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 Enhanced Trigger Jump Securities linked to the worst performer of the S&P 500 Index and Russell 2000 Index. Each note has a $1,000 stated principal amount within a $1,700,000 aggregate issuance, pays no interest and matures on February 19, 2027.
At maturity, if the final level of each index is at or above 75% of its initial level, investors receive $1,000 plus a fixed upside payment of $114.50
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market. The estimated value on the pricing date is $994.10 per note, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering $3,938,000 of Buffered Jump Securities with an auto-call feature maturing on December 16, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to an equally weighted basket of AbbVie, Eli Lilly, Regeneron, Vertex, and UnitedHealth stocks.
The notes may be automatically redeemed on December 31, 2026 if the basket level on the first determination date is at or above 100% of the initial level, paying an early redemption amount of $1,120.50 per $1,000 and ending further payments. If held to maturity and not called, investors get 125% of any positive basket return, full principal back if the final level is between 85% and 100% of the initial level, and lose about 1.1765% of principal for each 1% basket decline below the 15% buffer. The securities pay no interest, are unsecured, not listed on an exchange, and had an estimated value of $959.50 per security on the pricing date, reflecting embedded fees and issuer funding assumptions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $865,000 of Buffered Jump Securities linked to the Nasdaq-100 Index®. These unsecured, principal-at-risk notes pay no interest and may be automatically called on December 18, 2026 if the index on the first determination date is at or above the 25,776.44 call threshold, in which case investors receive $1,097.50 per $1,000 and no further payments.
If not called, the notes mature on December 14, 2028. At maturity, investors receive $1,000 plus 165% of any index gain if the index finishes above 25,776.44, only $1,000 if the index is between 87.50% and 100% of that level, and a reduced amount if it falls below the buffer level, with a minimum payment of 12.50% of principal. The estimated value on the pricing date is $983.30 per note, below the $1,000 issue price, and secondary market liquidity and pricing may be limited. All payments depend on Morgan Stanley’s credit and the notes are not FDIC insured.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, a type of principal-at-risk structured note, due January 15, 2027. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an aggregate principal amount of $755,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and are linked to the worst performing of Apple, Microsoft and NVIDIA common stocks. If, on the observation date of January 12, 2027, the final level of each stock is at or above 80% of its initial level, investors receive their $1,000 principal plus a fixed upside payment of $192.50, a 19.25% return. If any stock finishes below its 80% buffer level, maturity payment is reduced 1% for each 1% decline of the worst performer beyond the 20% buffer, but not below a minimum payment of 20% of principal.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market. The issuer’s estimated value on the pricing date is $966.80 per security, reflecting embedded issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $4.305 million of Contingent Income Auto-Callable Securities due December 16, 2027 linked to the iShares Bitcoin Trust ETF (IBIT). Each note has a $1,000 stated principal amount and an issue price of $1,000, but the estimated value on the pricing date is $965.50, reflecting embedded fees and hedging costs.
The notes pay a contingent quarterly coupon at 18.39% per year (about $45.975 per quarter per $1,000) only if IBIT’s “determination closing price” is at or above the downside threshold of $38.40, which is 75% of the initial share price of $51.20, on the relevant observation date. Missed coupons can be paid later if the threshold is met, but may never be received.
The notes are auto-callable quarterly from March 12, 2026: if IBIT is at or above the initial share price on a redemption determination date, investors receive principal plus the current and any unpaid coupons and the notes terminate. If not called and at maturity IBIT is below the downside threshold, repayment of principal is reduced 1-for-1 with IBIT’s decline, and the payment can be zero. Investors face full principal risk, no upside participation, bitcoin and ETF-specific risks, Morgan Stanley credit risk, and limited liquidity, and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC is offering $3.79 million of Contingent Income Auto-Callable Securities due December 15, 2028, linked to Citigroup Inc. common stock and fully guaranteed by Morgan Stanley. Each $1,000 security can pay a contingent quarterly coupon at a 10.81% annual rate when Citigroup’s stock is at or above 70% of the $111.80 initial share price. The notes can be automatically called on any of the first eleven quarterly determination dates if the stock is at or above the initial price, returning principal plus that period’s coupon. If held to maturity and the final share price is at or above the 70% downside threshold, investors receive principal plus the last coupon; if it is below that level, repayment is reduced one-for-one with the stock’s decline and can fall to zero, meaning full loss of principal. The estimated value on the pricing date is $973.60 per $1,000 note, reflecting embedded costs, and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered Jump Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an aggregate principal amount of $2,267,000 and a price of $1,000 per security. The notes pay no interest and are automatically callable from December 15, 2026 if the index is at or above the call threshold of 1,019.961 (90% of the initial level 1,133.29), with step‑up early redemption payments starting at $1,121.50 and rising to $1,597.375 per security.
If not called, and the final index level on December 12, 2030 is at or above the call threshold, investors receive $1,607.50 per security. If the final level is between the buffer level of 963.297 (85% of initial) and the call threshold, 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 securities are unsecured, unlisted, subject to Morgan Stanley’s credit risk, carry selling commissions of $42.50 per security, and have an estimated value on the pricing date of $905.50.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable securities due December 24, 2030 with a stated principal amount of $1,000 per security. The notes are unsecured, principal-at-risk securities linked to the worst-performing of four stocks: NVIDIA, Block, Palantir Technologies and Chipotle Mexican Grill.
Investors may receive a 20.00% per annum contingent coupon, paid on scheduled coupon dates only if on each observation date every stock closes at or above its coupon barrier, set at 60% of its initial level. Starting with the December 21, 2026 redemption determination date, the notes are automatically redeemed at par plus the coupon if each stock is at or above its call threshold of 100% of its initial level.
If the notes are not redeemed early, principal is repaid at maturity if each stock finishes at or above its downside threshold (60% of initial) or any stock is at or above its initial level. Otherwise, investors lose 1% of principal for each 1% decline in the worst-performing stock, potentially losing their entire investment. The estimated value on the pricing date is about $949.10 per $1,000 note, the securities will not be listed on an exchange, all payments depend on Morgan Stanley’s credit, and the tax treatment, especially for non-U.S. holders, is described as uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the EURO STOXX 50® and S&P 500® indices. Each $1,000 security can pay a contingent coupon at 8.50% per year, but only if on each observation date both indices are at or above 80% of their initial levels; missed coupons may be paid later if this condition is later met.
The notes are auto-callable: if on any redemption determination date both indices are at or above 100% of their initial levels, investors receive the $1,000 principal plus the applicable contingent coupon and any previously unpaid coupons, and the notes terminate early. If the notes are not redeemed early, maturity repayment depends on index performance. If on the final observation date both indices are at or above 80% of their initial levels, investors receive $1,000 plus any due coupons; otherwise, principal is reduced 1% for each 1% decline in the worst-performing index, which can result in a full loss.
The preliminary estimated value on the pricing date is approximately $974.70 per $1,000, reflecting dealer compensation, structuring and hedging costs and an internal funding rate advantageous to the issuer. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and any secondary market making by Morgan Stanley & Co. LLC may be limited and at prices below the issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,008,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500, Russell 2000 and EURO STOXX 50 indices, maturing on December 15, 2028. The notes pay a quarterly contingent coupon at a 9.50% per annum rate (about $0.2375 per $10 note) only if on each Observation Date all three indices are at or above their Coupon Barriers, set at 75% of their Initial Underlying Values. Starting March 12, 2026, the notes are automatically called if all three indices are at or above their initial levels, returning principal plus that period’s coupon.
If the notes are not called and, at final observation, any index is below its Downside Threshold (also 75% of its initial level), repayment is reduced 1-to-1 with the decline of the worst-performing index, and investors can lose most or all of principal. The issue price is $10 per note, while the estimated value on the trade date is $9.657, reflecting structuring and hedging costs and an internal funding rate. The securities are unsecured, unsubordinated obligations, not listed on any exchange, and carry full issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering $9,102,190 of Trigger Autocallable Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index. Each unsecured, $10 note has a 5-year term, is fully and unconditionally guaranteed by Morgan Stanley, and pays no interest.
Starting about one year after issuance, the notes are automatically called on any quarterly Observation Date if both indices close at or above their Initial Underlying Values (2,551.457 for the Russell 2000 and 6,827.41 for the S&P 500). If called, investors receive $10 plus a fixed Call Return based on a 10.10% per annum Call Return Rate, rising over time up to 50.500% ($15.0500 per $10 note) if called at maturity.
If never called and at least one index finishes below its Downside Threshold (2,041.166 for the Russell 2000 and 5,461.93 for the S&P 500, each 80% of its initial level), repayment is $10 × (1 + the Underlying Return of the Least Performing Underlying), which can mean a substantial or total loss of principal. Investors do not participate in any upside of the indices. The estimated value on the trade date is $9.661 per $10 note, after a $0.25 per-note sales commission.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $9,494,000 of 5‑year Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nasdaq‑100 Index® and the EURO STOXX 50® Index. Each note has a $10 issue price and offers a contingent coupon at a 7.75% per annum rate, paid quarterly only if both indexes close at or above their coupon barriers, set at 70% of their initial levels (17,637.71 for the Nasdaq‑100 and 4,004.50 for the EURO STOXX 50).
Beginning June 12, 2026, the notes are automatically called if both indexes are at or above their initial values, returning principal plus the applicable coupon, with no further payments. If not called, and on the final observation date in 2030 both indexes are at or above their downside thresholds (the same 70% levels), investors receive full principal back plus the final coupon. If either index finishes below its downside threshold, repayment is reduced one‑for‑one with the loss of the worst index, and investors can lose all principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and have an estimated value of $9.70 per $10 note, reflecting structuring and distribution costs borne by investors.
Morgan Stanley Finance LLC is offering $3,156,200 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index® and the EURO STOXX 50® Index, maturing December 17, 2030 unless called earlier. Each $10 Security pays a 9.75% per annum contingent coupon (about $0.24375 quarterly) only if on an Observation Date both indices are at or above their Coupon Barriers, set at 70% of their Initial Underlying Values (17,637.71 for the Nasdaq-100 and 4,004.50 for the EURO STOXX 50).
Starting June 12, 2026, the notes are automatically called if both indices are at or above their Initial Underlying Values, in which case investors receive $10 plus the applicable coupon and the product terminates. If not called, and at final observation both indices are at or above their Downside Thresholds (equal to the Coupon Barriers), investors receive $10 plus the final coupon; otherwise, repayment is reduced one-for-one with the loss of the worst-performing index and could be zero.
The Securities are unsecured, unsubordinated debt of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the trade date of $9.931 per $10 issue price. They will not be listed on any exchange, may have limited liquidity, and expose investors to both market risk of the indices and the credit risk of Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $6,000,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index® and Russell 2000® Index, maturing on December 14, 2028. Each $10 note pays a contingent coupon at an annual rate of 8.40% (about $0.21 per quarter) only if, on a quarterly Observation Date, both indices close at or above their Coupon Barriers, set at 70% of their Initial Underlying Values (17,980.68 for the Nasdaq-100 and 1,813.424 for the Russell 2000). From June 11, 2026 onward, the notes are automatically called if both indices are at or above their initial levels, returning principal plus that quarter’s coupon with no further payments.
If the notes are not called and either index finishes below its Downside Threshold (also 70% of its initial level) on the Final Observation Date, repayment is reduced 1‑for‑1 with the decline in the least performing index, and investors can lose all principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may trade below the $10 issue price; the estimated value on the trade date is $9.752 per note, reflecting embedded fees, internal funding rates and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $6,000,000 of Capped Buffer GEARS linked to the Russell 2000® Index, maturing on February 17, 2027. Each Security has a $10 principal amount and a 14‑month term.
At maturity, if the index is above its initial level, investors receive $10 plus 1.25 times the index gain, capped at a Maximum Gain of 15.00%, or $11.50 per Security. If the index is flat or down but no more than 10% below its initial level, investors receive their $10 principal. If the index has fallen more than 10%, repayment is reduced 1% for each 1% decline beyond the 10% buffer, with up to 90% loss of principal.
The Securities pay no interest or dividends, are unsecured obligations subject to Morgan Stanley’s credit risk, and will not be listed on an exchange. The estimated value on the trade date is $9.757 per Security versus the $10 issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC is offering $600,000 of Dual Directional Buffered PLUS, principal-at-risk notes due December 15, 2028, fully and unconditionally guaranteed by Morgan Stanley. These securities pay no interest and return at maturity depends on the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index.
If that worst index ends above its initial level, holders receive $1,000 per security plus 103% of its gain. If it ends below its initial level but not below 80% of that level (the buffer), investors receive a positive return equal to the index’s percentage decline, capped at a 20% gain. If the worst index falls below the buffer, principal is reduced 1% for each 1% drop beyond 20%, with a minimum payment of 20% of principal.
The issue price is $1,000 per security, while the issuer’s estimated value on the pricing date is $964.30, reflecting embedded costs and an internal funding rate. The notes will not be listed on an exchange, may have limited liquidity, and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing structured notes called Buffered PLUS, linked to the S&P 500 Futures Excess Return Index and guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with a total offering of $2,702,000, and pays no interest.
At maturity in December 2031, holders receive $1,000 plus 207% of any index gain if the final index level is above the initial level of 557.16. If the index is flat or down but not below 85% of the initial level (the buffer), investors get back only the $1,000 principal. If the index falls below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal (for example, a 95% drop in the index would pay $200).
The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited liquidity. The estimated value on the pricing date is $963.30 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on December 27, 2030. Each security has a $1,000 stated principal amount and pays no interest.
The notes can be automatically called starting December 24, 2026 if the index is at or above 84% of its initial level on a determination date, for fixed cash payments that start at $1,120 and step up to $1,590 per $1,000. If not called, and the final index level is at or above the 84% call threshold, investors receive $1,600 at maturity. If the final level is between 50% and 84% of the initial level, only principal is returned. Below 50%, repayment is reduced one-for-one with the index decline and can fall to zero.
The underlier uses leveraged E‑Mini S&P 500 futures exposure, targets 40% volatility and applies a 4.0% per annum decrement, which structurally drags performance. The index began on August 30, 2024; earlier data are hypothetical. The securities are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit, and their estimated value on the pricing date is approximately $899.70 per $1,000.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $420,000 of principal-at-risk Buffered Jump Securities with an auto-call feature linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and a five-year term maturing on December 17, 2030, with no periodic interest payments.
The notes may be automatically redeemed as early as December 2026 if the index closes at or above a 90% call threshold, paying scheduled early redemption amounts that target roughly 14.00% per annum. If held to maturity and not called, investors receive $1,700 per security if the final index level is at or above the call threshold, $1,000 if it is between the 80% buffer level and the threshold, and a loss of 1% of principal for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal.
The securities are unsecured obligations with an estimated value on the pricing date of $923.80 per $1,000, reflecting embedded structuring and hedging costs and an internal funding rate advantageous to the issuer. They will not be listed on any exchange, secondary liquidity may be limited, and returns depend on the performance of a complex, leveraged, volatility-targeting index with a 4% per annum decrement and very limited live history.
Morgan Stanley Finance LLC is issuing Trigger PLUS structured notes linked to the iShares MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at $1,000 per security, with an aggregate principal amount of $460,000, and mature on December 15, 2028.
The notes pay no interest and do not guarantee return of principal. If the ETF finishes above the initial level of $96.50, investors receive principal plus 129% of the ETF’s gain. If the final level is between 80% and 100% of the initial level, investors receive only principal. Below the $77.20 downside threshold, repayment is reduced 1% for each 1% decline, and losses can reach 100% of the investment.
The securities are unsecured and subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited liquidity. The estimated value on the pricing date is $960.30 per security, below the issue price, reflecting structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $1,321,000 of Contingent Income Auto-Callable Securities due December 15, 2028 linked to the common stock of Danaher Corporation. Each security has a $1,000 principal amount and offers a contingent quarterly coupon at an annual rate of 10.75% (about $26.875 per quarter) only if Danaher’s stock on the relevant determination date is at or above the downside threshold price of $181.064, which is 80% of the $226.33 initial share price.
If on any of the first eleven determination dates Danaher’s stock is at or above the initial share price, the notes are automatically redeemed for the stated principal plus that period’s coupon, ending further payments. If the notes are not redeemed early and the final share price is at or above the downside threshold, investors receive principal plus the final coupon at maturity. If the final share price is below the downside threshold, repayment of principal is reduced one-for-one with the stock’s decline, and the maturity payment can be significantly less than principal or zero.
The notes are principal-at-risk, unsecured obligations, not listed on any exchange, and investors do not participate in any stock price appreciation or receive Danaher dividends. The original issue price of $1,000 per security exceeds the issuer’s estimated value of $965.40 on the pricing date, reflecting embedded costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income securities due December 28, 2028, linked to the worst performer of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each $1,000 security can pay a contingent coupon at an annual rate of 8.90%, but only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels.
Beginning June 25, 2026, the notes may be redeemed early at par plus any due coupon if a risk neutral valuation model indicates that redemption is economically rational for the issuer. At maturity, if not redeemed and each index is at or above its downside threshold (also 70% of its initial level), investors receive $1,000 plus any final coupon. If any index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $960.20 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities due December 24, 2030 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes are unsecured and pay a 9.30% per annum contingent coupon only if, on each observation date, the index is at or above 60% of its initial level; otherwise no coupon is paid for that period.
Starting June 22, 2026, the notes are automatically redeemed if the index closes at or above 90% of its initial level on a redemption determination date, returning principal plus the applicable coupon, with no further payments. If the notes are not called and, on the final observation date, the index is at or above 60% of its initial level, investors receive full principal back; if it is below 60%, repayment is reduced 1% for every 1% index decline and can fall to zero.
The estimated value on the pricing date is approximately $909.90 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes will not be listed on any exchange, are subject to Morgan Stanley’s credit risk, and reference a relatively new, leveraged, volatility-targeted index with a 4.0% per annum decrement.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of about $924.30 per security.
The notes pay a contingent coupon at 14.85% per year, but only when the index is at or above a barrier set at 75% of the initial level on scheduled observation dates; missed coupons can be “remembered” and paid later if the barrier is met. The securities are automatically callable starting in late 2026 if the index is at or above its initial level.
If not called, at maturity in December 2030 investors receive full principal only if the index is at or above a downside threshold of 60% of the initial level; otherwise repayment is reduced one-for-one with the index decline and can fall to zero. The notes are unsecured, not listed, subject to Morgan Stanley’s credit risk, and reference a relatively new, leveraged, 4% decrement index with limited live history and complex tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable securities due January 3, 2028 linked to the common stock of NVIDIA Corporation. These notes do not guarantee the return of principal and pay no regular interest.
Investors may receive a contingent coupon at 9.50% per annum, but only for periods when NVIDIA’s closing level on the relevant observation date is at or above a coupon barrier set at 50% of the initial level. The notes may be automatically redeemed on scheduled redemption dates if NVIDIA’s closing level is at or above a call threshold equal to 100% of the initial level, paying back principal plus the applicable coupon and ending all future payments.
If the notes are not called and NVIDIA’s final level on December 29, 2027 is at or above the 50% downside threshold, investors receive principal back (plus any final coupon if conditions are met. If the final level is below that threshold, repayment is reduced 1% for every 1% decline in the stock and can fall to zero. The estimated value on the pricing date is approximately $965.10 per $1,000 note, reflecting structuring and hedging costs and the issuer’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 is offering principal-at-risk contingent income auto-callable securities due June 25, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of three ETFs: the SPDR® S&P® Biotech ETF (XBI), the Energy Select Sector SPDR® Fund (XLE) and the Technology Select Sector SPDR® Fund (XLK).
Investors may receive a 10.50% per annum contingent coupon, paid only if on each observation date the closing level of every ETF is at or above its coupon barrier level, set at 70% of its initial level. The securities can be automatically redeemed on quarterly redemption determination dates starting June 22, 2026 if all ETFs are at or above their call thresholds (100% of initial levels), returning principal plus the applicable coupon.
If the notes are not called, and on the final observation date each ETF is at or above its downside threshold (60% of initial level), investors receive full principal back plus any final coupon. If any ETF finishes below its downside threshold, repayment is reduced in proportion to the decline of the worst performer, and the maturity payment can be zero. The estimated value on the pricing date is approximately $977.50 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 offering principal-at-risk structured notes tied to the Class A common stock of Robinhood Markets, Inc. The securities can pay a contingent coupon at an annual rate of 17.00%, but only on dates when Robinhood’s share price is at or above a preset coupon barrier; missed coupons may be paid later if the stock recovers above that barrier.
The notes are “memory” auto-callable: if on any scheduled redemption determination date the stock closes at or above a call threshold, the notes are automatically redeemed early for the principal plus the current and any previously unpaid contingent coupons, and no further payments are made. If the notes are not called and, at maturity in December 2030, Robinhood’s stock is at or above a downside threshold, investors receive back principal plus any due coupons. If the stock is below that downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero, so investors may lose their entire investment. The estimated value on the pricing date is approximately $939 per $1,000 note, reflecting issuer costs and internal funding assumptions, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering partial principal at risk notes linked to the performance of the SPDR® Gold Trust. Each note has a stated principal amount and issue price of $1,000, matures on January 7, 2027, and pays no interest.
At maturity, if the SPDR Gold Trust has risen from its initial level, investors receive $1,000 plus 100% of the underlier’s gain, capped at a maximum payment of at least $1,122 per note, or 112.20% of principal. If the final level equals the initial level, investors receive $1,000. If the underlier falls, investors lose 1% of principal for each 1% decline, but payments will not drop below the partial principal return amount of 95% of the stated principal amount.
The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $982.30 per note. They will not be listed on any exchange, secondary liquidity may be limited, and returns are subject to both gold price volatility and Morgan Stanley’s credit risk. U.S. holders are generally expected to treat the notes as contingent payment debt instruments for tax purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Buffered Jump” securities linked to an equally weighted basket of AbbVie, Eli Lilly, Regeneron, Vertex and UnitedHealth stocks. Each note has a stated principal amount and issue price of $1,000, while the estimated value on the pricing date is approximately $958.70 per security.
The notes may be automatically redeemed on January 7, 2027 if the basket level on the first determination date is at least 100% of its initial level, paying at least $1,120 per security and ending the investment early. If not called, at maturity on December 23, 2027 investors receive upside at a 125% participation rate if the basket has risen, full principal back if the final level is between 85% and 100% of the initial level, and a leveraged loss of about 1.1765% for each 1% decline beyond the 15% buffer if it falls below 85%. There is no minimum payment at maturity, the securities will not be listed, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Jump Securities due December 22, 2028, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. The notes pay no interest and do not guarantee repayment of principal.
Starting with the first determination date on December 23, 2026, the securities are automatically redeemed if the index closes at or above 90% of its initial level, paying fixed early redemption amounts that correspond to an annualized return of about 19.50%. If held to maturity and not called, investors receive $1,585 per $1,000 security if the final index level is at or above the 90% call threshold, only principal back if it is between the 90% call threshold and the 80% downside threshold, and a proportional loss if it falls below 80%, potentially losing the entire investment.
The estimated value on the pricing date is approximately $898.10 per $1,000 security, reflecting issuer costs and internal funding rates. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed income buffered auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on January 16, 2031. Each $1,000 security pays a fixed coupon at an annual rate of 6.85% to 7.85%, with monthly coupon payments.
The notes can be automatically redeemed starting January 13, 2027 if the index closes at or above 100% of its initial level, returning the stated principal plus the coupon for that period. If held to maturity and the final index level is at or above the 85% buffer level, investors receive full principal back plus the final coupon. Below the buffer, principal is reduced 1% for every 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal.
The securities are unsecured and subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and have an estimated value on the pricing date of approximately $922.30 per $1,000 security due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities linked to the Class A common stock of Palantir Technologies Inc. Each security has a stated principal amount of $1,000 and matures on December 27, 2030, with principal fully at risk.
The notes pay a contingent coupon at an annual rate of 15.25%, but only if Palantir’s closing price on a given observation date is at or above a coupon barrier set at 65% of the initial level; missed coupons can be "remembered" and paid later if the barrier is met. The securities are automatically redeemed early if the stock closes at or above a call threshold of 110% of the initial level on specified redemption determination dates, returning principal plus any due coupons.
If the notes are not called and the final stock level is at or above a downside threshold of 50% of the initial level, investors receive full principal back (plus any payable coupons). If the final level is below that 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 $937.60 per security, the notes will not be listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Buffered Auto-Callable Securities due January 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
Each security has a $1,000 stated principal amount and may pay a contingent coupon at an annual rate of 10.00% to 11.00%, but only when the index closes at or above a 70% coupon barrier on scheduled observation dates; missed coupons can be paid later if the barrier is met. The notes can be automatically redeemed starting January 12, 2027 if the index is at or above 100% of its initial level, returning principal plus due coupons.
At maturity, if the notes have not been auto-called and the index is at or above an 85% buffer level, investors receive full principal; below that, they lose 1% of principal per 1% index decline beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $903.30 per $1,000 security, and investors face issuer credit risk, limited liquidity, complex tax treatment and the possibility of losing a significant portion of their investment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Buffered Jump Securities linked to the S&P 500® Index that pay no interest and put principal at risk. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $986.40, reflecting issuing, selling, structuring and hedging costs borne by investors.
At maturity on January 7, 2027, if the S&P 500® final level is at or above the 85% buffer level, investors receive $1,000 plus an upside payment of at least $70 per security. If the final level falls below the buffer, investors lose about 1.1765% of principal for every 1% decline beyond the 15% buffer, with no minimum payment, so the entire investment can be lost. The securities are unsecured, will not be listed on any exchange, and their value and liquidity depend on Morgan Stanley’s credit and secondary market conditions.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due January 3, 2028, linked to the common stock of Salesforce, Inc. Each security has a stated principal amount of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley, but principal is at risk.
The notes pay a contingent coupon at an annual rate of 8.50% only if Salesforce’s closing level on an observation date is at or above a coupon barrier set at 65% of the initial level. The notes are automatically redeemed if, on a redemption determination date starting March 30, 2026, the stock closes at or above 100% of the initial level, paying principal plus the applicable coupon.
If the notes are not called and the final level is at or above the 65% downside threshold, investors receive principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced 1% for every 1% decline in the stock, which can result in a total loss. The estimated value on the pricing date is approximately $965.30 per $1,000 note, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered Performance Leveraged Upside Securities linked to the iShares MSCI EAFE ETF, maturing on December 20, 2029. Each security has a stated principal amount of $1,000 and pays no interest. At maturity, if the ETF finishes above its initial level, holders receive $1,000 plus 150% of the fund’s gain, capped at a maximum payment of $1,677.50 per security. If the final level is between the initial level and the 85% buffer level, investors receive only their $1,000 principal. Below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, but not below a minimum of 15% of principal. The indicative estimated value on the pricing date is approximately $991.80 per security, reflecting embedded costs, and the notes will not be listed on an exchange, with secondary liquidity depending mainly on Morgan Stanley & Co.
Morgan Stanley Finance LLC is issuing $1,307,000 of Buffered PLUS, $1,000 principal-at-risk notes linked to the S&P 500® Futures Excess Return Index, maturing on December 17, 2030 and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and offer 173.50% leveraged upside if the index finishes above the initial level of 557.16. If the final level is between 80% and 100% of the initial level, investors receive only the $1,000 principal. Below the 80% buffer level of 445.728, principal is reduced 1% for every 1% additional index decline, with a minimum payment of 20% of principal; for example, a 95% index decline would return $250.
The estimated value on the pricing date is $964.20 per $1,000 note, lower than the issue price because it includes issuing, selling, structuring and hedging costs and reflects an internal funding rate. The notes will not be listed on an exchange, secondary liquidity may be limited, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on January 9, 2031. Investors receive a contingent coupon at an annual rate of 10.00% to 11.00% only when the index closes at or above a 70% coupon barrier on scheduled observation dates, with missed coupons potentially paid later if conditions are met.
The notes are auto-callable starting January 2027 if the index is at or above 100% of its initial level, returning principal plus the due coupon and any unpaid coupons, with no further payments afterward. At maturity, if not redeemed early, investors receive full principal only if the final index level is at or above an 85% buffer level; below that, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $904.90 per $1,000 note, 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 offering fixed income buffered auto-callable securities due January 9, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. The notes are unsecured, principal-at-risk obligations issued at $1,000 per security.
The securities pay a fixed coupon between 6.85% and 7.85% per year, with monthly coupon payments, and may be automatically redeemed starting January 2027 if the index closes at or above 100% of its initial level, returning principal plus the coupon for that period. If held to maturity and the final index level is at or above 85% of the initial level, investors receive full principal back; below that 15% buffer, principal is reduced 1% for each 1% decline beyond the buffer, but not below 15% of principal. The estimated value on the pricing date is about $924.10 per $1,000 security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering S&P 500®-linked Buffered Participation Securities maturing on December 16, 2027. Each note has a $1,000 stated principal amount, with a total offering size of $1.508 million, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest. At maturity, investors get their principal plus 100% of any S&P 500® gain, but returns are capped at a maximum payment of $1,156 per security (115.60% of principal). A 20% downside buffer applies: if the index ends between 80% and 100% of its initial level of 6,827.41, principal is returned; below 80%, investors lose 1% of principal for each 1% further decline, but not less than 20% of principal.
The estimated value on the pricing date is $968.80 per security, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on January 9, 2031. The notes do not pay interest and may be automatically redeemed as early as January 11, 2027 if the index closes at or above a call threshold level, with early redemption payments designed to correspond to approximately 17.10% to 18.10% per annum. If held to maturity and not called, investors receive a fixed positive return of $1,855.00 to $1,905.00 per $1,000 security if the final index level is at or above the call threshold, only principal back if the final level is between the buffer level and the threshold, and a loss of 1% for each 1% decline below the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $907.00 per $1,000 security, reflecting structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s credit and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-callable feature due January 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley.
Each $1,000 principal-at-risk note pays no interest and may be automatically redeemed starting January 13, 2027 if the index closes at or above 90% of its initial level, for cash payments that imply about 12.30% to 13.30% per annum depending on the call date.
If the notes are not called, maturity repayment depends on the final index level: investors receive $1,615.00 to $1,665.00 per security if the index is at or above the call threshold, only principal back if it is at or above an 85% buffer level, and a 1% loss of principal for each 1% decline beyond the 15% buffer, subject to a minimum payout of 15% of principal.
The estimated value on the pricing date is approximately $905.50 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate. The securities are unsecured, not listed on any exchange, and carry market, index, liquidity, tax and Morgan Stanley credit risks, including the possibility of losing a significant portion of the investment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” linked to the S&P 500® Index, maturing on December 22, 2027. The notes pay no interest and are unsecured obligations. They are automatically redeemed on January 4, 2027 if the S&P 500 closing level on December 30, 2026 is at or above the initial level, paying at least $1,087.50 per $1,000 note.
If not called and the final index level is at or above the initial level, holders receive $1,000 plus the greater of a $175 upside payment or 100% of the index gain. If the final level is between 70% and 100% of the initial level, only principal is returned. Below 70%, repayment is reduced 1% for each 1% index decline, and loss can reach the entire investment. The estimated value on the pricing date is about $981.10 per note, dealer compensation is $15 per $1,000, the notes will not be listed, and investors face market, liquidity, tax and Morgan Stanley credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $761,000 of Jump Securities with auto-callable features linked to the Russell 2000 Index and EURO STOXX 50 Index. Each security has a $1,000 stated principal amount and issue price, with dealers receiving a $25 sales commission per security and proceeds to the issuer of $741,975. The securities pay no interest and do not guarantee principal repayment.
The notes may be automatically redeemed starting on December 21, 2026 if both indices are at or above their call thresholds (100% of initial levels), for early redemption payments that rise from $1,120 to $1,570 per security, reflecting about 12% per annum. If held to maturity on December 17, 2030 and both indices are at or above their call thresholds, investors receive $1,600 per security; if both stay above their downside thresholds (80% of initial levels) but a call is never triggered, repayment is limited to principal.
If at maturity either index finishes below its downside threshold, the payoff is reduced 1% for each 1% decline in the worst-performing index, which can reduce the payment to zero. The estimated value on the pricing date is $959.90 per security, the notes are unsecured, subject to Morgan Stanley’s credit risk and will not be listed on any securities exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,000 principal-at-risk Buffered Jump Securities maturing on January 9, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The estimated value on the pricing date is approximately $905.60 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate.
The notes pay no interest. They are auto-callable from January 6, 2027 onward: if on any determination date (before maturity) the index closes at or above 90% of its initial level, investors receive an early redemption payment corresponding to about 12.30%–13.30% per annum and the notes terminate. If held to maturity and the final index level is at or above the 90% call threshold, investors receive a fixed payment of $1,615 to $1,665.
If the final level is below the call threshold but at or above the 85% buffer level, investors receive only their $1,000 principal. Below the buffer, repayment is reduced 1% for each 1% further decline, with a minimum payment of 15% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and secondary market prices may be significantly below the issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” due November 29, 2027 linked to the worst performer among the Utilities Select Sector SPDR Fund (XLU), the Technology Select Sector SPDR Fund (XLK) and the Russell 2000 Index (RTY). Each note has a $1,000 stated principal amount and does not pay interest.
Starting with the first determination date on March 23, 2026, the notes are automatically called if all three underliers are at or above 95% of their initial level, paying an early redemption amount that implies roughly 9% per year, from $1,022.50 up to $1,165.00 depending on the call date. If not called, and at final observation every underlier is at or above its call threshold, investors receive $1,172.50 per note; if any is below its call threshold but all are at or above 70% of initial, only principal is returned. If any underlier finishes below 70% of its initial level, repayment is reduced 1% for each 1% decline of the worst underlier and can fall to zero.
The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited liquidity. The estimated value on the pricing date is approximately $965.20 per note, below the $1,000 issue price due to embedded costs and internal funding assumptions, and the U.S. federal tax treatment involves uncertainty.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $13,353,000 of Jump Securities with an auto-call feature linked to the S&P 500 Index and the Nasdaq-100 Index. Each security has a $1,000 principal amount, an issue price of $1,000, and an estimated value on the pricing date of $996.80.
The notes may be automatically redeemed on December 21, 2026 for $1,190 per security if, on the first determination date, each index is at or above 115% of its initial level. Otherwise, they continue to maturity on November 15, 2030, with payoff based on the worst-performing index. If both final index levels are above their initial levels, holders receive principal plus a 155% participation in the gain of the worst performer. If either index finishes below its 80% downside threshold, principal is reduced 1% for each 1% decline of the worst performer, potentially to zero.
The securities pay no interest, expose holders to full downside of the worst index below the threshold, carry issuer and guarantor credit risk, may trade below issue price, and are not listed on any exchange, so liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,734,000 of Callable Contingent Income Securities due November 17, 2027, linked to the worst performer of the S&P 500® Index, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index.
The notes pay a contingent coupon at an annual rate of 9.30% only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. Morgan Stanley may redeem the securities early, in whole, on specified redemption dates if a risk neutral valuation model indicates it is economically rational for the issuer to do so, after the first redemption date of March 17, 2026.
At maturity, if not previously redeemed, investors receive the $1,000 principal per security only if each index is at or above its downside threshold (also 70% of initial). If any index is below its threshold, the payoff is reduced 1% for each 1% decline of the worst performer, and the payment can fall to zero. The estimated value on the pricing date is $969.50 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on January 16, 2031. The securities can pay a contingent coupon at an annual rate of 11.35% to 12.35%, but only when the index closes at or above 80% of its initial level on scheduled observation dates; missed coupons can be paid later if conditions are met.
The notes are auto-callable starting January 12, 2027 if the index is at or above 100% of its initial level on any redemption determination date, returning principal plus the current and any unpaid coupons, with no further payments. At maturity, if not redeemed early, investors receive full principal only if the final index level is at or above 85% of the initial level; below that buffer, principal is reduced 1% for each 1% additional decline, with a minimum payment of 15% of principal.
The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange and may have limited liquidity. The estimated value on the pricing date is approximately $901.10 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities linked to the worst performer of the Nasdaq-100, Dow Jones Industrial Average and Russell 2000, fully guaranteed by Morgan Stanley and maturing on January 5, 2029. Investors may receive a 7.50% per annum contingent coupon, paid only if on each observation date all three indices are at or above their respective coupon barrier levels, set at 70% of initial levels.
The notes can be automatically called on scheduled redemption determination dates starting July 2026 if all indices are at or above their call thresholds, set at 100% of initial levels, paying principal plus the applicable coupon and then terminating. If not called, and at maturity any index finishes below its downside threshold (also 70% of its initial level), the payoff is reduced 1% for every 1% decline of the worst-performing index, which can lead to a total loss of principal.
The estimated value on the pricing date is approximately $964.10 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, may have limited liquidity, and involve complex tax and small-cap exposure considerations.