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 a primary offering of Contingent Income Auto-Callable Securities linked to Bank of America common stock, due October 26, 2028. The notes are fully and unconditionally guaranteed by Morgan Stanley and are principal at risk.
The deal totals $2,865,000 in aggregate principal amount at $1,000 per security. A 9.00% per annum contingent coupon is paid only if BAC’s closing level is at or above the $35.77 coupon barrier on the observation date. The notes auto-call for par plus the applicable coupon if BAC is at or above the $51.10 call threshold on any redemption determination date starting January 22, 2026. If not called, maturity payment equals par (plus coupon, if payable) if BAC is at or above the $35.77 downside threshold; otherwise investors lose 1% of principal for every 1% decline from the $51.10 initial level.
The estimated value on the pricing date is $970.00 per security. Selling commissions are $20 per security, with issuer proceeds of $980 per security. The notes will not be listed. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed a preliminary 424(b)(2) for principal-at-risk, auto‑callable Buffered Jump Securities linked to an equal‑weighted basket of six stocks (GNRC, NVDA, RCL, SNOW, SPOT, UNH). The notes pay no interest and are unsecured.
The securities may be automatically redeemed on November 9, 2026 if the underlier is at or above 100, for an early redemption payment of at least $1,147.50 per $1,000. If not called, at maturity on October 28, 2027: if the final level exceeds the initial level, holders receive $1,000 plus an upside payment with a 125% participation rate; if the final level is between 85 and 100, $1,000 is returned; below the 15% buffer (level 85), losses increase by a 1.1765 downside factor and could reduce repayment to zero. Issue price is $1,000, estimated value about $962, agent fees $15 per security, and proceeds to the issuer $985 per security. The notes will not be listed and have a $10,000 minimum.
Morgan Stanley Finance LLC launched a preliminary 424(b)(2) pricing supplement for Contingent Income Auto-Callable Securities due November 3, 2028, linked to Dell Technologies Inc. Class C common stock and fully and unconditionally guaranteed by Morgan Stanley. These are unsecured, principal-at-risk notes with a stated principal of $1,000 per security.
The notes pay a 20.00% per annum contingent coupon, but only if the underlier’s closing level is at or above the coupon barrier (70% of the initial level) on each observation date. They are automatically called for par plus the coupon if the underlier is at or above the call threshold (100% of the initial level) on any redemption determination date, starting January 30, 2026.
If not called, at maturity investors receive par if the final level is at or above the downside threshold (70% of the initial level); otherwise, the payout declines 1% for every 1% underlier drop, and could be zero. The estimated value on the pricing date is approximately $962.60 per security. All payments are subject to the issuer’s and guarantor’s credit risk, and the securities will not be listed on an exchange.
Morgan Stanley Finance LLC (MS), fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due October 28, 2027 linked to Devon Energy (DVN) common stock. These principal-at-risk notes pay a contingent coupon only if DVN’s closing level is at or above the coupon barrier on each observation date; missed coupons can be paid later if a future observation meets the barrier.
Key terms: contingent coupon at an annual rate of 13.00%; automatic early redemption if DVN is at or above the call threshold (100% of the initial level) on specified determination dates, starting April 24, 2026; coupon barrier and downside threshold each set at 66.20% of the initial level. If not redeemed and DVN is below the downside threshold at maturity, repayment is reduced 1% for every 1% decline, which could result in loss of all principal. No participation in upside.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, not listed on any exchange, and subject to issuer credit risk. The issue price is $1,000 per security, with estimated value on the pricing date of approximately $968.60. Sales commissions are $17.50 per security plus a $1 structuring fee to selected dealers.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to The Goldman Sachs Group (GS) common stock under a 424(b)(2) prospectus. Each security has a $1,000 issue price, with an estimated value on the pricing date of approximately $970.80 per security. The notes may pay a 10.75% annual contingent coupon, but only when GS closes at or above the coupon barrier on each observation date.
The notes can be automatically redeemed on scheduled determination dates if GS is at or above the 100% call threshold, returning the stated principal plus the contingent coupon for that period. If not called, at maturity on October 26, 2028, investors receive principal back if GS is at or above the 70% downside threshold; otherwise, the payoff declines 1% for each 1% GS falls from the initial level, which could result in zero. Key dates include a strike/pricing date of October 22, 2025 and first redemption determination on January 22, 2026. The securities are unsecured, not listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC launched a preliminary pricing supplement for Contingent Income Auto‑Callable Securities due November 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal‑at‑risk notes pay a contingent coupon at 7.70% per annum on scheduled dates only if the Dow Jones Industrial Average, Nasdaq‑100, and Russell 2000 are each at or above their respective coupon barrier levels on the related observation date.
The notes may be automatically redeemed on specified dates starting April 30, 2026 if all three indices are at or above their call threshold (100% of initial level), returning the $1,000 stated principal amount plus the applicable coupon. If not called, maturity payment depends on the worst performer: investors receive principal (and the final coupon, if payable) only if each index is at or above its downside threshold (70% of initial); otherwise, the payoff declines 1% for every 1% drop in the worst index, and could be zero. Barriers for coupons are set at 75% of initial. The estimated value on the pricing date is approximately $961.70 per security. The securities are unsecured obligations subject to Morgan Stanley’s credit risk and are not listed.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS, unsecured structured notes linked to the S&P 500 Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and mature on November 4, 2030. The issue price is $1,000 per security and the estimated value on the pricing date is approximately $969.10 per security (within $55.00 of that estimate). The pricing/strike date is October 30, 2025, with a single observation on October 30, 2030. The securities will not be listed on any exchange and are subject to the issuer’s credit risk.
At maturity: if the final index level is above the initial level, holders receive principal plus a leveraged upside payment at a 183% leverage factor. If the final level is at or below the initial level but at or above 85% of the initial level (a 15% buffer), holders receive principal plus a positive return equal to the absolute decline, effectively capped at a 15% gain. If the final level is below the 85% buffer level, principal is reduced 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 15% of principal.
The notes are sold to fee‑based advisory accounts; MS&Co. will not receive a sales commission. Secondary market liquidity may be limited, and MS&Co. may, but is not obligated to, make a market. The product’s payoff depends solely on the closing level on the observation date, not on levels at other times.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Step-Down Jump Securities with an auto-call feature due October 26, 2028, linked to a weighted equity basket (AMZN 20%, PLTR 20%, AVGO 15%, CRWD 15%, GD 15%, NOC 15%). The issue price is $1,000 per security; the estimated value on the pricing date is approximately $969.20.
The notes may be automatically redeemed on scheduled determination dates for a cash amount corresponding to about 12.50% per annum, with early redemption payments per $1,000 ranging from $1,062.50 to $1,343.75 as call thresholds step down from 100% to 90% of the initial level. If held to maturity and not called: payment is $1,375 per security if the final level is at least 90% of initial; $1,000 if between 70% and 90%; otherwise, investors lose 1% of principal for every 1% decline below 70%.
The securities pay no periodic interest, are subject to the issuer’s and guarantor’s credit risk, and will not be listed. Per security, selling compensation is $20 plus a $1 structuring fee; proceeds to the issuer are $979.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, announced preliminary terms for market‑linked notes due January 28, 2027 tied to the ordinary shares of IREN Limited. The notes pay no interest and return principal at maturity. If the underlier’s final level exceeds the initial level on the January 25, 2027 observation date, holders receive the $1,000 stated principal plus an upside payment at a 100% participation rate, capped at $1,100 per note.
The price to public is $1,000 per note; the estimated value on the pricing date is approximately $977.10 per note (within $25 of that estimate), reflecting issuing, selling, structuring and hedging costs and the issuer’s internal funding rate. Key dates include strike/pricing on October 24, 2025 and original issue on October 29, 2025. The notes will not be listed on an exchange, and all payments are subject to the issuers’ credit risk.
Tax is expected to follow contingent payment debt instrument treatment, requiring accrual of taxable interest income over the life of the notes. Sales are to certain fee‑based advisory accounts via Morgan Stanley & Co. LLC. The payoff depends solely on the closing level of IREN on the observation date, and appreciation is limited by the maximum payment.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to the ordinary shares of LyondellBasell Industries N.V., fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at 19.25% per annum only when the underlier closes at or above the coupon barrier on the observation date. They are due October 27, 2028 and may auto-call at the stated principal amount plus the coupon if the underlier is at or above the 100% call threshold on a redemption determination date.
The barrier and downside threshold are each 60% of the initial level. If not called and the final level is below the downside threshold, repayment of principal is reduced 1% for each 1% decline in the underlier, potentially to zero. Denomination is $1,000 per security, with issue price of $1,000 and an estimated value on the pricing date of approximately $915.20. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed. First redemption determination date is January 26, 2026, with scheduled quarterly dates thereafter.
Morgan Stanley Finance LLC is offering Conditional Lookback Entry Trigger PLUS, unsecured structured notes fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, put principal at risk, and are based on the worst performer among the iShares Russell 1000 Growth ETF (IWF), the iShares S&P 500 Growth ETF (IVW), and the S&P 500 Futures Excess Return Index (SPXFP).
The issue price is $1,000 per security, with an estimated value on the pricing date of approximately $941.90 per security. The leverage factor for upside is 180%. Key dates include a pricing date of October 24, 2025, an observation date of April 24, 2031, and a maturity date of April 29, 2031. Upside accrues only if each underlier finishes at or above its upside threshold level (105%). Limited protection applies down to the downside threshold (generally 75%), and a knock-in can occur if any underlier closes below 90% of its initial level during the initial observation period.
All payments are subject to the issuer’s and guarantor’s credit risk. The notes will not be listed on any exchange. Sales are intended for fee-based advisory accounts; MS&Co. will not receive a sales commission.
Morgan Stanley Finance LLC plans to issue Contingent Income Auto‑Callable Securities due October 26, 2028, linked to Bank of America (BAC) common stock and fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk notes with a $1,000 issue price per security and an estimated value of approximately $970.60 per security on the pricing date.
The notes pay a contingent coupon at 9.00% per annum only if BAC’s closing level is at or above the coupon barrier (70% of the initial level) on each observation date. They are auto‑callable at the stated principal amount plus the applicable coupon if BAC’s closing level is at or above the call threshold (100% of the initial level) on any redemption determination date, starting January 22, 2026.
If not called, at maturity investors receive the stated principal amount if the final level is at or above the downside threshold (70% of the initial level), plus the final coupon if payable. If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in BAC, which can result in a substantial loss, up to zero. All payments are subject to the credit risk of Morgan Stanley and MSFL; the securities will not be listed.
Morgan Stanley Finance LLC filed a preliminary 424(b)(2) pricing supplement for Contingent Income Memory Auto-Callable Securities linked to Eli Lilly (LLY), fully and unconditionally guaranteed by Morgan Stanley. The notes offer a contingent coupon at an annual rate of 10.00% when the underlier is at or above the coupon barrier on observation dates and may auto-call if the underlier is at or above the 100% call threshold on specified redemption determination dates starting January 23, 2026.
The notes mature on October 26, 2029, with principal repayment only if the final level is at or above the downside threshold; otherwise investors lose 1% of principal for each 1% decline. The issue price is $1,000 per security; placement agent fees will not exceed $25 per $1,000, implying $975 proceeds per security. The estimated value on the pricing date is approximately $971.40 per security. The coupon barrier and downside threshold will be set on pricing and are each at most 69.75% of the initial level. The securities are unsecured, subject to issuer and guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-call feature tied to the worst performer of the EURO STOXX 50 Index, SPDR S&P MidCap 400 ETF (MDY), and VanEck Semiconductor ETF (SMH).
Each $1,000 security may be automatically redeemed for $1,500 on May 5, 2027 if, on April 30, 2027, the closing level of each underlier is at or above its call threshold (100% of its initial level). If not called and at maturity on October 28, 2030 all underliers finish above their initial levels, holders receive principal plus an upside payment equal to 300% of the worst performer’s gain. If any underlier is at or below its initial but all are at or above the downside threshold (60% of initial), repayment is stated principal only. If any underlier finishes below its downside threshold, the payout is reduced 1% for every 1% decline of the worst performer and could be zero.
The estimated value on the pricing date is approximately $966.70 per security. The notes pay no interest, are unsecured, subject to issuer and guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature linked to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes do not pay interest and may not return principal.
The notes may be automatically redeemed on the first determination date, November 6, 2026, if the S&P 500 closing level is at or above 100% of the initial level, paying $1,090 per $1,000 security on November 12, 2026. If not called, at maturity on October 28, 2027: if the final level exceeds the initial level, investors receive the stated principal plus an upside payment based on a participation rate of at least 174.55%; if the final level is at or below the initial level but at or above the 90% buffer, investors receive only principal; if below the buffer, investors lose 1.1111% of principal for each 1% decline beyond the 10% buffer, with no minimum payment.
The issue price is $1,000 per security, estimated value approximately $980.60 per security, and agent fees up to $15 per $1,000 (proceeds to issuer $985 per security). The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley and will not be listed on an exchange.
Morgan Stanley Finance LLC launched a preliminary pricing supplement for Buffered PLUS, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500 Futures Excess Return Index and due October 30, 2031. The notes pay no interest and are issued at $1,000 per security.
At maturity, investors receive principal plus a leveraged return if the index rises; the leverage factor will be at least 195%. If the index is flat to down but above the 80% buffer level, investors receive principal back. Below the buffer, principal loss matches the decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The observation date is October 27, 2031.
The estimated value on the pricing date is approximately $959.40 per security (within $40). The notes will not be listed, are subject to the issuers’ credit risk, and are intended for fee‑based advisory accounts.
Morgan Stanley Finance LLC launched a preliminary 424(b)(2) pricing for Enhanced Trigger Jump Securities due October 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk, unsecured notes pay no interest and are linked to the worst performing of the S&P 500, Nasdaq-100 and Russell 2000.
At maturity, if the final level of each index is at or above its downside threshold, investors receive the $1,000 principal plus a fixed $170 upside payment per note. If any index is below its threshold, the payout declines 1% for each 1% drop in the worst performer, and can be zero. The downside threshold for each index is 65% of its initial level, measured on the October 25, 2027 observation date.
The original issue price is $1,000 per security, with an estimated value of approximately $987.80 on the pricing date. The notes will not be listed. Sales are to fee-based advisory accounts; MS&Co. expects no sales commission. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC launched a preliminary pricing supplement for Partial Principal at Risk Notes linked to the SPDR Gold Trust (GLD), fully and unconditionally guaranteed by Morgan Stanley. The notes offer 100% participation in GLD’s price change at maturity, capped by a maximum payment at maturity of at least $1,130.50 per note, and provide a partial principal return amount of 95% of the stated principal.
The notes pay no interest. At maturity on November 12, 2026, investors receive $1,000 plus any upside (subject to the cap) if GLD rises; if GLD falls, investors lose 1% of principal for each 1% decline, but not below the 95% partial principal return amount. Key dates include a strike/pricing date of October 24, 2025 and an observation date of November 6, 2026.
The issue price is $1,000 per note, with agent fees of $10 per $1,000 and an estimated value of approximately $982.40 per note. The notes will not be listed. MS&Co. acts as agent; J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will serve as placement agents.
Morgan Stanley Finance LLC is offering market‑linked notes due January 28, 2027, linked to the common stock of MP Materials Corp. and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest. At maturity, investors receive the $1,000 stated principal amount plus 100% of any appreciation in the underlier, capped at a maximum payment of $1,104 per note (110.40% of principal). If the final level is equal to or below the initial level, investors receive only the stated principal amount.
Key dates: strike/pricing on October 24, 2025; original issue on October 29, 2025; observation on January 25, 2027; maturity on January 28, 2027. The issue price is $1,000 per note, and the estimated value on the pricing date is approximately $981.70 per note. The notes will not be listed on any exchange and are intended for fee‑based advisory accounts through MS & Co., which will not receive a sales commission. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC announced a new offering of Callable Contingent Income Securities due October 26, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer among the Technology Select Sector SPDR Fund (XLK), the Utilities Select Sector SPDR Fund (XLU) and the Nasdaq-100 Technology Sector Index (NDXT).
The notes pay a contingent coupon at 9.50% per annum only if, on each observation date, the closing level of each underlier is at or above its coupon barrier (70% of initial). If any underlier is below its barrier, no coupon is paid for that period. At maturity, if any underlier finishes below its downside threshold (60% of initial), repayment of principal is reduced 1% for each 1% decline in the worst performer, and could be zero.
The issuer may redeem early on specified dates beginning October 28, 2026 if a risk neutral valuation model indicates redemption is economically rational for the issuer; if called, investors receive the principal plus any due coupon, and no further payments. The issue price is $1,000 per security, with an estimated value of approximately $978.20 on the pricing date. The securities will not be listed; all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC announced a preliminary 424(b)(2) pricing supplement for Buffered Partial Participation Securities linked to the Russell 2000 Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley (MS). Each note has a $1,000 stated principal amount, pays no interest, and matures on October 27, 2027 after an observation on October 22, 2027.
At maturity: if the final index level is above the initial level, holders receive principal plus an upside payment equal to 75% of the index appreciation. If the final level is at or below the initial level but at or above the buffer level (70% of initial), repayment is principal only. Below the buffer, principal is reduced 1% for each 1% decline beyond the 30% buffer, subject to a minimum payment of 30% of principal.
The securities are unsecured, subject to MS/MSFL credit risk, and will not be listed. The estimated value on the pricing date is approximately $984.30 per security (within $25 of that estimate). Sales are to fee-based advisory accounts; MS&Co., an affiliate, acts as agent. The underlier’s closing level was 341.65 on October 20, 2025.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Buffered Jump Securities due November 4, 2030 linked to the S&P 500 Futures Excess Return Index. The notes pay no interest, are unsecured, and are subject to issuer and guarantor credit risk. Each security has a $1,000 stated principal amount and will not be listed on any exchange. The estimated value on the pricing date is approximately $971.50 per security (within $55 of that estimate).
At maturity, if the final index level is at or above the 15% buffer level, investors receive the stated principal plus the greater of the $424 upside payment (42.40%) or the performance-based amount. If the final level is below the buffer, principal is reduced 1% for each 1% decline beyond the buffer, with a minimum payment of 15% of principal. Key dates: strike/pricing October 30, 2025, observation October 30, 2030, and maturity November 4, 2030. Sales are to fee-based advisory accounts; MS&Co. expects to make a market but is not obligated to do so.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to NVIDIA Corporation common stock. Each security has a $1,000 issue price and matures on November 3, 2028, with the strike and pricing date on October 31, 2025. The estimated value on the pricing date is approximately $968.80 per security (or within $45 of that estimate).
The notes pay a 16.50% per annum contingent coupon only if NVDA’s closing level is at or above the coupon barrier on the observation date. They are auto-callable if NVDA closes at or above the call threshold (100% of the initial level) on specified determination dates, returning principal plus the applicable coupon.
If not called, at maturity investors receive principal only if the final level is at or above the downside threshold (70% of the initial level); otherwise, the payoff declines 1% for each 1% drop in NVDA from the initial level and could be zero. The securities are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed. Observation and coupon dates run quarterly from January 30, 2026 through the final observation on October 31, 2028.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Buffered Jump Securities linked to the SPDR S&P Metals & Mining ETF. The notes pay no interest and do not guarantee principal. Each $1,000 security offers an upside payment of at least $176.50 (17.65%) if the final level is greater than or equal to the buffer level.
The buffer level is 90% of the initial level; below that, repayment is reduced by 1.1111% for each 1% decline beyond the 10% buffer, with no minimum—repayment could be zero. Key dates: strike and pricing on October 24, 2025; original issue on October 29, 2025; observation on November 6, 2026; maturity on November 12, 2026. The issue price is $1,000, estimated value about $975.50 per security, and placement/agent fees of $10 per $1,000 (proceeds to issuer $990 per security). The securities will not be listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS, unsecured notes linked to the S&P 500 Futures Excess Return Index and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return depends on index performance at maturity.
If the final index level is above the initial level, investors receive principal plus a leveraged upside at at least 173% of the index gain. If the final level is at or below the initial but at or above the buffer level, investors receive principal plus the absolute decline (capped at a 20% positive return). If the final level falls below the buffer, investors lose 1% of principal for each 1% drop beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal. Key terms: price to public $1,000 per security; estimated value on pricing date approximately $972.20 per security; strike/pricing date October 31, 2025; observation date October 31, 2030; maturity November 5, 2030. The securities will not be listed; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC launched a preliminary offering of Contingent Income Memory Auto-Callable Securities due April 26, 2030, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the Nikkei Stock Average (NKY) and the VanEck Junior Gold Miners ETF (GDXJ).
The notes pay a contingent coupon at 9.10% per annum on scheduled dates only if both underliers close at or above their coupon barrier (70% of initial) on the related observation date; missed coupons can be paid later if a future observation meets the barrier. The notes auto-call, paying par plus due coupons, if on any redemption determination date both underliers are at or above the call threshold (90% of initial), starting October 23, 2026.
If uncalled, at maturity investors receive par only if both underliers are at or above the downside threshold (60% of initial); otherwise the payoff is reduced 1% for each 1% decline of the worst underlier, which could result in a zero return of principal. Issue price is $1,000 per note; the estimated value on the pricing date is approximately $929.30 per note. The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed.
Morgan Stanley Finance LLC plans to issue Contingent Income Auto‑Callable Securities due October 27, 2028, linked to Stanley Black & Decker, Inc. (SWK), fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a contingent coupon at 14.90% per annum on scheduled dates only if the stock closes at or above the coupon barrier on the related observation date.
The notes may be automatically called on specified quarterly dates if SWK is at or above the 100% call threshold, returning the $1,000 stated principal plus the coupon for that period. If not called, and at maturity SWK is at or above the downside threshold (60% of the initial level), investors receive principal back (plus the final coupon if payable). If the final level is below that threshold, repayment is reduced 1% for each 1% decline, potentially to zero. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $965 per security (or within $30 of that estimate). First potential call is January 26, 2026; maturity is October 27, 2028. The securities will not be listed on any exchange and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market‑linked notes tied to the Class A common stock of Bloom Energy Corporation. The notes pay no interest and return principal at maturity on January 28, 2027, with upside linked to the stock’s performance, subject to a cap.
At maturity, holders receive $1,000 per note plus an upside payment equal to 100% of the stock’s appreciation, capped at a maximum payment of $1,112 per note (111.20%). If the final stock level is at or below the initial level, investors receive only the stated principal amount. The price to public is $1,000 per note, and the notes will not be listed on any exchange.
Key dates include a strike/pricing date of October 24, 2025, an observation date of January 25, 2027 (subject to postponement), and an original issue date of October 29, 2025. The issuer’s estimated value on the pricing date is approximately $981.70 per note (within $25.00). All payments are subject to the issuer’s and guarantor’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Callable Contingent Income Memory Securities due October 26, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays a contingent coupon at 21.15% per annum only if, on an observation date, the closing level of each underlier—Shopify (SHOP), Datadog (DDOG) and Apple (AAPL)—is at or above its coupon barrier (60% of initial level). Unpaid coupons may be paid later if a subsequent observation meets the barrier.
The notes are linked to the worst performing underlier. They may be redeemed early on scheduled redemption dates beginning January 28, 2026 if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. At maturity, if not redeemed and the final level of each underlier is at or above its downside threshold (50% of initial), investors receive principal plus any payable coupons; otherwise, the payout is reduced by the full decline of the worst underlier, potentially to zero.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $982.70 per security. The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on an exchange.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley (MS), filed a preliminary 424(b)(2) for Jump Securities with Auto‑Callable Feature due November 1, 2030, linked to the worst performing of the Nasdaq‑100 Index (NDX) and EURO STOXX 50 (SX5E). The notes are principal at risk, unsecured, and do not pay periodic interest. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $958.80 per security (or within $55 of that estimate).
The notes may auto‑redeem starting November 2, 2026 if each index closes at or above its call threshold (100% of initial), for an early redemption payment corresponding to ~10.65% per annum, increasing over scheduled dates. If held to maturity and each index is at or above its call threshold, the payment is $1,532.50 per security. If either index is below the call threshold but both are at or above the downside threshold (70% of initial), repayment is the $1,000 principal. If either finishes below its downside threshold, investors lose 1% of principal for each 1% decline in the worst performer, potentially to zero. The securities are subject to issuer credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to Bank of America common stock, fully and unconditionally guaranteed by Morgan Stanley, due October 26, 2028. These principal-at-risk notes pay a 10.00% annual contingent coupon only when the underlier closes at or above the coupon barrier on each observation date, with unpaid coupons eligible to be paid later if the barrier is met.
The notes may auto-call at the stated principal amount plus any due coupons if the underlier is at or above the 100% call threshold on a redemption determination date, beginning January 23, 2026. If held to maturity and the final level is at or above the downside threshold, investors receive principal; if below the threshold, repayment is reduced 1% for every 1% decline, potentially to zero. The downside threshold and coupon barrier will be set on the pricing date and are each stated as at most 77.50% of the initial level.
The issue price is $1,000 per security; estimated value on the pricing date is approximately $973 per security. Agent commissions are $20 per $1,000, with proceeds to the issuer of $980 per security. The securities will not be listed on any exchange and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. These principal-at-risk notes may pay a 17.00% per annum contingent coupon only when the underlier’s closing level is at or above the 70% coupon barrier on each observation date.
The notes auto-call at par plus the applicable coupon if the underlier is at or above the 100% call threshold on any redemption determination date, starting January 26, 2026. If not called, at maturity on October 29, 2030 investors receive par if the final level is at or above the 50% downside threshold; otherwise the payoff declines 1% for each 1% drop in the underlier. Issue price is $1,000 per security; the estimated value on pricing is approximately $937 per security. The notes are unsecured obligations, subject to Morgan Stanley’s credit risk, and will not be listed on an exchange.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the S&P MidCap 400 Index, due October 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and use averaging to set both the initial and final index values.
At maturity: above 109% of the initial average index value, holders receive $1,000 plus 1.92% for each 1.00% the index exceeds that upper strike, up to a maximum payment of $2,190.40 per Security. Between 96% and 109%, repayment is $1,000. Between 96% and 92%, losses are 2x the decline below the 96% lower strike. Below 92%, losses match the full decline from the initial average value, with no minimum payment.
The issue price is $1,000 per Security; estimated value on the pricing date is approximately $953. Per Security, the agent’s sales commission is $1.50 and a structuring fee is $1.00, resulting in $997.50 proceeds to the issuer. The notes will not be listed; MS & Co. may make a market but is not obligated to. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Dual Directional Trigger PLUS, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500 Futures Excess Return Index. The notes pay no interest, are principal at risk, and will not be listed.
Each security has a $1,000 stated principal amount and offers 164% leveraged upside on gains. If the index is flat to down but above the downside threshold, investors receive the absolute decline (capped at a positive return of 40%). If the final level falls below the downside threshold of 60% of the initial level on the observation date, investors lose 1% of principal per 1% index decline, up to total loss.
Key dates include strike/pricing on October 24, 2025, observation on October 24, 2031, and maturity on October 29, 2031. The estimated value on the pricing date is approximately $938.10 per security (within $40). Commissions are $32.50 per security, plus up to $9 structuring fee; proceeds to the issuer are $967.50 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Step-Down Jump Securities with an auto-call feature due October 28, 2030, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal and issue price.
The notes may redeem early if the index closes at or above the applicable call threshold on scheduled determination dates starting October 26, 2026, paying fixed amounts that step up from $1,160 to $1,760 per security, corresponding to approximately 16.00% per annum. If held to maturity and the final level is at or above the downside threshold (60% of the initial level), the payment is $1,800 per security. Otherwise, repayment declines 1% for every 1% index drop, and can be zero.
The preliminary estimated value on the pricing date is approximately $927.40 per security (within $40.00 of that estimate). The securities will not be listed, involve MS & Co. as agent, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due October 20, 2028, linked to Reddit, Inc. (Class A), fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a 27.10% annual contingent coupon, but only if the Reddit closing level is at or above the coupon barrier on each observation date.
The notes may be automatically called on scheduled dates starting April 17, 2026 if Reddit’s closing level is at or above the call threshold. If called, investors receive the $1,000 stated principal plus the applicable coupon, and no further payments. At maturity, if not called and the final level is at or above the downside threshold, investors receive the $1,000 principal (plus the final coupon, if payable). If the final level is below the downside threshold, the payout declines 1% for each 1% drop in the underlier and can be zero.
Key terms: Initial level $194.95; coupon barrier $97.475 (50% of initial); downside threshold $97.475; call threshold $194.95 (100% of initial). Issue price $1,000 per security; estimated value approximately $985 on the pricing date. The notes will not be listed and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal at risk, contingent income memory auto-callable securities due October 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of Apple Inc. (AAPL) and Palantir Technologies Inc. (PLTR) and are unsecured obligations.
The securities pay a contingent coupon at 20.00% per annum on scheduled dates only if each stock closes at or above its coupon barrier (60% of its initial level) on the related observation date; unpaid coupons may be paid later if a subsequent observation meets the barrier. The notes auto-redeem if, on any redemption determination date starting January 26, 2026, each stock is at or above its call threshold (100% of its initial level), paying principal plus the current and any previously unpaid contingent coupons.
If not redeemed early, investors receive principal at maturity only if each final level is at or above its downside threshold (60% of initial); otherwise, repayment is reduced 1% for each 1% 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 $956.60. The notes will not be listed and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Buffered Auto‑Callable Securities linked to the iShares Bitcoin Trust ETF (IBIT). The notes can pay a contingent monthly coupon at an annual rate of 24.00% (about $20 per $1,000 note per month) if IBIT closes at or above 80% of the initial share price on each observation date.
The initial share price is $60.47 and the coupon barrier is $48.376. The notes auto‑call at monthly dates beginning November 20, 2025 if IBIT closes at or above the initial price, paying principal plus the due coupon(s). If not called, they mature on October 23, 2026. A 20% buffer applies at maturity; below that, the payoff declines by 1.25% for every 1% drop beyond the buffer, and principal can be lost up to zero. There is no upside participation. Estimated value is about $979.60 per $1,000 note; sales and structuring fees total $1.00 per note, with $999 per note to the issuer. The notes are unsecured, guaranteed by Morgan Stanley, and will not be listed.
Morgan Stanley Finance LLC is offering Lookback Entry Buffered Participation Securities with Downside Factor, unsecured notes fully and unconditionally guaranteed by Morgan Stanley (MS). The securities pay no interest, are linked to the worst performing of the VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ), and mature on October 21, 2027.
Each security is issued at $1,000 with an estimated value on the pricing date of approximately $984.80 per security (or within $25 of that estimate). Performance uses a lookback initial level set as the lowest closing level during October 17–December 26, 2025 (not above $78.73 for GDX and $103.11 for GDXJ on October 17, 2025). At maturity: 100% participation on the worst underlier’s gain, capped by a maximum upside payment of $1,650 per security; par if the worst underlier’s final level is ≤ its initial level but ≥ the 85% buffer; below the buffer, losses increase at 1.1765% per 1% decline beyond the 15% buffer, with no minimum repayment.
The notes will not be listed. Sales are for fee‑based advisory accounts; MS&Co. will not receive a sales commission. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC launched preliminary terms for S&P 500-linked Buffered Jump Securities with an auto-call feature due October 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are issued at $1,000 per security, with an estimated value on the pricing date of approximately $996.20 per security (within $25 of that estimate).
The notes auto-redeem on November 4, 2026 for $1,100 per security if the S&P 500® closing level on October 30, 2026 is at or above the call threshold 6,664.01 (100% of the initial level). If held to maturity: above the initial level 6,664.01 pays principal plus an upside payment at a 255% participation rate; between the initial level and the buffer level 5,797.689 (13% buffer) returns principal; below the buffer, losses apply at a 1.1494x downside factor. The securities pay no interest, are subject to issuer credit risk, and will not be listed on an exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed a 424(b)(2) preliminary pricing supplement for Contingent Income Auto-Callable Securities linked to Hims & Hers Health, Inc. Class A common stock. These principal-at-risk notes offer a 46.60% per annum contingent coupon, paid only when the underlier’s closing level is at or above the coupon barrier on each observation date.
The initial level is $49.78 (strike date October 17, 2025). The coupon barrier is $29.868 (60% of the initial level) and the downside threshold is $24.89 (50%). The call threshold is $49.78 (100%). The notes may auto-call on scheduled quarterly dates starting April 17, 2026; if called, holders receive the $1,000 stated principal plus the applicable coupon and no further payments. If held to maturity on October 20, 2028 and the final level is below the downside threshold, repayment is reduced 1% for each 1% decline, potentially to zero.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $979 per security. The securities will not be listed, are sold to fee-based advisory accounts, and all payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC is offering $1,600,000 of Contingent Income Auto-Callable Securities due April 8, 2027, linked to Meta Platforms, Inc. Class A common stock. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are issued at $1,000 per security.
The notes pay a 9.00% per annum contingent coupon only if META’s closing level is at or above the coupon barrier of $500.962 (70% of the $715.66 initial level) on each observation date. They auto-call if META is at or above the call threshold of $715.66 (100% of initial), returning principal plus the coupon. If not called, and at maturity META is below the downside threshold of $429.396 (60% of initial), repayment is reduced 1% for each 1% decline, potentially to zero. The offering carries principal at risk, includes an estimated value of $969.00 per security on the pricing date, and provides total proceeds to the issuer of $1,570,000 after selling commissions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due April 27, 2028, linked to the worst performing of Broadcom (AVGO), Alphabet Class A (GOOGL) and Microsoft (MSFT). The notes are issued at $1,000 per security, with an estimated value on the pricing date of approximately $969.30 per security.
The notes pay a contingent coupon at 13.45% per annum on scheduled dates only if each stock closes at or above its coupon barrier (50% of its initial level). They auto-call, paying principal plus any due and previously unpaid coupons, if on a redemption determination date each stock is at or above its call threshold (90% of its initial level), starting April 24, 2026. If not called, at maturity investors receive principal only if each final level is at or above its downside threshold (50% of initial). Otherwise, the payoff reflects a 1% loss for every 1% decline of the worst performer, which could reduce the payment to zero. The securities are unsecured, subject to the issuer’s and guarantor’s credit, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, priced Market‑Linked Notes tied to the S&P 500 Futures Excess Return Index. The notes pay no interest and return principal at maturity, with upside only if the final index level exceeds the initial level.
Key terms: Aggregate principal amount $650,000; issue price $1,000 per note; maturity October 21, 2027 after an observation on October 18, 2027. Participation rate 100%, with a maximum payment at maturity of $1,135 per note (113.50%). The initial index level is 543.95.
Economics: Estimated value on the pricing date is $986.30 per note, reflecting issuance, structuring and hedging costs. Per‑note economics: price to public $1,000, agent’s fees $10.50, and $989.50 to the issuer; total proceeds $643,175. The notes will not be listed; secondary market making by MS & Co. may occur but is not assured.
Risks and other considerations: All payments are subject to the issuer and guarantor’s credit risk. Upside is capped at the stated maximum, and performance is determined solely on the observation date. For U.S. tax purposes, the notes are expected to be treated as CPDIs with a comparable yield of 3.7700% per annum.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed an amendment to a preliminary pricing supplement for Callable Contingent Income Buffered Securities due October 28, 2026, linked to the worst performer of the Nasdaq-100, Russell 2000, and S&P 500.
The notes may pay a contingent coupon at an annual rate of 12.65% on scheduled dates only if each index closes at or above 87.50% of its initial level on the related observation date. They feature a 12.50% buffer and a minimum payment at maturity of 12.50% of principal; investors do not participate in any index appreciation.
The issuer may redeem the notes, in whole, on specified dates starting January 23, 2026 if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. Issue price is $1,000 per security; the estimated value on the pricing date is approximately $984.30 per security. All payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC launched preliminary terms for Contingent Income Auto-Callable Securities due November 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a contingent coupon at 10.00% per annum only if, on each observation date, the Utilities Select Sector SPDR Fund (XLU), the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY) each close at or above their coupon barrier levels.
The notes may be automatically called on scheduled monthly dates starting April 30, 2026 if each underlier is at or above its call threshold (100% of initial), paying the stated principal plus the coupon and ending further payments. If not called, at maturity investors receive principal only if each final level is at or above its downside threshold (70% of initial); otherwise, repayment is reduced 1% for every 1% decline of the worst performer. The issue price is $1,000 per security and the estimated value on pricing is approximately $960.20 per security (or within $45 of that estimate). The notes will not be listed and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC plans to offer callable Contingent Income Securities due February 23, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 9.25% per annum contingent coupon only if, on each observation date, the S&P 500, Nasdaq‑100, and Russell 2000 are each at or above their coupon barrier (60% of initial). The product is “worst‑of,” so a single index below its barrier cancels that period’s coupon.
The notes are principal at risk. If not redeemed early and any index finishes below its 60% downside threshold at maturity, repayment is reduced 1% for every 1% decline in the worst performer; principal could be zero. Initial levels/thresholds: SPX 6,664.01/3,998.406; NDX 24,817.95/14,890.77; RTY 2,452.173/1,471.304. Early redemption, in whole, can occur on set dates starting April 22, 2026 only if a risk‑neutral valuation model indicates it is economically rational for the issuer. Issue price is $1,000 per security; estimated value on the pricing date is approximately $991.80. The notes will not be listed; all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due November 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 12.20% annual contingent coupon only if, on each observation date, the Utilities Select Sector SPDR Fund (XLU), the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY) all close at or above 80% of their initial levels.
The notes auto-call for par plus the applicable coupon if, on a redemption determination date, all three underliers are at or above 100% of their initial levels, beginning April 30, 2026. 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 1% for every 1% decline in the worst-performing underlier, and could be zero.
The notes are unsecured, not listed on any exchange, and all payments are subject to the issuer’s and guarantor’s credit risk. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $979.10 per security (or within $45.00 of that estimate). Key dates: pricing October 31, 2025 and original issue November 5, 2025.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due October 20, 2028 linked to the common stock of CAVA Group, Inc., fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a contingent coupon at 21.40% per annum only if the underlier closes at or above the coupon barrier on each observation date.
The notes may be automatically redeemed if the underlier is at or above the call threshold level of $62.86 (100% of the initial level) on a redemption determination date, paying the $1,000 stated principal plus the applicable coupon. If held to maturity without prior redemption, investors receive $1,000 only if the final level is at or above the downside threshold of $31.43 (50% of the initial level). Otherwise, repayment is reduced 1% for every 1% decline in the underlier, which could result in a zero return.
Key terms include initial level $62.86 (strike date October 17, 2025), coupon barrier $37.716 (60% of initial), issue price $1,000 per security, and an estimated value of approximately $980.50 per security on the pricing date. The securities will not be listed, payments depend on Morgan Stanley/MSFL credit, and sales are limited to fee‑based advisory accounts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk, auto-callable Jump Securities linked to the worst performer of the S&P 500 Futures Excess Return Index and the Utilities Select Sector SPDR Fund. Each security has a $1,000 stated principal and issue price. The notes may be automatically redeemed on quarterly determination dates starting October 28, 2026 if both underliers are at or above their call thresholds, paying an amount that targets approximately 11.10% per annum (e.g., $1,111.00 on the first call date, rising to $1,527.25 by July 29, 2030). The estimated value on the pricing date is about $945.80 per security.
If not called, at maturity on October 31, 2030: if both final underlier levels are at or above their call thresholds, investors receive $1,555.00 per security; if at least one is below the call threshold but each is at or above the downside threshold (70% of initial level), investors receive the stated principal; otherwise, the payoff declines 1% for each 1% drop of the worst performer, potentially to zero. The securities pay no interest, do not participate in underlier upside beyond the fixed payouts, are unsecured, and all payments are subject to the issuer’s and guarantor’s credit risk. The notes will not be listed.