Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities 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.
Morgan Stanley Finance LLC is offering $910,000 of Buffered Jump Securities with an auto-call feature due November 29, 2028, linked to the worst performer of the Consumer Discretionary Select Sector SPDR Fund (XLY) and the S&P 500 Index (SPX). Each $1,000 security can be automatically redeemed on December 7, 2026 for $1,116.50 if both underliers are at or above their initial levels on the first determination date.
If held to maturity and both underliers finish above their initial levels, investors receive principal plus an upside payment based on 110% of the gain of the worst performer. A 20% downside buffer applies if either underlier falls but stays above 80% of its initial level; below that, principal is reduced 1% for each 1% additional decline, with a minimum payment of 20% of principal. The securities pay no interest, are unsecured, subject to Morgan Stanley’s credit risk and were priced at $1,000 with an estimated value of $965.60, reflecting $25 per security in selling commissions and other issuance costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $119,000 of Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, at $1,000 per security.
The notes may be automatically redeemed starting on December 1, 2026 if the index closes at or above the 90% call threshold, paying early redemption amounts that target about 12.10% per annum, rising up to $1,594.90 per security before maturity. If held to November 29, 2030 and not called, investors receive $1,605 per security if the index is at or above the call threshold, only principal back if it stays above the 85% buffer level, and a 1-for-1 loss beyond that buffer down to a minimum payment of 15% of principal. The notes pay no interest, are unsecured, subject to Morgan Stanley’s credit risk, are not exchange-listed, and had an estimated value of $906.20 per $1,000 on the pricing date due to embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $4,085,000 of Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on November 29, 2030. Each note has a $1,000 principal amount and is issued at $1,000, but the issuer’s estimated value on the pricing date is $905.30, reflecting embedded costs and an internal funding rate.
The notes pay no interest. They are automatically redeemed on scheduled determination dates if the index is at or above 100% of its initial level, for fixed cash payments that target about 16.50% per annum. If held to maturity and not called, investors receive $1,825 per note if the index is at or above the call threshold, full principal back if it finishes between the 15% buffer and the threshold, and a proportional loss beyond the 15% buffer, with a minimum maturity payment of 15% of principal.
The securities are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary liquidity. Investors pay a sales commission of $43.50 per $1,000 note, and the tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is offering $464,000 of Contingent Income Buffered Auto-Callable Securities linked to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount, matures on March 1, 2027, and pays a 6.75% per annum contingent coupon only when the index closes at or above 75% of its initial level on scheduled observation dates.
The notes may be automatically called on set dates starting November 24, 2026 if the index is at or above 100% of its initial level, returning principal plus the applicable coupon and ending further payments. At maturity, if not called, investors receive full principal back if the index is at or above the 85% buffer level; below that, repayment is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is $993.50 per $1,000, the notes are not listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing fixed income buffered auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an aggregate principal amount of $1,167,000 and a denomination of $1,000 per security.
The notes pay a fixed coupon at an annual rate of 6.80% until they are automatically redeemed or mature. They are automatically called on specified dates if the index closes at or above 100% of its initial level, returning principal plus the coupon for that period. At maturity, if not previously redeemed and the index is at or above the buffer level of 85% of the initial level, investors receive full principal plus the final coupon; below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and have an estimated value of $918.30 per $1,000 security on the pricing date, reflecting embedded costs and an internal funding rate.
Morgan Stanley Finance LLC is offering $179,000 of Buffered PLUS, principal-at-risk notes linked to the S&P 500® Index, maturing on November 29, 2030. Each $1,000 security pays no interest and offers 125% leveraged upside on index gains, but the total return is capped at a maximum payment at maturity of $1,507.50 per security (150.75% of principal). A 10% buffer applies on the downside: investors receive full principal back if the index decline stays within 10%, but lose 1% of principal for each 1% drop beyond that, subject to a minimum payment of 10% of principal. The initial index level is 6,705.12 and the buffer level is 6,034.608. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $941.60 per security and no exchange listing.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Dual Directional Buffered PLUS notes linked to the worst performer of the Dow Jones Industrial Average, Nasdaq‑100 and Russell 2000, with an aggregate principal amount of $1,274,000 and a $1,000 denomination.
The notes pay no interest and mature in November 2030. Investors receive leveraged upside of 124% if the worst index finishes above its initial level, and up to a 20% positive return if it declines but stays within a 20% buffer. If the worst index falls more than 20%, principal is lost 1:1 beyond the buffer, with a minimum payment of 20% of principal. The estimated value on the pricing date is $932 per note, the securities are unsecured and subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and secondary market prices may be significantly below the $1,000 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $250,000 of structured Callable Contingent Income Securities due November 30, 2027 linked to the worst performing of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. The notes pay a 10.30% annual contingent coupon only when on each observation date all three indices close at or above 70% of their initial levels; otherwise no coupon is paid for that period. If not called, investors receive full principal at maturity only if each index is at or above its 70% downside threshold; if any index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst performer and can fall to zero. The notes are callable, in whole, on scheduled redemption dates beginning November 30, 2026 if a risk-neutral valuation model deems early redemption economically rational for the issuer. The issue price is $1,000 per security versus an estimated value of $979.70, the notes are not listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk and complex tax and liquidity considerations.
Morgan Stanley Finance LLC is offering $1,243,000 of market-linked notes due November 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount, pays no interest and returns at least principal at maturity, subject to issuer credit risk.
The payoff depends on the worst performing of the Dow Jones Industrial Average and Nasdaq-100 Index. If both final index levels are above their initial levels, investors receive principal plus 100% of the worst index’s gain, capped at a maximum payment of $1,280 per note (128%); otherwise only principal is paid back. The notes are unsecured, not listed on any exchange, and MS & Co. may provide only limited secondary liquidity.
The initial estimated value is $951.80 per note, below the issue price due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. U.S. holders are expected to treat the notes as contingent payment debt instruments for tax purposes, with a comparable yield of 4.0907% per annum and annual taxable interest accruals even though no cash interest is paid.
Morgan Stanley Finance LLC is issuing fixed-income buffered auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a 6.55% annual fixed coupon, with an aggregate principal amount of $2,671,000. The notes can be automatically redeemed beginning November 24, 2026 if the index level is at or above 100% of the initial level, paying principal plus the coupon for that period.
If held to November 29, 2030 and not previously redeemed, investors receive principal back only if the final index level is at or above the 15% buffer (buffer level 958.588 vs initial 1,127.75). Below the buffer, principal is reduced 1% for each 1% further decline, but not below 15% of principal. The estimated value on the pricing date is $918.40 per $1,000, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing $500,000 of Contingent Income Memory Auto-Callable Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security, mature on November 29, 2030, and pay a contingent coupon at an annual rate of 13.25% only if the index is at or above the 70% coupon barrier on each observation date. The notes may be automatically redeemed early if the index is at or above the 100% call threshold, returning principal plus any due coupons. If held to maturity and the final index level is below the 50% downside threshold, investors lose 1% of principal for each 1% decline in the index, potentially losing their entire investment. The estimated value on the pricing date is $939.60 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is issuing Dual Directional Trigger PLUS notes linked to the EURO STOXX 50® Index, with an aggregate principal amount of $4,208,000 at $1,000 per security. The notes pay no interest and do not guarantee return of principal. At maturity in November 2030, investors get leveraged upside of 130% of index gains, a positive "dual directional" return for index declines down to the downside threshold, and full exposure to losses if the index finishes below that threshold.
The initial index level is 5,528.67 and the downside threshold is 60% of that level, or 3,317.202. The maximum positive return in the absolute-return range is effectively capped at 40%. The estimated value on the pricing date is $954.50 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, subject to their credit risk, and will not be listed on any securities exchange.
Morgan Stanley Finance LLC is offering $1,107,000 of Trigger PLUS structured notes linked to the worst performer of the S&P 500 Index and Russell 2000 Index. Each $1,000 security pays no interest and offers 120% leveraged upside if both indexes finish above their initial levels on the observation date of November 24, 2028.
If either index is at or below its initial level but both stay at or above 75% of their initial levels, investors receive only the $1,000 principal. If either index falls below its 75% downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum, so the maturity payment can be zero.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. The issue price is $1,000 per security, while the estimated value on the pricing date is $948.70, reflecting upfront selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering callable contingent income memory securities linked to the Class A common stock of Palantir Technologies Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, with an aggregate principal amount of $450,000, and an issue price of $1,000 per security.
The notes pay a contingent coupon at an annual rate of 20.00%, but only when the Palantir share price on an observation date is at or above the coupon barrier of $81.125, which is 50% of the initial level of $162.25. Missed coupons can be paid later if the barrier is met, but can be lost entirely if it never is. The notes are callable on set redemption dates if a risk-neutral valuation model shows it is economically rational for Morgan Stanley to redeem.
At maturity on November 30, 2027, if not redeemed early and the final Palantir price is at or above the downside threshold of $81.125, investors receive back principal plus any due coupons. If the final price is below that threshold, repayment is reduced 1% for every 1% decline in the stock from the initial level, potentially resulting in a total loss. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and had an estimated value on the pricing date of $981.20 per security, below the issue price because of issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Callable Contingent Income Securities due May 27, 2027 linked to the worst performer of the S&P 500® Index, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index. Each security has a $1,000 stated principal amount and an aggregate principal of $150,000, with an original issue price of $1,000 and an estimated value on the pricing date of $950.20.
The notes pay an 8.00% per annum contingent coupon only if, on each observation date, all three indices are at or above their coupon barrier levels (80% of initial levels). Principal is at risk: if at maturity any index is below its downside threshold (70% of its initial level), repayment is reduced 1% for each 1% decline of the worst-performing index and can fall to zero.
The notes are callable in whole from May 29, 2026 onward if a risk-neutral valuation model indicates early redemption is economically rational for the issuer. They are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity. U.S. tax treatment is uncertain and may be adverse, particularly for non-U.S. investors facing potential 30% withholding on coupons.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable jump securities due November 29, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, within a total aggregate principal amount of $226,000, and is linked to the worst performer of the S&P 500® Index, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index.
The notes may be automatically redeemed on December 2, 2026 for $1,170 per security if on November 27, 2026 each index is at or above its initial level. If not called, at maturity investors receive principal plus a 150% participation in the gain of the worst-performing index if all three finish above their initial levels, only principal if all stay at or above 70% of their initial levels, and a loss of 1% of principal for each 1% decline of the worst performer below that 70% downside threshold, potentially losing the entire investment.
The securities pay no interest, will not be listed on an exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $928.40 per security, below the $1,000 issue price due to embedded issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering Jump Notes linked to the BlackRock Adaptive U.S. Equity 5% Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $100,000, and pays no periodic interest.
At maturity on November 29, 2030, if the index’s final level is at or above the initial level of 1,090.12, investors receive $1,312.50 per note, reflecting a fixed upside payment of $312.50, or 31.25% of principal. If the final level is below the initial level, investors receive only the $1,000 principal, so downside is limited to foregone return rather than loss of principal at maturity.
The notes’ estimated value on the pricing date is $926.20 per note, lower than the issue price because it includes issuing, selling, structuring and hedging costs and uses an internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any securities exchange, and secondary market liquidity and pricing may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes tied to the VanEck® Gold Miners ETF with an aggregate principal amount of $3,000,000. The notes are issued at $1,000 per note, pay no periodic interest and mature on November 29, 2030.
At maturity, investors receive $1,000 plus a performance-based amount if the ETF’s final level is above the initial level of $77.96, subject to a maximum payment of $1,630 per note (163% of principal). If the final level is at or below the initial level, only principal is repaid. The participation rate is 100%, and the estimated value on the pricing date is $953.10 per note, reflecting structuring and distribution costs.
The notes are unsecured obligations of Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, are not listed on any exchange, and all payments depend on Morgan Stanley’s credit. Investors face capped upside, no current income, potential illiquidity and risks specific to gold and silver mining equities tracked by the VanEck® Gold Miners ETF.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $1,500,000 of Buffered Jump Securities linked to the MSCI Emerging Markets Index, at $1,000 per security. These are principal-at-risk notes with no interest payments and an automatic early redemption feature.
The notes auto-call on December 7, 2026 if the index is at or above 1,342.10, paying $1,099 per security and then terminating. If held to November 30, 2027 and the final index level is above the initial 1,342.10, holders receive principal plus 125% of the index gain. If the final level is between the initial level and the 15% buffer (down to 1,140.785), investors receive only principal.
Below the buffer, losses are amplified: investors lose 1.1765% of principal for each 1% index decline beyond 15%, and the payment can fall to zero. The estimated value on the pricing date is $975.60 per security, below the $1,000 issue price, reflecting embedded costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each note has a $1,000 stated principal amount, with a total offering size of $485,000, and an original issue price of $1,000 per security.
The notes pay no interest and do not guarantee principal. Starting with the first determination date on November 25, 2026, the notes are automatically redeemed if the index closes at or above the call threshold level of 1,014.975 (90% of the initial level 1,127.75), for fixed early redemption payments that correspond to a return of approximately 14.00% per annum, up to $1,688.333 per security on the last call date. If held to maturity and not called, investors receive $1,700 per security if the final index level is at or above the call threshold level.
If the final index level is below the call threshold but at or above the downside threshold level of 676.65 (60% of the initial level), investors receive only principal back. If the final level is below the downside threshold, repayment is reduced 1% for each 1% index decline, and the payment can fall to zero. The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee, have an estimated value on the pricing date of $899.00 per security, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering $1,000 face amount, principal-at-risk structured notes due November 29, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 15.55% per annum contingent coupon, evaluated quarterly, but only if the lowest-performing of the Health Care Select Sector SPDR Fund (XLV), Consumer Staples Select Sector SPDR Fund (XLP), PepsiCo, Inc. stock and UnitedHealth Group stock closes at or above 75% of its starting price on the relevant calculation day. Missed coupons can be “remembered” and paid later if the condition is later met.
Beginning about six months after issuance, the notes are auto-callable quarterly if all underlyings are at or above their starting prices, returning $1,000 plus applicable coupons. If not called, and any underlying is below 75% of its starting price at final valuation, repayment of principal is reduced one-for-one with the decline in the lowest performer and can fall to zero. The notes are not listed, carry Morgan Stanley credit risk and have an estimated value of $959.50 per $1,000 at pricing, reflecting fees and the issuer’s funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $100,000 of Callable Contingent Income Securities, issued at $1,000 per security, linked to the worst performer of the S&P 500, Nasdaq-100 and Russell 2000 indices. These one-year notes, maturing on November 30, 2026, pay a contingent coupon at an annual rate of 10.35% only if, on each observation date, all three indices are at or above their coupon barrier levels, set at 70% of their initial levels.
The notes can be called in whole on specified redemption dates if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer. If not called, investors receive full principal at maturity only if each index finishes at or above its downside threshold (also 70% of its initial level). If any index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, and the return can fall to zero.
The securities are unsecured, not principal-protected, not listed on any exchange and are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $985.10 per security, lower than the issue price because of issuing, selling, structuring and hedging costs and the internal funding rate used to set the terms.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Buffered Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, with an aggregate principal amount of $1,078,000 and a stated principal amount of $1,000 per security. The notes pay a 9.00% per annum contingent coupon, but only if on each observation date the index closes at or above a coupon barrier set at 733.038, approximately 65% of the 1,127.75 initial level; missed coupons can be paid later if the barrier is met.
The securities may be automatically called starting November 24, 2026 if the index is at or above 100% of the initial level, in which case investors receive principal plus due and previously unpaid coupons. If held to November 29, 2030 and not called, principal is protected only down to a 15% buffer (buffer level 958.588); below that, losses match index declines beyond the buffer, with a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is $900.40 per $1,000, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is issuing principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, aggregate principal of $401,000, and an estimated value on the pricing date of $897.10.
Investors may receive a contingent coupon at 7.75% per year, paid only when the index closes at or above the coupon barrier, set at 55% of the initial level. The notes are automatically called at par plus applicable coupons if, on any redemption determination date from November 24, 2026 onward, the index closes at or above the call threshold of 100% of the initial level.
If not called and the final index level is at or above the 15% downside buffer (85% of the initial level), investors receive full principal back; below that, principal is reduced 1% for each 1% drop beyond the buffer, subject to a minimum payment of 15% of principal. The securities are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, limited liquidity, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering $1,215,000 of Dual Directional Buffered PLUS notes linked to the EURO STOXX 50® Index, maturing on November 29, 2030. Each $1,000 security pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors get leveraged upside of 139% of any index gain, or up to a 15% positive return if the index declines but stays above the 85% buffer level. If the index falls below the buffer, principal is lost 1% for each 1% drop beyond the 15% buffer, with a minimum payment of 15% of principal.
The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange. The estimated value on the pricing date is $932.30 per $1,000 security, reflecting issuer costs and an internal funding rate less favorable than Morgan Stanley’s secondary market credit spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed income buffered auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on December 12, 2030. Each security has a stated principal amount and issue price of $1,000 and pays a fixed coupon at an annual rate of 6.60%, with monthly payments.
The notes may be automatically redeemed starting on the first redemption determination date, December 9, 2026, if the index level is at or above the 100% call threshold, returning principal plus the relevant coupon. At maturity, if not called and the final index level is at or above the 85% buffer level, investors receive full principal plus the final coupon; below that buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $917.20 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and are intended for investors willing to accept limited downside protection, no participation in index gains and potential loss of a significant portion of principal.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Callable Jump Notes linked to the S&P 500® Futures Excess Return Index with an aggregate principal amount of $3,667,000 and a denomination of $1,000 per note. The notes pay no interest and may be redeemed in whole from November 30, 2026 onward if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer, with fixed redemption payments rising from $1,120 to $1,590 per note over the call schedule. If the notes are not redeemed and the final index level exceeds the initial level of 548.23, investors receive $1,000 plus an upside payment based on 120% of the index gain; otherwise they receive only principal at maturity on November 29, 2030. The estimated value on the pricing date is $955.30 per note, below the $1,000 issue price, and investors face issuer credit risk, limited liquidity and adverse tax treatment as contingent payment debt instruments.
Morgan Stanley Finance LLC is offering $283,000 of market-linked notes due November 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount, pays no interest and returns at least the stated principal at maturity.
The payoff is based on the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. If both final index levels exceed their initial levels, holders receive $1,000 plus 100% of the worst underlier’s gain, capped at a maximum payment of $1,260 per note (126%). If either index finishes at or below its initial level, the payment is $1,000. The estimated value on the pricing date is $955.30 per note, reflecting issuance, structuring and hedging costs and an internal funding rate lower than Morgan Stanley’s secondary market credit spreads. The notes are unsecured, not listed, subject to Morgan Stanley’s credit risk and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is issuing market-linked, principal-at-risk securities tied to the lower performance of Microsoft and Broadcom common stocks, maturing on December 30, 2026, with an aggregate face amount of $899,000 and a face amount of $1,000 per security.
Investors receive the face amount plus a 19% contingent fixed return if the lowest performing stock finishes at or above its starting price, or just the face amount if it finishes between its starting price and its 70% threshold. If the lowest performer ends below its threshold, repayment is reduced in line with the decline beyond a 30% buffer, with up to a 70% loss of principal.
The estimated value on the pricing date is $954.90 per security, below the $1,000 price to the public, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes pay no interest or dividends, are not listed on an exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to the S&P 500® Futures Excess Return Index, in an aggregate principal amount of $322,000 at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and offer 180% leveraged upside if the final index level exceeds the initial level of 548.23. If the final level is at or below the initial level but at or above the downside threshold of 383.761 (70% of the initial level), investors receive only principal back. If the final level falls below the threshold, repayment is reduced 1% for each 1% index decline, with no minimum payment, so the entire investment can be lost.
The securities mature on November 29, 2030, are unsecured and subject to Morgan Stanley’s credit risk, and will not be listed on any exchange. The estimated value on the pricing date is $941.70 per security, reflecting issuing, selling, structuring and hedging costs. MS& Co. acts as agent, receiving a sales commission of $36.25 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,500,000 of Enhanced Buffered Jump Securities linked to the S&P 500® Index, maturing on December 10, 2026. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the S&P 500 final level is at or above the buffer level of 6,034.608 (90% of the initial level of 6,705.12), investors receive $1,000 plus a fixed upside payment of $81.50, an 8.15% return, regardless of how much the index has risen. If the final level is below the buffer level, repayment is reduced by 1.1111% of principal for every 1% decline in the index beyond the 10% buffer, with no minimum payment; investors can lose their entire investment.
The securities are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley and will not be listed on any exchange, so secondary liquidity may be limited. The estimated value on the pricing date is $981.20 per $1,000 security, reflecting issuance, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The tax treatment is complex and may be affected by future IRS or legislative changes.
Morgan Stanley Finance LLC is offering $5,235,000 of Trigger PLUS notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 principal amount, pays no interest and matures on November 12, 2030. If the index finishes above its initial level of 548.23, investors receive $1,000 plus 194% of the index gain. If the final level is between 60% and 100% of the initial level, investors receive only the $1,000 principal.
If the final level falls below 60% of the initial level (a downside threshold of 328.938), investors lose 1% of principal for each 1% index decline and could lose their entire investment. The estimated value on the pricing date is $983.70 per note. The notes are unsecured, subject to Morgan Stanley’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering $5,624,000 of S&P 500®-linked Buffered Jump Securities with an auto-call feature due November 30, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note may be automatically redeemed on December 10, 2026 for $1,084.50 if the S&P 500® closing level on December 7, 2026 is at or above the call threshold of 6,705.12.
If the notes are not called and the final index level is at or above 6,705.12, investors receive $1,000 plus the greater of a fixed $169 upside payment or 100% of index gains. If the final level is below the initial level but at or above the 15% buffer (5,699.352), investors receive only the $1,000 principal. Below the buffer, repayment is reduced by 1.1765% for each 1% further decline, with no minimum payment, so the entire investment can be lost.
The securities pay no interest, 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 $977.40 per $1,000 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 $2,500,000 of Enhanced Buffered Jump Securities linked to the common stock of NVIDIA Corporation. These unsecured notes pay no interest, are not principal protected, and mature on December 16, 2026.
At maturity, if NVIDIA’s final stock level is at or above the buffer level of $143.104 (80% of the $178.88 initial level), investors receive $1,000 plus a fixed upside payment of $197 per security, a 19.70% gain, regardless of how much the stock has risen or modestly fallen. If the final level is below the buffer, repayment is reduced by 1.25% of principal for each 1% decline beyond the 20% buffer, with no minimum payment, so the entire investment can be lost.
The securities’ estimated value on the pricing date is $979.50 per $1,000, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that benefits the issuer. The notes will not be listed on any exchange, secondary liquidity may be limited, and returns depend both on NVIDIA’s stock performance and Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is offering $264,000 of S&P 500®-linked Buffered PLUS notes, issued at $1,000 per security and fully guaranteed by Morgan Stanley. These unsecured notes pay no interest and return depends entirely on the index level at maturity on November 29, 2029.
If the S&P 500® final level exceeds the initial level of 6,705.12, holders receive principal plus 200% of the index gain, capped at a maximum payment of $1,330 per security. A 10% buffer protects against moderate losses, but below 90% of the initial level, investors lose 1% of principal for each 1% additional decline, with a minimum payout of 10% of principal. The estimated value on the pricing date is $942.20 per security, and the notes carry full issuer and guarantor credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $500,000 of Enhanced Buffered Jump Securities linked to the Class A common stock of Palantir Technologies Inc. Each note has a stated principal amount and issue price of $1,000.
The notes pay no interest and do not guarantee return of principal. At maturity on December 9, 2026, if Palantir’s final stock price is at or above the buffer level of $108.395 (70% of the $154.85 initial level), investors receive $1,000 plus a fixed upside payment of $245.50 per security, a 24.55% gain, regardless of how much the stock has risen.
If the final level is below the buffer, investors lose 1.4286% of principal for each 1% Palantir falls beyond the 30% buffer, with no minimum payment at maturity, so the entire investment can be lost. The estimated value on the pricing date is $980.40 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and exposes investors to issuer credit risk.
The notes can be automatically redeemed quarterly from December 2026 if the index closes at or above 90% of its initial level, paying fixed call amounts that start at $1,120 and step up to $1,590. If the notes are not called and, on the final determination date, the index is at or above the call threshold, investors receive $1,600 at maturity in December 2030.
If at maturity the index is below the call threshold but at or above the 85% buffer level, investors receive only principal back. If it finishes below the buffer, repayment is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $905.50 per note, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Dual Directional Trigger PLUS notes due November 29, 2030, linked to the worst performer among the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index. Each note has a $1,000 stated principal amount, pays no interest and exposes investors to full principal risk.
If the worst-performing index finishes above its initial level, holders receive principal plus 120% of that index’s gain. If the worst-performing index is at or below its initial level but at or above 60% of its initial level, investors receive principal plus a positive return equal to 50% of the index’s percentage decline, effectively capped at a 20% gain. If the worst-performing index falls below 60% of its initial level, maturity payment is reduced 1% for each 1% decline, and can fall to zero.
The aggregate principal amount is $251,000, offered at $1,000 per note with an estimated value of $934 on the pricing date, reflecting embedded fees and a funding rate favorable to the issuer. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited secondary liquidity.
Morgan Stanley Finance LLC is issuing callable contingent income securities linked to the worst performer of the S&P 500, EURO STOXX 50 and Russell 2000 indices, maturing on November 29, 2028. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $115,000, and an estimated value on the pricing date of $939.60 per security.
The notes pay an 8.00% per annum contingent coupon only if, on each observation date, every index closes at or above its coupon barrier level (80% of its initial level). Principal is protected only if, at maturity and no prior redemption, each index finishes at or above its downside threshold (70% of its initial level); otherwise investors lose 1% of principal for each 1% decline in the worst-performing index, potentially all of their investment.
The securities are subject to early redemption from May 29, 2026 onward if a risk neutral valuation model indicates calling is economically rational for the issuer. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, will not be listed on any exchange, and carry significant market, credit, liquidity and U.S. tax risks.