Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering $20,381,000 of contingent income memory auto-callable securities due December 15, 2028, linked to the worst performer of the S&P 500® and EURO STOXX 50® indexes. Each $1,000 security can pay an 8.40% per annum contingent coupon, but only if on an observation date both indexes are at or above 80% of their initial levels; missed coupons can be paid later if the barrier is later met.
The notes are automatically redeemed at par plus any due coupons if, on specified dates starting June 12, 2026, both indexes are at or above 100% of their initial levels. If held to maturity and both final index levels are at or above 80% of initial, investors receive par plus any payable coupons. If either index finishes below 80%, repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $973.10 per $1,000 and no exchange listing.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk callable contingent income securities due December 21, 2028, linked to the worst performer of the S&P 500® Index, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $952.30 per security.
The notes can pay a contingent coupon at an annual rate of 8.35%, but only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels. If any index is below its barrier on an observation date, no coupon is paid for that period. Starting June 24, 2026, the issuer may redeem the securities in whole on scheduled redemption dates if a risk neutral valuation model indicates that calling is economically rational for Morgan Stanley; after redemption, no further payments are made.
If the notes are not redeemed and, on the final observation date, each index is at or above its downside threshold (also 70% of its initial level), investors receive the full principal plus any final coupon. If any index finishes below its downside threshold, the maturity payment is reduced 1% for every 1% decline of the worst-performing index and can be zero, meaning a total loss of principal. The securities are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Buffered Auto-Callable Securities maturing on January 16, 2031. Each security has a stated principal amount of $1,000 and is linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
Investors may receive a contingent coupon at an annual rate of 8.50% to 9.50%, but only when the index closes at or above a coupon barrier set at 75% of the initial level, with unpaid coupons potentially paid later if the barrier is met. The notes can be automatically redeemed early if the index is at or above a call threshold of 90% of the initial level on scheduled redemption determination dates, returning principal plus applicable coupons.
If held to maturity and not called, investors receive full principal only if the final index level is at or above an 80% buffer level; below that, losses match the index decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $905.90 per security, the securities are not listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Buffered Auto-Callable Securities maturing on November 29, 2028, linked to the worst performer of the VanEck Gold Miners ETF (GDX) and the iShares Silver Trust (SLV). These unsecured notes, guaranteed by Morgan Stanley, pay a contingent coupon at 11.00% per year only when both underliers close at or above their coupon barrier levels on scheduled observation dates.
The notes can be automatically redeemed early if both underliers are at or above their call thresholds, returning principal plus the applicable coupon. At maturity, if not redeemed and both underliers are at or above their buffer levels, investors receive full principal; if either falls below its buffer, principal is reduced in line with the worst underlier’s drop beyond a 20% buffer, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $939.90 per $1,000 note, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Auto-Callable Securities due December 15, 2028, linked to Ford Motor Company common stock. The aggregate principal amount is $12.437 million, with a stated principal of $1,000 per security and an annual contingent coupon rate of 11.51% (about $28.775 per quarter), payable only when Ford’s stock is at or above the downside threshold of $8.256, or 60% of the initial share price of $13.76.
The notes are auto-callable: if on any of the first eleven quarterly determination dates Ford’s stock closes at or above the initial share price, investors receive $1,000 plus the coupon and the securities terminate early. If held to maturity and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon; if it is below, repayment is reduced in line with the stock’s decline and can be zero, meaning full loss of principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange and may have limited liquidity. The estimated value at pricing is $970.90 per security, below the $1,000 issue price, reflecting selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is issuing $360,000 of Buffered Step-Down Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with principal at risk and no periodic interest payments.
The notes can be automatically redeemed on 16 scheduled determination dates if the index closes at or above a declining call threshold, paying fixed call amounts that imply roughly a 13.80% per annum return. If never auto-called and the final index level is at or above a 70% buffer level, investors receive $1,690 per security at maturity. If the final level is below the buffer, repayment is reduced dollar-for-dollar with index losses beyond the 30% buffer, but not below 30% of principal.
The estimated value on the pricing date is $941.90 per security, below the $1,000 issue price due to issuance, structuring and hedging costs and the issuer’s internal funding rate. The index itself is highly engineered, uses up to 400% futures leverage, targets 40% volatility and applies a 4% per annum decrement, all of which can significantly affect returns.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities linked to the S&P 500® Index, with an aggregate principal amount of $1,412,000 and a price of $1,000 per security. The notes pay no interest and return depends solely on index performance at maturity on December 15, 2028.
If the index rises, investors receive principal plus 200% of the index gain, capped at a maximum payment of $1,272 per security. If the index falls but stays above a 20% buffer, principal is returned; below the buffer, investors lose 1.25% of principal for every 1% further decline, with no minimum payment. The initial S&P 500® level is 6,827.41, the buffer level is 80% of that, and the estimated value on the pricing date is $975.80 per security. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited liquidity, and their U.S. tax treatment is described as uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities maturing on January 14, 2027, linked to Oracle Corporation common stock. Each security has a $1,000 stated principal amount and a total offering size of $500,000, with an issue price of $1,000 and an estimated value on the pricing date of $976.50 per security.
If the Oracle stock closing level on the January 11, 2027 observation date is at or above the downside threshold of $149.138 (75% of the $198.85 initial level), investors receive $1,000 plus a fixed upside payment of $273.50, a 27.35% gain. If the final level is below the threshold, repayment is fully exposed to downside, losing 1% of principal for each 1% decline, with no minimum payment, so the entire investment can be lost.
The notes pay no interest, are unsecured and subject to the credit risk of MSFL and Morgan Stanley. They will not be listed on any exchange, secondary liquidity may be limited, and the economic terms are reduced by embedded issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing Buffered Performance Leveraged Upside Securities linked to the S&P 500® Index with an aggregate principal amount of $823,000, in $1,000 denominations, maturing on June 17, 2030. The notes pay no interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index is above the initial level of 6,827.41, investors receive principal plus 150% of the index gain, capped at a maximum payment of $1,515 per security (151.50% of principal). If the index is between 90% and 100% of the initial level, investors receive only their $1,000 principal. Below the 90% buffer level, investors lose 1% of principal for each 1% additional decline, but receive at least 10% of principal.
The estimated value on the pricing date is $979.40 per security, reflecting issuance, structuring and hedging costs. The notes will not be listed on any exchange, secondary trading may be limited, and returns depend on both S&P 500 performance and Morgan Stanley's creditworthiness.
Morgan Stanley Finance LLC is issuing $439,000 of Enhanced Buffered Jump Securities due January 15, 2027, linked to the worst performing of Meta Platforms, Microsoft and Apple common stocks. Each $1,000 principal-at-risk note pays no interest and at maturity returns $1,000 plus a fixed $147.50 upside payment (14.75%) if the final level of every underlier is at or above 80% of its initial level.
If any underlier finishes below its 80% buffer level, the payout is reduced in line with the decline of the worst performer beyond the 20% buffer, with a minimum repayment of 20% of principal. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value of $958.80 per $1,000 on the pricing date reflecting issuance and hedging costs and an internal funding rate. They will not be listed on an exchange, may have limited secondary liquidity, and carry market, credit, structural and tax risks described in the risk and tax sections.
Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS, unsecured notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 issue price, with an estimated value on the trade date of about $9.576, and a 5-year term to December 31, 2030, unless called early.
The notes may be automatically called on January 4, 2027 if the index closes at or above the Autocall Barrier set at 100% of the Initial Level, paying $11.60 per $10 Security based on a 16.00% per annum Call Return Rate. If not called and the index is above the Initial Level at maturity, investors receive $10 plus the index return multiplied by an Upside Gearing between 1.30 and 1.50. If the index is flat or down but at or above the 75% Downside Threshold, principal is repaid.
If the Final Level falls below the Downside Threshold and the notes are not called, repayment is reduced one-for-one with the negative index return, up to a total loss of principal. The notes pay no interest or dividends, are not listed on any exchange, and all payments depend on Morgan Stanley’s credit. The discussion also highlights significant market, liquidity, valuation and U.S. tax risks associated with this complex product.
Morgan Stanley Finance LLC is offering long-dated Trigger GEARS, unsecured notes linked to the EURO STOXX 50® Index, guaranteed by Morgan Stanley. Each Security has a $10 issue price and a term of about 10 years, from a trade date expected on December 29, 2025 to maturity on December 31, 2035.
At maturity, if the index return is positive, investors receive $10 plus the index gain multiplied by an Upside Gearing between 1.80 and 1.9325. If the return is zero or negative but the final index level is at least 65% of the initial level, investors receive their $10 principal. If the final level falls below that downside threshold, repayment is reduced in full proportion to the negative index return, and investors can lose all principal.
The notes pay no interest, do not pass through dividends, and are subject to Morgan Stanley’s credit risk. The estimated value on the trade date is approximately $8.785 per Security, reflecting issuer costs and an internal funding rate less favorable than secondary credit spreads. The notes will not be listed, and secondary trading, if any, may be limited with prices below the issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes that pay no interest and whose return depends on a weighted basket of five equity indices: EURO STOXX 50® (38%), TOPIX (26%), FTSE® 100 (17%), Swiss Market Index® (11%) and S&P®/ASX 200 (8%). Each note has a $1,000 face amount and a term expected to run about 26 to 29 months.
At maturity, investors receive $1,000 plus 250% of any positive basket return, but payments are capped at a maximum settlement amount expected to be between $1,256.25 and $1,301.25 per $1,000 note. If the basket falls by up to 17.5%, investors receive back the $1,000 face amount; below this 82.5% buffer level, principal is reduced using a buffer rate of about 121.21%, so losses can reach 100%. The notes are unsecured obligations of MSFL, subject to Morgan Stanley credit risk, will not be listed on any exchange, and have an estimated value on the trade date of about $994.90 per note, reflecting issuance, structuring and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Leveraged Buffered S&P 500 Index-Linked Notes that pay no interest and base repayment on the S&P 500 Index performance from the trade date to a determination date expected between 26 and 29 months later.
For each $1,000 face amount, investors receive 160% of any positive index return, subject to a maximum settlement amount expected to be between $1,229.92 and $1,270.40. If the index falls by up to 12.5%, principal is returned; below this buffer, losses accelerate using a buffer rate of approximately 114.29%, and investors can lose their entire investment.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not insured by the FDIC, and will not be listed on any exchange. The estimated value on the trade date is approximately $995.90 per $1,000 note, reflecting issuance, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Buffered Securities due September 22, 2028, linked to the worst performer of the Dow Jones Industrial Average and the Technology Select Sector SPDR Fund. Each $1,000 note targets a 6.25% annual contingent coupon, paid only if on each observation date both underliers are at or above 80% of their initial levels; otherwise no coupon is paid for that period.
If the notes are not called and on the final observation date both underliers are at or above 75% of their initial levels, investors receive the full principal back, plus any final contingent coupon. If either underlier finishes below its 75% buffer level, principal is reduced 1% for every 1% decline of the worst performer beyond the 25% buffer, with a minimum payment of 25% of principal. The notes can be redeemed early, in whole but not in part, on scheduled redemption dates if a risk-neutral valuation model indicates it is economically rational for the issuer. The estimated value on the pricing date is approximately $966.30 per $1,000 note, and the securities are unsecured obligations subject to Morgan Stanley’s credit risk with no stock exchange listing and uncertain tax treatment.
Morgan Stanley Finance LLC is offering principal-at-risk "Jump Securities" with an auto-call feature linked to the worst performer of the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 note can be automatically redeemed on scheduled dates starting in December 2026 if all three indexes are at or above their call thresholds, paying fixed early redemption amounts that correspond to an annual return of about 10.10%. If the notes are held to the December 21, 2028 maturity and all indexes finish at or above their call thresholds, investors receive $1,303 per note; if any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, and the payment can fall to zero. The estimated value on the pricing date is approximately $958.90 per $1,000 note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due April 7, 2027, linked to the worst performer among the Russell 2000, S&P 500 and Nasdaq‑100. The notes pay no interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, so repayment depends on Morgan Stanley’s credit.
At maturity, if the final level of each index is at or above 90% of its initial level, investors receive $1,000 principal plus a fixed upside payment of $169 per $1,000 note, a 16.90% gain, regardless of how much the indices rose. If any index finishes below 90% of its initial level, investors lose 1% of principal for each 1% decline of the worst index beyond the 10% buffer, with a minimum repayment of 10% of principal.
The preliminary estimated value on the pricing date is approximately $988.50 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is likely lower than Morgan Stanley’s secondary market credit spreads. The notes will not be listed on an exchange, secondary liquidity may be limited, and their value can be affected by index volatility, interest rates, correlation between indices and changes in Morgan Stanley’s credit spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes tied to the EURO STOXX 50® Index, maturing on December 16, 2030. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $712,000.
The notes pay no interest. At maturity, investors receive $1,000 per note plus an upside payment if the index’s final level is above the initial level of 5,753.96, with a 104.75% participation in any positive index return. If the final level is at or below the initial level, investors receive only the $1,000 principal, so any return depends entirely on index appreciation.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are subject to their credit risk. They will not be listed on any exchange, and secondary trading may be limited. The issue price is $1,000 per note, while the estimated value on the pricing date is $950.80, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities due December 16, 2030 linked to the EURO STOXX 50® Index. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,378,000. The notes pay no interest and do not guarantee any return of principal.
At maturity, if the index’s final level is at or above the downside threshold of 4,315.47 (75% of the initial level of 5,753.96), holders receive $1,000 plus the greater of participation in the index change or a fixed upside payment of $330 per security. If the final level is below the threshold, repayment is reduced 1% for every 1% decline in the index, with no minimum, so the amount can fall to zero.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange. The estimated value on the pricing date is $959.00 per security, below the $1,000 issue price, reflecting embedded costs and an internal funding rate, while dealers receive a $30 sales commission per security.
Morgan Stanley Finance LLC is offering dual directional buffered participation securities due December 23, 2027, 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, pays no interest and is a principal-at-risk note.
At maturity, investors get 100% of any index gain, capped by a maximum payment of $1,293 per security (129.30% of principal). If the index is down but not below 80% of its initial level, investors earn a positive return matching the absolute decline, up to about 20%. Below this 20% buffer, principal is lost 1% for each additional 1% index drop, with a minimum payment of 20% of principal.
These unsecured securities expose holders to Morgan Stanley credit risk, no listing and potentially limited secondary liquidity. The estimated value on the pricing date is expected to be approximately $985.10 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC is offering Trigger Autocallable Contingent Yield Notes tied to the least performing of the S&P 500®, Russell 2000® and EURO STOXX 50® indices, maturing on December 22, 2028. Each note has a $10 principal amount and pays a quarterly contingent coupon only if all three indices are at or above 70% of their initial levels on the relevant observation date. The indicative contingent coupon rate is 8.20% to 8.60% per year, or about $0.205 to $0.215 per quarter per note when conditions are met.
Starting March 19, 2026, the notes are automatically called if all three indices are at or above their initial levels, in which case investors receive $10 plus the coupon and the investment ends. If the notes are not called and, at maturity, any index is below 70% of its initial level, repayment is reduced in line with the worst-performing index, down to a possible total loss of principal. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated initial value of about $9.717 per $10 note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, leveraged notes linked to a weighted basket of five equity indices: EURO STOXX 50® (38%), Tokyo Stock Price Index (26%), FTSE® 100 (17%), Swiss Market Index® (11%) and S&P®/ASX 200 (8%). The notes have a Face Amount of $1,000, pay no interest and are unsecured obligations.
At maturity, expected about 19 to 22 months after the trade date, investors receive $1,000 plus or minus the basket’s performance. If the basket return is positive, the payoff equals $1,000 plus 144.00%–169.00% of the basket gain. If the basket return is zero or negative, investors participate 1:1 in losses and can lose their entire investment.
The estimated value on the trade date is approximately $975.70 per note, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed, secondary liquidity may be limited, and returns depend on both basket performance and Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due September 23, 2027, linked to the worst performer of the Energy Select Sector SPDR Fund (XLE), Utilities Select Sector SPDR Fund (XLU) and Real Estate Select Sector SPDR Fund (XLRE).
The notes pay a contingent coupon of 11.35% per annum only if on each observation date all three funds close at or above a coupon barrier set at 70% of their initial levels; otherwise no interest is paid for that period. The downside threshold for principal is also 70% of each initial level. If the notes are not redeemed early and any fund finishes below its downside threshold at maturity, investors lose 1% of principal for every 1% decline in the worst-performing fund, up to a total loss.
The securities are callable in whole, but not in part, on scheduled redemption dates starting March 23, 2026, if a risk-neutral valuation model deems early redemption economically rational for the issuer. The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $986.50, reflecting issuing, selling, structuring and hedging costs. The notes will not be listed, secondary liquidity may be limited, and U.S. tax treatment is complex, with possible 30% withholding on coupons for many non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes that pay a contingent coupon at 9.00% per annum, linked to the worst performer among the Nasdaq-100® Technology Sector Index, the Utilities Select Sector SPDR® Fund and the VanEck® Semiconductor ETF.
Coupons are paid only if on each observation date all three underliers are at or above a 70% coupon barrier, with missed coupons potentially paid later if the barrier is met. The notes are auto-callable from December 2026 onward if all underliers are at or above 100% of their initial levels, returning principal plus due coupons, ending the investment early.
If the notes are not redeemed early and, at maturity in March 2030, any underlier finishes below a 60% downside threshold, investors lose 1% of principal for each 1% decline in the worst underlier and could lose their entire investment. The estimated value on the pricing date is approximately $942 per $1,000 note, they will not be listed on an exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Trigger Absolute Return Step Securities linked to a weighted basket of five international equity indices: EURO STOXX 50 (40%), Nikkei Stock Average (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). Each Security has a $10 issue price and a term of approximately five years, from a trade date of December 15, 2025 to maturity on December 19, 2030.
If the Final Basket Level is at or above the Step Barrier of 100, investors receive $10 plus the greater of an at least 39.00% Step Return or the Basket Return. If the Final Basket Level is below the Step Barrier but at or above the Downside Threshold of 75, investors receive $10 plus the absolute value of the Basket Return. If the Final Basket Level is below 75, repayment of principal is reduced one-for-one with the negative Basket Return and can fall to zero.
The Securities pay no interest, provide no dividends from the underlying indices and will not be listed on any exchange. They are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the trade date is approximately $9.538 per $10 Security, reflecting embedded issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering market-linked notes tied to the Dow Jones Industrial Average, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no periodic interest and matures on June 15, 2029.
At maturity, if the Dow’s final level on the June 12, 2029 observation date is above the initial level of 48,458.05, investors receive $1,000 plus 100% of the index gain, capped at a maximum payment of $1,220 per note (122.00%). If the final level is equal to or below the initial level, investors receive only the $1,000 principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, are not FDIC insured and will not be listed on any exchange. The estimated value on the pricing date is approximately $969 per note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is favorable to the issuer. Secondary market prices may be lower and depend on Morgan Stanley’s credit, market conditions and dealer spreads.
Morgan Stanley Finance LLC is offering callable contingent income securities due December 21, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performing of four underliers: the Utilities Select Sector SPDR Fund, the iShares 20+ Year Treasury Bond ETF, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index.
Investors may receive an annual contingent coupon of 11.00%, paid only if on each observation date the closing level of every underlier is at or above its coupon barrier level, set at 70% of its initial level. The notes are callable in whole from March 23, 2026, if a risk neutral valuation model indicates early redemption is economically rational for the issuer, in which case investors receive the stated principal amount plus any due coupon.
If the notes are not redeemed early, and on the final observation date each underlier is at or above its downside threshold level, set at 60% of its initial level, investors receive the full principal back plus any final coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, and the maturity payment could be zero. The estimated value on the pricing date is approximately $953.70 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,079,000 of contingent income securities due November 5, 2029, linked to the worst performer of the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index. Each $1,000 security pays an 8.00% annual contingent coupon only if on each observation date all three indexes close at or above their coupon barrier levels, set at 80% of their initial levels.
At maturity, investors receive full principal only if every index is at or above its downside threshold level, set at 70% of its initial level. If any index finishes below its downside threshold, the repayment is reduced 1% for each 1% decline of the worst-performing index, and the payment could be zero. The estimated value on the pricing date is $955.90 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured, not listed, and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $13,097,000 of Leveraged Buffered S&P 500® Index-Linked Notes due March 22, 2028. The notes pay no interest and are unsecured principal-at-risk securities tied to the S&P 500® Index.
At maturity, for each $1,000 note, investors get 160% of any positive index return, capped at a maximum payment of $1,268.32, so gains above a 16.77% index rise are not passed through. If the index falls by up to 15% from the initial level of 6,901.00, investors receive back $1,000.
If the index declines more than 15%, repayment is reduced using a buffer rate of about 117.65%, so losses accelerate below the buffer and investors can lose their entire investment. The estimated value on the trade date is $995.40 per $1,000 note, reflecting embedded issuance, structuring and hedging costs. The notes are not listed, and any secondary market making by affiliates is discretionary.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities linked to the S&P 500® Index, maturing on December 16, 2030. Each security has a $1,000 stated principal amount and the total offering size is $1,671,000. The notes pay no interest and are principal-at-risk.
At maturity, if the S&P 500® final level is at or above the downside threshold of 5,520.80 (80% of the initial level of 6,901.00), investors receive $1,000 plus the greater of a fixed $200 upside payment or the index gain, capped at a maximum payment of $1,720 per security. If the index closes below the threshold, repayment is reduced 1% for each 1% index decline, and the payoff can fall to zero.
The estimated value on the pricing date is $959.10 per security, reflecting issuer costs and an internal funding rate. The notes are unsecured obligations exposed to Morgan Stanley’s credit risk, will not be listed on any exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Buffered PLUS linked to the S&P 500® Index, maturing on January 4, 2028. Each note has a stated principal amount of $1,000 and pays no coupons. At maturity, if the index is above its initial level, investors receive $1,000 plus 150% of the index gain, capped at a maximum payment of $1,176.70 per note.
If the index has fallen but remains at or above 90% of its initial level, investors receive a positive, unleveraged return equal to the absolute index loss, up to a 10% gain. Below that 10% buffer, principal is exposed 1-for-1 to further index declines, with a minimum payment of $100 per note, so investors can lose up to 90% of principal. The estimated value on the pricing date is approximately $967.80 per note, reflecting embedded issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no coupons, and matures on July 6, 2028.
At maturity, if the index is above its initial level, investors receive $1,000 plus 200% of the index gain, capped at a maximum payment of $1,285.40 (128.54% of principal). If the index is down by up to the 10% buffer, investors receive back $1,000. If the index is down more than 10%, repayment is reduced in line with the decline beyond the buffer, with a minimum payment of $100 per note, so up to 90% of principal can be lost.
The estimated value on the pricing date is approximately $961 per note, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and secondary market liquidity and pricing are expected to be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes due January 3, 2031 that pay no interest and return at least the $1,000 principal at maturity, subject to Morgan Stanley’s credit. The payoff is tied to a basket of five international equity indices: EURO STOXX 50 (40%), Tokyo Stock Price Index (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%).
At maturity, investors receive $1,000 plus a supplemental amount equal to 113.53% of any positive basket performance; if the basket is flat or down, only $1,000 is paid. The estimated value on the pricing date is approximately $947 per note, reflecting embedded costs, including a $30 sales commission and a $5 structuring fee per note. The notes are unsecured, not listed on an exchange, and their secondary market value may be lower and sensitive to market moves and Morgan Stanley’s credit spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-call feature linked to the Russell 2000® Index, maturing on January 4, 2028. Each security has a stated principal amount of $1,000 and pays no interest. The notes are automatically redeemed on the first determination date if the index closes at or above the initial index value, for an early redemption payment of $1,125.20 per $1,000 security, after which no further payments are made.
If not called, at maturity investors receive $1,000 plus 125% of any index gain if the final index value is above the initial index value, $1,000 if the final index value is at or below the initial level but at or above 80% of it, and a loss one-for-one with the index if it finishes below that downside threshold, which can result in a zero payment. The estimated value on the pricing date is approximately $967.20 per security. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and are exposed to the volatility of U.S. small-cap stocks.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS linked to the Russell 2000® Index, maturing on January 4, 2028. Each note has a $1,000 stated principal amount, a 150% leverage factor on index gains, a 15% downside buffer and a maximum upside payment of $1,187.50 (118.75% of principal). If the index is flat or down by up to 15%, holders receive a positive return equal to the index’s decline, capped at a 15% gain.
If the index falls by more than 15%, the absolute return feature disappears and investors lose 1% of principal for each 1% additional decline, but not less than $150 per note, meaning up to 85% of principal can be lost. The notes pay no coupons, are unsecured obligations of MSFL fully guaranteed by Morgan Stanley, and will not be listed on any exchange. The estimated value on the pricing date is approximately $966.80 per note, reflecting embedded costs including a $20 sales commission and a $5 structuring fee per note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes called Buffered Step-Down Jump Securities with Auto-Callable Feature maturing on December 21, 2028. Each security has a stated principal amount of $1,000 and pays no interest.
The notes are linked to the worst performing of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. They can be automatically redeemed starting with the December 18, 2026 determination date if all three indices are at or above their call threshold levels, paying an early redemption amount that targets about 10.30% per annum, from $1,103 on the first call date up to $1,300.42 late in 2028.
If never called, at maturity investors receive $1,309 per security if each index is at or above its upside threshold; only $1,000 if all stay above a 10% buffer; or a reduced amount if the worst index finishes below its buffer, with losses of 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $959.10 per $1,000, reflecting built-in issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering callable contingent income securities due December 23, 2030, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index and are issued at $1,000 per security, with an estimated value on the pricing date of about $949.10.
Investors may receive a 7.30% per annum contingent coupon, but only when the closing level of each index is at or above 70% of its initial level on the relevant observation date. If any index finishes below its 70% downside threshold at maturity and the notes have not been called, repayment is reduced in line with the decline of the worst-performing index and can fall to zero. The notes can be redeemed early, in whole, on scheduled redemption dates if a risk‑neutral valuation model indicates that early redemption is economically rational for the issuer. The securities are unsecured, will not be listed on an exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering dual directional buffered participation securities due February 19, 2027, linked to the worst performer of the Nasdaq-100 Index and the S&P 500 Index and fully guaranteed by Morgan Stanley. The notes pay no interest and are issued at $1,000 per security, with an estimated value on the pricing date of approximately $978.80 per security, reflecting embedded issuance and hedging costs.
At maturity, investors can earn upside equal to 100% of the worst performing index’s gain, capped at a maximum payment of $1,171 per $1,000 (117.10% of principal). If the worst index is down but not below a 10% buffer, investors receive a positive return matching the absolute decline, up to 10%. If the worst index falls more than 10%, investors lose 1% of principal for each 1% drop beyond the buffer, with a minimum payment of 10% of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, unlisted, and may have limited or illiquid secondary trading.
Morgan Stanley Finance LLC is offering $5,000,000 of floating rate notes due June 15, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount and pays quarterly interest based on compounded SOFR plus 0.78%, with a minimum rate of 0.10% per year.
The notes are unsecured and subject to the issuer’s and guarantor’s credit risk, will not be listed on any exchange, and may have limited secondary market liquidity. The estimated value on the pricing date is $985.70 per note, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate. Proceeds of approximately $4,990,000 before hedging will be used for general corporate purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Memory Auto-Callable Securities due December 13, 2030, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount, with a total offering of $1,000,000 at $1,000 per security, and an estimated value on the pricing date of $938.70.
The notes pay a contingent coupon at 13.20% per year, but only if on each observation date the index level is at or above the coupon barrier of 2,176.93 (70% of the initial level of 3,109.90). Missed coupons can be “remembered” and paid later if the barrier is subsequently met. Starting June 10, 2026, the notes are auto-callable monthly if the index is at or above the call threshold of 3,109.90, returning principal plus the due and any unpaid coupons.
If not called, and at maturity the index is at or above the downside threshold of 1,554.95 (50% of initial), investors receive full principal plus any payable coupon. If the final index level is below this threshold, repayment is reduced in line with the index decline, potentially to zero. The securities are unsecured, not listed, subject to Morgan Stanley’s credit risk, and reference a leveraged, volatility-targeted futures index with a 4% annual decrement that structurally drags performance.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Callable Contingent Income Securities due April 13, 2028, with a stated principal amount of $1,000 per security and an aggregate principal amount of $818,000. The notes pay a contingent coupon at an annual rate of 13.20% only if, on each observation date, the Financial Select Sector SPDR Fund, Nasdaq-100 Index, Energy Select Sector SPDR Fund and iShares 20+ Year Treasury Bond ETF all close at or above 70% of their initial levels.
Beginning March 13, 2026, the issuer may redeem the notes in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. If not redeemed and, on the final observation date, every underlier is at or above its 70% downside threshold, investors receive par back plus any final contingent coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer and can fall to zero.
The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, with an estimated value on the pricing date of $951.20 per security. They will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit and secondary market conditions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $11,500,000 of Trigger Jump Securities maturing on December 13, 2029, linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. Each security has a $1,000 principal amount and pays no interest.
At maturity, if both indices finish at or above their initial levels, holders receive $1,000 plus a fixed upside payment of $423.50 per security. If either index is below its initial level but both remain at or above 70% of their initial levels, holders receive $1,000 plus a fixed payment of $120 per security. If either index ends below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, with no minimum, so the payout can be zero.
The estimated value on the pricing date is $970.80 per security, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes mature on April 5, 2027, pay no coupons and are principal-at-risk.
Each PLUS has a stated principal amount of $1,000 and offers 300% leveraged upside if the index rises, but returns are capped at a maximum payment of $1,203.40 (120.34% of principal). If the final index value is at or below the initial level, investors receive $1,000 times the index performance factor, resulting in a dollar-for-dollar loss with the index and potentially a total loss of principal.
The PLUS will not be listed on any exchange and secondary trading may be limited. The estimated value on the pricing date is expected to be about $968.60 per note, below the $1,000 issue price due to selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s credit, and investors have no ownership in the underlying index stocks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due December 21, 2027 linked to the Class A common stock of Palantir Technologies Inc.
These notes can pay a high 27.50% annual contingent coupon, but only if Palantir’s share price closes on each observation date at or above a coupon barrier set at 60% of the initial level. If the barrier is not met, no coupon is paid for that period, and investors could receive no income for the entire term.
Starting on March 19, 2026, the issuer may redeem the notes early on scheduled redemption dates if a risk-neutral valuation model indicates that calling is economically rational for Morgan Stanley; after redemption, no further payments are made. If the notes are not redeemed and Palantir’s final level is at or above the 60% downside threshold, investors receive full principal back plus any final coupon. If the final level is below that threshold, repayment is reduced one-for-one with Palantir’s decline, potentially to zero. The estimated value on the pricing date is approximately $979.20 per $1,000 note, reflecting issuing and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities linked to Oracle Corporation common stock, maturing on January 14, 2027. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $976, reflecting issuance, selling, structuring and hedging costs borne by investors.
The securities pay no interest and do not guarantee return of principal. If on the January 11, 2027 observation date the Oracle stock closing level is at or above the downside threshold of $149.138 (75% of the initial level of $198.85), investors receive $1,000 plus a fixed upside payment of $273.50, a 27.35% gain. If the final level is below the threshold, the payout is $1,000 multiplied by the performance factor (final level divided by initial level), resulting in a 1% loss of principal for each 1% decline in the stock, with no minimum payment at maturity.
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 liquidity. MS & Co. acts as agent, with placement agents receiving up to $10.42 per $1,000 security in fees.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering dual directional buffered participation securities linked to the S&P 500® Index, maturing on April 21, 2027. Each security has a $1,000 stated principal amount, pays no interest and is a principal-at-risk structured note.
At maturity, if the index is above its initial level, investors receive principal plus 100% of the index gain, capped at a maximum payment of $1,141 per security (114.10% of principal). If the index is flat or down but not below 90% of the initial level, investors earn a positive return equal to the absolute index decline, up to a 10% effective maximum. If the index falls below the 90% buffer, principal is reduced 1% for each 1% decline beyond the 10% buffer, with a minimum payment of 10% of principal.
The preliminary estimated value is approximately $984 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. 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 liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $5,200,000 of Trigger Callable Yield Notes tied to the least performing of the MSCI Emerging Markets Index and the EURO STOXX 50 Index, maturing March 15, 2027. The notes pay a fixed coupon at a rate of 8.25% per annum, or $0.06875 per $10 note monthly, regardless of index performance, unless the notes are called.
Beginning March 16, 2026, the issuer may redeem the notes monthly at par plus the due coupon if an internal risk‑neutral valuation model indicates it is economically rational to do so. At maturity, if the notes were not called and both indices are at or above their Downside Thresholds of 70% of their initial levels (967.76 for MSCI EM and 3,995.68 for EURO STOXX 50), investors receive full principal plus the final coupon.
If either index ends below its Downside Threshold, repayment is reduced to $10 multiplied by 1 plus the return of the worst-performing index, plus the final coupon, which can result in a substantial or total loss of principal. The notes are unsecured, not listed on an exchange, and their value and payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $7.9 million of Trigger Autocallable Notes linked to the least performing of the S&P 500 Equal Weight Index, Dow Jones Industrial Average and Russell 2000 Index, maturing on June 14, 2032.
The notes are issued at $10 per Security with a minimum investment of 100 Securities and a semi-annual Call Return Rate of 10.50% per annum. Beginning after one year, if on any semi-annual Observation Date each index is at or above its Redemption Threshold (about 95% of its Initial Underlying Value), the notes are automatically called and pay back principal plus the applicable Call Return, up to $16.825 per $10 at final maturity if called on the last Observation Date.
If the notes are not called and any index finishes below its Downside Threshold (about 75% of its initial level), repayment at maturity is reduced in full proportion to the decline of the Least Performing Underlying, and investors can lose all principal. The securities pay no interest, are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and have an estimated value on the trade date of $9.890 per $10 Security, reflecting issuance and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering 2-year Contingent Income Auto-Callable Securities linked to the worst performer of the Nasdaq-100, S&P 500 and Russell 2000 indices. Each $1,000 note can pay a contingent quarterly coupon at an annual rate of 9.26% (about $23.15 per quarter) if, on the observation date, all three indices are at or above 75% of their initial values. If any index is below its coupon threshold, no coupon is paid for that quarter.
The notes may be automatically redeemed quarterly starting in March 2026 if all three indices are at or above their initial levels, returning principal plus the applicable coupon. At maturity, if not called, investors receive principal plus the final coupon only if each index is at or above its 75% downside threshold. If any index is below its threshold, repayment is reduced 1-to-1 with the decline of the worst index and can fall to zero.
The securities are unsecured, subject to Morgan Stanley’s credit risk and will not be listed on an exchange. The issue price is $1,000, while the estimated value on the pricing date is about $973 per note, reflecting issuance, structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due June 14, 2028 linked to the common stock of Netflix, Inc. The notes have a total aggregate principal amount of $6,000,000 and an issue price of $1,000 per security, with an estimated value on the pricing date of $969.90 per security.
Investors may receive a contingent quarterly coupon at an annual rate of 14.12% (about $35.30 per quarter per security) for any determination date on which the Netflix share price is at least $67.697, which is 70% of the $96.71 initial share price. After a six-month non-call period, if Netflix closes at or above the initial share price on a determination date, the notes are automatically redeemed for principal plus that quarter’s coupon.
If the notes are not called and the final share price is at or above the downside threshold, investors receive principal plus the final coupon. If the final share price is below the threshold, repayment is reduced 1-to-1 with Netflix’s decline and can fall below 70% of principal, down to zero. The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange.