pricing date of $978.90 per security, below the $1,000 issue price due to issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed on any exchange, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is issuing market-linked notes tied to the Dow Jones Industrial Average, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, with a total offering size of $295,000, and pays no periodic interest.
At maturity on June 15, 2029, investors receive their principal back plus 100% of any gain in the index from the initial level of 48,458.05, capped at a maximum payment of $1,220 per note (122% of principal). If the final index level is equal to or below the initial level, investors receive only the principal amount.
The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley and will not be listed on any exchange. The estimated value on the pricing date is $969.00 per note, below the $1,000 issue price, 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 issuing $750,000 of Contingent Income Auto-Callable Securities linked to Tesla, Inc. common stock, in $1,000 denominations. These notes can automatically redeem early if Tesla’s closing price on specified dates is at or above the call threshold, set at the initial level of $475.31, returning principal plus any due coupon.
Investors may receive a contingent coupon at an annual rate of 15.70%, but only when Tesla’s closing level is at or above the coupon barrier of $237.655 (50% of the initial level) on the relevant observation date. If the notes are held to maturity and Tesla’s final level is at or above the downside threshold of $237.655, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced 1% for each 1% decline, and the amount repaid can be zero.
The securities are principal-at-risk, unsecured and unsubordinated obligations of MSFL, with an estimated value on the pricing date of $962.90 per $1,000 security. They will not be listed on any exchange, secondary trading may be limited, and returns depend on both Tesla’s share performance and Morgan Stanley’s creditworthiness, as well as complex U.S. tax and withholding rules.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-call feature linked to the worst performer of the S&P 500 Futures Excess Return Index and the Nasdaq-100 Futures Excess Return Index, in an aggregate principal amount of $1,491,000. Each security has a stated principal of $1,000, matures on December 19, 2030, and does not pay interest.
The notes may be automatically redeemed on December 22, 2026 for $1,277.50 per security if both underliers are at or above 100% of their initial levels. If held to maturity and both underliers finish above their initial levels, investors receive principal plus a 250% participation in the gain of the worst performer; if either finishes between 60% and 100% of its initial level, only principal is returned. If either ends below 60% of its initial level, repayment is reduced one-for-one with the decline of the worst underlier, and the payout can fall to zero.
The securities are principal-at-risk, unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, will not be listed on any exchange, and their secondary market value may be below the $1,000 issue price. The issuer’s estimated value on the pricing date is $1,013.00 per security, based on its own models and assumptions.
Morgan Stanley Finance LLC is offering callable Jump Notes due December 19, 2030, linked to the S&P 500 Futures Excess Return Index, in an aggregate principal amount of $620,000 at $1,000 per note.
The notes pay no interest and are designed to return principal at maturity if not called. If held to maturity and the index finishes above the initial level of 556.39, investors receive $1,000 plus an upside payment equal to 122% of the index gain; if the index is at or below the initial level, only the $1,000 principal is repaid. Starting December 23, 2026, the issuer may redeem the notes early, in whole, based on a risk‑neutral valuation model, for fixed cash amounts that rise from $1,120 to $1,590 per note over 48 scheduled redemption dates. The estimated value on the pricing date is $952.40 per note, reflecting issuer funding rates and fees, and investors face risks including issuer credit risk, limited liquidity, model‑driven call risk, tax treatment as contingent payment debt instruments and the volatility of the futures‑based index.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed rate callable notes due January 9, 2031, with a stated principal amount and issue price of $1,000 per note and a fixed interest rate of 4.250% per year, paid semi-annually. The notes may be redeemed early in whole, but not in part, on semi-annual redemption dates starting January 9, 2028 at 100% of principal plus accrued interest, if a risk neutral valuation model shows redemption is economically rational for the issuer. The estimated value on the pricing date is expected to be approximately $984.00 per note, reflecting issuing, selling, structuring and hedging costs borne by investors. The notes are unsecured, subject to the credit risk of MSFL and Morgan Stanley, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering fixed rate callable notes due January 9, 2046, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, pays a fixed interest rate of 5.00% per year on a semi-annual basis, and returns principal plus accrued interest at maturity.
The issuer may redeem the notes in whole, but not in part, on semi-annual redemption dates starting July 9, 2027 at 100% of principal plus accrued interest, if a risk neutral valuation model indicates it is economically rational for them to do so. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any securities exchange and may have limited or no secondary market. The estimated value on the pricing date is expected to be about $919 per note, reflecting issuing, selling, structuring and hedging costs borne by investors and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed rate callable notes maturing on January 8, 2038. Each note has a stated principal amount and issue price of $1,000 and pays a fixed interest rate of 4.80% per year, with interest paid semi-annually on the 8th of January and July, starting July 8, 2026.
The issuer can redeem all of the notes, but not just part of them, on semi-annual redemption dates beginning July 8, 2027. A redemption occurs only if a risk neutral valuation model shows that calling the notes is economically rational for the issuer, in which case investors receive 100% of principal plus accrued interest.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange, so liquidity may be limited. The estimated value on the pricing date is expected to be approximately $950.80 per note or within $50.80 of that estimate, reflecting issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed rate callable notes due January 9, 2036. Each note has a stated principal amount and issue price of $1,000, pays a fixed interest rate of 4.600% per annum, and pays interest semi-annually on the 9th of January and July, starting July 9, 2026.
Beginning on July 9, 2027, the issuer may redeem the notes in whole on semi-annual redemption dates at 100% of principal plus accrued interest if a risk neutral valuation model indicates redemption is economically rational for the issuer. The notes are unsecured, subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, will not be listed on any securities exchange, and may have limited secondary market liquidity.
The economic terms reflect an internal funding rate and issuance, selling, structuring and hedging costs borne by investors, so the estimated value on the pricing date is expected to be approximately $955.00 per $1,000 note. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing fixed rate callable notes due July 9, 2029. Each note has a stated principal amount and issue price of $1,000, pays a fixed 4.000% per annum interest rate, with interest paid semi-annually each January 9 and July 9, starting July 9, 2026.
The notes are callable in whole, but not in part, on semi-annual redemption dates beginning July 9, 2027 at 100% of principal plus accrued interest, if a risk neutral valuation model indicates it is economically rational for the issuer to redeem. The estimated value on the pricing date is expected to be about $987 per note, reflecting internal funding rates and issuance, structuring and hedging costs borne by investors.
The notes are unsecured obligations of MSFL, subject to the credit risk of Morgan Stanley, will not be listed on any exchange, and may have limited or no secondary market. Key risks include early redemption risk, price sensitivity to interest rates and credit spreads, lack of listing, and the possibility of receiving less than the issue price if sold before maturity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing fixed rate callable notes due January 9, 2034. Each note has a stated principal amount and issue price of $1,000, pays a fixed annual interest rate of 4.450%, and pays interest semi-annually on the 9th of January and July, beginning July 9, 2026.
The issuer may redeem the notes early, in whole but not in part, on semi-annual redemption dates starting January 9, 2030 at 100% of principal plus accrued interest if a risk neutral valuation model indicates it is economically rational for the issuer. The notes are unsecured, subject to the credit risk of Morgan Stanley and MSFL, will not be listed on any securities exchange, and may trade at prices below the issue price due to fees, internal funding rates, interest rate changes, and credit spread movements.
Morgan Stanley Finance LLC is offering $271,000 of Contingent Income Auto-Callable Securities linked to the VanEck Gold Miners ETF. Each $1,000 note pays a 20.00% annual contingent coupon only when the ETF’s closing level is at or above $67.88 on the specified observation dates.
The notes may be automatically redeemed starting with the March 16, 2026 redemption determination date if the ETF closes at or above $84.85, returning the stated principal amount plus the contingent coupon for that period. If not called and, at the December 18, 2026 maturity, the ETF is at or above $67.88, investors receive full principal; if it is below that downside threshold, repayment is reduced in proportion to the ETF’s decline and can fall to zero.
All payments are subject to Morgan Stanley’s credit risk, the securities are not listed on any securities exchange or insured, and investors do not participate in any upside of the ETF. The estimated value on the pricing date is $966 per security, below the $1,000 issue price, due to offering, structuring and hedging costs and the internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $12,800,000 of Nasdaq‑100 Index®‑linked digital notes due March 25, 2027. The notes pay no interest and are unsecured, principal-at-risk obligations.
At maturity, for each $1,000 note, investors receive a fixed $1,103 (110.30% of face) if the Nasdaq‑100 final level is at least 85% of its initial level of 25,067.27. If the index has fallen by more than 15%, repayment is reduced using a buffer rate of about 117.65%, so losses accelerate below the 85% threshold and can reach a full loss of principal.
The maximum gain is therefore capped at 10.3% even if the index rises sharply, while downside beyond a 15% drop is only partially cushioned. The issue price is $1,000 per note, with an estimated value on the trade date of $983, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate. Underwriting commissions total 1.28% of face, and the notes will not be listed on any exchange, so liquidity will depend on Morgan Stanley & Co.’s secondary market making, if any.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX), maturing on December 28, 2028. Each $1,000 note may pay an 11.00% annual contingent coupon, but only when both underliers close at or above a set coupon barrier (60% of their initial levels) on scheduled observation dates.
The notes can be auto-called beginning June 22, 2026 if both SLV and GDX are at or above 95% of their initial levels, in which case holders receive principal plus that period’s coupon and no further payments. If held to maturity and both final levels are at or above their downside thresholds (also 60% of initial), investors receive full principal plus any final coupon. If either finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst underlier, potentially to zero.
The estimated value on the pricing date is about $930 per $1,000 note. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and involve additional commodity, ETF, liquidity and U.S. tax uncertainties described in detail.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performer of Lowe’s, Pfizer and Target common stocks. Each security has a $1,000 stated principal amount and pays a contingent “memory” coupon at an annual rate of 9.10%, but only when all three stocks close at or above their coupon barrier levels on the relevant observation date; missed coupons can be paid later if conditions are met.
The notes may auto-call starting June 22, 2026 if each stock is at or above its call threshold (100% of its initial level), returning principal plus the current and any previously unpaid coupons. If not called, at maturity in December 2030 investors receive principal back only if each stock is at or above its downside threshold (50% of its initial level; otherwise they lose 1% of principal for each 1% decline in the worst-performing stock, up to total loss. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of about $925.20 per $1,000.
Morgan Stanley Finance LLC is offering buffered participation securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, pays no interest and exposes investors to principal at risk. At maturity in June 2027, holders receive their principal plus 100% of any index gain, capped at a maximum payment of $1,173.50 per security. If the index is flat or down but not below 85% of the initial level, investors receive only their principal. If the index closes below the 85% buffer level, repayment is reduced dollar-for-dollar with further index declines, but not below 15% of principal. The indicative estimated value on the pricing date is approximately $990 per security, reflecting issuing, selling, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, a type of principal-at-risk structured note, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, matures on December 29, 2026, and pays no interest.
The return depends on the worst performing of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. If, on the observation date of December 23, 2026, the final level of each index is at or above 68% of its initial level, investors receive $1,000 plus a fixed $90 upside payment, a 9% gain. If any index closes below its downside threshold, investors lose 1% of principal for each 1% decline of the worst index, with no minimum repayment.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange, and may have limited secondary market liquidity. The estimated value on the pricing date is expected to be approximately $981.80 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley is offering fixed rate senior notes due December 16, 2033 with an aggregate principal amount of $1,267,000. Each note has a stated principal amount and issue price of $1,000 and pays interest at a fixed annual rate of 4.350%, with semi-annual payments on June 16 and December 16, starting June 16, 2026.
The notes are unsecured and all payments depend on Morgan Stanley’s credit; if the firm defaults, investors could lose some or all of their investment. The notes will not be listed on any securities exchange, so secondary market liquidity may be limited. The estimated value on the pricing date is $974.50 per note, below the issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The issuer will use the proceeds for general corporate purposes, and dealers typically receive a $12 sales commission per note, except for fee-based advisory accounts priced at $988 per note.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” with an auto-callable feature, linked to the worst-performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $981.20 per security.
The notes can be automatically redeemed on scheduled determination dates starting in December 2026 if all three indexes are at or above their call threshold levels, for fixed cash payments that rise over time (from $1,126 up to $1,315 per security). If the notes are not called, and on the final determination date in December 2028 each index is at or above its call threshold, investors receive $1,378 per security. If any index finishes below its call threshold but all are at or above 70% of their initial levels, investors receive only the $1,000 principal.
If at maturity any index is below 70% of its initial level, repayment is reduced 1% for each 1% decline of the worst-performing index, which can result in a significantly reduced payment or a total loss of the initial investment. The securities pay no interest, do not participate in any index gains and are unsecured obligations fully and unconditionally guaranteed by Morgan Stanley, exposing holders to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due December 27, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays no interest.
At maturity, investors receive $1,000 per note plus an upside payment if the S&P 500® Futures Excess Return Index final level is above its initial level. The upside payment equals the principal amount multiplied by a 101.50% participation rate times the index percent increase. If the final level is equal to or below the initial level, investors receive only the $1,000 principal.
The notes are unsecured obligations subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date is approximately $942 per note, reflecting issuance, selling, structuring and hedging costs and the use of an internal funding rate that is advantageous to the issuer. The notes will not be listed on any securities exchange, and secondary market liquidity may be limited.
Morgan Stanley is offering $5,252,000 of fixed-rate notes due December 18, 2035, paying 4.500% per year in U.S. dollars. Each note has a $1,000 stated principal amount and issue price, with interest paid semi-annually on June 18 and December 18, starting June 18, 2026, using a 30/360 day-count convention.
The notes are unsecured senior debt, so all payments depend on Morgan Stanley’s credit; a default could cause loss of some or all of the investment. The notes will not be listed on any securities exchange, and any secondary trading would rely mainly on Morgan Stanley & Co. as a dealer, which is not obligated to make a market.
Morgan Stanley estimates the value of each note on the pricing date at $966.20, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. Investors in fee-based advisory accounts may pay $985 per note, and selected dealers receive a $15 per-note sales commission in other accounts. Proceeds are for general corporate purposes.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due June 24, 2027, linked to the worst performer of the Utilities Select Sector SPDR Fund, the Nasdaq‑100 Index and the Russell 2000 Index, and fully and unconditionally guaranteed by Morgan Stanley.
The notes have a stated principal amount of $1,000 and offer a contingent coupon at an annual rate of 10.55%, paid only if on each observation date all three underliers are at or above their respective coupon barrier levels, set at 70% of their initial levels. Beginning June 25, 2026, the notes are callable in whole on specified redemption dates if a risk‑neutral valuation model indicates it is economically rational for the issuer to redeem, in which case investors receive $1,000 plus any due coupon and no further payments.
If not redeemed early and, at maturity, each underlier is at or above its downside threshold (also 70% of its initial level), investors receive their $1,000 principal plus any final coupon; if any underlier is below its threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The estimated value on the pricing date is approximately $983.10 per $1,000 note, the securities will not be listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income securities linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $986.50 per security, reflecting embedded issuance, structuring and hedging costs.
The notes pay a 10.60% per annum contingent coupon only when all three indices close at or above their coupon barrier levels (70% of initial levels) on the relevant observation dates. Beginning April 7, 2026, the issuer may redeem the notes early, in whole but not in part, if a risk neutral valuation model shows redemption is economically rational for Morgan Stanley. At maturity on July 7, 2028, if not previously redeemed, investors receive principal back only if each index finishes at or above its downside threshold level; otherwise the payoff is reduced 1% for each 1% decline in the worst-performing index and can be zero. All payments are subject to Morgan Stanley’s credit risk, the notes are not listed, and secondary market prices may be significantly below the $1,000 issue price.
Morgan Stanley is offering $6,906,000 of fixed rate notes due December 18, 2030, with a stated principal amount and issue price of $1,000 per note and a fixed interest rate of 4.000% per year, paid semi-annually each June 18 and December 18.
Interest starts accruing on December 18, 2025, and at maturity investors receive $1,000 per note plus any accrued and unpaid interest, subject to Morgan Stanley’s credit risk. The notes are unsecured, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.
The estimated value on the pricing date is $985.00 per note, below the issue price, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate. Dealers generally receive a $7.50 sales commission per note, except for sales into fee-based advisory accounts.
Morgan Stanley is issuing fixed rate senior notes due December 18, 2031 with an aggregate principal amount of $4,000,000. Each note has a stated principal amount and issue price of $1,000, pays a fixed annual interest rate of 4.150%, and makes semi-annual interest payments on June 18 and December 18, beginning June 18, 2026. Interest uses a 30/360 day-count convention and all payments depend on Morgan Stanley’s credit.
The notes are unsecured, not insured by any government agency, and will not be listed on any securities exchange, so secondary market liquidity may be limited. Morgan Stanley estimates the value of each note on the pricing date at $983.50, below the issue price because it includes issuing, selling, structuring and hedging costs and uses an internal funding rate. Selected dealers receive a $10 sales commission per note, except for fee-based advisory accounts where investors pay $990 per note and no sales commission is paid.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities maturing on December 24, 2030. These $1,000-denomination notes pay no interest and their payoff depends on the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index.
If, on the observation date, each index is at or above 70% of its initial level, investors receive their principal plus the greater of the index gain on the worst performer or a fixed $380 upside payment per security, equal to a 38% return. If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, and the maturity payment can be as low as zero.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited liquidity. The preliminary estimated value on the pricing date is approximately $957.60 per security, reflecting structuring and hedging costs embedded in the $1,000 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P 500® Index that mature on January 22, 2027. Each security has a stated principal amount of $1,000, pays no interest and is issued at $1,000, with an estimated value on the pricing date of approximately $990.20 per security.
At maturity, if the S&P 500 final level is above the initial level of 6,800.26, investors receive the principal plus 100% of the index gain, capped at a maximum payment of $1,097 per security (109.70% of principal. If the index is between the initial level and the buffer level of 5,440.208 (80% of the initial level), investors receive only their principal. Below the buffer, principal is reduced 1% for each 1% further decline, but not below 20% of principal.
The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, will not be listed on any exchange, may have limited secondary liquidity and include embedded issuance, structuring and hedging costs that make the economic terms less favorable than ordinary debt.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. These notes are principal-at-risk and are issued at $1,000 per security under the Series A Global Medium-Term Notes program.
Investors may receive a contingent coupon at an annual rate of 14.50%, paid on scheduled coupon payment dates only if, on the related observation date, NVIDIA’s closing level is at or above a coupon barrier set at 60% of the initial level. The notes are automatically redeemed on specified redemption determination dates if NVIDIA’s closing level is at or above 100% of the initial level, paying back the stated principal plus the applicable contingent coupon.
If the notes are not called and the final level is at or above the downside threshold, also 60% of the initial level, investors receive the full principal (plus any final coupon). If the final level is below that threshold, repayment is reduced 1% for every 1% decline in NVIDIA, and the maturity payment can be as low as zero. The estimated value on the pricing date is approximately $971.90 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income buffered securities maturing on December 29, 2028, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $975.10 per security.
Investors may receive an annual 8.50% contingent coupon, payable only if on each observation date all three indices are at or above their coupon barrier levels (75% of initial levels). Beginning June 26, 2026, the notes are callable in whole at par plus any due coupon if a risk-neutral valuation model indicates early redemption is economically rational for the issuer.
At maturity, if not redeemed and each index is at or above its 80% buffer level, investors receive full principal back plus any final coupon. If any index finishes below its buffer, repayment is reduced 1% for each 1% decline of the worst-performing index beyond the 20% buffer, subject to a minimum payment of 20% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and may offer limited or no secondary-market liquidity.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-call feature linked to the worst performer of the VanEck Semiconductor ETF (SMH) and the Consumer Staples Select Sector SPDR Fund (XLP), fully and unconditionally guaranteed by Morgan Stanley. These notes are principal-at-risk and pay no interest.
The securities can be automatically redeemed starting December 22, 2026 if on a determination date both ETFs are at or above their call thresholds (100% of initial levels). Early redemption payments step up over time, from $1,130 per $1,000 note on the first call date to $1,617.50 on the last.
If not called, maturity on December 24, 2030 pays $1,650 per note if both funds are at or above their call thresholds, only the $1,000 principal if both stay above 60% downside thresholds, and a 1:1 loss with the worst fund below its downside threshold, potentially to zero. The estimated value on the pricing date is approximately $913.30 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing principal-at-risk "Jump Securities" with an auto-callable feature linked to the worst performer of the Russell 2000® and EURO STOXX 50® indices, maturing on January 3, 2031. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of about $960.20, reflecting issuing, selling, structuring and hedging costs.
The notes pay no interest and may be automatically redeemed on scheduled determination dates if both indices are at or above their call thresholds, for early redemption payments that imply a return of about 10.75% per annum (for example, $1,026.875 on the first call date, rising to $1,510.625 on the 19th). If held to maturity and both indices stay at or above their call thresholds, investors receive $1,537.50 per security; if either index falls below its downside threshold of 75% of its initial level, repayment is reduced 1% for each 1% decline in the worst-performing index and can fall to zero.
All payments depend on the credit of MSFL and its guarantor Morgan Stanley, the securities are unsecured and not listed, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering $4,712,100 of Capped Buffer GEARS linked to the Invesco S&P 500® Equal Weight ETF, maturing December 20, 2028 and guaranteed by Morgan Stanley. Each Security has a $10 principal amount and no periodic interest or dividends.
At maturity, if the ETF’s price is higher than the $193.65 Initial Price, investors receive principal plus 2x the ETF’s gain, capped at a 30.80% Maximum Gain (maximum payment $13.08 per Security. If the ETF is flat or down but not below the $164.60 Downside Threshold (85% of Initial Price), principal is returned.
If the Final Price is below the Downside Threshold, repayment is reduced 1% for each 1% drop beyond the 15% Buffer, with up to 85% of principal at risk. The estimated value on the trade date is $9.869 per $10 Security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, not FDIC-insured, and will not be listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $15,779,000 of Digital S&P 500® Index-Linked Notes due December 13, 2027. These notes pay no interest and return at maturity depends on S&P 500® performance from the December 15, 2025 trade date to the December 9, 2027 determination date.
If the index is at least 87.50% of its initial level, investors receive a capped payout of $1,146.70 per $1,000 note (114.67% of face). If it falls more than 12.50%, repayment is reduced using a buffer rate of approximately 114.29%, and principal losses can reach 100%. The estimated value on the trade date is $976.30 per note, reflecting structuring and hedging costs. The notes are unsecured, not listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing $5,050,000 of fixed rate callable notes due December 16, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note pays a fixed 4.450% annual interest rate, with semi-annual payments on June 16 and December 16, starting June 16, 2026.
Beginning on December 16, 2029, the issuer may redeem the notes in whole on each annual redemption date at 100% of principal plus accrued interest if a risk neutral valuation model indicates that redemption is economically rational for the issuer. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any securities exchange, which may limit liquidity.
The public issue price is $1,000 per note (or $988 in fee-based advisory accounts), while the estimated value on the pricing date is $972.80 per note, reflecting issuing, selling, structuring and hedging costs borne by investors. Proceeds will be used for general corporate purposes, and the notes are not deposits, savings accounts or FDIC insured.
Morgan Stanley Finance LLC is issuing $250,000 of fixed rate callable notes due 2032, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay fixed interest of 4.450% per year, with semi-annual payments each June 17 and December 17, and return the $1,000 principal per note at maturity if not redeemed earlier. Beginning December 17, 2027, the issuer may redeem all notes on each December 17 at 100% of principal plus accrued interest if its risk neutral valuation model indicates calling is economically rational, which may occur when comparable market rates are lower. The issue price is $1,000 per note, while the estimated value on the pricing date is $979.70 because of issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, not insured by any government agency, will not be listed on an exchange and may have limited and potentially illiquid secondary trading.
Morgan Stanley Finance LLC is offering Trigger Jump Securities tied to NVIDIA Corporation stock, maturing on December 16, 2027. Each security has a $1,000 stated principal amount, with a total offering size of $3,081,000, and pays no interest.
If NVIDIA’s final share price on the valuation date is at or above the initial price of $175.02, investors receive $1,000 plus a fixed upside payment of $605, a 60.50% return. If the stock has fallen but remains at or above 90% of the initial price (a downside threshold of $157.518), the payout is $1,000. If it closes below this threshold, repayment is reduced in full proportion to the decline, and the amount can fall below $900 or to zero, meaning the entire investment can be lost.
The estimated value on the pricing date is $968.60 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on an exchange, so liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering unsecured "Jump Notes" with an auto-call feature maturing on December 15, 2028, linked to the worst performer of the VanEck Gold Miners ETF (GDX) and iShares Silver Trust (SLV). The notes are issued at $1,000 per note, in an aggregate principal amount of $1,125,000, pay no interest and guarantee repayment of the stated principal amount at maturity.
The notes are automatically redeemed with fixed payments of $1,070 on December 18, 2026 or $1,140 on December 16, 2027 if on the relevant determination date both underliers are at or above their call thresholds, with a maximum payment of $1,210 at maturity if both remain at or above threshold. Returns are capped, based on the worst-performing underlier, and investors do not participate in any upside of GDX or SLV. The estimated value on the pricing date is $963.10 per note, reflecting issuance, structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to the S&P 500® Futures Excess Return Index, maturing on December 17, 2031. Each security has a $1,000 stated principal amount and pays no interest, with an aggregate principal amount of $1,147,000. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are subject to the issuers’ credit risk.
At maturity, if the index level is above the initial level of 557.16, investors receive principal plus a leveraged upside payment based on a 186% leverage factor. If the final level is between the initial level and the downside threshold level of 334.296 (60% of the initial level), investors receive only the principal. If the final level falls below the downside threshold, repayment is reduced in full proportion to the index decline and can be zero, so investors may lose their entire investment.
The estimated value on the pricing date is $926.90 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs and the internal funding rate. The securities will not be listed on any exchange, and any secondary market making by Morgan Stanley & Co. LLC may be limited and at prices below the issue price. The product involves complex risks, including market, liquidity, tax and structural risks, and differs from a direct investment in the underlying index or in ordinary debt securities.
Morgan Stanley Finance LLC is offering $4,279,000 of Enhanced Buffered Jump Securities, issued at $1,000 per note and fully guaranteed by Morgan Stanley. These notes pay no interest and return at maturity depends on the S&P 500® Futures Excess Return Index.
If the index finishes above 140% of its initial level, investors receive principal plus a $400 upside payment and 323% leveraged exposure to gains above that threshold. If the final level is between 85% and 140% of the initial level, investors receive principal plus the $400 upside payment. Below 85%, principal is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal.
The notes mature on December 17, 2031, are unsecured and not listed on any exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $964.20 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities, principal-at-risk notes maturing on January 15, 2027, linked to the worst performer of the Russell 2000®, S&P 500® and Nasdaq-100® Technology Sector indices. Each security has a $1,000 stated principal amount and pays no interest. The total offering size is $366,000, with an estimated value on the pricing date of $972.50 per security.
At maturity, if the final level of each index is at or above its buffer level (85% of its initial level), holders receive $1,000 plus a fixed upside payment of $104, a 10.40% return, regardless of how high the indices rise above the buffer. If any index finishes below its buffer, the payoff is reduced dollar-for-dollar with the decline of the worst-performing index beyond the 15% buffer, but not below a minimum payment of 15% of principal. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not listed on any exchange, and expose investors to issuer credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering $4,365,000 of Trigger Performance Leveraged Upside Securities (Trigger PLUS), principal-at-risk notes with a $1,000 stated principal amount per security due December 17, 2030. The notes are linked to the S&P 500® Futures Excess Return Index and are fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and do not guarantee a return of principal. If the index rises above the initial level of 557.16, investors receive principal plus a leveraged upside payment based on a 183% leverage factor. If the final level is at or below the initial level but at or above the downside threshold of 334.296 (60% of the initial level), investors receive only principal. Below the threshold, repayment falls 1% for each 1% index decline and can be zero. The securities are not listed, carry issuer credit risk, and had an estimated value on the pricing date of $960.40 per security.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes linked to the iShares MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with a total aggregate principal amount of $105,000 and an issue price of $1,000 per security. The notes pay no interest and do not guarantee any return of principal.
At maturity on December 15, 2028, if the ETF’s final level is above the initial level of $96.50, investors receive $1,000 plus a leveraged upside payment of 110% of the ETF’s gain. If the final level is between 80% and 100% of the initial level (at or above the downside threshold of $77.20), investors receive only their $1,000 principal. If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the ETF, and the amount repaid can be zero.
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 $939.10 per security, reflecting costs and an internal funding rate that are favorable to the issuer.
Morgan Stanley Finance LLC is offering $6,036,000 of partial principal at risk notes linked to the SPDR® Gold Trust, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, a December 17, 2025 original issue date and matures on December 31, 2026, with the final level of the underlier observed on December 28, 2026.
The notes pay no interest. At maturity, holders receive $1,000 plus 100% of any appreciation in the SPDR® Gold Trust, capped at a maximum payment of $1,122.50 per note, or 112.25% of principal. If the underlier is flat, investors receive $1,000. If it declines, principal is lost 1% for every 1% drop, but not below a partial principal return amount of 95%, or $950 per note. The initial level is $395.44 and the estimated value on the pricing date is $983.70 per note, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. 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 Enhanced Buffered Jump Securities linked to the S&P 500® Index with an aggregate principal amount of $10,386,000, issued at $1,000 per security. These notes pay no interest and do not guarantee return of principal. At maturity on December 31, 2026, if the S&P 500® final level is at or above the buffer level of 5,803.299 (85% of the initial level of 6,827.41), investors receive their principal plus a fixed upside payment of $70.50 per security, a 7.05% gain.
If the final level is below the buffer, investors lose 1.1765% of principal for every 1% decline beyond the 15% buffer with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is $985.70 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’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 is issuing $100,000 of Buffered PLUS notes due June 17, 2031, unsecured principal-at-risk securities linked to the S&P 500® Index and fully guaranteed by Morgan Stanley. Each note has a $1,000 issue price and pays no interest.
At maturity, if the index is above the initial level of 6,827.41, holders receive $1,000 plus 150% of the index gain, capped at a maximum payment of $1,556.50 per note. If the index is between 90% and 100% of the initial level, investors receive only the $1,000 principal. If the index closes below the 90% buffer level of 6,144.669, principal falls 1% for each 1% decline beyond the 10% buffer, with a minimum payment of 10% of principal.
The securities’ estimated value on the pricing date is $950 per note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed on any exchange, secondary trading may be limited, and returns depend on both Morgan Stanley’s credit and the S&P 500® performance, with U.S. federal tax treatment described as uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes tied to the lowest performer of the SPDR® Gold Trust (GLD), iShares® Silver Trust (SLV) and iShares® Bitcoin Trust ETF (IBIT), maturing on January 4, 2028. Each note has a $1,000 principal amount and offers principal repayment at maturity, subject to Morgan Stanley’s credit risk, plus upside based on at least 100% participation in any positive return of the lowest-performing ETF.
The notes pay no interest and are sold at $1,000 with a current estimated value of about $946.90 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. They will not be listed on an exchange, and any secondary market making by affiliates is discretionary. Investors are exposed to credit risk of Morgan Stanley, market and liquidity risks, and specific risks related to gold, silver and bitcoin, including high volatility, limited IBIT trading history and potential regulatory, operational and security issues in digital asset markets.
Morgan Stanley Finance LLC is offering $8.208 million of GS stock-linked Contingent Income Auto-Callable Securities due December 15, 2028, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent quarterly coupon at a 10.00% annual rate (about $25 per $1,000) only if Goldman Sachs’ share price on the relevant determination date is at or above 70% of the $887.96 initial share price ($621.572 downside threshold). If on any of the first eleven determination dates the stock closes at or above the initial share price, the notes are automatically redeemed for $1,000 plus that period’s coupon.
If the notes are not called and the final share price is at or above the 70% downside threshold, investors receive $1,000 plus the last coupon at maturity; if it is below, repayment of principal falls one-for-one with the stock, potentially to zero. The securities are unsecured, will not be listed on an exchange, and are priced at $1,000 with an estimated value of $968 per note, reflecting embedded fees and issuer funding economics.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering 2-year Trigger Jump Securities linked to the common stock of Netflix, Inc. Each security has a $1,000 stated principal amount, pays no interest and is a principal-at-risk note.
At maturity on December 16, 2027, investors receive: $1,455 per security (principal plus a fixed $455 upside payment, or 45.50%) if the Netflix share price on the valuation date is at or above the initial price of $95.19; $1,000 if the share price is below the initial price but at or above the downside threshold of $85.671 (90% of the initial price); or $1,000 × the share performance factor if the share price falls below that level, which can result in a payment of less than $900 and down to zero.
The issue price is $1,000 per security, with an estimated value on the pricing date of $963.60 and an aggregate principal amount of $2,446,000. The securities are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk and will not be listed on any securities exchange.