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 Enhanced Buffered Jump Securities due August 19, 2027 linked to the common stock of Netflix, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest, and is subject to Morgan Stanley’s credit risk.
At maturity, if the Netflix closing price on the August 16, 2027 observation date is at or above the buffer level of $62.331 (85% of the $73.33 initial level), investors receive $1,000 plus a fixed upside payment of $192.60, a 19.26% return, regardless of how much the stock has risen within that range. If the final level is below the buffer level, investors lose 1.1765% of principal for every 1% decline beyond the 15% buffer, with no minimum payment at maturity, so the entire investment can be lost.
The original issue price is $1,000 per security, including up to $10 in placement fees and other issuing, selling, structuring and hedging costs. The estimated value on the pricing date is approximately $984.70 per security. The notes are unsecured obligations of MSFL, guaranteed on an unsecured basis by Morgan Stanley, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Market-Linked Notes due September 5, 2030, fully and unconditionally guaranteed by Morgan Stanley, whose return is based on the performance of the EURO STOXX 50® Index.
The notes pay no interest. At maturity, if the index’s final level on the observation date is greater than its initial level on the strike date, holders receive the $1,000 stated principal amount plus an upside payment equal to the participation rate (between 113% and 118%, set on the pricing date) multiplied by the index percent gain. If the final level is equal to or below the initial level, investors receive only the $1,000 principal, with no positive return.
The notes are senior unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are subject to their credit risk. The estimated value on the pricing date is approximately $965.80 per note, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The notes will not be listed on any securities exchange, and any secondary trading may be limited. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-callable feature due August 11, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no periodic interest.
The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Beginning with the first determination date on August 13, 2027, the notes are automatically redeemed if the index closing level is at or above the call threshold level equal to 100% of the initial level, for early redemption payments that correspond to a return of approximately 18.80% per annum, up to $1,924.333 on the 48th determination date.
If not redeemed early, payment at maturity depends on the final index level: investors receive $1,940 per security if the final level is at or above the call threshold; the $1,000 principal if it is between the call threshold and the 85% buffer level; and a loss of 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. All payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $903.60 per security, reflecting issuance, selling, structuring and hedging costs, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering principal at risk Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, maturing on August 29, 2031. Each security has a stated principal amount and issue price of $1,000.
The notes are linked to the worst performing of the Nasdaq‑100 Technology Sector Index, Russell 2000 Index and S&P 500 Index. If on the first determination date all three indices are at or above their call thresholds (100% of initial levels), the notes are automatically redeemed for an early redemption payment of $1,200–$1,210 per security and terminate.
If not called, at maturity investors receive principal plus an upside payment equal to 150% of the gain of the worst performing index if all final levels exceed initial levels; principal only if all remain at or above 70% downside thresholds but at least one is at or below its initial level; and a loss of 1% of principal for each 1% decline in the worst performer below its downside threshold, potentially down to zero. The estimated value on the pricing date is approximately $939.50 per security, and all payments are subject to Morgan Stanley’s credit risk with limited secondary market liquidity expected.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due August 7, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to the credit risk of Morgan Stanley.
The notes are linked to a basket composed of the MSCI EAFE Index (25%), MSCI Emerging Markets Index (10%) and S&P 500 Futures Excess Return Index (65%), with an initial basket level of 100. At maturity, if the final level is above the initial level, investors receive principal plus a leveraged upside payment equal to 196.70% of the basket’s percentage gain. If the final level is between 80 and 100, investors receive only principal. If it falls below the downside threshold level of 80, principal is reduced 1% for each 1% decline, with no minimum payment; the return can be zero.
The estimated value on the pricing date is approximately $974 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The notes may have limited or no secondary market liquidity, and their value will be affected by Morgan Stanley’s credit spreads, market volatility and basket performance. U.S. federal income tax treatment is uncertain; the issuer expects to treat the notes as prepaid financial contracts.
Morgan Stanley Finance LLC is offering Trigger Jump Securities, five-year structured notes due August 29, 2031, linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and pay no interest.
Each note has a $1,000 stated principal amount. At maturity, if all three indices finish at or above their initial levels, investors receive $1,000 plus the greater of the worst-performing index’s percentage gain or a fixed upside payment of $670–$720 per note. If any index is below its initial level but all remain at or above 70% of their initial levels, investors receive only principal back. If any index ends below its 70% downside threshold, repayment is reduced one-for-one with the decline of the worst performer, with no minimum payment and potential loss of the entire investment.
The notes’ estimated value on the pricing date is $929.40 per $1,000 note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s funding rate. Payments depend solely on the observation-date index levels and are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering fixed-income buffered auto-callable securities due August 29, 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 and pays a fixed coupon, set on the pricing date, within an annual range of 6.80% to 7.80%, payable monthly regardless of index performance while the notes are outstanding.
Beginning August 25, 2027, the notes are subject to automatic early redemption if the index closes at or above 95% of its initial level on any monthly redemption determination date, in which case investors receive $1,000 plus the related coupon and no further payments. If not called, at maturity investors receive $1,000 plus the final coupon if the final index level is at or above 85% of the initial level. If the final level is below 85%, principal is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal, so a substantial loss of invested principal is possible.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley credit risk, and are issued under the Series A Global Medium-Term Notes program. The estimated value on the pricing date is approximately $913.90 per $1,000, reflecting issuance, structuring and hedging costs and implying secondary market values below par. The underlier is a relatively new, rules-based, leveraged, volatility-targeted equity futures index with a 4% per annum decrement and limited live history, and the U.S. tax treatment of the notes is complex and uncertain.
Morgan Stanley Finance LLC is offering unsecured Callable Jump Notes due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a stated principal amount and issue price of $1,000 and pays no periodic interest.
If the notes are not called and the final index level on August 26, 2031 exceeds the initial level, holders receive $1,000 plus an upside payment equal to 160% of the index’s percentage gain. If the final level is at or below the initial level, investors receive only the $1,000 principal at maturity.
Beginning August 31, 2027, the issuer may redeem the notes in whole on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. Redemption payments step up over time, from at least $1,120 on the first redemption date to at least $1,590 on the last. The estimated value on the pricing date is approximately $934.50 per note, reflecting structuring and hedging costs and the issuer’s funding spread. Investors face Morgan Stanley credit risk, limited or no secondary market liquidity, complex tax treatment as contingent payment debt instruments, and the potential for early redemption that can cap upside.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature due August 30, 2029, linked to the worst performer of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index, and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an estimated value on the pricing date of approximately $950.80, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes may be automatically redeemed on September 8, 2027 if each underlier is at or above its call threshold (100% of its initial level), paying $1,142.50 to $1,152.50 per security, after which no further payments are made. If not called, at maturity investors receive upside exposure of 150% of the gain of the worst-performing index when all final levels exceed initial levels, return of principal when the worst-performing index stays within the 20% buffer, or a loss of 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. The securities pay no interest, expose investors to principal loss and issuer/guarantor credit risk, and may be illiquid with secondary prices likely below the issue price.
Morgan Stanley Finance LLC is offering Trigger PLUS notes linked to the worst performer of the Dow Jones Industrial Average and the S&P 500® Index, maturing on August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
At maturity, if both indices finish above their initial levels, investors receive $1,000 plus a leveraged upside payment based on a 123%–128% leverage factor applied to the worst-performing index’s gain. If either index is at or below its initial level but both are at or above 70% of their initial levels, investors receive only principal. If either index finishes below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst performer, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $941 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s funding rate. All payments depend on Morgan Stanley’s and MSFL’s credit, and secondary market liquidity is expected to be limited.
Morgan Stanley Finance LLC is offering auto-callable Jump Securities due August 30, 2029, linked to the worst performing of the Russell 2000® and S&P 500® indices, with a stated principal amount of $1,000 per security and an estimated initial value of about $956.60. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and principal is at risk.
The securities may be automatically redeemed on September 8, 2027 if each index is at or above its call threshold (100% of its initial level), paying an early redemption amount of $1,130–$1,140 per security. If not called, maturity payment depends on index performance: full principal plus an upside payment equal to 150% of the gain of the worst index if both finish above their initial levels; principal only if both remain at or above 70% downside thresholds; or a loss of 1% of principal for every 1% decline in the worst index below its threshold, potentially resulting in a zero payout. The notes pay no interest, are intended for investors willing to risk full principal and forgo current income, and are subject to Morgan Stanley’s credit risk, model-dependent valuation, limited liquidity and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Step-Up Jump Notes with Auto-Callable Feature due August 31, 2033, linked to the rules-based Morgan Stanley Amplitude Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, is issued at $1,000, and pays no periodic interest.
Starting with the first determination date on August 26, 2027, the notes are automatically redeemed if the index closes at or above a rising call threshold, paying at least $1,110–$1,660 per note depending on the year, after which no further payments are made. If not called and the final index level exceeds the initial level, investors receive $1,000 plus 100% of the index’s gain; otherwise they receive only $1,000 at maturity.
The estimated value on the pricing date is about $890.70 per note, below issue price due to issuing, selling, structuring and hedging costs. All payments depend on Morgan Stanley’s credit. The Amplitude Index is a multi-asset strategy with a 5% volatility target and embedded fees, including a 0.65% annual index fee, which can reduce index and note returns. The notes are not listed, may have limited liquidity, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes.
Morgan Stanley Finance LLC is offering auto-callable Jump Notes due August 31, 2033, linked to the Morgan Stanley Amplitude Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest, and returns at least principal at maturity, subject to issuer credit risk.
The notes can be automatically redeemed starting on August 26, 2027 if the index is at or above the call threshold (101% of the initial level), for at least $1,102.50 per note on the first early redemption date, rising annually to at least $1,615.00 by August 26, 2032. If not redeemed early and the final index level exceeds the initial level, investors receive principal plus a 100% participation in index appreciation; otherwise they receive only principal.
The estimated value on the pricing date is approximately $886.20 per note, below the $1,000 issue price due to issuing, selling, structuring and hedging costs and the issuer’s funding rate. The underlier is a new, rules-based, multi-asset index with a 5% volatility target, a risk-mitigation multiplier mechanism and embedded annual fees of 0.65% plus additional component costs, which can materially reduce index performance.
Morgan Stanley Finance LLC is offering unsecured Step-Up Jump Notes with Auto-Callable Feature due August 18, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is linked to the Morgan Stanley Amplitude Index.
Starting with the first determination date on August 16, 2027, the notes are automatically redeemed if the index closes at or above a rising call threshold, paying a step-up early redemption amount that corresponds to at least ~14.75% per annum (e.g., at least $1,147.50 in 2027 up to at least $1,885.00 in 2032). If not called, at maturity investors receive principal plus 100% of any index appreciation; if the final index level is at or below the initial level, only principal is repaid.
The notes are subject to the credit risk of MSFL and Morgan Stanley, are not listed, and may have limited or no secondary liquidity. The estimated value on the pricing date is approximately $877.30 per $1,000 note due to embedded costs. The Amplitude Index uses a rules-based, multi-asset, volatility-targeted strategy with a 5% volatility target and embedded fees (historically averaging about 1.4% per year on a back-tested basis), which can materially affect returns. For U.S. tax purposes, the issuer expects to treat the notes as contingent payment debt instruments, requiring accrual of taxable interest income over the life of the investment.
Morgan Stanley Finance LLC is offering unsecured Jump Notes with an auto-call feature due August 18, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is linked to the Morgan Stanley Amplitude Index.
Starting with the first determination date on August 16, 2027, the notes are automatically redeemed if the index closes at or above 101% of the initial level, paying at least $1,102.50 per note on the first early redemption date and rising to at least $1,615.00 by the sixth. If not called and the final index level exceeds the initial level, investors receive $1,000 plus 100% of the index’s appreciation; otherwise they receive only principal at maturity.
The estimated value on the pricing date is approximately $888.50 per note, below the issue price, reflecting issuing, selling, structuring and hedging costs. The Amplitude Index is a rules-based, multi-asset index with a 5% volatility target and an annual fee of 0.65% plus additional component costs. The notes are subject to Morgan Stanley’s credit risk and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering unsecured Step-Up Jump Notes linked to the Morgan Stanley Amplitude Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal, is issued at $1,000, pays no periodic interest and matures on August 31, 2033, with full principal repayment at maturity if not called, subject to Morgan Stanley’s credit risk.
Beginning with the first determination date on August 26, 2027, the notes are automatically redeemed if the index closes at or above a rising call threshold (101%–106% of the initial level), for early redemption payments starting at at least $1,147.50 per note and stepping up annually to at least $1,885.00. If held to maturity and the final index level exceeds the initial level, investors receive $1,000 plus 100% of the index’s price appreciation; otherwise they receive only the $1,000 principal.
The estimated value on the pricing date is approximately $879.80 per note, reflecting embedded issuing, selling, structuring and hedging costs. The notes are not listed, and secondary liquidity depends on MS & Co.’s discretion. The underlier is a new, rules-based, multi-asset Morgan Stanley Amplitude Index with a 5% volatility target and 0.65% p.a. index fee plus additional component costs. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, requiring annual accrual of interest income.
Morgan Stanley Finance LLC is offering Jump Securities with Auto-Callable Feature due August 29, 2031, linked to the worst performer of the EURO STOXX 50, Russell 2000 and S&P 500 indices and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is principal-at-risk.
The notes are automatically redeemed on September 7, 2027 if on September 2, 2027 each index is at or above its call threshold (100% of its initial level), paying an early redemption amount of $1,270–$1,280 per $1,000. If held to maturity and each index finishes above its initial level, investors receive $1,000 plus an upside payment equal to 150% of the gain of the worst-performing index. If any index ends at or below its initial level but all remain at or above 70% of initial, only principal is returned. If any index finishes below 70% of initial, repayment is reduced 1% for every 1% decline in the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $941.10 per security, reflecting structuring and hedging costs, and secondary market liquidity may be limited. All payments are subject to MSFL and Morgan Stanley credit risk and involve complex U.S. tax considerations.
Morgan Stanley Finance LLC is offering structured Callable Jump Notes due September 5, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount and no periodic interest. The notes are linked to the S&P 500® Futures Excess Return Index and all payments are subject to Morgan Stanley’s credit risk.
Beginning on the first redemption date, August 31, 2027, Morgan Stanley may redeem the notes in whole on specified redemption dates if a risk neutral valuation model indicates calling is economically rational for the issuer. Redemption payments step up over time, starting at least at $1,200 per note and reaching at least $1,983.333 near maturity.
If the notes are not redeemed and the final index level on September 2, 2031 exceeds the initial level, investors receive $1,000 plus 160% of the index’s positive return; otherwise, only the $1,000 principal is repaid. The estimated value on the pricing date is approximately $958.20 per note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) due September 6, 2030, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index. Each security has a stated principal amount and issue price of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and all payments depend on Morgan Stanley’s credit.
At maturity, if the final level of each index is above its initial level, investors receive principal plus a leveraged upside payment based on a 119% leverage factor, with the payoff illustration showing 126% participation in appreciation. If the worst-performing index is at or below its initial level but at or above its 80% buffer level, investors receive only principal. If the worst-performing index closes below its buffer level, principal is reduced 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $962.40 per security, reflecting issuance, selling, structuring and hedging costs. The securities are unsecured obligations of MSFL, a finance subsidiary with no independent operations, and are subject to market, index, liquidity, tax and conflict-of-interest risks described in the risk discussions.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due September 5, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an issue price of $1,000, with an estimated value on the pricing date of approximately $939.90 per security. All payments are subject to Morgan Stanley’s credit risk and principal is fully at risk.
Investors may receive a contingent coupon at 13.00%–14.00% per annum, but only on observation dates when the index closes at or above a coupon barrier set at 60% of the initial level; missed coupons can be paid later if the barrier is subsequently met. The notes are automatically redeemed at par plus applicable coupons if, on any monthly redemption determination date from February 26, 2027, the index is at or above a call threshold equal to 100% of the initial level.
If not called, at maturity investors receive par only if the final index level is at or above a downside threshold of 60% of the initial level; otherwise repayment is $1,000 × (final level ÷ initial level), exposing holders to the full downside of the index and potentially a total loss. The underlier itself is complex, using intraday rebalancing, leverage, a 40% volatility target and a 4.0% per annum decrement, and has limited live history with substantial reliance on hypothetical back-tested data.
Morgan Stanley Finance LLC is offering Leveraged Index Return Notes linked to an equally weighted basket of the EURO STOXX 50, Nikkei 225 and Swiss Market Index. The notes have a 5-year term, $10 principal per unit and a leveraged upside Participation Rate between 190% and 210%, set on the pricing date.
Investors receive no interest and face 1-to-1 downside exposure, with up to 100% of principal at risk if the basket falls below the Starting Value of 100.00. The notes are senior unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to their credit risk.
The public offering price is $10.00 per unit, including an underwriting discount of $0.20; the issuer’s estimated initial value is approximately $9.50 per unit. The notes will not be listed on any exchange and are not designed for short-term trading, with potentially limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering principal at risk Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount, prices at $1,000, and matures on August 29, 2031, with all payments subject to Morgan Stanley’s credit risk.
The notes are auto-callable starting August 27, 2027: if on any determination date the index is at or above 90% of its initial level, investors receive an early redemption payment corresponding to roughly 17%–18% per annum (e.g., $1,170–$1,180 on the first date), and the notes terminate. If held to maturity and not called, investors receive about $1,850–$1,900 per note if the final index level is at or above the 90% call threshold, only principal back if it is between 60% and 90%, and a loss of principal if it falls below 60%, potentially down to zero.
The issuer’s estimated value on the pricing date is approximately $903.30 per note, below the issue price due to embedded costs. The underlier itself is complex: it uses leverage, targets volatility, deducts a 4.0% per annum decrement, may not be fully invested, and has limited live history, with much data based on hypothetical back-tests. Liquidity may be limited and tax treatment is uncertain.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 30, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $939.60 per security, reflecting embedded fees and hedging costs.
The notes pay a contingent coupon of 8.75%–9.75% per year, but only if on each observation date the iShares Silver Trust, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index are all at or above their respective 50% coupon barrier levels. The notes are auto-callable from February 26, 2027 onward if all underliers are at or above 100% of their initial levels, in which case investors receive $1,000 plus the applicable coupon and the notes terminate early.
If not called, and at maturity any underlier finishes below its 50% downside threshold, repayment of principal is reduced 1% for each 1% decline of the worst performing underlier, potentially to zero. Investors do not participate in any upside of the underliers and face issuer and guarantor credit risk, limited liquidity, and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering S&P 500®-linked market notes due September 6, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest and return at least the $1,000 stated principal amount per note at maturity, subject to issuer credit risk.
At maturity, if the S&P 500® final level exceeds the initial level, investors receive the principal plus an upside payment equal to 100% of the index gain, capped at a maximum payment of 122.25%–123.25% of principal per note. If the final level is at or below the initial level, only principal is repaid.
The estimated value on the pricing date is approximately $970.50 per note, reflecting offering, structuring and hedging costs. The notes will not be listed on any exchange, secondary liquidity may be limited, and all payments depend on Morgan Stanley’s credit. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, requiring annual accrual of interest income.
Morgan Stanley Finance LLC is offering Callable Jump Notes due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal per note and no periodic interest. The notes are linked to the worst performing of the Russell 2000 Index and the S&P 500 Index.
Beginning August 31, 2027, the issuer may redeem the notes in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; redemption payments start at at least $1,110 per note and rise to at least $1,540.833 by July 31, 2031. If not redeemed and the final level of each index exceeds its initial level on August 26, 2031, holders receive $1,000 plus an upside payment equal to 100% of the worst index’s percentage gain; otherwise they receive only principal at maturity.
The notes are unsecured, unsubordinated obligations of MSFL, guaranteed by Morgan Stanley, with an estimated value of about $937.60 per note on the pricing date, will not be listed on any exchange, and expose investors to issuer credit risk, early redemption risk, model-driven call risk, small-cap exposure via the Russell 2000, and complex contingent payment debt instrument tax treatment.
Morgan Stanley Finance LLC is offering Fixed Income Buffered Auto-Callable Securities due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The notes pay a fixed coupon at an annual rate of 7.15% to 8.15%, payable monthly, regardless of index performance, so long as the notes remain outstanding.
The securities are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. They will be automatically redeemed on specified monthly dates if the index closes at or above 100% of its initial level, paying principal plus the applicable coupon and then terminating. If not called and held to maturity, investors receive principal back only if the final index level is at or above the 85% buffer level. Below that buffer, repayment is reduced 1% for each 1% further decline, subject to a minimum payment at maturity of 15% of principal, so a substantial loss of invested principal is possible.
The original issue price is $1,000, while the estimated value on the pricing date is approximately $913.70 per security, reflecting issuance, structuring and hedging costs borne by investors. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, may have limited secondary liquidity, and involve complex index, market, and U.S. tax considerations, including potential 30% withholding for some non-U.S. holders.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities due August 28, 2031, linked to the worst performing of the SPDR® S&P MidCap 400® ETF Trust (MDY) and the State Street® SPDR® S&P® Regional Banking ETF (KRE), fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000, while the estimated value on the pricing date is approximately $934.20 per security, reflecting issuing, selling, structuring and hedging costs borne by investors.
The notes feature automatic early redemption starting August 30, 2027 if the closing level of each ETF is at or above its call threshold (100% of initial level), paying fixed early redemption amounts that imply roughly 10.40% per annum, up to $1,494 on the last call date. If held to maturity and both final levels meet the call thresholds, investors receive $1,520 per security; if both are at or above 70% downside thresholds but one is below its call threshold, only principal is returned. If either ETF finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, and payment can fall to zero. The securities pay no interest, offer no participation in upside of the ETFs, and all payments are subject to Morgan Stanley’s credit risk and the risks of mid-cap and regional bank equity exposure.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-call feature maturing on September 5, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal and issue price.
The notes may be automatically redeemed quarterly from September 1, 2027 onward if the index is at or above a call threshold equal to 90% of the initial level, for increasing cash payments ranging from about $1,175 to $1,909.583 per $1,000. If held to maturity and not called, investors receive $1,875–$1,925 per security if the final index level is at or above the call threshold, only principal back if it is between the 85% buffer level and the threshold, and a linear loss beyond a 15% buffer (down to a minimum of 15% of principal).
The notes pay no interest, do not participate in index upside beyond the fixed payouts, and all payments are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is approximately $932.40 per $1,000, reflecting issuance, structuring and hedging costs and model-based valuation.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due August 30, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performing of the EURO STOXX 50, Russell 2000 and S&P 500 indices.
Investors may receive a contingent coupon of 9.00%–10.00% per annum, paid only if on each observation date all indices are at or above 80% of their initial levels. The notes are automatically redeemed if on a redemption determination date all indices are at or above 100% of initial, returning principal plus that period’s coupon.
If not redeemed early, and on the final observation date all indices are at or above 70% of initial, investors receive principal back (plus any final coupon). If any index is below 70%, repayment is reduced 1% for every 1% decline in the worst performer, down to zero. The notes are principal at risk, unsecured obligations, with an estimated value of approximately $948.40 per $1,000 on the pricing date and limited expected liquidity.
Morgan Stanley Finance LLC is offering Digital Russell 2000 Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest, and matures in about 12–14 months, with principal at risk.
At maturity, investors receive a fixed maximum settlement amount if the Russell 2000 final level is at least 90% of its initial level, expected to be $1,104.40–$1,122.50 per $1,000 (110.44%–112.25% of face). If the index falls more than 10%, the payoff declines linearly using a buffer rate of about 111.11%, and investors can lose up to their entire investment.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments depend on Morgan Stanley’s credit. The estimated value on the trade date is approximately $986.70 per note versus the $1,000 issue price, reflecting structuring, hedging and distribution costs and the issuer’s internal funding rate. The notes will not be listed, may have limited liquidity, and secondary prices may be substantially below the issue price.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due August 29, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
At maturity, if both the Dow Jones Industrial Average and S&P 500 Index finish above their initial levels, investors receive $1,000 plus a leveraged upside payment equal to 115% of the appreciation of the worst performing index. If at least one index is at or below its initial level but both remain at or above 70% of their initial levels, investors receive only $1,000. If either index closes below 70% of its initial level, repayment is reduced one-for-one with the decline of the worst performer, with no minimum payment, so the entire investment can be lost.
The securities are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The estimated value on the pricing date is approximately $943.60 per security, reflecting issuance, selling, structuring and hedging costs and internal pricing assumptions, and may differ from any secondary market prices.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 2, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,693,000, and is linked to the worst performer of three ETFs: the State Street Health Care Select Sector SPDR ETF (XLV), the State Street Real Estate Select Sector SPDR ETF (XLRE) and the VanEck Gold Miners ETF (GDX).
The notes pay a contingent coupon at 13.40% per annum, only if on each observation date all underliers close at or above their coupon barrier levels, set at 60% of their initial levels (XLV: $98.112; XLRE: $27.18; GDX: $46.068). The downside threshold levels are identical to the barriers. If the notes are not redeemed and any final underlier level is below its downside threshold, the maturity payment is reduced in proportion to the worst-performing underlier, potentially to zero.
Beginning August 4, 2027, the issuer may redeem the notes on specified dates for par plus any due coupon, but only if a risk neutral valuation model indicates redemption is economically rational for the issuer. The estimated value on the pricing date is $979.20 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 30, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal per security. Returns are linked to the worst performer of the Dow Jones Industrial Average, EURO STOXX 50® Index and Russell 2000® Index.
Investors may receive a contingent coupon of 8.75%–9.75% per year, paid only if on each observation date all three indices close at or above their respective coupon barrier levels, set at 80% of initial levels. The notes are automatically redeemed at par plus the applicable coupon if, on specified redemption determination dates, all indices are at or above their call thresholds (100% of initial levels.
If not called, and at maturity all indices are at or above downside thresholds of 70% of initial levels, principal is repaid (plus any final coupon). If any index finishes below its downside threshold, repayment is reduced in full proportion to the worst index’s decline, potentially to $0. The estimated value on the pricing date is about $950.20 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with Auto-Callable Feature due August 4, 2033, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security, total offering size of $5,979,000, and pay no interest. All payments depend on Morgan Stanley’s credit.
The notes may be automatically redeemed quarterly from August 2, 2027 if the index is at or above the call threshold level of 1,262.07, paying a cash amount that corresponds to about 18.25% per annum, up to a maximum early redemption payment of $2,262.292 per $1,000. If held to maturity and not called, investors receive $2,277.50 per security if the final index level is at or above the buffer level of 1,009.656 (80% of initial). Below the buffer, principal is reduced 1% for each 1% index decline beyond the 20% buffer, with a minimum payment of 20% of principal. The estimated value at pricing is $909.60 per security, reflecting embedded costs and the issuer’s pricing models.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due August 2, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the State Street SPDR S&P Regional Banking ETF. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal of $4,780,000.
Investors may receive a 9.00% per annum contingent coupon, payable only if the ETF’s closing level on an observation date is at or above the coupon barrier level of $53.13, which is 70% of the initial level of $75.90. The notes are auto-callable quarterly beginning October 30, 2026 if the ETF is at or above the call threshold of $75.90, returning principal plus the applicable coupon.
If not redeemed early, at maturity investors receive principal back (plus any final coupon) only if the ETF is at or above the downside threshold of $53.13. Otherwise, repayment is reduced 1% for each 1% decline in the ETF, potentially to zero. The estimated value on the pricing date is $973.50 per security, below the issue price, and all payments are 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, principal-at-risk notes linked to an equally weighted basket of Apollo, Blackstone, Ares and KKR stocks. Each security has a $1,000 stated principal amount and issue price, with a total offering of $1,000,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on August 17, 2027 for a fixed $1,215 per security if the basket level on the August 12, 2027 determination date is at or above 100% of the initial level, after which no further payments are made. If held to August 3, 2028 and not called, investors receive at least principal only if the final basket level is at or above the 85 buffer level. Above the initial level, investors receive principal plus the greater of a fixed $430 upside payment or 150% of the basket’s appreciation; below the buffer, losses accelerate at 1.1765% of principal for each 1% decline beyond the 15% buffer, with no minimum payment at maturity.
The estimated value on the pricing date is $978 per $1,000 note, reflecting embedded costs and the issuer’s lower internal funding rate. The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, may be illiquid, and have complex and uncertain U.S. tax treatment characterized as prepaid financial contracts.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due September 6, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the iShares Silver Trust, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index.
Investors may receive a contingent coupon at 10.00%–11.00% per year, but only if on each observation date all underliers are at or above their coupon barrier, set at 50% of initial levels. Missed coupons can be paid later if barriers are met, but coupons can be zero for the entire term.
The notes are auto-callable from February 26, 2027 if all underliers are at or above 100% of their initial levels, returning principal plus applicable coupons. If not called, and at maturity any underlier is below its 50% downside threshold, repayment of principal is reduced 1% for each 1% decline of the worst underlier, potentially to zero. The estimated value on the pricing date is about $958.50 per $1,000, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with Auto-Callable Feature and Downside Factor, linked to the Nasdaq-100 Index® and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $800,000, issued under the Series A Global Medium-Term Notes program. The notes pay no interest and do not guarantee repayment of principal; all payments depend on Morgan Stanley’s credit.
The notes may be automatically redeemed on scheduled determination dates if the index closing level is at or above the call threshold level of 28,106.35, delivering fixed early redemption payments that correspond to an approximate 11.32% per annum return (e.g., $1,113.20 to $1,198.10 per security). If not called, payment at maturity depends on the final index level: investors receive $1,226.40 per security if the final level is at or above the call threshold, only the principal if the final level is between the call threshold and the buffer level of 22,485.08 (a 20% buffer), and a leveraged loss of 1.25% of principal for each 1% decline beyond the buffer, potentially reducing the payment to zero.
The issue price is $1,000 per security, including up to $15 in placement fees per $1,000, with an estimated value on the pricing date of $977.10. The notes are unsecured obligations of MSFL with no listing, limited liquidity is expected, and secondary market prices are expected to be below the issue price due to embedded costs and credit spreads. U.S. federal income tax treatment is uncertain; counsel views the notes as prepaid financial contracts, and investors are directed to detailed tax discussions, including potential implications of Section 871(m) for non-U.S. holders.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS structured notes due September 6, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest, with principal at risk and no minimum payment at maturity.
The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. At maturity, if all three final levels exceed their initial levels, investors receive principal plus 200% of the worst performer’s gain, capped by a maximum upside payment of $1,650 to $1,670 per security. If any index is at or below its initial level but all remain at or above 70% of their initial levels, investors receive principal plus a positive return equal to the absolute decline of the worst performer, with this absolute return effectively capped at a 30% gain.
If any index finishes below its 70% downside threshold level, repayment is reduced 1% for each 1% decline of the worst performer, and the amount repaid can fall to zero. The estimated value on the pricing date is approximately $966.20 per security, 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 offering Jump Securities with an auto-callable feature due August 4, 2031, linked to the worst performer of the EURO STOXX 50® Index and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These principal at risk securities pay no interest and do not guarantee return of principal.
The stated principal amount and issue price are $1,000 per security, with an aggregate principal amount of $715,000 and an estimated value on the pricing date of $958.30 per security. The notes may be automatically redeemed quarterly from August 6, 2027 onward if each index is at or above its call threshold level of 100% of initial, for early redemption payments corresponding to a return of approximately 11.15% per annum (for example, $1,111.50 on the first determination date, rising to $1,529.625 on the 16th).
If not redeemed early, and on July 30, 2031 both indices are at or above their call thresholds, investors receive $1,557.50 per security. If at least one index is below its call threshold but both remain at or above the downside thresholds of 70% of initial (SX5E: 4,441.08; SPX: 5,206.341), investors receive only the $1,000 principal. If either index finishes below its downside threshold, repayment is reduced in full proportion to the decline of the worst performer, potentially to zero. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an estimated value on the pricing date of approximately $896.40 per security.
Investors may receive a contingent coupon at 9.50%–10.50% per annum, paid only when the index closes at or above a coupon barrier level of 60% of the initial level on the relevant observation date; missed coupons can be paid later if the barrier is met, but may be lost entirely. The notes are subject to automatic early redemption on scheduled determination dates if the index is at or above a call threshold of 100% of the initial level, returning principal plus applicable coupons.
If not redeemed early and at maturity the index is at or above the buffer level of 85% of the initial level, investors receive full principal plus any payable coupons. Below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The notes do not participate in any index appreciation, are unsecured obligations exposed to Morgan Stanley’s credit risk, may have limited secondary market liquidity, and involve complex tax and index-structure risks.
Morgan Stanley Finance LLC is offering Enhanced Dual Directional Buffered Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount, pays no interest and matures on February 3, 2028, with the index observed only on January 31, 2028.
At maturity, if the S&P 500 final level is at or above the 7,437.63 initial level, investors receive principal plus a fixed $70 digital payment. If the index has declined but remains at or above the 93% digital threshold, investors receive principal, the digital payment and additional upside based on the absolute decline, capped at a 14% positive return. If the final level is between the 80% buffer level and the digital threshold, investors participate 100% in the absolute decline up to a 20% maximum positive return, without the digital payment.
Below the buffer, principal is reduced 1% for each 1% further index drop, subject to a 20% minimum payment of principal. The notes are principal-at-risk, priced at $1,000 with an estimated value of $971.10, include $15 per-note selling commissions, and are unsecured obligations exposed to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities due September 5, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are principal-at-risk securities with a stated principal amount of $1,000 per security.
At maturity, if the index is at or above its initial level, investors receive $1,000 plus the greater of index gains or an upside payment of $570 to $590 per security. If the index is below the initial level but at or above 80% of the initial level, investors receive a positive return matching the index’s absolute decline, capped at a 20% gain. Below the 80% buffer, principal is reduced 1% for each 1% further index decline, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $967.70 per security, reflecting issuance, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market, and involve complex tax and index-linked futures risks.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and maturing on August 29, 2031. Each security has a stated principal amount and issue price of $1,000 and is a principal-at-risk, unsecured obligation subject to Morgan Stanley’s credit risk.
The notes pay a contingent coupon at an annual rate of 12.35% to 13.35%, but only when the index closing level on an observation date is at or above the coupon barrier level set at 80% of the initial level; missed coupons can be “remembered” and paid later if the barrier is met. The notes are automatically redeemed if, on any redemption determination date starting August 26, 2027, the index is at or above the call threshold of 100% of the initial level, returning principal plus the applicable coupon and any unpaid contingent coupons.
If held to maturity without early redemption, investors receive principal back only if the final index level is at or above the buffer level of 85% of the initial level; otherwise, they lose 1% of principal 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 approximately $895.60 per $1,000 security, reflecting issuance, structuring and hedging costs. Investors do not participate in any upside of the index and face limited liquidity, potential loss of most of their investment, and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes 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 exposes investors to issuer and guarantor credit risk.
At maturity on October 5, 2027, if the S&P 500 final level is above the initial level, holders receive principal plus 200% of the index gain, capped at a maximum payment of $1,117.50 per security (111.75% of principal). If the index is flat or down but no more than 10% below the initial level, investors earn a positive “absolute return” on the decline, up to a 10% gain. If the index falls more than 10%, principal is reduced 1-for-1 beyond the buffer, subject to a minimum payment of 10% of principal.
The original issue price is $1,000, while the estimated value on the pricing date is approximately $987.40, reflecting structuring and hedging costs. The notes are principal-at-risk, may be illiquid, and their value is affected by S&P 500 performance, volatility and Morgan Stanley’s credit spreads, with complex and uncertain U.S. tax treatment as prepaid financial contracts.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due August 29, 2031, 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 and an original issue price of $1,000.
Investors may receive a contingent coupon at 10.75%–11.75% per annum, paid only if the index on an observation date is at or above a 70% coupon barrier level, with missed coupons potentially paid later if the barrier is met. The notes are auto-callable quarterly starting August 26, 2027 if the index is at or above a call threshold equal to 100% of the initial level, returning principal plus due and previously unpaid coupons.
At maturity, if not called and the final index level is at or above an 85% buffer level, investors receive full principal plus any payable coupons. Below the buffer, principal is reduced 1% for every 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $895.70 per security, reflecting embedded costs. Payments depend on Morgan Stanley’s credit and the performance of a relatively new, leveraged, decrement index.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature, principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an issue price of $1,000 and matures on August 29, 2031, subject to prior automatic early redemption.
Starting on August 27, 2027, if on any determination date the index closing level is at or above the call threshold level of 90% of the initial level, the notes are automatically redeemed for a fixed early redemption payment that corresponds to an annualized return of approximately 13.50% to 14.50%, with scheduled call payouts rising over time (for example, $1,135.00–$1,145.00 on the first call date and up to $1,663.75–$1,712.917 near maturity).
If not called, at maturity investors receive $1,675.00–$1,725.00 per security if the final index level is at or above the call threshold. If the final level is below the call threshold but at or above the 85% buffer level, investors receive only principal back. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $896.90 per security, and the notes do not pay periodic interest and are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering market-linked notes due August 29, 2031, linked to the EURO STOXX 50® Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no periodic interest and is issued at $1,000 under a medium-term note program.
At maturity, investors receive $1,000 plus an upside payment equal to 120% of any positive index return, based on the change from the strike-date closing level to the August 26, 2031 observation-date level. If the final index level is equal to or below the initial level, only the $1,000 principal is repaid.
The notes are unsecured obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, and are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date is approximately $946.80 per note, reflecting issuance, selling, structuring and hedging costs. The notes will not be listed on any exchange, and any secondary market making by Morgan Stanley & Co. LLC may be limited. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, generally requiring annual accrual of interest income.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Jump Notes with Auto-Callable Feature due August 31, 2033 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index at $1,000 stated principal per note. The notes pay no interest and may be automatically redeemed starting August 26, 2027 if the index closes at or above the call threshold, with early redemption payments starting at at least $1,102.50 per note and rising annually to at least $1,615.00 if called in 2032.
If not redeemed early and the final index level exceeds the initial level, holders receive principal plus 100% of index appreciation; otherwise only principal is repaid at maturity. The estimated value on the pricing date is approximately $921.10 per note, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk. The notes will not be listed on any securities exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes 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 $1,000 stated principal amount, pays no interest and exposes investors to the credit risk of Morgan Stanley and MSFL.
At maturity on September 6, 2030, if the final level of each index is above its initial level, investors receive $1,000 plus a leveraged upside payment based on a 131%–146% leverage factor applied to the appreciation of the worst-performing index. If the worst-performing index is flat or down but not below its 70% downside threshold, investors receive $1,000 plus up to a 15% capped positive return via a 50% absolute return participation rate. If either index finishes below its downside threshold, principal is reduced 1% for each 1% decline of the worst performer, with no minimum payment, so the entire investment can be lost.
The indicative estimated value on the pricing date is approximately $965 per $1,000 security, reflecting issuing, selling, structuring and hedging costs borne by investors. Liquidity may be limited, and any secondary market price is expected to be below $1,000 and sensitive to both index performance and Morgan Stanley’s credit spreads.