Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering long-dated fixed-to-floating rate callable notes due January 16, 2046, linked to the 10‑Year Constant Maturity Treasury Rate (10CMT). Investors receive a fixed interest rate of 8.75% per annum from the original issue date to January 16, 2027, paid quarterly in arrears.
From January 16, 2027 to maturity, the notes pay a variable rate: 8.75% per annum multiplied by the fraction of days in each quarter when 10CMT is between 0.00% and 5.00%. On days outside this range, no interest accrues and a quarter’s interest could be very low or zero. The issuer may redeem the notes in whole, but not in part, on quarterly dates starting January 16, 2027 at 100% of principal plus accrued interest, if a risk‑neutral valuation model indicates calling is economically rational. The notes are unsecured, not FDIC‑insured, will not be listed on an exchange, and have an estimated value on the pricing date of approximately $860 per $1,000 due to issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS notes due December 19, 2030 linked to the EURO STOXX 50® Index. Each security has a stated principal amount of $1,000 and pays no interest.
At maturity, if the index finishes above its initial level, holders receive $1,000 plus 300% of the index gain, capped at a maximum payment of at least $1,774.60 per security (177.46% of principal). If the final level is at or below the initial level but at or above 75% of it (the downside threshold), investors simply receive the $1,000 principal.
If the index closes below the downside threshold, repayment is reduced 1% for each 1% index decline, with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is approximately $961.80 per security, reflecting embedded fees and the issuer’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange, so liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, plans to issue contingent income "memory" auto-callable securities due December 27, 2030 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. These are unsecured, principal-at-risk notes with a $1,000 stated principal amount and an estimated value on the pricing date of approximately $893 per security.
Investors may receive an 8.00% per annum contingent coupon, paid only if the index closes at or above a coupon barrier set at 52% of the initial level on an observation date. Missed coupons can be paid later if the barrier is met (“memory” feature). The notes are auto-callable quarterly starting December 23, 2026 if the index is at or above a call threshold equal to 87% of the initial level, returning principal plus the due and any unpaid coupons.
If the notes are not redeemed early, and on the final observation date the index is at or above the downside threshold (also 52% of the initial level), investors receive full principal plus any due coupons. If the final level is below that threshold, repayment is reduced 1% for each 1% index decline, and the maturity payment can be substantially below principal, including zero. The underlier itself is complex, using leveraged futures, a 40% volatility target and a 4.0% per annum decrement, which can weigh on its performance.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed-to-floating callable notes due January 16, 2041, linked to the 10-Year Constant Maturity Treasury Rate (10CMT). Each note has a stated principal amount and issue price of $1,000, while the estimated value on the pricing date is about $870 per note, reflecting issuing, selling, structuring and hedging costs borne by investors.
From issuance to January 16, 2027, the notes pay fixed interest of 7.75% per year. After that, interest becomes variable and can range from 0% up to 7.75% per year, depending on how many days 10CMT stays between 0.00% and 5.00%. If 10CMT is outside this range on a given day, no interest accrues for that day.
Starting January 16, 2027, the notes are callable quarterly at 100% of principal plus accrued interest if a risk-neutral valuation model shows it is economically rational for the issuer to redeem. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering cash-settled equity-linked notes due December 14, 2028, tied to the Class A shares of Alphabet Inc. (GOOGL). Each note has a $1,000 stated principal amount and pays no interest.
At maturity, investors receive the greater of $1,000 or a cash amount based on the average GOOGL closing price on three dates before maturity versus an initial exchange price of $475.5885, set at a 50.00% premium to the $317.059 share reference price. Unless GOOGL appreciates by more than about 50% across those averaging dates, the payout will be only $1,000, so there is principal protection but limited upside.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not equivalent to owning GOOGL stock, and do not provide dividends or voting rights. An extraordinary event feature can terminate the equity-linked component and leave investors with $1,000 at maturity plus a separate option value that may be as low as zero. The notes will not be listed, and the estimated value on the pricing date is about $985.50 per $1,000 note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the common stock of Tesla, Inc., maturing on December 20, 2028. Each security has a stated principal amount and issue price of $1,000.
Investors may receive a contingent coupon at an annual rate of 15.70%, but only if Tesla’s closing price on an observation date is at or above a coupon barrier set at 50% of the initial stock level. The notes can be automatically redeemed on scheduled dates if Tesla’s price is at or above a call threshold equal to 100% of the initial level, in which case holders receive principal plus the applicable coupon and no further payments.
If the notes are not called and Tesla’s final level is at or above the 50% downside threshold, investors receive full principal back (plus any final coupon if conditions are met. If the final level is below this threshold, repayment is reduced 1% for every 1% decline in Tesla’s price, and the maturity payment can fall to zero. The estimated value on the pricing date is expected to be about $968 per $1,000 security, reflecting issuer costs and internal funding rates.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $400,000 of $1,000-denomination Jump Notes with an auto-call feature due December 7, 2028, linked to the worst performer of Meta Platforms (META), Tesla (TSLA) and NVIDIA (NVDA) common stocks. The notes pay no interest and return at least the stated principal at maturity, subject to issuer credit risk.
The notes are automatically redeemed if, on a determination date, each stock closes at or above its call threshold (set at 100% of its initial level), paying an early redemption amount that corresponds to about 10.35% per year, including $1,103.50 per note on December 9, 2026 or $1,207.00 on December 9, 2027. If the notes are not called and any stock finishes below its threshold at final observation, investors receive only $1,000 per note.
The estimated value on the pricing date is $964.40 per $1,000 note, reflecting issuer funding rates, structuring, hedging and a $25-per-note sales commission. The notes are unsecured, not listed on any exchange, may have limited liquidity, are treated as contingent payment debt instruments for U.S. tax purposes, and their value is sensitive to the issuer’s credit spreads and the volatility and correlation of META, TSLA and NVDA.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities, principal-at-risk notes linked to the worst performer of the S&P 500® Index, Nasdaq-100 Index® and Dow Jones Industrial AverageSM, maturing on June 10, 2027. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $1,220,000 and an estimated value on the pricing date of $984.50.
If on the observation date the final level of each index is at least 65% of its initial level, investors receive $1,000 plus a fixed $110 upside payment per security, capping total return at 11%. If any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst index, and the payout can fall to zero.
The notes pay no interest, are unsecured obligations of Morgan Stanley Finance LLC fully and unconditionally guaranteed by Morgan Stanley, will not be listed on any exchange and may have limited secondary liquidity. Investors also face Morgan Stanley credit risk, embedded issuance, structuring and hedging costs, and complex U.S. tax treatment described as prepaid financial contracts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature linked to the worst performer of the Nasdaq-100® Technology Sector Index and the S&P 500® Index, maturing on December 24, 2030. Each security has a $1,000 stated principal amount and pays no interest.
The notes are automatically redeemed on scheduled determination dates starting December 24, 2026 if both indices are at or above their call thresholds, for step-up early redemption payments beginning at at least $1,091.40 and rising to at least $1,411.30, corresponding to an annualized return of about 9.14%. If held to maturity and both indices are at or above their call thresholds, investors receive at least $1,457 per $1,000. If either index finishes below its call threshold but both remain at or above their downside thresholds, only principal is returned. If either ends below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero.
The estimated value on the pricing date is about $946.40 per security, below the $1,000 issue price due to structuring, distribution and hedging costs and the issuer’s internal funding rate. Key risks include full principal loss, limited upside, issuer and guarantor credit risk, no exchange listing, technology-sector concentration and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is issuing Callable Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index, with $1,000 stated principal per security and $3,627,000 aggregate principal amount, maturing December 10, 2030 and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and are principal at risk. Starting December 11, 2026, they may be redeemed in whole on scheduled redemption dates if a risk neutral valuation model indicates calling is economically rational for Morgan Stanley; if called, investors receive a fixed cash redemption payment per the schedule, corresponding to a return of approximately 18.50% per annum, and no further payments.
If not redeemed and the final index level exceeds the 561.03 initial level, holders receive principal plus an upside payment equal to 200% of the index gain. If the final level is at or above the buffer level of 476.876 (15% below the initial level), only principal is repaid; below the buffer, repayment declines one-for-one with index losses beyond the buffer, subject to a minimum payment at maturity of 15% of principal.
The estimated value on the pricing date is $949.30 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. Key risks include loss of a significant portion of principal, early redemption risk, issuer credit risk, limited liquidity, index methodology changes and uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC is offering $1,025,000 of Contingent Income Memory Auto-Callable Securities due December 10, 2030, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. These principal-at-risk notes pay a 12.75% annual contingent coupon only if the index is at or above the coupon barrier level of 956.856 (80% of the 1,196.07 initial level) on each observation date, with a “memory” feature that can pay previously missed coupons when conditions are later met.
The securities may be automatically redeemed starting December 7, 2026 if the index is at or above the call threshold level of 1,196.07, returning principal plus the due and any unpaid contingent coupons, after which no further payments occur. If held to maturity and the final index level is at or above the downside threshold of 717.642 (60% of the initial level), investors receive their full principal; if it is below, repayment falls 1% for each 1% index decline, potentially to zero.
Each security has a $1,000 issue price and an estimated value of $894.70 on the pricing date, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, are not FDIC insured, will not be listed on any exchange and depend on Morgan Stanley’s credit and limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered PLUS notes linked to the iShares MSCI EAFE ETF. Each $1,000 security pays no interest and offers 150% leveraged upside on any gain in the ETF, up to a maximum payment at maturity of $1,280 per security, with a 10% downside buffer and a minimum repayment of 10% of principal on December 9, 2027.
If the ETF finishes between 90% and 100% of its initial level of $95.81, investors receive their $1,000 back; below the buffer they lose 1% of principal for every 1% additional decline. The notes are unsecured, not listed on any exchange and subject to Morgan Stanley’s credit risk. The estimated value at pricing is $984.10 per security, lower than the $1,000 issue price because it reflects issuing, selling, structuring and hedging costs and the issuer’s internal funding rate, and the U.S. tax treatment is described as uncertain and potentially adverse.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due December 22, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Technology Sector Index. Investors may receive a contingent coupon at an annual rate of 9.50% on scheduled payment dates, but only if on each observation date all three indexes close at or above their coupon barrier levels, set at 80% of initial levels. The notes can be automatically redeemed starting with the December 21, 2026 redemption determination date if all indexes are at or above 100% of their initial levels, returning principal plus the applicable coupon and any unpaid coupons. If held to maturity and all final index levels are at or above 60% of initial levels, investors receive the stated principal amount plus any due coupons; otherwise, repayment is reduced by 1% of principal for every 1% decline in the worst-performing index from its initial level, and the maturity payment could be zero. The estimated value on the pricing date is approximately $986.80 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $1,000-denomination Buffered Jump Securities due December 8, 2027. The $1,000,000 principal-at-risk notes are linked to an equal-weight basket of AbbVie, Eli Lilly, Regeneron, Vertex and UnitedHealth.
The notes pay no interest and do not guarantee principal. They auto-call on December 16, 2026 if the basket is at or above 100% of its initial level, returning $1,106 per note. If held to maturity and the basket finishes above its initial level, investors receive $1,000 plus 125% of the basket’s gain. If the final level is between 80% and 100%, principal is returned. Below the 80% buffer, losses are amplified by a 1.25 downside factor and repayment can fall to zero.
The estimated value on the pricing date is $965.30 per $1,000 note, reflecting fees, hedging and Morgan Stanley’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit, not listed on an exchange and not insured by the FDIC.
Morgan Stanley Finance LLC is offering $2,229,000 of Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the S&P 500 Index, Nasdaq-100 Index and S&P 500 Equal Weight Index. Each security has a $1,000 stated principal amount, pays no interest and does not guarantee a return of principal.
The notes may be automatically redeemed starting December 7, 2026 if all three indexes are at or above 100% of their initial levels, for fixed early redemption payments rising from $1,102 to $1,459 per $1,000 depending on the call date, corresponding to about a 10.20% annualized return. If held to December 9, 2030 and all final index levels are at or above 80% of their initial levels, investors receive $1,510 per $1,000; if any index is below 80% but all are at or above 75%, only principal is returned; if any index finishes below 75%, repayment is reduced 1% for each 1% decline in the worst index and can be zero.
The securities are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, will not be listed on any exchange and may have limited secondary market liquidity. The estimated value on the pricing date is $978.40 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering $1,300,000 of Contingent Income Auto-Callable Securities due May 27, 2027, linked to Micron Technology, Inc. common stock and fully guaranteed by Morgan Stanley. These principal-at-risk structured notes are issued at $1,000 per security, with an estimated value on the pricing date of $963.80 per security, reflecting issuing, selling, structuring and hedging costs and an internal funding rate.
The notes may pay a contingent coupon at an annual rate of 18.50% on scheduled coupon payment dates if Micron’s closing share price is at or above the $134.718 coupon barrier (60% of the $224.53 initial level) on the related observation date. They are automatically redeemed at par plus that period’s coupon if, on specified redemption determination dates starting February 25, 2026, Micron closes at or above the $190.851 call threshold (85% of the initial level).
If not called, and on the final observation date Micron is at or above the $112.265 downside threshold (50% of the initial level), investors receive the stated principal amount plus any final coupon. If the final level is below this threshold, repayment is reduced in proportion to Micron’s decline and can fall to zero, so investors may lose their entire principal. All payments depend on Morgan Stanley’s credit, the securities are unsecured and unlisted, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering $1,200,000 of callable contingent income memory securities due June 9, 2027, linked to the S&P 500, Nasdaq-100 and Russell 2000 indexes.
The notes pay a 9.84% annual contingent coupon, but only when each index closes at or above 75% of its initial level on scheduled observation dates; missed coupons can be paid later if these barriers are met.
Principal is fully at risk: if, at maturity, any index is below its downside threshold (75% of its initial level), the repayment is reduced 1% for each 1% decline of the worst performer and can fall to zero. The securities are unsecured, not listed on an exchange, may trade below the $1,000 issue price, and had an estimated value of $978.90 on the pricing date.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering auto-callable “Jump Notes” due December 15, 2028 linked to the worst performer of the VanEck® Gold Miners ETF (GDX) and iShares® Silver Trust (SLV). The notes have a $1,000 stated principal amount, no periodic interest, and an estimated value on the pricing date of approximately $963 per note.
The notes can be automatically redeemed early if on a determination date both underliers are at or above their call threshold levels, paying $1,070 per note on December 18, 2026 or $1,140 on December 16, 2027, corresponding to about a 7.00% per annum return. If not called, and on the final determination date both underliers meet or exceed their thresholds, investors receive $1,210 per note at maturity; otherwise they receive only the $1,000 principal. Payments are subject to Morgan Stanley’s credit risk, the notes will not be listed on any exchange, and investors face product-specific risks including limited upside, early redemption risk, complex valuation, exposure to gold-mining equities and silver, and treatment as contingent payment debt instruments for U.S. tax purposes.
Morgan Stanley Finance LLC is offering $2,039,000 of Enhanced Buffered Jump Securities due November 20, 2026, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 principal-at-risk note pays no interest and is linked to the worst performer among the S&P 500® Futures Excess Return Index, the Utilities Select Sector SPDR® Fund and the Russell 2000® Index.
At maturity, investors receive $1,000 plus a fixed digital payment of $121 (12.10%) per note if the final level of each underlier is at or above its digital threshold level, set at about 75% of its initial level. Principal is protected only down to a 10% buffer; if any underlier finishes below its buffer level (90% of its initial level), repayment is reduced by 1% for each 1% decline of the worst performer beyond that buffer, with a minimum payment of 10% of principal.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and are expected to have limited liquidity. The estimated value on the October 20, 2025 pricing date is $987.90 per $1,000, reflecting issuance, structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Step-Down Contingent Income Memory Auto-Callable Securities” due December 12, 2030, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of about $925.80 per security.
The notes pay a 13.00% annual contingent coupon, but only on observation dates when the index closes at or above a barrier set at 70% of its initial level; missed coupons can be paid later if the barrier is met. Starting December 9, 2026, the notes can be automatically redeemed on specified redemption determination dates if the index is at or above step-down call thresholds, returning principal plus the applicable coupon and any previously unpaid contingent coupons.
If the notes are not called and the final index level is at or above a downside threshold of 50% of the initial level, investors receive their principal back plus any payable coupons. If the final level is below that threshold, repayment is reduced in line with the index loss, up to a total loss of principal. Investors also face the credit risk of Morgan Stanley and structural risks from the leveraged, 4% decrement index, which has limited live performance history.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Securities with an auto-call feature maturing on December 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and does not pay interest.
The notes are linked to an equally weighted basket of AbbVie, Eli Lilly, Regeneron, Vertex and UnitedHealth stocks. If, on December 18, 2026, the basket level is at or above its initial level, the notes are automatically redeemed for $1,102 per security and terminate. If held to maturity and the final basket level is above the initial level, investors receive principal plus 125% of the basket’s gain.
A 20% downside buffer applies; if the final level is between 80% and 100% of the initial level, investors receive only their $1,000 principal. Below 80%, losses accelerate at 1.25% of principal for each 1% decline beyond the buffer, and the repayment can be reduced to zero. The estimated value on the pricing date is approximately $961.60 per security, and investors face issuer credit risk, limited liquidity and complex U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering leveraged buffered notes linked to the S&P 500 Index under its medium-term note program. The notes do not pay interest and return at maturity depends solely on index performance between the trade date and a determination date expected 13–15 months later.
For each $1,000 note, investors receive 160% of any positive index return, but gains are capped by a maximum settlement amount expected between $1,115.20 and $1,135.52. A 10% downside buffer protects against moderate declines: if the index falls by up to 10%, investors receive $1,000. Below that, principal is reduced with a buffer rate of about 111.11%, and all principal can be lost.
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 or no secondary market. The estimated value on the trade date is approximately $992.50 per note, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Tax treatment is uncertain and could differ from the issuer’s expectations.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Trigger PLUS structured notes due December 6, 2030 that provide leveraged exposure to a performance-allocation basket of the MSCI EAFE, EURO STOXX 50 and Nikkei Stock Average indexes. Each security has a stated principal amount of $1,000, for an aggregate principal amount of $364,000, and pays no interest.
At maturity, if the basket performance factor is positive, each note pays $1,000 plus 108% of that positive performance. If the basket performance factor is between 0% and the downside trigger of –30%, only the $1,000 principal is repaid. If it falls below –30%, principal is reduced 1% for each 1% decline and can be reduced to zero. The estimated value on the pricing date is $930.30 per security, reflecting issuance, structuring and hedging costs and an internal funding rate favorable to the issuer. The notes are unsecured, not FDIC-insured, will not be listed on an exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, market-linked securities maturing on January 3, 2029. Each security has a $1,000 face amount and pays a contingent coupon at a rate to be set on the pricing date, expected to be at least 8.45% per annum, but only when the lowest performing of the S&P 500 Index, Russell 2000 Index and Nasdaq-100 Technology Sector Index closes at or above 70% of its starting level on the monthly calculation day.
Beginning about six months after issuance, the notes are auto-callable if on a calculation day all three indices are at or above their starting levels, returning the face amount plus the final contingent coupon. If the notes are not called and on the final calculation day any index is below 70% of its starting level, investors are exposed 1‑for‑1 to the decline of the lowest-performing index and can lose more than 30% and up to all of principal.
The securities are unsecured obligations of Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, with an estimated value of about $963.40 per $1,000 at pricing. They will not be listed on an exchange, may have limited liquidity, involve complex tax treatment and are intended only for investors who can accept equity and issuer credit risk and the possibility of receiving few or no coupons.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger Jump Securities linked to the S&P 500® Index maturing on December 23, 2027. These are principal-at-risk notes that pay no interest and do not guarantee any return of principal.
Each security has a $1,000 stated principal amount. If the index ends at or above its initial level on the observation date, investors receive $1,000 plus the greater of the index gain or a fixed $150 upside payment, but the total is capped at $1,206 per security. If the index is below the initial level but at or above 75% of that level, investors simply receive $1,000 back.
If the index closes below 75% of its initial level, investors lose 1% of principal for each 1% index decline, with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is approximately $976.50 per security, reflecting 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 principal-at-risk Jump Securities with an auto-call feature due December 23, 2027, linked to the worst performer of the Nasdaq-100 Technology Sector Index and the Invesco QQQ Trust. Each security has a $1,000 denomination and may be automatically redeemed on December 30, 2026 for $1,138.50 if both underliers are at or above their initial levels on the first determination date.
If not called, investors receive their $1,000 back plus 100% of any gain of the worst-performing underlier if both finish above their initial levels, their $1,000 back if both underliers finish at or above 70% of their initial levels but at least one is at or below its initial level, and a proportionate loss of principal if either finishes below 70%. The notes pay no interest, are unsecured obligations of Morgan Stanley Finance LLC guaranteed by Morgan Stanley, will not be listed on an exchange, and had an estimated value on the pricing date of approximately $963.40 per $1,000 security due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering $1,000 principal-at-risk Buffered Jump Securities with an auto-call feature maturing on December 24, 2030, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay no interest, are unsecured obligations fully and unconditionally guaranteed by Morgan Stanley, and have an estimated value on the pricing date of approximately $900.80 per security, below the $1,000 issue price.
Beginning December 22, 2026, the notes are automatically redeemed if the index closes at or above 100% of its initial level on a determination date, paying fixed amounts of $1,217.50, $1,435.00, $1,652.50 or $1,870.00 per $1,000 depending on the year, corresponding to returns of about 21.75% per annum. If held to maturity and the final index level is at or above 100% of the initial level, investors receive $2,087.50 per security; if it is between 85% and 100%, they receive only principal back. Below 85%, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal, and investors face both Morgan Stanley credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due December 19, 2030, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a stated principal amount of $1,000 and may pay a contingent coupon at 11.75% per year, but only if the index closes at or above a coupon barrier equal to 70% of its initial level on the relevant observation date. Missed coupons can be “remembered” and paid later if a future observation date meets the barrier.
The notes auto-call if, on any redemption determination date starting December 16, 2026, the index is at least 100% of its initial level, returning principal plus the due coupon and any unpaid coupons. If held to maturity and the final index level is at least 60% of the initial level, investors receive full principal back (plus any payable coupons). If the final level is below 60%, repayment is reduced 1% for each 1% index decline, and the maturity payment can fall to zero. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of about $895.70 per $1,000 note, and they will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) due July 5, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the S&P 500 Index and pay no interest, with a stated principal amount of $1,000 per security.
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 about $1,220–$1,230 per security. If the index ends between 90% and 100% of its initial level, investors simply get back their principal. Below 90%, investors lose about 1% of principal for each additional 1% index decline, but not less than 10% of principal returned.
The estimated value on the pricing date is approximately $963.50 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, are not FDIC insured, will not be listed on any exchange and may have limited or no secondary market. U.S. federal income tax treatment is uncertain and may change.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, is offering variable income auto-callable notes due December 27, 2030 linked to the worst performer among Broadcom, Meta Platforms, Tesla, Palantir Technologies and Alphabet Class C stock. Each note has a stated principal amount of $1,000, with principal repaid at early redemption or at maturity, subject to the issuer’s credit.
The notes pay monthly coupons at either a lower annual rate of 0.25% or a higher annual rate of 8.80%. The higher rate is paid only if, on the relevant observation date, the closing level of every stock is at or above its coupon barrier, set at 75% of its initial level; if any stock is below that level, only the lower coupon is paid for that period. Beginning in December 2026, the notes are automatically redeemed if all stocks are at or above 100% of their initial levels on a redemption determination date, in which case investors receive principal plus the higher coupon, and no further payments.
The estimated value on the pricing date is approximately $939.50 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes are unsecured obligations, will not be listed on any securities exchange, may have limited or no secondary market liquidity, and are subject to complex U.S. federal income tax treatment.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, is offering Buffered Performance Leveraged Upside Securities linked to the iShares MSCI EAFE ETF, maturing on December 9, 2027.
Each $1,000 security pays no interest. At maturity, if the ETF’s final level is above the initial level of $95.81, holders receive principal plus 150% of the percentage gain, capped at a maximum payment of $1,280 per security. If the final level is at or below the initial level but at or above the buffer level of $86.229 (90% of the initial level), holders receive only their principal back. Below the buffer, repayment is reduced 1% for each 1% decline beyond the 10% buffer, with a minimum payment of 10% of principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange, so secondary market liquidity may be limited. The estimated value on the pricing date is approximately $984.10 per security, reflecting issuing, selling, structuring and hedging costs, and the U.S. federal income tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is issuing Trigger PLUS structured notes linked to the S&P 500® Futures Excess Return Index, with an aggregate principal amount of $2,695,000 and a stated principal amount of $1,000 per security, maturing on December 6, 2030. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index finishes above the initial level of 559.71, investors receive principal plus a leveraged upside payment equal to 193% of the index gain. If the final level is between the initial level and the downside threshold of 335.826 (60% of the initial level), investors receive only their principal back. If the index closes below the downside threshold, repayment is reduced 1% for each 1% decline, with no minimum payment, so the entire investment can be lost.
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 liquidity. The issue price is $1,000 per security, while the issuer’s estimated value on the pricing date is $979.70, reflecting embedded costs and the issuer’s internal funding rate. Morgan Stanley & Co. LLC will sell the notes to an unaffiliated dealer at $992.50 per security for distribution to fee-based advisory accounts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering variable income auto-callable notes due December 27, 2030, linked to the worst-performing of Palantir, Tesla and Affirm common stocks. Each note has a stated principal amount of $1,000 and pays a variable monthly coupon.
On each observation date, if the closing level of every stock is at or above its coupon barrier level, investors receive a higher annual coupon of 8.25%. If any stock is below its barrier, the coupon falls to 0.25% annually for that period. Starting with the first redemption determination date in December 2026, the notes auto-call if all three stocks are at or above their call thresholds, paying back principal plus the higher coupon for that period.
If the notes are never called, investors receive their $1,000 principal back at maturity plus the variable final coupon, subject to Morgan Stanley’s credit. The estimated value on the pricing date is approximately $940 per note, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to a weighted basket of five major 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, pays no interest and matures in roughly 24–27 months.
At maturity, investors receive $1,000 plus 175% of any positive basket return, but gains are capped at a maximum settlement amount expected between $1,257.775 and $1,302.400 per $1,000. A 10% downside buffer protects principal only against moderate declines; if the basket falls more than 10%, losses are magnified by a buffer rate of about 111.11%, and investors could lose their entire investment. The estimated value on the trade date is about $971.40 per note, reflecting selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. All payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due January 12, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $985.30 per security.
The notes pay a contingent coupon at an annual rate of 7.55%, but only if on each observation date the S&P 500® Index, Dow Jones Industrial AverageSM and Nasdaq-100 Index® are all at or above their coupon barrier levels, each set at 60% of its initial level. If any index is below its barrier, no coupon is paid for that period. Starting on the first redemption date in January 2027, the issuer may redeem all notes early if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to do so.
If the notes are not redeemed and on the final observation date each index is at or above its downside threshold (also 60% of initial), investors receive full principal back plus any final coupon. If any index finishes below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The notes are unsecured, not listed on any exchange, may have limited secondary liquidity, carry Morgan Stanley credit risk and involve complex, uncertain U.S. tax treatment, including potential 30% withholding on coupons for some non-U.S. investors.
Morgan Stanley Finance LLC is offering principal-at-risk jump securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and matures on December 12, 2030, with no periodic interest payments.
The notes are linked to the worst performing of the EURO STOXX 50® Index, S&P 500® Index and Dow Jones Industrial AverageSM. Starting on December 15, 2026, the securities are automatically redeemed if all three indices are at or above their call thresholds, paying fixed amounts that imply about 10.30% per annum, up to a maximum of $1,489.25 per security before maturity. If held to maturity and all indices are at or above their call thresholds, investors receive $1,515.00 per security.
If, at maturity, at least one index is below its call threshold but all are at or above their downside thresholds (70% of initial levels), investors receive only the principal. If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst performer, and the payment can fall to zero. The estimated value on the pricing date is approximately $957.80 per security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities due June 24, 2027, linked to the worst performer of the Nasdaq-100® Technology Sector IndexSM, the S&P 500® Index and the Russell 2000® Index. Investors can receive a contingent coupon at an annual rate of 8.50% to 10.50% per security, but only if on each observation date all three indices are at or above 80% of their initial levels. The notes are automatically redeemed if on a redemption determination date all indices are at or above 100% of their initial levels, paying principal plus the applicable coupon. If the notes are not called and any index finishes below 70% of its initial level at maturity, repayment of principal is reduced 1% for each 1% decline in the worst-performing index and can fall to zero. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and have an estimated value on the pricing date of approximately $957.50 per $1,000 security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $10,671,000 of Dual Directional Buffered Jump Securities linked to the Tokyo Stock Price Index (TOPIX), maturing on December 2, 2027. Each security has a $1,000 stated principal amount and is sold at $1,000, with an estimated value on the pricing date of $962.40.
The notes pay no interest and are principal at risk. If on the first determination date (December 7, 2026) TOPIX is at or above the initial index value of 3,378.44, the notes are automatically redeemed for $1,109.50 per security and terminate. If held to maturity and TOPIX is at or above the initial value, investors receive principal plus 150% of the index gain. If TOPIX is below the initial value but no more than 10% lower, investors receive a positive return equal to the absolute index move, capped at 10%. Below that 10% buffer, losses match the decline beyond the buffer, with a minimum maturity payment of $100 per security, meaning up to 90% of principal can be lost.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered PLUS notes linked to the S&P 500® Futures Excess Return Index, with a stated principal of $1,000 per security and an aggregate principal amount of $370,000. The notes pay no interest and mature on December 3, 2031.
At maturity, if the index is above its initial level of 559.51, investors receive principal plus 167.75% of the index gain. If the index is flat or down but not below 75% of the initial level, investors receive only their principal. If the index falls more than 25%, principal is reduced one-for-one beyond that buffer, with a minimum payment of 25% of principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on an exchange, so liquidity may be limited. The estimated value on the pricing date is $941.40 per security, below the issue price, reflecting structuring and distribution costs.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities linked to General Mills, Inc. (GIS) common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,109,000, and pays a 10.35% per annum contingent coupon only when the stock closes at or above the $33.145 coupon barrier on the relevant observation date.
The notes may be automatically redeemed on scheduled determination dates if GIS closes at or above the $47.35 call threshold, returning principal plus the applicable coupon and ending further payments. If held to maturity on December 2, 2027 and not previously redeemed, investors receive full principal only if the final level is at or above the $33.145 downside threshold. Below that level, repayment is reduced in proportion to the stock’s decline and can fall to zero. The initial estimated value on the pricing date is $965.80 per $1,000, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities linked to the VanEck® Gold Miners ETF. Each $1,000 note can pay a contingent coupon at an annual rate of 10.50%, but only when the ETF’s closing level on an observation date is at or above a barrier set at 65% of the initial level.
The notes can be automatically redeemed quarterly starting June 22, 2026 if the ETF is at or above 100% of its initial level, paying back principal plus the applicable coupon and ending the investment. If held to June 24, 2027 and the final level is below the downside threshold (65% of the initial level), investors lose 1% of principal for each 1% decline in the ETF and could lose their entire investment. The estimated value on the pricing date is expected to be about $955 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 is offering Trigger PLUS structured notes due December 23, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, pays no interest and does not guarantee any return of principal.
The notes are linked to the worst performer of the S&P 500 Index and the Dow Jones Industrial Average. If the final level of each index is above its initial level, investors receive principal plus a leveraged upside payment based on a leverage factor between 120% and 130%. If the worst index finishes between 75% and 100% of its initial level, investors receive only principal. If either index ends below its downside threshold of 75% of its initial level, repayment is reduced 1% for each 1% decline in the worst index, and the payout can fall to zero. The estimated value on the pricing date is approximately $931.10 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk contingent income auto-callable securities due November 30, 2028 linked to the common stock of Apple Inc.
Each security has a $1,000 stated principal amount and pays a contingent coupon at an annual rate of 8.00%, but only if Apple’s closing price on the relevant observation date is at or above the coupon barrier of $193.879, which is 70% of the initial level of $276.97. The same level serves as the downside threshold. The securities are subject to automatic early redemption if, on any redemption determination date starting May 26, 2026, Apple’s closing level is at or above the call threshold of $276.97, in which case investors receive principal plus the applicable contingent coupon and no further payments.
If the notes are not called and Apple’s final level is at or above the downside threshold, investors receive principal back plus any final contingent coupon. If the final level is below the downside threshold, repayment is reduced 1% for every 1% decline in Apple’s price, potentially resulting in a total loss of principal. The aggregate principal amount of the issuance is $1,038,000, and the estimated value on the pricing date is $967.10 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. The securities are unsecured obligations, not listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income “memory” auto-callable securities linked to the common stock of Fiserv, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and offers a contingent coupon at an annual rate of 11.83%, paid only if Fiserv’s closing level on the relevant observation date is at or above the coupon barrier of $30.38 (50% of the $60.76 initial level). Unpaid coupons can be paid later if the barrier is met.
The notes are automatically redeemed if, on any redemption determination date starting May 26, 2026, Fiserv closes at or above the call threshold of $60.76, paying principal plus the current and any previously unpaid coupons. If not called, and on the final observation date Fiserv is at or above the downside threshold of $30.38, investors receive full principal plus any due coupons; if it is below, the payoff is $1,000 × (final level / initial level), exposing investors to a full 1-for-1 downside, potentially losing their entire investment. The aggregate principal amount is $2,824,000, and the estimated value on the pricing date is $959.80 per security, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured, not listed, subject to Morgan Stanley’s credit risk and carry complex tax and liquidity risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing callable contingent income securities due November 29, 2028, linked to the worst performing of the S&P 500, Nasdaq-100 Technology Sector and Russell 2000 indices. Each security has a $1,000 stated principal amount, for an aggregate principal of $353,000, and pays a contingent coupon at an annual rate of 9.00% only if all indices are at or above their coupon barrier levels (80% of initial) on each observation date.
If the notes are not called and any index finishes below its downside threshold (generally 70% of initial), investors lose 1% of principal for every 1% decline in the worst performer, up to a total loss. A risk neutral valuation model controls early redemption decisions, and the estimated value on the pricing date is $940 per security, below the $1,000 issue price. The notes carry Morgan Stanley credit risk, will not be listed on an exchange, may have limited liquidity, and feature complex tax and withholding considerations, especially for non-U.S. investors.
Morgan Stanley Finance LLC is offering $3,426,000 of market-linked notes tied to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount and is issued at $1,000, with an estimated value on the pricing date of $945 per note.
The notes pay no interest and mature on November 29, 2030. At maturity, if the index’s final level is above the initial level of 5,528.67, holders receive $1,000 plus 100% of the index’s gain; if the index is flat or lower, they receive only the $1,000 principal. Payments depend entirely on the issuers’ credit, the notes are unsecured, not listed on any exchange, and secondary market liquidity and pricing may be limited.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities linked to the worst performer of the Nasdaq-100 Technology Sector Index, the S&P 500 Index and the Russell 2000 Index. Each note has a stated principal amount of $1,000, issue price $1,000 and aggregate principal of $1,709,000, with Morgan Stanley as guarantor. Investors may receive a contingent coupon at an annual rate of 8.25% on scheduled payment dates, but only if on each observation date all three indices are at or above their coupon barrier levels, set at 80% of their initial levels.
The notes may be automatically redeemed on specified dates starting May 26, 2026 if each index is at or above its call threshold level, equal to 100% of its initial level, returning principal plus the applicable coupon. If not called, and at maturity in May 2027 any index finishes below its downside threshold (70% of its initial level), repayment of principal is reduced in full proportion to the worst index’s decline, and can fall to zero. The estimated value on the pricing date is $954.90 per security, and the notes are unsecured, not listed and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering $20,196,000 of Step-Down Callable Contingent Income Memory Buffered Securities due October 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer among the Nasdaq-100 Index, the Consumer Staples Select Sector SPDR Fund and the S&P 500 Futures Excess Return Index.
Investors may receive a 10.00% per annum contingent coupon if, on each observation date, every underlier is at or above its coupon barrier. The notes can be called in whole on scheduled redemption dates only if a risk-neutral valuation model indicates it is economically rational for Morgan Stanley to redeem, in which case investors receive principal plus applicable coupons and no further payments. At maturity, if not redeemed and every underlier is at or above its 75% buffer level, principal is repaid; otherwise, repayment is reduced by 1.3333% for each 1% decline of the worst underlier beyond the 25% buffer, with no minimum payment. The issue price is $1,000 per security and the estimated value on the pricing date is $990.10.
Morgan Stanley Finance LLC is offering Buffered PLUS structured notes linked to the worst performer of the S&P 500® Index and the Russell 2000® Index, with an aggregate principal amount of $218,000 and a stated principal amount of $1,000 per security.
The notes pay no interest and mature on November 29, 2030. If both indices finish above their initial levels, holders receive principal plus 105% of the worst index’s gain; if the worst index is between its initial level and the 80% buffer level, holders receive only principal. Below the buffer, principal is reduced 1% for each 1% additional decline, subject to a 20% minimum payment at maturity. The securities are unsecured, fully and unconditionally guaranteed by Morgan Stanley, not listed on any exchange, carry a fixed sales commission of $40 per note, and had an estimated value of $935.10 per security on the pricing date.
Morgan Stanley Finance LLC is offering Buffered Participation Securities linked to the S&P 500® Equal Weight Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, with an aggregate principal amount of $1,716,000, and pays no interest over its term to November 29, 2030.
At maturity, investors receive $1,000 plus 100% of any index gain if the final level exceeds the initial level of 7,547.18. If the index decline stays within a 15% buffer (down to the buffer level of 6,415.103), investors receive only principal. Below the buffer, principal is reduced 1% for each additional 1% decline, subject to a minimum payment of 15% of principal ($150). The estimated value on the pricing date is $946.80 per security, the notes are unsecured and not exchange-listed, and returns depend on both index performance and Morgan Stanley’s creditworthiness.