Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $750,000 of Contingent Income Auto-Callable Notes due July 29, 2031, linked to the worst performing of the iShares Semiconductor ETF (SOXX) and the Roundhill Memory ETF (DRAM). The notes have a stated principal amount of $1,000 per note and issue price of $1,000, with an estimated value on the pricing date of $970.30 per note. Investors receive a contingent coupon at an annual rate of 11.00%, payable monthly only if on each observation date both underliers are at or above their coupon barrier levels, set at 60% of initial levels ($316.206 for SOXX and $31.92 for DRAM). The notes are automatically redeemed early if on a redemption determination date both underliers are at or above their call threshold levels (100% of initial: $527.01 SOXX, $53.20 DRAM), paying principal plus the related coupon. If not called, at maturity investors receive the stated principal amount plus the final contingent coupon if the barrier condition is met; there is no participation in any underlier appreciation. All payments depend on Morgan Stanley’s credit, the notes are unsecured, and they are not listed on any exchange.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $499,000, and no periodic interest payments.
The notes may be automatically redeemed on any of 48 determination dates from July 30, 2027 to June 24, 2031 if the index closing level is at or above the call threshold level of 1,248.91 (100% of the initial level). Early redemption pays a fixed amount per security, starting at $1,180 and increasing over time, corresponding to an approximate 18.00% per annum return, after which no further payments are made. If held to maturity on July 29, 2031 and not previously redeemed, investors receive $1,900 per security if the final level is at or above the call threshold; $1,000 if the final level is below the threshold but at or above the buffer level of 1,061.574 (85% of initial); and otherwise $1,000 × (final level / initial level + 15%), subject to a minimum payment of 15% of principal. Principal is at risk, investors do not participate in index upside, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $896.00 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due January 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $2,183,000, and is linked to the worst performing of the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF.
The notes pay a contingent coupon at 15.25% per annum, but only if on each observation date the closing level of both underliers is at or above their coupon barrier levels, set at 70% of initial levels (2,050.999 for RTY and $123.116 for XLK). The issuer may call the notes on specified redemption dates, in whole only, if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. If not called and, at maturity, both underliers are at or above their downside thresholds (also 70% of initial levels), investors receive principal plus any final coupon; otherwise, repayment is reduced 1% for each 1% decline in the worst underlier, potentially to zero.
The notes are unsecured, subject to Morgan Stanley’s credit risk, and are not principal protected, insured, or bank deposits. The estimated value on the pricing date is $984.60 per security, below the $1,000 issue price, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Buffered Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and the total offering size is $750,000.
The notes pay a contingent coupon at 12.35% per annum only when the index on an observation date is at or above the coupon barrier level of 999.128 (80% of the initial level 1,248.91), with unpaid coupons potentially paid later if conditions are met. The notes are auto-callable quarterly starting July 2027 if the index is at or above the call threshold level of 1,248.91, returning principal plus due coupons. If held to July 29, 2031 and the final index level is below the buffer level of 1,061.574 (85% of initial), investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is $897.20 per note, below the issue price, and investors face issuer credit risk, limited liquidity, index strategy risks and uncertain tax treatment.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with Auto-Callable Feature and Downside Factor due July 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $1,800,000.
The notes are linked to the worst performing of NVIDIA and Broadcom common stocks. They pay no interest and do not guarantee return of principal. If on August 5, 2027 both stocks are at or above their initial levels, the notes are automatically redeemed for $1,471.50 per security. If held to maturity and both final levels exceed their initial levels, investors receive principal plus 200% of the worst performer’s gain. If either stock finishes below its 30% buffer, maturity payment is reduced by 1.4286% for every 1% decline beyond the buffer, potentially to zero.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk. The estimated value on the pricing date is $975.20 per $1,000, reflecting issuance, selling, structuring and hedging costs. Minimum ticket size is $10,000, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal, pays no interest, and exposes investors to principal risk through August 10, 2027.
At maturity, if the index is above the initial level of 7,408.30, investors receive $1,000 plus 100% of the gain, capped at a maximum payment of $1,073.80 per security. If the index is at or below the initial level but at or above the buffer level of 5,926.64 (80% of initial), investors earn a positive return equal to the index’s absolute decline, up to 20%. Below the buffer, investors lose 1.25% of principal for every 1% additional decline, with no minimum payment; the entire investment can be lost.
The aggregate offering is $1,000,000, sold at $1,000 per note, with dealer commissions of $10 per note and estimated value on the pricing date of $985.20 per security. All payments depend on Morgan Stanley’s and MSFL’s credit; the notes are unsecured and not FDIC insured.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with an auto-call feature, linked to the worst performer of the Dow Jones Industrial Average, Russell 2000® Index and iShares® MSCI EAFE ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $1,358,000, and an estimated value on the pricing date of $947.30 per security.
The notes pay no interest and are subject to automatic early redemption starting August 2, 2027 if each underlier is at or above its call threshold (100% of its initial level), for fixed cash payments rising from $1,112.50 to $1,450.00 per security, corresponding to approximately 11.25% per annum. If not redeemed, maturity payment depends on the worst-performing underlier: full principal plus upside if all finish above initial levels; principal only if all remain at or above a 15% buffer; otherwise principal is reduced 1% for each 1% decline of the worst underlier beyond the buffer, subject to a minimum payment of 15% of principal.
All payments are subject to Morgan Stanley’s credit risk, the securities are principal-at-risk, may be illiquid, and their tax treatment is complex and uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Step-Down Jump Securities with auto-callable feature maturing on July 29, 2031, linked to the worst performer of the Russell 2000 Index and the EURO STOXX 50 Index. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $11,750,000. All payments depend on Morgan Stanley’s credit.
The notes pay no coupons. On 19 scheduled determination dates starting January 25, 2027, if both indices close at or above their call threshold levels, the notes are automatically redeemed for a cash payment that targets a return of approximately 10.25% per annum, rising over time from $1,051.25 to $1,512.50 per $1,000. Once redeemed, no further payments are made.
If not redeemed early, payment at maturity depends on index performance. If both final levels are at or above their upside threshold (95% of initial levels), investors receive $1,512.50 per securitydownside threshold (75% of initial levels), only principal is returned. If either index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, and the maturity payment can be zero. The initial levels are 2,929.999 (RTY) and 6,280.94 (SX5E), with downside thresholds at 75% and upside thresholds at 95% of those values.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Buffered Auto-Callable Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $5,657,000.
Investors may receive a contingent coupon at 18.96% per annum, payable only when Amazon’s closing level on an observation date is at or above the coupon barrier level of $197.294, which is 85% of the initial level of $232.11. Missed coupons can be paid later if the barrier is subsequently met, but can be lost entirely if it is never met.
The notes are automatically redeemed if on a redemption determination date the underlier closes at or above the call threshold level of $232.11, paying principal plus the due and any unpaid contingent coupons. If held to maturity and not called, principal is repaid only if the final level is at or above the buffer level of $197.294; below that, losses increase at a downside factor of 1.1765 for each 1% decline beyond the 15% buffer, with no minimum payment, so principal can be fully lost. The estimated value is $984.70 per $1,000 on the pricing date, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing $4,237,000 of Enhanced Trigger Jump Securities linked to Micron Technology, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount, pays no interest and matures on August 27, 2027.
If Micron’s closing price on the observation date is at or above the downside threshold level of $460.475 (50% of the $920.95 initial level), investors receive $1,000 plus a fixed upside payment of $408.50 per note, regardless of how much the stock has risen. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level ÷ initial level), with losses matching the full percentage decline of the stock and no minimum payment, so principal can be lost entirely.
The issue price is $1,000 per note, while the issuer’s estimated value on the pricing date is $981.20, reflecting embedded costs and issuer economics. All payments depend on Morgan Stanley’s and MSFL’s credit; the notes are unsecured, not FDIC insured, and secondary-market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of Contingent Income Memory Auto-Callable Securities, at $1,000 per security, linked to the Nasdaq‑100 Index®. These principal-at-risk notes mature on August 10, 2027.
Investors may receive a 12.12% per annum contingent coupon, paid only when the index on an observation date is at or above the coupon barrier level of 21,341.108 (75% of the initial level of 28,454.81). Missed coupons can be paid later if the barrier is met, but may be lost entirely.
The notes auto-call at par plus applicable coupons if, on specified redemption determination dates, the index closes at or above the call threshold of 28,454.81 (100% of initial). If held to maturity and the final index level is below the downside threshold of 21,341.108, repayment is reduced in proportion to the index decline and can be zero. The estimated value on the pricing date is $985.60 per security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $1,000 Jump Notes due July 27, 2029, linked to the worst performer among Advanced Micro Devices, Meta Platforms (class A) and Microsoft common stock, and fully and unconditionally guaranteed by Morgan Stanley. The aggregate principal amount is $2,602,000, with an issue price of $1,000 and an estimated value of $985.20 per note on the pricing date.
The notes pay no interest. If on July 27, 2027 all three stocks are at or above their initial levels, the notes are automatically redeemed for an early redemption payment of $1,300 per note. If not called, at maturity investors receive principal plus an upside payment equal to 155% of the price gain of the worst-performing stock if all three finish above their initial levels, otherwise only the principal is repaid. The notes are unsecured, not listed on any exchange, subject to Morgan Stanley’s credit risk, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes.
Morgan Stanley Finance LLC is issuing $6,838,000 of Trigger Autocallable Notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 principal amount and a term of approximately two years, subject to automatic early call.
Beginning after one year, if on any quarterly Observation Date (including the Final Observation Date) the S&P 500® closes at or above the Initial Level of 7,411.98, the notes are automatically called and pay $10 plus a fixed Call Return based on a 9.55% per annum Call Return Rate, up to $11.91 at the final date. If not called and the Final Level is below the Initial Level but at or above the Downside Threshold of 5,558.99 (75% of the Initial Level), investors receive only principal back.
If the Final Level is below the Downside Threshold, repayment equals $10 × (1 + Underlying Return), exposing investors to the full downside of the index and potentially a complete loss of principal. The notes pay no interest or dividends, offer no participation in index appreciation, may have limited or no secondary market, and all payments are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the trade date is $9.772 per $10 Security.
Morgan Stanley Finance LLC is offering $865,000 of Contingent Income Auto-Callable Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and maturing on July 29, 2031. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of $957.40.
Investors may receive a 13.50% per annum contingent coupon on scheduled payment dates, but only if the index’s closing level on the related observation date is at or above the coupon barrier level of 624.455, which is 50% of the initial level of 1,248.91. The notes are automatically redeemed at par plus the contingent coupon if, on any redemption determination date, the index closes at or above the call threshold level of 1,248.91.
If the notes are not called and the final index level on July 24, 2031 is below the downside threshold level of 624.455, investors lose 1% of principal for each 1% index decline, and the payment at maturity can be reduced to zero. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due July 31, 2028, linked to the worst performer of the iShares Russell 2000 ETF, Invesco QQQ, Series 1, and State Street SPDR S&P 500 ETF Trust, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount, with an aggregate principal amount of $300,000, and pays a contingent coupon at an annual rate of 10.00% only if on an observation date each underlier is at or above its coupon barrier level, set at 75% of its initial level. Unpaid coupons may be paid later if barriers are met.
The notes are auto-callable quarterly from January 25, 2027 onward if all underliers are at or above their 100% call thresholds, returning principal plus the coupon and any unpaid coupons. If not called, and at maturity any underlier is below its 75% downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The notes are unsecured, principal-at-risk, and their estimated value on the pricing date is $966.50 per $1,000.
Morgan Stanley Finance LLC is issuing $534,000 of Contingent Income Memory Auto-Callable Securities due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of Micron Technology, Meta Platforms Class A and Qualcomm common stock.
The notes offer a 21.75% per annum contingent coupon, payable only when the closing level of each stock is at or above its coupon barrier, set at 50% of its initial level. Automatic early redemption can occur quarterly from July 2027 if all underliers are at or above their call thresholds, set at 100% of initial levels, paying principal plus the due and any unpaid coupons.
If not called, investors receive principal at maturity only if each final level is at or above its downside threshold (50% of initial) or any final level is at or above its initial level; otherwise, repayment is reduced 1% for each 1% decline of the worst-performing stock, potentially to zero. The issue price is $1,000 per security, with an estimated value of $913.70, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley, in $1,000 denominations, linked to the worst performing of the S&P 500 Index, State Street Financial Select Sector SPDR ETF and State Street Technology Select Sector SPDR ETF. Principal is at risk.
The notes pay a 9.85% per annum contingent coupon only if on each observation date all three underliers are at or above their coupon barrier levels (60% of initial). If not, that period’s coupon is zero. At maturity, if not previously called and every underlier is at or above its downside threshold (50% of initial), investors receive principal plus any final coupon; otherwise they lose 1% of principal for each 1% decline in the worst underlier, potentially losing the entire investment. The issuer may redeem the notes early on specified dates when a risk neutral valuation model indicates it is economically rational for the issuer, ending all future payments. The estimated value on the pricing date is $973.80 per $1,000 note, and investors face issuer credit, market, liquidity and tax risks.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due August 27, 2027, linked to the worst performer of the Russell 2000 Index and the S&P 500 Index. Each note has a stated principal amount of $1,000 and pays no interest.
At maturity, if the final level of each index is at or above its downside threshold level (75% of its initial level), investors receive $1,000 plus a fixed upside payment of $112 per security, an 11.20% return. If either index closes below its threshold, the payout is $1,000 multiplied by the performance factor of the worst performing index, resulting in a 1% loss of principal for each 1% decline, with no minimum payment; the return can be zero.
The aggregate principal amount of the issuance is $4,664,000. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are subject to the credit risk of both. The estimated value on the pricing date is $990.70 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and a rate advantageous to the issuer. Liquidity may be limited, secondary prices are expected to be below issue price, and U.S. federal income tax treatment is described as “prepaid financial contracts” with noted uncertainty.
Morgan Stanley Finance LLC is issuing Buffered PLUS structured notes due July 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount within a total offering of $2,491,000, and pays no interest.
The payoff is based on the worst performing of the EURO STOXX 50® Index, iShares® Russell 2000® ETF and State Street® Energy Select Sector SPDR® ETF. If the final level of each underlier is above its initial level, investors receive principal plus 320% of the underlier gain. If the worst performing underlier is between its initial level and its 30% buffer (70% of initial), investors receive only principal. Below the buffer, investors lose 1% of principal for each 1% decline of the worst underlier beyond 30%, subject to a minimum payment of 30% of principal.
The initial levels are 6,280.94 for EURO STOXX 50®, $291.17 for IWM and $59.62 for XLE, with corresponding buffer levels at 70% of each. The notes are unsecured obligations subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $957.80 per security versus a $1,000 issue price, reflecting embedded costs and dealer compensation.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS structured notes due July 29, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to full principal risk.
At maturity, if the index is above the initial level of 592.71, holders receive $1,000 plus 203.40% of the index gain. If the final level is between 50% and 100% of the initial level (at or above the 296.355 downside threshold), investors receive only $1,000. Below the threshold, repayment is $1,000 multiplied by the index performance factor, with no minimum, so the amount can fall to zero.
The issue price is $1,000 per security with an estimated value of $971.00, reflecting issuing, selling, structuring and hedging costs. The aggregate principal amount is $3,761,000. All payments depend on Morgan Stanley’s credit and a potentially illiquid secondary market. U.S. tax treatment is complex and uncertain.
Morgan Stanley Finance LLC is issuing principal-at-risk Callable Contingent Income Securities due January 29, 2029, linked to the worst performer of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at 11.70% per annum, payable only if on each observation date all three indices are at or above their respective coupon barrier levels (70% of initial levels. The notes are callable in whole, beginning January 28, 2027, only if a risk neutral valuation model indicates it is economically rational for the issuer to redeem.
If not redeemed and each index finishes at or above its downside threshold level (60% of its initial level), investors receive principal plus any final contingent coupon. If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst-performing index, potentially resulting in a total loss of principal. The estimated value on the pricing date is $976.70 per $1,000 security, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS, principal-at-risk notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $901,000.
The notes pay no interest and mature on July 29, 2030. If the index rises, investors receive principal plus 168% of the index gain. If the index falls but remains at or above the 80% buffer level, investors earn a positive “dual directional” return up to 20%. Below the buffer, repayment is reduced 1% for each 1% further decline, subject to a minimum payment of 20% of principal. The initial index level is 592.71, buffer level 474.168, and the estimated value on the pricing date is $974.50 per security, reflecting embedded issuing and hedging costs and the issuer’s credit risk.
Morgan Stanley Finance LLC is issuing $3,709,000 of Contingent Income Memory Buffered Auto-Callable Securities linked to Eli Lilly and Company common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and matures on August 11, 2027, unless automatically redeemed earlier.
The notes pay a contingent coupon at 16.80% per annum, but only for periods where the underlying stock’s closing level on the observation date is at or above the coupon barrier level of $956.824 (80% of the $1,196.03 initial level); missed coupons can be paid later if the barrier is subsequently met. The notes are automatically called, paying principal plus due and unpaid coupons, if on any redemption determination date the stock closes at or above the call threshold of $1,196.03 (100% of initial).
If not called and the final stock level is at or above the buffer level of $956.824, investors receive principal back (plus any payable coupons). If the final level is below the buffer, repayment is reduced by 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the investment can result in a complete loss. The estimated value on the pricing date is $982.50 per $1,000 note, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Trigger Jump Securities, equity-linked notes tied to the class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, pay no interest, and mature on January 27, 2028.
At maturity, investors receive: (i) $1,775 per security ($1,000 plus a fixed $775 upside payment) if the final share price is at or above the initial share price of $115.07; (ii) a return of principal ($1,000) if the final share price is below the initial share price but at or above the downside threshold of $74.796 (65% of the initial price); or (iii) $1,000 × the share performance factor (final/initial price) if the final price is below the downside threshold, exposing investors 1:1 to the full decline, with the payoff potentially zero.
The aggregate principal amount is $3.69 million, priced at par, with dealer commissions and a structuring fee embedded; the issuer’s estimated value on the pricing date is $922.70 per security. The notes are principal-at-risk, unsecured obligations subject to Morgan Stanley’s credit, have limited upside, no dividend rights, uncertain tax treatment, limited expected liquidity, and are linked to an underlying stock with very limited trading history.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with Auto-Callable Feature, a principal-at-risk structured note linked to the worst performing of IBM, NVIDIA and Qualcomm stocks, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, total offering size $1,249,000, and no periodic interest payments.
The notes can be automatically redeemed on scheduled determination dates from August 2, 2027 onward if each stock’s closing level is at or above its call threshold (92% of its initial level), with early redemption payments ranging from $1,300 to $2,425 per $1,000. If not redeemed early, and on the final determination date all three stocks are at or above their call thresholds, investors receive $2,500 per $1,000 at maturity. If any stock is below its call threshold but all are at or above the 70% buffer level, investors receive only principal back. If any stock finishes below its buffer level, repayment is reduced by 1% for each 1% decline of the worst-performing stock beyond the 30% buffer, subject to a minimum payment of 30% of principal.
The initial levels are $214.19 for IBM, $206.84 for NVIDIA, and $166.97 for Qualcomm, with corresponding call thresholds and buffer levels set at 92% and 70%. The estimated value on the pricing date is $933.80 per security, below the issue price, reflecting structuring and distribution costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the notes may be illiquid with significant market and tax complexity.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $455,000.
The notes pay no interest and may be automatically redeemed beginning July 28, 2027 if the index is at or above the call threshold level of 7,411.98, for fixed cash payments of $1,093.50 or $1,187.00 per security on the respective early redemption dates. If held to maturity on July 27, 2029 and the final index level is at or above the call threshold, investors receive $1,280.50 per security.
If the final level is below the call threshold but at or above the buffer level of 6,300.183 (85% of the initial level), 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 at maturity of 15% of principal. The estimated value on the pricing date is $985.80 per security, below the $1,000 issue price, and secondary market liquidity may be limited. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to an equally weighted basket of seven semiconductor-related stocks (ADI, ASML, AVGO, KLAC, TXN, NVDA, TSM). The notes are unsecured, pay no interest, and expose investors to the issuers’ credit risk.
Each security has a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $6,147,000, with maturity on August 11, 2027. If the basket’s final level on the August 6, 2027 observation date is at or above the 80% buffer level, investors receive $1,000 plus a fixed upside payment of $193.50 (19.35%), regardless of additional appreciation. If the final level is below the buffer, repayment is reduced by 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the investment can be fully lost.
The initial level of the basket is set to 100, based on specified initial prices and multipliers for each component. The estimated value on the pricing date is $959.10 per security, reflecting issuance, selling, structuring and hedging costs, and may differ from secondary market prices. The notes are intended for investors comfortable with equity and credit risk, capped upside, leverage to downside beyond the buffer, limited liquidity and uncertain tax treatment.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $105,000. These principal-at-risk notes are linked to the worst performing of the iShares Russell 2000 ETF, the iShares Expanded Tech-Software Sector ETF, and the S&P 500 Index.
Investors may receive a contingent coupon at 12.40% per annum, payable only if on each observation date all underliers are at or above their coupon barrier levels set at 65% of initial levels, which also serve as downside thresholds. If the notes are not called and any underlier finishes below its downside threshold, the maturity payment is reduced 1% for every 1% decline of the worst performer, potentially to zero. The issuer can redeem the notes on specified redemption dates based on a risk neutral valuation model when early redemption is economically rational for Morgan Stanley. The estimated value on the pricing date is $960.90 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs and issuer credit spreads.
Morgan Stanley Finance LLC is offering $725,000 of principal-at-risk Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley, at $1,000 per security. These notes, maturing July 27, 2029, are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index.
The securities pay no interest. On July 27, 2027, if each index is at or above its initial level, they are automatically redeemed for an early redemption payment of $1,186.50 per security. If held to maturity, investors receive principal plus an upside payment based on 150% of the worst index’s gain, if all final levels exceed initial levels. If any index finishes below its downside threshold at 70% of its initial level, repayment is reduced 1% for each 1% decline in the worst index, potentially to zero. The estimated value on the pricing date is $970.80 per security, reflecting embedded costs and issuer credit spreads, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $2,316,000 of Buffered Jump Securities with an auto-call feature and downside factor due July 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount and is linked to the worst performer of the Dow Jones Industrial Average, Nasdaq‑100 Index and S&P 500 Index.
The notes may be automatically redeemed on July 30, 2027 for $1,180 per security if each index closes at or above 95% of its initial level. If held to maturity and all final index levels exceed their initial levels, investors receive principal plus a 125% participation in the worst performer’s gain. If any final level is between 80% and 100% of its initial level, only principal is returned. Below 80%, investors lose 1.25% of principal for each 1% decline of the worst performer beyond the 20% buffer, with no minimum payment, so the entire investment can be lost. The estimated value on the pricing date is $977 per $1,000 security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due August 27, 2027, fully and unconditionally guaranteed by Morgan Stanley. These are unsecured, principal-at-risk structured notes linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal of $4,958,000. If on the observation date the final level of each index is at or above its downside threshold (60% of its initial level), investors receive $1,000 plus a fixed upside payment of $101.50 per security, a 10.15% return regardless of how far the indices have risen within that range.
If any index finishes below its threshold, repayment is reduced 1% for every 1% decline in the worst performing index, with no minimum payment; the investment can be fully lost. The estimated value on the pricing date is $995.10 per security, below the issue price due to issuance, selling, structuring and hedging costs. The notes pay no interest, have limited upside, are subject to Morgan Stanley’s credit risk, may have limited liquidity, and carry uncertain U.S. tax treatment, which counsel currently views as prepaid financial contracts treated as open transactions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Enhanced Trigger Jump Securities maturing August 27, 2027, linked to the worst performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $1,067,000 and an estimated value on the pricing date of $984.50.
If on the observation date the final level of each index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $97 per security (9.70%). If any index ends below its 70% downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, with no minimum payment, so the investment can lose all principal. The notes pay no interest, are unsecured, subject to Morgan Stanley’s credit risk, have limited upside, and may be illiquid in the secondary market. Tax treatment is uncertain and relies on characterization as prepaid financial contracts.
Morgan Stanley Finance LLC is offering structured market-linked securities tied to the Class C common stock of Dell Technologies Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and an estimated value on the pricing date of approximately $960.00 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes pay a contingent coupon at a rate to be set on the pricing date, but at least 39.25% per annum, only if Dell’s stock closes on each monthly calculation day at or above a coupon threshold price equal to 60% of the starting price. After a six‑month non‑call period, the notes are automatically called if the stock closes at or above the starting price, returning the $1,000 face amount plus the applicable coupon. At maturity on August 20, 2027, if not called and the ending price is below a downside threshold of 60% of the starting price, investors are fully exposed to Dell’s decline on a 1‑to‑1 basis and can lose more than 40%, up to their entire principal. Investors do not participate in any upside of the stock and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing $14,000,000 of Floating Rate Notes due July 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount and pays quarterly interest in arrears at a variable rate equal to daily compounded SOFR + 0.78%, subject to a 0.10% per annum minimum.
The notes are issued at $1,000 but their estimated value on the pricing date is $987.50, reflecting issuance, structuring and hedging costs and a rate advantageous to the issuer. They are not redeemable prior to maturity, are not listed on any securities exchange, and all payments are subject to Morgan Stanley’s credit risk. Secondary market liquidity may be limited, interest amounts are set near the end of each period, and an affiliate of Morgan Stanley acts as calculation agent with discretion over key SOFR-related determinations.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS securities, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest, have a $1,000 stated principal amount per security and an aggregate principal amount of $4,102,000, maturing on July 29, 2031.
At maturity, investors receive leveraged upside of 195.50% of any index appreciation, or up to a 20% positive “absolute return” if the index declines but stays at or above the 80% buffer level. Below the buffer, losses match index declines beyond 20%, subject to a minimum payment of 20% of principal. The initial index level is 592.71; payoff depends solely on the observation-date level. The estimated value on the pricing date is $967.80 per $1,000, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit and secondary-market liquidity risks.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature due July 29, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each unsecured note has a $1,000 stated principal amount and is linked to an equally weighted basket of five stocks: AMD, Hewlett Packard Enterprise, CoreWeave, Qualcomm and Western Digital. The notes pay no interest and do not guarantee return of principal; all payments are subject to the issuer’s and guarantor’s credit risk.
The notes may be automatically redeemed on quarterly determination dates starting July 28, 2027 if the basket closing level is at least the call threshold of 90 (90% of the initial level 100), for cash payments rising from $1,201 to $1,753.75 per security, corresponding to an annualized return of approximately 20.10%. If not called, at maturity investors receive $1,804 per security if the final level is at least 90; the $1,000 principal back if the final level is at least the downside threshold of 50; otherwise they receive $1,000 multiplied by the basket performance factor, losing 1% of principal for each 1% basket decline, potentially down to zero.
The issue price is $1,000 per security, including $32.50 in selling commissions; total aggregate principal is $1,007,000 with issuer proceeds of $974,272.50. Morgan Stanley estimates the value on the pricing date at $895.20 per security, reflecting structuring and hedging costs, and notes that secondary market liquidity may be limited and prices may be significantly below the issue price.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. Each note has a $1,000 stated principal amount and is linked to the worst performer of the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF.
Investors may receive a 13.25% per annum contingent coupon, paid only if on each observation date both underliers are at or above their coupon barrier levels (70% of initial levels). From October 29, 2026 onward, the issuer may redeem the notes on specified redemption dates if a risk-neutral valuation model indicates early redemption is economically rational for the issuer.
If not redeemed early and both final underlier levels are at or above their downside thresholds (60% of initial levels), investors receive principal back plus the final contingent coupon, if payable. If either final level is below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, have an estimated value of $979.40 per $1,000 at pricing, and may be difficult to sell prior to maturity.
Morgan Stanley Finance LLC is offering Structured Investments Buffered Jump Securities with an auto-call feature linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, issue price $1,000, aggregate principal $342,000, pricing and strike date July 24, 2026, and maturity July 29, 2031.
The notes may be automatically redeemed on August 5, 2027 if the S&P 500® closing level on August 2, 2027 is at or above the call threshold of 7,411.98, paying a fixed $1,082 per security. If held to maturity and not called, investors receive principal plus 100% of any index appreciation; full principal back if the final index level is between 75% and 100% of the initial level; or a loss of 1% of principal for each 1% index decline beyond the 25% buffer, subject to a minimum payment at maturity of 25% of principal. The initial index level is 7,411.98 and the buffer level is 5,558.985.
The securities pay no interest and are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The estimated value on the pricing date is $966.70 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate.
Morgan Stanley Finance LLC is issuing principal at risk Jump Securities with an auto-callable feature due July 29, 2031, based on the worst performer of the EURO STOXX 50 Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,425,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on specified dates starting April 26, 2027 if both indices close at or above their call threshold levels (100% of initial levels), paying early redemption amounts from $1,090 up to $1,570 per security. If held to maturity and both final index levels are at or above their call thresholds, investors receive $1,600 per security; if at least one is between its call threshold and downside threshold (70% of initial), only principal is repaid. If either index finishes below its downside threshold, the payoff is $1,000 × performance factor of the worst-performing index, so losses are 1% of principal for each 1% decline and can reach zero. The estimated value on the pricing date is $960 per security, reflecting embedded costs and issuer credit spreads, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering auto-callable Jump Notes due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of AMD, Meta Platforms and Microsoft common stocks. The notes are unsecured, pay no interest, and are issued at $1,000 per note with an aggregate principal amount of $3,158,000.
If on July 26, 2027 each underlier’s closing level is at or above its call threshold (100% of its initial level: AMD $521.95, Meta $595.19, Microsoft $381.70), the notes are automatically redeemed for an early redemption payment of $1,300 per note, with no further payments. If not called, at maturity investors receive principal plus an upside payment equal to 150% of the gain of the worst performing underlier if all final levels exceed initial levels; otherwise only the $1,000 principal is repaid.
The notes’ estimated value on the pricing date is $982.80 per note, reflecting issuance, selling, structuring and hedging costs. The notes will not be listed on any exchange, secondary liquidity may be limited, and all payments are subject to Morgan Stanley’s credit risk. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments with a comparable yield of 4.9129% per annum.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities due October 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each unsecured note has a $1,000 stated principal amount, pays no interest and offers principal at risk.
The payoff depends on the worst performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. If on the October 25, 2027 observation date the final level of each index is at least 65% of its initial level, investors receive $1,000 plus a fixed upside payment of $102.50 (10.25%). If any index is below its 65% downside threshold, the maturity payment is $1,000 multiplied by the performance of the worst index, producing a 1% loss of principal for each 1% decline and potentially zero repayment.
The aggregate principal amount is $1,053,000, issued at $1,000 per note, while the estimated value on the pricing date is $984.30, reflecting issuing, selling, structuring and hedging costs borne by investors. The notes are designed for fee-based advisory accounts, may be illiquid, are subject to Morgan Stanley’s credit risk and involve uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, principal-at-risk notes linked to the common stock of Amazon.com, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $2,482,000, and pays no interest.
If the Amazon stock closing level on August 6, 2027 is at or above the buffer level of $197.294 (85% of the $232.11 initial level), investors receive $1,000 plus a fixed upside payment of $177.10, a 17.71% return, regardless of how much the stock has risen within or above that range. If the final level is below the buffer level, the maturity payment equals $1,000 plus $1,000 × (underlier percent change + 15%) × the downside factor of 1.1765, resulting in a loss of 1.1765% of principal for every 1% decline beyond the 15% buffer; the payment can be reduced to zero.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $985.50 per security, reflecting issuing, selling, structuring and hedging costs borne by investors and a rate advantageous to the issuer. There is no assured secondary market, and tax treatment is described as uncertain, with counsel viewing the notes as prepaid financial contracts treated as open transactions for U.S. federal income tax purposes.
Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performer among the Nasdaq-100 Index, S&P 500 Index and Vanguard Information Technology ETF.
The notes pay no interest and do not guarantee principal. If the final level of the worst performing underlier is above its initial level, investors receive principal plus a leveraged upside payment equal to 162% of that underlier’s percentage gain. If the worst performer ends between its initial level and its downside threshold at 70% of initial, investors receive only principal. If it finishes below its downside threshold, repayment is reduced 1% for every 1% decline, with no minimum payment; the investment can be lost entirely.
The aggregate principal amount is $1,245,000, issue price is $1,000 per note, and the estimated value on the pricing date is $977.70, reflecting embedded costs. The securities are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a 25.00% per annum contingent coupon only when the underlying stock closes at or above a coupon barrier on scheduled observation dates, with missed coupons potentially paid later if the barrier is subsequently met.
The notes are auto-callable beginning October 30, 2026: if on any redemption determination date the stock closes at or above the 100% call threshold level, investors receive early redemption of principal plus the current and any unpaid coupons, and the notes terminate. If held to August 7, 2029 and not called, full principal is repaid only if the final stock level is at or above the 55% downside threshold; otherwise, repayment is reduced 1% for each 1% decline in the stock, potentially to zero.
The original issue price is $1,000 per security, including a $20 sales commission and structuring and hedging costs, while the estimated value on the pricing date is approximately $951.30. The underlying stock has a short trading history, with a closing level of $115.07 on July 24, 2026, and all payments on the notes are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 16, 2032, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is a principal-at-risk, unsecured obligation.
Investors may receive a contingent coupon at 17.80% per annum, paid on scheduled coupon dates only if the underlier’s closing level on the related observation date is at or above the coupon barrier level of 80% of the initial level; missed coupons may be paid later if the barrier is subsequently met. The notes are automatically redeemed if, on any redemption determination date starting August 11, 2027, the underlier is at or above the call threshold level of 100% of the initial level, returning principal plus the applicable coupon and any unpaid coupons.
If not called and the final underlier level on August 11, 2032 is at or above the downside threshold level of 60% of the initial level, investors receive principal plus any due coupons. If the final level is below this threshold, the maturity payment equals principal multiplied by the performance factor, resulting in a loss of 1% of principal for each 1% underlier decline and possibly losing the entire investment. The estimated value on the pricing date is approximately $934.40 per security, reflecting issuing, selling, structuring and hedging costs, and secondary market liquidity may be limited. All payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due February 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performing of three indices: the Nasdaq-100® Technology Sector Index℠, the Russell 2000® Index and the S&P 500® Index.
Investors receive a 10.00% per annum contingent coupon only if, on each observation date, the closing level of every index is at or above its coupon barrier, set at 60% of its initial level. If any index is below its barrier on an observation date, no coupon is paid for that period, and investors may receive few or no coupons over the term.
Beginning November 3, 2026, the issuer may redeem the notes on specified monthly redemption dates at par plus any due coupon, but only if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. If not called, and on the final observation date each index is at or above its downside threshold, set at 50% of its initial level, investors receive principal back plus any final coupon. If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst-performing index, potentially to zero.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments are subject to their credit risk. The estimated value on the pricing date is approximately $981.70 per $1,000 note, reflecting embedded costs and a rate advantageous to the issuer. Liquidity may be limited, and secondary prices are expected to be below the issue price.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities maturing August 3, 2029, linked to the worst performing of Amazon, Meta and Microsoft common stocks, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest.
The notes auto-call on August 12, 2027 if each stock’s closing level on August 9, 2027 is at least 100% of its initial level, returning an early redemption payment of $1,600 per security. If not called, at maturity investors receive $1,000 plus a 300% participation in the gain of the worst performer if all three finish above their initial levels, only $1,000 if all remain at or above 70% of initial levels, and a loss matching the full decline of the worst performer if any finishes below 70%, potentially down to zero.
The estimated value on the pricing date is about $940.10 per $1,000 security, reflecting structuring and hedging costs and Morgan Stanley’s funding spread. Investors face the credit risk of Morgan Stanley and MSFL, limited liquidity, complex tax treatment, volatility in the underliers and no diversification benefit despite exposure to three stocks.
Morgan Stanley Finance LLC is offering Lookback Entry Trigger PLUS notes linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and expose investors to principal-at-risk.
Each security has a $1,000 stated principal amount, a pricing date of July 31, 2026, original issue date of August 5, 2026 and matures on August 3, 2028. The initial level is the lowest closing level of the underlier during an observation period from the pricing date through October 30, 2026. At maturity, if the final level exceeds the initial level, investors receive principal plus 200% of any gain, capped at a maximum payment of $1,617.50 per security (161.75% of principal.
If the final level is at or below the initial level but at or above the downside threshold of 75% of the initial level, investors receive only principal back. If the final level is below the downside threshold, repayment equals principal multiplied by the performance factor, resulting in 1% loss of principal for each 1% decline, with no minimum payment. The estimated value on the pricing date is approximately $941 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s credit spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on August 6, 2032, with a stated principal amount of $1,000 per security.
The notes pay a contingent coupon at 22.00% per annum, only if on each observation date the index is at or above a coupon barrier set at 70% of the initial level. The notes are automatically redeemed at par plus the contingent coupon if, on any redemption determination date from February 3, 2027 onward, the index is at or above a call threshold equal to 100% of the initial level.
If not called, at maturity investors receive principal back only if the final index level is at or above a downside threshold of 50% of the initial level; otherwise, repayment is reduced one-for-one with the index decline and can fall to zero. The estimated value on the pricing date is approximately $961.90 per security, below the $1,000 issue price, reflecting issuance and hedging costs. The issuer highlights significant risks including potential loss of the entire investment, possibility of receiving few or no coupons, limited liquidity, sensitivity to Morgan Stanley’s credit, and uncertain U.S. tax treatment. The underlier is a relatively new, volatility-targeted, 4% decrement index using equity futures and has limited live history.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due September 16, 2027, linked to the worst performing of the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $989.30 per security.
The notes pay no interest and offer an upside payment of $116 (11.60% of principal) if the final level of each index is at or above its downside threshold level of 75% of its initial level. If either index finishes below its threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, with no minimum payment, so the entire investment can be lost. The payoff depends only on the worst performer at the single observation date on September 13, 2027.
Key risks include principal at risk, capped upside, exposure to small-cap volatility via the Russell 2000, issuer and guarantor credit risk, limited and dealer-driven secondary market liquidity, and uncertain U.S. federal tax treatment, including potential future changes affecting derivative contracts.