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 Jump Notes with Auto-Callable Feature due August 31, 2033, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. The notes pay no interest and return at least the $1,000 stated principal amount at maturity, subject to issuer credit risk.
The notes may be automatically redeemed quarterly starting August 26, 2027 if the index is at or above the call threshold, paying at least $1,080 per note on the first early redemption date and rising to at least $1,540 on the last. If held to maturity and the final index level exceeds the initial level, investors receive principal plus 100% of index appreciation; otherwise, only principal is paid. The estimated value on the pricing date is approximately $922.50 per note, reflecting issuance, selling, structuring and hedging costs, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 25, 2028, 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 State Street Energy Select Sector SPDR ETF (XLE) and the State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP).
Investors may receive a 9.80% per annum contingent coupon, paid on scheduled coupon payment dates only if on the related observation date the closing level of each ETF is at or above its coupon barrier level, initially set at 70% of its initial level. The notes are auto-callable on specified redemption determination dates starting February 22, 2027 if each ETF is at or above its call threshold level, equal to 100% of its initial level; in that case, holders receive the $1,000 principal plus the applicable coupon and no further payments.
At maturity, if the notes have not been redeemed and the final level of each ETF is at or above its downside threshold (also 70% of initial), investors receive $1,000 plus any final coupon. If either ETF finishes below its downside threshold, the payoff is reduced 1% for every 1% decline of the worst performer, potentially to zero, so principal is fully at risk. The estimated value on the pricing date is approximately $966.90 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 Enhanced Trigger Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount, with no periodic interest and principal at risk.
At maturity on September 6, 2030, if the final index level is at or above the downside threshold level of 70% of the initial level, investors receive $1,000 plus a fixed upside payment of $400 to $420 per security, regardless of further index gains. If the final level is below the threshold, the payout equals $1,000 multiplied by the performance factor (final level ÷ initial level), producing a 1% loss of principal for each 1% index decline and potentially zero return of principal.
The preliminary estimated value on the pricing date is approximately $970.20 per security, reflecting embedded issuance, structuring and hedging costs. The notes are subject to Morgan Stanley’s credit risk, have no minimum payment at maturity, limited upside, potentially low secondary market liquidity, and complex U.S. federal income tax treatment described as prepaid financial contracts that are “open transactions.”
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is a principal-at-risk unsecured obligation.
At maturity on March 1, 2030, if the S&P 500 final level on the February 26, 2030 observation date is at or above the 85% buffer level, investors receive $1,000 plus a fixed upside payment of $274.50 (a 27.45% return). If the final level is below the buffer, repayment is reduced dollar-for-dollar with losses beyond the 15% buffer amount, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $961.10 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s pricing assumptions. The notes are issued under the Series A global medium-term note program, are subject to Morgan Stanley’s credit risk, offer no principal protection beyond the minimum payment, and feature complex U.S. federal income tax treatment 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 (SLV), Nasdaq-100 Technology Sector Index (NDXT) and Russell 2000 Index (RTY).
Investors may receive a contingent coupon of 12.50%–13.50% per year, paid only if on each observation date all three underliers are at or above their coupon barrier levels, set at 60% of initial levels. Missed coupons can be paid later (“memory”) if a future observation date meets the barriers.
The notes are automatically redeemed if, on any redemption determination date from February 26, 2027 onward, all underliers are at or above their call thresholds, set at 100% of initial levels, for repayment of principal plus the due and any unpaid coupons. If held to maturity without early redemption and any underlier finishes below its downside threshold (60% of initial), the payoff is reduced 1% for each 1% decline of the worst performer, and can fall to zero. The estimated value on the pricing date is about $957.50 per $1,000, and all payments are subject to Morgan Stanley’s credit, limited liquidity, and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Buffered PLUS, unsecured structured notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with no periodic interest and principal at risk.
At maturity on August 29, 2031, investors receive: (i) if the final index level is above the initial level, $1,000 plus a leveraged upside payment equal to 172% of the index appreciation; (ii) if the final level is at or below the initial level but at or above 70% of the initial level, only the $1,000 principal; (iii) if the final level is below 70% of the initial level, a reduced amount based on full downside beyond a 30% buffer, but not less than 30% of principal.
The estimated value on the pricing date is approximately $947.40 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate, and may be lower than the issue price and any secondary market prices. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the notes are expected to have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is issuing 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, a pricing and strike date of August 18, 2026, and matures on September 23, 2027, with a single observation date on September 20, 2027. The notes pay no interest and principal is at risk.
At maturity, if the index is above its initial level, investors receive principal plus 110% of the index gain, capped at a maximum payment of $1,148.20 per security. If the index is between the initial level and the 90% buffer level, investors receive only principal. Below the buffer, investors lose 1% of principal for each 1% additional index decline, but not less than the minimum payment of 10% of principal.
The estimated value on the pricing date is approximately $988.70 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The securities are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and carry complex and uncertain U.S. tax treatment. The closing level of the S&P 500® Index on July 30, 2026 was 7,437.63, provided for historical context only.
Morgan Stanley Finance LLC is issuing 805,600 Autocallable Leveraged Index Return Notes linked to Micron Technology, Inc. common stock, at a principal amount of $10 per unit, for an aggregate public offering of $8,056,000. The notes are senior unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically called after about one year (August 6, 2027) if Micron’s stock is at or above the Starting Value of $874.66. If called, holders receive a fixed Call Payment of $12.20 per unit, a 22% premium, and the investment ends. If not called, at maturity on August 7, 2028 investors receive: 150% leveraged upside on any increase in Micron; an “absolute return” for declines up to 40% (gain equals the percentage decline, down to the Threshold Value of $524.80); and beyond a 40% drop, 1‑for‑1 downside exposure, with up to 60% of principal at risk.
The initial estimated value is $9.733 per unit, below the $10 offering price, reflecting issuer funding rates and structuring and hedging costs borne by investors. The notes pay no periodic interest, do not provide dividends on Micron shares, have limited secondary market liquidity, and all payments depend on the credit of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due September 6, 2030, linked to the worst performing of the Dow Jones Industrial Average and S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and do not guarantee principal.
Each $1,000 note offers 127% leveraged upside on any positive performance of the worst performing index. If the final level of each index is at or above 70% of its initial level but at least one is at or below its initial level, investors receive only the $1,000 principal. If either index finishes below 70% of its initial level, repayment is reduced 1% for every 1% decline in the worst performer, with no minimum payment, so the loss can reach 100% of principal.
The estimated value on the pricing date is approximately $964.10 per note, reflecting issuing, selling, structuring and hedging costs. All payments depend on Morgan Stanley’s credit, secondary market liquidity may be limited, and the U.S. federal income tax treatment is described as uncertain.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes linked to the EURO STOXX 50® Index, due September 4, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is a principal-at-risk security.
At maturity, if the index is above its initial level, holders receive principal plus a leveraged upside payment based on a leverage factor between 167% and 182%. If the index is at or below the initial level but not below 80% of the initial level, investors receive principal plus a positive return equal to 50% of the absolute decline, effectively capped at a 10% positive return. If the index finishes below 80% of the initial level, investors lose 1% of principal for every 1% decline beyond the 20% buffer, but not below a minimum payment of 20% of principal.
The initial issue price is $1,000, while the estimated value on the pricing date is approximately $962.40 per security, reflecting issuing, selling, structuring and hedging costs. The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and overall credit risk, and their value depends solely on the index closing level on the single observation date, September 1, 2031.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due August 11, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of about $913.40, reflecting issuance, structuring and hedging costs borne by investors.
The notes pay a contingent coupon at 11.75% per annum only if, on each observation date, the S&P 500 Futures 40% Intraday 4% Decrement VT Index is at or above a 70% coupon barrier. Missed coupons may be paid later if the barrier is met, but may be lost entirely. The notes auto-call if the index is at or above a 90% call threshold on specified redemption determination dates, returning principal plus the applicable coupon and ending the investment. If held to maturity and not called, principal is repaid only if the final index level is at or above a 60% downside threshold; otherwise, repayment is reduced in full proportion to the index’s decline and may be zero. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes due September 5, 2031, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $965.40, reflecting issuance, selling, structuring and hedging costs borne by investors.
At maturity, if the final level of each index is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to the stated principal multiplied by a 139%–144% leverage factor and the percentage gain of the worst-performing index. If at least one index is at or below its initial level but both remain at or above 75% of their initial levels (the downside thresholds), investors receive only the $1,000 principal. If either index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, with no minimum payment, so the investment could lose all principal.
The observation date is September 2, 2031, and only the index levels on that date determine the payout. The notes pay no interest, are unsecured obligations of MSFL guaranteed by Morgan Stanley, and are subject to the credit risk of both. Secondary market liquidity is not assured, and MS & Co. may act as calculation agent and market maker, creating potential conflicts of interest. U.S. federal income tax treatment is uncertain and is expected to follow an “open transaction” prepaid financial contract approach, subject to future IRS or legislative changes.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities due August 29, 2031, linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest, and is subject to Morgan Stanley’s credit risk.
At maturity, if the index rises, holders receive principal plus 100% of the index gain, capped by a maximum upside payment of $1,645 to $1,665 per security. If the index is flat or down but not below the 85% buffer level, investors earn a positive return equal to the absolute index decline, up to about 15%. If the index falls below the buffer, principal is reduced 1% for each 1% drop beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $936.60 per $1,000 note, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured obligations of MSFL, which has no independent operations, and the tax treatment is uncertain, with counsel generally expecting prepaid financial contract treatment.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due September 6, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performer of the EURO STOXX 50®, Russell 2000® and S&P 500® indices.
Investors may receive a contingent coupon of 7.75%–8.75% per year, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 60% of their initial levels. The notes are auto-callable starting February 26, 2027 if all indices are at or above their call thresholds (100% of initial levels), in which case investors receive principal plus the applicable coupon and no further payments.
If the notes are not called and on the final observation date any index closes below its downside threshold (also 60% of its initial level), principal is reduced 1% for each 1% decline of the worst-performing index, down to zero. The estimated economic value on the pricing date is approximately $969.10 per $1,000 note, reflecting embedded costs. All payments are subject to Morgan Stanley’s and MSFL’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due September 22, 2027, linked to NVIDIA Corporation common stock and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays an annual 11.25% contingent coupon, only if NVIDIA’s closing level on the relevant observation date is at or above a coupon barrier level of 75% of the initial level; unpaid coupons may be “remembered” and paid later if the barrier is met.
The notes may be automatically redeemed on quarterly redemption determination dates starting February 17, 2027 if NVIDIA’s closing level is at or above the call threshold level of 100% of the initial level, returning principal plus the applicable coupon and any unpaid coupons. If not called, at maturity investors receive principal back only if the final NVIDIA level is at or above a buffer level of 75% of the initial level; otherwise, repayment is reduced 1% for each 1% decline beyond the 25% buffer, but not below a minimum payment of 25% of principal. The estimated value on the pricing date is approximately $986.40 per security, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an estimated initial value of approximately $934 due to issuance, structuring and hedging costs.
The notes are auto-callable from September 2027 through July 2031. If on any determination date the index closing level is at least 90% of the initial level (the call threshold), the notes are redeemed early for a fixed cash amount that corresponds to approximately 20.50%–21.50% per annum, after which no further payments are made.
If not called, at maturity in September 2031 investors receive: a fixed $2,025–$2,075 per security if the final level is at or above the call threshold; only principal back if the final level is at or above the 60% downside threshold but below the call threshold; or a loss of principal if the final level is below the downside threshold, which can reduce repayment to zero. The index includes a 4.0% per annum decrement, uses leverage and has limited live history, and all payments are subject to Morgan Stanley’s credit risk and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities, unsecured notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and matures on August 29, 2031.
At maturity, if the index is at or above its initial level, holders receive $1,000 plus the greater of index performance or a fixed upside payment of $566 (56.60%). If the index is below the initial level but at or above the 85% buffer level, investors gain a positive return equal to the index’s absolute decline, up to a 15% maximum gain. Below the buffer, principal is reduced 1% for each 1% further decline, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $949.70 per security, below the issue price, reflecting issuing, selling, structuring and hedging costs. Investors are exposed to principal loss, the credit risk of Morgan Stanley and MSFL, potential low secondary market liquidity, index volatility and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due August 29, 2030, linked to the worst performer of the Nasdaq-100 Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount and pays no interest, with principal at risk.
At maturity, if both indices finish above their initial levels, investors receive $1,000 plus a leveraged upside payment based on a leverage factor of 126% to 141% applied to the worst-performing index. If the worst-performing index ends at or below its initial level but at or above its 70% downside threshold, investors receive $1,000 plus an absolute-return-based gain, capped at a 15% positive return.
If either index finishes below its downside threshold, investors lose 1% of principal for each 1% decline in the worst-performing index, with no minimum payment and potential total loss of principal. The estimated value on the pricing date is approximately $941.40 per security, reflecting issuing, selling, structuring and hedging costs. All payments depend on the credit of Morgan Stanley Finance LLC and its guarantor, Morgan Stanley, and the notes are expected to be illiquid and subject to complex tax treatment.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due August 29, 2031, linked to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount, pays no interest and exposes investors to principal-at-risk. At maturity, if the worst-performing index is above its initial level, holders receive principal plus a leveraged upside payment based on a 133%–138% leverage factor. If the worst performer is at or below its initial level but at or above a 60% downside threshold, investors receive principal plus a positive return equal to the index’s percentage decline times a 50% absolute return participation rate, effectively capping gains from this feature at 20%.
If the worst-performing index closes below its downside threshold, investors lose 1% of principal for each 1% decline in that index, with no minimum payment and potential loss of the entire investment. The estimated value on the pricing date is approximately $933.80 per security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering unsecured market-linked notes due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per note. The notes pay no interest and are linked to the S&P 500® Futures Excess Return Index.
At maturity, investors receive $1,000 plus an upside payment equal to 132.50% of any positive index return; if the final index level is at or below the initial level, only $1,000 is repaid. An estimated value of approximately $945.90 per note reflects issuance, selling, structuring and hedging costs and Morgan Stanley’s funding rate.
The notes are subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market. Tax treatment is expected as contingent payment debt instruments, requiring annual interest accruals, and returns may be affected by futures market structure, index methodology changes and conflicts of interest at affiliates acting as calculation agent and hedging counterparties.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS, a series of principal-at-risk structured notes due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest, and is linked to the worst performer among the Dow Jones Industrial Average℠, Nasdaq-100 Index® and Russell 2000® Index.
At maturity, if all underliers finish above their initial levels, investors receive principal plus a leveraged upside payment based on a leverage factor of 138.50% to 153.50%. If the worst underlier declines but stays above its 80% buffer level, investors receive a positive return equal to its absolute decline, capped at a 20% gain. If any underlier finishes below its buffer level, principal is reduced 1% for each 1% decline of the worst underlier beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal.
The estimated value on the pricing date is approximately $929.80 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. All payments depend on Morgan Stanley’s and MSFL’s credit, and the notes may be illiquid, with any secondary market making at dealer discretion.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are issued in $1,000 denominations, pay no interest, and mature on August 29, 2031.
At maturity, if the index is above its initial level, holders receive principal plus a leveraged gain using a leverage factor of 177%–182%. If the index is at or below the initial level but at or above 60% of the initial level, investors receive principal plus a positive amount equal to 50% of the absolute decline, effectively capping this scenario’s return at 20%. If the index finishes below 60% of its initial level, investors lose 1% of principal for each 1% index decline, with no minimum payment.
The estimated value on the pricing date is approximately $935.30 per $1,000 note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk. Tax counsel views them, under current conditions, as prepaid financial contracts, with Section 871(m) withholding generally not expected to apply to Non-U.S. Holders based on current determinations.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 15, 2028, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Investors may receive a contingent coupon at 9.40% per annum, paid only if on each observation date all three indices are at or above their respective coupon barrier levels, set at 75% of initial levels. The notes are auto-callable quarterly (after the first call date) if all indices are at or above their 100% call thresholds, in which case holders receive $1,000 plus the applicable coupon and the notes terminate.
If the notes are not called and on the final observation date any index is below its 70% downside threshold, the maturity payment is reduced in proportion to the decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $973.20 per $1,000, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk. The securities lack principal protection, may pay no coupons over their life and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due August 29, 2031, linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is issued under Morgan Stanley Finance LLC’s Series A Global Medium-Term Notes program.
At maturity, if the S&P 500® final level is above the initial level, investors receive principal plus a 100% participation in index gains, capped at a maximum payment of $1,996 per security. If the final level is at or below the initial level but at or above 90% of the initial level, investors receive only the stated principal amount. If the final level is below 90% of the initial level, investors lose 1% of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal.
The estimated value on the pricing date is approximately $950.60 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. Payments depend entirely on Morgan Stanley Finance LLC’s and Morgan Stanley’s credit; these securities are unsecured, not bank deposits and not FDIC insured.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and matures on August 29, 2031.
At maturity, if the index has risen, holders receive principal plus a leveraged upside based on a leverage factor of 152% to 167%. If the index is down but not below 85% of the initial level, investors earn an “absolute return” on the decline, capped at a 15% positive return. If the index falls below the 15% buffer, principal is reduced 1% for each additional 1% decline, subject to a minimum payment of 15% of principal.
The indicative estimated value on the pricing date is $930.60 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured, subject to Morgan Stanley’s credit risk, may have limited secondary market liquidity and involve complex risk and U.S. tax considerations.
Morgan Stanley Finance LLC is offering principal at risk Jump Securities with an auto-call feature due August 30, 2029, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of the Russell 2000 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $949.20, reflecting issuance, selling, structuring and hedging costs borne by investors.
If on the first determination date, September 2, 2027, the closing level of each index is at or above its 100% call threshold level, the notes are automatically redeemed on September 7, 2027 for an early redemption payment of $1,137.50 per security, and no further payments are made. If not called, the maturity payoff depends on the final level of the worst performing index: investors receive principal plus an upside payment equal to 125% (participation rate) of the index gain if both indices finish above their initial levels; only principal if both are at or above their 75% downside threshold levels; and a loss of 1% of principal for each 1% decline in the worst performer if either finishes below its downside threshold, potentially resulting in a zero return of principal.
The securities pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, and may be illiquid, with secondary market prices likely below the $1,000 issue price. Historical reference levels include a Russell 2000 closing level of 2,946.101 and S&P 500 closing level of 7,437.63 on July 30, 2026, but past performance does not predict future results.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due August 30, 2029, linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, with no interest payments and principal at risk.
At maturity, if the final level of every index is at or above its respective downside threshold level (70% of its initial level), investors receive $1,000 plus an upside payment of $302.50 to $322.50 per note, a fixed return of 30.25% to 32.25% regardless of further index gains. If any index closes below its downside threshold, repayment equals $1,000 multiplied by the performance factor of the worst performing index, producing a 1% loss of principal for each 1% index decline, with no minimum payment and the possibility of a total loss.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s credit, and the estimated value on the pricing date is approximately $950.20 per note, below the issue price due to selling, structuring and hedging costs. The issuer highlights significant risks including capped upside, full downside exposure below the threshold, potential illiquidity in secondary trading, valuation model subjectivity and uncertain U.S. federal income tax treatment, including possible future changes affecting derivative contracts.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, $1,000 principal amount each, due August 29, 2030, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and do not guarantee return of principal. At maturity, if the final level of each index is at or above its downside threshold level of 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $400–$420 per note. If any index finishes below its threshold, repayment is reduced 1% for each 1% decline in the worst performing index, and the payment can be zero. The estimated value on the pricing date is approximately $941.50 per note. All payments are subject to Morgan Stanley’s credit risk, there is no assured secondary market, and the U.S. federal income tax treatment is described as uncertain.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due September 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, a relatively new, rules-based, volatility-targeting index with a 4% per annum decrement.
The notes may pay a contingent coupon at an annual rate of 13.25%–14.25%, but only if the index closing level on each observation date is at or above a coupon barrier of 60% of the initial level; missed coupons can be paid later if the barrier is subsequently met. They are automatically callable on scheduled dates if the index is at or above 100% of the initial level, returning principal plus due coupons. If held to maturity and not previously called, investors receive principal only if the final index level is at or above a downside threshold of 60% of the initial level; otherwise, repayment is reduced one-for-one with the index loss, and can be zero. The estimated value on the pricing date is approximately $930.20 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk with limited expected liquidity.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due August 29, 2030, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
At maturity, if the final index level on August 26, 2030 is at or above 70% of the initial level, holders receive $1,000 plus a fixed upside payment of $355 to $375 per security, representing 35.50% to 37.50% of principal, regardless of how strongly the index performs above the threshold. If the final level is below 70% of the initial level, repayment is reduced 1% for each 1% index decline, with no minimum payment; investors can lose their entire investment.
The estimated value on the pricing date is approximately $943.50 per security, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s funding rate. Returns depend solely on the observation-date level, are subject to market and volatility risks of equity futures, and all payments are exposed to the unsecured credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Trigger Jump Securities due August 30, 2029, linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk unsecured obligations.
At maturity, each $1,000 security pays: (i) if the final index level is greater than or equal to the initial level, $1,000 plus a fixed upside payment of $340.00 to $360.00; (ii) if the final level is below the initial but at or above the downside threshold level of 70% of the initial level, $1,000; (iii) if the final level is below the downside threshold, $1,000 multiplied by the performance factor (final level / initial level), resulting in a 1% loss of principal for each 1% index decline and potentially zero repayment. The estimated value on the pricing date is approximately $948.50 per security, reflecting issuance, selling, structuring and hedging costs that reduce economic terms.
Key risks include the lack of principal protection or interest, capped upside, reliance on the single observation date level, potential high volatility of the Nasdaq-100 Index®, Morgan Stanley’s and MSFL’s credit risk, limited or no secondary market liquidity, conflicts of interest in calculation and hedging, and uncertain U.S. federal income tax treatment of the notes as prepaid financial contracts.
Morgan Stanley Finance LLC is offering market-linked notes due September 6, 2030, fully and unconditionally guaranteed by Morgan Stanley. The unsecured notes pay no interest and return at least the $1,000 stated principal per note at maturity, subject to issuer credit risk.
The payoff depends on the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. If the final level of each index is above its initial level, holders receive principal plus 100% of the worst index’s gain, capped at $1,505 to $1,555 per note (150.50%–155.50% of principal). If either index finishes at or below its initial level, investors receive only principal. The notes are not listed, have an estimated value of about $971 per note on the pricing date, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes, requiring annual interest accruals.
Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) due September 5, 2031, linked to the S&P 500® Futures Excess Return Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $964.20, reflecting embedded issuing, selling, structuring and hedging costs borne by investors.
At maturity, if the final index level is above the initial level, investors receive $1,000 plus a leveraged upside payment based on a leverage factor between 231.50% and 236.50%. If the final level is at or below the initial level but at or above the downside threshold of 70% of the initial level, investors receive only $1,000. If the final level is below the downside threshold, investors lose 1% of principal for each 1% index decline, with no minimum payment, so the entire investment can be lost. All payments depend on Morgan Stanley’s credit, secondary market liquidity may be limited, and the U.S. federal income tax treatment is uncertain.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 12, 2029, linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX), fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 security pays a contingent coupon at 8.00% per annum, but only if on each observation date both ETFs close at or above 50% of their initial levels; missed coupons can be paid later if the condition is subsequently met. Starting August 9, 2027, the notes are automatically callable on monthly determination dates if both ETFs are at or above 100% of initial, returning principal plus the current and any unpaid coupons.
If not called, at maturity investors receive principal back only if the final level of each ETF is at or above an 85% buffer level. Otherwise, the payoff is reduced 1% for each 1% decline of the worst ETF beyond the 15% buffer, with a minimum repayment of 15% of principal, plus any final contingent coupon if conditions are met. All payments depend on Morgan Stanley’s credit, and the estimated value on the pricing date is approximately $943.10 per $1,000 security due to embedded costs.
Morgan Stanley Finance LLC is offering Trigger Jump Securities due August 31, 2028, unsecured notes linked to the worst performing of the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount, pays no interest and does not guarantee any return of principal. At maturity, if the final level of each index is at or above its initial level, investors receive $1,000 plus a fixed upside payment of $275 to $285 per security.
If either index is below its initial level but both remain at or above 80% of their initial levels, investors receive only the $1,000 principal. If either index finishes below its 80% 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 $955 per security, reflecting issuance and hedging costs. The notes are intended for investors willing to accept equity index risk, limited upside and significant downside exposure, and to hold to maturity.
Morgan Stanley Finance LLC is offering Dual Directional Trigger Jump Securities linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount, pays no interest and exposes investors to principal at risk.
At maturity on August 29, 2031, if the index is at or above its initial level, holders receive $1,000 plus the greater of the index gain or a fixed upside payment of $562.50–$582.50. If the index is below its initial level but at or above 70% of that level, investors get $1,000 plus a positive return equal to the index’s percentage decline, capped at a 30% gain. If the index finishes below the 70% downside threshold, investors lose 1% of principal for each 1% index decline, up to a total loss.
The estimated value on the pricing date is approximately $935.60 per security, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, may be illiquid, and carry complex tax and derivative risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Buffered Jump Securities maturing on August 29, 2031, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the index is at or above its initial level, holders receive $1,000 plus the greater of the index gain or a fixed upside payment of $490–$510 per security. If the index is below the initial level but at or above the 80% buffer level, investors earn a positive return equal to the absolute index decline, up to a 20% gain. If the final level is below the buffer, principal is reduced 1% for each 1% further decline, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $937.90 per $1,000 security, reflecting issuing, selling, structuring and hedging costs. The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk, may be illiquid, and involve complex payoff and tax characteristics.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-callable feature, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, maturing on September 6, 2029. Each security has a $1,000 stated principal amount, is unsecured, and fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on September 10, 2027 for an early redemption payment of $1,165 per security if on the first determination date each index closes at or above its 100% call threshold of its initial level. If not called, at maturity investors receive: principal plus an upside payment equal to 150% of the gain of the worst-performing index if both final levels exceed initial levels; principal only if each index is at or above its 75% downside threshold level but at least one is at or below its initial level; or a loss of 1% of principal per 1% decline in the worst-performing index if either finishes below its downside threshold, potentially resulting in a zero payment.
The estimated value on the pricing date is approximately $970.40 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. All payments depend on Morgan Stanley’s credit, there is no interest, no principal protection, limited liquidity, and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due September 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and pays no interest. The notes are linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices.
At maturity, if each index finishes above its initial level, holders receive principal plus 400% leveraged upside, capped at a maximum payment of $1,890 to $1,940 per $1,000. If any index finishes at or below its initial level but all remain at or above 70% of their initial levels, investors receive only principal. If any index ends below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, and the payment can fall to zero.
The securities are unsecured obligations subject to the credit risk of Morgan Stanley and MSFL. The estimated value on the pricing date is about $964.60 per security, reflecting issuance, structuring and hedging costs that reduce economic terms for investors.
Morgan Stanley Finance LLC is offering Market-Linked Notes due August 30, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the Morgan Stanley Amplitude Index. The notes pay no interest and return at least the $1,000 principal per note at maturity, subject to issuer and guarantor credit risk.
At maturity, if the Index’s final level exceeds its initial level, holders receive principal plus an upside payment equal to principal × a participation rate of 478%–483% × the Index percent change. If the final level is at or below the initial level, only principal is repaid. The estimated value on the pricing date is approximately $917.30 per note, reflecting issuance, structuring and hedging costs.
The Amplitude Index is a new, rules-based, multi-asset strategy with a 5% volatility target, leverage up to 125%, and a risk-mitigation multiplier mechanism, and it incurs ongoing fees including a 0.65% per annum index fee plus component costs. The notes will not be listed, secondary liquidity may be limited, and U.S. investors are expected to treat them as contingent payment debt instruments for tax purposes.
Morgan Stanley Finance LLC is offering Digital S&P 500 Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount, pays no interest, is unsecured and principal at risk, with a term expected to be 13–15 months.
At maturity, if the S&P 500 final level is at least 90% of the initial level, investors receive a (about $1,088.50–$1,103.80 per $1,000). If the index falls more than 10%, repayment declines linearly with a Buffer Rate of about 111.11%, and investors can lose their entire investment.
The price to the public is $1,000, including $10.90 in selling commissions and $989.10 in proceeds to the issuer per note. The estimated value on the trade date is approximately $985.40 per note. The notes will not be listed and secondary liquidity and pricing will depend on dealer markets and Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering market-linked notes due June 1, 2028, fully and unconditionally guaranteed by Morgan Stanley, with returns tied to the Morgan Stanley Amplitude Index™. Each note has a stated principal amount and issue price of $1,000 and pays no periodic interest.
At maturity, investors receive the principal plus an upside payment if the index final level exceeds the initial level, based on a participation rate of 250%–255%; otherwise only principal is repaid. The indicative estimated value on the pricing date is approximately $944.20 per note, reflecting issuance, structuring and hedging costs.
The underlier is a complex, rules-based multi-asset index targeting 5% volatility and applying a risk-mitigation multiplier-adjustment mechanism, with an annual fee of 0.65% plus transaction and margin costs that historically averaged about 1.4% per year on a back-tested basis. The notes are unsecured, not listed, subject to Morgan Stanley credit risk, potential illiquidity, CPDI tax treatment and the risks of a relatively new, back-tested strategy index.
Morgan Stanley Finance LLC is offering principal at risk “Jump Securities”, auto-callable notes due September 6, 2029, based on 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 and issue price, with an estimated value of about $973.60 per security on the pricing date due to embedded issuing, selling, structuring and hedging costs. The notes pay no interest and do not guarantee return of principal.
The notes are automatically redeemed on September 10, 2027 if, on the first determination date, each index closes at or above its call threshold, triggering an early redemption payment of $1,167.50–$1,177.50 per security. If not called, maturity payoff depends on the worst performing index: investors receive principal plus 150% of its gain if both indexes finish above initial levels; principal only if both finish at or above 70% of initial; and a 1:1 loss with the worst index if either finishes below 70%, potentially reducing the payment to zero.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and overall credit risk. Market value is expected to be below the issue price and secondary liquidity may be limited, with pricing influenced primarily by Morgan Stanley & Co. LLC.
Morgan Stanley Finance LLC is offering market-linked notes due August 30, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Index. Each note has a stated principal amount and issue price of $1,000 and pays no periodic interest.
At maturity, investors receive the $1,000 principal plus an upside payment equal to 100% of any positive S&P 500 performance, capped at a maximum payment between $1,185 and $1,205 per note. If the index level is at or below its initial level, only principal is repaid. The estimated value on the pricing date is approximately $955.40 per note, reflecting issuance, selling, structuring and hedging costs.
The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may have limited or no secondary market. For U.S. tax purposes, they are expected to be treated as contingent payment debt instruments, requiring annual accrual of interest income.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due September 6, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The notes are linked to the worst performing of the EURO STOXX 50, Russell 2000 and S&P 500 indices and are principal-at-risk.
Investors receive a contingent coupon, at an annual rate of 11.25%–12.25%, only if on each observation date all indices close at or above their coupon barrier level (80% of initial level). The notes are automatically redeemed at par plus the coupon if, on specified dates starting February 26, 2027, all indices are at or above their call threshold level (100% of initial level. If held to maturity without early redemption and any index finishes below its downside threshold level (70% of initial), investors lose 1% of principal for each 1% decline in the worst performer, potentially losing the entire investment. The estimated value on the pricing date is approximately $968.40 per $1,000 note.
Morgan Stanley Finance LLC is offering market-linked notes due August 29, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no periodic interest and is an unsecured obligation subject to the issuer’s and guarantor’s credit risk.
At maturity, if the final level of both underliers—the Dow Jones Industrial Average and the S&P 500® Index—is above its initial level, investors receive $1,000 plus 100% of the appreciation of the worst performing index, capped at a maximum payment of $1,375 to $1,425 per note. If the final level of either index is at or below its initial level, investors receive only the $1,000 principal.
The notes will not be listed on any exchange, and Morgan Stanley & Co. LLC may make a secondary market but is not obligated to do so. The estimated value on the pricing date is approximately $951.80 per note, reflecting issuance, selling, structuring and hedging costs. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, requiring annual accrual of taxable interest income.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities due September 5, 2031, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. The notes pay no interest and are principal-at-risk.
Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $965.80 due to embedded costs. If, on the September 2, 2031 observation date, all three indices are at or above 70% of their initial levels, investors receive $1,000 plus the greater of the index-based gain on the worst performer or a fixed upside payment between $497.50 and $517.50 per security.
If any index finishes below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, with no minimum payment at maturity, so the payoff can be zero. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities, $1,000 principal-at-risk notes linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. The notes are scheduled to price on August 26, 2026 and mature on August 29, 2031, pay no interest and are unsecured obligations subject to the issuer’s and guarantor’s credit risk.
At maturity, if the index is above its initial level, investors receive $1,000 plus 100% of the index gain, capped by a maximum upside payment of $1,600 per security. If the index is at or below the initial level but at or above 85% of it, investors receive $1,000 plus 100% of the absolute decline, effectively capped at a 15% positive return. If the index is below 85% of the initial level, investors lose 1% of principal for each 1% further decline, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $931.60 per security, reflecting issuing, selling, structuring and hedging costs embedded in the $1,000 issue price. The notes may be illiquid, their value can be volatile, and tax treatment is uncertain; they are intended for investors who can accept substantial downside risk and forego uncapped equity upside and current income.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due September 5, 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 issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 13.00% to 14.00% only if the index on an observation date is at or above a coupon barrier of 70% of the initial level; missed coupons may be paid later if the barrier is met. The notes are auto-callable from February 26, 2027 onward if the index is at or above 100% of its initial level, returning principal plus due and unpaid coupons.
If not called, at maturity investors receive principal back only if the final index level is at or above an 85% buffer level. Below that, losses match index declines beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $940.80 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due August 29, 2031, based on the performance of the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is issued at $1,000 per note.
The notes pay no interest. At maturity, if the index’s final level is greater than its initial level, holders receive $1,000 plus an upside payment equal to the participation rate (between 115% and 120%, set on the pricing date) times the index percentage gain. If the final level is equal to or below the initial level, investors receive only the $1,000 principal.
The estimated value on the pricing date is approximately $939.80 per note, below the issue price, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.