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 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.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing contingent income "memory" auto-callable securities linked to the Class A subordinate voting shares of Shopify Inc. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $581,000.
The note pays a contingent coupon at 14.00% per year, but only if Shopify’s closing share price on an observation date is at or above the coupon barrier of $78.646, about 49.50% of the initial level of $158.88. Missed coupons can be paid later if the barrier is met, but investors may receive few or no coupons over the life of the notes.
The securities can be automatically redeemed on scheduled redemption dates if Shopify closes at or above the call threshold of $158.88. If not called and at maturity Shopify is at or above the same $78.646 downside threshold, investors receive principal back plus any due coupons. If the final level is below this threshold, the payoff is reduced 1% for every 1% decline in Shopify from the initial level, and the amount returned can fall to zero. The notes are principal at risk, unsecured, not listed on an exchange and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $969.90 per $1,000 security.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-call feature due May 19, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer of three ETFs: the iShares Russell 2000 ETF, VanEck Semiconductor ETF and Energy Select Sector SPDR Fund.
The securities do not pay interest and do not guarantee return of principal. They can be automatically redeemed on scheduled determination dates starting February 17, 2026 if each ETF is at or above its call threshold level, providing fixed early redemption payments designed to correspond to a return of approximately 12.45% per annum. If held to maturity and not called, investors receive $1,186.75 per $1,000 security if all underliers finish at or above their call thresholds, only $1,000 if all stay above their downside thresholds, and a loss of 1% of principal for each 1% decline in the worst ETF below its downside threshold, potentially down to zero.
The estimated value on the pricing date is approximately $966.70 per $1,000 security, reflecting embedded issuing, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount, an original issue date on November 20, 2025 and a maturity date on November 22, 2028.
The notes can be automatically redeemed on November 27, 2026 for an early redemption payment of $1,198 per security if each index is at or above its 100% call threshold. If not called, at maturity investors receive principal plus upside based on 175% of the gain of the worst-performing index if all are above their initial levels, only principal if all remain at or above 70% downside thresholds, or a loss matching the full decline of the worst performer if any index falls below its 70% threshold, potentially reducing the payoff to zero. The estimated value on the pricing date is approximately $955.90 per security, the securities will not be listed on an exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due November 15, 2030, linked to the worst performer of the STOXX® Europe 600 Index and the MSCI EAFE® Index. These unsecured, principal-at-risk securities pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if both indexes finish above their initial levels, investors receive $1,000 plus a leveraged upside payment equal to 229% of the worst performer’s gain. If either index is at or below its initial level but both stay at or above 75% of their initial levels, investors simply get back $1,000. If either index falls below 75% of its initial level, repayment is reduced 1% for each 1% decline in the worst-performing index, and the payout can fall to zero.
The securities will not be listed on any exchange, carry Morgan Stanley credit risk, and are designed for fee‑based advisory accounts. The estimated value on the pricing date is approximately $964.40 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC is issuing $718,000 of principal-at-risk “Jump Securities” linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value of $957.50 on the pricing date.
The notes are automatically called on November 16, 2026 if the underlier closes at or above 3,037.10 on November 10, 2026, paying $1,250 per $1,000 and then terminating. If not called, at maturity in November 2030 investors receive the $1,000 principal plus a 350% participation in any index gain, par if the index is flat to down but not below 50% of the initial level, and a 1-for-1 loss if the index falls below that 50% downside threshold, which can result in a total loss.
Returns depend on Morgan Stanley’s credit and there is no interest, no principal protection and no exchange listing. The underlier itself includes a 4% per year decrement, uses leverage of up to 400% on E-mini S&P 500 futures and has limited live history, so its behavior may differ from the S&P 500® Index.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $493,000 of Jump Securities with an auto-callable feature linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. Each security has a stated principal amount of $1,000 and an issue price of $1,000, with an estimated value on the pricing date of $983.10, reflecting embedded costs and the issuer’s internal funding rate.
The notes can be automatically redeemed on scheduled determination dates starting in November 2026 if all three indexes are at or above their call thresholds (100% of initial levels), paying early redemption amounts that correspond to about 12.85% per annum. If held to maturity in November 2028 and all indexes are at or above their call thresholds, investors receive $1,385.50 per security; if any index finishes below its downside threshold (70% of initial), repayment is reduced 1% for each 1% decline in the worst-performing index and can fall to zero. The securities pay no interest, are not principal protected, will not be listed on any exchange, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $3,928,000 of Contingent Income Auto-Callable Securities due May 11, 2028, linked to the worst performer of the Nasdaq-100, S&P 500 and Russell 2000 indices and fully guaranteed by Morgan Stanley. Each $1,000 note pays a 10.20% annual contingent coupon only if all three indices are at or above their coupon barriers (80% of initial levels) on scheduled observation dates.
The notes can be automatically called on specified dates if all indices are at or above their call thresholds (100% of initial levels), returning principal plus the applicable coupon but ending any further payments. If held to maturity and any index finishes below its downside threshold (75% of its initial level), principal is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is $970.20 per note, below the $1,000 issue price, reflecting embedded costs and Morgan Stanley’s internal funding rate. The securities are unsecured, not listed, and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,517,000 of Trigger PLUS structured notes linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and pays no interest.
At maturity in 2030, if the index is above its initial level of 550.88, investors receive $1,000 plus 185% of the index’s gain. If the index is at or below the initial level but at or above the downside threshold of 275.44 (50% of the initial level), investors receive only $1,000. If the index finishes below the threshold, repayment is reduced 1% for each 1% decline, with no minimum, so the entire investment can be lost. A hypothetical 10% index gain would pay $1,185, while an 85% decline would pay $150.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on an exchange, so liquidity may be limited. The estimated value on the pricing date is $982.50 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. The filing also highlights complex tax treatment and risks related to futures markets and index methodology changes.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS structured notes, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $342,000 and a denomination of $1,000 per note. The notes pay no interest and mature on November 13, 2029, with returns based on the worst performer among the S&P 500 Index, Nasdaq-100 Index and Dow Jones Industrial Average.
At maturity, investors gain 115% of any upside in the worst-performing index, or up to a 20% positive return if that index declines but stays above 80% of its initial level. If the worst-performing index falls below this 20% buffer, principal is lost one-for-one beyond the buffer, with a minimum payment of 20% of principal. The estimated value on the pricing date is $958.40 per note, reflecting embedded issuance, structuring and hedging costs, and investors are exposed 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 structured notes linked to the worst performer among the iShares U.S. Aerospace & Defense ETF, the Utilities Select Sector SPDR Fund and Southern Company stock. Each security has a $1,000 stated principal amount, total offering size of $665,000, and an annual contingent coupon of 9.00% that is paid only when all three underliers close at or above their coupon barrier levels on the relevant observation date.
The notes can be called in whole on specified redemption dates if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer, in which case investors receive $1,000 plus any due coupon and no further payments. At maturity in 2030, if not redeemed and each underlier is at or above its downside threshold level (90% of its initial level), investors receive full principal, plus any final coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst underlier, potentially to zero. The estimated value on the pricing date is $936.60 per security, below the $1,000 issue price.
Morgan Stanley Finance LLC is issuing principal-at-risk “Jump” securities due November 10, 2028, linked to the S&P 500® Futures Excess Return Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,830,000 and an estimated value on the pricing date of $963.80 per security.
The notes automatically redeem on November 16, 2026 for $1,115 per security if the index on the first determination date is at or above the call threshold level of 550.88. If not called, at maturity investors receive enhanced upside at a 150% participation rate when the final index level exceeds the initial level of 550.88, full principal if the final level is at or above the downside threshold of 385.616, and a proportional loss of principal if the final level is below that threshold.
The securities pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and may have limited or no secondary market liquidity. Investors must be willing to risk a substantial loss, including a complete loss of principal, and to accept complex tax and valuation characteristics.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the MSCI EAFE® Index. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,916,000, and pays no interest.
At maturity on November 10, 2028, investors earn 200% of any index gain, but the total payout is capped at $1,300 per security (130% of principal). If the index is flat or down but no more than 20% below the initial level of 2,774.95, investors receive only their principal back. Below the 20% buffer, principal falls by 1.25% for every 1% additional index loss, with no minimum payment, so the entire investment can be lost.
The securities are unsecured and subject to Morgan Stanley’s credit risk. They will not be listed on an exchange, and secondary trading, if any, may be limited. The estimated value on the pricing date is $967.90 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing callable contingent income securities due November 10, 2028 tied to the worst performing of the S&P 500, Dow Jones Industrial Average and Nasdaq‑100. Each security has a $1,000 stated principal amount, with a total offering of $13,178,000 at par, and an estimated value on the pricing date of $988.40.
Investors may receive a 9.80% per annum contingent coupon, but only when the closing level of each index on an observation date is at or above its coupon barrier, set at 75% of the initial level for each index. Principal repayment at maturity is also contingent: if the worst index stays at or above its downside threshold (also 75% of initial), principal is returned; if any index finishes below its threshold, investors lose 1% of principal for each 1% decline in the worst index, potentially losing their entire investment.
The notes can be redeemed early, in whole, on specified redemption dates if a risk‑neutral valuation model indicates that redemption is economically rational for the issuer, ending all future coupons and principal exposure. The securities are unsecured, 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 issuing Contingent Income Auto-Callable Securities due November 10, 2028, linked to the common stock of Prologis, Inc. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $1,105,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent quarterly coupon at an annual rate of 10.55% (about $26.375 per quarter per security) only if on the relevant determination date the Prologis share price is at or above the downside threshold of $94.20, which is 75% of the $125.60 initial share price. If on any of the first eleven determination dates the share price is at least the initial price, the notes are automatically redeemed for $1,000 plus that period’s coupon.
If the notes are 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 one-for-one with the stock’s decline from the initial price, and the payment at maturity can be significantly less than $1,000 and may be zero. The securities do not participate in any stock upside, are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and have an estimated value on the pricing date of $965.80 per $1,000 security, reflecting embedded issuing, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1.5 million of Digital S&P 500® Index-Linked Notes due November 28, 2031. These unsecured, principal-at-risk securities pay no interest and are linked to the S&P 500® Index level from the trade date on November 7, 2025 to the determination date on November 25, 2031.
For each $1,000 note, if the index’s final level is at least 85% of the initial level of 6,728.80, holders receive a fixed maximum settlement amount of $1,495 (149.5% of face value). If the index ends below 85% of the initial level, repayment is reduced one-for-one with the index decline, so the entire investment can be lost.
The estimated value on the trade date is $930.40 per note, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes are not listed, may have limited liquidity, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC filed an amended preliminary 424(b)(2) for Partial Principal at Risk Notes due November 18, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are linked to a performance‑allocation basket of the MSCI Emerging Markets Index, EURO STOXX 50, and Tokyo Stock Price Index, with basket weights set on the observation date by relative performance (50% best, 30% second, 20% worst).
Issue price is $1,000 per note; estimated value on the pricing date is approximately $960.80 per note; selling commissions are $25 per note, yielding $975 per note in proceeds to the issuer. At maturity (observation date: November 13, 2030), investors receive the stated principal plus upside at a 100% participation rate, capped at a maximum payment of $1,800 per note. If the basket performance factor is zero or negative, investors lose 1% per 1% decline, but not below the partial principal return amount of 98.50% of stated principal. The notes are unsecured, subject to issuer and guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC filed a preliminary 424(b)(2) for auto‑callable Jump Notes linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are unsecured. Each note has a $1,000 stated principal amount and issue price.
The notes auto‑redeem if the index closes at or above the call threshold level (100% of the initial level) on a determination date. The first determination date is November 19, 2026; they cannot be redeemed before then. Early redemption payments step up to target approximately 7.00% per annum (e.g., $1,070.00 on Nov 24, 2026; $1,420.00 on Nov 24, 2031; $1,472.50 on Aug 24, 2032). If not called, on November 24, 2032 investors receive a fixed positive return if the final level is at or above the call threshold; otherwise, they receive only principal back.
The estimated value on the pricing date is approximately $936.20 per note (within $55.00 of that estimate). The notes will not be listed. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed an amended preliminary pricing supplement for principal-at-risk, auto-callable Jump Securities linked to the worst of the Dow Jones Industrial Average, Nasdaq-100, and S&P 500. Each security is issued at $1,000, with an estimated value on the pricing date of approximately $978 per security.
The notes may be automatically redeemed on quarterly determination dates starting November 16, 2026 if each index is at or above its 100% call threshold, paying fixed amounts per security of $1,116, $1,232, $1,348, or $1,464 depending on the call date. If held to maturity on November 15, 2030, investors receive $1,580 per security only if each index is at or above its call threshold; if any index is below the call threshold but all are at or above the 75% downside threshold, payment equals principal; if any index is below its downside threshold, repayment is reduced 1% for every 1% decline of the worst performer. The securities are unsecured obligations subject to the issuer’s and guarantor’s credit risk and pay no periodic interest.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Trigger Jump Securities linked to the worst performing of the S&P 500, Russell 2000 and Dow Jones Industrial Average. The notes pay no interest and are unsecured obligations.
At maturity on December 5, 2030, holders receive: (i) if each index finishes at or above its initial level, the $1,000 principal plus the greater of the worst underlier’s percent gain or a fixed $517.50 upside payment; (ii) if any index is below its initial level but all are at or above their 75% downside thresholds, return of principal only; (iii) if any index ends below its downside threshold, a 1% principal loss for each 1% decline in the worst underlier, which could reduce repayment to zero.
Key terms include a $1,000 issue price per note, estimated value on the pricing date of approximately $941.90 per security (within $55.00), pricing on December 1, 2025, and no listing. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Contingent Income Auto-Callable Securities due November 15, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 9.50% annual contingent coupon only if, on each observation date, the iShares MSCI EAFE ETF (EFA), S&P 500 Index (SPX), and Russell 2000 Index (RTY) each close at or above their coupon barrier, set at 70% of their initial levels. Automatic early redemption can occur on scheduled dates starting May 12, 2026 if all three underliers are at or above their call thresholds, set at 100% of initial levels.
The notes are linked to the worst performing underlier, so any single underlier falling below key levels can eliminate a coupon or trigger loss of principal. If not called, at maturity investors receive par only if each final level is at or above its 70% downside threshold; otherwise, repayment is reduced one-for-one with the decline of the worst performer and could be zero. Issue price is $1,000 per security; the estimated value on the pricing date is approximately $985.60 per security. Key dates: pricing November 12, 2025; original issue November 17, 2025; maturity November 15, 2030.
Morgan Stanley Finance LLC is offering callable contingent income securities due November 18, 2027, fully and unconditionally guaranteed by Morgan Stanley. Payments are linked to the worst performer among EQT Corporation, Exxon Mobil, and Cheniere Energy common stocks.
The notes pay a contingent quarterly coupon at 21.38% annual rate (about $53.45 per $1,000 each quarter) only if, on each trading day in the observation period, every stock closes at or above 75% of its initial share price (coupon barrier). Starting November 27, 2026, the issuer may redeem quarterly, in whole, based on a risk neutral valuation model; if called, holders receive the $1,000 principal plus any coupon due for that period.
At maturity, if not redeemed, investors receive $1,000 plus the final coupon only if each stock is at or above its 70% downside threshold. If any stock is below its threshold, repayment equals $1,000 times the worst stock’s performance and can be less than 70% of principal or zero. Issue price is $1,000; the estimated value is approximately $943.80 per security. Agent commissions are $20 and a structuring fee is $5 per security. The notes will not be listed; all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC amended a pricing supplement for its Dual Directional Buffered Jump Securities linked to the S&P 500 Index, due September 24, 2029. The notes are unsecured, pay no interest, and are fully and unconditionally guaranteed by Morgan Stanley.
The payoff is path-independent and set on the September 19, 2029 observation date. If the final index level is at or above the initial level of 6,664.36, investors receive principal plus a fixed upside payment of $255 (25.50%). If the index declines but stays at or above the buffer level of 5,331.488 (80%), investors earn a positive return equal to the absolute decline times the 300% participation rate, effectively capped at a 60% gain. Below the buffer, losses match the decline beyond 20%, with a minimum payment at maturity of 20% of principal.
The issue price is $1,000 per security, aggregate principal $1,625,000, and estimated value on pricing date is $979.00 per security. Agent’s fees are $7.50 per security, with proceeds to the issuer of $1,612,812.50. The notes will not be listed and all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) structured note offering: Buffered Jump Securities with auto-call linked to Oracle Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. The notes are principal-at-risk, pay no interest, and may redeem early if Oracle’s closing level is at or above the call threshold.
Key terms: issue price $1,000 per security; aggregate principal amount $500,000; estimated value on pricing date $964.40 per security; scheduled early redemption payments correspond to ~13.00% per annum (e.g., $1,032.50 on the first call date, rising to $1,162.50 before maturity). Initial level $275.30; call threshold level $275.30 (100%); buffer level $192.71 (70%); buffer amount 30%; minimum payment at maturity 30% of principal.
If not redeemed and the final level is ≥ the call threshold, maturity pays $1,195.00 per security. If the final level is below the call threshold but ≥ the buffer level, investors receive principal only. Below the buffer, losses match the decline beyond 30%. Agent commissions are $18.75 per security; total proceeds to the issuer are $490,625. The notes are unsecured and subject to the credit risk of MSFL and Morgan Stanley, and will not be listed.
Morgan Stanley Finance LLC is offering Market Linked Securities that are auto-callable with a contingent coupon and downside exposure, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 13.15% per annum contingent coupon, due monthly only if the lowest-performing of Citigroup, Costco, FedEx, and Netflix closes at or above its 70% coupon threshold on the applicable calculation day. The notes mature on August 19, 2030, unless called after an initial ~6‑month non‑call period when each stock is at or above its starting price.
The price to the public is $1,000 per security, with agent commissions of up to $28.25 and proceeds to the issuer of $971.75 per security (total offering $956,000; commissions $27,007; proceeds $928,993). The current estimated value is $946.60 per security, reflecting issuance and hedging costs and Morgan Stanley’s internal funding rate.
If not called, repayment at maturity is $1,000 only if each stock is at or above its 50% downside threshold; otherwise, principal is reduced 1‑for‑1 with the worst performer. Investors do not receive dividends or participate in stock appreciation, and all payments are subject to Morgan Stanley’s credit risk. The securities will not be listed on any exchange.