Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 5, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index and fully 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 $938.40 per security.
Investors may receive a contingent coupon at 14.15% per annum, but only for periods when the index’s closing level on the relevant observation date is at or above a coupon barrier level of 65% of the initial level; missed coupons can be paid later if this condition is subsequently met. The notes are subject to automatic early redemption on scheduled determination dates if the index is at or above a call threshold of 100% of the initial level, in which case investors receive principal plus the applicable contingent coupon and any previously unpaid coupons, and the securities terminate.
If the notes are not redeemed early, and on the final observation date the index is at or above the downside threshold level of 60% of the initial level, investors receive full principal plus any due contingent coupon; if it is below that level, repayment is reduced in proportion to the index decline, and the maturity payment can fall to zero. The notes do not participate in any upside of the index, expose investors to the issuer’s and guarantor’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due February 9, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price and references the Russell 2000 Index, S&P 500 Index and State Street SPDR S&P Regional Banking ETF.
Investors may receive a 9.20% per annum contingent coupon, paid only if on each observation date all three underliers are at or above their coupon barrier levels set at 70% of initial levels. The notes are automatically called, starting November 4, 2026, if all underliers are at or above 100% of initial levels, paying principal plus the applicable coupon.
If not called, and at maturity all underliers are at or above their downside threshold levels (70% of initial), investors receive principal plus any final coupon. If any underlier finishes below its downside threshold, repayment of principal is reduced one-for-one with the worst-performing underlier and can fall to zero. The estimated value on the pricing date is about $969.40, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due August 2, 2029, linked to the State Street® SPDR® S&P® Regional Banking ETF. Each note has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley, but principal is at risk.
Investors may receive a contingent coupon at 8.75% per annum, paid only if on each observation date the ETF’s closing level is at or above a coupon barrier set at 70% of the initial level. The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date after October 30, 2026, the ETF’s level is at or above a call threshold equal to 100% of the initial level.
If not called and the final ETF level on July 30, 2029 is at or above the downside threshold (also 70% of the initial level), investors receive par plus any final contingent coupon. If the final level is below the downside threshold, repayment equals the principal multiplied by the performance factor (final level ÷ initial level), resulting in a 1-for-1 loss with the ETF and potentially a total loss of principal. The estimated value on the pricing date is approximately $971.40 per $1,000 note, reflecting issuance, selling, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-callable feature maturing on August 7, 2031, linked to the S&P 500® Futures Excess Return Index. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley, with all payments subject to the issuer’s and guarantor’s credit risk.
Each security has a $1,000 stated principal amount and issue price, while the estimated value on the pricing date is approximately $970.90 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. The notes pay no interest and do not guarantee return of principal. An automatic early redemption can occur on August 10, 2027 if, on August 5, 2027, the index closes at or above 107% of the initial level, triggering a fixed early redemption payment of $1,200 per security.
If not called, payment at maturity depends on index performance: if the final level exceeds the initial level, investors receive $1,000 plus an upside payment based on a 265% participation rate. If the final level is at or below the initial level but at or above 75% of the initial level, investors receive only $1,000. If the final level is below 75% of the initial level, the payoff equals $1,000 multiplied by the performance factor (final level ÷ initial level), resulting in a 1% loss of principal for each 1% index decline, up to a complete loss. The closing level of the underlier was 592.77 on July 27, 2026, and the issuer highlights significant market, liquidity, structural, conflict-of-interest and tax risks, including uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities linked to Alphabet Inc. Class A common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000, with estimated value on the pricing date of approximately $984.50 per security. The notes pay a contingent coupon at an annual rate of at least 15.72%, but only when Alphabet’s closing level on an observation date is at or above a coupon barrier set at 85% of the initial level; missed coupons can be paid later if the barrier is met, but may be lost entirely.
The notes are auto-callable on specified redemption determination dates if Alphabet’s level is at or above 100% of the initial level, returning principal plus the applicable coupon and any unpaid coupons, after which no further payments are made. If held to maturity and not called, principal is fully returned only if the final level is at or above an 85% buffer level; below that, investors lose 1.1765% of principal for each 1% decline beyond the 15% buffer, with no minimum payment, so the entire investment can be lost. The securities are unsecured, subject to Morgan Stanley’s and MSFL’s credit risk, may have limited secondary market liquidity, and carry complex and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Callable Contingent Income Memory Securities due July 6, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the VanEck Semiconductor ETF.
Investors may receive a contingent coupon at 20.20% per annum, payable only if on each observation date all three underliers are at or above their respective coupon barrier levels set at 70% of initial levels; missed coupons can be paid later if conditions are met. Beginning November 4, 2026, the notes are callable in whole on specified redemption dates if a risk neutral valuation model indicates it is economically rational for the issuer to redeem.
If not called, at maturity investors receive principal only if the final level of each underlier is at or above its downside threshold level, set at 60% of initial levels. Otherwise, repayment is reduced 1% for each 1% decline in the worst-performing underlier, potentially to zero. The estimated value on the pricing date is approximately $973.20 per $1,000, below issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due November 17, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performing of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index, with principal fully at risk.
Investors may receive a 13.85% per annum contingent coupon, paid only if on an observation date the closing level of each index is at or above its coupon barrier level, set at 75% of its initial level. The notes are auto-callable quarterly starting February 12, 2027 if each index is at or above its call threshold level (100% of its initial level), in which case investors receive principal plus the applicable coupon and no further payments.
If not redeemed early, at maturity investors receive principal only if each index is at or above its 75% downside threshold; otherwise repayment is reduced 1% for every 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $979.50 per $1,000, reflecting structuring and hedging costs. All payments are subject to Morgan Stanley’s and MSFL’s credit risk, and liquidity in any secondary market may be limited.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature, $1,000 principal-at-risk notes linked to the Class A common stock of Space Exploration Technologies Corp., fully and unconditionally guaranteed by Morgan Stanley and maturing on August 29, 2031.
The notes pay no interest. Beginning with the first determination date on August 27, 2027, they are automatically redeemed if the underlier’s closing level is at or above a call threshold equal to 100% of the initial level, for fixed early redemption payments that start at $1,210 per note and step up over 48 dates to $2,032.50$2,050 per note if the final level is at or above the call threshold, the $1,000 principal if the final level is between the call threshold and the 80% buffer level, and a loss of 1% of principal for each 1% decline below the buffer, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $896.60 per security, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured obligations exposed to Morgan Stanley’s credit risk, may be illiquid, and carry complex U.S. federal income tax treatment described as prepaid financial contracts that are “open transactions.”
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS, principal-at-risk structured notes due August 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 is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index rises, investors receive $1,000 plus 130.50% of the index gain. If the index is flat or down but not below 65% of the initial level, investors receive $1,000 plus an “absolute return” on declines, capped at a 35% positive return. If the index falls below 65% of the initial level, principal is reduced 1-for-1 beyond the 35% buffer, subject to a minimum payment of 35% of principal.
The estimated value on the pricing date is approximately $930.80 per security, below the $1,000 issue price due to embedded costs. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and involve complex tax treatment with potential recharacterization as debt instruments.
Morgan Stanley Finance LLC is offering principal-at-risk “Jump Securities” with an auto-callable feature maturing on August 12, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index.
The notes automatically redeem on August 15, 2028 for $1,330 per security if, on the first determination date, each index is at or above 100% of its initial level. If not redeemed, at maturity investors receive $1,000 plus a 300% participation in the positive performance of the worst-performing index if all three finish above initial. If at least one index is at or below initial but all stay at or above 70% of initial, investors receive only principal. If any index falls below its 70% downside threshold, repayment is reduced one-for-one with the decline in the worst-performing index and can be zero.
The notes pay no interest, offer no principal protection and are unsecured obligations subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $970 per $1,000 note, reflecting embedded costs, and secondary market liquidity may be limited. Tax treatment is complex and based on treatment as prepaid financial contracts.
Morgan Stanley Finance LLC is issuing principal-at-risk Jump Securities with an auto-call feature due August 17, 2029, linked to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and State Street Technology Select Sector SPDR ETF, and fully guaranteed by Morgan Stanley.
The notes may be automatically redeemed on August 24, 2027 for an early redemption payment of $1,245 per $1,000 security if each underlier is at or above its call threshold (100% of its initial level). Otherwise, at maturity investors receive upside participation of 175% of the worst underlier’s gain, only principal back if all underliers stay at or above 60% of initial, or a loss of 1% of principal for each 1% decline in the worst underlier below this downside threshold, potentially losing the entire investment.
The securities pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, and are not bank deposits or FDIC insured. The estimated value on the pricing date is approximately $959 per $1,000, reflecting issuance, structuring and hedging costs, and the notes may have limited or no secondary market and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 2, 2029, linked to the common stock of Unity Software Inc. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Each security has a $1,000 stated principal amount and pays a contingent coupon at 22.75% per annum only if Unity’s closing level on an observation date is at or above the coupon barrier level (60% of the initial level). Missed coupons may be paid later if the barrier is subsequently met. The notes are auto-callable quarterly from January 29, 2027 if Unity’s level is at or above 100% of the initial level, returning principal plus due and unpaid contingent coupons.
If not called, and the final level on July 30, 2029 is at or above the downside threshold (60% of initial), investors receive principal plus any payable coupons. If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the underlier, potentially to zero. The estimated value on the pricing date is approximately $951.30 per $1,000, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due August 2, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays no interest and is linked to the worst performing of Alphabet, Amazon, Microsoft and NVIDIA common stocks.
At maturity, if the final level of each stock exceeds its initial level, holders receive $1,000 plus a 400% leveraged upside on the worst performer. If any stock ends below its initial level but all remain at or above 70% of initial (a 30% buffer), investors receive only principal. If any stock finishes below its buffer level, principal is reduced 1% for each 1% decline of the worst performer beyond the 30% buffer, subject to a minimum payment of 30% of principal.
The securities are unsecured, subject to Morgan Stanley’s credit risk, have an estimated value of about $974.60 per $1,000 on the pricing date, may have limited or no secondary market, and carry complex tax and underlier-specific risks.
Morgan Stanley Finance LLC is offering Trigger PLUS notes, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the S&P 500 Index and the VanEck Semiconductor ETF. The notes pay no interest and do not guarantee return of principal.
At maturity on August 2, 2028, if the final level of each underlier on the July 28, 2028 observation date is above its initial level, investors receive $1,000 plus a leveraged upside payment equal to 239% of the worst underlier’s gain. If the worst underlier is at or below its initial level but at or above 75% of its initial level, investors receive only the $1,000 principal. If the worst underlier falls below 75% of its initial level, repayment is reduced 1% for each 1% decline, with no minimum payment, so the entire investment can be lost.
Illustratively, a 5% gain in the worst underlier pays $1,119.50, while an 85% loss pays $150. The original issue price is $1,000 per note, but the estimated value on the pricing date is approximately $953.20, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, $1,000 principal-at-risk notes due August 19, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to an equally weighted basket of seven large semiconductor-related stocks and pay no interest.
At maturity, if the basket’s final level is at or above the 80% buffer level, investors receive $1,000 plus a fixed upside payment of at least $194.50 per note (at least 19.45% return), regardless of how high the basket rises. If the final level is below the buffer, principal is reduced by 1.25% for each 1% decline beyond the 20% buffer, with no minimum repayment, so the investment can lose all principal. The initial economic value is lower than issue price, with an estimated value of about $961.20 per $1,000 note, reflecting structuring, hedging and distribution costs, including up to $10 per $1,000 in placement fees. U.S. tax treatment is uncertain; the issuer reasonably expects to treat the notes as prepaid financial contracts, and notes are expected to be outside Section 871(m) withholding, subject to confirmation on the pricing date.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes, fully guaranteed by Morgan Stanley, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and maturing on August 5, 2031. Each security has a $1,000 stated principal amount and issue price.
Investors may receive a 10.15% per annum contingent coupon, paid on scheduled dates only if the index’s closing level is at least 75% of the initial level; missed coupons can be paid later if the barrier is subsequently met. The notes are auto-callable from July 30, 2027 onward if the index is at least 90% of the initial level, in which case holders receive $1,000 plus due coupons and no further payments.
If not called, at maturity investors receive $1,000 only if the final index level is at least the 85% buffer level. Below this, principal is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal. The estimated value on the pricing date is about $900.70 per security, below the issue price, reflecting fees and structuring/hedging costs. Payments depend on Morgan Stanley’s credit, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 29, 2030, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. The notes are linked to the worst performer of three ETFs: Global X Uranium ETF (URA), State Street® Energy Select Sector SPDR® ETF (XLE) and State Street® Financial Select Sector SPDR® ETF (XLF).
Each $1,000 security has an issue price of $1,000 and aggregate principal of $1,252,000, with an estimated value on the pricing date of $956.40. A contingent coupon at 20.00% per annum is payable only if on each observation date all three underliers are at or above their coupon barrier levels (70% of initial levels: URA $27.923, XLE $41.734, XLF $39.417). The notes are callable in whole, but not in part, on specified redemption dates starting July 30, 2027, if a risk neutral valuation model indicates calling is economically rational for the issuer.
If not redeemed early and on the final observation date each underlier is at or above its downside threshold level (60% of initial: URA $23.934, XLE $35.772, XLF $33.786), investors receive the stated principal plus any final contingent coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing underlier, down to zero. Payments are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and are subject to their credit risk; the product also carries sector concentration, market, liquidity and complex U.S. tax risks.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS, unsecured structured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount, with an aggregate principal of $1,189,000, priced on July 24, 2026 and maturing on July 27, 2029. The notes pay no interest and expose investors to issuer credit risk.
At maturity, if the index is above the initial level of 592.71, investors receive principal plus 137.40% of the index gain. If the final level is at or below the initial level but at or above the buffer level of 474.168 (80% of initial), investors receive principal plus up to a 20% positive return based on the absolute decline. Below the buffer, investors lose 1% of principal for each 1% additional index decline, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is $978 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding spread. The securities are intended for fee-based advisory accounts, involve limited liquidity, complex tax treatment and significant market and credit risks, and are not equivalent to direct investment in the underlying index.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $2,000,000 of Jump Securities with an auto-callable feature due July 27, 2028, linked to the worst performing of Broadcom Inc. (AVGO) and NVIDIA Corporation (NVDA), at $1,000 per security. These unsecured notes are fully and unconditionally guaranteed by Morgan Stanley, do not pay interest and expose investors to full principal loss based on equity performance and Morgan Stanley’s credit.
The notes auto-redeem on August 9, 2027 for $1,500 per security if on August 5, 2027 each stock is at or above its call threshold, set at 100% of its initial level (AVGO $396.81, NVDA $212.06). If not called, payment at maturity depends on the worst performer: if both final levels exceed initial levels, holders receive principal plus a 300% participation in the worst underlier’s gain; if either is at or below its initial level but both stay at or above the downside thresholds (60% of initial: AVGO $238.086, NVDA $127.236), only principal is repaid; if either falls below its downside threshold, repayment equals principal times that worst underlier’s performance factor, potentially zero.
The issue price includes selling, structuring and hedging costs, so the estimated value on the pricing date is $973.80 per $1,000 security. Agent commissions are up to $15 per security, and secondary market liquidity and tax treatment (including Section 871(m) considerations for Non-U.S. Holders) are subject to the detailed risks described.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Auto-Callable Securities due July 26, 2029, linked to the worst performing of the iShares Russell 2000 ETF (IWM) and the State Street Technology Select Sector SPDR ETF (XLK). The notes are unsecured, principal-at-risk obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with a denomination of $1,000 and an aggregate principal amount of $6.5 million.
The notes pay a contingent coupon at 12.50% per annum only if on each observation date both underliers are at or above their coupon barrier levels, set at 70% of initial levels (IWM: $205.653; XLK: $126.189). If on any redemption determination date both underliers are at or above their call thresholds (100% of initial levels), the notes are automatically redeemed early for principal plus the applicable coupon, and no further payments are made.
If not called, at maturity investors receive principal back only if both final underlier levels are at or above their downside thresholds (same 70% barriers). Otherwise, repayment is reduced proportionately to the decline of the worst performer and can fall to zero. The estimated value on the pricing date is $973.50 per security (below the $1,000 issue price), reflecting issuer costs and margins. All payments depend on Morgan Stanley’s creditworthiness, secondary market liquidity may be limited, and U.S. tax treatment is complex, with potential 30% withholding for many non-U.S. holders.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Jump Securities with an auto-callable feature maturing July 26, 2029, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk and no interest payments.
Each security has a $1,000 stated principal amount and issue price, for an aggregate principal amount of $662,000. The notes may be automatically redeemed on set determination dates starting July 30, 2027 if each index is at or above its call threshold (100% of its initial level), paying early redemption amounts of $1,170 or $1,340 per security, corresponding to approximately 17% per annum. If held to maturity and not earlier redeemed, payoff depends on the worst-performing index: full principal plus upside if all final levels exceed initial levels, principal only if all remain at or above their downside thresholds (70% of initial), and a proportional loss (down to zero) if any index finishes below its downside threshold.
The initial index levels are 51,711.65 (INDU), 28,454.81 (NDX) and 2,940.163 (RTY). The participation rate on upside is 150% of the worst performer’s percentage gain. The issuer’s estimated value on the pricing date is $957.50 per security, below the $1,000 issue price due to embedded costs and structuring and hedging. All payments are subject to Morgan Stanley’s and MSFL’s credit risk, and the offering includes complex market, liquidity, conflict-of-interest and U.S. federal tax considerations.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering $3,225,000 of Callable Contingent Income Buffered Securities linked to the iShares Bitcoin Trust ETF. Each security has a $1,000 principal amount and pays a 16.30% per annum contingent coupon only when the ETF’s closing level is at or above the $29.872 coupon barrier on scheduled observation dates.
The notes may be redeemed early at par plus any due coupon if a risk neutral valuation model indicates it is economically rational for Morgan Stanley to call, starting August 27, 2026. If held to January 27, 2027 and the final ETF level is at or above the 80% buffer level, investors receive principal back (plus any final coupon). Below the buffer, principal loss is magnified at 1.25% for each 1% decline beyond the 20% buffer, with no minimum repayment. The initial ETF level is $37.34, and the estimated value on the pricing date is $981.30 per $1,000 note, reflecting issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk and the significant volatility and regulatory risks of bitcoin-related assets.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Jump Securities with an auto-callable feature linked to the Russell 2000® Index under its shelf registration. The notes have a stated principal amount of $1,000 per security and an aggregate principal amount of $1,335,000, maturing on July 26, 2029, and are fully and unconditionally guaranteed by Morgan Stanley.
The securities may be automatically redeemed on August 4, 2027 for an early redemption payment of $1,134.50 per security if the index is at or above its initial level of 2,940.163 on the first determination date. If not called, investors receive at maturity either principal plus an upside payment based on a 150% participation in index gains, only principal if the index is between the initial level and the downside threshold of 2,352.130 (80% of initial), or a loss of 1% of principal for each 1% index decline below the threshold, potentially down to zero.
The estimated value on the pricing date is $968.20 per security, below the $1,000 issue price due to issuance, selling, structuring and hedging costs and the issuer’s funding rate. The notes pay no periodic interest, are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and carry complex tax treatment characterized as prepaid financial contracts that are “open transactions” under current counsel opinion.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Dual Directional Trigger PLUS structured notes due July 26, 2029, linked to the worst performing of the Nasdaq-100 Index and the S&P 500 Index. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $1,375,000.
If the final level of each index is above its initial level, holders receive $1,000 plus 112% of the worst index’s gain. If the worst index is between 100% and 70% of its initial level, investors receive $1,000 plus the absolute percentage decline (one-for-one), capped at a 30% positive return. If either index finishes below 70% of its initial level, repayment is reduced one-for-one with the decline of the worst index, with no minimum payment, so the investment can be lost in full.
The notes pay no interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley. The estimated value on the pricing date is $980.40 per security, below the $1,000 issue price, reflecting structuring and hedging costs and the issuer’s funding spread. Liquidity may be limited, and all payments are subject to Morgan Stanley’s credit risk and uncertain tax treatment.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Auto-Callable Securities due June 28, 2028, linked to the worst performer of the iShares Expanded Tech-Software Sector ETF, the Russell 2000 Index and the State Street SPDR S&P Regional Banking ETF. The notes pay a 13.32% per annum contingent coupon only when on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of initial levels. Beginning January 25, 2027, the notes are automatically called if all underliers are at or above their call thresholds, set at 100% of initial levels, returning principal plus the applicable coupon. If not called, and at maturity any underlier finishes below its downside threshold (65% of initial), repayment is reduced in proportion to the worst underlier’s decline, 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 $967.80 per $1,000 note and limited expected secondary-market liquidity.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities with Auto-Callable Feature” linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on July 28, 2031, with an aggregate principal amount of $415,000 and issue price of $1,000 per note.
The notes may be automatically redeemed on July 29, 2027 for $1,300 per note if the index closes at or above the call threshold of 2,928.762 (90% of the initial level 3,254.18) on July 26, 2027. If not called, at maturity investors receive $1,000 plus an upside payment equal to 250% of any positive index return; $1,000 if the final level is between 50% and 100% of the initial level; or a loss matching the full index decline if the final level is below the downside threshold of 1,627.09 (50% of the initial level).
The notes pay no interest, do not guarantee principal, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and its Morgan Stanley guarantee. The estimated value on the pricing date is $923.10 per note, below the $1,000 issue price, reflecting embedded costs. The underlier is a recently launched, leveraged, volatility-targeting index with a 4.0% per annum decrement, hypothetical back-tested history, and limited live performance, which may increase risk and tracking complexity.
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 Contingent Income Memory Auto-Callable Securities due October 28, 2030, linked to the worst performer of three ETFs: State Street Technology Select Sector SPDR ETF (XLK), State Street Utilities Select Sector SPDR ETF (XLU) and VanEck Semiconductor ETF (SMH). The notes are unsecured, principal-at-risk obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 security offers a contingent coupon at an annual rate of 11.20%, payable only when on an observation date the closing level of each ETF is at or above its coupon barrier (50% of initial levels: XLK $89.225, XLU $23.095, SMH $290.085). Missed coupons can be paid later if the barrier is again met. The notes are automatically called, starting July 23, 2027, if on any redemption determination date all ETFs are at or above their call threshold (100% of initial levels), returning principal plus the current and any unpaid coupons.
If not called, at maturity investors receive principal only if each ETF’s final level is at or above its downside threshold (same as the 50% barriers). If any ETF finishes below its threshold, the payoff is reduced in proportion to the worst-performing ETF, and the amount can fall to zero. The estimated value on the pricing date is $935 per $1,000 note, reflecting embedded costs; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Dual Directional Trigger PLUS structured notes linked to the worst of the Dow Jones Industrial Average and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, with a total aggregate principal of $1,597,000, and matures on July 26, 2030.
The notes pay no interest and do not guarantee repayment of principal. At maturity, if both indices finish above their initial levels, holders receive principal plus 130% of the worst index’s gain. If the worst index is flat or down but at or above its 70% downside threshold, investors receive principal plus 50% of the absolute decline, effectively capped at a 15% positive return. If the worst index finishes below its downside threshold, repayment is reduced 1% for each 1% decline, with no minimum, so the investment can be lost in full.
The initial levels are 51,711.65 for the Dow Jones Industrial Average and 7,408.30 for the S&P 500 Index, with corresponding downside thresholds of 36,198.155 and 5,185.81. The issue price is $1,000 per security, but the estimated value on the pricing date is $986, reflecting issuance, structuring and hedging costs borne by investors. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and liquidity in any secondary market is expected to be limited.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is issuing Nasdaq‑100 Index®-linked Buffered Jump Securities with an auto-call feature maturing July 27, 2028. Each security has a stated principal amount of $1,000 and an issue price of $1,000, with an aggregate principal amount of $1,539,000. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
The notes are automatically redeemed on August 4, 2027 for $1,143.70 per security if the Nasdaq-100 closing level on July 30, 2027 is at or above the call threshold level of 28,454.81. If not called, at maturity investors receive upside participation of 125% of any index gain above the initial level of 28,454.81, return of principal if the final level is at or above the buffer level of 25,609.329 (90% of initial), and a loss of 1% of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment at maturity of 10% of principal. The estimated value on the pricing date is $977.40 per security, reflecting embedded costs and issuer credit spreads, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities with Auto-Callable Feature” maturing July 28, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and issue price, with an estimated value of $933 on the pricing date.
The notes may be automatically redeemed on July 29, 2027 for $1,260 per security if the index closes at or above the call threshold of 2,928.762 (90% of the initial level). If not called, at maturity investors receive upside participation of 335% of any index appreciation, return of principal if the index is at or above the 50% downside threshold of 1,627.09, or a proportional loss of principal if below that level, potentially down to zero.
The securities pay no interest, are unsecured obligations of MSFL guaranteed by Morgan Stanley, and expose holders to both market risk on a relatively new, leveraged decrement index and credit risk of Morgan Stanley. Liquidity may be limited, secondary prices are expected to be below the issue price, and U.S. tax treatment is described as prepaid financial contracts with noted uncertainties.
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 $6.5 million of Enhanced Trigger Jump Securities due August 26, 2027, linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. The notes are unsecured, pay no interest, and are fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 security returns $1,090 (a fixed 9.00% upside) at maturity if the final level of each index is at or above 65% of its initial level. If either index finishes below its 65% downside threshold, principal is reduced 1% for each 1% decline in the worst-performing index, with no minimum repayment, so investors could lose their entire investment. The initial levels are 2,940.163 for the Russell 2000 and 7,408.30 for the S&P 500. The estimated value on the pricing date is $992.50 per $1,000 note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk and limited secondary market liquidity.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering callable contingent income securities due January 27, 2028, linked to the worst performance of the Russell 2000 Index, the S&P 500 Index and the State Street Financial Select Sector SPDR ETF. Each $1,000 security pays a 10.85% per annum contingent coupon only if on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of initial levels (RTY 2,058.114; SPX 5,185.81; XLF $39.081).
Beginning January 28, 2027, the notes are callable in whole on scheduled redemption dates if a specified risk neutral valuation model indicates that redemption is economically rational for Morgan Stanley; once called, no further payments are made. At maturity, if not redeemed and every underlier is at or above its 70% downside threshold, investors receive principal plus any final contingent coupon; otherwise the payoff is reduced 1% for each 1% decline of the worst performing underlier, potentially to zero. The notes are unsecured, subject to Morgan Stanley’s credit risk, and the estimated value on the pricing date is $987.40 per $1,000.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering $1,000,000 of Buffered Participation Securities linked to the S&P 500® Index, at $1,000 stated principal per security. The notes pay no interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
At maturity on August 3, 2027, investors receive: full principal plus 100% of index gains, capped at a maximum payment of $1,107 per security (110.70% of principal); full principal if the index is down but not below the 80% buffer level; or principal reduced 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The initial index level is 7,498.96, buffer level 5,999.168, and the issuer’s estimated value on the pricing date is $991 per security, lower than the issue price due to issuance, selling, structuring and hedging costs. All payments depend on Morgan Stanley’s creditworthiness, and the securities may be illiquid with complex and uncertain U.S. tax treatment.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on August 7, 2031.
Each security has a $1,000 stated principal amount and no interest payments. From August 4, 2027 onward, the notes are automatically redeemed if the index is at or above a call threshold level of 90% of the initial level, paying fixed early-redemption amounts that imply about 14.10% per annum. If held to maturity and not redeemed, investors receive $1,705 per security if the final index level is at or above the call threshold, $1,000 if it is between the 90% call threshold and the 85% buffer level, and a loss beyond a 15% buffer if the index finishes below the buffer, subject to a minimum payment of 15% of principal.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley. The estimated value on the pricing date is approximately $904.30 per security, 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 unsecured, zero-coupon “Jump Notes with Auto-Callable Feature” due August 10, 2029. Each $1,000 note is linked to the worst performing of Amazon.com, Broadcom and Meta Platforms common stocks and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may auto-call on August 9, 2027 if each stock’s closing level is at or above its 100% call threshold, paying a fixed $1,200 per note and then terminating. If not called, and at maturity all three final levels exceed their initial levels, investors receive $1,000 plus an upside payment equal to 120% of the appreciation of the worst performer; otherwise they receive only the $1,000 principal. The notes pay no interest, are not listed, and their estimated value on the pricing date is approximately $972.20 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 Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the Russell 2000® Index, maturing October 13, 2027. Each security has a $1,000 stated principal amount, pays no interest, and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors earn 200% of any index gain, subject to a maximum payment of $1,137.50 per security (113.75% of principal). If the index finishes between the initial level and the 10% downside buffer level (90% of the initial level), investors receive principal only. Below the buffer, principal is reduced 1% for each additional 1% index decline, but not below a minimum payment of 10% of principal.
The estimated value on the pricing date is approximately $966.40 per $1,000 security, reflecting issuance, selling, structuring and hedging costs that reduce investor economics. Key risks include full principal-at-risk exposure beyond the buffer, limited upside due to the cap, dependence on Morgan Stanley’s credit, potential illiquidity in the secondary market, heightened volatility of small-cap stocks in the Russell 2000®, and uncertain U.S. tax treatment.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Auto-Callable Securities due February 2, 2028, linked to the worst performer of the State Street Technology Select Sector SPDR ETF (XLK), the S&P 500 Index (SPX) and the State Street SPDR S&P Regional Banking ETF (KRE), fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a 12.35% annual contingent coupon only when on an observation date all underliers are at or above 60% of their initial levels; otherwise no coupon is paid for that period. Starting October 28, 2026, if on a redemption determination date all underliers are at or above 100% of initial, the notes auto-call for $1,000 plus the applicable coupon. If held to maturity and any underlier finishes below its 60% downside threshold, repayment of principal is reduced 1% for each 1% decline in the worst underlier and can be zero. All cash flows depend on Morgan Stanley’s credit, and the estimated value at pricing is about $982.90 per $1,000 note.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering fixed income Buffered Auto-Callable Securities due August 5, 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 coupon at an annual rate of 7.25%, regardless of index performance, until early redemption or maturity.
The notes can be automatically redeemed beginning August 2, 2027 if the index is at or above 100% of its initial level, for par plus the coupon. If not called, and on the final observation date the index is at or above the 85% buffer level, investors receive par plus the final coupon; below that, principal is reduced 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and have an estimated value on the pricing date of approximately $917.70 per $1,000, reflecting issuance, selling, structuring and hedging costs. Principal is at risk and all payments depend on Morgan Stanley’s creditworthiness.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Enhanced Buffered Jump Securities due August 17, 2033 linked to the S&P 500 Index. Each security has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the final S&P 500 level is at or above the buffer level (90% of the initial level), holders receive $1,000 plus a fixed upside payment of $680 (a 68.00% return), regardless of how far the index has risen. If the final level is below the buffer, payment equals $1,000 × (performance factor + 10%), with a minimum payment of 10% of principal, so investors can lose up to 90% of their investment.
The securities’ estimated value on the pricing date is approximately $931.10 per $1,000, reflecting issuance, structuring and hedging costs. Investors are exposed to Morgan Stanley’s credit risk, limited secondary market liquidity, index volatility and uncertain U.S. tax treatment, including possible changes affecting derivative contracts and Section 871(m) for non-U.S. holders.
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 Dual Directional Buffered Jump Securities linked to the S&P 500® Index, maturing on August 15, 2030. Each note has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the index is at or above its initial level, holders receive principal plus a fixed upside payment of $320 per security (a 32.00% maximum gain). If the index is below the initial level but at or above the 80% buffer level, investors receive principal plus a positive return equal to the index’s percentage decline in absolute value multiplied by a 400% absolute return participation rate, capped at an 80% gain. If the index closes below the buffer level, investors lose 1% of principal for every 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $983.70 per security, below the $1,000 issue price because of issuing, selling, structuring and hedging costs. The notes are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, are not bank deposits and are not insured by the FDIC. Liquidity may be limited, and tax treatment is described as a prepaid financial contract with material uncertainties.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Dual Directional Buffered Jump Securities linked to the S&P 500® Index, maturing on August 15, 2031. Each security has a $1,000 stated principal and pays no interest.
At maturity, if the S&P 500 final level is at or above the initial level, investors receive $1,000 plus a fixed upside payment of $432.50 (a 43.25% gain). If the index is below the initial level but at or above the buffer level (80% of the initial level), investors receive a positive return based on the absolute return participation rate of 400%, effectively capped at an 80% gain. Below the buffer level, principal is reduced 1% for each 1% index decline beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $976.10 per security, below the $1,000 issue price due to issuance, selling, structuring and hedging costs. The product carries market, credit, liquidity and tax risks and is intended for investors who can tolerate substantial loss of principal and forgo interim interest.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering principal-at-risk Buffered Jump Securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount, is unsecured, and fully guaranteed by Morgan Stanley.
The notes may be automatically redeemed starting on August 2, 2027 if the index is at or above 100% of its initial level, paying a fixed early redemption amount that corresponds to a return of approximately 18.25% per annum and then terminating. If held to the August 4, 2033 maturity and the final index level is at or above 80% of the initial level, investors receive a fixed $2,277.50 per security; there is no upside participation beyond this amount.
If the final level is below the 80% buffer, the maturity payment is principal × (final level/initial level + 20%), with losses of 1% for each 1% decline beyond the 20% buffer and a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $907.70 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs. The notes pay no interest, have limited liquidity, depend on Morgan Stanley’s credit, and involve complex index, volatility, tax and regulatory risks.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Buffered Auto-Callable Securities due August 3, 2029, linked to the iShares Expanded Tech-Software Sector ETF. Each security has a $1,000 stated principal amount and issue price, is unsecured, and fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Investors may receive a contingent coupon at 10.45% per annum, paid only if the ETF’s closing level on each observation date is at or above a coupon barrier (70% of the initial level). The notes are subject to automatic early redemption if the ETF is at or above 100% of its initial level on specified redemption determination dates, paying principal plus the applicable coupon. If held to maturity and the final level is at or above a 70% buffer level, investors receive principal (plus any final coupon). If the final level falls below the buffer, maturity payment is reduced by 1.4286% of principal for each 1% decline beyond the 30% buffer, potentially to zero. The estimated value on the pricing date is approximately $980.40 per security, below the issue price, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering $5,794,000 of Leveraged Buffered S&P 500® Index-Linked Notes due January 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and expose principal to market risk tied to the S&P 500® Index.
At maturity, for each $1,000 note, investors receive leveraged upside of 150% of the index gain, capped at a Maximum Settlement Amount of $1,198.75 (119.875% of face). A 7.50% downside buffer protects against moderate declines; below 92.50% of the initial index level, losses accelerate via a buffer rate of approximately 108.11%, and the entire investment can be lost. The initial S&P 500® level is 7,498.96, with key dates from a July 22, 2026 trade date to a January 25, 2028 determination date.
The notes are sold at $1,000 per note with a 1.12% selling concession; issuer proceeds are $988.80 per note. Morgan Stanley’s estimated value on the trade date is $985.40, reflecting issuance, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed, and any secondary market depends on Morgan Stanley & Co.’s discretion.