Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Memory Buffered Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount of $1,000, issue price of $1,000, and total aggregate principal of $9,289,000.
The notes can pay a contingent coupon at 10.00% per year, but only when the index closes on an observation date at or above the coupon barrier level of 789.425 (70% of the initial level of 1,127.75). Missed coupons may be paid later if the barrier is met on a future observation date, but investors may receive few or no coupons over the term.
The securities are auto-callable quarterly starting on November 24, 2026 if the index is at or above the call threshold of 1,127.75, in which case investors receive principal plus the applicable coupon(s) and the note terminates. At maturity in November 2030, if not called and the final index level is at or above the buffer level of 958.588 (85% of initial), investors receive full principal; below that, they lose 1% of principal for each 1% index decline beyond the 15% buffer, with a minimum payment of 15% of principal.
The notes are unsecured, not listed on an exchange, and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $906.50 per $1,000, reflecting embedded costs including the fixed sales commission of $43.50 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,633,300 of Trigger Absolute Return Step Securities linked to a weighted basket of five international equity indices (EURO STOXX 50, Nikkei 225, FTSE 100, Swiss Market Index and S&P/ASX 200). The notes have a $10 issue price, an estimated value of $9.499 on the trade date and a term of about five years, maturing in November 2030.
If the Basket Return at maturity is at or above the 100 Step Barrier, investors receive principal plus the greater of a 39.00% Step Return or the Basket Return. If the final basket level is below the Step Barrier but at or above the 75 Downside Threshold, investors receive principal plus the absolute value of the Basket Return. If the basket finishes below the Downside Threshold, repayment is reduced in line with the negative Basket Return, up to total loss of principal.
The notes pay no interest or dividends, are unsecured and unsubordinated, and all payments depend on Morgan Stanley's credit. They will not be listed on any exchange, and secondary market liquidity and pricing are uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $9,826,210 of Trigger Step Securities linked to the least performing of the S&P 500® Index and the EURO STOXX 50® Index, maturing on November 27, 2030. Each Security has a $10 principal amount and a term of about five years.
If on the final valuation date both indices are at or above their respective Step Barriers (set at 100% of initial level for each index), investors receive $10 plus the greater of a fixed 61.00% Step Return or the actual percentage gain of the least performing index. If at least one index is below its Step Barrier but both stay at or above the Downside Thresholds (75% of initial levels), investors receive only their $10 principal back.
If either index closes below its Downside Threshold, repayment is $10 plus the full negative return of the least performing index, so investors can lose a substantial portion or all of their principal. The Securities pay no interest or dividends, are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange. The issue price is $10, including fees and hedging costs, while the estimated value at pricing is $9.51 per Security, and proceeds to the issuer are $9.65 per Security before hedging.
Morgan Stanley Finance LLC is offering $14,940,850 of Trigger Autocallable Notes linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. These are unsecured, unsubordinated principal-at-risk debt securities priced at $10 per Security, with an estimated value on the trade date of $9.651.
The notes have a term of approximately five years, maturing on November 29, 2030, and can be automatically called quarterly beginning November 30, 2026 if the index closes at or above the initial level of 2,465.979. If called, investors receive $10 plus a fixed Call Return based on an 8.90% per‑annum rate; by the final observation date, the Call Return reaches 44.50%, for a $14.45 payout per $10.
If the notes are not called and the final index level is below the initial level but at or above the Downside Threshold of 1,849.484 (75% of the initial level), investors receive only their $10 principal. If the final level is below the Downside Threshold, repayment is $10 × (1 + index return), exposing holders to the full downside of the Russell 2000® and potentially a total loss. The notes pay no interest, do not participate in any index appreciation, are not exchange-listed, and all payments depend on Morgan Stanley’s creditworthiness. The price to the public is $10, including a $0.25 per Security sales commission; proceeds to the issuer are $9.75 per Security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,500,000 of Digital S&P 500® Index-Linked Notes due December 3, 2032. Each note has a $1,000 face amount, pays no interest and is subject to full principal risk.
The notes provide a digital payoff linked to the S&P 500® Index. If on the determination date the index is at or above 85% of the initial level of 6,705.12, investors receive the Maximum Settlement Amount of $1,577.10 per $1,000 note (157.71% of face value). If the index has fallen by more than 15%, investors receive $1,000 plus $1,000 times the index return, resulting in losses that can reach 100% of principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are not FDIC-insured or listed on an exchange. The estimated value on the trade date is $919.10 per note, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs. The price to the public is $1,000 per note, with a 5.00% sales commission, yielding $1,425,000 in proceeds to the issuer.
Morgan Stanley Finance LLC is issuing $2,590,500 of Trigger Autocallable GEARS, unsecured notes linked to a 20‑stock healthcare and insurance basket, fully guaranteed by Morgan Stanley. Each Security has a $10 issue price, with an estimated value on the trade date of $9.570, reflecting structuring and hedging costs borne by investors.
The notes may be automatically called on December 2, 2026 if the basket is at or above 100% of its initial level, paying $10.85 per Security based on an 8.50% per annum call return. If not called, positive basket performance at maturity in November 2030 is multiplied by 1.40 upside gearing.
Principal is at risk: if the final basket level is below the 75% downside threshold, repayment falls one‑for‑one with the basket decline, up to total loss, and no interest or dividends are paid. All payments depend on Morgan Stanley’s creditworthiness, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $3,707,000 of Digital EURO STOXX 50® Index-Linked Notes due January 14, 2028. These unsecured notes pay no interest and return depends entirely on the EURO STOXX 50® Index level on January 12, 2028.
For each $1,000 note, if the final index level is at least 85% of the initial 5,528.67 level, holders receive a fixed $1,187.20, equal to 118.72% of face value. If the index falls more than 15%, repayment is reduced using a leverage factor of about 1.1765 on losses below the 85% threshold, and investors can lose their entire principal.
The notes’ estimated value on the trade date is $993.60 per $1,000, reflecting issuer costs and an internal funding rate that is advantageous to the issuer. The notes will not be listed on any exchange, secondary trading may be limited, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk trigger autocallable notes linked to the S&P 500®, Dow Jones Industrial Average℠ and Russell 2000®, maturing on December 1, 2032.
The notes may be automatically called on quarterly Observation Dates beginning December 3, 2026 if each index is at or above its Redemption Threshold (generally 95% of its Initial Underlying Value), paying $10 plus a fixed Call Return based on a 10.20% per-annum Call Return Rate, up to a 71.40% Call Return at final call.
If not called and the Final Underlying Value of each index is at or above its Downside Threshold (generally 75% of its initial level) but below its Redemption Threshold, investors receive only the $10 principal. If any index finishes below its Downside Threshold, repayment is $10 × (1 + Underlying Return of the Least Performing Underlying), which can result in a substantial or total loss of principal. The notes pay no interest, offer no participation in index gains, are unsecured, not listed, and all payments depend on Morgan Stanley’s creditworthiness. The estimated value on the Trade Date is approximately $9.829 per $10 note.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering trigger autocallable notes linked to the least performing of the S&P 500® Equal Weight Index, Dow Jones Industrial Average℠ and Russell 2000® Index, maturing on December 1, 2031 unless called earlier. The notes pay no interest and can be automatically called quarterly beginning December 3, 2026 if each index is at or above its Redemption Threshold (about 92% of its Initial Underlying Value), in which case investors receive $10 principal plus a fixed Call Return based on a 10.00% per annum rate.
If the notes are not called and, on the final observation date, at least one index is below its Redemption Threshold but all three are at or above their Downside Thresholds (about 75% of initial), investors receive only the $10 principal. If any index finishes below its Downside Threshold, repayment is $10 times 1 plus the return of the least performing index, so principal losses match the full decline of that index and can reach 100%. The issue price is $10 per note and the estimated value on the trade date is approximately $9.878, reflecting issuing, structuring and hedging costs. All payments depend on Morgan Stanley’s credit, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,813,000 of Digital S&P 500® Index-Linked Notes due November 23, 2027. Each note has a $1,000 face amount, pays no interest and is an unsecured, principal-at-risk obligation.
At maturity, if the S&P 500® final level is at least 82.50% of its initial level of 6,705.12, investors receive the maximum settlement amount of $1,136.20 per $1,000 note (113.62% of face value). If the index falls more than 17.50%, the payoff declines with a downside leverage factor of about 1.2121, and investors can lose up to their entire investment.
The notes are part of the Series A Global Medium-Term Notes program and will not be listed on any exchange. The estimated value on the trade date is $977.40 per note, below the $1,000 issue price due to structuring, hedging and distribution costs, including a 1.72% sales commission.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, market-linked securities tied to the lowest performing of Alphabet Class A, Meta Class A and Amazon common stock, maturing on December 8, 2028.
The notes may be automatically called on December 10, 2026 if each stock is at or above its starting price, paying a call amount of at least $1,316 per $1,000 face value and then terminating with no further upside. If not called, at maturity investors get 350% of the positive return of the lowest performer if it finishes above its starting price, par if the lowest performer finishes between 50% and 100% of its start, and a 1-for-1 loss below the 50% threshold, which can mean losing most or all principal.
The securities pay no interest, provide no dividends, are not listed, and are subject to Morgan Stanley’s credit risk. The current estimated value is about $950.90 per $1,000, reflecting embedded structuring and hedging costs and an internal funding rate that is favorable to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $4.25 million of Trigger Callable Contingent Yield Notes linked to the worst performer among the S&P 500, Russell 2000 and MSCI EAFE indices, maturing in November 2030.
The notes pay a 9.30% per annum contingent coupon (about $0.2325 per $10 note quarterly) only if all three indices stay at or above their 70% coupon barriers on each observation date. Starting February 27, 2026, the issuer may call the notes quarterly based on a risk‑neutral valuation model; if called, investors receive $10 plus any due coupon, with no further payments.
If the notes are not called and any index finishes below its 65% downside threshold at maturity, repayment is reduced one‑for‑one with the decline of the worst index, up to a total loss of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and were priced at $10 with an estimated value of $9.751 per note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed rate callable notes due December 17, 2032. Each note has a stated principal amount and issue price of $1,000 and pays a fixed annual interest rate of 4.450%, with interest paid semi-annually each June 17 and December 17 on a 30/360 basis.
The issuer can redeem the notes early, in whole but not in part, on December 17 each year starting in 2027. A redemption occurs only if a risk-neutral valuation model, run 13 months before a potential call date using market inputs and Morgan Stanley credit spreads, indicates that calling is economically rational for the issuer. Early redemption pays 100% of principal plus accrued interest but stops all future interest.
The notes are unsecured and subject to the credit risk of MSFL and Morgan Stanley, will not be listed on any exchange and may have limited or no secondary market. The estimated value on the pricing date is expected to be about $980.30 per note, below the issue price, reflecting internal funding and issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income “memory” auto-callable securities linked to the worst performing of FedEx and Apple stock, maturing on December 14, 2028. Each $1,000 note can pay a contingent coupon at an annual rate of 9.36%, but only if on each observation date both stocks close at or above their coupon barrier levels, set at 55% of the initial stock levels. Missed coupons can be paid later if both stocks recover above the barriers on a future observation date.
The notes may be automatically redeemed on scheduled redemption determination dates if both underliers are at or above their 100% call thresholds, returning principal plus due and unpaid coupons. If held to maturity without early redemption and either stock finishes below its 55% downside threshold, investors lose 1% of principal for every 1% decline in the worst performer, potentially losing their entire investment. The estimated value on the pricing date is approximately $968.70 per $1,000 note, reflecting embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Buffered Auto-Callable Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on December 23, 2030. Each security has a stated principal amount of $1,000 and pays a contingent coupon at 10.00% per annum only if, on each observation date, the index is at or above a coupon barrier set at 70% of the initial level; missed coupons can be paid later if the barrier is met.
The notes are auto-callable from June 18, 2026: if on any redemption determination date the index is at or above 100% of the initial level, investors receive principal plus the applicable contingent coupon and any unpaid coupons, and the notes terminate early. If held to maturity and the final index level is at or above an 85% buffer level, investors receive full principal back (plus any due coupons). If the final level is below the buffer, maturity payment is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal, meaning substantial loss of capital is possible.
The securities do not offer any upside participation in index gains and may pay few or no coupons if the index stays below the barrier. They are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited liquidity. The preliminary estimated value on the pricing date is approximately $918.10 per $1,000 security, reflecting issuer costs and an internal funding rate that is advantageous to Morgan Stanley.
Morgan Stanley is issuing $2,488,000 of fixed rate notes due November 26, 2031, with a stated principal amount and issue price of $1,000 per note. The notes pay fixed interest at 4.150% per annum, with interest accruing from November 26, 2025 and paid semi-annually on the 26th of May and November, starting May 26, 2026.
The estimated value of each note on the pricing date is $984.90, lower than the issue price because it reflects issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any securities exchange, and may have limited or no secondary market, which could result in sale prices significantly below par.
Proceeds will be used for general corporate purposes, and affiliated dealers may receive a fixed sales commission of $7.50 per note, except for sales into fee-based advisory accounts. The notes are not deposits or savings accounts and are not insured by the FDIC or any governmental agency.
Morgan Stanley is offering $1,061,000 of fixed rate notes due November 26, 2035, paying 4.500% per year on a semi-annual basis. Each note has a stated principal amount and issue price of $1,000, with interest paid every May 26 and November 26, starting May 26, 2026, using a 30/360 day-count convention.
The notes are unsecured senior debt and all payments depend on Morgan Stanley’s credit; if the company cannot meet its obligations, investors could lose some or all of their investment. The notes will not be listed on any securities exchange, so secondary market liquidity may be limited and prices may be below the issue price.
The estimated value on the pricing date is $971.10 per note, below the issue price because it reflects an internal funding rate and includes issuing, selling, structuring and hedging costs borne by investors. Dealers generally receive a $15 sales commission per note, and fee-based advisory accounts pay $985 per note. Morgan Stanley expects to use the proceeds for general corporate purposes.
Morgan Stanley is issuing fixed rate notes with an aggregate principal amount of $1,510,000, paying a fixed interest rate of 4.350% per year and maturing on November 25, 2033. Each note has a stated principal amount and issue price of $1,000, with semi-annual interest payments every May 25 and November 25, starting May 25, 2026. The notes are unsecured debt obligations, and all payments depend on Morgan Stanley’s credit; a default could result in loss of principal and interest.
The notes will not be listed on any securities exchange, so secondary market liquidity may be limited and resale prices may be below the issue price. Morgan Stanley estimates the value of each note on the pricing date at $977.80, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. Selected dealers receive a $12 sales commission per note (none for fee-based advisory accounts, where the price to the public is $988 per note). Proceeds will be used for general corporate purposes.
Morgan Stanley is issuing fixed rate notes with an aggregate principal amount of $1,669,000, maturing on November 26, 2030. Each note has a stated principal amount and issue price of $1,000 and pays a fixed interest rate of 4.000% per year, with interest paid semi-annually on the 26th of May and November, starting May 26, 2026. At maturity, holders receive $1,000 per note plus any accrued and unpaid interest, subject to Morgan Stanley’s credit risk.
The estimated value of each note on the pricing date is $986.40, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed on any securities exchange, and any secondary market trading will depend mainly on Morgan Stanley & Co. LLC, which is not obligated to make a market. Proceeds will be used for general corporate purposes, and these unsecured notes are not bank deposits or FDIC insured.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the Invesco Nasdaq-100® ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, pays no interest and matures on December 29, 2027.
At maturity, if the ETF’s final level is at or above 90% of the initial level, investors receive $1,000 plus a fixed upside payment of $161.50, a total return of 16.15% per security regardless of how far the ETF has risen above that threshold. If the final level is below 90% of the initial level, investors lose 1% of principal for each 1% decline beyond the 10% buffer, with a minimum payment of 10% of principal.
The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and carry full issuer and guarantor credit risk. The estimated value on the pricing date is approximately $961.00 per $1,000, reflecting issuing, selling, structuring and hedging costs and an internal funding rate. The notes will not be listed on any exchange, and secondary trading, if any, may be limited and at prices below the issue price. U.S. federal income tax treatment is complex and may involve the “constructive ownership” and Section 871(m) regimes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable securities due December 10, 2030 linked to the worst performer of the Utilities Select Sector SPDR Fund (XLU), the S&P 500 Index (SPX) and the VanEck Semiconductor ETF (SMH). Each security has a stated principal amount and issue price of $1,000.
The notes pay a 10.50% per annum contingent coupon, but only when all three underliers close at or above their coupon barrier (60% of initial level) on the relevant observation date. The securities may be automatically called on scheduled dates starting June 5, 2026 if all underliers are at or above their call threshold (100% of initial level), returning principal plus the coupon for that period.
If not called, principal is repaid at maturity only if every underlier finishes at or above its downside threshold (60% of initial level). Otherwise, holders lose 1% of principal for every 1% decline in the worst underlier, up to a total loss. The estimated value on the pricing date is approximately $975.10 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate.
Morgan Stanley Finance LLC is offering fixed rate callable notes due November 25, 2033 with an aggregate principal amount of $710,000. Each note has a stated principal amount and issue price of $1,000 and pays a fixed interest rate of 4.450% per year, with interest paid semi-annually on May 25 and November 25, beginning May 25, 2026.
The notes may be redeemed early in whole, but not in part, on annual redemption dates starting November 25, 2027 if a risk neutral valuation model indicates that calling is economically rational for the issuer. Any early redemption will be at 100% of principal plus accrued interest, after which no further payments are made.
The notes are senior unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are subject to their credit risk. They will not be listed on any securities exchange, and Morgan Stanley & Co. LLC may, but is not required to, make a secondary market. The estimated value on the pricing date is $973.80 per note, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering structured Contingent Income Memory Auto-Callable Securities linked to the VanEck Gold Miners ETF. The notes have a stated principal of $1,000 per security and an aggregate principal amount of $1,779,000.
Investors may receive a contingent coupon at an annual rate of 12.70%, but only if the ETF’s closing level on each observation date is at or above the coupon barrier of $51.555. The notes can be automatically redeemed early if the ETF is at or above the call threshold of $73.65, returning principal plus any due coupons.
At maturity in May 2027, if not called and the ETF is at or above the downside threshold of $51.555, investors receive principal back plus any payable coupons. If the final level is below this threshold, repayment is reduced 1% for each 1% decline in the ETF, and the payout can fall to zero. The estimated value on the pricing date is $961.10 per $1,000 note, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering fixed rate callable notes due November 26, 2032 with an aggregate principal amount of $1,030,000. Each note has a stated principal and issue price of $1,000, pays a fixed interest rate of 4.450% per year, and pays interest semi-annually on May 26 and November 26, beginning May 26, 2026, using a 30/360 day-count convention.
The issuer may redeem the notes early, in whole but not in part, on annual redemption dates starting November 26, 2027 at 100% of principal plus accrued interest, but only if a risk neutral valuation model run 13 months before the relevant redemption date indicates that calling the notes is economically rational for the issuer. The notes are unsecured obligations, subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.
The estimated value of each note on the pricing date is $982.70, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and the use of an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on December 5, 2030, in $1,000 denominations. The securities pay a contingent coupon at an annual rate of at least 10.00% only when the index is at or above 70% of its initial level on scheduled observation dates, with "memory" of previously missed coupons. The notes are auto-callable if the index is at or above 100% of its initial level on any redemption determination date, returning principal plus due and unpaid coupons. At maturity, if not called, investors receive full principal only if the index is at or above an 85% buffer level; below that, losses are 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 $905.60 per $1,000, the notes are unsecured, not listed on any exchange and carry significant market, index, tax and credit risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering step-down jump securities with an auto-call feature linked to the Energy Select Sector SPDR Fund. These principal-at-risk notes pay no coupons and may be automatically redeemed on scheduled determination dates if the fund’s closing level is at or above the applicable call threshold, for fixed cash payments designed to reflect approximately 11.20% per annum.
If the notes are not called and the final fund level is at or above the upside threshold, investors receive $1,336 per $1,000 at maturity; if between the upside and downside thresholds, they receive only principal; below the downside threshold, repayment is reduced 1% for each 1% decline in the fund and can fall to zero. The estimated value on the pricing date is approximately $972.70 per $1,000, reflecting embedded fees, funding assumptions and hedging costs, and the notes are subject to Morgan Stanley’s credit risk and limited liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, maturing on December 4, 2030. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, if the index’s final level is at or above 60% of its initial level, investors receive $1,000 plus the greater of the index return or a fixed $710 upside payment (a 71% gain). If the final level is between 50% and 60% of the initial level, investors receive only their $1,000 principal. If it falls below 50%, repayment is reduced 1% for each 1% decline, with no minimum, so the entire investment can be lost.
The preliminary estimated value on the pricing date is about $912.60 per note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering fixed rate callable notes due December 16, 2033, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed annual interest rate of 4.450%, with interest accrued on a 30/360 basis and paid semi-annually on June 16 and December 16, starting June 16, 2026.
The issuer may redeem the notes early, in whole but not in part, on annual redemption dates starting December 16, 2029 if a risk neutral valuation model indicates that calling is economically rational for the issuer. Any redemption would be at 100% of principal plus accrued interest, after which no further payments are made on the redeemed notes.
Each note has an issue price and stated principal amount of $1,000, but the estimated value on the pricing date is expected to be approximately $983.80, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with auto-callable features maturing on December 5, 2030. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $949.80 per security.
The notes are linked to the worst performer of the EURO STOXX 50®, S&P 500® and Dow Jones Industrial AverageSM. Starting December 9, 2026, the notes are automatically redeemed if each index is at or above its call threshold (100% of initial level), paying an early redemption amount that targets about 10.30% per annum, ranging from $1,103.00 to $1,489.25 per security depending on the call date.
If not called, and on the final date all indices are at or above their call thresholds, investors receive $1,515.00 per security. If any index is below its call threshold but all are at or above 70% downside thresholds, repayment is $1,000. If any index finishes below its 70% downside threshold, repayment equals $1,000 multiplied by the performance of the worst index, exposing investors to full downside and potential total loss of principal. The notes pay no interest, are subject to Morgan Stanley’s credit risk, are not listed on any exchange and may have limited secondary liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities due November 29, 2028, linked to the iShares Bitcoin Trust ETF. Each security has a $1,000 stated principal amount and a 20.00% per annum contingent coupon, paid only if the ETF’s closing level is at or above the coupon barrier on each observation date.
The initial level of the ETF is $50.57, with a call threshold level of $50.57 (100%), a coupon barrier level of $35.399 (70%) and a downside threshold level of $30.342 (60%). The notes can be automatically redeemed on scheduled redemption determination dates if the ETF closes at or above the call threshold, returning principal plus the applicable coupon, with no further payments.
If the notes are not called and the final level is at or above the downside threshold, investors receive principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the ETF, potentially to zero. The estimated value on the pricing date is approximately $966.50 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing market-linked notes tied to the S&P 500 Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at $1,000 per note, with an aggregate principal amount of $1,781,000, and mature on November 26, 2030.
The notes pay no interest. At maturity, investors receive the principal plus an upside payment if the index ends above the initial level of 539.99, based on a 108% participation rate in the index’s gain. If the final level is at or below the initial level, only the principal is repaid.
The estimated value on the pricing date is $948.80 per note, below the issue price due to issuing, selling, structuring and hedging costs and the internal funding rate. 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. U.S. holders are generally treated as holding contingent payment debt instruments for tax purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities due November 29, 2028 linked to the iShares Bitcoin Trust ETF. Each $1,000 security can pay a contingent coupon at an annual rate of 15.85%, but only when the ETF’s closing level on an observation date is at or above the coupon barrier of $30.342, which is 60% of the $50.57 initial level.
The notes may be automatically redeemed on scheduled determination dates if the ETF is at or above the call threshold of $50.57, paying back principal plus the applicable coupon. If the notes are not called and the final ETF level is at or above the downside threshold of $25.285, investors receive principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the ETF, and the payoff can fall to zero. All payments depend on Morgan Stanley’s credit and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk contingent income auto-callable securities linked to the worst performing of the Nasdaq-100, S&P 500 and Russell 2000 indices. Each $1,000 note pays a 15.50% per annum contingent coupon, but only if on an observation date all three indices are at or above 80% of their initial levels; otherwise no coupon is paid for that period.
The notes may be automatically redeemed on set dates in 2026 if each index is at or above 100% of its initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments. If the notes are not called and, at maturity, any index is below 80% of its initial level, repayment of principal is reduced 1% for every 1% decline in the worst index and can fall to zero.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not FDIC insured, and will not be listed on an exchange. The estimated value on the pricing date is approximately $985.90 per $1,000 due to embedded fees and an internal funding rate, and J.P. Morgan entities act as placement agents earning up to $10 per $1,000 in fees.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due November 29, 2030, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities pay no interest and are linked to the worst performing of the EURO STOXX 50® Index and the Nikkei Stock Average.
At maturity, if both indexes finish above their initial levels, holders receive principal plus a leveraged upside payment based on a 285% leverage factor. 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 stated principal per note. If either index closes below its downside threshold level, repayment is reduced 1% for each 1% decline in the worst performer, and the return can fall to zero.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are not listed on any exchange. The estimated value on the pricing date is approximately $922.50 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate, as well as credit and market risks.
Morgan Stanley is offering fixed rate senior notes due December 18, 2035 under an existing shelf registration. The notes pay a fixed interest rate of 4.500% per year, with interest accruing from December 18, 2025 and paid semi-annually on June 18 and December 18, beginning June 18, 2026.
Each note has a stated principal amount and issue price of $1,000, but Morgan Stanley estimates the value on the pricing date will be approximately $972.10 per note because the price includes issuing, selling, structuring and hedging costs and reflects 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 may have limited or no secondary market, with any dealer bids likely below the issue price. In an event of default, the acceleration amount equals the stated principal plus accrued and unpaid interest.
Morgan Stanley is offering fixed rate notes due December 16, 2033, issued at $1,000 per note with a fixed interest rate of 4.350% per annum. Interest starts accruing on December 18, 2025 and is paid semi-annually on the 16th of June and December, beginning June 16, 2026, using a 30/360 day-count convention. At maturity, investors receive the $1,000 stated principal amount plus any accrued and unpaid interest.
All payments depend on Morgan Stanley’s credit; the notes are unsecured, not bank deposits and not FDIC-insured. The notes will not be listed on any securities exchange, and any secondary market may be limited, with potential resale prices below the issue price. The estimated value on the pricing date is expected to be approximately $978.80 per note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. These factors, along with changes in interest rates and Morgan Stanley’s credit spreads, can adversely affect the market value of the notes before maturity.
Morgan Stanley is offering fixed rate senior notes due December 18, 2030. Each note has a stated principal amount and issue price of $1,000, pays interest at a fixed rate of 4.000% per annum and is issued in U.S. dollars.
Interest accrues from December 18, 2025 and is paid semi‑annually on June 18 and December 18, starting June 18, 2026, using a 30/360 day‑count convention. At maturity, investors receive $1,000 per note plus accrued and unpaid interest, subject to the credit risk of Morgan Stanley, as the notes are unsecured and unsubordinated. The estimated value on the pricing date is expected to be approximately $986.70 per note, reflecting issuance, selling, structuring and hedging costs, and the notes will not be listed on any securities exchange.
Morgan Stanley is offering unsecured fixed rate notes due December 18, 2031 with a stated principal amount and issue price of $1,000 per note and a fixed interest rate of 4.150% per annum. Interest accrues from December 18, 2025 and is paid semi-annually on the 18th of June and December, beginning on June 18, 2026, using a 30/360 day-count convention.
At maturity, investors receive $1,000 per note plus accrued and unpaid interest, subject to the credit risk of Morgan Stanley. The notes will not be listed on any securities exchange, and secondary market liquidity may be limited. Morgan Stanley estimates the value of each note on the pricing date will be approximately $985.80 or within $55.80 of that estimate, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate. Proceeds are expected to be used for general corporate purposes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering buffered jump securities linked to the S&P 500® Futures Excess Return Index, with a stated principal amount of $1,000 per security and an estimated value on the pricing date of approximately $951.20. The notes do not pay interest and are subject to full issuer and guarantor credit risk.
The securities are automatically redeemed on January 5, 2027 for an early redemption payment of $1,108.50 per security if the index on December 30, 2026 is at or above its initial level. If held to the December 27, 2030 maturity and not called, investors get 150% participation in index gains, principal protection down to a 20% buffer, and a minimum payment at maturity of 20% of principal if losses exceed the buffer.
The notes will not be listed on any exchange, may have limited or no secondary market, and their pricing embeds issuing, selling, structuring and hedging costs plus an internal funding rate that is advantageous to the issuer, making secondary prices and estimated value lower than the $1,000 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $370,000 of Market-Linked Notes due November 26, 2030 tied to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, is sold at $1,000, and pays no interest.
At maturity, investors receive at least their principal, plus an upside payment if the index final level exceeds the initial level of 539.99. The upside payment equals principal multiplied by a 128% participation rate times the index percent gain; if the index is flat or lower, only principal is repaid. The issuer’s estimated value on the pricing date is $976.20 per note, reflecting embedded issuance, structuring and hedging costs.
The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, will not be listed on an exchange, and may have limited or no secondary market liquidity. For U.S. tax purposes, they are expected to be treated as contingent payment debt instruments, requiring accrual of taxable interest income over their life.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, auto-callable market-linked securities tied to the worst performer of Broadcom, Alphabet (Class C) and Netflix common stock, due December 21, 2028.
The notes can be automatically called on the December 2026 call date for a cash payment of at least 141% of face amount, after which no further payments are made. If not called, at maturity holders receive leveraged upside of 300% of any gain in the lowest-performing stock, or a contingent "absolute" return if that stock is down but not by more than 50%, capped so that total positive payoff cannot exceed face amount plus $500.
If the lowest-performing stock falls more than 50% from its starting price, investors lose more than 50%, up to their entire principal. The securities pay no interest, provide no dividends, are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on any exchange and have an estimated initial value of about $939.50 per $1,000 security, reflecting embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,905,000 of market-linked, principal-at-risk securities tied to an unequally weighted basket of five foreign equity indices, maturing on November 27, 2028. The basket allocates 40% to the EURO STOXX 50, 25% to the Nikkei 225, 17.5% to the FTSE 100, 10% to the Swiss Market Index and 7.5% to the S&P/ASX 200, with 125% participation in positive basket returns if held to maturity and not called.
The notes are auto-callable on November 27, 2026 for a fixed cash payment of $1,105 per $1,000 face amount if the basket is at or above its starting level, capping upside at a 10.5% return if called. If not called, investors receive their full principal at maturity only if the basket’s ending level is at or above 75% of the starting level; below this threshold, losses are 1:1 with the basket and can reach 100% of principal.
The securities pay no interest, provide no dividends from the underlying indices, will not be listed on an exchange and are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $966.00 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing fixed income structured securities due May 26, 2027 with principal at risk. Each security has a $1,000 stated principal amount and pays a fixed coupon of 7.40% per year, with monthly coupon payments.
At maturity, investors receive the full principal only if the final level of each of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index is at or above its downside threshold, set at about 70% of its initial level. If any index finishes below its threshold, the repayment of principal is reduced in proportion to the decline of the worst performing index and can fall to zero, though the final coupon is still paid.
The issue price is $1,000 per security, aggregate principal is $1,142,000, and the issuer’s estimated value on the pricing date is $963.90 per security, reflecting embedded fees and an internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any securities exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Dual Directional Buffered PLUS linked to a weighted basket of equity indices and an ETF, in an aggregate principal amount of $3,893,000 at $1,000 per security. The basket includes the iShares MSCI EAFE ETF, MSCI Emerging Markets Index, Russell 2000 Index, S&P 500 Index and S&P MidCap 400 Index with fixed weightings and multipliers.
The notes pay no interest and return depends solely on the basket level on the November 22, 2027 observation date. Investors receive leveraged upside at 150% participation up to a maximum payment of $1,230 per security, limited absolute-return gains of up to 10% if the basket declines but stays above a 10% buffer, and lose 1% of principal for each 1% decline beyond the buffer, subject to a 10% minimum payment at maturity. The securities are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange and may have limited secondary liquidity, with an estimated value on the pricing date of $984.20 per $1,000 security.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS notes linked to a weighted basket of global equity indices and the iShares MSCI EAFE ETF, with an aggregate principal amount of $3,510,000 and a stated principal of $1,000 per security. The notes pay no interest, mature on November 27, 2028, and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors get 150% leveraged upside on any basket gain, capped at a maximum payment of $1,360 per security (136% of principal). If the basket is flat or down but not below the 10% buffer, investors receive a positive return matching the absolute decline, up to 10%. If the basket falls more than 10%, principal is reduced 1% for each additional 1% drop, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is $978.60 per security, below the issue price, and the notes are subject to Morgan Stanley’s credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk fixed income securities maturing on November 26, 2027, with an aggregate principal amount of $1,001,000 and a price of $1,000 per security. The notes pay a fixed coupon at an annual rate of 7.70%, with monthly coupon payments.
The securities are linked to the worst performance of the iShares® Russell 2000® ETF and the Consumer Discretionary Select Sector SPDR® Fund. If, on the observation date of November 22, 2027, the final level of each fund is at or above its downside threshold (IWM $148.922, XLY $143.754), investors receive full principal back plus the final coupon. If either fund is below its threshold, maturity payment is reduced in proportion to the decline of the worst performer and can fall to zero, though coupons are still paid. The estimated value on the pricing date is $987.90 per security, the notes are unsecured and unsubordinated, not listed on an exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $288,000 of Leveraged Buffered Basket-Linked Notes due December 9, 2027 under its medium-term note program. The notes are unsecured, pay no interest and expose investors to principal loss based on a weighted basket of five equity indices: EURO STOXX 50® (38%), Tokyo Stock Price Index (26%), FTSE® 100 (17%), Swiss Market Index® (11%) and S&P®/ASX 200 (8%).
Each note has a $1,000 face amount124.38% of the basket’s positive return. If the basket falls up to 10%, investors receive back $1,000. If it falls more than 10%, repayment is reduced using a buffer rate of approximately 111.11% of the decline beyond 10%, and investors can lose their entire investment. The notes will not be listed, and secondary market liquidity may be limited. The estimated value on the trade date is $970.80 per note, below the $1,000 issue price, reflecting hedging, distribution and structuring costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $5,336,000 of Callable Jump Notes due November 26, 2030 linked to the S&P 500 Futures Excess Return Index. Each note has a $1,000 principal amount and is sold at $1,000, with an estimated value on the pricing date of $952.50 after issuance, structuring and hedging costs.
The notes pay no periodic interest and return at least principal at maturity if not called. If held to maturity and the index finishes above the initial level of 539.99, investors receive $1,000 plus an upside payment equal to 150% of the index’s percentage gain; otherwise they receive only $1,000. Starting November 30, 2026, the issuer may redeem the notes in whole on scheduled redemption dates if a risk‑neutral valuation model shows early redemption is economically rational. Redemption payments are fixed and increase over time, beginning at $1,090 per note and reaching $1,442.50 near maturity.
Key risks include issuer and guarantor credit risk, no listing or assured secondary market, potential secondary prices well below $1,000, model‑driven call risk that can cap upside, index volatility and futures‑related risks, and complex U.S. tax treatment as contingent payment debt instruments.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Jump Securities linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, total aggregate principal of $2,796,000, and matures on November 26, 2030 unless redeemed earlier.
Beginning December 1, 2026, the issuer may redeem the notes on scheduled redemption dates at fixed cash amounts designed to reflect about 17.50% per annum returns, after which no further payments are made. If not called and the final index level exceeds the initial level of 539.99, investors receive principal plus an upside amount equal to 265% of the index gain. If the final level is between 70% and 100% of the initial level, only principal is returned.
If the final level falls below the downside threshold of 377.993, the maturity payment declines 1% for every 1% index loss, potentially to zero. The securities pay no interest, are unsecured and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $951.20 per note, below the $1,000 issue price due to embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $10,181,000 of Contingent Income Memory Buffered Auto-Callable Securities linked to NVIDIA Corporation common stock. Each security has a stated principal amount of $1,000 and an annual contingent coupon rate of 16.05%, paid only if NVIDIA’s closing level on the observation date is at or above the coupon barrier of $134.16, which is 75% of the initial level.
The notes can be automatically called on set dates in 2026 if NVIDIA’s closing level is at or above the call threshold of $178.88, returning principal plus the applicable coupon and any previously unpaid coupons. If the notes are not called and the final level on December 4, 2026 is at or above the buffer level of $134.16, investors receive full principal back plus any contingent coupon then due.
If the final level is below the buffer, repayment is reduced by 1.3333% of principal for each 1% decline beyond the 25% buffer, and the maturity payment can fall to zero. The securities are unsecured, not principal protected, will not be listed on any exchange, and carry both market risk tied to NVIDIA and the credit risk of Morgan Stanley. The estimated value on the pricing date is $980.90 per $1,000 security, reflecting issuance, structuring and hedging costs.