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 6, 2027, linked to the common stock of Chipotle Mexican Grill, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an aggregate offering size of $1,000,000, with an issue price of $1,000 and an estimated value on the pricing date of $982.50.
The notes pay a contingent coupon at 17.64% per annum only if, on an observation date, the Chipotle stock closing level is at or above the coupon barrier level of $21.658 (65% of the $33.32 initial level); missed coupons may be "remembered" and paid later if a future observation meets the barrier. The securities are subject to automatic early redemption on specified redemption determination dates if the underlier closes at or above the call threshold level of $33.32 (100% of the initial level), in which case investors receive principal plus the applicable coupon and any previously unpaid coupons, and no further payments.
If not redeemed early, at maturity investors receive principal back only if the final underlier level is at or above the downside threshold level of $21.658. If the final level is below this threshold, the payment is $1,000 × (final level / initial level), exposing investors to the full downside of the stock and potentially resulting in a total loss of principal. The notes are unsecured obligations of MSFL, subject to the credit risk of MSFL and Morgan Stanley, are not bank deposits, and are not insured by the FDIC or any governmental agency.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities due August 6, 2027, linked to the performance of Accenture plc Class A ordinary shares and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the final Accenture share level on August 3, 2027 is at or above the buffer level of $105.645 (75% of the $140.86 initial level), holders receive $1,000 plus a fixed upside payment of $240.50, a 24.05% return, regardless of how far the stock has risen above the buffer. If the final level is below the buffer, the payoff is reduced by 1.3333% of principal for every 1% decline beyond the 25% buffer, with no minimum payment at maturity, so the entire investment can be lost. The aggregate principal amount is $2,100,000, and the estimated value on the pricing date is $982.80 per security, reflecting issuance, selling, structuring and hedging costs. All payments are unsecured and subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities, 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 $1,000 stated principal amount and an aggregate principal of $1,246,000, maturing on July 25, 2031.
At maturity, if the index’s final level is at or above the downside threshold level of 420.063 (70% of the 600.09 initial level), investors receive $1,000 plus the greater of index gains or a fixed upside payment of $520. If the final level is below the threshold, investors lose 1% of principal for each 1% index decline, with no minimum payment; the entire investment can be lost.
The notes pay no interest, are unsecured obligations of MSFL, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk. The issue price is $1,000 per security, while the estimated value on the pricing date is $979.30, reflecting issuance, selling, structuring and hedging costs and dealer margins. Liquidity may be limited, and tax treatment is described as that of prepaid financial contracts, subject to uncertainty.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities linked to the common stock of International Business Machines Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate offering of $1,238,000.
Investors may receive a 17.25% per annum contingent coupon, paid only when IBM’s closing level on an observation date is at or above the coupon barrier level of $123.462 (60% of the $205.77 initial level). The notes are automatically redeemed at par plus the applicable coupon if IBM’s level on any redemption determination date is at or above the call threshold level of $205.77.
If not redeemed early and IBM’s final level on July 23, 2029 is at or above the downside threshold level of $123.462, investors receive principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced one-for-one with IBM’s decline and can fall to zero. The notes are unsecured, subject to Morgan Stanley’s credit risk, and have an estimated value on the pricing date of $964.30 per $1,000 security.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due July 26, 2028, linked to the worst performing of Bank of America, Citigroup and JPMorgan Chase common stocks, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount each and an aggregate principal amount of $795,000.
Investors may receive an annual 11.00% contingent coupon, payable only if on each observation date all three stocks close at or above their respective coupon barrier levels, set at 60% of initial levels. Missed coupons can be paid later if all underliers recover above their barriers on a future observation date.
The securities are automatically called if, on any redemption determination date starting October 21, 2026, all underliers are at or above their call threshold levels (100% of initial levels), returning principal plus applicable coupons. If not called, and at maturity any underlier finishes below its downside threshold (also 60% of initial level), principal is reduced 1% for each 1% decline of the worst performer, potentially to zero. The estimated value on the pricing date is $974.70 per $1,000 note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering $1,302,000 of Enhanced Buffered Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, at $1,000 per security. The notes pay no interest and mature on August 26, 2027, with all payments subject to Morgan Stanley’s credit risk.
Returns depend on the worst performing of the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF and the Russell 2000 Index. At maturity, investors receive principal back if each underlier is at or above its 90% buffer level, plus a contingent digital payment of $128.50 (12.85%) if each underlier is at or above 75% of its initial level. Below the buffer, investors lose 1% of principal for each 1% decline of the worst underlier beyond the 10% buffer, subject to a minimum payment of 10% of principal.
The estimated value on the pricing date is $985.40 per security, below the issue price, reflecting structuring, hedging and distribution costs. The notes are intended for investors willing to accept significant downside risk, capped upside via the digital payment, tax uncertainty and limited liquidity in exchange for partial downside buffer and contingent return linked to the worst-performing underlier.
Morgan Stanley Finance LLC is offering Lookback Entry Trigger PLUS, a series of principal-at-risk structured notes linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate principal amount of $1,219,000.
The initial level is the lowest closing level of the index during an observation period from July 17, 2026 through September 17, 2026, but cannot exceed 596.71, the strike-date closing level. At maturity on July 22, 2031, if the final level exceeds the initial level, holders receive principal plus a leveraged upside equal to 185% of the index’s percentage gain. If the final level is at or below the initial level but at or above 70% of the initial level (the downside threshold), investors receive only principal back. If the final level falls below the downside threshold, repayment is reduced one-for-one with the index decline, with no minimum payment, and the investment could be fully lost.
The issue price is $1,000 per security, with an estimated value on the pricing date of $986.00, reflecting issuance, structuring and hedging costs. The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk, may have limited or no secondary market liquidity, and carry complex U.S. tax and regulatory considerations.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $235,000 of unsecured Jump Notes with Auto-Callable Feature due July 26, 2029, at $1,000 per note. The notes pay no interest and are linked to the worst performing of Alphabet Class A, Meta Class A and Microsoft common stock.
The notes are automatically redeemed on July 29, 2027 for $1,155 per note if on July 26, 2027 each stock is at or above 90% of its initial level. If not called, at maturity investors receive principal plus an upside payment equal to 125% of the percent gain of the worst performing underlier if all final levels exceed initial levels; otherwise only principal is repaid. The estimated value on the pricing date is $974.30 per note, below issue price, reflecting issuance and hedging costs. The notes are unsecured, not listed, subject to Morgan Stanley’s credit risk, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes, with a comparable yield of 4.8315%.
Morgan Stanley Finance LLC is issuing Trigger Jump Securities due August 26, 2027, linked to the common stock of Repligen Corporation, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest, and are issued at $1,000 per security with an aggregate principal amount of $10,000,000.
At maturity, if the final Repligen stock level is at or above the initial level of $140.09, investors receive $1,000 plus a fixed upside payment of $477.50 (a 47.75% return). If the final level is below the initial but at or above the downside threshold level of $126.081 (90% of the initial), investors receive only the $1,000 principal.
If the final level is below the downside threshold, repayment is reduced 1% for each 1% decline in the stock, with no minimum payment, so the investment can result in a total loss of principal. The estimated value on the pricing date is $982.30 per security, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s and MSFL’s credit, and liquidity in any secondary market may be limited.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 27, 2028, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $461,000. The securities are linked to the worst performance of Oracle Corporation common stock and Palantir Technologies Inc. Class A common stock and are principal-at-risk unsecured obligations.
Investors may receive a contingent coupon at 51.00% per annum, payable on scheduled coupon dates only if on each observation date the closing level of both underliers is at or above their respective coupon barrier levels, which equal 75% of initial levels. Beginning July 28, 2027, the issuer may redeem the notes early on specified redemption dates for principal plus any due coupon, but only if a risk neutral valuation model indicates redemption is economically rational for the issuer; early redemption is not triggered directly by underlier performance.
If the notes are not redeemed and on the final observation date the level of each underlier is at or above its downside threshold (also 75% of initial), investors receive principal plus any final contingent coupon. If either underlier finishes below its downside threshold, the maturity payment is $1,000 multiplied by the performance factor of the worst performing underlier, so losses are 1% of principal for each 1% decline and can reach 100%. The estimated value on the pricing date is $938.30 per security, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. All payments are subject to the credit risk of MSFL and Morgan Stanley, secondary market liquidity may be limited, and the U.S. federal income tax treatment is uncertain.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 26, 2029, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. Each $1,000 note pays a contingent coupon at 12.45% per annum, but only if on each observation date the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index are all at or above their respective coupon barrier levels, set at 70% of their initial levels.
Starting October 27, 2026, the issuer may redeem the notes on specified monthly dates for par plus any due coupon, but only if a risk neutral valuation model indicates early redemption is economically rational for the issuer. If not redeemed, and each index finishes at or above its downside threshold level (also 70% of its initial level), investors receive principal back plus any final coupon. If any index ends below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst performing index, potentially to zero. All payments depend on Morgan Stanley’s and MSFL’s credit; the estimated value on the pricing date is $975.50 per $1,000 note, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing $520,000 of Contingent Income Auto-Callable Securities, at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer of the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF, mature on January 27, 2028, and expose investors to principal loss.
Investors may receive a 10.15% per annum contingent coupon, payable only if on each observation date both underliers are at or above their coupon barrier levels (75% of initial levels). The notes are automatically redeemed if on a redemption determination date both underliers are at or above their call thresholds (95% of initial levels), paying principal plus the contingent coupon.
If not called and on the final observation date either underlier is below its downside threshold (70% of initial level), the maturity payment is reduced in line with the percentage decline of the worst-performing underlier, down to zero in a severe drawdown. The estimated value on the pricing date is $967.60 per security, below the $1,000 issue price, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Callable Contingent Income Securities due January 25, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,264,000. These are principal-at-risk structured notes linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, and are unsecured obligations subject to Morgan Stanley’s credit risk.
Investors may receive a contingent coupon at an annual rate of 13.50%, paid only if on each observation date the closing level of every underlier is at or above its coupon barrier, set at 70% of its initial level (NDXT 11,720.59; RTY 2,071.957; SPX 5,249.272). If any underlier is below its barrier on an observation date, no coupon is paid for that period, and it is possible to receive no coupons over the entire term.
Beginning on October 27, 2026, the notes are callable in whole on scheduled redemption dates only if a risk neutral valuation model indicates that redemption is economically rational for Morgan Stanley; an early call is not automatic based on index performance. If the notes are not redeemed and the final level of each underlier is at or above its downside threshold (also 70% of initial), investors receive principal back plus any final coupon. If the final level of any underlier is below its downside threshold, the maturity payment is $1,000 multiplied by the performance of the worst performing underlier, resulting in a loss of 1% of principal for every 1% decline, and the payment can be zero. The estimated value on the pricing date is $982.40 per security, below the issue price, reflecting structuring and hedging costs, and the issuer warns of limited or no secondary market liquidity and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Memory Auto-Callable Securities maturing July 26, 2029, linked to the common stock of Comfort Systems USA, Inc. Each security has a stated principal of $1,000, with an aggregate principal amount of $360,000.
The notes pay a 20.90% annual contingent coupon, only when the underlier’s closing level is at or above the coupon barrier of $895.53 (50% of the initial level) on an observation date; missed coupons may be paid later if the barrier is met. The notes are auto-callable from January 22, 2027 if the stock is at or above the call threshold of $1,791.06 (100% of the initial level), returning principal plus applicable coupons. If held to maturity and the final level is below the downside threshold of $895.53, principal is reduced 1% for each 1% decline, potentially to zero. The estimated value on the pricing date is $980.20 per $1,000 note, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley, in a total aggregate principal amount of $240,000 at $1,000 per security. The notes are linked to the worst performing of Corning, Marvell Technology and Palo Alto Networks common stocks, do not pay interest and expose holders to Morgan Stanley credit risk.
The securities may be automatically redeemed on July 28, 2027 for $1,450 per security if each underlier is at or above 70% of its initial level. If held to July 26, 2029, investors receive upside based on 400% participation in the worst performer when all underliers finish above initial, or up to a 40% positive return if the worst performer has declined but remains above its 60% buffer level. If any underlier ends below its buffer level, principal is reduced 1% for each 1% decline beyond the 40% buffer, subject to a minimum payment of 40% of principal. The estimated value on the pricing date is $905.90 per security, below the issue price due to issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Buffered PLUS linked to the S&P 500® Index, maturing on August 26, 2027, in an aggregate principal amount of $777,000 at $1,000 per security.
The notes pay no interest and are principal-at-risk. If the S&P 500® final level is above 7,498.96, investors receive leveraged upside of 110% of the index gain, capped at a maximum payment of $1,075 per security. If the index is flat or down but not below 80% of the initial level (the buffer level 5,999.168), investors receive the principal plus a positive return equal to the absolute index decline, effectively capped at a 20% gain. Below the buffer, investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is $989.90 per security, below issue price due to issuing, selling, structuring and hedging costs. Investors face issuer and guarantor credit risk, limited liquidity, capped upside, potential for significant loss of principal, and uncertain U.S. tax treatment, including a risk of debt characterization.
Morgan Stanley Finance LLC is offering Callable Contingent Income Memory Securities due July 25, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with a total offering of $1,000,000.
The notes pay a 7.70% per annum contingent coupon only if, on each observation date, the iShares MSCI EAFE ETF, the Russell 2000 Index and the S&P 500 Index are all at or above their coupon barrier levels, set at 60% of their initial levels. Missed coupons may be paid later if all underliers recover above their barriers.
Beginning July 27, 2028, the notes are callable on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; if called, investors receive principal plus the applicable coupon and any unpaid coupons.
If not redeemed and each underlier’s final level is at least its 60% downside threshold, investors receive full principal at maturity (plus any due coupons). If any underlier finishes below its threshold, repayment is reduced 1% for every 1% decline of the worst performer, potentially to zero. The estimated value on the pricing date is $976.80 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities due August 26, 2027, linked to the worst performing of the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF and the Russell 2000 Index, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, aggregate principal of $5,008,000, and pays no interest.
At maturity, investors receive principal back if the final level of each underlier is at or above its buffer level (90% of its initial level), plus a digital payment of $132 (13.20%) if each underlier is at or above 75% of its initial level. If any underlier finishes below its buffer, principal is reduced 1% for each 1% decline of the worst performer beyond the 10% buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is $988.30 per $1,000 note, reflecting structuring and hedging costs, and secondary market liquidity and pricing are expected to be limited. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Callable Contingent Income Memory Securities maturing February 1, 2027, linked to the Class A common stock of Palantir Technologies Inc. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Each $1,000 security pays a contingent coupon at 11.60% per annum, only if on an observation date Palantir’s closing level is at or above a coupon barrier set at 50% of the initial level; missed coupons can be paid later if the barrier is met. The notes are callable in whole, but not in part, on specified redemption dates beginning October 30, 2026, only if a risk neutral valuation model indicates early redemption is economically rational for the issuer.
If not redeemed and the final level on January 27, 2027 is at or above a 50% downside threshold, investors receive full principal plus any due coupons; otherwise, repayment is reduced 1% for each 1% decline in the underlier, down to zero. The original issue price is $1,000, while the estimated value on the pricing date is approximately $978.40 per security, reflecting issuing, selling, structuring and hedging costs. Returns depend on Palantir’s share performance, Morgan Stanley’s creditworthiness, secondary market conditions and uncertain U.S. tax treatment, including potential 30% withholding on coupons for certain non-U.S. holders.
Morgan Stanley Finance LLC is offering Digital EURO STOXX 50® Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest, is unsecured and exposes investors to the credit risk of Morgan Stanley.
The maturity is expected between 17 and 20 months after the trade date. At maturity, if the EURO STOXX 50® final level is at least 87.50% of its initial level, investors receive a fixed Maximum Settlement Amount expected between 112.68% and 114.91% of face value. If the index falls more than 12.50%, repayment is reduced using a Buffer Rate of approximately 114.29%, and up to the entire principal can be lost.
The notes will not be listed, have no redemption right, and secondary liquidity depends on Morgan Stanley & Co. LLC, which may make a market but is not obligated to. The estimated economic value on the trade date is about $995.50 per $1,000 note, reflecting issuance, structuring and hedging costs. Proceeds will be used for general corporate purposes and related hedging.
Morgan Stanley Finance LLC is issuing $14,769,000 of Capped Leveraged Buffered Basket-Linked Notes due January 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and is a principal-at-risk unsecured obligation.
The payoff is tied to a weighted equity basket: EURO STOXX 50® (40%), TOPIX (25%), FTSE® 100 (17%), Swiss Market Index® (11%) and S&P®/ASX 200 (7%). At maturity, investors receive $1,000 plus 150% of any positive basket return, capped at a Maximum Settlement Amount of $1,348.75 per $1,000. A 5% downside buffer protects against modest declines; below a 5% basket loss, principal is reduced at a Buffer Rate of approximately 105.26% of losses beyond the buffer, and investors can lose their entire investment.
The estimated value on the trade date is $981.70 per note, reflecting issuance, selling, structuring and hedging costs and the issuer’s internal funding rate. Notes are offered at 100% of face amount, with a 1.12% selling concession and expected proceeds to the issuer of $14,603,587.20. The notes are not listed, have no redemption rights, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing $5,482,000 of Leveraged Buffered S&P 500® Index‑Linked Notes due October 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal‑at‑risk unsecured obligations.
At maturity, for each $1,000 note, investors receive: (i) leveraged upside of 150% of the S&P 500® price return, capped at a Maximum Settlement Amount of $1,166.50; (ii) full principal repayment if the index decline is up to the 7.50% buffer; or (iii) a loss of principal if the index falls more than 7.50%, with losses amplified by a buffer rate of approximately 108.11%. The Initial Underlier Level is 7,498.96 and the buffer level is 92.50% of this value.
The price to the public is $1,000 per note, with agent’s commissions of 0.92% and net proceeds of $5,431,565.60. The estimated value on the trade date is $987.40 per note, reflecting issuance, structuring and hedging costs. The notes will not be listed, may have limited liquidity, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due August 7, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and provides exposure to the best performing of the STOXX® Europe 600 Index, the MSCI EAFE® Index and the S&P 500® Futures Excess Return Index.
At maturity, if the best performing underlier’s final level exceeds its initial level, investors receive $1,000 plus an upside payment equal to 100% of that appreciation. If the best performing underlier is flat, the payout is $1,000. If it has declined, investors lose 1% of principal for every 1% decline in the best performing underlier, with no minimum payment and potential total loss of principal.
The securities are unsecured obligations of MSFL, subject to the credit risk of both MSFL and Morgan Stanley. The issuer’s estimated value on the pricing date is approximately $951.20 per security, reflecting issuance, structuring and hedging costs that reduce economic terms versus the $1,000 issue price. Secondary market liquidity may be limited and prices may be significantly below issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature maturing on August 2, 2029, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index.
The notes are issued at $1,000 per security with an estimated value of about $960.70, reflecting issuance, structuring and hedging costs. From August 6, 2027, if all indices are at or above 100% of their initial levels on a determination date, the notes auto-redeem for stepped payments starting at $1,145 and rising to $1,398.75, implying roughly 14.50% per annum, after which no further payments are made.
If held to maturity and each index is at or above its call threshold, investors receive $1,435 per security. If any index is below its call threshold but all are at or above 70% downside thresholds, only principal is returned. If any index finishes below 70% of its initial level, repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. Payments depend on Morgan Stanley’s credit, secondary market liquidity may be limited, and U.S. tax treatment is uncertain.
Morgan Stanley Finance LLC is offering principal at risk Jump Securities linked to Alphabet Inc. Class A common stock, fully and unconditionally guaranteed by Morgan Stanley, maturing on August 12, 2031. The notes pay no interest and do not guarantee repayment of principal.
Beginning with the first determination date on August 16, 2027, the notes are subject to automatic early redemption if Alphabet’s closing level is at or above the call threshold level, set at 100% of the initial level. In that case, investors receive a fixed early redemption payment that corresponds to a return of about 13.00% per annum, ranging from $1,130.00 to $1,617.50 per $1,000 security, and the investment ends.
If not called, at maturity investors receive $1,650.00 per security if the final level is at or above the call threshold. If the final level is below the call threshold but at or above the downside threshold level of 65% of the initial level, they receive only the $1,000 stated principal. Below the downside threshold, repayment equals $1,000 multiplied by the performance factor (final level ÷ initial level), resulting in 1% loss of principal for each 1% decline in the underlier and potentially zero recovery. The estimated value on the pricing date is approximately $941.60 per security, reflecting issuance, selling, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Buffered PLUS structured notes due August 4, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The notes pay no interest and are linked to the S&P 500® Futures Excess Return Index.
At maturity, if the index final level is above the initial level, investors receive principal plus a leveraged upside payment equal to 210% of the index’s percentage gain. If the final level is at or below the initial level but at or above the buffer level of 80% of the initial level, investors receive only principal. If the final level is below the buffer level, repayment is reduced 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal.
The estimated value on the pricing date is approximately $978 per $1,000 note, reflecting issuing, selling, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited. The issuer highlights significant market, valuation, conflict-of-interest and U.S. tax uncertainties associated with these principal-at-risk securities.
Morgan Stanley Finance LLC is offering principal at risk Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index and maturing on July 31, 2031. The notes pay no interest and are unsecured obligations subject to Morgan Stanley’s credit risk.
The notes may be automatically redeemed on August 3, 2027 if, on July 29, 2027, the index closes at or above 90% of its initial level, in which case investors receive $1,260 per $1,000 and no further payments. If not called, at maturity investors receive $1,000 plus an upside payment equal to 335% of any index gain; $1,000 if the index is between 50% and 100% of its initial level; and a loss proportional to any decline if the index ends below 50% of its initial level, potentially losing the entire investment.
The estimated value on the pricing date is approximately $934.60 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs and the issuer’s funding rate. The complex underlying index uses leveraged S&P 500 futures, a 40% volatility target, and a 4.0% per annum decrement, has limited live history and extensive back-tested data. The notes may be illiquid, are sensitive to Morgan Stanley’s credit spreads, and involve uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due February 10, 2028, fully and unconditionally guaranteed by Morgan Stanley. These Contingent Income Auto-Callable Securities pay a 10.00% per annum contingent coupon only when the Nasdaq-100, Russell 2000 and S&P 500 are each at or above their coupon barrier levels on scheduled observation dates.
The notes can be automatically redeemed quarterly starting February 8, 2027 if each index is at or above its 100% call threshold, returning principal plus the applicable coupon, after which no further payments are made. If held to maturity and not called, full principal is returned only if each index’s final level is at or above its 70% downside threshold; otherwise, investors lose 1% of principal for every 1% decline in the worst-performing index, potentially losing their entire investment. The estimated value on the pricing date is approximately $973.60 per $1,000, reflecting issuance, selling, structuring and hedging costs. Payments depend on Morgan Stanley’s credit and the notes may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering callable contingent income securities due August 2, 2029, fully and unconditionally guaranteed by Morgan Stanley, at $1,000 stated principal per security. These principal-at-risk notes are linked to the worst performing of three ETFs: the State Street Health Care Select Sector SPDR ETF (XLV), State Street Real Estate Select Sector SPDR ETF (XLRE) and VanEck Gold Miners ETF (GDX).
The securities pay a contingent coupon at 13.40% per annum, only if on each observation date the closing level of every underlier is at or above its coupon barrier, set at 60% of its initial level. The same 60% level serves as the downside threshold for principal repayment at maturity. Beginning August 4, 2027, the issuer may redeem the notes on specified redemption dates for principal plus any due coupon, but only if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley.
If the notes are not redeemed and, on the final observation date, any underlier finishes below its downside threshold, investors lose 1% of principal for each 1% decline in the worst performing ETF and could lose their entire investment. The estimated value on the pricing date is approximately $969 per security, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities linked to the S&P 500® Index, maturing on September 16, 2027, with a stated principal amount of $1,000 per security and no periodic interest. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to their credit risk.
At maturity, investors participate 100% in S&P 500 gains up to a maximum payment of $1,090 per security (109% of principal). If the index is down but not below 80% of its initial level, investors receive a positive return equal to 50% of the index’s absolute decline, effectively capped at a 10% gain. Below the 80% buffer level, principal is reduced 1% for each 1% additional decline, with a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $983.90 per security, reflecting issuance, structuring and hedging costs, and the product carries complex tax and liquidity risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities linked to the Class A common stock of Space Exploration Technologies Corp. Each security has a $1,000 stated principal amount, with no interest payments and full exposure to the issuer’s credit risk.
At maturity on February 2, 2028, if the final stock level on the January 28, 2028 observation date is at or above the downside threshold (50% of the initial level), investors receive $1,000 plus a fixed $400 upside payment, a 40% return, regardless of how much the stock has risen within that range. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level ÷ initial level), so investors lose 1% of principal for each 1% decline and can lose their entire investment.
The estimated value on the pricing date is approximately $947 per security, reflecting issuing, selling, structuring and hedging costs borne by investors. The SpaceX stock began trading only in June 2026, so it has limited trading history and has shown periods of high volatility. The notes are unsecured, unsubordinated obligations with no assured secondary market and carry complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due August 2, 2029, linked to the worst performer of the Russell 2000 Index, S&P 500 Index and State Street Technology Select Sector SPDR ETF, fully guaranteed by Morgan Stanley. Each security has a $1,000 principal amount and pays a contingent coupon at 9.85% per annum only if on each observation date all three underliers are at or above their coupon barrier levels, set at 60% of initial levels.
Beginning on August 3, 2027, the notes are callable on specified monthly redemption dates, but only if a risk neutral valuation model indicates it is economically rational for Morgan Stanley to redeem; call is not driven directly by index performance. If held to maturity and each underlier’s final level is at or above its downside threshold (50% of initial level), investors receive principal plus any final coupon. If any underlier finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst-performing underlier, potentially to zero. The estimated value on the pricing date is about $975.60 per $1,000 security, reflecting issuance and hedging costs, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature, fully guaranteed by Morgan Stanley, linked to the worst performer of the S&P 500 Index and the iShares Expanded Tech-Software Sector ETF. Each security has a $1,000 principal amount, with an aggregate issuance of $3,108,000.
The notes pay no interest and may be automatically redeemed on determination dates in 2027 and 2028 if both underliers are at or above their call thresholds (100% of initial levels), for early redemption payments of $1,165 or $1,330, corresponding to about 16.50% per annum. If held to July 26, 2029 and both final underlier levels are at or above their call thresholds, investors receive $1,495 per security.
A 20% buffer applies: if either underlier finishes below its call threshold but both remain at or above 80% of initial level, investors receive principal only. If the worst underlier ends below its buffer level, principal is reduced 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. The notes are subject to Morgan Stanley’s credit risk, and the estimated value on the pricing date is $978.20 per $1,000.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing market-linked, principal-at-risk securities maturing on August 2, 2027. The notes are linked to the lowest performing of NVIDIA and Broadcom common stock.
Each $1,000 security offers a 20.00% contingent fixed return ($200) at maturity if the ending price of the lowest performing stock is at or above its threshold price (60% of its starting price). If the lowest performer finishes below its threshold, the payoff becomes $1,000 plus $1,000 times that stock’s return, exposing investors to losses greater than 40% and potentially a total loss of principal.
The starting prices are $207.29 for NVIDIA and $386.50 for Broadcom, with threshold prices of $124.374 and $231.90, respectively. The estimated value on the pricing date is $963.30 per $1,000 security, reflecting embedded issuing, selling, structuring and hedging costs. The notes pay no interest, provide no dividend exposure, have limited liquidity, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is issuing Market Linked Securities, auto-callable notes linked to the iShares Semiconductor ETF and guaranteed by Morgan Stanley, maturing July 26, 2028. Each security has a $1,000 face amount and pays a contingent coupon of 21.25% per annum, assessed monthly.
Coupons are paid only if the ETF’s closing price on a calculation day is at or above the coupon threshold price of $331.614, equal to 60% of the starting level; otherwise no coupon is paid. After a six‑month non‑call period, the notes are automatically called if the ETF is at or above the starting level, returning $1,000 plus the applicable coupon.
If the notes are not called and the ETF finishes below the downside threshold price of $331.614 on the final calculation day, repayment of principal is reduced one‑for‑one with the ETF decline, exposing investors to losses of more than 40% and potentially their entire investment. The estimated value is $962.10 per $1,000 security, below the issue price, reflecting embedded costs. The total offering is $5,931,000, and investors face Morgan Stanley credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Leveraged Buffered S&P 500 Index‑Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest, and expose investors to the price performance of the S&P 500 Index over an expected term of about 13–15 months, with principal at risk.
At maturity, for each $1,000 note, investors receive: (i) $1,000 plus 130% of any positive index return, capped at a Maximum Settlement Amount$1,137.93 and $1,162.24 per $1,000, corresponding to a cap level expected between 110.61% and 112.48% of the initial index level. If the index is flat or down by up to 12.50%, investors receive $1,000. Below a Buffer Level of 87.50% of the initial index level, repayment is reduced using a buffer rate of approximately 114.29%, and investors can lose some or all of their principal.
The notes are issued at $1,000 per note with no underwriting discount to investors; the estimated value on the trade date is approximately $996.00 per note due to issuing, structuring and hedging costs and the issuer’s internal funding rate. The notes will not be listed, secondary liquidity may be limited, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature due July 24, 2031, linked to the common stock of Astera Labs, Inc., and fully and unconditionally guaranteed by Morgan Stanley. These are unsecured principal at risk securities that pay no interest and do not guarantee return of principal.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $303,000. The initial level and call threshold level of the underlier are both $319.79; the downside threshold level is $159.895 (50% of the initial level). The securities are automatically redeemed on scheduled determination dates if the closing level of the underlier is at or above the call threshold, for cash payments that correspond to a return of approximately 52.75% per annum, starting at $1,527.50 per security and increasing over up to 48 determination dates.
If not previously redeemed and the final level is at or above the call threshold, investors receive $3,637.50 per security at maturity. If the final level is below the call threshold but at or above the downside threshold, investors receive only the $1,000 principal. If the final level is below the downside threshold, repayment is reduced one-for-one with the decline in the underlier via a performance factor, and the payment can be zero. The estimated value on the pricing date is $925.00 per security, below the issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s pricing. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing $4,955,000 of Trigger GEARS, 5‑year structured notes linked to a weighted basket of six global equity indices, fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 principal amount and offers leveraged upside with 1.505 Upside Gearing if the Basket Return is positive.
The Initial Basket Level is set to 100 with a Downside Threshold of 75, so if the Final Basket Level is below 75, investors are fully exposed to the negative Basket Return and can lose up to all principal. If the Basket Return is less than or equal to zero but the Final Basket Level is at or above 75, investors receive only their principal back. The notes pay no interest or dividends and all payments depend on Morgan Stanley’s credit. The issue price is $10 per Security, while the estimated value on the trade date is $9.497, reflecting upfront costs and issuer pricing.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due August 3, 2028, linked to the worst performer of the State Street SPDR S&P 500 ETF and the EURO STOXX 50 Index, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 security pays no interest and offers at least 171% leveraged upside if the worst performing underlier finishes above its initial level. If the worst performer is down but not below its 10% buffer, investors receive a positive return up to 10%. Below the buffer, principal is lost 1% for each 1% further decline, subject to a 10% minimum payment of principal, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature linked to Vertiv Holdings Co Class A common stock, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, issue price $1,000, and aggregate principal amount $269,000, maturing on July 24, 2031.
The initial level of Vertiv is $304.50, which is also the call threshold level. The downside threshold is $152.25 (50% of the initial level). From the first determination date on July 28, 2027, the notes are automatically redeemed if the underlier closes at or above the call threshold, paying a fixed cash amount that implies approximately 27.90% per annum, from $1,279 on the first date up to $2,371.75 on the last determination date. If held to maturity and not called, payment per note is $2,395 if the final level is at or above the call threshold, par if between the call and downside thresholds, and par multiplied by the performance factor if below the downside threshold, exposing investors to up to a 100% loss of principal.
The estimated value on the pricing date is $927.10 per note, below the $1,000 issue price due to embedded costs. The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market, and carry complex tax and structural risks described in the risk and tax sections.
Morgan Stanley Finance LLC is offering $940,000 of Enhanced Trigger Jump Securities linked to the capital stock of International Business Machines Corporation, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest, are issued at $1,000 per security and mature on August 5, 2027.
At maturity, if IBM’s closing level on the observation date is at or above the downside threshold level of $149.10 (70% of the $213.00 initial level), investors receive the $1,000 principal plus a fixed upside payment of $243.70, a 24.37% return, regardless of how much the stock has risen or modestly fallen. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level divided by initial level), creating a 1% loss of principal for each 1% decline in the underlier, with no minimum payment and potential loss of the entire investment.
The estimated value on the pricing date is $987.10 per security, reflecting issuing, selling, structuring and hedging costs. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited, with any market-making driven primarily by Morgan Stanley & Co. LLC.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due July 24, 2031, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index, in $1,000 denominations with an aggregate principal of $251,000, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk notes.
Investors may receive a 12.35% per annum contingent coupon, payable on scheduled dates only if the index’s closing level is at or above the coupon barrier of 2,411.108 (70% of the 3,444.44 initial level), with missed coupons potentially paid later if the barrier is subsequently met. The notes are auto-callable quarterly from January 21, 2027 if the index is at or above the call threshold of 3,444.44 (100% of initial), returning principal plus the applicable coupon and any unpaid coupons.
If not called, and the final index level on July 21, 2031 is at or above the downside threshold of 2,066.664 (60% of initial), investors receive full principal plus any due coupons; otherwise repayment is principal multiplied by the performance factor, exposing investors to a 1:1 loss with index declines and potentially a zero return of principal. The issuer’s estimated value on the pricing date is $909.30 per $1,000, reflecting embedded costs and credit spreads, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,058,000 of Callable Contingent Income Securities due July 26, 2029 at $1,000 per security. These principal-at-risk notes are linked to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and State Street Technology Select Sector SPDR ETF.
Investors may receive a 12.85% per annum contingent coupon, paid only when each underlier closes at or above its coupon barrier (70% of its initial level). If any final underlier level is below its downside threshold (60% of initial), principal is reduced 1% for each 1% decline in the worst performer, potentially to zero.
The issuer may redeem the notes on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley. The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and overall credit risk. The estimated value on the pricing date is $981.10 per security, below the issue price.
Morgan Stanley Finance LLC is issuing $1,500,000 of Contingent Income Memory Auto-Callable Securities, at $1,000 per note, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the S&P 500 Equal Weight Index and the S&P 500 Index. The notes pay a 9.68% per annum contingent coupon, but only if on each observation date both indices are at or above their coupon barrier levels, set at 80% of their initial levels. Automatic early redemption can occur quarterly from November 2, 2026 if both indices are at or above their call thresholds (100% of initial levels), returning principal plus due and unpaid coupons. If not redeemed and at maturity either index finishes below its downside threshold (also 80% of initial), principal is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is $985.70 per note, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the KraneShares CSI China Internet ETF, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes have a July 26, 2032 maturity and a $1,000 stated principal amount, with an aggregate principal of $2,710,000.
The notes provide 200% leveraged upside on ETF gains, subject to a maximum payment at maturity of $2,400 per note (240% of principal). A 10% downside buffer protects against moderate losses: if the ETF is down 10% or less at valuation, investors receive par. Below that level, investors lose 1% of principal for each 1% additional decline, but not less than the $100 minimum (10% of principal). The initial share price is $27.02, with the breakeven buffer level at $24.318.
The notes pay no interest, are not listed on any exchange, and their market value may be significantly below issue price. The estimated value on the pricing date is $963 per note versus the $1,000 issue price, reflecting $35 per note in selling and structuring costs. Holders are exposed to the credit risk of Morgan Stanley and to sector, emerging market, currency, liquidity and tax risks specific to this China internet ETF-linked structure.
Morgan Stanley Finance LLC is offering Contingent Income Memory Securities due August 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays a contingent coupon at 10.65% per year, but only if on each observation date the common stocks of Johnson & Johnson, JPMorgan Chase & Co. and Target Corporation are all at or above their respective coupon barrier levels, set at 50% of each stock’s initial level. Missed coupons can be “memorized” and paid later if all underliers are again at or above their barriers.
At maturity, investors receive the $1,000 principal only if the final level of each underlier is at or above its 50% downside threshold. If any underlier finishes below its downside threshold, the payoff is reduced in proportion to the percentage decline of the worst-performing stock, and the return of principal could be zero. The notes do not participate in any stock appreciation and expose investors to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, limited secondary market liquidity, complex U.S. tax treatment and potential withholding for non‑U.S. holders. The estimated value on the pricing date is approximately $982.70 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $440,000 of Buffered PLUS notes due July 24, 2031, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and expose investors to both market risk and issuer credit risk.
Each $1,000 note offers 200% leveraged upside if the index finishes above the initial level of 600.53. Principal is fully protected only down to a 20% buffer (buffer level 480.424); below that, losses match index declines beyond the buffer, with a minimum payout of 20% of principal. The estimated value on the pricing date is $966 per note, reflecting structuring and hedging costs and a lower issuer funding rate. Liquidity may be limited and tax treatment is uncertain.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature due July 25, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, issue price of $1,000, and total aggregate principal of $1,315,000.
The notes are linked to the worst performing of Broadcom Inc. (AVGO) and NVIDIA Corporation (NVDA) common stocks, with initial levels of $378.16 for AVGO and $203.28 for NVDA. An automatic early redemption on August 5, 2027 pays $1,521.50 per security if, on the August 2, 2027 determination date, each underlier’s closing level is at or above its call threshold (100% of its initial level).
If not redeemed early, at maturity investors receive (a) principal plus upside based on a 300% participation rate if both final levels exceed initial levels; (b) principal only if both final levels are at or above 60% downside thresholds; or (c) a loss of 1% of principal for each 1% decline of the worst performer below its initial level if either finishes below its downside threshold. The estimated value on the pricing date is $977.40 per security, reflecting issuance and structuring costs, and all payments are subject to the credit risk of MSFL and Morgan Stanley, with no principal protection or interest.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due January 25, 2029, linked to the common stock of International Business Machines Corporation and fully guaranteed by Morgan Stanley. These are principal-at-risk, unsecured notes with a stated principal of $1,000 per security and an aggregate principal amount of $2,500,000.
The notes pay a contingent coupon at 16.50% per annum only when the IBM closing price on an observation date is at or above the coupon barrier level of $126.30 (60% of the initial level). Unpaid coupons may be "remembered" and paid later if a future observation meets the barrier. The notes are automatically redeemed if IBM’s closing level on a redemption determination date is at or above the call threshold of $210.50 (100% of the initial level), returning principal plus applicable coupons.
If not called, and the final IBM level on January 22, 2029 is at or above the downside threshold of $126.30, investors receive full principal plus any due coupons. If the final level is below the downside threshold, repayment is reduced in proportion to IBM’s decline, potentially to zero. The estimated value on the pricing date is $970.10 per $1,000, reflecting issuance, structuring and hedging costs and the issuer’s credit spreads.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature linked to the common stock of Quanta Services, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $268,000, issued at par through Morgan Stanley & Co. LLC.
The notes pay no interest and do not guarantee return of principal. They are automatically redeemed on scheduled determination dates if Quanta’s closing level is at or above the $639.20 call threshold level, for fixed early redemption payments that correspond to an annualized return of approximately 16.50%. If held to maturity on July 24, 2031 and not called, investors receive $1,825 per security if the final level is at or above the call threshold, par if the final level is between the call threshold and the $319.60 downside threshold, and par multiplied by the performance factor if below the downside threshold, exposing investors to full downside in the stock.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk. The estimated value on the pricing date is $927.20 per security, reflecting structuring and hedging costs and a rate advantageous to the issuer. Liquidity may be limited and secondary prices are expected to be below the issue price.