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 Step-Down Jump Securities, $1,000 principal amount each, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index. These unsecured notes are principal-at-risk, pay no coupons and do not guarantee repayment of principal.
The notes are automatically callable starting August 12, 2027 if each index closes at or above its call threshold, for fixed cash payments that imply a return of approximately 10.25% per annum (from $1,102.50 up to $1,358.75 per security), after which no further payments are due. If not called and, on the August 12, 2030 observation date, each index is at or above 70% of its initial level, investors receive $1,410 per security at maturity, a fixed positive return without participation in index upside.
If the final level of any index is below its downside threshold (70% of its initial level), the maturity payment is $1,000 times the performance factor of the worst performing index, producing a 1% loss of principal for each 1% decline in that index and potentially a zero payment. The estimated value on the pricing date is approximately $979.70 per security, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 9, 2029, linked to the common stock of Western Digital Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value of approximately $960.80 on the pricing date.
The notes pay a contingent coupon at 39.75% per annum only if the underlier’s closing level is at or above a coupon barrier set at 50% of the initial level on each observation date; otherwise no coupon is paid. The notes are auto-callable from February 8, 2027 onward if the stock is at or above 100% of the initial level, returning principal plus the applicable coupon.
At maturity, if not previously redeemed and the final level is at or above the downside threshold of 50% of the initial level, investors receive principal (plus any final contingent coupon). If the final level is below this threshold, repayment is reduced in proportion to the underlier’s decline and can fall to zero. All payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature due August 21, 2031, linked to the worst performer of the EURO STOXX 50® and Russell 2000® indices, fully and unconditionally guaranteed by Morgan Stanley. These are unsecured, principal-at-risk notes that pay no interest.
Each security has a $1,000 stated principal and issue price, with an estimated value of approximately $961.70. The notes may be automatically redeemed from May 18, 2027 onward if both indices are at or above their 100% call thresholds, for increasing early redemption payments starting at $1,088.50 and up to $1,560.50. If held to maturity and both final index levels are at or above the call thresholds, investors receive $1,590.00 per note; if at least one index finishes below its 70% downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index and can fall to zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due September 23, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is linked to the worst performer among the Nasdaq-100 Index, Russell 2000 Index and State Street Utilities Select Sector SPDR ETF.
At maturity, if the final level of each underlier is at least its downside threshold (70% of its initial level), holders receive $1,000 plus a fixed digital payment of $103.50digital threshold (50% of its initial level).
The estimated value on the pricing date is approximately $980.10
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due October 5, 2027, linked to Apple Inc. common stock and fully and unconditionally guaranteed by Morgan Stanley. These are principal at risk securities with a stated principal amount of $1,000 per security and no guaranteed interest or principal repayment.
Investors may receive a contingent coupon at 11.80% per annum, paid only if Apple’s closing level on an observation date is at or above a coupon barrier set at 78% of the initial level; missed coupons can be paid later if a subsequent observation meets the barrier. The notes are automatically called if, on specified redemption determination dates starting February 26, 2027, Apple’s closing level is at or above a call threshold equal to 100% of the initial level, paying principal plus the applicable coupon and any unpaid coupons.
If not called and Apple’s final level on September 30, 2027 is at or above a downside threshold of 78% of the initial level, holders receive principal plus any contingent coupon then due. If the final level is below the downside threshold, repayment is reduced proportionately to Apple’s decline and can be zero. The estimated value on the pricing date is approximately $984.50 per security, and all payments depend on Morgan Stanley’s and MSFL’s credit, with no FDIC insurance.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 16, 2029, linked to the ordinary shares of Credo Technology Group Holding Ltd and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $956, reflecting issuing, selling, structuring and hedging costs borne by investors.
The notes pay a contingent coupon at 39.75% per annum, but only when the stock’s closing level on an observation date is at or above a coupon barrier level set at 50% of the initial level; missed coupons can be paid later if conditions are met. The securities are auto-callable quarterly beginning February 11, 2027 if the underlier is at or above a call threshold of 100% of the initial level, returning principal plus due coupons. If held to maturity without early redemption and the final level is at or above a downside threshold of 50% of the initial level, investors receive principal plus any payable coupons; otherwise, repayment is reduced in full proportion to the underlier’s decline, and the amount returned can be zero. All payments are subject to Morgan Stanley’s and MSFL’s credit risk, there may be limited or no secondary market, U.S. tax treatment is uncertain, and non‑U.S. holders may face 30% withholding on coupons.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due August 10, 2028, linked to the Class A ordinary shares of Accenture plc and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $976.30 per security, reflecting embedded costs and issuer economics.
Investors may receive a contingent coupon at 18.00% per annum, paid only when the Accenture share price on an observation date is at or above a coupon barrier set at 50% of the initial level. The notes are automatically redeemed if, on specified redemption determination dates starting February 8, 2027, the underlier closes at or above a call threshold equal to 100% of the initial level, paying principal plus the applicable coupon.
If not called, and the final level on August 7, 2028 is at or above the downside threshold (50% of the initial level), investors receive principal back (plus any final coupon, if payable). If the final level is below the downside threshold, the payoff equals $1,000 times the performance factor (final level divided by initial level), creating a 1-for-1 downside exposure that can result in a total loss of principal. Payments are subject to Morgan Stanley’s and MSFL’s credit risk, the notes may be illiquid, and U.S. tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is subject to full issuer and guarantor credit risk.
The notes are automatically called on September 1, 2027 if the index on August 27, 2027 is at least 100% of the initial level, paying an early redemption amount of $1,070 per security. If not called, at maturity on August 29, 2031, upside is 100% of index gains; for declines within a 35% buffer, investors earn a positive “absolute return” up to a 35% maximum gain. Below the 65% buffer level, investors lose 1% of principal for each 1% additional decline, with a minimum payment of 35% of principal.
The estimated value on the pricing date is approximately $939.20 per security, lower than the issue price due to issuing, selling, structuring and hedging costs. The notes may have limited or no secondary market liquidity, involve complex tax treatment and are designed only for investors willing to risk substantial principal.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 9, 2029, linked to the common stock of The Cigna Group, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price.
The notes pay a 10.00% per annum contingent coupon, only when the Cigna share price on an observation date is at or above a coupon barrier level set at 65% of the initial level. The notes are automatically redeemed on specified dates if the underlier is at or above a call threshold equal to 100% of the initial level, for principal plus the applicable coupon.
If not redeemed early and the final level is at or above a downside threshold of 65% of the initial level, investors receive principal back (plus the final coupon if payable. If the final level is below the downside threshold, repayment is stated principal × performance factor (final/initial level), exposing holders to the full downside, up to a total loss of principal. The estimated value on the pricing date is approximately $963.20 per $1,000, reflecting embedded costs. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the performance of the SPDR® Gold Trust (GLD). The notes pay no interest and are issued at $1,000 per security, with an estimated value on the pricing date of approximately $983.
At maturity on August 20, 2027, if the final GLD level is at or above the downside threshold level of $336.744 (90% of the initial level of $374.16), investors receive the stated principal plus a fixed upside payment of $124.60 per security (12.46%). If the final level is below the threshold, repayment is reduced 1% for each 1% decline in GLD, with no minimum payment, so principal can be lost in full.
The notes are subject to Morgan Stanley’s credit risk, limited liquidity, and complex U.S. tax treatment, including potential application of the “constructive ownership” regime. Returns differ from a direct investment in GLD and are further exposed to gold and London Bullion Market Association–related risks.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is scheduled to mature on February 9, 2028.
If the final index level on the observation date is at or above the buffer level of 6,189.216 (80% of the initial level of 7,736.52), investors receive $1,000 plus a fixed upside payment of $105 per security (10.50%). If the final level is below the buffer, the payout is $1,000 × (performance factor + 20%), with a minimum payment of 20% of principal, so losses match index declines beyond the 20% buffer.
The securities are unsecured, subject to the credit risk of MSFL and Morgan Stanley, and may have limited secondary market liquidity. The estimated value is approximately $992 per security on the pricing date, reflecting issuing, selling, structuring and hedging costs. U.S. tax treatment is complex and may differ from the issuer’s expectations.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Jump Securities with an auto-call feature due August 8, 2029, linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices, in an aggregate principal amount of $337,000 at $1,000 per note.
The notes offer no interest and return depends on index performance. They auto-call on scheduled dates if each index is at or above its call threshold (100% of its initial level), paying fixed redemption amounts corresponding to about 13.25% per annum. If held to maturity and all indices are at or above their call thresholds, investors receive $1,397.50 per note; if any index finishes between its call and downside thresholds (70% of initial), only principal is returned. Below the downside threshold, repayment is reduced 1% for each 1% decline in the worst index, potentially to zero.
All payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $962.60 per note, below the issue price, reflecting selling, structuring and hedging costs and dealer compensation.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities linked to the lowest performing of the Nasdaq-100, S&P 500 and Russell 2000, maturing September 6, 2029 and guaranteed by Morgan Stanley. Each security has a $1,000 face amount, with public offering price of $1,000, agent’s commissions of $25.75 and proceeds to the issuer of $974.25 per security. The estimated value on the pricing date is approximately $956.00 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes are auto-callable on September 3, 2027 if every index is at or above its starting level, in which case investors receive a fixed call payment of $1,150 (a 15% return) and no further payments. If not called, the maturity payoff depends solely on the lowest performing index: investors receive $1,000 plus the greater of a contingent minimum return of at least 45% or 100% of that index’s positive return when its ending level is at or above its starting level; $1,000 if it is below its starting level but at or above 70% of starting (threshold level); and a loss matching its full negative return if it finishes below the threshold, with potential loss of more than 30%, up to all principal. The securities pay no interest, offer no dividends and carry issuer and guarantor credit risk, with limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Trigger Jump Securities, a principal-at-risk structured note linked to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest.
At maturity on August 7, 2031, if every index finishes at or above its initial level, holders receive $1,000 plus the greater of (i) $1,000 multiplied by the percentage gain of the worst performing index or (ii) a fixed $575 upside payment. If any index is below its initial level but all remain at or above 75% of initial (the downside threshold levels), investors receive only their $1,000 principal. If any index ends below its downside threshold, repayment is reduced one-for-one with the percentage loss of the worst performer, with no minimum payment, so the entire investment can be lost.
The initial index levels are 53,178.41 for the Dow Jones Industrial Average, 2,981.908 for the Russell 2000 Index and 7,600.50 for the S&P 500 Index. The aggregate principal amount is $951,000, the issue price is $1,000 per security, and the dealer commission is $25 per security$954.60, which is lower than the issue price because it reflects issuance, selling, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the notes may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering $653,000 of Buffered Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount, a pricing date of August 3, 2026 and matures on August 7, 2031, with principal at risk and no interest payments.
The notes may be automatically redeemed quarterly from August 4, 2027 onward if the index level is at or above the call threshold level of 1,178.415, for early redemption payments that imply approximately 14.10% per annum, up to $1,693.25 per security. If held to maturity and not called, investors receive $1,705.00 per security if the final index level is at or above the call threshold level, par if it is between the call threshold and the buffer level of 1,112.948, and a loss of 1% of principal for each 1% index decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is $907.40 per security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due August 6, 2032, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $2,065,000. These principal-at-risk notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
Investors may receive a 22.00% per annum contingent coupon, paid only if on each observation date the index closes at or above the coupon barrier level of 916.545 (70% of the initial level of 1,309.35). The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date, the index closes at or above the call threshold level of 1,309.35, which is 100% of the initial level.
If the notes are not called and the final index level on August 3, 2032 is at least the downside threshold level of 654.675 (50% of the initial level), investors receive the $1,000 principal per security (plus any final contingent coupon, if payable). If the final level is below the downside threshold, the maturity payment is reduced by the full negative performance of the index, on a 1% loss of principal for each 1% decline basis, and can be as low as $0. The estimated value on the pricing date is 965.40 per security, below the $1,000 issue price, reflecting issuer costs and structuring and hedging expenses. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing $1,255,000 of Contingent Income Memory Auto-Callable Securities due August 7, 2031, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a 16.50% per annum contingent coupon, only if on each observation date the index is at or above the coupon barrier level of 2,395.687 (70% of the initial level of 3,422.41). Missed coupons may be paid later if the barrier is met, but can be lost entirely.
The notes are automatically redeemed at par plus applicable coupons if on any redemption determination date the index is at or above the call threshold of 3,422.41 (100% of initial). If held to maturity and the final index level is at or above the downside threshold of 2,053.446 (60% of initial), investors receive principal plus any due coupons; otherwise, repayment is reduced 1% for each 1% index decline, potentially to zero. The estimated value on the pricing date is $955.20 per $1,000, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing market-linked notes due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley, under its Series A global medium-term note program. Each note has a stated principal amount and issue price of $1,000 and is linked to the performance of the EURO STOXX 50® Index, with an initial level of 6,358.01 as of July 31, 2026.
The notes pay no periodic interest. At maturity, investors receive $1,000 plus an upside payment equal to 131% of any positive index return, or only $1,000 if the final index level is at or below the initial level. The aggregate principal amount is $231,000. The estimated value on the pricing date is $964.90 per note, reflecting structuring and hedging costs embedded in the issue price. The notes are unsecured, unsubordinated obligations of MSFL subject to Morgan Stanley’s guarantee, will not be listed on any exchange, and secondary liquidity may be limited. For U.S. tax purposes, Morgan Stanley intends to treat them as contingent payment debt instruments with a comparable yield of 5.0980% per annum, requiring accrual of taxable interest over the term.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due August 3, 2028, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security and an aggregate principal amount of $664,000. The notes pay no interest and are linked to the worst performance of the State Street SPDR S&P 500 ETF and the EURO STOXX 50 Index.
At maturity, if both underliers finish above their initial levels, holders receive principal plus a leveraged upside payment using a 171% leverage factor. If the worst underlier is down but not below its 10% buffer, investors receive principal plus an absolute return up to a 10% gain. If either underlier ends below its buffer level, principal is reduced 1% for each 1% decline beyond the buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is $980.10 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX).
The notes pay no interest. Starting August 27, 2027, they are subject to automatic early redemption on 48 scheduled determination dates if the closing level of each ETF is at or above its call threshold (85% of its initial level), for cash payments corresponding to a return of approximately 8.00% per annum.
If not redeemed early, maturity payment depends on final ETF levels. If both are at or above their call thresholds, investors receive $1,400 per note. If at least one is below its call threshold but both are at or above the 80% buffer level, investors receive only principal. If either finishes below its buffer, investors lose 1% of principal for each 1% decline of the worst ETF beyond the 20% buffer, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $928.90 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley, and investors do not participate in any upside of the ETFs.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, under its Series A global medium-term notes program. Each security has a $1,000 stated principal amount, with an aggregate principal of $353,000, and is linked to a weighted basket of five equity indices in Australia, the UK, Japan, Switzerland and the Eurozone.
The notes may be automatically redeemed on August 12, 2027 for $1,153 per security if the basket level on the first determination date is at or above 100% of the initial level. If not called, at maturity in 2031 investors receive: principal plus an upside payment if the final level exceeds the initial level, only principal if the final level is between 75% and 100% of the initial level, or a loss of 1% of principal for each 1% basket decline below 75%, potentially down to zero.
The securities pay no interest and do not guarantee principal; all payments are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is $956.40 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. For U.S. tax purposes, counsel views the notes as prepaid financial contracts, though this treatment is uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $923,000 of principal-at-risk structured notes, “Jump Securities with Auto-Callable Feature” linked to the Russell 2000® Index. Each security has a $1,000 stated principal amount and issue price.
The notes may be automatically redeemed on August 12, 2027 if the index on August 9, 2027 is at or above the call threshold level of 2,931.339 (100% of the initial level), paying an early redemption amount of $1,138 per security. If not redeemed, at maturity on August 5, 2031 investors receive upside exposure of 125% of any index appreciation and full principal back if the final level is between 75% and 100% of the initial level.
If the final index level is below the downside threshold level of 2,198.504 (75% of the initial level), investors lose 1% of principal for each 1% index decline, potentially losing their entire investment. The estimated value on the pricing date is $965.70 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 3, 2029 linked to the common shares of Ferrari N.V., fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount (aggregate $1,107,000) and an issue price of $1,000 per security.
Investors may receive a contingent quarterly coupon at an annual rate of 10.18% (about $25.45 per quarter per security) for each determination date on which Ferrari’s stock is at or above 70% of the initial share price. The initial share price is $393.87 and the downside threshold price is $275.709. If on any of the first eleven determination dates the stock closes at or above the initial share price, the securities are automatically redeemed at par plus the applicable contingent coupon and any previously unpaid contingent coupons.
If not redeemed early and the final share price is at or above the downside threshold, investors receive par plus the final contingent coupon and any previously unpaid contingent coupons. If the final share price is below the downside threshold, repayment is reduced 1:1 with the stock’s decline (principal can be reduced below 70% and down to zero), and no unpaid coupons are paid. There is no participation in any stock appreciation, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The estimated value on the pricing date is $967.50 per security, below the issue price, reflecting structuring, distribution and hedging costs.
Morgan Stanley Finance LLC is issuing Trigger PLUS notes linked to the S&P 500 Index, maturing on August 4, 2032, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and offer 130% leveraged upside on index gains, capped at a maximum payment of $1,850 per $1,000 note.
If the final index value is at or above the 85% trigger level of the initial index value of 7,489.72, but not higher than the initial value, investors receive only their $1,000 principal. If the final index value falls below the trigger, repayment is reduced one-for-one with the index decline, and the payment can be significantly below $850, down to zero, so principal is at risk. The aggregate principal amount is $4,816,000, with an estimated value on the pricing date of $939.10 per note, reflecting embedded costs and hedging. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on an exchange, and secondary liquidity and pricing may be limited.
Morgan Stanley Finance LLC is offering $1,732,000 of market-linked notes due August 3, 2029, linked to the S&P 500 Index and fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured and pay no periodic interest.
At maturity, investors receive the $1,000 stated principal per note plus an upside payment equal to 100% of the S&P 500’s positive return, capped at a maximum payment of $1,227.50 per note (122.75% of principal). If the final index level on the July 31, 2029 observation date is equal to or below the initial level of 7,489.72, investors receive only principal back.
The notes will not be listed on any securities exchange, and Morgan Stanley & Co. LLC may make a limited secondary market. The estimated value on the pricing date is $977.10 per note, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. For U.S. tax purposes, the notes are expected to be treated as contingent payment debt instruments, requiring accrual of taxable interest income over their term.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due September 3, 2027, linked to the worst performing of the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $5,467,000, and pays no interest.
At maturity, if the final level of each index is at or above its downside threshold level (85% of its initial level), investors receive $1,000 plus a fixed upside payment of $131 per security, a 13.10% return. If either index finishes below its downside threshold, repayment equals $1,000 multiplied by the performance factor of the worst performing underlier, creating a 1% loss of principal for each 1% decline and potentially reducing the payment to zero. The initial levels are 2,931.339 for the Russell 2000® Index and 7,489.72 for the S&P 500® Index, with corresponding downside thresholds of 2,491.638 and 6,366.262.
The estimated value on the pricing date is $978.30 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The notes are unsecured, subject to the credit risk of Morgan Stanley and MSFL, may have limited or no secondary market liquidity, and carry complex U.S. federal income tax treatment described as prepaid financial contracts that are “open transactions.”
Morgan Stanley Finance LLC is issuing Buffered PLUS structured notes due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $451,000, and pays no interest.
Return depends on the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. If the final level of each index is above its initial level, investors receive principal plus a leveraged upside payment based on a 116.80% leverage factor. If the worst-performing index is at or above its 85% buffer level but not above its initial level, investors receive only principal back. If the worst-performing index finishes below its buffer level, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The initial levels are 52,485.03 for the Dow Jones Industrial Average and 7,489.72 for the S&P 500 Index. The estimated value on the pricing date is $950.30 per $1,000 security, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing fixed-income structured securities due September 3, 2027, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $12,500,000 and a denomination of $1,000 per security. The notes pay a fixed coupon of 10.10% per annum, with monthly coupon payments, regardless of index performance, subject to issuer credit risk.
The securities are linked to the worst performing of the S&P 500 Index and the Russell 2000 Index, with daily trigger monitoring. A “trigger event” occurs if, on any trading day, either index closes below its downside threshold level, set at 75% of its initial level (SPX: initial 7,489.72; threshold 5,617.29; RTY: initial 2,931.339; threshold 2,198.504). If no trigger event occurs, investors receive full principal at maturity plus the final coupon.
If a trigger event occurs and the final level of either index is below its initial level, the maturity payment is reduced by 1% of principal for each 1% decline in the worst-performing index, and could fall to zero (principal at risk). The estimated value on the pricing date is $991.40 per $1,000 security, reflecting issuance, structuring and hedging costs and the issuer’s funding rate.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due August 3, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal of $1,000 per security and an aggregate principal amount of $328,000. The notes are linked to the worst performing of the EURO STOXX 50, Russell 2000 and S&P 500 indices and are principal-at-risk.
Investors may receive a contingent coupon at 7.75% per annum on scheduled payment dates only if each index is at or above its coupon barrier level, set at 60% of its initial level. The notes are auto-callable quarterly starting January 29, 2027 if each index is at or above its call threshold level, equal to 100% of its initial level, for repayment of principal plus that period’s coupon. If held to maturity without early redemption and any index finishes below its downside threshold level (also 60% of initial), the maturity payment is reduced 1% for every 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is $976.30 per $1,000, reflecting issuance, structuring and hedging costs, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing market-linked notes due August 5, 2030, fully and unconditionally guaranteed by Morgan Stanley and linked to the performance of the EURO STOXX 50® Index. Each note has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,292,000. The notes pay no periodic interest.
At maturity, investors receive the $1,000 principal plus an upside payment equal to 110% of the index appreciation if the final index level exceeds the initial level of 6,358.01. If the final level is equal to or below the initial level, only principal is repaid. The estimated value on the pricing date is $965.10 per note, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes are unsecured obligations of MSFL, subject to the credit risk of both MSFL and Morgan Stanley, and will not be listed on any securities exchange, so secondary market liquidity may be limited. The tax disclosure states these securities are expected to be treated as contingent payment debt instruments, requiring holders to accrue taxable interest income over the term based on a 4.9295% comparable yield.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $631,000, and matures on August 5, 2031.
The notes may be automatically redeemed on August 12, 2027 for $1,094 per security if the S&P 500 closing level on August 9, 2027 is at or above the call threshold, equal to 100% of the initial level of 7,489.72. If not redeemed and at maturity the index is above the initial level, holders receive principal plus a 125% participation in index appreciation. If the final level is at or below the initial but at or above the downside threshold of 5,617.29 (75% of the initial level), holders receive principal only. Below the downside threshold, repayment is reduced in proportion to the index decline and can fall to zero, so principal is at risk.
The securities pay no interest, are unsecured obligations of MSFL subject to Morgan Stanley’s guarantee, and all payments depend on their credit. The estimated value on the pricing date is $967.90 per security, reflecting structuring, hedging and distribution costs and the issuer’s funding rate, and secondary market liquidity is expected to be limited.
Morgan Stanley Finance LLC is issuing Contingent Income Buffered Auto-Callable Securities due August 3, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the iShares® Expanded Tech-Software Sector ETF. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,006,000, and is priced at $1,000. Investors may receive a 10.35% per annum contingent coupon, paid only when the ETF’s closing level on an observation date is at or above the $66.206 coupon barrier (70% of the $94.58 initial level). The notes are automatically redeemed if, on any redemption determination date from October 30, 2026 onward, the ETF is at or above the $94.58 call threshold, paying principal plus the applicable coupon. If held to maturity and not called, principal is repaid only if the final level is at or above the 30% buffer level; below that, losses increase at a 1.4286x downside factor and can reach 100% of principal. The estimated value on the pricing date is $982.30 per security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Dual Directional Trigger PLUS notes linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, with a stated principal amount of $1,000 per security and $341,000 aggregate principal.
The notes pay no interest and return at maturity depend solely on the worst-performing index. If both final index levels exceed their initial levels, investors receive principal plus 130% of the worst index’s gain. If the worst index is at or below its initial level but at or above 70% of its initial level, investors receive principal plus 50% of the absolute decline, effectively capped at a 15% positive return.
If either index finishes below its downside threshold (70% of its initial level), repayment is reduced 1% for each 1% decline in the worst index, with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is $970.40 per $1,000 security, reflecting issuance, structuring and hedging costs, and all payments remain subject to Morgan Stanley’s credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Callable Jump Notes due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per note and an aggregate principal amount of $295,000. The notes pay no interest and are linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index.
Beginning on August 11, 2027, the issuer may redeem the notes on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational, paying fixed cash amounts that correspond to a 12.25% per annum return schedule. If the notes are not redeemed and the final level of each underlier exceeds its initial level on July 31, 2031, investors receive principal plus an upside payment equal to 125% of the worst underlier’s positive return; otherwise only principal is repaid at maturity. The estimated value on the pricing date is $951.40 per note, and the notes will not be listed on any securities exchange, with all payments subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature and Downside Factor linked to the Global X Defense Tech ETF, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued at $1,000 per security, in an aggregate principal amount of $1,375,000, and mature on August 3, 2028, subject to an automatic early redemption feature.
If on the August 13, 2027 determination date the ETF’s closing level is at or above the $63.25 call threshold (100% of the initial level), the notes are automatically redeemed on August 18, 2027 for a fixed $1,138.50 per security. If held to maturity and not called, investors receive principal plus an upside payment equal to 125% of the ETF’s positive return; if the final level is between the initial level and the $53.763 buffer level (85% of initial), principal is returned.
Below the buffer, losses accelerate at a 1.1765× downside factor, with no minimum payment, so principal can be fully lost. The estimated value on the pricing date is $981.60 per security, below issue price, reflecting embedded costs. All payments are unsecured and subject to MSFL and Morgan Stanley credit risk, limited liquidity, and uncertain tax treatment.
Morgan Stanley Finance LLC is issuing Trigger PLUS structured notes due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performance of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. The notes pay no interest and do not guarantee repayment of principal.
At maturity, if the final level of each index is above its initial level, holders receive $1,000 plus a 400% leveraged upside on the worst performing index, capped at a maximum payment of $1,860 per security. If any index is at or below its initial level but all are at or above 70% of their initial levels, investors receive only $1,000. If any index finishes below its downside threshold level (70% of its initial level), repayment is reduced 1% for each 1% decline in the worst performer, with no minimum; the amount can fall to zero.
The offering size is $1,666,000 in aggregate principal, sold at $1,000 per security, with an estimated value on the pricing date of $966.90 reflecting embedded costs. All payments are subject to the credit risk of Morgan Stanley and MSFL. The notes may be illiquid, their value can be volatile, and the U.S. tax treatment, including for Non‑U.S. holders under Section 871(m), is described as uncertain.
Morgan Stanley Finance LLC is offering $2,075,000 aggregate principal amount of Dual Directional Trigger PLUS linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest.
At maturity on August 5, 2031, if the index is above the initial level of 598.42, holders receive principal plus 192% of the index gain. If the index is flat or down but stays at or above the downside threshold of 359.052 (60% of the initial level), investors earn up to a 20% maximum positive return via a 50% absolute return participation rate. Below the threshold, principal is lost one-for-one with the index decline, with no minimum payment.
The estimated value on the pricing date is $953.50 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities, principal-at-risk structured notes linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. Each note has a $1,000 stated principal amount and an aggregate issuance of $2,100,000, and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity on September 3, 2027, if the final level of each index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $121.50 (12.15%), regardless of how much the worst-performing index has appreciated. If any index finishes below its 70% downside threshold, repayment equals $1,000 times that index’s performance factor, producing a 1% principal loss for each 1% decline in the worst-performing index, with no minimum payment; the entire investment can be lost.
The notes pay no interest, have no principal protection, and their value and payment are based solely on the worst-performing index level on the single observation date of August 31, 2027. The estimated value on the pricing date is $991 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing Callable Jump Notes due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per note and a total offering of $102,000. The notes pay no periodic interest and all payments depend on Morgan Stanley’s credit.
The notes may be redeemed in whole, but not in part, on specified redemption dates starting August 11, 2027, only if a risk neutral valuation model indicates early redemption is economically rational for the issuer, paying fixed amounts equivalent to 12% per annum. If not called, at maturity investors receive $1,000 plus a 115% participation in the positive return of the worst performing of the Russell 2000 Index and S&P 500 Index, but only if both finish above their initial levels; otherwise only the $1,000 principal is paid.
Morgan Stanley Finance LLC is offering market-linked notes due August 5, 2030, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $912,000 and a $1,000 stated principal amount per note. The notes pay no interest and return at least principal at maturity, subject to issuer credit risk.
The return is linked to the S&P 500® Futures Excess Return Index. If the final index level on July 31, 2030 exceeds the initial level of 598.42, investors receive $1,000 plus an upside payment equal to 118% of the index percent gain. If the final level is at or below the initial level, investors receive only $1,000. The notes will not be listed on any securities exchange, and secondary liquidity may be limited. The estimated value on the pricing date is $964.20 per note, below the issue price, reflecting issuance, structuring and hedging costs.
For U.S. tax purposes, the securities are intended to be treated as contingent payment debt instruments with a comparable yield of 4.9295% per year, requiring annual accrual of interest income. All payments are subject to Morgan Stanley’s credit risk, and changes in its credit spreads, market volatility and index performance may significantly affect market value before maturity.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature due August 5, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and are linked to the worst performer of the EURO STOXX 50®, Russell 2000® and S&P 500® indices.
The securities may be automatically redeemed on August 12, 2027 if each index is at or above its initial level on August 9, 2027, paying an early redemption amount of $1,310 per security. If not redeemed and all final index levels are above their initial levels, investors receive principal plus a leveraged upside payment equal to 150% of the worst performer’s positive return. If any index finishes at or below its initial level but all remain at or above 70% of initial, investors receive only principal back. If any index ends below its 70% downside threshold, maturity payment is $1,000 multiplied by the worst performer’s performance factor, exposing investors to full downside with potential loss of the entire investment.
The notes pay no interest, are unsecured and subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The aggregate principal offered is $915,000 at an issue price of $1,000 per security, with an estimated value on the pricing date of $980.50 per security, reflecting issuance, structuring and hedging costs borne by investors and potential secondary market discounts.
Morgan Stanley Finance LLC is offering market-linked notes due August 5, 2030, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $100,000 and a stated principal amount of $1,000 per note. The notes pay no interest and all payments are subject to the issuer’s and guarantor’s credit risk.
At maturity, investors receive the stated principal amount plus an upside payment if the final level of both underliers—the EURO STOXX 50 Index and the Russell 2000 Index—exceeds their respective initial levels (6,358.01 and 2,931.339). The upside payment equals the principal amount multiplied by a 136.50% participation rate times the percentage change of the worst performing index. If the final level of either index is at or below its initial level, investors receive only the principal amount at maturity.
The issue price is $1,000 per note, while the estimated value on the pricing date is $966.60, reflecting issuance, structuring and hedging costs. The notes will not be listed on any securities exchange, secondary liquidity may be limited, and investors may be required to accrue taxable interest income under contingent payment debt instrument rules.
Morgan Stanley Finance LLC is offering Fixed Income Buffered Auto-Callable Securities due August 5, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal of $2,791,000, and pays a fixed coupon at an annual rate of 7.25% with monthly payments.
The notes may be automatically redeemed on scheduled dates starting August 2, 2027 if the index closing level is at or above the call threshold level of 1,263.06 (100% of the initial level), paying principal plus the coupon for that period. If held to maturity and the final index level is at or above the buffer level of 1,073.601 (85% of the initial level), investors receive principal plus the final coupon; otherwise, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is $918.70 per security, and all payments are subject to the issuers’ and guarantor’s credit risk.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due November 4, 2027, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $1,410,000, and pays no interest.
At maturity, if the final level of each index is at or above its downside threshold level (75% of its initial level), investors receive $1,000 plus a fixed upside payment of $130.50 per security, a 13.05% return, regardless of how much the worst-performing index has appreciated or modestly declined. If either index finishes below its threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, with no minimum payment, so the investment can result in a complete loss of principal.
The initial levels are 2,931.339 for the Russell 2000 and 7,489.72 for the S&P 500; their downside thresholds are 2,198.504 and 5,617.29, respectively. The estimated value on the pricing date is $991.20 per security, below the issue price due to issuing, selling, structuring and hedging costs. The product entails principal-at-risk exposure, dependence on Morgan Stanley’s credit, potential illiquidity in the secondary market and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC is offering Jump Notes due August 3, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the Class A common stock of Amphenol Corporation. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, if the Amphenol share price on the observation date is at or above the initial level of $160.70, investors receive $1,000 plus a fixed upside payment of $324, a 32.40% return, regardless of how far the stock has risen. If the final level is below the initial level, investors receive only the $1,000 principal, implying no positive return and loss of purchasing power over time.
The aggregate principal amount is $160,000, and the issue price is $1,000 per note, while the issuer’s estimated value on the pricing date is $977.20 per note, reflecting embedded costs and issuer pricing. The notes are unsecured, subject to Morgan Stanley’s and MSFL’s credit risk, will not be listed on any exchange, and secondary market liquidity may be limited. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, requiring accrual of taxable interest income over their term.
Morgan Stanley Finance LLC is issuing Market-Linked Notes due August 5, 2030, linked to the performance of the EURO STOXX 50® Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $150,000.
The notes pay no interest. At maturity, investors receive $1,000 plus an upside payment if the index’s final level exceeds the initial level of 6,358.01; the upside payment equals the principal amount multiplied by a 113.50% participation rate times the index percent change. If the final level is equal to or below the initial level, investors receive only principal back.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are subject to their credit risk. The estimated value on the pricing date is $969.80 per note, below the issue price due to issuing, selling, structuring and hedging costs. The notes will not be listed on any exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Buffered PLUS, unsecured structured notes linked to an equally weighted basket of ten U.S. and foreign stocks, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, total offering size of $885,000, prices at par, and matures on November 3, 2027.
The notes pay no coupons. At maturity, investors receive $1,000 plus 150% of any positive basket return, capped at a maximum payment of $1,309 per note. If the basket declines by up to the 10% buffer, principal is returned. Losses are 1% for each 1% decline beyond the buffer, with a minimum payment of $100 (90% principal at risk). The initial basket value is set to 100 using fixed multipliers to reflect 10% weighting for each component. The notes are not listed, have an estimated value of $964.60 on the pricing date, and all payments are subject to Morgan Stanley’s credit risk. Proceeds are for general corporate purposes and related hedging.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Contingent Income Auto-Callable Securities maturing February 3, 2028, linked to the worst performer of the Nasdaq-100® Technology Sector Index℠, the Russell 2000® Index and the S&P 500® Index. The issue size is $962,000 at $1,000 per security.
Investors may receive a 13.25% per annum contingent coupon only if, on each observation date, all three indices are at or above their coupon barrier levels (80% of initial). The notes may be automatically called quarterly starting January 29, 2027 if all indices are at or above 100% of their initial levels, paying par plus the contingent coupon.
If not called, and at maturity any index is below its downside threshold (70% of initial), repayment of principal is reduced 1% for each 1% decline of the worst-performing index, with potential loss of the entire investment. The estimated value on the pricing date is $980.40 per security, below the issue price, and all payments are subject to Morgan Stanley’s credit and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, unsecured notes linked to the Class A common stock of Meta Platforms, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of approximately $985.20, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes pay no interest and offer a fixed upside payment of $167.40 per security (16.74%) if the final Meta share price on the August 16, 2027 observation date is at or above the buffer level of $472.192, which is 80% of the $590.24 initial level observed on August 3, 2026. If the final level falls below the buffer, investors lose 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment at maturity and potential loss of the entire investment.
The securities mature on August 19, 2027, are subject to the credit risk of MSFL and Morgan Stanley, may have limited or no secondary market liquidity, and their market value can be adversely affected by changes in Morgan Stanley’s credit spreads and trading or hedging activity by affiliates. U.S. federal tax treatment is uncertain and expected to follow a prepaid financial contract characterization, subject to confirmation at pricing.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due February 8, 2028, linked to the common stock of Micron Technology, Inc., fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk, unsecured notes that pay no interest and do not guarantee a return of principal.
Each security has a $1,000 stated principal amount and issue price. If the arithmetic-average final level of Micron stock on five final averaging dates is at or above the downside threshold level of $456.225 (55% of the initial level of $829.50), investors receive $1,000 plus a fixed upside payment of $596.80, a maximum return of 59.68% per security. If the final level is below the threshold, the maturity payment equals $1,000 multiplied by the performance factor (final level/initial level), producing a 1% loss of principal for each 1% decline in the underlier, with no minimum payment and potential loss of the entire investment.
The estimated value on the pricing date is approximately $973.20 per security, reflecting structuring and distribution costs, including up to $12.50 per $1,000 in placement fees. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited.