Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering Buffered PLUS, principal-at‑risk structured notes due November 3, 2028, linked to the S&P 500 Futures Excess Return Index and fully and unconditionally guaranteed by Morgan Stanley. Each security is issued at $1,000 and pays no interest.
At maturity, if the final index level is above the initial level, holders receive principal plus a 133% leveraged share of the index gain. If the final level is at or below the initial level but at or above the 20% buffer, holders receive principal only. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 20% of principal. Key dates: strike/pricing October 31, 2025; observation October 31, 2028. The notes are unsecured obligations subject to the issuer’s and guarantor’s credit risk, will not be listed, and have an estimated value on the pricing date of approximately $983 per security (±$45).
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed Amendment No. 1 to a preliminary pricing supplement for Enhanced Buffered Jump Securities due November 20, 2026 linked to the worst performer of the S&P 500 Futures Excess Return Index, Utilities Select Sector SPDR Fund, and Russell 2000 Index. The notes are sold at $1,000 per security, pay no interest, are principal-at-risk, and will not be listed.
The structure offers a digital payment of $121 per security (12.10%) at maturity if each underlier’s final level is at or above its digital threshold of 75% of initial. Repayment of principal is buffered so that if each underlier is at or above its buffer level of 90% of initial, investors also receive the stated principal amount. If any underlier finishes below its buffer, maturity value is reduced 1% for each 1% decline of the worst performer beyond the 10% buffer, subject to a minimum payment of 10% of principal.
The observation date is November 17, 2026. The estimated value on the pricing date is approximately $987 per security (within $25), reflecting issuance, structuring, and hedging costs. Sales are through fee-based advisory accounts; MS&Co., an affiliate, acts as agent without a sales commission. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a structured note offering of Callable Jump Notes linked to the S&P 500 Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The notes carry a stated principal amount of $1,000 per note, an aggregate principal amount of $1,181,000, and were issued at $1,000 per note.
The issuer’s estimated value on the pricing date is $954.70 per note. Sales commissions are $31.25 per note, with proceeds to the issuer of $968.75 per note (total proceeds $1,144,093.75). The notes pay no interest and may be redeemed early, in whole but not in part, if a risk‑neutral valuation model indicates redemption is economically rational. The first possible redemption date is October 28, 2026, with scheduled redemption payments stepping up (e.g., $1,120 on the first date), corresponding to approximately 12.00% per annum.
If not redeemed, payment at maturity on October 21, 2030 equals principal plus a 120% participation in positive index performance; otherwise, investors receive principal only. The initial underlier level is 543.95. The notes are unsecured, subject to MS/MSFL credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due October 27, 2028, based on the worst performing of the S&P 500 Index, Nasdaq-100 Technology Sector Index, and Russell 2000 Index, and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 8.75% per annum only if each index closes at or above its coupon barrier on the related observation date; otherwise no coupon is paid. Starting April 29, 2026, the issuer may redeem the notes in whole on scheduled redemption dates if a risk neutral valuation model indicates it is economically rational to do so. At maturity, if not redeemed and each index is at or above its downside threshold (70% of initial level), investors receive the stated principal; if any index is below its threshold, repayment is reduced 1% for each 1% decline of the worst performer.
The issue price is $1,000 per security, with an estimated value on the pricing date of approximately $957.70 per security. Payments are subject to the issuer’s and guarantor’s credit risk, and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC priced a primary offering of Market‑Linked Notes totaling $1,180,000, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and mature on October 21, 2030, with returns tied to a performance‑allocation basket of the S&P 500, EURO STOXX 50 and TOPIX. Basket weights are set on the observation date based on relative performance (50% best, 30% second, 20% worst).
At maturity, holders receive principal back if the basket performance factor is zero or negative; if positive, they receive principal plus upside at a 100% participation rate, capped at a maximum payment of $1,470 per $1,000 note. The notes were offered at $1,000 per note with an estimated value of $963.70. Agent commissions are $25 per note, for issuer proceeds of $975 per note (total $1,150,500). The notes will not be listed, and all payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC priced a primary offering of Trigger Jump Securities due October 21, 2030, with an aggregate principal amount of $1,199,000 at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and are linked to a basket of equity indices: EURO STOXX 50 (38%), FTSE 100 (17%), S&P/ASX 200 (8%), TOPIX (26%) and Swiss Market Index (11%).
At maturity, if the basket’s final level is at or above the initial level (100), holders receive principal plus the greater of the basket return or a fixed $530 upside payment per security. If the final level is below the initial but at or above the 80% downside threshold, holders receive principal only. Below the threshold, losses match the decline, up to total loss. The securities will not be listed. The estimated value on the pricing date was $962.80 per security. Observation date is October 16, 2030; settlement/maturity are October 21, 2025/2030. Proceeds to the issuer total $1,199,000.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) offering of S&P 500-linked Callable Jump Notes due October 21, 2030, fully and unconditionally guaranteed by Morgan Stanley. The aggregate principal amount is $735,000 at $1,000 per note.
The notes pay no interest. If not called and the S&P 500 final level exceeds the initial level of 6,629.07, holders receive principal plus 100% of the index gain; otherwise, only principal is returned at maturity. Early redemption is at the issuer’s discretion via a risk‑neutral valuation model, with fixed redemption payments that increase over time (approximately 7.10% per annum), starting on the first redemption date of October 21, 2026.
The estimated value on the pricing date is $968.00 per note. Sales commissions are $25 per note; proceeds to the issuer are $975 per note, or $716,625 in total. The notes are unsecured, subject to MS/MSFL credit risk, and will not be listed.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due October 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at 11.15% per annum only when the S&P 500, Nasdaq-100 Technology Sector Index and Russell 2000 each close at or above their coupon barrier on the observation date.
The securities are linked to the worst performing index. If not called and any final index level is below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst performer and could be zero; no upside participation. An early redemption may occur on specified dates if a risk neutral valuation model indicates it is economically rational for the issuer. Issue price is $1,000 per security; the estimated value on the pricing date is approximately $981.80 per security. First potential call is April 29, 2026. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due October 21, 2030, based on the worst performer of the Nasdaq-100, EURO STOXX 50, and Russell 2000 indices.
The notes pay a contingent coupon at 10.20% per annum only when each index closes at or above its coupon barrier (65% of its initial level) on the observation date. They auto-call at par plus the coupon if, on a redemption determination date, each index is at or above its call threshold (100% of initial). If held to maturity and any index finishes below its downside threshold (70% of initial), repayment is reduced 1% for every 1% decline of the worst performer, potentially to zero.
Issue price is $1,000 per security with aggregate principal of $35,056,000; estimated value on the pricing date is $994. Proceeds to the issuer are shown as $34,880,720. The securities are unsecured, not listed, and subject to issuer credit risk. Initial index levels on October 16, 2025 were NDX 24,657.24; SX5E 5,652.01; RTY 2,467.015.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), priced $5,000,000 of Contingent Income Memory Auto‑Callable Securities linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. The notes are $1,000 each and part of MSFL’s Series A Global Medium‑Term Notes program; all payments are subject to the issuer’s and guarantor’s credit risk.
The notes pay a contingent coupon at 14.25% per annum on observation dates only if the index is at or above the coupon barrier of 2,233.65 (75% of the initial level 2,978.20). They auto‑call at par plus any due and unpaid coupons if the index is at or above the call threshold of 2,978.20 (100%) on a redemption determination date, beginning October 16, 2028. If not called, they mature October 21, 2030.
At maturity, if the final level is at or above the downside threshold of 1,935.83 (65%), investors receive par (plus any payable coupons). If below, repayment is reduced 1% for every 1% decline, potentially to zero. The estimated value on pricing date is $906.10 per note. Price to public is $1,000; proceeds to issuer are $990 per note, or $4,950,000 in total. The securities are not listed.
Morgan Stanley Finance LLC priced $975,000 of S&P 500-linked Jump Securities with an auto-call feature, issued at $1,000 per security and fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on October 23, 2026 if the S&P 500 closing level is at or above the call threshold 6,552.51, paying an early redemption of $1,105 per security. If not called, at maturity on October 14, 2027: if the final level is above the initial level (6,552.51), holders receive principal plus 150% of the index gain; if between the initial level and the downside threshold 5,242.008 (80%), holders receive principal; if below the threshold, losses match the index decline, potentially to zero.
These unsecured, principal-at-risk securities pay no interest and will not be listed. Estimated value on pricing date is $978.50 per security. Selling concessions are $15 per $1,000, with issuer proceeds of $985 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of Enhanced Buffered Jump Securities linked to the S&P 500 Index, with an aggregate principal amount of $3,262,000 under a 424(b)(2) prospectus supplement. Each $1,000 note pays no interest and is fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
At maturity on October 28, 2026, if the final index level is at or above the 90% buffer level, holders receive the stated principal plus a fixed upside payment of $85.50 per note (8.55%). If the final level is below the buffer, repayment is reduced by 1.1111% for each 1% decline beyond the 10% buffer, with no minimum payment. Key terms include initial level 6,552.51, buffer level 5,897.259, observation date October 23, 2026, and no listing.
The issue price is $1,000 per note, estimated value $985.30 on the pricing date. Agent fees are $10 per note, with total fees of $32,620 and proceeds to the issuer of $3,229,380. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Contingent Income Auto‑Callable Securities linked to the worst performing of XLU, RTY and SPX, fully and unconditionally guaranteed by Morgan Stanley. The notes offer a 6.45% annual contingent coupon only if each underlier closes on or above its coupon barrier on the observation date, and may be automatically redeemed if each underlier is at or above its call threshold.
Key terms include: issue price $1,000 per security, stated principal amount $1,000, aggregate principal amount $4,775,000, and estimated value on pricing date $934.50 per security. Call thresholds equal 100% of initial levels (XLU $91.89; RTY 2,467.015; SPX 6,629.07). Coupon barriers and downside thresholds are set at 70% of initial levels (e.g., SPX 4,640.349). If not called and any final underlier is below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, potentially to zero.
The notes are unsecured and subject to the issuer’s and guarantor’s credit risk. Agent’s commission is $40 per security (total $191,000), with proceeds to issuer $4,584,000. Maturity is October 21, 2030; no listing is expected.
Morgan Stanley Finance LLC priced a $2,000,000 offering of Enhanced Trigger Jump Securities linked to the S&P 500 Index, due October 21, 2030 and fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and put principal at risk.
At maturity, if the final index level is at or above the downside threshold of 5,303.256 (80% of the 6,629.07 initial level), each $1,000 note pays the greater of a $200 upside payment or the index gain, capped at a maximum payment of $1,695. If the final level is below the threshold, repayment is reduced one-for-one with the index decline, and could be zero.
The issue price is $1,000 per security; the estimated value on the pricing date is $959.80. Commissions are $30 per note, with proceeds to the issuer of $970 per note ($1,940,000 total). Key dates include an observation date of October 16, 2030, with no exchange listing. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Contingent Income Memory Auto-Callable Securities linked to SoFi Technologies common stock, with an aggregate principal amount of $572,000. The notes pay a contingent coupon at 18.80% per annum only when the closing level is at or above the coupon barrier of $14.225 (50% of the $28.45 initial level) on scheduled observation dates. The notes auto-call if the underlier is at or above the $28.45 call threshold on a redemption determination date; otherwise they continue.
If not called, at maturity on October 12, 2028 investors receive principal back only if the final level is at or above the $14.225 downside threshold; below that, principal is reduced 1% for every 1% decline, and could be zero. The first redemption determination date is January 9, 2026. The notes are unsecured, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed.
Issue price is $1,000 per security; estimated value on the pricing date is $955.20. Selling commissions are $22.50 per security, for proceeds to the issuer of $977.50 per security, or $559,130 in total.
Morgan Stanley Finance LLC priced Fixed Income Buffered Auto-Callable Securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. The notes carry a fixed coupon of 6.50% per annum, have an aggregate principal amount of $217,000, and are due October 23, 2028.
Each $1,000 security was issued at $1,000 with an estimated value of $949.20 on the pricing date. The table shows proceeds to the issuer of $987.50 per security ($214,287.50 total) and agent fees of $12.50 per security. The notes may auto-call if the underlier closes at or above the call threshold (100% of initial level = 1,173.77) on specified monthly dates, paying principal plus the coupon for that period.
If not called, at maturity investors receive principal plus the final coupon if the final level is at or above the buffer level 909.672 (77.50% of initial). Below the buffer, principal is reduced 1% for every 1% decline beyond the 22.50% buffer, with a minimum payment at maturity of 22.50% of principal. The securities are unsecured, subject to issuer and guarantor credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, priced Contingent Income Memory Auto-Callable Securities linked to Amazon.com, Inc. stock. The notes carry a stated principal amount of $1,000 each and an aggregate principal amount of $3,551,000, with an original issue price of $1,000 per security and maturity on October 19, 2028.
The securities pay a contingent coupon at 9.60% per annum only if AMZN’s closing level is at or above the coupon barrier of $160.853 (75% of the initial level). They are auto-callable if AMZN is at or above the call threshold of $214.47 (100% of initial) on scheduled redemption determination dates starting April 16, 2026. If not called, and AMZN finishes below the downside threshold of $160.853, investors lose 1% of principal for each 1% decline.
The estimated value on the pricing date is $953.60 per security. Agent commissions are $25 per security (fee-based accounts priced at $975). Proceeds to issuer: $3,462,225. The notes will not be listed on any exchange and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, offered Enhanced Trigger Jump Securities linked to the EURO STOXX 50 Index, totaling $1,000,000 at $1,000 per security. These principal-at-risk notes pay no interest and mature on October 21, 2030.
At maturity, if the index’s final level is at or above the downside threshold of 4,239.008 (75% of the initial level 5,652.01), investors receive principal plus the greater of the index return or an upside payment of $330 per security (33%). If the final level is below the threshold, the payout declines 1% for each 1% drop in the index and can be zero.
Estimated value on the pricing date is $957.40 per security. Commissions are $30 per security (total $30,000), with proceeds to the issuer of $970,000. 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 priced a principal-at-risk structured note offering linked to SoFi Technologies, Inc. common stock, issuing an aggregate principal amount of $2,892,000 at $1,000 per security. The notes pay a fixed coupon at an annual rate of 16.00%, with monthly payments, and are fully and unconditionally guaranteed by Morgan Stanley.
The notes can be automatically called if SOFI’s closing level is at or above the $26.60 call threshold (100% of the initial level) on specified monthly determination dates beginning April 16, 2026. If not called, at maturity on April 21, 2027 investors receive principal back only if the final level is at or above the $13.30 downside threshold (50% of initial). If the final level is below the threshold, principal is reduced 1% for every 1% decline, potentially to zero; the final coupon for that period is still paid.
The estimated value on the pricing date is $952.50 per security. Per security economics: price to public $1,000, agent’s commissions and fees $9.75, and proceeds to the issuer $990.25 (total proceeds $2,863,803). The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC filed a 424(b)(2) pricing supplement for Callable Contingent Income Memory Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes offer a contingent coupon at 22.75% per annum, payable only when each underlier—NVIDIA (NVDA), Amazon (AMZN) and Broadcom (AVGO)—closes at or above its coupon barrier on the observation date. The deal size is $321,000 at $1,000 per note; the estimated value on the pricing date is $971.80 per note.
The structure is “worst-of” with 70% barriers/thresholds (NVDA $127.267; AMZN $150.129; AVGO $247.905) versus initial levels (NVDA $181.81; AMZN $214.47; AVGO $354.15). If any underlier is below its barrier on an observation date, no coupon is paid; unpaid coupons may be “remembered” and paid later if all are at/above barrier. Beginning April 21, 2026, the notes may be called on specified dates only if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. If not redeemed and any final level is below its downside threshold, maturity pays principal reduced 1% per 1% decline of the worst performer. The notes are unsecured, principal at risk, and not listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), issued Dual Directional Buffered Jump Securities linked to NVIDIA Corporation common stock under a 424(b)(2) pricing supplement. The notes are principal-at-risk, pay no interest, and may auto-redeem on the first determination date if NVIDIA closes at or above the call threshold of $181.81 (100% of the initial level) for an early redemption payment of $1,163.50 per $1,000 note.
If not redeemed early and the final level is above the initial level, holders receive principal plus 150% of the underlier’s upside. If the final level is at or below the initial level but at or above the buffer level of $145.448 (20% buffer), holders earn a positive return equal to the absolute decline, capped at a 20% gain. Below the buffer, losses match the decline beyond 20%, subject to a minimum payment at maturity of 20% of principal. Key dates: pricing/strike October 16, 2025, maturity October 21, 2027. The aggregate principal amount is $2,478,000 at a $1,000 issue price, with an estimated value of $977.40 per note. The notes are unsecured and not listed; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Buffered Participation Securities linked to the worst performer of the S&P 500 Index and Nasdaq-100 Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at $1,000 per security with an aggregate principal amount of $525,000, pay no interest, and mature on October 21, 2027.
At maturity, investors receive: (1) principal plus upside if both indices finish above initial levels, capped at $1,213 per security (121.30%); (2) principal back if either index is at or below its initial level but both remain at or above the 30% buffer (70% of initial); or (3) a loss of 1% per 1% decline beyond the buffer based on the worst-performing index, with a minimum payment of 30% of principal.
Key terms include a 100% participation rate, initial levels of 6,629.07 (SPX) and 24,657.24 (NDX), observation date October 18, 2027, and no exchange listing. Estimated value on pricing date is $985.60 per security. Per security economics: price to public $1,000, dealer purchase price $994, with total proceeds to issuer of $521,850. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, priced Contingent Income Auto-Callable Notes due October 21, 2030, linked to the worst performing of META, NVDA, PFE and NKE. The issue totals $4,415,000 at $1,000 per note, with an estimated value of $977.20 per note on the pricing date.
The notes pay a 9.00% per annum contingent coupon, but only if each stock closes at or above its coupon barrier (75% of initial: META $534.053; NVDA $136.358; PFE $18.173; NKE $50.13) on the monthly observation date. They are automatically redeemed if, on any redemption determination date starting October 16, 2026, each stock is at or above its call threshold (100% of initial: META $712.07; NVDA $181.81; PFE $24.23; NKE $66.84) for principal plus the applicable coupon.
If not redeemed, investors receive principal at maturity plus the final coupon if payable. The notes will not be listed, are sold to fee-based advisory accounts (no sales commission; structuring fee up to $6.25 per note), and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities due October 14, 2027, linked to the worst performer of Fifth Third Bancorp (FITB) and the SPDR S&P Regional Banking ETF (KRE). These principal-at-risk notes pay a 10.00% annual contingent coupon only when each underlier closes at or above its coupon barrier on the relevant observation date.
Early redemption occurs if, on any redemption determination date starting October 19, 2026, both underliers are at or above their call thresholds (100% of initial levels: FITB $41.47; KRE $60.19). Coupon barriers and downside thresholds are each set at 60% of initial levels: FITB $24.882; KRE $36.114. If not called and either underlier finishes below its downside threshold, the maturity payment is reduced 1% for every 1% decline of the worst performer, potentially to zero.
Aggregate principal amount is $1,001,000 at $1,000 per security; estimated value on pricing date is $977.30. Per security economics: price to public $1,000, agent fees $4, proceeds to issuer $996. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed.
Morgan Stanley Finance LLC priced a structured note offering of $1,470,000 aggregate principal amount of Fixed Income Buffered Auto-Callable Securities due October 21, 2030, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley.
The notes pay a fixed 7.00% annual coupon with monthly payments and may auto-call if the index closes at or above the call threshold (100% of the initial level 1,173.77) on scheduled dates. If held to maturity and the final level is at or above the buffer level 997.705 (85% of initial), investors receive par plus the final coupon; below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
Issue price is $1,000 per note; estimated value on the pricing date is $929.90. Selling concession is $35 per note, with proceeds to the issuer of $965 per note and $1,418,550 in total. The notes are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed.
Morgan Stanley Finance LLC priced a $2,200,000 offering of Contingent Income Auto-Callable Securities due October 21, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 16.50% annual contingent coupon only if the S&P 500 Futures 40% Intraday 4% Decrement VT Index closes at or above the coupon barrier on each observation date and may auto-call at par plus the coupon if the index is at or above the call threshold.
Key terms: initial level 2,978.20, call threshold 100% of initial, coupon barrier 70% (2,084.74), and downside threshold 50% (1,489.10). If held to maturity and the final level is below the downside threshold, repayment of principal falls one-for-one with the index, potentially to zero; investors do not participate in upside beyond coupons. The issue price is $1,000 per security; estimated value on pricing date is $927.00. Proceeds to issuer total $2,186,800 after $13,200 in fees. The securities are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed.
Morgan Stanley Finance LLC priced Callable Contingent Income Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes offer a 10.00% annual contingent coupon paid only if the S&P 500, Nasdaq-100 Technology Sector, and Russell 2000 each close at or above their 60% coupon barrier on the observation date. The issuer may redeem the notes on scheduled redemption dates if a risk neutral valuation model indicates it is economically rational to do so.
The securities are linked to the worst-performing index and put principal at risk; if any index finishes below its 60% downside threshold at maturity, repayment is reduced 1% for every 1% decline in that worst index and could be zero. Issue price is $1,000 per note with an estimated value of $985. The aggregate principal amount is $3,298,000; proceeds to the issuer are $997 per note. The notes are unsecured, subject to the issuer’s and guarantor’s credit, and will not be listed on an exchange.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) structured note offering of $500,000 aggregate principal amount of Contingent Income Auto‑Callable Securities due October 19, 2028, linked to Reddit, Inc. (Class A) and fully and unconditionally guaranteed by Morgan Stanley. The notes are principal‑at‑risk and unsecured.
The securities pay a contingent coupon at 27.00% per annum only when Reddit’s closing level is at or above the coupon barrier $100.38 (50% of the initial level $200.76) on the relevant observation date. They auto‑redeem if the underlier is at or above the call threshold $200.76 on a redemption determination date, starting April 15, 2026, returning principal plus the applicable coupon. If held to maturity and the final level is below the downside threshold $100.38, the payoff declines 1% for each 1% drop, potentially to zero.
Issue price is $1,000 per security; estimated value on the pricing date is $980.30. Proceeds to issuer total $498,250 after $1,750 in fees. All payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Market Linked Securities tied to the lowest performing of the S&P 500 Index and the Dow Jones Industrial Average, due November 1, 2030. These principal at risk securities provide leveraged upside with a participation rate of at least 128.75% if the lowest performing index ends above its starting level.
If the lowest performing index ends at or below its 77% threshold of the starting level, investors lose more than 23% of principal, up to total loss; if it remains between the starting level and the threshold, investors receive the $1,000 face amount. The securities pay no interest and all payments are subject to Morgan Stanley’s credit risk.
Per security pricing: $1,000 price to public, up to $38.70 agent commissions, and $961.30 proceeds to the issuer; the current estimated value is approximately $943.10 per security. The notes will not be listed on any exchange. Key dates include an expected pricing date of October 29, 2025 and original issue date of November 3, 2025.
Morgan Stanley Finance LLC priced a $3,010,000 offering of principal-at-risk Jump Securities with an auto-call feature due October 21, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500, are issued at $1,000 per security, and had an estimated value of $970.70 on the pricing date.
The notes auto-redeem if on a determination date each index closes at or above its call threshold (100% of its initial level). Early redemption payments per $1,000 start at $1,108.50 on October 28, 2026 and rise to $1,488.25 by April 19, 2030, corresponding to ~10.85% per annum. If held to maturity and all three are at or above their call thresholds, the payment is $1,542.50 per $1,000. If any index is below its call threshold but all are at or above the downside thresholds (70% of initial), investors receive the stated principal amount. If any index ends below its 70% downside threshold, the maturity payment is reduced by 1% for each 1% decline of the worst performer.
All payments are subject to issuer and guarantor credit risk. The securities will not be listed. Sold in fee-based accounts at $1,000; selected dealers may receive a structuring fee up to $6.25 per security.
Morgan Stanley Finance LLC priced a structured note offering of Enhanced Trigger Jump Securities linked to the worst performer of the S&P 500 Index and the Russell 2000 Index. The tranche totals $4,500,000 at $1,000 per security, with an estimated value of $989.50 on the pricing date. The notes mature on December 18, 2026 and will not pay interest or guarantee principal.
At maturity, if each index’s final average is at or above its downside threshold (70% of its initial level), holders receive principal plus a fixed $100 upside payment per security (10%). If either index finishes below its threshold, repayment is reduced 1% for each 1% decline of the worst performer, which can reduce the payout to zero. Initial levels were 6,552.51 (SPX) and 2,394.595 (RTY), with thresholds at 4,586.757 and 1,676.217, respectively. The notes are unsecured, fully and unconditionally guaranteed by Morgan Stanley, unlisted, and subject to issuer credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC priced $15,635,000 of Jump Securities with an auto-call feature linked to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each note is issued at $1,000 with no periodic interest and principal at risk. Commissions are $15 per $1,000, for total fees of $234,525, with proceeds to the issuer of $15,400,475. The estimated value on the pricing date is $981.80 per security.
The notes may auto-redeem on November 2, 2026 if the S&P 500 closes at or above the call threshold (100% of the initial level 6,671.06) on October 28, 2026, paying $1,087.20 per note. If held to October 20, 2027 and the final level is at or above the initial, investors receive principal plus the greater of a $174.40 upside payment or 100% of index gains. If the final level is below the initial but at or above the downside threshold of 4,669.742 (70% of initial), principal is returned. Below the threshold, losses track the index decline 1-for-1. The securities are unsecured, subject to issuer and guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC is offering $800,000 of Callable Contingent Income Buffered Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a 7.00% annual contingent coupon only if, on each observation date, the Utilities Select Sector SPDR Fund (XLU), the S&P 500 Index (SPX), and the EURO STOXX 50 Index (SX5E) are each at or above their coupon barrier levels (approximately 75% of initial).
The notes are callable in whole on scheduled redemption dates beginning January 22, 2026, if a risk neutral valuation model indicates calling is economically rational for the issuer. If not redeemed and at maturity each underlier is at or above its 30% buffer (70% of initial), investors receive principal (plus the final coupon if payable). If any underlier finishes below its buffer, repayment is reduced 1% for every 1% decline of the worst performer beyond the buffer, with a minimum payment at maturity of 30% of principal.
Issue price is $1,000 per security; estimated value on pricing date is $983.50. Per security economics: price to public $1,000; agent’s commissions and fees $6.50; proceeds to the issuer $993.50 (total proceeds $794,800). All payments are subject to Morgan Stanley’s credit risk; the securities will not be listed.
Morgan Stanley Finance LLC priced Contingent Income Memory Auto‑Callable Securities due April 21, 2027 linked to SoFi Technologies, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. The notes total an aggregate principal amount of $9,456,000 at $1,000 per security, with agent commissions of $15 per security and proceeds to the issuer of $985 per security.
The securities pay a contingent coupon at 23.10% per annum only if the underlier’s closing level is at or above the coupon barrier of $13.30 (50% of the initial level $26.60) on observation dates. They are auto‑callable if the underlier is at or above the call threshold of $26.60 on redemption determination dates, returning principal plus the due coupon and any unpaid coupons. If not redeemed and the final level is below the downside threshold of $13.30, repayment of principal is reduced 1% for each 1% decline, potentially to zero.
The estimated value on the pricing date is $961.80 per security. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), is offering Callable Contingent Income Securities linked to the worst performer of the MSCI EAFE, Russell 2000 and S&P 500, maturing on November 1, 2029.
The notes pay a contingent quarterly coupon at an annual rate of 8.05% (about $20.125 per $1,000) only if each index closes at or above 70% of its initial value on the observation date. They are callable quarterly beginning February 3, 2026 if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer. At maturity, if not redeemed and each index is at or above 60% of its initial value, holders receive principal (and the final coupon if the 70% condition is also met); otherwise, repayment is reduced 1‑for‑1 with the worst index and can be zero.
Issue price is $1,000 per note; estimated value on the pricing date is approximately $972.40. Selling-related costs include a $16 sales commission and a $4 structuring fee per note, for proceeds to the issuer of $980 per note. The securities are unsecured, subject to MS credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, priced Jump Securities with an auto-call feature due October 19, 2029, tied to a 5‑stock basket. The notes were issued at $1,000 per security for an aggregate principal amount of $967,000, with estimated value on pricing date of $922.20 per security. Agent commissions are $32.50 per security, for total proceeds to the issuer of $935,572.50. The securities are unsecured and subject to Morgan Stanley’s credit risk and will not be listed.
The basket weights: ALAB 20%, HOOD 20%, MRVL 20%, NET 20%, SHOP 20%. The call threshold equals 100% of the initial level; the downside threshold equals 50%. Automatic early redemption may occur on determination dates if the underlier is at or above the call threshold, paying $1,175 (2026), $1,350 (2027), or $1,525 (2028) per security. If held to maturity and the final level is at or above the call threshold, the payment is $1,700 per security; if below the call threshold but at or above the downside threshold, repayment is the stated principal amount; otherwise, repayment declines 1% per 1% drop in the underlier.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. The notes carry principal risk and do not provide regular interest.
The notes pay a contingent coupon at an annual rate of 12.00% only if the underlier closes at or above the 60% coupon barrier (1,786.92) on each observation date. They auto-call at par plus the coupon if the underlier is at or above the 100% call threshold (2,978.20) on a redemption determination date, first eligible on April 16, 2026. If not called, at maturity on October 21, 2030, investors receive par if the final level is at or above the 60% downside threshold; otherwise, the payoff declines 1% for each 1% drop in the underlier.
Issue price is $1,000 per security within a $400,000 aggregate. Estimated value on pricing date is $902.10 per security. Agent commissions are $42.50 per security; proceeds to the issuer are $957.50 per security ($383,000 total). The notes are unsecured, not listed, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced $11,701,000 of Dual Directional Trigger Participation Securities linked to the S&P 500 Index, due October 21, 2030, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and are not listed.
At maturity, investors receive unleveraged upside if the index rises, capped at a maximum payment of $1,434.50 per $1,000 note (143.45%). If the index falls but stays above the 60% trigger (3,977.442 from an initial value of 6,629.07), repayment equals principal plus the absolute decline (up to +40%). Below the trigger, repayment falls in line with the full decline, with no minimum.
Economics: price to public $1,000; agent commission $30 and structuring fee $5 per note; issuer proceeds $965 per note, or $11,291,465 total. The estimated value on the pricing date is $954.10 per note. The securities are unsecured obligations of MSFL and subject to Morgan Stanley’s guarantee.
Morgan Stanley Finance LLC priced Enhanced Trigger Jump Securities linked to the worst performing of the S&P 500, Nasdaq-100 Technology Sector, and Russell 2000. The notes pay no interest, are fully and unconditionally guaranteed by Morgan Stanley, and mature on April 20, 2028.
Each $1,000 note returns principal plus a fixed $225 upside payment (22.50%) if the final level of each index is at or above its downside threshold (70% of its initial level) on the April 17, 2028 observation date. If any index finishes below its threshold, the payoff is reduced 1% for every 1% decline of the worst index, which can result in a loss of the entire investment.
Final terms include an aggregate principal amount of $350,000, issue price of $1,000 per note, and an estimated value of $952.70 on the pricing date. Agent commissions are $24.50 per note. The notes will not be listed and all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC priced Jump Securities with an auto-callable feature linked to the worst performer of the EURO STOXX 50, S&P 500, and Dow Jones Industrial Average. The offering totals $6,594,000 in aggregate principal at an issue price of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. Per security, agent commissions are $36.25, proceeds to the issuer are $963.75, and the estimated value on the pricing date is $945.50.
The notes may be automatically redeemed on quarterly determination dates starting October 23, 2026 if each index closes at or above its call threshold (set at 100% of its initial level), paying fixed amounts that map to approximately 10.00% per annum (e.g., $1,100 on the first date, stepping to $1,475). If not redeemed, maturity on October 21, 2030 pays $1,500 per security if all final index levels are at or above their call thresholds; pays only principal if all are at or above their downside thresholds (70% of initial); otherwise, investors lose 1% of principal for each 1% decline of the worst performer. The securities pay no interest, are subject to issuer credit risk, and are not listed.
Morgan Stanley Finance LLC priced Trigger PLUS, principal-at-risk structured notes linked to the S&P 500 Futures Excess Return Index, in an aggregate principal amount of $2,001,000. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity on October 21, 2030, investors receive $1,000 per note plus a leveraged upside if the final index level exceeds the initial; the leverage factor is 210%. If the final level is at or below the initial but at or above the downside threshold, repayment is the stated principal only. If below the downside threshold, repayment falls 1% for every 1% decline, with no minimum payment.
Key terms: initial level 543.95 (as of October 16, 2025); downside threshold 380.765 (70% of initial). Issue price is $1,000 per note; estimated value on pricing date is $980 per note. Per-note fees show agent’s amounts of $7.50 and proceeds to issuer of $992.50 (total proceeds $1,985,992.50). The notes will not be listed and are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC priced a $420,000 offering of Trigger Jump Securities due October 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk, no‑coupon notes are linked to the worst performing of the S&P 500 Futures Excess Return Index and the Nasdaq-100 Futures Excess Return Index.
Each $1,000 security pays at maturity: if both final index levels are at or above their initial levels, principal plus the greater of the worst‑of percent gain or a fixed $902.50 upside payment. If either index is below its initial level but both are at or above the downside threshold (70% of initial), repayment is principal only. If either falls below its threshold, repayment declines 1% for each 1% drop in the worst performer, with no minimum.
Final terms include an issue price of $1,000 per security, estimated value of $964.10 on the pricing date, total proceeds to the issuer of $418,950, and no exchange listing. Credit risk of Morgan Stanley and MSFL applies.
Morgan Stanley Finance LLC priced $3,266,000 of Callable Contingent Income Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 12.00% per annum contingent coupon only if on each observation date the S&P 500, Nasdaq-100 Technology Sector, and Russell 2000 are all at or above their coupon barrier levels set at 70% of initial. The securities may be called in whole, starting January 22, 2026, if a risk neutral valuation model indicates redemption is economically rational for the issuer.
At maturity, if not redeemed and each index is at or above its 70% downside threshold, investors receive principal plus any final coupon; otherwise, repayment is reduced 1% for every 1% decline of the worst-performing index, which could result in a loss up to all principal. The issue price is $1,000 per security, with an estimated value on the pricing date of $981.40. Proceeds to the issuer are $997 per security (total $3,256,202); the notes are offered in fee-based accounts, will not be listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of Trigger PLUS, principal-at-risk notes linked to the S&P 500 Futures Excess Return Index. The deal totals $500,000 at $1,000 per security, offering 207% leveraged upside if the final index level exceeds the initial level of 543.95. If the final level is at or below the initial but above the downside threshold, holders receive par; below the threshold, losses match the index decline.
The downside threshold is 271.975 (50% of the initial level). The notes pay no interest, are unlisted, and are fully and unconditionally guaranteed by Morgan Stanley, with all payments subject to issuer and guarantor credit risk. Key dates include an observation date of October 16, 2031 and maturity on October 21, 2031. The estimated value on pricing was $986 per security; per the fee table, proceeds to the issuer were $495,000 after $5,000 in agent fees.
Morgan Stanley Finance LLC priced a $500,000 offering of Contingent Income Memory Auto‑Callable Securities due October 15, 2029, linked to the worst performer of the Russell 2000 Index, Technology Select Sector SPDR Fund (XLK) and Energy Select Sector SPDR Fund (XLE). The notes pay a contingent coupon at 9.85% per annum only if each underlier closes at or above its coupon barrier (75% of initial) on an observation date, with unpaid coupons payable later if the condition is met.
The securities auto‑call if each underlier is at or above its call threshold (100% of initial) on a redemption determination date, starting October 19, 2026. If held to maturity and any underlier is below its downside threshold (60% of initial), the principal repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. Issue price is $1,000 per security; estimated value on pricing date is $968.70. Proceeds to the issuer are $997.50 per security (total $498,750) with $2.50 in fees per security. The notes are unsecured, guaranteed by Morgan Stanley, and will not be listed.
Morgan Stanley Finance LLC priced a $1,544,000 aggregate principal offering of Fixed Income Auto-Callable Securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed coupon at an annual rate of 10.60% and are linked to the worst performing of the VanEck Junior Gold Miners ETF (GDXJ), SPDR Gold Trust (GLD) and Global X Uranium ETF (URA). Principal is at risk.
The securities auto-call if, on any monthly redemption determination date beginning April 15, 2026, each underlier closes at or above its call threshold (100% of initial levels: GDXJ $111.70; GLD $396.45; URA $55.74). If not called, at maturity investors receive par only if each final level is at or above its downside threshold (70% of initial: GDXJ $78.19; GLD $277.515; URA $39.018); otherwise, repayment is reduced 1% for every 1% decline of the worst underlier, and could be zero. Monthly coupons continue until call or maturity.
The issue price is $1,000 per security; selling concessions are $37.50 per security. Total proceeds to the issuer are $1,486,100, and the estimated value on the pricing date is $936.50 per security. The notes are unsecured and not listed; all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC priced Enhanced Buffered Jump Securities linked to the S&P 500 Index, issuing $2,500,000 in aggregate principal amount at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, are not principal-protected, and mature on October 29, 2026 (observation date: October 26, 2026).
At maturity, if the S&P 500 final level is at or above the buffer level (90% of the initial level 6,654.72 → 5,989.248), investors receive principal plus a fixed $80 upside payment (8%). If the final level is below the buffer level, principal is reduced by 1.1111% for each 1% decline beyond the 10% buffer, with no minimum payment. The estimated value on the pricing date is $984.80 per security. Agent’s fees are up to $10 per $1,000, with proceeds to the issuer of $2,475,000. The securities will not be listed and are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) offering of Callable Contingent Income Securities linked to the worst of the S&P 500, Nasdaq-100 Technology Sector Index, and Russell 2000, with an aggregate principal amount of $4,553,000, due October 19, 2028 and fully guaranteed by Morgan Stanley.
The notes pay a 13.00% annual contingent coupon only if each index closes at or above its coupon barrier (80% of its initial level) on the observation date. Principal is at risk: if any final index level is below its downside threshold (70% of initial), repayment is reduced 1% per 1% decline in the worst performer, potentially to zero. The notes are callable in whole on scheduled redemption dates only if a risk‑neutral valuation model indicates calling is economically rational.
Issue price is $1,000 per security; estimated value on the pricing date is $971.60. Agent’s fees are $8 per security (total $36,424), with proceeds to the issuer of $4,516,576. Initial levels: SPX 6,629.07; NDXT 12,674.24; RTY 2,467.015. The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), filed a preliminary 424(b)(2) pricing supplement for Leveraged Buffered MSCI EAFE Index‑Linked Notes. The notes pay no interest and return depends on MSCI EAFE performance from trade date to the determination date, expected to be between 18 and 21 months after the trade date.
The structure offers 160% upside participation, subject to a cap, with a 12.50% downside buffer. The Maximum Settlement Amount is expected to be between $1,166.56 and $1,195.84 per $1,000 face amount. Below the buffer, losses accelerate per the disclosed buffer rate; principal is at risk.
The price to public is $1,000 per note, with $0 agent commissions; proceeds to the issuer are $1,000 per note. The estimated value on the trade date is approximately $989.40 per note (within $15.00). The notes will not be listed; secondary trading may be limited. All payments are subject to the issuer and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), announced a preliminary 424(b)(2) pricing supplement for Capped Leveraged Buffered Basket‑Linked Notes. These unsecured, principal-at-risk notes pay no interest and return depends on a weighted basket: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%).
The notes offer 220% upside participation, a 12.5% downside buffer, and a maximum settlement expected between $1,163.46 and $1,192.28 per $1,000 face amount. The estimated value on the trade date is approximately $996.70 per note. The determination date is expected in 17–20 months, with maturity two business days later. If the basket falls more than 12.5%, repayment is reduced by the decline beyond the buffer multiplied by approximately 1.1429.
MS&Co. will sell to an unaffiliated dealer at 100% of face value; notes won’t be listed, and market making may be limited. All payments are subject to the issuer’s and guarantor’s credit risk.