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 (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk "Jump Securities" with an auto-callable feature due September 9, 2031, 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, with an estimated value on the pricing date of approximately $901.80 per security.
The notes pay no interest and may be automatically redeemed starting with the first determination date on September 8, 2027 if the index closes at or above the call threshold level of 90% of the initial level, for fixed early redemption payments that correspond to about 16.00% per annum, rising over time from $1,160 up to $1,786.667 per $1,000. If not called, at maturity investors receive $1,800 per $1,000 if the final index level is at or above the call threshold, only principal back if it is between the call threshold and the downside threshold of 50% of the initial level, and a loss of 1% of principal for each 1% index decline below that threshold, potentially down to zero.
All payments depend on the credit of MSFL and Morgan Stanley, and investors do not participate in any index appreciation beyond the fixed payment levels. The underlier is a leveraged, volatility-targeted, 4% decrement equity futures index established on March 14, 2022, whose closing level was 1,315.56 on August 25, 2026.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Performance Leveraged Upside Securities (PLUS) linked to the Russell 2000® Index, maturing on January 4, 2028, under its global medium-term note program. The notes are unsecured obligations of Morgan Stanley Finance LLC and are fully and unconditionally guaranteed by Morgan Stanley, with principal at risk and no periodic interest.
Each PLUS has a stated principal amount and issue price of $1,000, a 300% leverage factor on positive index performance, and a maximum payment at maturity of $1,210.50 per note (121.05% of principal). If the final index value is at or below the initial index value, investors receive $1,000 multiplied by the index performance factor and can lose their entire investment. The estimated value on the pricing date is approximately $970.40 per PLUS, reflecting embedded selling, structuring and hedging costs. The notes are not listed, have no minimum payment at maturity, and all payments depend on Morgan Stanley’s credit.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk structured notes linked to the worst performer of the Nasdaq‑100 Index, the Russell 2000 Index and the State Street Energy Select Sector SPDR ETF, maturing September 6, 2028.
The notes pay a 12.80% per annum contingent coupon only if on each observation date all underliers are at or above their coupon barrier levels, initially set at 70% of their strike-date levels. The notes are automatically called at par plus coupon if, on any redemption determination date starting February 26, 2027, all underliers are at or above 100% of their initial levels. If held to maturity and any underlier finishes below its 70% downside threshold, principal is reduced 1% for each 1% decline of the worst performer, potentially to zero. The estimated value on the pricing date is approximately $990 per $1,000 note, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and the Morgan Stanley guarantee.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Performance Leveraged Upside Securities (PLUS), Series A medium-term notes fully and unconditionally guaranteed by Morgan Stanley, linked to an equally weighted basket of ten U.S. and foreign stocks in the energy, power and industrial sectors. Each PLUS has a $1,000 stated principal amount, pays no interest, and matures on October 13, 2027, with a term of about 13 months from the expected September 21, 2026 issue date.
At maturity, investors receive $1,000 plus 150% of any positive basket return, capped at a maximum payment of $1,345 per PLUS (134.50%). If the basket is flat, principal is returned; if it declines, the loss of principal is on a 1:1 basis with no minimum, so the investment can go to zero. The basket initially has a value of 100 and is equally weighted at 10% in each of Bloom Energy, EQT, Eaton, GE Vernova, NextEra Energy, Trane Technologies, Vertiv, Vistra, Williams Companies and Exxon Mobil Holdings.
The PLUS will not be listed on any exchange, and liquidity may be limited. The estimated value on the pricing date is approximately $951.00 per PLUS, reflecting embedded selling, structuring and hedging costs, including a $10 sales commission and $5 structuring fee per PLUS. Investors are exposed to the full credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk callable fixed-income securities due September 22, 2027, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices and fully and unconditionally guaranteed by Morgan Stanley.
Each security has a stated principal amount of $1,000 and pays a fixed coupon at an annual rate of at least 9.50%, regardless of index performance, until early redemption or maturity. Beginning on March 22, 2027, the issuer may redeem the notes monthly, in whole, for principal plus the coupon if a risk neutral valuation model indicates it is economically rational for Morgan Stanley to do so; redemption is not triggered by index performance.
If the notes are not redeemed and on the final observation date any index is below 70% of its initial level, investors’ principal repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero; if all are at or above their thresholds, principal is repaid in full. Investors do not participate in any index upside, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $984.70 per $1,000 note, reflecting issuance, structuring and hedging costs.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) due September 14, 2028, linked to the worst performer of the iShares MSCI All Country Asia ex Japan ETF and the iShares MSCI Japan ETF. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
At maturity, if both ETFs finish above their initial levels, holders receive principal plus 157% of the worst performer’s gain. If either ETF is at or below its initial level but both are at or above 90% of their initial levels, holders receive only principal. If either ETF falls below its 90% buffer, investors lose 1% of principal for each 1% decline of the worst performer beyond the 10% buffer, subject to a minimum repayment of 10% of principal.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and are subject to the credit risk of both entities. The estimated value on the pricing date is approximately $979.50 per security, reflecting structuring and hedging costs that reduce investor economics. Secondary market liquidity is not assured and may rely primarily on Morgan Stanley & Co. LLC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Buffered Auto-Callable Securities due September 6, 2029, linked to the worst performer of the Nasdaq-100® Technology Sector Index℠ and the S&P 500® Index.
The notes pay a 10.00% per annum contingent coupon only if on each observation date both indices are at or above 80% of their initial levels; otherwise no coupon is paid. Starting February 26, 2027, the notes are automatically redeemed if on a redemption determination date both indices are at or above 100% of their initial levels, returning principal plus the applicable coupon. At maturity, if not previously redeemed, investors receive principal back only if both final index levels are at or above the 80% buffer level; otherwise repayment is reduced 1% for each 1% decline of the worst index beyond the 20% buffer, but not below 20% of principal. The estimated value on the pricing date is approximately $988.50 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering unsecured, auto-callable structured notes due September 7, 2029 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay no interest and return at least the $1,000 stated principal amount at maturity, subject to Morgan Stanley’s credit risk.
The notes are automatically redeemed if, on specified semiannual determination dates starting September 14, 2027, the index is at or above a 100% call threshold, paying fixed amounts that imply about 9.55% per annum, such as $1,095.50 on the first call date and up to $1,238.75 on the fourth. If not called and the final index level is at or above the threshold, investors receive $1,286.50 per note at maturity under the illustrative terms; otherwise they receive only principal.
The estimated value on the pricing date is about $976.50 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. The notes are not listed, secondary liquidity may be limited, and returns are capped with no participation in index gains beyond the fixed payouts. All payments depend on Morgan Stanley’s creditworthiness.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering 2‑year Callable Contingent Income Securities linked to the worst performing of the S&P 500, Russell 2000 and Nasdaq‑100 indices, fully and unconditionally guaranteed by Morgan Stanley and issued under its global medium‑term notes shelf.
Each $1,000 security pays a contingent quarterly coupon at 10.72% per year (about $26.80 per quarter) only if, on every index business day in the observation period, all three indices stay at or above 70% of their initial levels (the coupon barrier). Beginning December 9, 2026, the notes are callable quarterly in whole, solely if a risk neutral valuation model indicates it is economically rational for Morgan Stanley to redeem.
If not called, at maturity on September 8, 2028 investors receive principal back plus any final coupon only if each index is at or above 70% of its initial value (the downside threshold. Otherwise, payment is $1,000 multiplied by the worst index’s performance ratio, which can be less than 70% of principal and may be zero, so principal is fully at risk and investors do not participate in any index upside.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities due August 7, 2028, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices, in $1,000 denominations and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay an 8.00% per annum contingent coupon only if on each observation date all three indices are at or above 70% of their initial levels; otherwise no coupon is paid for that period. Starting December 7, 2026, the issuer may redeem the notes on scheduled redemption dates if a risk neutral valuation model shows calling is economically rational for it.
If not redeemed and, on the final observation date, each index is at or above 60% of its initial level, investors receive full principal plus any final contingent coupon. If any index is below 60%, repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk. The estimated value on the pricing date is approximately $973.10 per $1,000 note, reflecting issuance, selling, structuring and hedging costs, and U.S. tax treatment is complex and uncertain, with possible 30% withholding on coupons for many non-U.S. investors.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering market-linked, principal-at-risk securities due August 31, 2029, linked to an unequally weighted basket of five equity indices (EURO STOXX 50® 40%, Nikkei 225 25%, FTSE® 100 17.5%, Swiss Market Index 10%, S&P®/ASX 200 7.5%). The notes are auto-callable on September 2, 2027 if the basket is at or above the 100 starting level, paying a call amount of at least $1,101 per $1,000 face amount (a ≥10.10% premium), after which no further payments occur.
If not called, maturity payoff depends on basket performance: for gains, investors receive 125% of positive basket return; for declines up to 10%, they receive the $1,000 face amount; for declines beyond 10%, principal is reduced, with losses of up to 90% possible. The basket threshold level is 90 (a 10% buffer). The securities pay no interest and provide no dividends from the underlying indices. All payments are subject to Morgan Stanley’s credit. The issuer estimates each security’s value on the pricing date at about $957.90, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs, and dealer commissions of up to $25.75 per security.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities with Auto-Callable Feature” due September 10, 2032, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount and pays no interest.
The notes may be automatically redeemed on scheduled determination dates starting September 13, 2027 if the index closing level is at least 85% of its initial level, for early redemption payments that begin at $1,180 and step up over time, targeting about 18% per annum. If not called and the final index level is at least 85% of initial, investors receive $2,080 at maturity. If the final level is between 60% and 85% of initial, only principal is returned. If the final level is below 60%, repayment is reduced 1% for each 1% index decline, potentially to zero.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is about $939 per $1,000 note. The underlying index is new, uses leverage, targets volatility and applies a 4% per annum decrement, and much of its history is hypothetical back-tested data. Liquidity, secondary market pricing and U.S. tax treatment are described as uncertain and potentially adverse.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering callable fixed-income structured notes due September 22, 2027, linked to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500 indices. The notes pay a fixed annual coupon of at least 11.75%, with monthly payments, but principal is at risk and investors do not participate in any index appreciation.
Beginning on March 22, 2027, the issuer may redeem the notes early on specified monthly dates at par plus the coupon if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. If not called, and if every index stays at or above 70% of its initial level on all trading days, investors receive full principal at maturity plus the final coupon. If any index ever closes below its downside threshold and the worst performing index finishes below its initial level, repayment is reduced 1% for each 1% decline in that worst index, down to zero. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value of about $986.70 per $1,000 note on the pricing date.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering Contingent Income Memory Auto‑Callable Securities due September 8, 2031, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. Each note 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 $907.10 per security.
The notes pay a contingent coupon at 14.00% per annum, only if the index closing level on an observation date is at or above a coupon barrier set at 70% of the initial level; unpaid coupons may be “memoried” and paid later if a future observation meets the barrier. The notes are automatically redeemed at par plus applicable coupons if, on any monthly redemption determination date starting September 3, 2027, the index is at or above the 100% call threshold.
If not called and at maturity the final index level is at or above a 70% downside threshold, investors receive par plus any due coupons; if below that threshold, repayment is reduced one‑for‑one with the index decline, potentially to zero. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to the credit risk of both entities. The underlier itself is highly engineered, includes a 4.0% per annum decrement, uses leverage and volatility targeting, and has limited live history (established August 30, 2024).
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering unsecured market-linked notes due October 5, 2032, linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is not listed on any exchange.
At maturity, investors receive $1,000 plus a supplemental redemption amount equal to $1,000 × index percent change × 100% participation, capped at $587.50 per note, for a maximum payment of $1,587.50 (158.75% of principal). If the index is flat or down, investors receive only the $1,000 principal, assuming Morgan Stanley meets its obligations.
The estimated value on the pricing date is approximately $947.60 per note, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s pricing models. The notes carry the credit risk of Morgan Stanley and MSFL, offer no dividends or voting rights in S&P 500® stocks, and may have limited or no secondary market liquidity.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities due March 2, 2028, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a stated principal amount and issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 11.90% only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. The downside threshold levels are also 70% of the initial levels. Investors do not participate in any index appreciation.
Beginning December 2, 2026, the notes are callable in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer; once redeemed, no further payments are made. If the notes are not redeemed and any index finishes below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $991.50 per security.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering floating rate notes due September 2, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000.
Interest is paid quarterly in arrears at a variable rate equal to daily compounded SOFR over each quarter plus 0.93%, subject to a minimum interest rate of 0.10% per annum, using a 30/360 day-count. The base rate is set on each interest payment period end-date (or a rate cut-off date for the final period). The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be redeemable prior to maturity, and will not be listed on any securities exchange, so secondary market liquidity may be limited.
The estimated value on the pricing date is approximately $983.70 per note (within $50.70 of that estimate), reflecting issuance, structuring and hedging costs borne by investors. Proceeds will be used for Morgan Stanley’s general corporate purposes.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering unsecured, principal-at-risk market-linked securities fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount, is priced to the public at $1,000 with agent commissions of $25.75 and proceeds to the issuer of $974.25 per security. The current estimated value on the pricing date is approximately $957.90 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes mature on August 31, 2029, unless automatically called on September 2, 2027 if the unequally weighted international equity Basket is at or above its starting level. If called, investors receive a fixed call payment of at least $1,101 per security (at least 10.10% return) and no further payments. If not called, at maturity investors receive: leveraged upside of 125% of any positive Basket return; full principal back if the Basket finishes between 90 and 100; or downside exposure beyond a 10% buffer, with potential loss of up to 90% of principal. The Basket allocates 40% to EURO STOXX 50, 25% to Nikkei, 17.5% to FTSE 100, 10% to Swiss Market Index and 7.5% to S&P/ASX 200. The securities pay no interest or dividends and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due September 13, 2027, linked to the State Street® Financial Select Sector SPDR® ETF (XLF) under its global medium-term note program. Each security has a $1,000 stated principal amount and pays a contingent coupon at an annual rate of 8.00%, but only if XLF’s closing level on an observation date is at or above the coupon barrier of $48.210, which is 82.75% of the initial level of $58.26. Missed coupons may be paid later if the barrier is met on a future observation date.
The notes are automatically redeemed if, on any redemption determination date starting November 27, 2026, XLF’s level is at or above the call threshold of $58.26 (100% of the initial level), paying back principal plus the current and any unpaid coupons. If not called, and on the final observation date XLF is at or above the downside threshold of $48.210, investors receive principal plus any due coupons. If the final level is below the downside threshold, the maturity payment is $1,000 × (final level / initial level), resulting in a loss of 1% of principal for each 1% decline in XLF, potentially down to zero. The estimated value on the pricing date is approximately $987.60 per security, and all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Enhanced Trigger Jump Securities linked to the SPDR® Gold Trust (GLD) under its medium-term note program. Each note has a $1,000 stated principal amount, pays no interest, and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity on September 13, 2027, if GLD’s final level on the September 8, 2027 observation date is at or above the downside threshold of $379.188 (90% of the initial level of $421.32), investors receive $1,000 plus a fixed upside payment of $145.50 (a 14.55% return), regardless of how much GLD has risen. If the final level is below the threshold, investors lose 1% of principal for each 1% decline in GLD, with no minimum payment; the entire investment can be lost.
The issue price is $1,000 per note, including placement agent fees of up to $10 per $1,000 and other issuing, selling, structuring and hedging costs. Morgan Stanley estimates the value on the pricing date at approximately $983.90 per security. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and the notes involve complex risks, including GLD and gold market volatility, limited liquidity, tax uncertainty and conflicts of interest.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities due December 1, 2027, linked to the worst performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. Each security has a $1,000 stated principal amount and pays a contingent coupon at 10.80% per annum only if on each observation date the closing level of every index is at or above its coupon barrier level.
The initial index levels set on August 26, 2026 are 29,224.52 for NDX, 3,005.900 for RTY and 7,675.70 for SPX. For each index, the coupon barrier and downside threshold are 70% of the initial level
Beginning December 2, 2026, the issuer may redeem the notes on specified monthly dates at par plus any due coupon, but only if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. The estimated value on the pricing date is approximately $986.60 per $1,000, reflecting issuance, structuring and hedging costs. All payments are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and are subject to the credit risk of Morgan Stanley.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is issuing fixed rate callable notes due August 28, 2034, in an aggregate principal amount of $250,000, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays a fixed annual interest rate of 5.200%, with semi-annual interest payments on February 28 and August 28, beginning February 28, 2027, using a 30/360 day-count convention.
The notes are callable in whole, but not in part, on specified redemption dates (August 28, 2027 and February 28, 2028) at 100% of principal plus accrued interest, if a risk neutral valuation model indicates that redemption is economically rational for the issuer. Payments at maturity will be principal plus accrued and unpaid interest. The notes will not be listed on any securities exchange, and all payments are subject to the credit risk of Morgan Stanley and MSFL.
The price to the public is $1,000 per note, including embedded costs for issuing, selling, structuring and hedging; the estimated value on the pricing date is $973.90 per note. Agent’s commissions are $10 per note, resulting in total proceeds to MSFL of $247,500, to be used for general corporate purposes. The issuer highlights early redemption risk, limited liquidity, potential price declines from interest rate and credit spread changes, and that MSFL, as a finance subsidiary, has no independent operations or assets apart from its guarantee by Morgan Stanley.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $671,000 of fixed rate callable notes due August 27, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount and pays fixed interest of 5.000% per annum, with semi-annual payments each February 27 and August 27.
The issuer may redeem the notes in whole (not in part) on August 27, 2027 or February 27, 2028 at 100% of principal plus accrued interest, but only if a risk neutral valuation model indicates early redemption is economically rational for the issuer. The notes are not listed on any exchange and secondary liquidity may be limited. The estimated value on the pricing date is $979.20 per note, below the $1,000 issue price, reflecting commissions and structuring and hedging costs borne by investors. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley; a default could result in loss of some or all of the investment.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering $4,543,000 of Digital S&P 500® Index-Linked Notes due September 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk unsecured obligations.
For each $1,000 note, if the S&P 500® final level on the September 17, 2027 determination date is at least 90% of the initial level of 7,677.28, investors receive a capped payoff of $1,087.10 (108.71% of face). If the index falls more than 10%, the payoff declines linearly with a buffer rate of approximately 111.11%, down to zero if the index falls to zero, so investors can lose their entire investment.
The price to the public is $1,000 per note, including a 1.09% sales commission, with net proceeds of $989.10 per note for general corporate purposes and hedging. Morgan Stanley’s estimated value on the trade date (August 25, 2026) is $984.70 per note, below the issue price, and the notes will not be listed on any exchange, with secondary trading, if any, made by an affiliate on a limited basis.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Memory Buffered Auto-Callable Securities due September 16, 2031, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon of 12.75%–13.75% per annum on scheduled dates, but only if the index closes at or above 80% of its initial level (the coupon barrier) on the relevant observation date; missed coupons can be paid later if conditions are met. The notes are automatically called if the index is at or above 100% of its initial level on any redemption determination date.
If not called and at maturity the index is at or above the 85% buffer level, investors receive principal back (plus any due coupons). If the index is below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $902.70 per $1,000, reflecting embedded costs and issuer economics, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering unsecured Jump Notes with Auto-Callable Feature due September 15, 2033, each with a $1,000 stated principal amount, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay no interest and all payments depend on Morgan Stanley’s and MSFL’s credit.
The notes may be automatically redeemed on any of six annual determination dates starting September 13, 2027 if the index closing level is at or above the 100% call threshold, paying at least $1,103.50–$1,621.00 per note depending on the year. If not called and the final index level exceeds the initial level, investors receive $1,000 plus 100% of index appreciation; otherwise they receive only $1,000 at maturity.
The issuer’s estimated value on the pricing date is approximately $924.30 per note, below the $1,000 issue price due to offering, structuring and hedging costs. The notes will not be listed on any exchange, secondary liquidity may be limited, and U.S. holders are expected to treat them as contingent payment debt instruments for tax purposes, requiring annual interest accruals.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Buffered Jump Securities with an auto-call feature maturing on September 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each note has a $1,000 stated principal amount and issue price of $1,000.
The notes may be automatically redeemed quarterly from September 14, 2027 onward if the index closes at or above the call threshold level (100% of the initial level), for early redemption payments that imply approximately 19–20% per annum, ranging from $1,190.00 to as high as $1,934.167–$1,983.333 per $1,000. If held to maturity and the final index level is at or above the call threshold, investors receive $1,950.00–$2,000.00 per security.
If the final level is below the call threshold but at or above the buffer level (85% of initial), investors receive only principal back. Below the buffer, repayment is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is about $905.10 per security, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk "Buffered Jump Securities" with an auto-callable feature, due September 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and pays no interest.
The notes may be automatically redeemed starting September 14, 2027 if the index is at or above a call threshold equal to 90% of the initial level, for early redemption payments that step up over time and correspond to returns of approximately 14.00%–15.00% per annum. If held to maturity and the final index level is at or above the call threshold, investors receive a fixed payment of $1,700.00 to $1,750.00 per security; if between the call threshold and a buffer level of 85% of the initial level, they receive only principal back.
Below the 15% buffer, principal is reduced 1% for each 1% index decline beyond the buffer, subject to a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is approximately $904.00 per $1,000 note, reflecting issuance, selling, structuring and hedging costs. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, subject to its credit risk, with limited liquidity, complex index features and uncertain U.S. tax treatment.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Buffered Jump Securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing September 16, 2031. Each security has a $1,000 stated principal amount and issue price.
The notes pay no interest and are subject to Morgan Stanley’s credit risk. They may be automatically redeemed on quarterly determination dates starting September 14, 2027 if the index is at or above the call threshold level of 85% of the initial level, for early redemption payments corresponding to about 11.50%–12.50% per annum.
If not called and the final index level is at or above the 15% buffer level (85% of initial), investors receive a fixed payment of $1,575.00 to $1,625.00 per security. If the final level is below the buffer, the payoff is $1,000 × (performance factor + 15%), with a minimum of 15% of principal, exposing holders to 1% loss of principal for each 1% decline beyond the buffer. The estimated value on the pricing date is approximately $902.60 per security, reflecting structuring and hedging costs, and the issuer warns of limited liquidity, potential price discounts in any secondary market, and tax treatment uncertainties.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Memory Buffered Auto-Callable Securities due September 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at an annual rate between 9.75% and 10.75%, but only on observation dates when the index is at or above a coupon barrier set at 60% of the initial level, with unpaid coupons potentially paid later if the barrier is subsequently met. The notes are auto-callable quarterly from September 2027 if the index is at or above 100% of the initial level, returning principal plus due and unpaid coupons.
If not called, at maturity investors receive full principal only if the final index level is at or above a buffer level of 85% of the initial level. Below that, they lose 1% of principal for each 1% decline beyond the 15% buffer, but with a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is approximately $902 per $1,000 security, reflecting embedded costs. All payments are subject to Morgan Stanley’s credit risk, secondary market liquidity may be limited, and the U.S. tax treatment is uncertain, with potential 30% withholding on coupons for certain non-U.S. holders.
Morgan Stanley, through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Memory Buffered Auto-Callable Securities maturing on September 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and pays no regular fixed interest.
Investors may receive a contingent coupon at an annual rate of 11.00%–12.00%, payable on scheduled coupon dates only if the index closing level on the related observation date is at or above 70% of the initial level. Missed coupons can be “made up” later if a future observation meets the barrier, but can be lost entirely if it never does.
The notes are auto-callable from September 13, 2027; if on any redemption determination date the index is at or above 100% of the initial level, investors receive the $1,000 principal plus the current and any unpaid coupons, and the notes terminate. If held to maturity and not called, investors receive full principal only if the final index level is at or above the 85% buffer level. Below this buffer, the payoff is reduced 1% for each 1% index decline beyond the 15% buffer, but not below a 15% minimum payment of principal. The estimated value on the pricing date is approximately $901.30 per security, and all payments are subject to Morgan Stanley’s credit and limited secondary-market liquidity.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Memory Buffered Auto-Callable Securities due September 16, 2031, 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 10.50% to 11.50% on scheduled coupon dates only if, on the related observation date, the index is at or above a coupon barrier of 75% of the initial level. Unpaid coupons may be paid later if the barrier is met. The notes are subject to automatic early redemption starting September 13, 2027 if the index is at or above 90% of the initial level, in which case investors receive principal plus the coupon and any previously unpaid coupons.
If held to maturity and not called, investors receive full principal only if the final index level is at or above a buffer level of 85% of the initial level. Below this 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 $903.80 per security, reflecting issuance, structuring and hedging costs. All payments depend on the credit of Morgan Stanley and there may be limited or no secondary market. The underlier was established in 2022 and includes a 4% per annum decrement and volatility-targeting strategy.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering fixed income buffered auto-callable securities due September 16, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and pays a fixed annual coupon of 7.20% to 8.20%, determined on the September 11, 2026 pricing date and paid monthly.
The notes are automatically redeemed at par plus the coupon if, on any monthly redemption determination date from September 13, 2027 onward, the index closes at or above the call threshold level of 100% of the initial level. If not called, at maturity on September 16, 2031 investors receive par plus the final coupon if the final index level is at or above the buffer level of 85% of the initial level. Below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, but not below a minimum payment at maturity of 15% of principal, plus the final coupon. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $918 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk. Investors do not participate in any index appreciation.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Callable Contingent Income Securities due August 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, for a total offering of $4,560,000, and is linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000® Index.
The notes pay a contingent coupon at 11.40% per annum only if on each observation date all three indices are at or above 70% of their initial levels; otherwise no coupon is paid. Principal is at risk: if any index ends below 60% of its initial level at final observation, repayment is reduced 1% for each 1% decline of the worst-performing index and can be zero. The notes are callable in whole from November 30, 2026 on specified redemption dates if a risk neutral valuation model shows early redemption is economically rational for Morgan Stanley. The estimated value on the pricing date is $984.10 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rates.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering Dual Directional Buffered Participation Securities maturing on August 28, 2031, linked to the worst performing of the Russell 2000 Index and the S&P 500 Index. Each $1,000 security is unsecured, pays no interest, and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if both indices finish above their initial levels, holders receive principal plus 100% of the upside of the worst performer, capped at a maximum payment of $1,994 per security (199.40% of principal). If the worst index is at or below its initial level but at or above 70% of its initial level (a 30% buffer), investors receive principal plus a positive return equal to the absolute decline, effectively capped at a 30% gain. If the worst index closes below 70% of its initial level, principal is reduced 1% for each 1% decline beyond the 30% buffer, with a minimum payment of 30% of principal. The aggregate principal amount is $1,534,000, the issue price is $1,000 per security, the estimated value on the pricing date is $945.60, and sales commissions are $36.25 per security, leaving proceeds to the issuer of $963.75 per security, all subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities maturing on August 29, 2029, linked to the worst performing of the Nasdaq-100® Technology Sector Index, State Street® Health Care Select Sector SPDR® ETF and State Street® Technology Select Sector SPDR® ETF. Each note has a $1,000 stated principal amount, with an aggregate principal amount of $3.414 million, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 11.50% per annum, only if on each observation date all three underliers close at or above their coupon barrier levels (65% of initial levels). If any underlier is below its barrier on an observation date, no coupon is paid for that period. Beginning March 1, 2027, the issuer may redeem the notes on specified redemption dates for principal plus any due coupon if a risk neutral valuation model indicates it is economically rational to do so; investors have no control over early redemption and receive no further payments once redeemed.
If the notes are not redeemed and, on the final observation date, each underlier is at or above its downside threshold (60% of initial level), investors receive principal plus any final coupon. If any underlier is below its downside threshold, repayment is reduced in proportion to the decline of the worst performer, and the maturity payment can fall to zero. The offering price is $1,000 per note, while the estimated value on the pricing date is $980 per note, reflecting issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering market-linked notes maturing August 28, 2031 with an aggregate principal amount of $678,000, issued at $1,000 per note and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no periodic interest; at maturity, holders receive at least the stated principal amount, plus upside linked to the Russell 2000® Index if its final level exceeds the initial level of 2,995.080, subject to a maximum payment of $1,676 per note (167.60% of principal). If the index is at or below the initial level on the August 25, 2031 observation date, investors receive only principal back.
The participation rate in index appreciation is 100%, but returns are capped. The notes are unsecured obligations of Morgan Stanley Finance LLC, subject to the credit risk of Morgan Stanley, and will not be listed on any securities exchange, so secondary market liquidity may be limited. The estimated value on the pricing date is $974.60 per note, below the issue price due to issuing, selling, structuring and hedging costs borne by investors. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments with a comparable yield of 5.116% per annum, requiring accrual of taxable interest income over the life of the notes.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Dual Directional Buffered Jump Securities with an auto-call feature linked to the MSCI Emerging Markets Index, issued under its Series A Global Medium-Term Notes program and fully and unconditionally guaranteed by Morgan Stanley.
The notes have a $1,000 stated principal amount and an aggregate principal amount of $1,320,000, are issued at par, pay no interest, and mature on July 29, 2031 unless automatically redeemed on August 30, 2027 for an early redemption payment of $1,171 per security if the index closes at or above the call threshold of 1,694.58.
If not called, at maturity investors receive upside participation of 125% of index gains above the initial level, or a “dual directional” positive return for index declines down to the buffer level of 1,355.664 (80% of initial), based on a 100% absolute return participation rate; below the buffer, investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 20% of principal. All payments depend on Morgan Stanley’s credit, and the estimated value on the pricing date is $981 per security, below the issue price due to issuance, structuring and hedging costs.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering callable contingent income securities due July 27, 2028, linked to the worst performer of the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a 13.25% per annum contingent coupon only if, on each observation date, the closing level of both underliers is at or above their coupon barrier levels, set at 70% of their initial levels.
The notes are callable in whole (not in part) on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer, independent of index or ETF performance. If called, investors receive $1,000 plus any due coupon and no further payments. If the notes are not redeemed and, on the final observation date, both underliers are at or above their downside threshold (also 70% of initial levels), investors receive $1,000 plus any final coupon. If either underlier finishes below its downside threshold, the maturity payment is reduced in proportion to the decline of the worst performing underlier, potentially to zero, with no principal protection or upside participation. The estimated value on the pricing date is $987.60 per $1,000 note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Callable Contingent Income Securities due July 27, 2028, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. These principal-at-risk notes pay a 10.40% annual contingent coupon only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels.
The notes may be called in whole on specified redemption dates starting August 27, 2027, but only if a risk neutral valuation model indicates it is economically rational for Morgan Stanley to redeem. If called, investors receive $1,000 per security plus any due coupon, with no further payments.
If not called and at maturity each index is at or above its 70% downside threshold, investors receive $1,000 per security plus any final coupon. If any index finishes below its threshold, payoff is $1,000 multiplied by the performance of the worst index, exposing investors to a 1% loss of principal for each 1% decline, potentially down to zero. The issue price is $1,000, aggregate principal is $795,000, and the estimated value on the pricing date is $984.50 per security. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering structured “Jump Notes with Auto-Callable Feature” due August 29, 2030 with an aggregate principal amount of $423,000, at $1,000 per note, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and are linked to the worst performance of Berkshire Hathaway Class B, NVIDIA and Oracle common stocks. On August 25, 2027, the notes auto-call at $1,360 per note if each stock is at or above its call threshold (set equal to its initial level). If not called and, at maturity, each final stock level exceeds its initial level, investors receive principal plus an upside payment equal to 125% of the worst performer’s percentage gain. If any final level is at or below its initial level, investors receive only principal back.
The initial levels are $504.32 for BRK.B, $208.48 for NVDA and $142.45 for ORCL. The estimated value on the pricing date is $968.80 per note, below the issue price due to issuance, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley, and the notes will not be listed on any securities exchange.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering $1,975,000 of Callable Contingent Income Securities, at $1,000 per security, due May 30, 2031. The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index and are fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon of 10.25% per annum only if on each observation date all three indices are at or above their coupon barrier levels (75% of their initial levels). Principal is at risk: if at maturity any index is below its downside threshold (60% of its initial level), the redemption amount is reduced 1% for each 1% decline of the worst index, potentially to zero. The issuer may redeem the notes early on scheduled redemption dates if a risk neutral valuation model indicates it is economically rational for Morgan Stanley to do so, after which no further payments are made. The estimated value on the pricing date is $981 per security, below the $1,000 issue price, and investors face Morgan Stanley credit risk and limited liquidity.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is issuing market-linked notes due August 28, 2031, linked to the iShares MSCI EAFE ETF. Each note has a $1,000 stated principal amount, issue price $1,000, with a total offering of $325,000, and pays no periodic interest.
At maturity, if the ETF’s final level on August 25, 2031 is above the initial level of $108.03, investors receive principal plus 100% of the ETF’s price appreciation, capped at a maximum payment of $1,788 per note (178.80% of principal). If the final level is at or below the initial level, investors receive only principal back. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, will not be listed on any exchange, and had an estimated value on the pricing date of $967.20 per note due to issuance, structuring and hedging costs.