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, fully guaranteed by Morgan Stanley, announced preliminary terms for Jump Securities with an auto-call feature due October 31, 2030, linked to the worst performer among the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index. Each security has a $1,000 issue price and an estimated value on the pricing date of approximately $963.10 per security. The notes pay no interest and are principal-at-risk.
The securities auto-redeem if, on a determination date starting April 29, 2026, each index is at or above its call threshold (100% of its initial level), for fixed cash payments that step up from $1,050 to $1,475 per security. If held to maturity and each index is at or above its call threshold, the payment is $1,500 per security. If any index is below its call threshold but all are at or above the downside threshold (75% of initial), investors receive only the $1,000 stated principal amount. If any index is below its downside threshold, repayment is reduced one-for-one with the worst performer’s decline, potentially to zero. The notes will not be listed; all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Contingent Income Memory Auto‑Callable Securities due November 2, 2028, linked to the worst performing of the S&P 500 Index and EURO STOXX 50 Index. The notes pay a contingent coupon at 8.55% per annum only if each index closes at or above its coupon barrier on the observation date; missed coupons may be paid later if conditions are met.
The notes auto‑redeem if, on a redemption determination date, each index is at or above its 100% call threshold, beginning April 30, 2026. If not called, at maturity investors receive principal only if each index is at or above its 80% downside threshold; otherwise, repayment is reduced one‑for‑one with the worst index’s decline and could be zero. Issue price is $1,000 per security, with a fixed sales commission of $20 per security; the preliminary estimated value is approximately $972.40 per security. All payments are subject to the credit of Morgan Stanley; the notes will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering auto-callable Jump Notes due October 28, 2030 linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. The notes are issued at $1,000 per note, pay no interest, and may be automatically redeemed if the underlier closes at or above the call threshold on scheduled determination dates.
The call threshold equals 100% of the initial level. Early redemption payments step up over time, starting at $1,075.00 on October 29, 2026 and rising to $1,356.25 by July 26, 2030, corresponding to a return of approximately 7.50% per annum. If not redeemed and the final level is at or above the threshold, investors receive a fixed positive return at maturity; otherwise, they receive only the stated principal amount.
Key dates include a strike/pricing date of October 23, 2025 and a first determination date of October 26, 2026. The estimated value on the pricing date is approximately $963.30 per note (or within $55 of that estimate). The notes are unsecured, not listed on any exchange, and all payments are subject to the issuer’s and guarantor’s credit risk. The underlier includes a 4% per annum decrement and volatility targeting features.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities due October 22, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes reference the worst performing of the S&P 500 Index, Russell 2000 Index and SPDR S&P Regional Banking ETF, pay a 12.50% per annum contingent coupon only when each underlier closes at or above its coupon barrier on the observation date, and may be automatically redeemed if each underlier is at or above its call threshold (100% of initial) on a redemption determination date.
If not called, at maturity investors receive the stated principal amount only if each underlier is at or above its downside threshold (70% of initial). Otherwise, the payoff is reduced 1% for each 1% decline of the worst performer, potentially to zero; no upside participation applies. Each security is priced at $1,000 with an estimated value on the pricing date of approximately $983.40 per security. The first redemption determination date is April 17, 2026, and the notes will not be listed. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering fixed income auto-callable securities due October 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a fixed 18.00% annual coupon (paid monthly) and are linked to the worst performing of the common stocks of NVIDIA (NVDA), Tesla (TSLA) and Oracle (ORCL). They are unsecured, principal-at-risk obligations issued under the Series A Global Medium‑Term Notes program.
The securities auto-redeem if on any redemption determination date each underlier is at or above its 100% call threshold, paying the stated principal plus the coupon for that period; the first determination date is April 23, 2026. If not redeemed, at maturity investors receive principal only if each underlier is at or above its 65% downside threshold; otherwise, repayment is reduced 1% for each 1% decline of the worst performer. The issue price is $1,000 per note; the estimated value on the pricing date is approximately $959.80 per note. The notes are not listed on any exchange and all payments are subject to the issuer’s and guarantor’s credit risk.
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 13.00% per annum contingent coupon only if, on each observation date, the Technology Select Sector SPDR Fund (XLK), Utilities Select Sector SPDR Fund (XLU) and the Nasdaq‑100 Technology Sector Index (NDXT) each close at or above their 80% coupon barrier.
The notes are callable on scheduled redemption dates starting October 29, 2026 if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer; if called, investors receive the $1,000 stated principal plus any due coupon, and no further payments. At maturity, if not redeemed and each underlier is at or above its 70% downside threshold, investors receive $1,000 (plus any final coupon). If any underlier is below its threshold, repayment is reduced 1% for each 1% decline of the worst performer, which can result in a significant loss up to zero.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $978.40 per security (or within $45 of that estimate). The securities are unsecured, subject to Morgan Stanley’s credit risk, and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering unsecured, auto-callable Jump Notes due October 28, 2030, 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 of the Russell 2000, Nasdaq‑100 Technology Sector Index, and S&P 500. The notes may be automatically redeemed on scheduled determination dates if each underlier is at or above its call threshold (100% of initial level), delivering a fixed cash amount that equates to approximately 5.60% per annum.
The first determination date is April 23, 2026. If not called, at maturity investors receive a fixed positive return only if each underlier is at or above its call threshold; otherwise, they receive the stated principal amount. The indicative early redemption payments range from $1,028 (April 2026) up to $1,266 (July 2030), with a stated $1,280 maturity payment in the favorable case. The estimated value on the pricing date is approximately $977.30 per note; all payments are subject to the issuer’s and guarantor’s credit risk. The notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Jump Securities due November 1, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer of the EURO STOXX 50, Nasdaq-100, and Russell 2000 indices and do not pay periodic interest.
Each security has a $1,000 issue price and an estimated value on the pricing date of approximately $953. Starting on November 2, 2026, the notes are automatically redeemed if each index closes at or above its call threshold (85% of its initial level), for an early redemption payment that steps up over time, corresponding to approximately 7.00% per annum.
If not called, the maturity payoff is: $1,350 per security if each index is at or above its call threshold; return of principal if any index is below its call threshold but each is at or above its downside threshold (60% of initial); or a loss of 1% of principal for every 1% decline in the worst-performing index if any finishes below its downside threshold, which could reduce repayment to zero. The securities are unsecured obligations subject to the issuer’s and guarantor’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC announced a preliminary pricing supplement for Jump Securities with Auto-Callable Feature due October 22, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, links to the worst performing of the Russell 2000 Index and EURO STOXX 50 Index, and carries principal at risk.
The notes can be automatically redeemed starting on October 26, 2026 if each index closes at or above its call threshold, for fixed early redemption payments implying about 12.25% per annum (e.g., $1,122.50 on the first date, stepping up to $1,581.875 by the 16th). If held to maturity and each index is at or above its call threshold, the payment is $1,612.50 per security. If at least one index is below its call threshold but both are at or above the downside threshold (80% of initial), repayment is the stated principal amount. If either index finishes below its downside threshold, investors lose 1% for every 1% decline of the worst performer, potentially to zero.
The estimated value on the pricing date is approximately $957.50 per security (within $40.00), the notes are unsecured, subject to the issuer’s and guarantor’s credit risk, pay no interest, and will not be listed on any exchange.
Morgan Stanley Finance LLC priced Jump Securities with an auto-callable feature due October 13, 2028, linked to the worst of the S&P 500, Nasdaq-100 Technology Sector, and Russell 2000. These principal-at-risk notes are fully and unconditionally guaranteed by Morgan Stanley, issued at $1,000 per security with an aggregate principal amount of $1,061,000. The estimated value on the pricing date is $956.70 per security. Sales commissions are $27.50 per security; stated proceeds to the issuer total $1,031,822.50.
The notes auto-redeem if each index closes at or above its call threshold (100% of initial) on scheduled determination dates starting October 14, 2026, paying an amount corresponding to about 12.50% per annum (e.g., $1,125.00 on the first call, increasing over time). If not called, maturity outcomes are: $1,375.00 per security if all finals are at/above call thresholds; return of principal if any index is below its call threshold but all are at/above their downside thresholds (70% of initial); or a 1-for-1 loss with the worst performer if any finishes below its downside threshold, which can reduce repayment to zero. The securities are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due October 17, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of Fair Isaac (FICO), Meta Platforms (META) and SoFi Technologies (SOFI), with principal at risk and no participation in upside. Aggregate principal offered is $360,000 at $1,000 per note; estimated value on pricing date is $925.50.
The notes pay a contingent coupon at 25.32% per annum on each payment date only if each underlier is at or above its coupon barrier; missed coupons may be paid later if the condition is met. Automatic early redemption can occur beginning January 12, 2026 if each underlier is at or above its call threshold (100% of initial). If held to maturity and any final underlier level is below its downside threshold (60% of initial), repayment is reduced 1% for every 1% decline of the worst performer, potentially to zero. Initial levels: FICO $1,665.21, META $705.30, SOFI $26.19. Agent commission is $45 per security. All payments are subject to Morgan Stanley’s credit.
Morgan Stanley Finance LLC priced a $213,000 aggregate principal offering of Contingent Income Auto-Callable Securities due October 14, 2027, linked to Marvell Technology, Inc. (MRVL). Each $1,000 note pays a 14.50% per annum contingent coupon only when MRVL’s closing level is at or above the $51.366 coupon barrier (60% of the initial $85.61). The notes auto-call if MRVL is at or above the 100% call threshold ($85.61) on a redemption determination date, returning principal plus the applicable coupon.
Principal is at risk: if not called and MRVL’s final level is below the $51.366 downside threshold, repayment is reduced 1% per 1% decline and could be zero. The issue price is $1,000 per security, with $25 selling commissions; proceeds to the issuer are $975 per security ($207,675 total). The estimated value on the pricing date is $928.40 per security. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, will not be listed, and all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS, principal-at-risk notes linked to the S&P 500 Futures Excess Return Index, maturing on October 16, 2031 and fully and unconditionally guaranteed by Morgan Stanley. The issuance totals $4,300,000 in aggregate principal at an issue price of $1,000 per security, with agent commissions of $37.50 per security and estimated value on the pricing date of $949.50 per security.
At maturity, investors receive principal plus a leveraged upside if the index rises, with a 185% leverage factor. If the final level is at or below the initial level of 537.95 but above the buffer level of 430.36 (an 80% threshold), repayment equals principal. Below the buffer, the notes lose 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal.
The notes pay no interest, are unsecured obligations of MSFL and subject to Morgan Stanley’s guarantee and credit risk. They will not be listed on an exchange. Key dates include the strike/pricing date of October 10, 2025, observation date of October 10, 2031, and maturity on October 16, 2031. Proceeds to the issuer are $4,138,750 after commissions.
Morgan Stanley Finance LLC priced a Rule 424(b)(2) offering of Contingent Income Auto‑Callable Securities linked to the common stock of Palo Alto Networks, Inc., fully and unconditionally guaranteed by Morgan Stanley. The notes total an aggregate principal amount of $3,710,000 and are issued at $1,000 per security, maturing on October 13, 2028.
The notes pay a contingent quarterly coupon at 10.86% per annum only when PANW’s determination closing price is at least 65% of the initial share price. The initial share price is $208.55, setting a downside threshold at $135.558. If on any of the first eleven determination dates the stock is at or above the initial share price, the notes auto‑call for principal plus the coupon.
If not called: at maturity investors receive principal plus the final coupon if the final share price is at or above the threshold; otherwise repayment is reduced 1‑for‑1 with the stock decline and can be zero. The estimated value on the pricing date is $968.60 per security. Commissions are $17.50 per security plus a $5 structuring fee. The notes will not be listed, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced $6.5 million of principal-at-risk Jump Securities due October 16, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer of the Russell 2000 Index and EURO STOXX 50 Index, feature an automatic early redemption, and pay no interest.
The issue price is $1,000 per security, with a fixed sales commission of $30.50 and an estimated value on the pricing date of $957.10. Per-security proceeds to the issuer are $969.50, for total proceeds of $6,301,750. The securities are unsecured, not listed, and all payments are subject to Morgan Stanley’s credit risk.
Auto-call can occur on scheduled determination dates if each index closes at or above its call threshold (100% of the initial level), corresponding to early redemption payments equating to approximately 10.50% per annum starting January 12, 2026. If held to maturity: investors receive $1,525.00 per security if both final index levels meet the call threshold; the stated principal amount if both are at or above the 75% downside thresholds; otherwise, a loss matching the decline of the worst-performing index, which could reduce repayment to zero.
Morgan Stanley Finance LLC priced a primary offering of $1,757,000 Contingent Income Auto-Callable Securities linked to UnitedHealth Group common stock. The notes pay a 12.75% annual contingent coupon only if the closing level is at or above the coupon barrier of $248.15 (70% of the $354.50 initial level) on each observation date. They are auto-callable if the underlier is at or above the $354.50 call threshold on specified dates. If held to maturity on October 4, 2028 and the final level is below the $248.15 downside threshold, repayment of principal is reduced 1% for each 1% decline, potentially to zero.
Issue price is $1,000 per security; estimated value on the pricing date is $968.70 per security. Agent commissions total $35,140 ($20 per security), with proceeds to the issuer of $1,721,860. First redemption determination date is December 31, 2025; the notes are not listed, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Callable Contingent Income Securities due October 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a contingent coupon at 16.55% per annum only if, on each observation date, the closing level of the SPDR S&P Regional Banking ETF (KRE), the Energy Select Sector SPDR Fund (XLE) and the Nasdaq-100 Technology Sector Index (NDXT) is at or above each underlier’s coupon barrier (70% of its initial level).
The notes may be redeemed early, in whole, on specified redemption dates beginning January 23, 2026, if and only if a risk neutral valuation model indicates redemption is economically rational for the issuer. If held to maturity and each final underlier level is at or above its downside threshold (70%), investors receive the stated principal amount plus any final coupon; otherwise, repayment is reduced 1% for each 1% decline of the worst performer and could be zero. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $979.70 per security.
The securities will not be listed, all payments are subject to the issuer’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Buffered Participation Securities linked to the S&P 500 Index, due April 28, 2027. The notes pay no interest and return depends on the index level on the observation date.
At maturity, investors receive $1,000 plus the index upside at a 100% participation rate, capped at a maximum payment of $1,147.50 per security. If the index is flat to down but not below the 10% buffer, investors earn the absolute decline at 100% participation, effectively up to a +10% positive return. If the index falls beyond the buffer, principal is reduced 1% for each 1% decline beyond 10%, with a minimum payment of 10% of principal.
The issue price is $1,000 per security, including a $15 sales commission (proceeds to issuer $985 per security). The estimated value on the pricing date is approximately $980.10 per security (or within $35 of that estimate). The securities are unsecured obligations 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, is offering principal-at-risk Jump Securities with an auto-call feature maturing on October 26, 2028, linked to the worst performer of the S&P 500, Nasdaq-100 Technology Sector, and Russell 2000 indices.
Each security is issued at $1,000 and may be automatically redeemed on November 3, 2026 if all underliers close at or above their 100% call thresholds on October 29, 2026, paying an early redemption amount of $1,182.50 per security. If held to maturity and all underliers finish above initial levels, the payoff equals principal plus 175% of the worst underlier’s gain. If any underlier finishes at or below initial but all are at or above the 70% downside thresholds, investors receive only principal. If any underlier finishes below its downside threshold, repayment is reduced one-for-one with the decline of the worst performer, and could be zero.
The securities pay no interest, are unsecured, will not be listed, and are subject to the issuers’ credit risk. The estimated value on the pricing date is approximately $950.10 per security.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Contingent Income Auto-Callable Securities due October 20, 2028, linked to The Home Depot, Inc. (HD) common stock and fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities pay a contingent quarterly coupon at an annual rate of 10.60% (about $26.50 per $1,000 per quarter) only when the determination closing price is at or above 80% of the initial share price.
The notes are auto-callable on any of the first eleven determination dates if HD’s price is at or above the initial share price, redeeming at $1,000 plus the contingent coupon. If held to maturity and HD is at or above the 80% downside threshold, the payout is $1,000 plus the final coupon; otherwise, investors are exposed 1-to-1 to the decline and could receive significantly less than 80% of principal, down to zero. Investors do not participate in any stock appreciation.
Per-security economics: Issue price $1,000; estimated value approximately $970 (within $30); agent sales commission $17.50; structuring fee $5; and proceeds to the issuer $977.50. The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due September 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. These unsecured, principal-at-risk notes pay a contingent coupon at 10.30% per annum only if, on each observation date, the closing level of all three underliers—the SPDR S&P Regional Banking ETF (KRE), the S&P 500 Index (SPX) and the Nasdaq-100 Technology Sector Index (NDXT)—is at or above its coupon barrier level (70% of its initial level).
The notes are callable in whole (not in part) on scheduled redemption dates starting January 22, 2026, if a risk neutral valuation model indicates calling is economically rational for the issuer; early redemption is not automatic based on underlier performance. If not called, at maturity investors receive the stated principal amount only if each underlier’s final level is at or above its downside threshold (60% of initial). If any underlier is below its threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The issue price is $1,000 per security; the estimated value on the pricing date is approximately $966.10 per security. The notes will not be listed and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Callable Contingent Income Securities fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $1,392,000. The notes pay a contingent coupon at 11.00% per annum only if, on each observation date, the S&P 500, Nasdaq-100 Technology Sector Index, and Russell 2000 are all at or above their coupon barrier levels, set at 70% of initial levels.
The notes are callable in whole, beginning January 14, 2026, if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. If not called, they mature on October 14, 2027. At maturity, investors receive principal only if each index is at or above its downside threshold (also 70% of initial); otherwise, repayment is reduced 1% for each 1% decline in the worst-performing index, potentially to zero.
Issue price is $1,000 per security, with an estimated value of $983.90. Proceeds to the issuer are $993 per security (total $1,382,256), reflecting $7 in agent fees. Payments are subject to Morgan Stanley’s credit risk. The securities will not be listed on an exchange and may have limited liquidity.
Morgan Stanley Finance LLC priced a structured note offering of $136,642,000 in Callable Fixed Income Securities due October 1, 2026, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the S&P 500, Nasdaq‑100, and Russell 2000 and are principal at risk.
The securities pay a fixed coupon of 8.66% per annum with monthly payments. Beginning April 1, 2026, the issuer may redeem the notes on specified monthly dates if a risk‑neutral valuation model indicates redemption is economically rational for the issuer. If not called, at maturity investors receive par only if each index is at or above its 70% downside threshold; otherwise, repayment of principal is reduced one‑for‑one with the decline of the worst index, potentially to zero.
The issue price is $1,000 per note; estimated value on the pricing date is $987.80 per note. Agent-related fees total $341,605, with proceeds to the issuer of $136,300,395. The notes will not be listed and are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk notes that pay a contingent coupon only when the underlier closes at or above a coupon barrier on each observation date. If triggered, missed coupons may be paid later under the memory feature. The notes may be automatically redeemed if the underlier is at or above a call threshold on specified redemption determination dates, returning the stated principal amount plus the applicable coupon and any previously unpaid coupons.
The securities are scheduled to mature on November 3, 2027 if not called, with observation and potential coupon payment dates monthly. At maturity, if not called and the final level is at or above the downside threshold (65% of the initial level), investors receive the stated principal amount plus any payable coupon; otherwise, repayment is reduced 1% for every 1% decline in the underlier, potentially to zero. The issue price is $1,000 per security, with an estimated value of approximately $955 on the pricing date. The contingent coupon rate will be set in a range of 12.00% to 13.00% per annum. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, announced a preliminary 424(b)(2) pricing supplement for Jump Securities with an auto-callable feature linked to the S&P 500 Index, maturing on October 20, 2027. These principal-at-risk notes are issued at $1,000 per security with estimated value on the pricing date of approximately $981.80 and agent fees of $15 per $1,000.
The notes may be automatically redeemed on November 2, 2026 if the index on October 28, 2026 is at or above the call threshold (100% of the initial level), paying at least $1,087.20 per security. If not called, at maturity investors receive the principal plus the greater of an upside payment of at least $174.40 or 100% participation in index gains; if the final level is below the initial but at or above the downside threshold (70% of initial), they receive principal; below the downside threshold, repayment is reduced one-for-one with index decline. All payments are subject to issuer and guarantor credit risk, and the securities will not be listed on any exchange.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), is offering Contingent Income Auto-Callable Securities due October 21, 2027 linked to the worst performer of the NDXT, SPX and RTY indices. These principal-at-risk notes pay a contingent coupon at 10.65% per annum only if each index closes on its observation date at or above its 70% coupon barrier.
The notes may be automatically redeemed on scheduled dates starting April 16, 2026 if each index is at or above its 100% call threshold, returning the $1,000 stated principal plus the applicable coupon. If held to maturity and each index is at or above its 70% downside threshold, investors receive principal (and the final coupon if payable). If any index finishes below its downside threshold, the repayment is reduced 1% for every 1% decline of the worst-performing index, which could result in total loss of principal.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $977.90. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed on an exchange.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Contingent Income Memory Buffered Auto‑Callable Securities due October 24, 2030, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. These unsecured, principal‑at‑risk notes offer a 12.00% annual contingent coupon if the index closes at or above the 80% coupon barrier on an observation date; missed coupons may be paid later if the barrier is met.
The notes are auto‑callable if the index is at or above the 100% call threshold on a redemption determination date, beginning October 20, 2026, paying principal plus any due/previously unpaid coupons. If held to maturity and the final level is at or above the 85% buffer level, investors receive principal (plus applicable coupons). Below the buffer, repayment is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment at maturity of 15% of principal.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $910.90 per security. The index was established on March 14, 2022; its closing level on October 10, 2025 was 1,077.49. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley (MS), announced preliminary terms for Contingent Income Auto‑Callable Securities due October 21, 2030 linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. These principal‑at‑risk notes offer a 16.50% annual contingent coupon, paid only if the underlier closes on or above the coupon barrier on each observation date.
The notes may be automatically redeemed beginning on October 19, 2026 if the underlier is at or above the call threshold (100% of the initial level), for the $1,000 stated principal amount plus the applicable coupon. If held to maturity and not previously redeemed, investors receive the stated principal if the final level is at or above the downside threshold (50% of initial); otherwise, repayment is reduced 1% for every 1% decline in the underlier, potentially to zero.
The coupon barrier is 70% of the initial level. The issue price is $1,000 per security; the preliminary estimated value is approximately $924 per security. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, will not be listed on any exchange, and are intended for fee‑based advisory accounts with no sales commission paid to MS & Co.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, filed a preliminary pricing supplement for step-down callable contingent income memory buffered securities due October 25, 2028. These principal-at-risk notes are linked to the worst performing of the Nasdaq‑100 Index, the Consumer Staples Select Sector SPDR Fund, and the S&P 500 Futures Excess Return Index, with a $1,000 issue price and denominations of $1,000.
The notes offer a 10.00% per annum contingent coupon payable only if each underlier is at or above its then‑applicable coupon barrier on the observation date; missed coupons can be paid later if a future observation meets the barrier. The issuer may call the notes on scheduled dates if a risk‑neutral valuation model indicates early redemption is economically rational for the issuer. At maturity, if not called, investors receive principal only if each underlier is at or above a 25% buffer level; otherwise losses increase by 1.3333% for each 1% decline of the worst underlier beyond the buffer. The estimated value on the pricing date is approximately $989.50 per security (within $45.00 of that estimate). The notes are unsecured, subject to issuer/guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Trigger Jump Securities linked to the EURO STOXX 50 Index, due November 5, 2030. The notes pay no coupons and return depends on index performance on the October 31, 2030 valuation date. If the index is at or above the initial level, holders receive $1,000 plus the greater of the index’s percentage gain or a fixed upside payment of $436.60 per security. If the index falls by up to 25%, holders receive $1,000 plus the absolute decline (capped at a 25% positive return). Below the 75% trigger level, repayment is $1,000 multiplied by index performance, with losses 1:1 and no buffer.
The issue price is $1,000 per security; per-security fees include a $30 sales commission and a $5 structuring fee, with stated proceeds to the issuer of $965 per security. The estimated value on the pricing date is approximately $950.10 per security (or within $55.00 of that estimate). The securities will not be listed and are subject to issuer credit risk. Hedging, market volatility, and credit spread changes may affect secondary prices. Principal is at risk, and investors could lose their entire investment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due October 20, 2028, linked to the worst performing of the Nasdaq-100 Technology Sector Index, the S&P 500 Index and the Russell 2000 Index. The notes are principal-at-risk and unsecured.
The securities pay a contingent coupon at 8.40% per annum only if on each observation date every underlier is at or above its coupon barrier (70% of its initial level). The notes are auto-callable on scheduled redemption determination dates starting April 17, 2026 if each underlier is at or above its call threshold (100% of initial), paying the stated principal amount plus the contingent coupon.
If not called, at maturity investors receive principal back only if each underlier’s final level is at or above its downside threshold (70% of initial). Otherwise, repayment is reduced by 1% for every 1% decline of the worst underlier, and could be zero. Issue price is $1,000 per security; the issuer’s estimated value on the pricing date is approximately $956.20 per security (within $30 of that estimate). Key dates: strike/pricing October 17, 2025, original issue October 22, 2025; the notes will not be listed and all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due April 26, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay a 10.25% per annum contingent coupon only when the closing level of each underlier—the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000—is at or above its coupon barrier of 70% of the initial level on the observation date.
The notes may be redeemed in whole, on specified monthly dates starting October 26, 2026, if a risk-neutral valuation model indicates early redemption is economically rational for the issuer; once redeemed, no further payments occur. If held to maturity and each index is at or above its 70% downside threshold, investors receive principal (plus any final coupon if payable); otherwise, repayment decreases 1% for every 1% decline in the worst-performing index, potentially to zero.
The notes are issued at $1,000 per security with an estimated value on the pricing date of approximately $981.30. They will not be listed, are sold to fee-based advisory accounts, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Contingent Income Auto‑Callable Securities due November 2, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal‑at‑risk notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 Index and Russell 2000 Index.
The notes pay a contingent coupon at 8.00% per annum only if, on each observation date, the closing level of each index is at or above its 75% coupon barrier. They are auto‑callable on scheduled determination dates if all indices are at or above 100% of initial, returning principal plus the coupon for that period. If not called, at maturity investors receive principal only if all indices are at or above the 70% downside threshold; otherwise, repayment is reduced one‑for‑one with the decline of the worst index and could be zero.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk. The estimated value on the pricing date is approximately $962.70 per $1,000, reflecting issuance, selling, structuring and hedging costs and an internal funding rate. Key dates include strike and pricing on October 30, 2025 and maturity on November 2, 2028.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Contingent Income Auto‑Callable Securities linked to Oracle Corporation common stock, due November 3, 2027, fully and unconditionally guaranteed by Morgan Stanley.
The notes are issued at $1,000 per security with an estimated value on the pricing date of approximately $954.60 per security. A 14.00%–15.00% annual contingent coupon is payable only when the underlier closes at or above the coupon barrier (set at 60% of the initial level) on the relevant observation date. The notes auto‑call for principal plus the coupon if the underlier is at or above the 100% call threshold on any redemption determination date, beginning April 29, 2026.
If not called, at maturity investors receive principal only if the final level is at or above the 60% downside threshold; otherwise, the payoff declines 1% for every 1% drop in the underlier and can be zero. The securities are unsecured, principal at risk, not listed on any exchange, and all payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC filed a preliminary pricing supplement for Contingent Income Auto-Callable Securities linked to EQT Corporation common stock, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes offer a contingent coupon at 9.60% per annum when EQT’s closing level is at or above the coupon barrier on observation dates and may be automatically called if EQT is at or above the call threshold on specified redemption determination dates.
Each security has a $1,000 issue price, with an estimated value on the pricing date of approximately $964.10 per security (within $35 of that estimate). The coupon barrier and downside threshold are each 60% of the initial level, and the call threshold is 100% of the initial level. If not called and EQT finishes below the downside threshold at maturity, investors lose 1% of principal for every 1% decline; gains above the initial level are not participated in. Key dates include a strike/pricing date of October 24, 2025 and a maturity date of October 28, 2027. The notes will not be listed and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley (MS), is offering Buffered Performance Leveraged Upside Securities linked to the S&P 500 Index, maturing on May 3, 2028. These notes pay no coupon and are principal-at-risk.
At maturity, investors receive $1,000 plus 200% of any index gain, capped at a maximum payment of at least $1,207.20 per note. If the index is down by up to the 10% buffer, repayment is $1,000. Losses resume 1-for-1 beyond the buffer, with a minimum payment of $100 per note.
The issue price is $1,000 per note; the preliminary estimated value on the pricing date is about $963.20. Sales commissions are $25 per note, plus a $5 structuring fee. The valuation date is April 28, 2028. The notes will not be listed, and all payments are subject to the issuer’s and guarantor’s credit risk. Proceeds are for general corporate purposes; the issuer expects to receive $1,000 per note issued.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, announced Contingent Income Auto-Callable Securities due October 28, 2027 linked to Hewlett Packard Enterprise common stock. Each security is priced at $1,000 and pays a contingent coupon at an annual rate of 13.45% on scheduled dates only if the underlier closes at or above the coupon barrier on the related observation date.
The notes are principal at risk. If not called and the final level is below the downside threshold, investors lose 1% of principal for every 1% decline of the underlier; repayment of principal occurs only if the final level is at or above the downside threshold. The coupon barrier and downside threshold are each 60% of the initial level; the call threshold is 100% of the initial level. The first potential call date is April 24, 2026. The estimated value on the pricing date is approximately $960.10 per security (subject to final confirmation). The securities will not be listed, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC launched a preliminary pricing supplement for market-linked, principal-at-risk notes linked to the lowest-performing of the Dow Jones Industrial Average and the S&P 500 Index, due October 27, 2028 and fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security is offered with agent commissions of $25.75 and expected proceeds to the issuer of $974.25 per security; the current estimated value is approximately $959.80 per security (or within $45.00 of that estimate). The notes pay no interest and will not be listed.
The notes are auto-callable on October 29, 2026 if each index closes at or above its starting level, paying at least $1,100 per $1,000 (a call premium of at least 10.00%). If not called, at maturity investors receive: 100% upside participation in the lowest-performing index up to a maximum return of 24% ($1,240 cap); or, if the lowest-performing index is down but not below its 90% threshold, a contingent absolute return up to 10%; or, if it finishes below the threshold, a loss beyond a 10% buffer, down to 10% of face value. Key dates include pricing on October 24, 2025 and original issue on October 29, 2025. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Jump Securities with auto-call features linked to Oracle Corporation common stock. The notes are issued at $1,000 per security for an aggregate principal amount of $780,000 and are fully and unconditionally guaranteed by Morgan Stanley. Net proceeds to the issuer are $760,500, after $19,500 in selling commissions.
The notes may be automatically redeemed on scheduled dates if Oracle’s closing level is at or above the call threshold. Early redemption payments step up, targeting ~12.93% per annum, culminating at $1,355.575 per security before maturity. If held to maturity and the final level is at or above the call threshold, the payment is $1,387.90 per security. If the final level is below the call threshold but at or above the downside threshold, investors receive principal plus the absolute decline (100% participation) capped at a 50% positive return. Below the downside threshold, losses match the percentage decline, up to total loss.
Key terms include initial level $296.96, call threshold $296.96 (100%), downside threshold $148.48 (50%), first determination date April 9, 2026, maturity October 12, 2028, and estimated value $944.60 per security. Payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to Robinhood Markets, Inc. Class A common stock. These are principal-at-risk notes that pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity on October 30, 2026, investors receive $1,000 plus a fixed upside payment if the final stock level is at or above the downside threshold; otherwise, they lose 1% of principal for each 1% decline. The upside payment is $217 per security (21.70% of principal), and the downside threshold is 50% of the initial level. Key dates include a strike/pricing date of October 24, 2025 and an observation date of October 27, 2026.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $974.60 per security. The securities will not be listed on any exchange. Sales are to fee‑based advisory accounts; selected dealers may receive a structuring fee of up to $6.25 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC filed a 424(b)(2) preliminary pricing supplement for Contingent Income Auto-Callable Securities linked to Robinhood Markets, Inc. Class A stock, fully and unconditionally guaranteed by Morgan Stanley.
The notes offer a 19.25% per annum contingent coupon, paid only if the Robinhood closing level is at or above the coupon barrier (50% of the initial level) on each observation date. The notes may be automatically redeemed if the underlier is at or above the call threshold (100% of the initial level) on a redemption determination date, starting April 17, 2026, for principal plus the contingent coupon. If held to maturity on October 22, 2029 and the final level is below the downside threshold (50% of initial), investors lose 1% of principal for each 1% decline; repayment of principal is not guaranteed.
The issue price is $1,000 per security; the estimated value on the pricing date is approximately $943.40 per security. The notes are unsecured, subject to the issuer’s and guarantor’s credit risk, and will not be listed. Tax treatment is uncertain; non‑U.S. holders may be subject to 30% withholding on coupons.
Morgan Stanley Finance LLC launched preliminary terms for Enhanced Buffered Jump Securities tied to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and are designed for investors seeking equity-linked exposure with a capped upside and partial downside buffer through maturity on October 28, 2026.
At maturity, if the S&P 500 final level is at or above the buffer level of 5,897.259 (90% of the 6,552.51 initial level), each $1,000 security returns principal plus a fixed upside payment of $85.50 (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—principal could be lost in full.
The price to public is $1,000 per security, with up to $10 in placement fees and $990 in proceeds to the issuer per security. The estimated value on the pricing date is approximately $986.40 per security. The notes are unsecured obligations of MSFL, subject to Morgan Stanley credit risk, are not listed on any exchange, and feature key dates: strike October 10, 2025, pricing October 16, 2025, issue October 21, 2025, and observation October 23, 2026.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities linked to Palantir Technologies Inc. (Class A) under Rule 424(b)(2). Each note has a $1,000 stated principal and an estimated value on the pricing date of approximately $949.50 per security.
The notes pay a contingent coupon at an annual rate of at least 16.25%, but only if the underlier’s closing level is at or above the coupon barrier (50% of the initial level) on the observation date. The notes are auto-callable if the underlier is at or above the call threshold (100% of the initial level) on any redemption determination date, returning principal plus the coupon.
If not called, the notes mature on October 22, 2029. At maturity, if the underlier is at or above the downside threshold (50% of the initial level), investors receive principal (plus any final coupon if payable). Otherwise, repayment is reduced 1% for each 1% decline from the initial level, and could be zero. The securities are unsecured, subject to issuer and guarantor credit risk, and will not be listed.
Morgan Stanley Finance LLC launched a preliminary pricing for principal-at-risk, contingent income “memory” auto-callable securities due October 19, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of Rubrik, Inc. Class A common stock and Apple, Inc. common stock. They pay a contingent coupon only if each underlier closes at or above its coupon barrier on the observation date; missed coupons can be paid later if both underliers meet the barrier on a future date.
The notes may auto-redeem starting April 16, 2026 if each underlier is at or above its call threshold, returning the stated principal plus the applicable contingent coupon and any previously unpaid coupons. If held to maturity and either underlier finishes below its downside threshold, the repayment is reduced 1% for each 1% decline of the worst performer, which can result in a total loss. The contingent coupon rate is 21.00% per annum; coupon and redemption mechanics reference barriers set at 70% and thresholds at 100% of initial levels. The issue price is $1,000 per security, with an estimated value on the pricing date of approximately $941.30 per security. The notes will not be listed and are subject to Morgan Stanley’s credit risk.