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 market-linked notes due September 6, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest, and is unsecured and unsubordinated.
The maturity payment depends on the worst performing of the EURO STOXX 50® Index and the Russell 2000® Index. If the final level of each index is above its initial level, holders receive $1,000 plus an upside payment equal to the participation rate (between 141% and 146%) times the index percent gain of the worst performer. If either index finishes at or below its initial level, investors receive only the $1,000 principal.
The notes will not be listed on any exchange, and any secondary market making by Morgan Stanley & Co. LLC may be limited. The estimated value on the pricing date is approximately $967.70 per note, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley and MSFL, and U.S. investors are expected to be taxed under the contingent payment debt instrument rules.
Morgan Stanley Finance LLC is offering market-linked notes due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per note and no periodic interest. The notes are unsecured and all payments are subject to Morgan Stanley’s credit risk.
The return is linked to the S&P 500® Futures Excess Return Index. At maturity, if the final index level on August 26, 2031 is above its initial level on August 26, 2026, investors receive the principal plus an upside payment equal to the participation rate (between 130% and 135%, set on the pricing date) multiplied by the index’s positive percentage change. If the final level is equal to or below the initial level, holders receive only the principal, with no positive return.
The original issue price is $1,000 per note, while the estimated value on the pricing date is approximately $941.40 per note, reflecting issuing, selling, structuring and hedging costs. The notes will not be listed on any exchange, secondary liquidity may be limited, and tax treatment is expected to follow contingent payment debt instrument rules. The closing level of the underlier on July 24, 2026 was 592.71.
Morgan Stanley Finance LLC is offering market-linked notes due August 29, 2030, fully and unconditionally guaranteed by Morgan Stanley, with returns tied 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.
At maturity, if the index’s final level on the August 26, 2030 observation date exceeds its initial level set on August 26, 2026, investors receive $1,000 plus an upside payment equal to the participation rate (between 109% and 114%) times the index’s percentage gain. If the final level is at or below the initial level, investors receive only the $1,000 principal, with no positive return.
The estimated value on the pricing date is approximately $950.10 per note, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured and subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, will not be listed on any exchange, and may have limited or no secondary market liquidity. For U.S. tax purposes, they are expected to be treated as contingent payment debt instruments, requiring annual interest income accrual.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due March 3, 2028, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal of $1,000 per security and principal at risk. Returns are linked to the worst performer of the Nasdaq-100® Technology Sector Index℠, Russell 2000® Index and S&P 500® Index.
Investors may receive a contingent coupon at an annual rate of 13.00%–14.00%, payable only if each index closes at or above its 80% coupon barrier on the relevant observation date. The notes are auto-callable quarterly starting February 26, 2027 if each index is at or above 100% of its initial level, returning principal plus the then-due coupon.
If not called, and on the final observation date any index is below its 70% downside threshold, repayment of principal is reduced in proportion to the decline of the worst-performing index and can be reduced to zero. The estimated value on the pricing date is approximately $966.80 per $1,000 security, reflecting issuance, selling, 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 September 6, 2030, linked to the worst performer of the EURO STOXX 50® (SX5E), Russell 2000® (RTY) and S&P 500® (SPX) indices. Each security has a $1,000 stated principal amount, an issue price of $1,000, and is fully and unconditionally guaranteed by Morgan Stanley, but principal is at risk and no interest is paid.
On the first determination date, September 7, 2027, if each index is at or above 100% of its initial level, the notes auto-redeem for an early redemption payment of $1,310 to $1,320 per security, with no further payments. If held to maturity and each final index level exceeds its initial level, investors receive $1,000 plus an upside payment equal to 150% of the gain of the worst performing index. If any final index level is at or below its initial level but all remain at or above 70% of initial, investors receive only principal back. If any index finishes below its 70% downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, potentially to zero.
The estimated value on the pricing date is approximately $970.90 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding spread. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk, may have limited or no secondary market liquidity, and involve complex U.S. federal income tax treatment.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature 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 an estimated value on the pricing date of approximately $949.50.
The notes may be automatically redeemed on September 7, 2027 for an early redemption payment of $1,150 per security if the index on the first determination date is at or above 100% of the initial level. If held to August 29, 2031 and not auto‑called, investors receive upside at a 125% participation rate if the final index level exceeds the initial level, full principal back if the final level is between 85% and 100% of the initial level, and a buffered loss beyond a 15% buffer if the final level falls below 85% of the initial level, subject to a minimum payment at maturity of 15% of principal.
The securities pay no interest, expose investors to the credit risk of Morgan Stanley and MSFL, may have limited or no secondary market liquidity, and involve complex U.S. federal income tax treatment described as prepaid financial contracts that are “open transactions.”
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performer of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon at 13.00% per annum, but only if on the relevant observation date the closing level of each index is at or above its coupon barrier level.
The notes are automatically callable beginning with the February 26, 2027 redemption determination date if both indices are at or above their 100% call thresholds, in which case investors receive $1,000 plus the applicable contingent coupon and no further payments. If not called, at maturity on December 3, 2027 investors receive principal back only if the final level of each index is at or above its 75% downside threshold; otherwise repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The indicative estimated value is approximately $976.10 per $1,000 note, reflecting issuance, structuring and hedging costs and Morgan Stanley’s credit spreads. All payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 10, 2028, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. These principal-at-risk notes are linked to the worst performing of three ETFs: the Invesco S&P 500® Equal Weight ETF, the iShares® Russell 2000® ETF and the State Street® Energy Select Sector SPDR® ETF.
Investors may receive a contingent coupon at 8.90% per annum, paid only if on each observation date the closing level of every underlier is at or above its coupon barrier level, set at 60% of its initial level. If any underlier is below its barrier on an observation date, no coupon is paid for that period.
Beginning on August 11, 2027, the notes are subject to issuer call on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley, in which case investors receive principal plus any due coupon and no further payments. At maturity, if the notes are not called and the final level of each underlier is at or above its downside threshold (also 60% of initial), investors receive principal plus any final coupon; otherwise, repayment is reduced 1% for each 1% decline in the worst performing underlier and can fall to zero. The estimated value on the pricing date is approximately $981.40 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering contingent income memory buffered auto-callable securities due August 12, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and pays a 12.00% per annum contingent coupon only if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is at or above a 70% coupon barrier on scheduled observation dates; missed coupons may be paid later if the barrier is met.
The notes may be automatically redeemed quarterly from August 2027 onward if the index is at or above the 100% call threshold, returning principal plus due and unpaid coupons. If held to maturity and the final index level is at or above the 85% buffer level, investors receive full principal (plus any payable coupons); below that, repayment is reduced 1% for each 1% index decline beyond the 15% buffer, subject to a 15% minimum payment. The estimated value on the pricing date is about $916 per $1,000, reflecting issuer costs. All payments depend on Morgan Stanley’s credit, and the securities may have limited or no secondary market and uncertain tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, pays no interest and is subject to Morgan Stanley’s credit risk.
At maturity on August 29, 2031, if the index’s final level is at or above the 85% buffer level, investors receive principal plus the greater of a fixed $510 upside payment (51%) or participation in the index gain, capped at a maximum payment of $1,600 (160% of principal). If the final level is below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, but not below a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $952.10 per security, reflecting issuance, selling, structuring and hedging costs.
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 EURO STOXX 50® Index. The notes have a $1,000 stated principal amount per note and are issued at $1,000 per note.
The notes pay no periodic interest. At maturity, investors receive the stated principal amount plus an upside payment equal to 112% of any positive index performance; if the final index level is at or below the initial level, only principal is repaid. The final level is the index closing level on the observation date, September 2, 2030.
The estimated value on the pricing date is approximately $965.50 per note, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured and unsubordinated obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, are not listed on any securities exchange, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due September 6, 2029, linked to the worst performer of the Dow Jones Industrial, EURO STOXX 50® and Russell 2000® indices and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $967.90, reflecting embedded issuance and hedging costs.
Investors may receive a contingent coupon of 11.00%–12.00% per annum, paid only if on each observation date all three indices close at or above 80% of their initial levels. The notes are automatically redeemed at par plus the coupon if, on specified determination dates starting February 26, 2027, all indices are at or above 100% of their initial levels. If held to maturity without early redemption and any index finishes below 70% of its initial level, repayment is reduced one-for-one with the worst index decline, and the maturity payment can fall to zero. The structure offers potentially high income but no principal protection, no participation in index gains, and exposes holders to Morgan Stanley’s credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due October 1, 2027, linked to the worst performer of the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, is issued at $1,000, pays no interest and does not guarantee any return of principal.
At maturity, if the final level of each index is at or above 85% of its initial level, investors receive $1,000 plus a fixed upside payment of $130 per security (a 13% return), regardless of how much the worst index has appreciated. If either index finishes below its downside threshold, investors receive $1,000 multiplied by the performance factor of the worst-performing index, leading to a 1% loss of principal for each 1% decline, with no minimum payment and potential total loss.
The pricing date is August 28, 2026, issue date September 2, 2026, and observation date September 28, 2027. The estimated value on the pricing date is approximately $973.60 per security, lower than the issue price due to issuing, selling, structuring and hedging costs and issuer economics. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering market-linked notes due September 5, 2031, fully and unconditionally guaranteed by Morgan Stanley, whose return depends on the S&P 500® Futures Excess Return Index. The notes pay no interest and are unsecured obligations subject to Morgan Stanley’s credit risk.
At maturity, investors receive the $1,000 principal per note plus an upside payment if the index’s final level on the September 2, 2031 observation date is above its initial level on August 31, 2026. The upside payment equals principal × participation rate × index percent change, where the participation rate will be set between 149% and 154%. If the final level is at or below the initial level, only principal is repaid.
The estimated value on the pricing date is approximately $965.80 per note, reflecting issuing, selling, structuring and hedging costs borne by investors. The notes will not be listed on any exchange, secondary liquidity may be limited, and tax treatment is expected to follow contingent payment debt instrument rules.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes due September 6, 2030 that pay no interest and return at least the $1,000 stated principal per note at maturity. The notes’ payoff is tied to the S&P 500® Futures Excess Return Index.
If the index’s final level on the September 3, 2030 observation date exceeds its initial level, holders receive $1,000 plus an upside payment equal to the index’s percentage gain multiplied by a 127%–137% participation rate. If the final level is at or below the initial level, only principal is repaid. The notes will not be listed, are subject to Morgan Stanley’s credit risk, and have an estimated value on the pricing date of approximately $971.70 per note, reflecting embedded issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due November 5, 2026, linked to the PHLX Semiconductor Sector Index, 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 $991.80, reflecting issuance, structuring and hedging costs borne by investors.
The note provides 100% participation in index appreciation up to a maximum payment at maturity of $1,166 per security (116.60% of principal). The initial index level is 11,471.245 and the buffer level is 9,750.558, equal to 85% of the initial level, giving a 15% buffer against losses. If the final level is below the buffer level, repayment is reduced by a downside factor of 1.1765% for each 1% decline beyond the buffer, with no minimum payment, so principal can be lost in full. The observation date is November 2, 2026, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is issuing fixed rate callable notes due August 17, 2034, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays 5.200% per annum, with interest accruing from August 17, 2026 and paid semi-annually on February 17 and August 17, using a 30/360 day-count convention.
The issuer may redeem the notes early, in whole but not in part, on specified redemption dates if a risk neutral valuation model indicates that redemption is economically rational for the issuer, paying 100% of principal plus accrued interest. The estimated value on the pricing date is approximately $974.90 per note, or within $54.90 of that estimate, reflecting issuance, structuring and hedging costs borne by investors. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any securities exchange, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is issuing fixed rate callable notes due August 17, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays a fixed 5.000% per annum interest rate on a semi-annual basis, and pays principal plus accrued interest at maturity if not redeemed earlier.
The notes are callable in whole at the issuer’s option on August 17, 2027 and February 17, 2028 at 100% of principal plus accrued interest, but only if a risk neutral valuation model indicates early redemption is economically rational to the issuer. Interest starts accruing on August 17, 2026, with the first interest payment on February 17, 2027.
The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, and all payments are subject to their credit risk. They will not be listed on any securities exchange, and secondary market liquidity may be limited. The estimated value on the pricing date is approximately $977.60 per note, below the $1,000 issue price due to issuing, structuring and hedging costs. Proceeds are for general corporate purposes.
Morgan Stanley Finance LLC is offering fixed rate callable notes due August 16, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a fixed annual interest rate of 4.750%, accruing from August 17, 2026 with semi-annual payments each February 16 and August 16, beginning February 16, 2027.
The issuer may redeem the notes early, in whole but not in part, on August 16, 2027 or February 16, 2028 at 100% of principal plus accrued interest if a specified risk neutral valuation model indicates redemption is economically rational for the issuer. The estimated value on the pricing date is approximately $982.90 per note, reflecting issuing, structuring and hedging costs included in the $1,000 issue price. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any securities exchange, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering fixed rate callable notes due August 15, 2036, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, pays a fixed interest rate of 5.250% per annum, and is issued in book-entry form in U.S. dollars.
Interest accrues from August 17, 2026 on a 30/360 basis and is payable semi-annually on the 15th of February and August, starting February 15, 2027. The issuer may redeem the notes early, in whole but not in part, on specified redemption dates at 100% of principal plus accrued interest, but only if a risk neutral valuation model indicates that redemption is economically rational for the issuer.
All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley. The notes are not listed on any securities exchange, and secondary trading may be limited. The estimated value on the pricing date is approximately $967.70 per note, below the issue price because it excludes issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering Buffered PLUS 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-performing of the Russell 2000 Index and the S&P 500 Index.
At maturity, if both indices finish above their initial levels, holders receive principal plus a leveraged upside of 115% of the worst performer’s gain. If at least one index is at or below its initial level but both remain at or above 80% of initial, investors receive only principal. If either index falls below its 80% buffer, investors lose 1% of principal per 1% additional decline in the worst performer, subject to a minimum payment of 20% of principal.
The preliminary estimated value on the pricing date is about $936 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured obligations subject to the credit risk of Morgan Stanley and MSFL, may have limited or no secondary market, and involve complex U.S. tax and small‑cap index risks.
Morgan Stanley Finance LLC is offering Buffered PLUS, five-year principal-at-risk structured 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 is issued under the Series A Global Medium-Term Notes program.
At maturity on August 29, 2031, holders receive $1,000 plus a leveraged upside if the index ends above its initial level, using a 159.00% leverage factor. If the index is between the initial level and the 80% buffer level, repayment is limited to principal. Below the buffer, investors lose 1% of principal per 1% additional decline, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $943.50 per security, and all payments depend on Morgan Stanley’s and MSFL’s credit. The notes are treated for U.S. tax purposes as prepaid financial contracts, with tax outcomes described as uncertain.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities due August 27, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and is linked to the lowest performing of NVIDIA and AMD common stock.
At maturity, investors receive $1,000 plus a contingent fixed return of at least 34.50% (about $345) if the lowest performing stock’s ending price is at or above its threshold price, set at 60% of its starting price. If the lowest performer ends below its threshold, repayment equals $1,000 plus $1,000 times that stock’s return, so investors can lose more than 40% and up to their entire principal.
The securities pay no interest, provide no dividends, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is about $962.10 per $1,000, reflecting issuance, selling, structuring and hedging costs and dealer compensation, including up to $23.25 in agent commissions per security. Liquidity is expected to be limited and secondary market prices may be significantly below face value.
Morgan Stanley Finance LLC is offering Contingent Income Buffered Auto-Callable Securities linked to the iShares® Expanded Tech-Software Sector ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, matures on August 3, 2029, and is part of the Series A Global Medium-Term Notes program.
Investors may receive a 10.45% per annum contingent coupon, paid only if the ETF’s closing level on an observation date is at or above a coupon barrier set at 70% of the initial level100% call threshold, in which case investors receive principal plus that period’s coupon and no further payments.
If not called, and the final ETF level is at or above the 70% buffer level, investors receive full principal back (plus any final coupon). If the final level is below the buffer, repayment is reduced by 1.4286% for each 1% decline beyond the 30% buffer, with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is approximately $980.40 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing $2,300,000 of Trigger Autocallable GEARS linked to the Russell 2000 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $10 principal amount, a 5‑year term and offers equity index-linked returns with principal at risk.
The notes may be automatically called on August 12, 2027 if the index is at or above the Autocall Barrier of 2,906.310, paying $11.20 per $10 (a 12% call return), after which no further payments are made. If not called and the index rises, maturity payoff is leveraged by an Upside Gearing factor of 1.635.
If held to maturity and the index is flat or down but at or above the Downside Threshold of 2,179.733 (75% of the Initial Level), investors receive only principal back. If the index finishes below this threshold, payoff is reduced one-for-one with the negative index return, and investors can lose up to 100% of principal. The notes pay no interest or dividends, have limited secondary market liquidity, and all payments depend on the credit of Morgan Stanley and MSFL. The estimated value on the trade date is $9.694 per $10 security, below the issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due August 17, 2028 linked to the common stock of Oracle Corporation. Each security has a $1,000 stated principal amount and an original issue price of $1,000, with an estimated value on the pricing date of approximately $955.60 per security.
The notes pay a contingent coupon at 24.00%–25.00% per annum only if Oracle’s closing price on an observation date is at or above a coupon barrier level equal to 60% of the initial level; missed coupons may be paid later if the barrier is subsequently met. The notes are auto-callable quarterly from February 16, 2027 if Oracle’s price is at or above a call threshold at 100% of the initial level, in which case investors receive principal plus the applicable coupon and any unpaid coupons, and the investment ends early.
If not called, and the final Oracle level on August 14, 2028 is at or above a downside threshold at 60% of the initial level, investors receive full principal plus any due coupons. If the final level is below the downside threshold, repayment is reduced in proportion to Oracle’s decline, and the maturity payment can fall to zero. The securities expose investors to full market risk of Oracle, issuer and guarantor credit risk, uncertain liquidity, and complex U.S. tax treatment, and are not principal-protected or FDIC insured.
Morgan Stanley Finance LLC is offering Digital Basket-Linked Notes due September 1, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk unsecured obligations linked to an equally weighted basket of six alternative asset manager stocks: Apollo Global Management, Ares Management, Blackstone, The Carlyle Group, KKR and TPG, each with ~16.667% weighting.
The initial basket level is 100. If on the August 30, 2027 determination date the final basket level is at least 85% of the initial level, investors receive a fixed threshold settlement amount of $1,197.80 per $1,000 face amount, capping upside at 19.78%. If the final basket level is below 85%, repayment is reduced by the basket’s decline beyond the 15% buffer, amplified by a buffer rate of approximately 117.65%, and investors can lose some or all principal.
The price to the public is $1,000 per note, with agent’s commissions of $10.90 and proceeds to the issuer of $989.10 per note. The estimated value on the trade date is approximately $969.60, reflecting issuance, structuring and hedging costs. The notes are not listed, not insured, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due August 17, 2028 linked to the Class A common stock of Space Exploration Technologies Corp. (ticker SPCX). Each security has a stated principal amount and issue price of $1,000, while the estimated value on the pricing date is approximately $925.40 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
The securities pay a contingent coupon at an annual rate of 21.00% to 22.00%, but only when the stock’s closing level on an observation date is 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 subject to automatic early redemption starting February 16, 2027 if the underlier closes at or above a call threshold of 100% of the initial level, in which case investors receive principal plus the applicable coupon and any unpaid coupons, and no further payments.
If not called, at maturity investors receive principal only if the final level is at or above a downside threshold of 60% of the initial level; otherwise, repayment is reduced 1% for each 1% decline in the underlier, potentially to zero. The underlier last closed at $112.20 on July 30, 2026 and has a limited trading history since June 12, 2026. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited secondary liquidity, and involve complex and uncertain U.S. federal tax treatment, including potential withholding for non-U.S. investors.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 17, 2028, linked to the common stock of Micron Technology, Inc. Each security has a stated principal amount and issue price of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at an annual rate of 30.25% to 31.25% on scheduled coupon payment dates, but only if Micron’s closing level on the related observation date is at or above a coupon barrier level equal to 60% of the initial level. Missed coupons may be paid later if the barrier is subsequently met, but can be lost entirely. The notes are auto-callable on specified redemption determination dates if the stock closes at or above 100% of the initial level, paying principal plus the applicable coupon and any previously unpaid coupons, with no further payments thereafter.
If the notes are not redeemed early and Micron’s final level is at or above a downside threshold equal to 60% of the initial level, investors receive full principal back (plus any due coupons). If the final level is below this threshold, repayment is reduced 1% for each 1% decline in Micron from the initial level, and the maturity payment can be zero. The estimated value on the pricing date is approximately $955.90 per $1,000 security, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s credit and there may be limited or no secondary market.
Morgan Stanley Finance LLC is offering contingent income memory auto-callable securities due August 17, 2028, linked to the common stock of Marvell Technology, Inc. Each security has a stated principal amount and issue price of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at an annual rate of 32.00% to 33.00%, but only when the underlier’s closing level on an observation date is at or above a coupon barrier level set at 60% of the initial level; missed coupons can be paid later if the barrier is later met. The notes are auto-callable from February 16, 2027 onward if the underlier is at or above the call threshold level (100% of the initial level), returning principal plus due and previously unpaid coupons.
If not called early, at maturity investors receive principal only if the final level is at or above a downside threshold level set at 60% of the initial level; otherwise they lose 1% of principal for each 1% decline in the underlier, potentially losing the entire investment. The estimated value on the pricing date is approximately $955 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 17, 2028, linked to the common stock of Advanced Micro Devices, Inc. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Each security has a $1,000 stated principal amount and issue price, while the estimated value on the pricing date is approximately $956.80 per security. Investors may receive a contingent coupon at 22.25%–23.25% per annum, payable only if AMD’s closing level on the relevant observation date is 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 callable starting February 16, 2027 if AMD’s closing level is at or above a call threshold of 100% of the initial level, in which case holders receive principal plus the applicable coupon and any unpaid coupons.
If not called, at maturity investors receive principal back only if the final AMD level is at or above a downside threshold of 60% of the initial level; otherwise, the payoff is $1,000 multiplied by the performance factor (final level divided by initial level), exposing investors to the full downside and potentially a zero return of principal. All payments are subject to Morgan Stanley’s credit risk. The closing level of AMD on July 30, 2026 was $485.39, provided as historical context only.
Morgan Stanley Finance LLC is offering principal at risk structured notes linked to the lowest performing of Amazon, Alphabet Class A and Meta Class A, maturing August 22, 2029 and fully guaranteed by Morgan Stanley. Each security has a $1,000 face amount, priced at $1,000 with dealer commissions embedded.
The notes may be automatically called on August 20, 2027 if each stock’s closing price is at or above its starting price, paying a cash call amount of at least $1,390 per $1,000 and then terminating. If not called, at maturity investors receive: 300% of the positive return of the lowest performer if it ends above its start; a contingent absolute return matching the magnitude of its loss up to a 40% decline; or full downside exposure if it finishes below 60% of its starting price, which can result in losing more than 40% and possibly all principal.
The estimated value on the pricing date is about $943.40 per security, below the issue price due to issuance, distribution, structuring and hedging costs. The notes pay no interest or dividends, have limited or no secondary market liquidity, and all payments depend on Morgan Stanley’s credit. U.S. tax treatment is uncertain and expected to follow “prepaid financial contract” treatment, and non-U.S. investors must consider potential Section 871(m) implications.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Securities due August 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performing of the common stocks of Johnson & Johnson, JPMorgan Chase & Co., and Target Corporation.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $475,000. Investors may receive a contingent coupon at 10.65% per annum, payable on scheduled coupon dates only if on the related observation date the closing level of each underlier is at or above its coupon barrier; missed coupons can be paid later if this condition is subsequently met. The coupon barrier and downside threshold for each underlier are set at 50% of its initial level, specifically $132.765 for JNJ, $172.355 for JPM, and $72.95 for TGT, based on initial levels of $265.53, $344.71 and $145.90, respectively, observed on July 29, 2026.
At maturity, if the final level of each underlier is at or above its downside threshold, investors receive the full principal plus any payable coupons. If the final level of any underlier is below its downside threshold, the repayment is reduced in proportion to the decline of the worst performing underlier, and the payment can be significantly less than principal or zero. The estimated value on the pricing date is $982.70 per security, below the issue price, reflecting issuance, structuring and hedging costs. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and there may be little or no secondary market.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with an auto-call feature linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an aggregate principal of $988,000, with an issue price of $1,000 and an estimated value of $984.70 on the pricing date.
The notes may be automatically redeemed on August 4, 2027 if the index on July 30, 2027 is at or above the call threshold level of 27,192.31, paying a fixed $1,114 per security and ending the investment. If held to maturity on August 3, 2028, investors receive principal plus a leveraged upside (200% participation) if the index is above the initial level; full principal back if the index is at or above the buffer level of 23,113.464 (15% buffer); or a reduced amount based on index decline beyond the buffer, subject to a minimum payment of 15% of principal.
The notes pay no interest, are unsecured obligations subject to the issuers’ credit risk, may trade below issue price due to embedded costs, and have limited liquidity. U.S. tax treatment is described as prepaid financial contracts, with outcomes potentially affected by future tax guidance.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal of $1,000 per security and an aggregate principal amount of $656,000. The notes are linked to the worst performer among Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL) and Microsoft (MSFT) stocks.
The notes offer no principal protection and no interest. From the first determination date on August 3, 2027, they are automatically redeemed if each stock’s closing level is at or above its call threshold (100% of its initial level), paying a fixed early redemption amount that targets about 39.50% per annum, then terminate. If held to maturity on August 2, 2029 and each final level is at or above its call threshold, investors receive $2,185 per security.
If any final level is below its call threshold but each is at or above its downside threshold (60% of initial), investors receive only the $1,000 principal. If any final level is below its downside threshold, repayment is $1,000 multiplied by the performance factor of the worst-performing stock, exposing investors to full downside in that name and potentially a zero payoff. The estimated value on the pricing date is $986.30 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Digital S&P 500 Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest, and have a term expected to be about 13–15 months, with payoff based on the S&P 500 Index.
For each $1,000 Face Amount, if the final S&P 500 level is at least 90% of the initial level, investors receive a fixed Maximum Settlement Amount expected between $1,088.50 and $1,103.80 (108.85%–110.38% of face). If the index declines more than 10%, repayment drops below principal using a Buffer Rate of approximately 111.11%, and investors can lose up to their entire investment.
The notes are issued under Morgan Stanley’s global medium-term note program, are subject to the credit risk of both Morgan Stanley Finance LLC and Morgan Stanley, and will not be listed on any exchange. The per-note price is $1,000, including a 0.95% sales commission; the estimated value on the trade date is about $985.40, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $2,760,000 of Contingent Income Memory Auto-Callable Notes due August 1, 2031, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 principal amount and an issue price of $1,000, with an estimated value on the pricing date of $959.80.
The notes pay a 6.15% per annum contingent coupon only when the index closing level on an observation date is at or above the coupon barrier level of 2,333.393 (75% of the initial level of 3,111.19); missed coupons may be paid later if the barrier is met. The notes auto-redeem at stated principal plus applicable coupons if the index is at or above the call threshold level of 3,111.19 on any redemption determination date, starting August 4, 2027.
If not redeemed early, investors receive the full principal at maturity, plus any due contingent coupons, regardless of index performance. Investors do not participate in index appreciation. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and their secondary market value may be lower than the issue price due to fees, hedging costs, and credit spreads.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 2, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal of $1,000 per security and an aggregate principal amount of $572,000.
The notes pay a 9.85% per annum contingent coupon, but only if on each quarterly observation date the Russell 2000 Index, S&P 500 Index and State Street Technology Select Sector SPDR ETF are all at or above their respective coupon barrier levels, set at 60% of initial levels. Beginning August 3, 2027, the issuer may redeem the notes on specified monthly dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer.
If not redeemed and on the final observation date each underlier is at or above its 50% downside threshold, investors receive principal plus any final contingent coupon. If any underlier is below its threshold, repayment is reduced 1% for every 1% decline of the worst performing underlier, potentially to zero. The notes do not offer principal protection, have limited liquidity, an estimated value of $981.50 per security below issue price, complex U.S. tax treatment and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS 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, pays no interest, and matures on August 19, 2031, with an observation date of August 14, 2031. The notes are unsecured and subject to the credit risk of both the issuer and guarantor.
At maturity, if the index final level is above the initial level, holders receive $1,000 plus a leveraged return equal to 235.50% of the index’s percentage gain. 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 the $1,000 principal. If the final level is below the downside threshold, the payoff equals $1,000 multiplied by the index performance factor, leading to a 1% loss of principal for every 1% index decline, with no minimum payment; the return can be zero.
The estimated value on the pricing date is approximately $971.10 per security, reflecting issuance, selling, structuring and hedging costs embedded in the $1,000 issue price. The securities are expected to be sold through Morgan Stanley & Co. LLC to fee-based advisory accounts, with possible structuring fees of up to $6.25 per security and a $0.50 per-security payment to a third-party analytics provider. The issuer highlights market, liquidity, valuation, tax and conflict-of-interest risks, and notes that investing is not equivalent to direct exposure to the underlying index.
Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor, principal-at-risk structured notes due February 11, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.
The return depends on the worst performing of three underliers: the iShares S&P 500 Growth ETF, the S&P 500 Equal Weight Index and the S&P 500 Index. At maturity, if every underlier finishes above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 167% of the worst performer’s gain. If at least one underlier is at or below its initial level but all remain at or above 75% of their initial levels (a 25% buffer), investors receive only the principal.
If any underlier ends below its buffer level, the notes lose 1.3333% of principal for every 1% decline in the worst-performing underlier beyond the 25% buffer, with no minimum payment at maturity, so the investment can be entirely lost. The indicative estimated value on the pricing date is approximately $995.20 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Capped Leveraged Buffered Basket-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and exposes investors to a weighted basket of five foreign equity indices with 40% in EURO STOXX 50®, 25% in TOPIX, 17% in FTSE® 100, 11% in Swiss Market Index® and 7% in S&P®/ASX 200.
At maturity in approximately 15–17 months, investors receive leveraged upside of 180% of any basket gain, capped at an expected $1,181.26–$1,213.12 per $1,000. A 15.00% downside buffer protects against moderate declines, but below 85% of the initial basket level losses increase at about 117.65% of further downside, and principal can be fully lost. The estimated value on the trade date is approximately $994.90 per note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Participation Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the Russell 2000® Index. Each note has a $1,000 stated principal amount, a 103.50% participation rate in index gains, a 15% downside buffer and a 15% minimum payment at maturity. The notes pay no interest and are unsecured obligations subject to the issuers’ credit risk, with a pricing date of August 6, 2026 and maturity on August 11, 2031.
At maturity, investors receive principal plus the upside payment if the index is above its initial level, principal only if it is between the initial and buffer levels, and a reduced amount if it falls below the buffer, losing 1% of principal per 1% decline beyond the buffer. The estimated value on the pricing date is approximately $975.40 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The product is designed for investors willing to forgo interest and accept substantial principal risk, including limited liquidity and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due August 1, 2031, linked to the S&P 500® Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest, and is subject to issuer and guarantor credit risk.
At maturity, investors receive $1,000 plus 100% of any index gain, capped at a maximum payment of $2,383.50 per security (238.35% of principal). A 20% buffer protects against moderate declines: if the index ends between 80% and 100% of its initial level of 7,316.15, principal is returned. Below the buffer level of 5,852.92, principal is reduced 1% for each 1% further decline, but not below 20% of principal.
The aggregate principal amount is $546,000, issued at $1,000 per security, with an estimated value on the pricing date of $981.80 reflecting structuring and hedging costs. The notes may have limited or no secondary market liquidity, and their value will be influenced by S&P 500® performance, volatility and Morgan Stanley’s credit spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered PLUS notes due August 12, 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 final level is above the initial level, investors receive principal plus a leveraged upside of 195% of the index gain. If the final level is at or below the initial level but at or above the 70% buffer level, investors receive only principal. If the final level is below the buffer, principal is reduced 1% for each 1% decline beyond the 30% buffer, subject to a minimum payment of 30% of principal. The estimated value on the pricing date is approximately $981.40 per security, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Buffered Participation Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate principal amount of $1,240,000, priced at 100% of principal.
The notes pay no interest and mature on August 1, 2031. At maturity, investors receive principal plus 100% of any positive index performance, capped at a maximum payment of $1,750 per security. If the index ends between the initial level of 7,316.15 and the buffer level of 6,218.728 (85% of the initial level), investors receive only principal. Below the buffer, investors lose 1% of principal for each 1% index decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is $950.40 per security, reflecting issuance, selling, structuring and hedging costs and a dealer commission of $38 per security. Liquidity is expected to be limited, and U.S. federal income tax treatment is based on characterization as prepaid financial contracts, with material uncertainties disclosed.
Morgan Stanley Finance LLC is offering Callable Contingent Income Buffered Securities due August 10, 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 Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the State Street® Utilities Select Sector SPDR® ETF.
The notes pay a contingent coupon at 10.85% per annum, only if on each observation date the closing level of every underlier is at or above its coupon barrier set at 70% of its initial level. Beginning November 12, 2026, the issuer may redeem the securities in whole on specified redemption dates if a risk neutral valuation model indicates that early redemption is economically rational for Morgan Stanley.
If not redeemed, at maturity investors receive principal back only if the final level of every underlier is at or above its buffer level, set at 80% of its initial level. Otherwise, repayment is reduced 1% for each 1% decline in the worst performer beyond the 20% buffer, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $984.90 per $1,000, and all payments are subject to Morgan Stanley’s credit risk. The U.S. tax treatment is uncertain and may be adverse compared with conventional debt.
Morgan Stanley Finance LLC is offering callable contingent income securities due February 1, 2029, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. The notes are linked to the worst performing of the Nasdaq-100® Technology Sector Index℠, the Russell 2000® Index and the S&P 500® Index and have a stated principal amount of $1,000 per security, with an aggregate principal amount of $388,000.
Investors may receive a 10.00% per annum contingent coupon, payable only if on each observation date the closing level of every index is at or above its coupon barrier (60% of its initial level). The issuer may redeem the notes early on specified redemption dates, but only if a risk neutral valuation model indicates it is economically rational for the issuer to do so. If not redeemed, and if on the final observation date each index is at or above its downside threshold (50% of its initial level), investors receive principal back (plus any final coupon). If any index ends below its downside threshold, repayment is reduced 1% for every 1% decline of the worst performer, potentially to zero. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, in $1,000 denominations. The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index and pay no interest.
The notes may be automatically redeemed on scheduled determination dates starting August 6, 2027 if the closing level of each index is at or above 100% of its initial level, for early redemption payments that correspond to a return of approximately 13.25% per annum. If held to August 8, 2029 and all indices are at or above their call thresholds, investors receive $1,397.50 per $1,000. If any index is below its call threshold but all are at or above 70% downside thresholds, only principal is returned. If any index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst index, and the payout can fall to zero.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $957.60 per $1,000, reflecting issuance, selling, structuring and hedging costs. Investors do not participate in any index appreciation and must be prepared to hold to maturity with a risk of total loss.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due February 11, 2031, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performance among the iShares S&P 500 Growth ETF, the S&P 500 Equal Weight Index and the S&P 500 Index. Each security has a $1,000 stated principal and pays no interest.
At maturity, if each underlier’s final level is above its initial level, holders receive $1,000 plus a leveraged upside of 183% of the worst underlier’s gain. If any underlier is at or below its initial level but all remain at or above 70% of their initial levels, investors receive only $1,000. If any underlier finishes below its 70% downside threshold, investors lose 1% of principal 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 $995 per security, below the issue price, reflecting issuance, structuring and hedging costs. The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and overall credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature due August 18, 2031. The unsecured notes are linked to the worst performing of three equity futures excess return indices: the Dow Jones Industrial Average Futures Excess Return Index, the Nasdaq-100 Futures Excess Return Index and the S&P 500 Futures Excess Return Index.
The notes have a $1,000 stated principal and issue price per security. Starting with the first determination date on August 17, 2027, the notes are automatically redeemed if each index is at or above its call threshold, paying early redemption amounts such as $1,300 or $1,450 per security, corresponding to returns of about 30% per annum; no further payments occur thereafter. If held to maturity and not called, investors receive principal plus a 200% participation in the gain of the worst performer if all three finish above their initial levels, principal only if all remain at or above 69% of their initial levels, and a proportional loss if any index ends below that 69% downside threshold, potentially losing the entire investment.
The estimated value on the pricing date is approximately $972.80 per security, below the issue price because of issuing, selling, structuring and hedging costs. All payments depend on Morgan Stanley’s credit, and the securities pay no interest, have uncertain tax treatment and may have limited secondary market liquidity.