Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due July 10, 2028, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $885,000 and a stated principal amount of $1,000 per security. The notes are linked to the worst performing of the Nasdaq-100 Index, the S&P 500 Index and the State Street SPDR S&P Regional Banking ETF. Investors may receive a contingent coupon at 10.40% per annum, payable only if on each observation date all underliers are at or above their respective coupon barrier levels, set at 70% of initial levels. The notes are auto-callable quarterly starting November 5, 2026 if all underliers are at or above their call thresholds, set at 100% of initial levels, in which case investors receive principal plus the applicable coupon. If held to maturity without early redemption, full principal is returned only if each underlier’s final level is at or above its downside threshold, set at 65% of initial levels; otherwise, the payoff is reduced 1% for every 1% decline in the worst performer, potentially to zero. The estimated value on the pricing date is $973.90 per security, below the $1,000 issue price, reflecting embedded costs and issuer economics, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk notes tied to the worst performer of Eli Lilly (LLY) and Johnson & Johnson (JNJ), maturing on August 16, 2029 and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and an estimated value on the pricing date of about $953.30, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes may be automatically called on August 17, 2027 if both stocks are at or above their starting prices, paying at least $1,312 per $1,000 face amount and then terminating. If not called, maturity payments depend on the lowest-performing stock: investors get 150% of its upside if it finishes above its starting price; a contingent absolute return for declines up to 40%, capped at face plus $400; and full downside exposure beyond a 40% decline, with losses that can reach the entire principal. The securities pay no interest, offer no principal protection, are subject to Morgan Stanley’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering 1,617,000 Leveraged Index Return Notes at $10 principal per unit, fully and unconditionally guaranteed by Morgan Stanley, for total public offering proceeds of $16.17 million. The notes mature on August 11, 2031, have a term of approximately five years, and pay no periodic interest.
The notes are linked to an approximately equally weighted basket of three price return indices: the EURO STOXX 50, the Nikkei Stock Average, and the Swiss Market Index, with a Basket Starting Value of 100.00. Investors receive 207.92% leveraged upside if the basket’s Ending Value is at or above the Starting Value, and 1‑to‑1 downside exposure if it is below, putting up to 100% of principal at risk. The initial estimated value is $9.574 per unit, below the $10 issue price, reflecting structuring, distribution and hedging costs. The notes are senior unsecured obligations of MSFL, subject to the credit risk of both MSFL and Morgan Stanley, and will not be listed; secondary market liquidity is expected to be limited.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes linked to the common stock of Micron Technology, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount, pays no interest and matures on February 8, 2028.
At maturity, if the arithmetic-average final Micron level on five January–February 2028 observation dates is at or above the downside threshold level of $456.225 (55% of the $829.50 initial level), investors receive $1,000 plus a fixed upside payment of $596.80, a 59.68% return, regardless of how far the stock has risen. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level ÷ initial level), producing a 1-for-1 loss with the stock and potentially a zero payoff.
The aggregate principal amount is $550,000, the issue price is $1,000 per security, and the issuer’s estimated value on the pricing date is $980.30, reflecting embedded issuance, structuring and hedging costs. The notes are subject to Morgan Stanley’s credit risk, have no minimum payment at maturity and may be illiquid, with secondary trading expected, if at all, primarily through an affiliate.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities due August 19, 2027, linked to the Class A common stock of Meta Platforms, Inc., and fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and do not guarantee return of principal.
Each security has a $1,000 stated principal amount and issue price, within a total offering of $500,000. If the final Meta stock level on the August 16, 2027 observation date is at or above the buffer level of 80% of the initial level, investors receive $1,000 plus a fixed upside payment of $167.40, regardless of how far the stock has risen above the buffer. If the final level is below the buffer, payment is reduced by 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the entire investment can be lost.
The initial level is $590.24 and the buffer level is $472.192. The estimated value on the pricing date is $985.20 per security, reflecting issuing, selling, structuring and hedging costs borne by investors. The securities are subject to Morgan Stanley’s credit risk, limited liquidity, complex U.S. tax treatment and potential conflicts of interest from affiliates acting as calculation agent and in hedging and distribution.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Notes due August 7, 2031, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $557,000 at $1,000 per note. The notes are linked to the worst performing of Johnson & Johnson, Altria Group, Inc. and The Procter & Gamble Company common stocks.
Investors may receive a contingent coupon at 8.25% per annum, paid monthly only when the closing level of each underlier is at or above its coupon barrier (80% of its initial level). The notes are automatically redeemable monthly from August 4, 2027 onward if all underliers are at or above their call thresholds (100% of initial levels), in which case investors receive principal plus the applicable coupon and no further payments.
If not called, at maturity investors receive the stated principal amount, plus the final contingent coupon if all underliers are at or above their coupon barriers. The notes do not participate in any stock price appreciation and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $967.50 per note, lower than the issue price, and the notes will not be listed on any securities exchange.
Morgan Stanley Finance LLC is offering $52,640,000 in Digital S&P 500® Index-Linked Notes due February 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and is an unsecured, principal-at-risk obligation.
The payoff depends on the S&P 500® Index level on February 1, 2028 versus the initial level of 7,736.52. If the final level is at least 90% of the initial level, investors receive the capped Maximum Settlement Amount of $1,133.10 per $1,000 note (113.31% of face value. If the index falls more than 10%, principal is reduced using a Buffer Rate of about 111.11%, and investors can lose up to their entire investment.
The public issue price is $1,000 per note, including $10.90 in selling commissions, with issuer proceeds of $989.10 per note. The issuer’s estimated value on the trade date is $986.90, reflecting issuance, structuring and hedging costs. The notes are not listed, may have limited liquidity, are subject to Morgan Stanley’s credit risk and carry complex market, valuation and tax risks highlighted in the risk factor discussion.
Morgan Stanley Finance LLC is offering digital notes linked to the VanEck Gold Miners ETF (GDX), fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest, is not principal protected, and is expected to mature in about 13–15 months.
At maturity, if the ETF’s final level is at least 82.50% of its initial level, investors receive a fixed Maximum Settlement Amount expected between $1,171.20 and $1,200.80 per $1,000 (117.12%–120.08% of face). If the ETF falls more than 17.50%, repayment is reduced using a leverage factor of about 1.2121, and investors can lose up to all principal.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk, will not be listed, and may have limited or no secondary market. The original issue price is $1,000, including a selling concession of 0.95%; the issuer’s estimated value on the trade date is about $981.60 per note, reflecting issuance, structuring and hedging costs built into the price.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due August 7, 2031, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $500,000 and a price of $1,000 per security. The notes pay no interest and are linked to the worst performing of the EURO STOXX 50® Index and the Nikkei Stock Average.
At maturity, investors receive leveraged upside if the worst performing index ends above its initial level, with a 187.50% leverage factor. If the worst performer is below its initial level but at or above its 60% buffer level, investors receive a positive return equal to the absolute decline, capped at a 40% maximum gain. If the worst performer falls below its buffer, principal is lost 1% for each 1% drop beyond the 40% buffer amount, but not below a 40% minimum payment of principal.
The notes are principal-at-risk, unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, with an estimated value on the pricing date of $975.30 per security, below the issue price due to issuing, selling, structuring and hedging costs. Liquidity may be limited, market value can be volatile, and tax treatment is uncertain, with potential adverse outcomes versus the issuer’s preferred characterization as prepaid financial contracts.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature due August 7, 2031, linked to the S&P 500® Futures Excess Return Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,313,000.
The notes may be automatically redeemed on August 10, 2027 for $1,200 per security if the underlier on August 5, 2027 is at or above 661.281 (107% of the 618.02 initial level). If not called, at maturity investors receive the principal plus an upside payment based on a 265% participation rate if the final level exceeds the initial level, only principal if the final level is between 75% and 100% of the initial level, or a proportional loss (down to zero) if the final level is below 463.515 (75% of the initial level).
The securities do not guarantee any principal, pay no interest, and all payments depend on Morgan Stanley’s and MSFL’s credit. The estimated value on the pricing date is $972.60 per $1,000, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering market-linked notes due August 7, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per note and an aggregate principal amount of $681,000. The notes pay no interest and return at least principal at maturity, subject to the issuer’s and guarantor’s credit risk.
The payoff is linked to the S&P 500® Futures Excess Return Index. If the final index level exceeds the initial level of 618.02, investors receive principal plus an upside payment equal to 151% of the index gain; otherwise they receive only principal. The estimated value on the pricing date is $976.20 per note, below the issue price, reflecting issuance, structuring and hedging costs and a comparable yield of 5.1040% per annum. The notes are unsecured, not listed on any exchange, may have limited secondary liquidity, and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes.
Morgan Stanley Finance LLC is offering structured Jump Notes with Auto-Callable Feature due August 15, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays no periodic interest. The return is linked to the worst performing of Berkshire Hathaway Inc. Class B common stock, NVIDIA Corporation common stock and Oracle Corporation common stock.
The notes are automatically redeemed on August 17, 2027 if, on the August 12, 2027 determination date, the closing level of each underlier is at or above its call threshold level (100% of its initial level). In that case, investors receive an early redemption payment of $1,305 per note, and no further payments are made. If the notes are not called and, on August 12, 2030, the final level of each underlier is above its initial level, the payment at maturity equals $1,000 plus an upside payment equal to 125% of the percentage gain of the worst performing underlier. If the final level of any underlier is at or below its initial level, the payment at maturity is limited to the $1,000 principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments are subject to their credit risk. The estimated value on the pricing date is approximately $955.90 per note, reflecting issuance, selling, structuring and hedging costs. The notes will not be listed on any securities exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering principal at risk Market Linked Securities with a face amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley and linked to an unequally weighted basket of five foreign equity indices. The basket weights are EURO STOXX 50 Index 40%, Nikkei Stock Average 25%, FTSE 100 Index 17.5%, Swiss Market Index 10% and S&P/ASX 200 Index 7.5%.
The notes are auto‑callable on August 19, 2027 if the basket level is at or above the starting level, paying a call amount of at least $1,104 (a minimum 10.40% return) and then terminating. If not called, at the August 17, 2029 maturity investors receive: the face amount plus 150% of any positive basket return; the face amount if the basket decline does not exceed the 10% buffer; or a reduced amount if the basket falls more than 10%, with up to 90% loss of principal possible.
The price to the public is $1,000 per security, including agent commissions of up to $25.75, for net proceeds of $974.25 to the issuer. The estimated value on the pricing date is approximately $960.40 per security (within $45 of that estimate), reflecting issuing, selling, structuring and hedging costs. The notes pay no interest or dividends, may have limited or no secondary market, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Step-Down Jump Securities with Auto-Callable Feature due August 30, 2029, linked to the worst performer of the EURO STOXX 50® Index and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no coupons.
The notes may be automatically redeemed on scheduled determination dates if each index closes at or above its applicable call threshold, for fixed early redemption payments that correspond to an approximate 10.75% per annum return. If not redeemed and, at maturity, both indices are at or above their upside threshold levels (90% of initial levels), investors receive $1,322.50 per security; if both are at or above 70% downside thresholds but one is below its upside threshold, only principal is returned. If either index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $965.60 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering $125,641,000 of Capped Leveraged S&P MidCap 400® Index-Linked Notes due November 8, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and is principal at risk.
At maturity, investors receive $1,000 plus 300% of any positive index return, capped at a Maximum Settlement Amount of $1,194.10 per $1,000 note, equivalent to a maximum gain of about 19.41%. If the S&P MidCap 400® Index falls versus the Initial Underlier Level of 3,868.41, principal is reduced one-for-one with index losses and can be lost entirely. The Cap Level is 4,118.696127, or 106.47% of the initial level.
The notes are unsecured, unsubordinated obligations of MSFL, guaranteed by Morgan Stanley, and all payments are subject to their credit risk. The estimated value on the trade date is $985.60 per note, below the $1,000 issue price due to issuance, selling, structuring and hedging costs. The notes will not be listed on any exchange, may have limited secondary liquidity, and proceeds will be used for general corporate purposes and related hedging.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities due August 16, 2029, linked to the Class A common stock of Nextpower Inc. Each security has a stated principal amount and issue price of $1,000.
Investors may receive a 26.45% per annum contingent coupon, paid only if the underlier’s closing level on an observation date is at or above a coupon barrier set at 55% of the initial level. The notes are auto-callable from February 12, 2027; if on any redemption determination date the underlier is at or above the 100% call threshold, investors receive $1,000 plus the contingent coupon and the notes terminate.
At maturity, if not previously redeemed and the final underlier level is at or above the same 55% downside threshold, investors receive $1,000 plus any final contingent coupon. If the final level is below the downside threshold, repayment is reduced proportionally to the underlier’s decline, potentially to zero. The estimated value on the pricing date is about $933.10 per $1,000 note, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due August 17, 2029, linked to the common stock of Micron Technology, Inc., and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, but principal is at risk and not guaranteed.
Investors may receive a 30.00% per annum contingent coupon, paid only if Micron’s closing level on each observation date is at or above a coupon barrier set at 50% of the initial level. The notes are subject to automatic early redemption on specified dates if the stock closes at or above a call threshold equal to 100% of the initial level, in which case holders receive $1,000 plus the applicable coupon and no further payments.
If the notes are not called and the final level is at or above the downside threshold (50% of the initial level), investors receive $1,000 plus any final coupon; if below, repayment is reduced in proportion to the stock’s decline, potentially to zero. All payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $957.90 per $1,000 security, reflecting issuance, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering zero-coupon Jump Notes with an auto-call feature due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured and all payments depend on Morgan Stanley’s credit.
The notes are linked to the worst performing of AMD, Alphabet Class A and Meta Class A. On August 29, 2028, if the closing level of each stock is at least 90% of its initial level, the notes are automatically redeemed for $1,400 per $1,000 note, and no further payments are made. If not called, then at maturity investors receive the $1,000 principal plus an upside payment equal to 125% of the percentage gain of the worst-performing stock if all three final levels exceed their initial levels; otherwise they receive only the $1,000 principal.
The notes pay no interest, will not be listed on any exchange and may have limited secondary liquidity. The estimated value on the pricing date is approximately $933.20 per note, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. For U.S. tax purposes, the issuer intends to treat the notes as contingent payment debt instruments, requiring accrual of taxable interest income over the life of the notes.
Morgan Stanley Finance LLC is issuing principal at risk structured notes linked to the Class C common stock of Dell Technologies Inc., fully and unconditionally guaranteed by Morgan Stanley, maturing on September 2, 2027. Each security has a $1,000 face amount.
At maturity, if Dell’s ending stock price is at least the threshold price, set at 60% of the starting price, investors receive $1,000 plus a contingent fixed return of at least 40% of face (at least $400 per security), regardless of how much the stock has risen. If the ending price is below the threshold, the payoff becomes $1,000 plus $1,000 times the underlying return, giving 1‑to‑1 downside exposure to Dell’s share decline and potentially resulting in a loss of more than 40%, up to total loss of principal.
The price to the public is $1,000 per security, with agent commissions of $23.25 and proceeds to the issuer of $976.75 per security. Morgan Stanley estimates the initial value at about $947 per security. The notes pay no interest, provide no Dell dividends or voting rights, are subject to Morgan Stanley’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Trigger Autocallable Contingent Yield Notes linked to United Parcel Service, Inc. Class B shares, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $10 principal amount, an approximate 1-year term, and principal is at risk.
The notes pay a 9.75% per annum contingent coupon (about $0.24375 per quarter) only if UPS closes at or above the Coupon Barrier of $70.01 (65% of the $107.70 Initial Price) on the relevant Observation Date. Starting November 5, 2026, the notes are automatically called if UPS closes at or above the Initial Price, returning principal plus that period’s coupon.
If not called, and the Final Price is at or above the Downside Threshold of $70.01 on August 9, 2027, investors receive principal plus the final coupon. If the Final Price is below the Downside Threshold, repayment is $10 × (1 + Share Return), exposing investors to a proportional loss of principal, potentially to zero. The estimated value on the trade date is approximately $9.809 per $10 note, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor, principal-at-risk structured notes linked to the iShares MSCI Emerging Markets ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee any return of principal.
At maturity on August 10, 2029, if the ETF’s final level is above its initial level, investors receive $1,000 plus 150% of the ETF’s gain, capped at a maximum payment of $1,581 per security (158.10% of principal). If the final level is at or below the initial level but at or above the 80% buffer level, investors receive only the $1,000 principal. If the final level falls below the buffer, investors lose 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the entire investment can be lost.
The original issue price includes structuring and hedging costs, so the estimated value on the pricing date is $969.80 per security. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Buffered PLUS notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and matures on September 5, 2031.
At maturity, if the index is above its initial level, investors receive principal plus 187% of the index gain. If the index is between the initial level and the buffer level (70% of initial), investors receive only principal. Below the 70% buffer, investors lose 1% of principal for each 1% further index decline, but not below 30% of principal.
The estimated value on the pricing date is approximately $970.70 per $1,000 security, reflecting issuing, selling, structuring and hedging costs. Payments depend entirely on Morgan Stanley’s and MSFL’s credit, market value may be volatile and illiquid, and U.S. tax treatment is described as a prepaid financial contract with meaningful uncertainty.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature due August 19, 2031, linked to the Russell 2000® Index, and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an issue price of $1,000, but principal is at risk and no periodic interest is paid.
The notes may be automatically redeemed on August 26, 2027 if, on the August 23, 2027 determination date, the index is at or above the call threshold, paying an early redemption amount of $1,125 per security and terminating further payments. If held to maturity and the final index level is above the initial level, investors receive $1,000 plus an upside payment equal to 125% of the index gain. If the final level is at or below the initial level but at or above 75% of the initial level, only the $1,000 principal is repaid. If the final level is below 75% of the initial level, investors lose 1% of principal for each 1% index decline, up to a total loss of principal.
The estimated value on the pricing date is approximately $959.10 per security, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. Payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the securities may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor notes linked to the State Street® Consumer Discretionary Select Sector SPDR® ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest, and matures on August 10, 2029.
At maturity, if the ETF’s final level is above its initial level, holders receive principal plus 150% of the ETF’s price appreciation, capped at a maximum payment of $1,431 per security (143.10% of principal). If the final level is between the initial level and the 80% buffer level, investors receive only the $1,000 principal. Below the buffer, losses are magnified: investors lose 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $972.70 per security, below the $1,000 issue price, reflecting structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, offer limited upside due to the cap, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee return of principal.
At maturity in August 2031, if the index is above its initial level, investors receive principal plus a leveraged upside based on a 186.36% leverage factor. If the index is at or below the initial level but at or above the 90% buffer level, investors receive only principal. Below the buffer, losses increase at a 1.1111% rate for each 1% decline beyond the 10% buffer, with no minimum payment and potential loss of the entire investment.
The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is approximately $955.80 per security, reflecting issuance, selling, structuring and hedging costs and a rate advantageous to the issuer. Secondary market liquidity and pricing may be limited and influenced primarily by Morgan Stanley & Co. LLC.
Morgan Stanley Finance LLC is offering auto-callable Jump Notes due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. The unsecured notes are linked to the worst performing of Alphabet Class A, Meta Class A and NVIDIA common stock and pay no interest.
Each note has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $936.80. On August 29, 2028, if each underlier’s closing level is at least 90% of its initial level, the notes are automatically redeemed for an early redemption payment of $1,282 per note and then terminate.
If not called, at maturity investors receive $1,000 plus an upside payment equal to $1,000 × 125% × the percentage increase of the worst performing underlier, provided the final level of each underlier exceeds its initial level; otherwise only principal is repaid. The notes will not be listed, secondary liquidity may be limited, all payments are subject to Morgan Stanley’s credit risk, and U.S. holders are expected to treat the notes as contingent payment debt instruments for tax purposes.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the iShares® Semiconductor ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon at 15.57% per annum, but only if the ETF’s closing level on an observation date is at or above the coupon barrier level, set at 50% of the initial level. Missed coupons may be paid later if the barrier is subsequently met; otherwise they are forfeited.
The notes are auto-callable on specified dates starting February 8, 2027 if the ETF is at or above the call threshold of 100% of the initial level, returning principal plus the applicable coupon and any previously unpaid coupons. If not called, at maturity on August 10, 2028 investors receive principal back only if the final level is at or above the downside threshold of 50% of the initial level. Below that level, repayment is reduced in proportion to the ETF’s decline, and the amount can fall to zero. The estimated value on the pricing date is approximately $970.20 per $1,000, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and U.S. tax treatment is uncertain, with potential 30% withholding on coupons for many non-U.S. holders.
Morgan Stanley Finance LLC is issuing contingent income auto‑callable principal-at-risk securities linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is scheduled to mature on August 9, 2029.
Investors may receive a 23.00% per annum contingent coupon, paid only if the underlier’s closing level on an observation date is at or above the coupon barrier level of $54.135 (50% of the initial level). The notes are auto‑callable at the stated principal amount plus the coupon if, on any redemption determination date starting February 5, 2027, the stock is at or above the call threshold level of $108.27, equal to the initial level.
If not called, and the final level on August 6, 2029 is at or above the downside threshold level of $54.135, investors receive full principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced in proportion to the stock’s decline, and the payment at maturity can fall to zero. The estimated value on the pricing date is approximately $937.80 per security, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs. Payments depend on Morgan Stanley’s and MSFL’s credit, and the issuer warns of limited or no secondary market, high volatility in the underlier, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured structured notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, have a stated principal amount of $1,000 per security, and mature on September 10, 2027, with a single observation date on September 7, 2027.
If the S&P 500® final level is at or above the downside threshold level of 6,565.018 (85% of the initial level of 7,723.55), investors receive $1,000 plus a fixed upside payment of $97.60, a 9.76% return. If the final level is below the threshold, repayment equals $1,000 multiplied by the performance factor (final level divided by initial level), producing a 1% loss of principal for each 1% index decline and potentially zero repayment.
The issue price is $1,000, with agent’s commissions up to $10.42 per $1,000 and an estimated value on the pricing date of approximately $986.40 per security. The securities are subject to Morgan Stanley’s credit risk, offer no principal protection, may have limited or no secondary market liquidity, and involve complex tax and structural considerations.
Morgan Stanley Finance LLC is offering $3,459,000 of Capped Leveraged Buffered Basket-Linked Notes due December 3, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and are linked to a weighted equity basket: EURO STOXX 50® (40%), Tokyo Stock Price Index (25%), FTSE® 100 (17%), Swiss Market Index® (11%) and S&P®/ASX 200 (7%). The initial basket level is 100; investors receive 180% of any positive basket return, capped at a Maximum Settlement Amount of $1,202.14 per $1,000 face amount, corresponding to a Cap Level of 111.23% of the initial basket level. A 15% downside buffer applies: if the basket falls no more than 15%, investors receive par; below an 85% Basket Level, losses accelerate at a Buffer Rate of approximately 117.65%, and all principal can be lost. The notes are unsecured obligations, not listed on any exchange, with an estimated value on the trade date of $994.90 per $1,000, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities, unsecured notes linked to the S&P 500® Index and fully guaranteed by Morgan Stanley. The notes pay no interest and do not guarantee return of principal.
At maturity on September 10, 2027, if the S&P 500® final level is at or above the downside threshold level of 5,792.663 (75% of the initial level of 7,723.55), holders receive the $1,000 principal plus a fixed upside payment of $78 (7.80%), regardless of how much the index has risen. If the final level is below the threshold, the payoff equals $1,000 multiplied by the performance factor (final/initial level), implying a 1% principal loss for each 1% index decline with no minimum payment; the entire investment can be lost.
The issue price is $1,000 per security, including agent fees of up to $10.42, while the estimated value on the pricing date is approximately $986.40, reflecting issuance, structuring and hedging costs and issuer credit spreads. The securities are subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and involve uncertain U.S. federal income tax treatment, including the risk of debt characterization and potential future changes in tax rules.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, due September 10, 2027, linked to the ordinary shares of ASML Holding N.V. Each note has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley. All payments depend on Morgan Stanley’s and MSFL’s credit.
At maturity, if the ASML closing level on September 7, 2027 is at or above the downside threshold level of $1,271.1687 (75% of the $1,694.8916 initial level), investors receive $1,000 plus a fixed $334.10 upside payment, a 33.41% return regardless of how much the stock has risen above the threshold. If the final level is below the threshold, repayment is fully exposed to downside: investors receive $1,000 multiplied by the performance factor (final level ÷ initial level), losing 1% of principal for each 1% decline, with no minimum payment and potential loss of the entire investment.
The issue price is $1,000 per note, including selling, structuring and hedging costs; the estimated value on the pricing date is approximately $981.80 per note. Agent’s compensation is up to $10.42 per $1,000, and the minimum ticket size is $10,000. The notes are unsecured, illiquidity is possible, and their U.S. tax treatment as prepaid financial contracts is subject to uncertainty.
Morgan Stanley Finance LLC is offering market linked structured securities with a $1,000 face amount per note, fully and unconditionally guaranteed by Morgan Stanley, linked to the lowest performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices and maturing on August 19, 2027.
At maturity, if the lowest performing index is at or above its 79% threshold level, investors receive $1,000 plus a contingent fixed return of at least 13.35% ($133.50 per note). If that index finishes below its threshold, repayment is $1,000 plus 1‑for‑1 exposure to its negative return, so losses exceed 21% and can reach the entire principal. The notes pay no periodic interest or dividends, have limited liquidity, and all payments depend on Morgan Stanley’s credit. The initial estimated value is about $983.60 per $1,000 note, reflecting embedded costs.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due September 10, 2027, linked to the worst-performing of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are issued at $1,000 per security, with an aggregate principal amount of $709,000.
At maturity, if each underlier’s final level is above its initial level, investors receive principal plus 150% of the worst underlier’s gain, capped at a maximum payment of $1,333 per security. If either underlier finishes at or below its initial level but both remain at or above the 90% buffer level, investors receive only principal. If either underlier falls below its buffer, repayment is reduced 1% for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is $991.50 per security, and all payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities linked to the common stock of Netflix, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, total offering size of $600,000, and matures on August 19, 2027.
The notes pay no interest and do not guarantee return of principal. If Netflix’s final stock level on the August 16, 2027 observation date is at or above the 85% buffer level, investors receive $1,000 plus a fixed upside payment of $192.60 (19.26%). 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 investment can lose all principal. The initial level is $73.33, buffer level $62.331, and the estimated value on the pricing date is $984.70 per security. All payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is offering $1,015,000 of Contingent Income Memory Auto-Callable Securities due August 8, 2028, linked to the worst performer of Bank of America, Citigroup and JPMorgan Chase common stocks, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay an 11.00% per annum contingent coupon only if on each observation date all three stocks are at or above their coupon barrier levels, set at 60% of their initial levels; missed coupons can be paid later if conditions are subsequently met. The securities are automatically redeemed at par plus due and unpaid contingent coupons if, on any redemption determination date from November 3, 2026 onward, all underliers are at or above their 100% call threshold levels.
If not redeemed early and any final stock level is below its 60% downside threshold, principal is reduced 1% for every 1% decline of the worst-performing stock, potentially to zero. The estimated value on the pricing date is $978.10 per $1,000 note, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing principal at risk Participation Securities due August 7, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest and offer exposure to the best performing of three underliers: the STOXX® Europe 600 Index, the MSCI EAFE® Index and the S&P 500® Futures Excess Return Index.
At maturity, if the best performing underlier’s final level is above its initial level, investors receive the $1,000 stated principal amount plus an upside payment equal to 100% of that appreciation. If the best performing underlier’s final level is equal to or below its initial level, the payout equals $1,000 multiplied by its performance factor, producing a 1% loss of principal for every 1% decline, with no minimum payment and potential total loss of principal.
The issue price is $1,000 per security, with an aggregate principal amount of $1,000,000 and an estimated value on the pricing date of $922.70 per security, reflecting issuance, structuring and hedging costs borne by investors. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and there may be limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering $509,000 of Trigger PLUS principal-at-risk notes, issued at $1,000 per security and fully and unconditionally guaranteed by Morgan Stanley, linked to a basket of equity indices and maturing on August 7, 2031.
The basket has an initial level of 100 and consists of the MSCI EAFE Index (25%), MSCI Emerging Markets Index (10%) and S&P 500 Futures Excess Return Index (65%). If the final basket level is above the initial level, investors receive principal plus a leveraged upside payment equal to 196.70% of the positive basket return. If the final level is at or below the initial level but at or above the downside threshold level of 80, investors receive only principal back. If the final level is below 80, repayment is principal multiplied by the performance factor, with losses of 1% of principal for each 1% basket decline and no minimum payment, so the entire investment can be lost.
The notes pay no interest, are unsecured obligations of MSFL subject to Morgan Stanley credit risk, and have an estimated value on the pricing date of $977.80 per security, below the issue price due to issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 10, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security. These principal-at-risk notes are linked to the worst performing of three ETFs: State Street Energy Select Sector SPDR ETF (XLE), iShares MSCI Emerging Markets ETF (EEM) and State Street SPDR S&P Regional Banking ETF (KRE).
The notes pay a contingent coupon at 18.10% per annum, only if on each observation date the closing level of every underlier is at or above its coupon barrier, set at 75% of its initial level. At maturity, if the notes are not earlier redeemed and each final underlier level is at or above its downside threshold (70% of initial), investors receive principal back plus any final coupon; otherwise, repayment is reduced 1% for each 1% decline of the worst underlier, potentially to zero.
The issuer may redeem the notes in whole on scheduled redemption dates starting November 13, 2026, but only if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. The estimated value on the pricing date is approximately $977.50 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. Payments depend on Morgan Stanley’s credit and the securities are not bank deposits or FDIC insured. Tax treatment is complex, with U.S. counsel viewing them as prepaid financial contracts with associated coupons, but with acknowledged uncertainty, especially for non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $550,000 of Market Linked Securities linked to the ARK Genomic Revolution ETF, each with a $1,000 face amount and maturing on August 8, 2029. The securities pay a contingent coupon at 14.75% per annum, calculated quarterly, but only if on each calculation day the ETF’s closing price is at least 60% of the starting price.
The notes are auto-callable quarterly from November 2026 if the ETF closes at or above the $39.62 starting price, returning the $1,000 face amount plus the due and any unpaid coupons. If held to maturity and not called, investors receive $1,000 per note only if the final ETF price is at or above the downside threshold of $23.772 (60% of the starting price); otherwise repayment equals the performance factor times face amount, with loss of more than 40%, up to total loss.
The issuer’s estimated value is $950.70 per security, below the issue price, reflecting distribution, structuring and hedging costs. The notes are subject to Morgan Stanley’s credit risk, offer no principal protection, no participation in ETF upside or dividends, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Buffered Auto-Callable Securities linked to the iShares® Expanded Tech-Software Sector ETF, with an aggregate principal amount of $4,125,000 and a stated principal amount of $1,000 per security.
The notes pay a 10.45% per annum contingent coupon only when the ETF’s closing level is at or above the $66.206 coupon barrier on scheduled observation dates and may be automatically redeemed quarterly starting October 30, 2026 if the ETF is at or above the $94.58 call threshold. If held to August 3, 2029 and the final level is at or above the 70% buffer level ($66.206), investors receive principal back (plus any final coupon); below that, losses accelerate at 1.4286% of principal for each 1% drop beyond the 30% buffer, with no minimum repayment.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk. The estimated value on the pricing date is $982.50 per security, below the issue price, reflecting issuance, structuring and hedging costs and the issuer’s funding advantage.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 17, 2029, linked to the worst performing of Upstart Holdings, Inc., NVIDIA Corporation and Super Micro Computer, Inc. Each note has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Investors may receive a contingent coupon at 25.45% per annum, payable on scheduled dates only if each stock closes at or above its coupon barrier level, set at 50% of its initial level; missed coupons can be “memorized” and paid later if the barriers are met. The notes are auto-callable starting August 16, 2027: if on a redemption determination date all three stocks are at or above 100% of their initial levels, the notes are redeemed early for principal plus the current contingent coupon and any unpaid coupons.
If not called, at maturity investors receive principal back only if each final stock level is at or above its 50% downside threshold or at least one stock finishes at or above its initial level; otherwise, repayment is reduced 1% for every 1% decline of the worst-performing stock, potentially to zero. The estimated value on the pricing date is approximately $930.40 per security, below the $1,000 issue price due to issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS structured notes due August 19, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest, and is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index.
At maturity, if the final level of each index is above its initial level, holders receive principal plus a leveraged upside payment of 114.75% of the gain of the worst performer. If the worst performer is at or below its initial level but at or above its 85% buffer level, investors receive only principal. If the worst performer ends below its buffer, principal is reduced 1% for each 1% drop beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The notes are unsecured and subject to the credit risk of Morgan Stanley and MSFL. The estimated value on the pricing date is approximately $943.70 per $1,000 security, reflecting issuance, selling, structuring and hedging costs that reduce economic terms and likely secondary-market prices.
Morgan Stanley Finance LLC is offering Leveraged Buffered Nasdaq-100 Index®-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each unsecured note has a $1,000 Face Amount, pays no interest, and exposes principal to market risk based on the Nasdaq-100 Index® over roughly 16–19 months.
At maturity, investors receive leveraged upside of 150% of any positive index return, capped at a Maximum Settlement Amount expected between $1,218.85 and $1,256.80 per $1,000. A 10% downside buffer protects principal for index declines up to 10%; below that level, losses are magnified by a Buffer Rate of approximately 111.11%, and investors can lose their entire investment. The notes are not listed, have no minimum payment, and all amounts are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the trade date is approximately $977.60 per note, below the $1,000 price due to issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing Buffered Participation Securities linked to the PHLX Semiconductor Sector Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $2,462,000, and matures on November 5, 2026. The notes pay no interest and are principal at risk.
At maturity, if the index is above the initial level of 11,471.245, holders receive principal plus 100% of the index’s gain, capped at a maximum payment of $1,166 per security (116.60% of principal. If the index is between the initial level and the buffer level of 9,750.558 (85% of initial), investors receive only their principal. Below the buffer, they lose 1.1765% of principal for every 1% decline beyond the 15% buffer, with no minimum payment.
The estimated value on the pricing date is $991.80 per security, below the $1,000 issue price due to issuance, selling, structuring and hedging costs. The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee, and all payments depend on Morgan Stanley’s and MSFL’s creditworthiness. Trading liquidity may be limited, and U.S. tax treatment is described as that of prepaid financial contracts, with noted uncertainties.
Morgan Stanley Finance LLC is issuing auto-callable Jump Securities linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount, with an aggregate issuance of $665,000.
The notes may be automatically redeemed starting August 10, 2027 if the underlying stock’s closing level is at or above the $114.53 call threshold, paying increasing fixed early redemption amounts (for example $1,285 on the first observation) and then terminating. If held to August 7, 2031 and not called, investors receive $2,425 per security if the final level is at or above the call threshold; $1,000 if it is between the call threshold and the $57.265 downside threshold; and a loss of 1% of principal for each 1% decline in the underlying below the downside threshold.
The securities do not guarantee principal or pay interest, are unsecured obligations subject to Morgan Stanley’s credit risk, and have an estimated initial value of $904.20 per security, below the issue price due to embedded costs. They are linked to an underlying stock with very limited trading history and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due August 8, 2029, linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $799,000. The securities are principal-at-risk notes and do not guarantee repayment of principal.
Investors may receive a 20.00% per annum contingent coupon, payable only when the underlier’s closing level on an observation date is at or above the coupon barrier level of $65.282, equal to 57% of the $114.53 initial level. Missed coupons can be paid later if a future observation meets the barrier, but may be lost entirely if it never does. The notes are automatically redeemed at par plus applicable coupons if, on any redemption determination date from February 3, 2027 onward, the underlier is at or above the call threshold of $114.53.
If not called and the final level on August 3, 2029 is at or above the downside threshold of $57.265 (50% of the initial level), investors receive principal plus any payable coupons. Below that level, maturity payment is $1,000 × (final level / initial level), exposing investors to full downside and potential total loss. The estimated value on the pricing date is $932.40 per security, below the issue price, and the notes are subject to Morgan Stanley’s credit risk, limited liquidity, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due August 8, 2029, linked to the common stock of Micron Technology, Inc. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
The offering totals an aggregate principal amount of $316,000, at $1,000 per security. Investors may receive a contingent coupon at an annual rate of 40.15%, but only if Micron’s closing price on each observation date is at or above the coupon barrier level of $497.70, 60% of the initial level of $829.50. The notes are automatically redeemed at par plus the applicable coupon if the stock closes at or above the call threshold level of $829.50 (100% of the initial level) on any redemption determination date after February 3, 2027.
If not called, and the final Micron price on August 3, 2029 is at or above the downside threshold level of $414.75 (50% of the initial level), investors receive par (plus any final coupon). If it is below that threshold, repayment is reduced one-for-one with Micron’s decline, potentially to zero. The estimated value on the pricing date is $982.80 per security, below issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due February 8, 2028, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. The notes are linked to the worst performing of the Nasdaq-100® Technology Sector Index, Russell 2000® Index and S&P 500® Index.
Investors may receive a 12.55% per annum contingent coupon, payable only if on each observation date every index is at or above its coupon barrier (70% of its initial level). The notes can be called in whole from February 8, 2027 onward if a risk neutral valuation model indicates early redemption is economically rational for the issuer; if called, investors receive $1,000 plus any due coupon and no further payments.
If not redeemed and on the final observation date each index is at or above its downside threshold (65% of its initial level), investors receive $1,000 plus any final coupon. If any index finishes below its downside threshold, repayment is $1,000 multiplied by the worst index performance factor, exposing investors to full downside of the worst index and possible total loss. The issue price is $1,000 per security, aggregate principal is $1,290,000, and the estimated value on the pricing date is $990.80 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger Jump Securities linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and exposes investors to principal at risk.
At maturity, if the index is at or above its initial level, holders receive $1,000 plus the greater of the index gain or an upside payment of at least $592.50 per security. If the index is below the initial level but at or above 85% of the initial level, investors receive $1,000 plus an absolute return (with 100% participation) on the decline, effectively capped at a 15% positive return.
If the index closes below the downside threshold (85% of the initial level), investors lose 1% of principal for each 1% index decline, down to a potential zero repayment. The estimated value on the pricing date is approximately $959.10 per security, reflecting issuance, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk, with limited liquidity expected.