Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering structured Buffered Participation Securities linked to the performance of the SPDR® Gold Trust. The notes are issued at $1,000 per security, in an aggregate principal amount of $250,000, pay no interest, and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity on November 26, 2030, investors receive the principal plus 100% of any positive underlier return, capped at a maximum payment of $2,236.50 per security (223.65% of principal). A 5% buffer means full principal is repaid if the underlier’s final level is at or above 95% of the initial level of $374.27, but losses match further declines beyond that buffer, down to a minimum payment of 5% of principal.
The securities are unsecured, not listed on any exchange, and subject to the credit risk of Morgan Stanley and MSFL. The estimated value on the pricing date is $929.50 per security, reflecting issuance, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer. The product embeds significant market, liquidity, tax and commodity-related risks tied to gold and the SPDR® Gold Trust.
Morgan Stanley Finance LLC is offering $4,855,000 of S&P 500®-linked Buffered Jump Securities, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 principal-at-risk note can be automatically called on December 9, 2026 for $1,095 per security if the S&P 500 closes at or above 6,602.99 on the first determination date.
If not called and the index ends above 6,602.99 on the November 22, 2027 final determination date, investors receive principal plus 200% of the index gain. If the final level is between 90% and 100% of the initial level (at or above 5,942.691), only principal is returned. Below the 10% buffer, losses accelerate at 1.1111% for every 1% additional decline, with no minimum payment at maturity, so the entire investment can be lost.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley credit risk, will not be listed on any exchange, and have an estimated value on the pricing date of $979.90 per $1,000 due to embedded costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with an auto-call feature linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount, total size $1,009,000, and an estimated value on the pricing date of $932.90 per security. The notes pay no interest and are unsecured obligations fully and unconditionally guaranteed by Morgan Stanley.
The securities may be automatically redeemed quarterly starting on November 24, 2026 if the index is at or above the call threshold of 2,563.965, for early redemption payments that correspond to about 14.25% per annum. If held to November 27, 2028 and not called, investors receive $1,427.50 per note if the final index level is at or above the call threshold, full principal back if it is between the 20% buffer level of 2,279.08 and the call threshold, and a loss of 1% of principal for every 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. Investors do not participate in any index upside and face both market risk and Morgan Stanley credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and total issuance of $796,000, with an issue price of $1,000 and an estimated value on the pricing date of $906.20.
The notes pay no interest and can be automatically redeemed on scheduled determination dates starting November 24, 2026 if the index is at or above the call threshold level of 1,079.58, providing early redemption payments that correspond to about 18.75% per annum and rise over time. If held to maturity on November 26, 2030 and not previously called, investors receive $1,937.50 per security if the final index level is at or above the call threshold, the principal back if the final level stays at or above the buffer level of 917.643, and a proportional loss beyond the 15% buffer if the index falls below that level, subject to a minimum payment of 15% of principal. Repayment depends entirely on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Auto-Callable Securities linked to the worst performer of the Utilities Select Sector SPDR Fund, iShares MSCI EAFE ETF and the Russell 2000 Index, with an aggregate principal amount of $1,130,000 and $1,000 per security. Investors may receive an annual contingent coupon of 8.40% only if, on each observation date, all three underliers close at or above their coupon barrier levels (80% of initial levels). The notes can be automatically redeemed quarterly starting May 2026 if all underliers are at or above their call thresholds set at 100% of initial levels, returning principal plus the applicable coupon.
If the notes are not called and, at maturity in May 2027, any underlier finishes below its downside threshold (70% of initial level), repayment of principal is reduced 1% for each 1% decline of the worst underlier and can fall to zero. The estimated value on the pricing date is $963.80 per $1,000, reflecting issuer costs and an internal funding rate, and secondary market liquidity and pricing are not assured.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities linked to the iShares® MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per security and $2,050,000 aggregate principal, are issued at par, pay no interest and mature on November 26, 2027.
At maturity, investors get 100% upside participation in the ETF’s gain, capped at a maximum payment of $1,287.50 per security. If the ETF is flat or down but not below 85% of the initial level, investors receive a positive return matching the absolute decline, up to a 15% gain. If the ETF falls below the 15% buffer, principal is reduced 1% for each additional 1% drop, with a minimum payment of 15% of principal.
The initial ETF level is $92.65, with a buffer level of $78.753. The estimated value on the pricing date is $986.70 per security, reflecting issuing, structuring and hedging costs and the issuer’s internal funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any securities exchange.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due November 27, 2028, linked to the common stock of The Charles Schwab Corporation. Each $1,000 security offers a contingent quarterly coupon at an annual rate of 10.42% (about $26.05 per quarter) only if Schwab’s share price on the relevant determination date is at or above the downside threshold of $67.883, which is 75% of the $90.51 initial share price.
If on any of the first eleven determination dates the share price is at or above the initial share price, the notes are automatically redeemed for $1,000 plus the applicable coupon. If held to maturity and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon. If the final share price is below the threshold, repayment is reduced 1‑for‑1 with Schwab’s decline, and the amount repaid can be zero.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $3,007,000 and an estimated value on the pricing date of $966.10 per $1,000 security. They are not listed on any exchange, do not pay dividends, and carry full issuer and guarantor credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Auto-Callable Securities linked to the Dow Jones Industrial Average, S&P 500 and Nasdaq-100, with an aggregate principal amount of $1,530,000 at $1,000 per security. Investors may receive a 6.30% annual contingent coupon, but only when all three indices close at or above their coupon barrier levels (about 75% of initial levels) on scheduled observation dates.
The notes can be automatically called from November 2026 onward if all indices are at or above 100% of their initial levels, paying principal plus the applicable coupon and ending further payments. If held to August 26, 2030 and any index finishes below its downside threshold (about 65% of its initial level), repayment of principal is reduced in full proportion to the worst-performing index and can fall to zero. The estimated value on the pricing date is $945.20 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $22,000,000 of Trigger Callable Contingent Yield Notes maturing in 2030, linked to the worst performer among the S&P 500, Russell 2000 and MSCI EAFE indices. The notes pay a 9.00% per annum contingent coupon (about $0.225 per $10 note quarterly) only if on each Observation Date all three indices are at or above their respective Coupon Barriers, set at 70% of initial levels.
Beginning in February 2026, the issuer may call the notes quarterly if a risk‑neutral valuation model shows it is economically rational to do so; if called, investors receive principal plus the due coupon and no further payments. At maturity, if not called, principal is repaid only if each index is at or above its Downside Threshold (65% of initial). If any index is below its threshold, repayment is reduced one‑for‑one with the worst index’s loss, and investors could lose their entire principal.
The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, may have limited liquidity, and have an estimated value of $9.716 per $10 note on the trade date, reflecting fees, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to Palantir Technologies Inc. Class A common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, total offering size of $265,000, issue price of $1,000 and an estimated value on the pricing date of $934 per security.
The notes pay a contingent coupon at an annual rate of 17.00%, but only when Palantir’s closing level on an observation date is at or above the coupon barrier of $92.91 (60% of the $154.85 initial level). The notes are automatically called if the stock is at or above the call threshold of $154.85 on any redemption determination date, returning principal plus due and unpaid coupons. If not called and the final level is below the downside threshold of $92.91, investors lose 1% of principal for every 1% decline in the stock, up to total loss. The securities are unsecured, not principal-protected, illiquid, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-call feature maturing on December 3, 2026. Each note has a $1,000 stated principal amount and is linked to the worst performer of the VanEck Gold Miners ETF, the Nasdaq-100 Technology Sector Index and the Dow Jones Industrial Average.
The notes can be automatically redeemed quarterly starting February 26, 2026 if each underlier is at or above 90% of its initial level, paying early redemption amounts from $1,026.90 up to $1,098.50 per security, corresponding to about 10.75% per annum. If held to maturity and all underliers are at or above their call thresholds, investors receive $1,107.50 per security; if any is below its call threshold but all are at or above 60% of initial, they receive only principal.
If any underlier finishes below 60% of its initial level, the maturity payment is reduced 1% for each 1% decline of the worst performer, and can fall to zero. The estimated value on the pricing date is about $957.70 per security, reflecting issuance, structuring and hedging costs. Payments depend on Morgan Stanley’s credit, and the securities do not pay interest or offer any upside beyond the fixed payoff schedule.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index, maturing on December 10, 2029. Each security has a $1,000 principal amount, pays no interest and is an unsecured obligation of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index is at or above 80% of its initial level, investors receive $1,000 plus the greater of a fixed $277 upside payment (27.70%) or the index percent gain applied to $1,000. If the index finishes below the 80% buffer, principal is reduced 1% for each 1% drop beyond the 20% buffer, but not below 20% of principal. A severe decline can therefore cause substantial loss.
The estimated value on the pricing date is approximately $974.70 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed, secondary liquidity may be limited, and returns depend on both index performance and Morgan Stanley’s creditworthiness. Tax treatment is described as prepaid financial contracts but remains uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS with Downside Factor notes linked to the S&P 500® Futures Excess Return Index. The unsecured notes have a $1,000 stated principal amount, pay no interest and do not guarantee return of principal.
At maturity on November 27, 2028, investors receive leveraged upside only if the index finishes above the upside threshold of 565.688, about 105% of the initial level of 538.75, using a 175% leverage factor above that threshold. If the final level is between the 25% buffer and the threshold, investors simply receive principal back. Below the buffer level of 404.063 (75% of the initial level), losses accelerate at 1.3333% of principal for each 1% further decline, with no minimum payment.
The estimated value on the pricing date is approximately $986.50 per security, reflecting issuing, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest and are issued in $1,000 denominations, maturing on December 10, 2029.
At maturity, if the index is above its initial level, investors receive the principal plus a leveraged upside payment using a 149% leverage factor. If the index is at or below the initial level but at or above 80% of that level, investors receive only the principal. Below this 20% buffer, investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 20% of principal.
All payments depend on the credit of MSFL and Morgan Stanley. The estimated value on the pricing date is approximately $970.20 per $1,000 note, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed on any exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered Jump Securities with an auto-call feature linked to the SPDR® S&P® Biotech ETF (XBI). Each security has a $1,000 stated principal amount, an issue price of $1,000 and an aggregate principal amount of $1,010,000, with maturity on November 26, 2027.
The notes pay no interest. They are automatically redeemed on December 7, 2026 for $1,167.50 per security if XBI’s closing level on the first determination date is at least the call threshold level of $113.83 (100% of the initial level. If held to maturity and not called, holders receive upside participation of 125% on positive returns, full principal back if the final level is at or above the buffer level of $102.447 (90% of the initial level), and 1% loss of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal.
The notes are principal-at-risk, unsecured obligations, subject to Morgan Stanley’s credit risk, have an estimated value on the pricing date of $972.10 per security, will not be listed on any exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering S&P 500-linked Dual Directional Buffered Participation Securities due December 2, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is a senior unsecured obligation with principal at risk.
At maturity, if the S&P 500 final level is above the initial level, investors receive $1,000 plus 100% of the index gain, capped at a maximum payment of $1,780 per security. If the index is flat or down but no lower than 85% of the initial level, investors earn a positive return equal to the absolute index decline, up to about 15%. If the index falls below the 85% buffer, principal is reduced 1% for each 1% drop beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $969.80 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed on any exchange, secondary trading may be limited, all payments depend on Morgan Stanley’s credit, and the U.S. tax treatment is uncertain, with counsel currently viewing them as prepaid financial contracts.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the S&P 500® Index, maturing on June 17, 2031. Each security has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors receive $1,000 plus 150% of any S&P 500 gain, capped at a maximum payment of $1,556.50 per security (155.65% of principal). If the index is between the initial level and the 90% buffer level, investors get back only the $1,000 principal. Below the buffer, investors lose 1% of principal for every 1% decline beyond the 10% buffer, with a minimum payment of 10% of principal.
The estimated value on the pricing date is approximately $940.40 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The securities will not be listed on any exchange, involve principal risk and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $9,029,000 of Leveraged Buffered S&P 500® Index-Linked Notes due March 15, 2028. These unsecured notes pay no interest and repay at maturity based on S&P 500 performance from November 20, 2025 to March 13, 2028.
If the index rises, holders receive 160% of the index gain, capped at a Maximum Settlement Amount of $1,284 per $1,000 face amount (a 28.4% maximum return). If the index is flat or down by up to 15%, investors receive back the $1,000 face amount. If the index falls by more than 15%, losses accelerate at a buffer rate of approximately 117.65%, and investors can lose their entire principal.
The notes are subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited liquidity. The estimated value on the trade date is $995.50 per note, below the $1,000 issue price due to issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due November 24, 2028, linked to the class A common stock of Meta Platforms, Inc. Each security has a stated principal amount of $1,000, with an aggregate principal amount of $525,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at an annual rate of 10.50% only if Meta’s closing level on the relevant observation date is at or above the coupon barrier of $412.405, which is 70% of the initial level of $589.15. The same level acts as the downside threshold. The notes are automatically redeemed if Meta’s closing level on a redemption determination date is at or above the call threshold of $589.15, returning principal plus the contingent coupon.
If the notes are not called and Meta’s final level is below the downside threshold, investors lose 1% of principal for every 1% decline in the underlier, up to a total loss. The estimated value on the pricing date is $949.10 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk. The securities will not be listed on any securities exchange, and Morgan Stanley & Co. LLC may, but is not obligated to, make a secondary market.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, pays no interest and is a senior unsecured note with principal at risk.
At maturity on June 17, 2030, if the index is above its initial level, holders receive $1,000 plus 150% of the index gain, capped at a maximum payment of $1,515 per security. If the index is between the initial level and a 10% buffer (90% of the initial level), investors receive only the $1,000 principal. Below the buffer, principal is reduced 1% for each 1% drop beyond the buffer, with a minimum payment of 10% of principal. The preliminary estimated value on the pricing date is approximately $971.60 per security.
The notes are not listed on any exchange, may have limited liquidity, and all payments depend on Morgan Stanley’s credit. The structure’s value and any secondary market price are affected by issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding and pricing models.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $16,685,000 of Digital S&P 500® Index-Linked Notes due March 22, 2028. The notes pay no interest and are unsecured, principal-at-risk obligations linked to the S&P 500® Index, with an initial level of 6,538.76.
At maturity, for each $1,000 note, if the index is at or above 85% of its initial level (threshold level 5,557.946), investors receive a fixed maximum settlement amount of $1,202.20, or 120.22% of face value. If the index falls more than 15%, the payoff declines using a buffer rate of approximately 117.65%, and investors can lose some or all of their principal.
The notes are not listed on any exchange, may have limited or no secondary market, and secondary prices can be below the $1,000 issue price. The estimated value on the trade date is $995.20 per note, reflecting issuance, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the common stock of General Mills, Inc. (GIS), maturing on December 2, 2027. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $961.70 per security.
The notes pay a contingent coupon at an annual rate of 10.35%, but only if the GIS closing level on each observation date is at or above a coupon barrier set at 70% of the initial level. The same 70% level also serves as the downside threshold: if the final GIS level at maturity is below this threshold and the notes have not been called, investors lose 1% of principal for every 1% decline in GIS, up to a total loss. The notes can be automatically called on scheduled redemption determination dates if GIS is at or above 100% of the initial level, in which case investors receive principal plus the applicable coupon and no further payments.
These unsecured securities carry credit risk of Morgan Stanley and offer no participation in any upside of GIS beyond the coupons. They are not listed on any exchange, may have limited secondary liquidity, and include embedded issuing, selling, structuring and hedging costs, so secondary prices are expected to be below the $1,000 issue price. The U.S. federal income tax treatment is uncertain and may be adverse for some investors, with potential 30% withholding on coupons for certain non-U.S. holders.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due January 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. These $1,000 principal-at-risk notes pay no interest and are linked to the worst performer among Apple, Microsoft and NVIDIA common stocks.
At maturity, if the final level of each stock is at or above 80% of its initial level, holders receive $1,000 plus a fixed upside payment of $192.50 per security (a 19.25% gain). If any stock finishes below its 80% buffer level, repayment is reduced by 1% for each 1% decline of the worst-performing stock beyond the 20% buffer, with a minimum payout of 20% of principal ($200).
The notes are unsecured and subject to the credit risk of Morgan Stanley and MSFL, will not be listed on an exchange, and may have limited liquidity. The estimated value on the pricing date is approximately $960.50 per security, reflecting embedded issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $5,895,000 of Callable Contingent Income Securities linked to the Energy Select Sector SPDR Fund (XLE). Each security has a stated principal amount and issue price of $1,000 and matures on November 24, 2028, unless called earlier.
Investors may receive a contingent coupon at a 10.00% annual rate, payable only if XLE’s closing level on each observation date is at or above the coupon barrier of $62.916, which is 70% of the initial level of $89.88. The downside threshold is the same level, so if the final level is at or above $62.916 and the notes have not been redeemed, investors receive full principal back at maturity (plus any final coupon). If the final level is below $62.916, repayment is reduced 1% for every 1% decline in XLE, potentially down to zero.
The notes are callable in whole on specified redemption dates starting May 22, 2026 if a risk neutral valuation model shows it is economically rational for the issuer to redeem. The estimated value on the pricing date is $982.20 per security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Payments depend on Morgan Stanley’s credit, and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due November 26, 2027, in $1,000 denominations. These notes are linked to the worst performer of the S&P 500® Equal Weight Index, the Dow Jones Industrial Average℠ and the Energy Select Sector SPDR® Fund and expose investors to full principal risk.
The securities pay a 12.00% annual contingent coupon only if on each observation date all three underliers are at or above their coupon barrier levels, set at 75% of their initial levels. They may be automatically redeemed starting November 20, 2026 if all underliers are at or above 100% of their initial levels, paying principal plus the contingent coupon. If held to maturity and any underlier finishes below its 75% downside threshold, repayment is reduced 1% for each 1% decline of the worst performer and can fall to zero.
The initial levels on November 20, 2025 were 7,373.49 for the SPW Index, 45,752.26 for the INDU Index and $88.86 for the XLE Fund. The estimated value on the pricing date is approximately $983.90 per security, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” with an auto-call feature linked to the worst performer of the Nasdaq-100 Technology Sector Index, S&P 500 Index and Russell 2000 Index.
Each note has a $1,000 stated principal amount and matures on November 30, 2028, with the first potential automatic redemption on December 1, 2026. If on a determination date all three indices are at or above their call thresholds, the notes are automatically redeemed for a fixed cash amount, implying about 16.10% per annum, with scheduled call payments ranging from $1,161 to $1,442.75 per security.
If not called, and on the observation date all indices are at or above their upside thresholds (100% of initial levels), investors receive $1,483 per security. If any index finishes below its downside threshold (70% of its initial level), repayment is reduced 1% for every 1% decline in the worst index, potentially to zero. The securities pay no interest, do not participate in index upside beyond the fixed payoffs, have an estimated value of about $978.10 per $1,000 at pricing, and are subject to the credit risk of Morgan Stanley and MSFL.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due February 23, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the Russell 2000 Index, S&P 500 Index and Nasdaq-100 Technology Sector Index.
The notes pay no interest. At maturity, if the final level of each index is at or above 85% of its initial level, holders receive $1,000 plus a fixed upside payment of $116, an 11.60% return, regardless of how strongly the indexes rise. If any index finishes below its 85% buffer level, repayment is reduced by 1% of principal for each 1% decline of the worst-performing index beyond the 15% buffer, but not below 15% of principal ($150).
The aggregate principal amount is $615,000, with an issue price of $1,000 and selling commissions of $18.75 per note. The estimated value on the pricing date is $964.10, reflecting issuer costs and internal funding assumptions. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity.
Morgan Stanley is offering fixed rate senior notes due November 21, 2030, with an aggregate principal amount of $1,000,000. Each note has a stated principal amount and issue price of $1,000 and pays a fixed interest rate of 4.050% per year, with interest paid annually each November 21, starting November 21, 2026. At maturity, investors receive $1,000 per note plus any accrued and unpaid interest.
The notes are unsecured and all payments depend on Morgan Stanley’s ability to meet its obligations, so changes in its credit ratings or credit spreads can affect market value. The notes will not be listed on any securities exchange, and secondary trading may be limited, with Morgan Stanley & Co. potentially, but not obligated, to make a market. The estimated value of each note on the pricing date is $985.80, lower than the issue price because it reflects issuing, selling, structuring and hedging costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering S&P 500®-linked Trigger PLUS notes due November 19, 2030, with a stated principal amount of $1,000 per security and an aggregate principal amount of $688,000. These securities pay no interest and expose investors to loss of principal.
At maturity, if the S&P 500® final level is above the initial level of 6,734.11, investors receive $1,000 plus 108% of the index gain. If the index is flat or down but not below 80% of the initial level (a downside threshold of 5,387.288), investors receive only $1,000. If the index ends below this threshold, repayment is reduced 1% for each 1% decline, and the payout can fall to zero.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on an exchange and may have limited secondary liquidity. The estimated value on the pricing date is $975.90 per security, below the $1,000 issue price, reflecting internal funding rates and issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering $1,707,000 of callable Jump Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no periodic interest and is unsecured. Beginning in November 2026, the notes may be redeemed in whole on specified redemption dates if a risk neutral valuation model indicates it is economically rational for the issuer, with fixed redemption payments that imply about 8.90% per annum and rise over time.
If the notes are not redeemed early, investors at maturity in November 2030 receive $1,000 plus 100% of the index gain if the final S&P 500 level exceeds the initial level of 6,734.11, or only the $1,000 principal if the index is flat or lower. The notes are not listed on any exchange and secondary liquidity may be limited. The estimated value on the pricing date is $983.40 per note, below the $1,000 issue price, 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 $10,681,000 of Contingent Income Buffered Auto-Callable Securities due November 18, 2027, at $1,000 per security. These structured notes are linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, and expose investors to principal risk.
The notes pay a contingent coupon at 8.30% per annum, but only if on each observation date all three indices are at or above 70% of their initial levels. The securities are automatically called, returning principal plus the coupon, if on specified determination dates all indices are at or above 100% of their initial levels.
If not called, investors receive full principal back at maturity only if each index is at or above 80% of its initial level. Below that buffer, repayment is reduced 1% for each 1% decline in the worst index, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is $982.70 per security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing callable contingent income securities due May 18, 2028, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk notes linked to the worst performer among the Utilities Select Sector SPDR Fund, the S&P 500 Index and the Russell 2000 Index.
Each $1,000 security offers a contingent coupon at an annual rate of 9.20%, paid only if on each observation date all three underliers are at or above 70% of their initial levels, which also serve as coupon barrier and downside threshold levels. If any underlier is below its coupon barrier on an observation date, no coupon is paid for that period.
Starting February 20, 2026, the issuer may redeem the notes on specified redemption dates for $1,000 plus any due coupon if a risk neutral valuation model indicates it is economically rational for the issuer to call. If the notes are not redeemed and at maturity any underlier is below its downside threshold, investors lose 1% of principal for each 1% decline in the worst-performing underlier, up to a complete loss. The aggregate principal amount is $754,000, with an estimated value on the pricing date of $972.70 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $4,531,000 of Jump Securities with an auto-call feature linked to the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index. Each security has a $1,000 stated principal amount and is sold at $1,000, while the estimated value on the pricing date is $956.50, reflecting embedded issuance, structuring and hedging costs.
The notes do not pay interest and put principal at risk. Beginning with the first determination date on November 18, 2026, the securities are automatically redeemed if each index closes at or above its call threshold (95% of its initial level), paying an early redemption amount that corresponds to roughly 8.75% per annum and increases over time.
If not called, payment at maturity in November 2030 depends on the worst performing index. Investors receive $1,437.50 per security if all indices are at or above their call thresholds, only $1,000 if all stay above their 75% downside thresholds, and a loss of 1% of principal for each 1% decline in the worst index below its downside threshold, potentially losing the entire investment. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Trigger Participation Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk notes with a stated principal amount of $1,000 per security and an aggregate principal amount of $143,000, maturing on November 19, 2031.
The notes pay no interest and do not guarantee any return of principal. If the S&P 500 final level is above the initial level of 6,734.11, investors receive $1,000 plus 100% of the index gain. If the index finishes between 80% and 100% of the initial level (the downside threshold level of 5,387.288), investors receive only their principal. If the index closes below the downside threshold, investors lose 1% of principal for each 1% decline in the index and could lose their entire investment.
The issue price is $1,000 per security, including selling, structuring and hedging costs, while the estimated value on the pricing date is $947.10. Morgan Stanley & Co. LLC acts as agent, taking a sales commission of $32.50 per security and may also pay up to $9 per security in structuring fees to dealers. The securities are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange, so secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $6,704,000 of Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to a basket of five international equity indices: the S&P®/ASX 200, FTSE® 100, Swiss Market Index®, EURO STOXX 50® and Tokyo Stock Price Index. Each note has a $1,000 principal amount, pays no interest and matures on December 5, 2028.
At maturity, if the basket value is above its initial level, investors receive $1,000 plus 147.75% of the basket’s percentage gain. If the basket is flat or down but at or above 80% of its initial level, investors receive $1,000. If the basket finishes below 80% of its initial level, repayment is reduced one-for-one with the basket’s loss, and investors can lose all of their principal.
The basket is heavily weighted to the EURO STOXX 50® (40%) and TOPIX® (25%). The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and have an estimated value on the pricing date of $956.40 per $1,000, reflecting embedded structuring and distribution costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $6,000,000 of Trigger PLUS notes due November 18, 2030, each with a $1,000 principal amount, linked to the EURO STOXX 50® Index. These principal-at-risk securities pay no interest and can return less than the amount invested, including a possible total loss.
At maturity, investors receive leveraged upside of 300% of index gains, capped at a maximum payment of $1,796.50 per security (179.65% of principal). If the index closes at or above 75% of its initial level of 5,742.79 on the observation date, investors receive their principal back; below that threshold, repayment is reduced one-for-one with the index decline. The estimated value on the pricing date is $961.20 per security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate, and the notes are not listed on any exchange.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Enhanced Buffered Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley. The securities are linked to the worst performer of the Russell 2000, S&P 500, and Nasdaq-100 Technology Sector indices, pay no interest, and are issued in $1,000 denominations.
The notes mature on February 23, 2027 with a single observation on February 18, 2027. If each index finishes at or above its 85% buffer level, holders receive principal plus a fixed upside payment of $116 per security (11.60%). If any index ends below its buffer, the payout is reduced by 1% for each 1% decline of the worst performer beyond the buffer, subject to a minimum payment at maturity of 15% of principal.
The notes will not be listed, and all payments are subject to the issuer’s and guarantor’s credit risk. The preliminary estimated value on the pricing date is approximately $965.40 per security (within $25.00 of that estimate), reflecting issuance, selling, structuring, and hedging costs and an internal funding rate.
Morgan Stanley Finance LLC filed a preliminary 424(b)(2) for Contingent Income Memory Securities due December 3, 2029, fully and unconditionally guaranteed by Morgan Stanley (MS). The notes are linked to the worst performer of the S&P 500, Nasdaq-100 Technology Sector Index, and Russell 2000, are principal-at-risk, and will not be listed.
The securities offer a 9.40% per annum contingent coupon, payable only if on each observation date the closing level of each underlier is at or above its coupon barrier set at 80% of its initial level. Missed coupons have a “memory” feature and may be paid later when all underliers meet the barrier. At maturity, if each underlier’s final level is at or above its 70% downside threshold, investors receive the stated principal plus any payable coupons; otherwise, repayment is reduced 1% for every 1% decline in the worst underlier and could be zero.
The price to public is $1,000 per security; the preliminary estimated value on the pricing date is approximately $994.50 per security (or within $30 of that estimate). All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Trigger PLUS, principal-at-risk structured notes fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return depends on the worst performing of the S&P 500, Dow Jones Industrial Average, and Russell 2000.
At maturity on November 29, 2030, holders receive par plus a leveraged upside if each index finishes above its initial level, with 400% upside participation capped at a maximum payment of $1,600 per $1,000. If any index is at or below its initial level but all are at or above their 70% downside threshold, repayment is at par. If any index closes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst performer, which could result in a total loss of principal.
The notes will not be listed. The preliminary estimated value on the pricing date is approximately $935 per security (within $55 of that estimate). Key dates include strike/pricing on November 24, 2025 and observation on November 25, 2030. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Contingent Income Buffered Auto-Callable Securities linked to the worst performer of the Nasdaq‑100 Index, Russell 2000 Index and Utilities Select Sector SPDR Fund, fully guaranteed by Morgan Stanley. The offering totals $775,000 at $1,000 per security, maturing on May 17, 2027.
The notes pay a contingent coupon of 8.50% per annum only if each underlier is at or above its 80% coupon barrier on observation dates. They auto-call if, on a redemption determination date starting May 12, 2026, each underlier is at or above its 100% call threshold, returning principal plus the applicable coupon. At maturity, if not called and each underlier is at or above its 80% buffer level, investors receive principal; otherwise, losses match the decline of the worst underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is $980.30 per security. Proceeds to the issuer are $769,962.50 after $5,037.50 in agent commissions and fees. The securities are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, pays no interest and does not guarantee any return of principal.
At maturity, if the S&P 500 final level is at or above 80% of its initial level, investors receive $1,000 plus the greater of a fixed $200 upside payment (20%) or the index gain, up to a maximum of $1,692.50 per security (169.25%). If the final level is below 80% of the initial level, investors lose 1% of principal for each 1% index decline and could lose their entire investment.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk, will not be listed on any exchange and may have limited secondary liquidity. The estimated value on the pricing date is approximately $959.10 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and an internal funding rate advantageous to the issuer.
Morgan Stanley Finance LLC is offering U.S. equity-linked Contingent Income Auto-Callable Securities due November 27, 2028, based on Bank of America common stock and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and can pay a contingent quarterly coupon at an annual rate of 10.34% (about $25.85 per quarter) when the Bank of America share price on a determination date is at or above 75% of the initial share price, the downside threshold.
If on any of the first eleven determination dates the share price is at or above the initial share price, the notes are automatically redeemed for $1,000 plus that quarter’s coupon. If not called, and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon at maturity. If the final share price is below the downside threshold, repayment of principal is reduced 1-to-1 with the stock decline, and the payment can be zero. The estimated value on the pricing date is about $970.50 per security, the notes are unsecured, not listed on an exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $4,926,000 of fixed income buffered securities due November 12, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed 22.00% annual coupon, with monthly payments, and are linked to the worst performer among NVIDIA, Upstart and AeroVironment common stocks.
At maturity, if each stock’s final level is at or above its buffer level (set at 85% of its initial level for each underlier), investors receive full principal back plus the final coupon. If any stock finishes below its buffer, principal is reduced 1% for every 1% decline of the worst-performing stock beyond the 15% buffer, but not below a 15% minimum payment of principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, have an estimated initial value of $974.50 per $1,000, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $20.96 million of leveraged buffered notes linked to the S&P 500 Index, maturing on December 14, 2026. The notes pay no interest and are unsecured principal-at-risk securities.
At maturity, investors receive for each $1,000 note: 200% of any S&P 500 gain, capped at a maximum payment of $1,113.40, so gains above about 5.67% are not further shared. If the index is down by up to 10%, principal is repaid in full. Below that 10% buffer, losses are magnified by a factor of about 111.11%, and investors can lose their entire investment.
The initial S&P 500 level is 6,832.43, and the notes are sold at $1,000 each with an estimated value of $985.40, reflecting issuing, selling, structuring and hedging costs. The notes will not be listed on an exchange, secondary liquidity is limited, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Digital S&P 500 Index‑Linked Notes under its global medium‑term note program. The notes pay no interest and the cash payment at maturity depends on S&P 500 performance over an expected 13–15 month term.
If the index finish is at or above 90% of the initial level, investors receive a capped return equal to the Maximum Settlement Amount, expected to be $1,080.80–$1,094.80 per $1,000. If the index declines by more than 10%, repayment is reduced by the decline beyond the 10% threshold multiplied by the ~111.11% buffer rate, and investors can lose all principal. The preliminary estimated value is approximately $984.40 per note.
Per‑note economics show a $1,000 price to the public, a 1.09% sales commission ($10.90) and proceeds to the issuer of $989.10. The notes are unsecured obligations of MSFL, not listed on any exchange, and secondary market making by MS & Co. may be limited.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the common stock of Tesla, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest, and is scheduled to mature on January 5, 2027, after a roughly 13‑month term from the December 3, 2025 original issue date.
At maturity, if Tesla’s final share price is at least 70% of the initial share price, investors receive $1,000 plus a fixed upside payment of $281.70, a 28.17% return. If the final share price is below 70% of the initial level, the payout is $1,000 multiplied by the share performance factor, exposing investors to the full downside of Tesla’s decline on a 1:1 basis and potentially resulting in a payment of less than $700 or even zero.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee, and carry principal risk, market risk tied to Tesla stock, and credit risk of the issuer and guarantor. They will not be listed on an exchange, may have limited liquidity, and include issuance, structuring and hedging costs, leading to an estimated value on the pricing date of approximately $965.50 per $1,000 security.
Morgan Stanley Finance LLC is offering $7,406,000 of Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 principal amount, no periodic interest, and is fully and unconditionally guaranteed by Morgan Stanley, but principal is at risk.
The notes may be automatically redeemed starting November 16, 2026 if the index closes at or above the call threshold level of 1,203.22, paying a fixed early redemption amount that equates to roughly 16.50% per year, up to $1,811.25 per security if called on the last determination date. If held to maturity in November 2030 and the final index level is at or above the call threshold, investors receive $1,825 per security; if it is between the buffer level of 1,022.737 and the threshold, they receive only the $1,000 principal.
If the final index level falls below the buffer, the maturity payment 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 $903.40 per security, below the issue price, and secondary market liquidity may be limited. All payments depend on Morgan Stanley’s creditworthiness and complex tax treatment and index risks apply.
Morgan Stanley Finance LLC is offering 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. The notes have a $1,000 stated principal amount and total $3,436,000 in aggregate, with an issue price of $1,000 but an estimated value on the pricing date of $900.30 per security.
Investors may receive an annual 11.00% contingent coupon, but only when the index closes at or above the coupon barrier of 962.576. The notes can be auto‑called quarterly starting November 2026 if the index is at or above the call threshold of 1,203.22. If held to November 2030 and not redeemed early, investors receive full principal only if the final index level is at or above the buffer level of 1,022.737; otherwise they lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The securities are unsecured, not listed on an exchange, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) offering of Buffered PLUS linked to the iShares MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. The deal totals $1,002,000 in aggregate principal at an issue price of $1,000 per security, with an estimated value of $983.90 on the pricing date.
The notes pay no interest and mature on February 16, 2027 (observation date February 10, 2027). Upside is leveraged at 150% and capped at a maximum payment of $1,151.50 per security. Principal is protected down to a 10% buffer (buffer level $85.761 vs. initial level $95.29); below the buffer, losses match the underlier’s decline beyond 10%, subject to a minimum payment of 10% of principal.
MS&Co., an affiliate, acts as agent. Per-security economics show price to public $1,000, agent’s commissions and fees $6.50, and proceeds to issuer $993.50 (total proceeds $995,487). The notes will not be listed, and secondary liquidity may be limited. All payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $5,477,000 of Leveraged Buffered S&P 500 Index-Linked Notes due March 10, 2027. These principal-at-risk notes pay no interest and return depends on S&P 500 performance from the trade date to the determination date.
If the index rises, holders receive 150% of the gain up to a maximum settlement of $1,171.90 per $1,000. If the index is flat to down by up to 10%, repayment is $1,000. Below the 10% buffer, losses accelerate at approximately 1.1111 times the decline beyond the buffer, risking substantial principal. The initial index level is 6,832.43; the cap level is 111.46% of that initial level. The estimated value on the trade date is $996.30 per note. Price to public is $1,000 per note; agent commissions are $0, with total proceeds to the issuer of $5,477,000. The notes are unsecured, unlisted, and subject to the issuers’ credit risk.