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 July 24, 2031, linked to Carvana Co. Class A common stock, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 each and an aggregate principal amount of $296,000, with an issue price of $1,000 and an estimated value on the pricing date of $934 per security.
Investors may receive a 19.25% per annum contingent coupon only when the underlier’s closing level is at or above the coupon barrier level of $39.348. The notes are auto-callable if the underlier is at or above the call threshold of $65.58 (100% of the initial level) on specified redemption determination dates, returning principal plus due coupons. If not called and the final level is below the downside threshold of $32.79 (50% of initial), repayment is reduced in proportion to the underlier’s decline, and investors can lose up to their entire principal. All payments depend on Morgan Stanley’s credit, and the securities may be illiquid and carry complex tax treatment.
Morgan Stanley Finance LLC is issuing contingent income auto-callable securities due June 26, 2028, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index, in $1,000 denominations and an aggregate principal amount of $522,000. The notes pay a 9.15% per annum contingent coupon only if on each observation date all three indices are at or above their respective coupon barrier levels, set at 70% of initial levels. The notes may be automatically redeemed quarterly from October 21, 2026 onward if all indices are at or above their call thresholds, set at 100% of initial levels, for principal plus the applicable coupon.
If not redeemed early, principal is repaid at maturity only if each index’s final level is at or above its downside threshold, set at 60% of its initial level; otherwise, investors lose 1% of principal for each 1% decline in the worst-performing index, potentially losing the entire investment. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $983.90 per $1,000 note, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Jump Securities with Auto‑Callable Feature due July 24, 2031, fully and unconditionally guaranteed by Morgan Stanley, in an aggregate principal amount of $4,522,000. Each security has a stated principal amount and issue price of $1,000 and is a principal at risk, unsecured note paying no interest.
The return depends on the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 Index and Russell 2000 Index. On July 28, 2027, if each index is at or above its initial level, the notes are automatically redeemed for $1,170 per security, with no further payments. If held to July 24, 2031 and each final index level exceeds its initial level, investors receive principal plus an upside payment equal to 200% of the gain of the worst performing index. If any index finishes at or below its initial level but all remain at or above 70% of initial, only principal is repaid. If any index falls below 70% of its initial level, maturity payment is principal times the performance factor of the worst index, creating 1‑for‑1 downside and potential total loss.
The estimated value on the pricing date is $952.50 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s funding rate. Investors face Morgan Stanley’s and MSFL’s credit risk, limited or no secondary market liquidity, complex U.S. tax treatment and risks tied to equity market volatility, especially small‑cap exposure through the Russell 2000 Index.
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 an aggregate principal amount of $750,000 at $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 16.50% per annum, but only on observation dates when the index level is at or above the coupon barrier of 2,411.108 (70% of the 3,444.44 initial level), with unpaid coupons potentially paid later if the barrier is met. The securities are auto-callable quarterly starting 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, maturity payment depends on the final index level. If it is at or above the downside threshold of 2,066.664 (60% of initial), investors receive principal plus any due coupons. If below, payoff equals principal multiplied by the index performance factor, so investors lose 1% of principal for each 1% index decline and could lose their entire investment. The estimated value on the pricing date is $951.40 per security, below issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature due April 26, 2029, 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 XME and GDX ETFs, with no periodic interest.
The notes may be automatically redeemed quarterly starting January 21, 2027 if both underliers are at or above their call thresholds (85% of initial levels), paying $1,050–$1,266.667 per security depending on the call date, after which no further payments are made. If held to maturity and both final levels are at or above their 15% buffer levels, investors receive $1,275 per security; otherwise, they lose 1% of principal for each 1% decline of the worst underlier beyond the buffer, but not below the minimum payment of 15% of principal.
The aggregate principal amount is $723,000 at an issue price of $1,000, including a $35 per security sales commission and an estimated value of $957.30 on the pricing date. All payments depend on Morgan Stanley’s credit, the product offers no participation in upside of the ETFs, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Jump Securities linked to the worst performing of the EURO STOXX 50® and S&P 500® Indexes, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and issue price, with an estimated value of about $960.40.
The notes can be automatically redeemed quarterly from August 2027 if both indexes are at or above their call thresholds (100% of initial levels), paying early redemption amounts that imply roughly 11.15% per annum. If held to August 2031 and both indexes are at or above their call thresholds, investors receive $1,557.50 per security; if either falls below its downside threshold (70% of initial), investors lose 1% of principal for each 1% decline of the worst index, potentially losing their entire investment. Returns are capped and investors do not participate in index upside beyond the fixed payouts.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-call feature due July 29, 2031, each with a stated principal amount of $1,000, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest and do not guarantee repayment of principal.
Returns depend on the worst performing of the EURO STOXX 50® and Russell 2000® indices. The notes may be automatically redeemed on quarterly determination dates starting April 26, 2027 if each index is at or above its call threshold, for early redemption payments ranging from $1,090 to $1,570 per $1,000. If held to maturity and both indices are at or above their call thresholds, investors receive $1,600 per $1,000. If at least one index is below its call threshold but both remain at or above 70% of initial (the downside thresholds), only principal is returned. If either index finishes below its downside threshold, the payoff is $1,000 × the performance factor of the worst index, exposing holders to losses up to a total loss of principal.
The estimated value on the pricing date is approximately $962 per security, reflecting issuance, selling, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $5,000,000 of Contingent Income Memory Buffered Auto-Callable Securities due August 3, 2027, linked to KLA Corporation common stock, at $1,000 per security. These are principal-at-risk structured notes with no guaranteed interest.
Investors may receive a contingent coupon at 38.76% per annum, payable only if on each observation date the KLA share price is at or above the coupon barrier level of $142.591, with missed coupons potentially paid later if the barrier is met. The notes are automatically called if the stock closes at or above the call threshold of $263.24 (120% of the $219.37 initial level) on specified determination dates, returning principal plus due coupons.
If not called, and at maturity the final stock level is at or above the buffer level of $142.591 (35% buffer), investors receive principal plus any payable coupons. If the final level is below the buffer, principal is reduced by 1.5385% for each 1% decline beyond the buffer, with no minimum repayment, so the loss could reach 100%. The estimated value on the pricing date is $983.40 per $1,000, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stock of Netflix, Inc., fully and unconditionally guaranteed by Morgan Stanley. The notes are part of the Series A Global Medium-Term Notes program and expose investors to principal loss.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $100,000. A contingent coupon at an annual rate of 12.00% is paid only if Netflix’s closing level on the relevant observation date is at or above the coupon barrier of $48.265, which is 70% of the initial level of $68.95. The same level serves as the downside threshold; if the final level is below this at maturity and the notes have not been called, investors lose 1% of principal for each 1% decline in the stock, potentially down to zero.
The notes are automatically redeemed at par plus any due coupon if, on any redemption determination date from January 19, 2027 onward, the stock closes at or above the call threshold of $68.95. The estimated value on the pricing date is $948.10 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Callable Contingent Income Securities due July 20, 2029, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices, in an aggregate principal amount of $542,000 at $1,000 per security.
Investors may receive a 9.90% per annum contingent coupon, paid only if on each observation date every index is at or above its coupon barrier (70% of its initial level). The issuer can redeem the notes on specified redemption dates if a risk neutral valuation model indicates redemption is economically rational.
If not redeemed and each index finishes at or above its downside threshold (60% of its initial level), investors receive principal back plus any final coupon; otherwise the maturity payment is reduced 1% for each 1% decline of the worst-performing index and can fall to zero. The estimated value on the pricing date is $981.30 per security, below the issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-callable feature due July 20, 2029, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $2,184,000. On the first determination date, July 20, 2027, if the closing level of each underlier is at or above its call threshold (set at 100% of its initial level), the notes are automatically redeemed for a fixed $1,254 per security and no further payments are made.
If not called, at maturity investors receive: (i) principal plus an upside payment if each underlier’s final level exceeds its initial level, where the upside equals 175% of the gain of the worst performing underlier; (ii) principal only if any underlier is at or below its initial level but all remain at or above their downside thresholds set at 60% of initial levels; or (iii) principal multiplied by the performance factor of the worst underlier if any finishes below its downside threshold, resulting in 1% loss of principal for each 1% decline, potentially down to zero.
The securities pay no interest, offer no principal guarantee, and their value depends on the worst performing underlier. They are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee, and all payments are exposed to Morgan Stanley’s credit risk. The estimated value on the pricing date is $962.00 per security, lower than the issue price due to issuing, selling, structuring and hedging costs, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering $3,425,000 of Dual Directional Trigger Jump Securities linked to a weighted basket of five international equity indices, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount, matures on July 23, 2031, pays no coupons and is principal at risk.
At maturity, if the basket is at or above its initial value, investors receive $1,000 plus the greater of the basket’s percentage gain or a fixed 44.81% upside payment ($448.10). If the basket is down but no more than 25% (above the 75 trigger level), investors receive a positive “absolute return” matching the basket’s loss, capped at 25%. If the basket falls more than 25%, repayment is reduced 1% for each 1% decline with no buffer, and investors could lose their entire investment.
The initial basket value is 100, with component weightings of 40% EURO STOXX 50, 25% Tokyo Stock Price Index, 17.5% FTSE 100, 10% Swiss Market Index and 7.5% S&P/ASX 200. The estimated value on the pricing date is $944.40 per security, below the issue price, reflecting embedded costs and issuer pricing. Liquidity is not assured, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities linked to the iShares Semiconductor ETF, maturing January 21, 2028. Each security has a $1,000 stated principal amount, issue price of $1,000, and is part of the Series A Global Medium-Term Notes program, with an aggregate principal amount of $500,000.
At maturity, if the arithmetic-average final level of the ETF on five specified January 2028 dates is at or above the downside threshold level of $344.825 (65% of the $530.50 initial level), investors receive $1,000 plus a fixed upside payment of $358, a 35.80% return. If the final level is below the downside threshold, the payout equals $1,000 multiplied by the performance factor (final level / initial level), producing a 1% principal loss for each 1% ETF decline, with no minimum payment and potential total loss of principal.
The securities pay no interest and all payments are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is $978.20 per security, below the issue price because it includes issuing, selling, structuring and hedging costs and a rate advantageous to the issuer. Agent’s selling compensation is up to $12.50 per $1,000, yielding proceeds of $987.50 per security to MSFL. Risks highlighted include lack of principal protection, limited upside to the fixed payment, ETF and semiconductor sector volatility, liquidity constraints in secondary trading, model-based valuation uncertainty, potential conflicts of interest, and uncertain U.S. federal income tax treatment of these prepaid financial contracts.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due August 11, 2027, linked to the common stock of Eli Lilly and Company and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value of approximately $983.50 on the pricing date.
The notes pay a contingent coupon at an annual rate of at least 16.80%, but only if Eli Lilly’s closing level on each observation date is at or above the coupon barrier level, set at 80% of the initial level; missed coupons can be paid later if the barrier is met. The securities are subject to automatic early redemption on specified dates if the stock is at or above the call threshold level of 100% of the initial level, in which case investors receive principal plus due and unpaid contingent coupons.
If not redeemed early, at maturity investors receive principal back only if the final level is at or above the 80% buffer level. If the final level falls below the buffer level, repayment is reduced by a downside factor of 1.25% for each 1% decline of the underlier beyond the 20% buffer, potentially resulting in a loss of the entire principal. The notes are unsecured, subject to Morgan Stanley’s credit risk, provide no participation in stock appreciation, and have no minimum payment at maturity.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
The payoff is linked to the worst performing of the Nasdaq-100 Index, S&P 500 Index and Vanguard Information Technology ETF. If the final level of each underlier is above its initial level, investors receive principal plus a leveraged upside payment equal to 162% of the worst underlier’s positive return. If the worst underlier finishes at or above 70% of its initial level, principal is repaid. If the worst underlier finishes below 70% of its initial level, investors lose 1% of principal for every 1% decline in that underlier, with no minimum repayment and potential total loss of principal.
The estimated value on the pricing date is approximately $987 per $1,000 security. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, may have limited or no secondary market, and carry complex U.S. tax treatment described as prepaid financial contracts that are open transactions.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due November 16, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is a principal-at-risk note linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index.
At maturity, if both indices finish above their initial levels, holders receive $1,000 plus an upside payment equal to 100.50% of the worst performer’s gain. If either index is at or below its initial level but both remain at or above 85% of their initial levels, investors receive only the $1,000 principal. If either index ends below its 85% buffer level, repayment is reduced 1% for each 1% decline of the worst performer beyond the 15% buffer, with a minimum payment of 15% of principal.
The estimated value on the pricing date is $985.20 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. The securities are unsecured obligations of MSFL, subject to the credit risk of both MSFL and Morgan Stanley, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the common stock of Amazon.com, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an issue price of $1,000, and matures on August 11, 2027.
At maturity, if the final Amazon stock level is at or above the 85% buffer level, holders receive $1,000 plus an upside payment of at least $177.10 per security, regardless of how much the stock has risen above the buffer. If the final level is below the buffer, investors lose 1.1765% of principal for every 1% decline beyond the 15% buffer, with no minimum payment, so the entire investment can be lost.
The securities pay no interest and all payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley. The issuer’s estimated value on the pricing date is approximately $985.90 per $1,000 security, reflecting issuance, selling, structuring and hedging costs and a rate advantageous to the issuer.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income memory buffered auto-callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on July 29, 2031, with a stated principal amount of $1,000 per security and an issue price of $1,000.
The securities pay a contingent coupon at 12.35% per annum, but only if the index is at or above the coupon barrier level of 80% of the initial level on the relevant observation date; missed coupons may be paid later if the barrier is subsequently met. The notes are auto-callable from July 26, 2027 onward if the index is at or above the call threshold level of 100% of the initial level, in which case investors receive principal plus the due coupon and any unpaid coupons, and the securities terminate.
If held to maturity and not called, investors receive full principal only if the final index level is at or above the buffer level of 85% of the initial level. Below that, repayment is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $897.50 per security, reflecting issuance and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and there may be limited or no secondary market.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, principal-at-risk notes fully and unconditionally guaranteed by Morgan Stanley, linked to an equally weighted basket of seven semiconductor-related stocks. Each security has a $1,000 stated principal amount and is issued at $1,000.
If the basket’s final level on August 6, 2027 is at or above the 80% buffer level, investors receive $1,000 plus an upside payment of at least $193.50 per security. Below the buffer, repayment is reduced by 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment at maturity, so the entire investment can be lost. The initial level is set to 100, and the maturity date is August 11, 2027.
The estimated value on the pricing date is approximately $957.90 per security, lower than the issue price due to issuing, selling, 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 involve complex U.S. federal tax treatment described as prepaid financial contracts that are open transactions.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and no periodic interest; principal is at risk.
The notes may be automatically redeemed on scheduled determination dates starting July 28, 2027 if the index closes at or above the call threshold, for fixed early redemption payments of $1,093.50 or $1,187.00 per $1,000. If not called, at maturity investors receive $1,280.50 per $1,000 if the final index level is at or above the call threshold. If the final level is below the call threshold but at or above the 85% buffer level, investors receive only principal. Below the buffer, losses are 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is approximately $985.80 per security, reflecting issuance, selling, structuring and hedging costs. Payments depend entirely on Morgan Stanley’s and MSFL’s credit; the securities are unsecured and not FDIC insured.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities due August 26, 2027 with a $1,000 stated principal amount per security, linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and do not guarantee any return of principal.
At maturity, if the final level of each index is at or above its downside threshold level of 65% of its initial level, investors receive $1,000 plus a fixed upside payment of $90 per security, regardless of how much the indices have risen. If either index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst-performing index, and the maturity payment can fall to zero.
The notes are unsecured obligations subject to the issuers’ credit risk, with an estimated value on the pricing date of about $992.10 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The issuer warns of potential price volatility, limited or no secondary market liquidity, conflicts of interest in calculation and hedging, and significant U.S. federal income tax uncertainty, including possible debt characterization and Section 871(m) considerations for Non‑U.S. holders.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes linked to the common stock of International Business Machines Corporation and fully guaranteed by Morgan Stanley. The notes pay no interest and do not guarantee return of principal.
At maturity on August 5, 2027, investors receive $1,000 plus a fixed upside payment of $243.70 per note if IBM’s closing price on the August 2, 2027 observation date is at or above the downside threshold of $149.10, which is 70% of the $213.00 initial level. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level divided by initial level), with no minimum; a large decline in IBM’s stock could result in a payment as low as zero. The estimated value on the pricing date is approximately $983.70 per $1,000 note, reflecting issuer costs and credit spreads, and secondary market liquidity and pricing are expected to be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to Amazon.com, Inc. common stock. Each $1,000 security may pay a contingent coupon at an annual rate of at least 18.96% if the stock closes at or above a coupon barrier on specified observation dates, with missed coupons potentially paid later if the barrier is subsequently met.
The notes are auto-callable: if Amazon’s stock closes at or above the 100% call threshold on designated redemption determination dates, investors receive $1,000 plus the applicable contingent coupon and any unpaid coupons, and the notes terminate. At maturity on August 11, 2027, if not redeemed early and the final stock level is at or above the 85% buffer level, investors receive $1,000 plus any due coupons; if below the buffer, repayment is reduced, losing 1.1765% of principal for each 1% decline beyond the 15% buffer, with no minimum payment.
The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s guarantee and credit risk. The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $985, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Contingent Income Memory Auto-Callable Securities due August 5, 2027, linked to the worst performer of the S&P 500 Equal Weight Index and the S&P 500 Index, in $1,000 denominations.
The notes pay a 9.68% per annum contingent coupon only if on each observation date both indices are at or above their coupon barrier levels, set at 80% of their initial levels (SPW 6,882.552; SPX 5,954.624). Missed coupons may be paid later if barriers are met, but can be lost entirely. Automatic early redemption occurs on set dates if both indices are at or above 100% of their initial levels, returning principal plus due and previously unpaid coupons.
If not redeemed early and at maturity either index is below its downside threshold (also 80% of initial), repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is about $985.70 per $1,000, reflecting embedded costs. All payments are subject to Morgan Stanley’s credit risk, the notes are unsecured, and tax treatment is complex and uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities maturing on October 28, 2027, linked to the worst performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index.
Each security has a $1,000 stated principal amount and pays no interest. If on the October 25, 2027 observation date the final level of each index is at or above 65% of its initial level, holders receive $1,000 plus a fixed upside payment of $102.50 per security, regardless of how strongly the indexes perform. If any index finishes below its downside threshold, repayment is $1,000 multiplied by the performance factor of the worst-performing index, producing a 1% principal loss for each 1% decline, down to a possible zero payoff.
The estimated value on the pricing date is approximately $985.70 per security, below the $1,000 issue price because it embeds issuance, selling, structuring and hedging costs. The notes are unsecured obligations of MSFL, subject to Morgan Stanley’s credit risk, may have limited or no secondary market, and carry complex and uncertain U.S. tax treatment, currently expected to be prepaid financial contracts treated as open transactions.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due August 27, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.
The return is based on the worst performing of the Dow Jones Industrial Average℠, Russell 2000® Index and S&P 500® Index. If on the observation date each index is at or above 70% of its initial level, holders receive $1,000 plus a fixed upside payment of $97 (9.70%). If any index closes below its downside threshold, the payout equals $1,000 multiplied by the worst index’s performance factor, producing a 1% loss of principal for each 1% decline in that index, with no minimum repayment. The estimated value on the pricing date is approximately $985.10 per security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities due November 16, 2027, linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest. The estimated value on the pricing date is approximately $984.80 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
At maturity, if both indices finish above their initial levels, investors receive principal plus 100% of the worst performer’s gain, capped at a maximum payment of $1,128.50 per security (112.85%). If the worst performer is below its initial level but at or above its 81% buffer level, investors earn a positive return equal to its percentage decline in absolute value, up to about 19%. If the worst performer closes below its buffer, principal is reduced 1% for each 1% decline beyond the 19% buffer, subject to a minimum payment of 19% of principal. All payments depend on Morgan Stanley’s credit, and secondary market liquidity and U.S. tax treatment of the securities are both described as uncertain.
Morgan Stanley Finance LLC is offering 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, pays no interest, and matures on July 29, 2031.
At maturity, investors receive an adjusted target payout determined by annual observation periods. Each year’s performance-based payout adjustment depends on index return, a 115% participation rate, a capped maximum annual return, and a downside buffer amount. For the first annual period, the maximum annual return amount is $230 per security and the buffer amount is $150 per security; thereafter each is reset as a percentage of the prior adjusted target payout. If the index falls more than 15% in an annual period, the adjustment is negative and the adjusted target payout declines, so investors can lose some or all of principal. The estimated value on the pricing date is approximately $958.60 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Enhanced Buffered Jump Securities, Series A medium-term notes linked to the common stock of Constellation Energy Corporation. Each security has a $1,000 stated principal amount, issue price $1,000, and aggregate principal of $2,021,000, and is fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and have principal at risk, maturing on August 4, 2027 with an observation date of July 30, 2027.
The initial underlier level is $252.39, with a buffer level of $164.053 (65% of the initial level) and a buffer amount of 35%. If the final level on the observation date is at or above the buffer level, investors receive $1,000 plus a fixed upside payment of $133.50 (13.35%), regardless of how much the stock has risen. If the final level is below the buffer level, investors lose 1.5385% of principal for every 1% decline beyond the buffer, with no minimum repayment; an 85% decline would return only $230.75 per security. The estimated value on the pricing date is $987.50 per security, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
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 and issue price, with an estimated value on the pricing date of about $977.80 per security. The notes pay no interest and do not guarantee return of principal; all payments are subject to Morgan Stanley’s credit risk.
The notes are linked to the worst performing of Broadcom Inc. and NVIDIA Corporation common stock. On August 2, 2027, if each stock’s closing level is at or above its call threshold (Broadcom $378.16, NVIDIA $203.28), the notes auto-redeem for an early payment of $1,521.50 per security and then terminate. If not called, at maturity investors receive: principal plus a 300% participation in the gain of the worst performer if both stocks finish above their initial levels; only principal if both stay at or above their downside thresholds (Broadcom $226.896, NVIDIA $121.968); or a loss matching the full percentage decline of the worst performer if either falls below its downside threshold, potentially reducing the payment to zero.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Callable Contingent Income Securities due July 20, 2028 linked to the capital stock of International Business Machines Corporation. Each security has a $1,000 stated principal amount and total aggregate principal of $2,690,000, issued at par.
Investors may receive a contingent coupon at a 15.00% annual rate, paid only if IBM’s closing level on an observation date is at or above the coupon barrier level of $106.335, which equals 50% of the $212.67 initial level set on July 17, 2026. The downside threshold level is also $106.335.
Beginning January 22, 2027, 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 redeemed and the final level is at or above the downside threshold, investors receive principal plus any final coupon; if below, the maturity payment equals principal multiplied by the performance factor, producing a 1% loss of principal for every 1% decline in IBM, potentially to zero.
The estimated value on the pricing date is $972.40 per security, below the issue price, reflecting issuing, selling, structuring and hedging costs. All payments are subject to the credit risk of MSFL and Morgan Stanley, and the securities are not bank deposits or FDIC insured. The U.S. federal income tax treatment is uncertain; coupons to non-U.S. investors may be subject to 30% withholding in many cases.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due July 20, 2029, linked to the ordinary shares of Seagate Technology Public Limited Company, in $1,000 denominations and an aggregate principal amount of $285,000. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Investors receive a contingent coupon at 52.00% per annum only if, on each observation date, Seagate’s share price is at or above the coupon barrier level of $472.596 (60% of the initial level of $787.66). The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date from October 19, 2026 onward, the share price is at or above the call threshold level of $787.66.
If the notes are not called and the final level is at or above the downside threshold level of $472.596, investors receive par plus any final coupon; if it is below that level, the maturity payment is stated principal × (final level / initial level), exposing holders to up to a 100% loss of principal. The original issue price is $1,000 per security versus an estimated value of $954.50, reflecting issuance, selling, structuring and hedging costs, and secondary market liquidity may be limited. All payments depend on Morgan Stanley’s credit, and the U.S. tax treatment is described as uncertain, with possible 30% withholding on coupons for certain non-U.S. investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Trigger Jump Securities maturing on July 22, 2031, with a $1,000 stated principal per security and an aggregate principal amount of $511,000. These unsecured notes pay no interest and do not guarantee any return of principal.
The payout is based on the worst performing of the Russell 2000 Index and the S&P 500 Futures Excess Return Index. If both final levels are at or above their initial levels, investors receive principal plus the greater of the index gain on the worst performer or a fixed upside payment of $692 per security, equal to 69.20% of principal. If the worst performer is down but not below its downside threshold (70% of its initial level), investors receive principal plus a positive return matching the absolute decline, effectively capped at a 30% gain.
If either underlier finishes below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performer, with no minimum; the payment can be zero. Initial levels are 2,962.217 for the Russell 2000 and 596.71 for the S&P 500 Futures Excess Return Index, with downside thresholds at 70% of these levels. The securities are offered at $1,000 each, while their estimated value on the pricing date is $971.00, reflecting structuring and hedging costs and issuer credit spreads.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Buffered Jump Securities with Auto-Callable Feature maturing July 20, 2029, linked to a basket of the MSCI Emerging Markets Index (20%) and the EURO STOXX 50 Index (80%). The notes have a stated principal of $1,000 per security, total offering size of $3.2 million, and an issue price of $1,000, with an estimated value on the pricing date of $968.80.
The notes pay no interest and may be automatically redeemed on determination dates in 2027 and 2028 if the basket level is at or above the call threshold of 100% of the initial level, for early redemption payments of $1,120 and $1,240 per security, respectively (about 12% per annum). If held to maturity and not called, investors receive: (i) if the final level is at or above the initial level, $1,000 plus the greater of a $150 upside payment or 100% of the basket’s positive return; (ii) if the final level is below the initial level but at or above the 90% buffer level, only the $1,000 principal; (iii) if below the buffer, a loss of 1% of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal.
All payments are subject to the credit risk of MSFL and Morgan Stanley, the notes are unsecured and not FDIC insured, secondary market liquidity may be limited, and U.S. tax treatment is uncertain, with the issuer’s counsel viewing them as prepaid financial contracts treated as open transactions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature linked to the EURO STOXX 50® Index. Each security has a stated principal amount and issue price of $1,000, for an aggregate principal amount of $250,000, and an estimated value on the pricing date of $974.90 per security.
The notes may be automatically redeemed on July 23, 2027 for an early redemption payment of $1,161 per security if the index closes at or above the call threshold level of 6,230.87. If held to July 20, 2029 and not called, investors receive principal plus a 150% participation in index gains if the final level exceeds the initial level, only principal if the final level is between the initial level and the downside threshold level of 4,984.696, and a loss of 1% of principal for each 1% index decline below that level, down to zero. All payments are unsecured and subject to the credit risk of MSFL and Morgan Stanley, and the securities do not pay periodic interest or guarantee any return of principal.
Morgan Stanley Finance LLC is offering $4,500,000 of Dual Directional Trigger Jump Securities, linked to the S&P 500® Index, due July 22, 2031. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and pay no interest.
Each security has a $1,000 stated principal amount and issue price. At maturity, investors receive: the principal plus a fixed $475 upside payment if the index is at or above the initial level of 7,457.69; a positive return equal to the index’s absolute decline (up to 25%) if the final level is below the initial but at or above the downside threshold of 5,593.268; or a 1% loss of principal for each 1% index decline if the final level is below the threshold, with no minimum payment.
The estimated value on the pricing date is $960.90 per security, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs and the issuer’s funding rate. Agent commissions are $33.50 per security (none in fee‑based accounts, where the price is $966.50). All payments depend on Morgan Stanley’s and MSFL’s credit, and there may be limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due July 22, 2032, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the S&P 500® Futures Excess Return Index, pay no interest and do not guarantee repayment of principal.
Each note has a $1,000 stated principal amount and an aggregate principal amount of $4,030,000. If the final index level on the July 19, 2032 observation date is above the initial level of 596.71, holders receive principal plus a leveraged upside payment equal to 249% of the index’s percentage gain. If the final level is at or below the initial level but at or above the downside threshold of 417.697 (70% of the initial level), holders receive only principal.
If the final level is below the downside threshold, repayment is reduced 1% for every 1% index decline, with no minimum payment, so the amount received could be zero. The estimated value on the pricing date is $962.10 per note, below the $1,000 issue price, reflecting structuring and hedging costs borne by investors. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $100,000 of Contingent Income Memory Auto-Callable Securities linked to Salesforce, Inc. common stock, at $1,000 stated principal per security.
Investors may receive a 13.50% per annum contingent coupon, paid only when Salesforce’s closing level on an observation date is at or above the coupon barrier level of $111.001 (65% of the $170.77 initial level). The notes are automatically redeemed at par plus due and unpaid coupons if, on any redemption determination date, the stock closes at or above the call threshold level of $170.77 (100% of the initial level.
If the notes are not called and the final level is at or above the downside threshold level of $111.001, investors receive principal back plus any contingent coupons. If the final level is below this threshold, repayment is reduced 1% for each 1% decline in the stock, potentially to zero. The notes are unsecured, subject to Morgan Stanley’s credit risk, have an estimated value of $956.70 per $1,000 security on the pricing date, may be illiquid, and carry complex and uncertain U.S. tax treatment, including potential withholding for non-U.S. holders.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due July 22, 2031, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. The notes are linked to the worst performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index and have a stated principal amount of $1,000 per security, with an aggregate principal amount of $823,000.
Investors may receive a contingent coupon at 7.70% per annum, payable only if on each observation date the closing level of each index is at or above its coupon barrier level, set at 70% of its initial level. The notes are auto-callable from July 19, 2027; if on any redemption determination date all indices are at or above their call threshold levels (100% of initial), investors receive the principal plus that period’s coupon and the notes terminate.
If not redeemed early, at maturity investors receive principal back only if the final level of each index is at or above its downside threshold (70% of initial). 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 $940.60 per security, below the $1,000 issue price, reflecting fees, structuring and hedging costs. All payments are subject to Morgan Stanley’s and MSFL’s credit risk, with limited liquidity and complex, uncertain tax treatment, particularly for non-U.S. holders.
Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) due July 20, 2028, linked to the worst-performing of the Nasdaq-100 Index and the S&P 500 Index. Each note has a stated principal amount of $1,000 and pays no interest.
At maturity, if the final level of each index is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 114.50% of the appreciation of the worst-performing index. If either index is at or below its initial level but both stay at or above 70% of their initial levels, holders receive only $1,000. If either index finishes below its downside threshold level, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum payment, so principal can be fully lost.
The issue price is $1,000 per security, with an aggregate principal amount of $230,000, and an estimated value on the pricing date of $974 per security. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to their credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Dual Directional Jump Securities linked to the S&P 500® Index with principal at risk. The notes are part of the Series A Global Medium-Term Notes program, have a $1,000 stated principal amount per security and a $7,500,000 aggregate principal amount, priced at $1,000 each.
The notes may be automatically redeemed on August 3, 2027 if on July 29, 2027 the index is at or above the call threshold level of 7,533.77, paying an early redemption amount of $1,100.50 per security. If not redeemed, at maturity on July 20, 2028 investors receive: upside leverage of 150% of index gains when the final level exceeds the initial level; a positive return equal to the absolute index decline (capped at a 20% gain) if the final level is between the initial level and the downside threshold of 6,027.016 (80% of initial); or a loss of 1% of principal for each 1% index decline below the downside threshold, potentially down to zero.
The estimated value on the pricing date is $981.70 per security, below the issue price, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The securities pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, have limited liquidity, and carry complex U.S. federal income tax treatment described as prepaid financial contracts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $543,000 of Trigger Jump Securities maturing July 22, 2031, linked to the worst performer of the Russell 2000 Index and the S&P 500 Futures Excess Return Index. The notes pay no interest and do not guarantee any return of principal.
At maturity, if both indices finish at or above their initial levels, holders receive $1,000 plus the greater of the index gain on the worst performer or a fixed upside payment of $747.50 per $1,000. If either index finishes below its initial level but both remain at or above 70% of their initial levels, holders receive only $1,000. If either falls below its 70% downside threshold, repayment is reduced 1% for each 1% decline in the worst performer, potentially to zero. The issue price is $1,000 with an estimated value of $970.90, and liquidity is expected to be limited to dealer markets. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk Step-Down Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley, with an aggregate principal amount of $798,000 at $1,000 per security. The notes are linked to the worst performer of the iShares Russell 2000 ETF and the S&P 500 Index and pay no interest.
The securities may be automatically redeemed starting July 26, 2027 if each underlier meets its call threshold, for early redemption payments of $1,106.50 or $1,213.00 per security, corresponding to an annualized return of approximately 10.65%. If not called and at maturity both underliers are at or above their upside thresholds (90% of initial levels), investors receive $1,319.50 per security; if both stay above their downside thresholds (70% of initial levels), only principal is returned.
If at maturity either underlier finishes below its downside threshold, the payoff is $1,000 × the performance factor of the worst underlier, exposing investors to 1% loss of principal for each 1% decline and potentially total loss. The estimated value on the pricing date is $968.30 per security, below issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering $1,339,000 of Contingent Income Memory Auto-Callable Securities due July 20, 2028, linked to the common stock of Oracle Corporation and fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities have a stated principal amount of $1,000 per security and an issue price of $1,000 per security.
The notes pay a contingent coupon at 18.50% per annum, but only when the Oracle closing price on an observation date is at or above the coupon barrier level of $75.846, with unpaid coupons potentially paid later if the barrier is subsequently met. The securities are automatically redeemed if, on any redemption determination date starting January 19, 2027, the underlier is at or above the call threshold level of $126.41, returning principal plus the applicable coupons.
If the notes are not called and the final Oracle level on July 17, 2028 is at or above the downside threshold level of $75.846, investors receive full principal plus any due contingent coupons. If the final level is below the downside threshold, repayment is reduced in proportion to the decline (final level divided by the initial level of $126.41), and the maturity payment can be significantly less than principal or zero. All payments depend on Morgan Stanley’s credit, and the estimated value on the pricing date is $929.50 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities maturing August 4, 2027, based on the common stock of Microsoft Corporation. Each security has a $1,000 stated principal amount, with an aggregate principal of $7,775,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 18.64% per annum, but only if Microsoft’s closing level on an observation date is at or above the coupon barrier level of $334.747 (85% of the initial level of $393.82). Missed coupons may be paid later if the barrier is met on a subsequent observation date. The notes are auto-callable if Microsoft’s stock is at or above the call threshold of $393.82 on specified redemption determination dates, in which case investors receive principal plus the applicable coupons and no further payments.
If not called, at maturity investors receive principal back only if the final level is at or above the buffer level of $334.747. Below that level, the payoff is reduced by 1.1765% of principal for each 1% decline beyond the 15% buffer, with no minimum payment at maturity, so the entire investment can be lost. The estimated value on the pricing date is $987.10 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering Buffered PLUS notes, fully guaranteed by Morgan Stanley, that pay no interest and return a maturity amount based on a basket of ten equally weighted stocks, largely in semiconductors, defense and digital infrastructure.
Each security has a $1,000 stated principal amount and offers 110% leveraged upside on any positive basket performance, but the payout is capped at a maximum of $2,000 per security. If the basket’s final level is at or above the initial level, investors receive principal plus the leveraged upside (subject to the cap). If the final level is between the 85% buffer level and the initial level, only principal is returned.
If the basket falls below the buffer, investors lose 1% of principal for each 1% decline beyond the 15% buffer, but not below a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $903.90 per $1,000 note, reflecting issuance and hedging costs. The notes carry full credit risk of Morgan Stanley, may have limited or no secondary market, and involve complex tax and underlier risks, including exposure to a recently listed Space Exploration Technologies Corp. stock.
Morgan Stanley Finance LLC is offering fixed-income auto-callable securities due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk. The notes pay a fixed 8.00% annual coupon, paid monthly, regardless of index performance, so long as the issuer remains solvent.
The return of principal depends on the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes are subject to automatic early redemption if the index closes at or above the call threshold of 3,504.76 (100% of the initial level) on any monthly determination date, in which case investors receive $1,000 plus the coupon and no further payments.
If held to maturity without early redemption and the final index level is at or above the downside threshold of 2,102.856 (60% of the initial level), investors receive the full $1,000 principal plus the final coupon. If the final level is below the downside threshold, repayment of principal is reduced 1% for every 1% index decline, potentially to zero, although the final coupon is still paid. The aggregate principal amount is $1,118,000 at an issue price of $1,000 per note, with an estimated value on the pricing date of $912.20 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due January 21, 2028, fully and unconditionally guaranteed by Morgan Stanley, with aggregate principal of $16,672,000 and a price of $1,000 per security. The notes are linked to the common stock of NVIDIA Corporation and are principal-at-risk obligations.
Investors may receive a contingent coupon at 11.92% per annum, paid on scheduled dates only if NVIDIA’s closing level on the related observation date is at or above the coupon barrier level of $114.07, equal to 55% of the initial level of $207.40. Missed coupons can be paid later if the barrier is subsequently met, but may be lost entirely.
The notes are subject to automatic early redemption on specified determination dates if NVIDIA’s closing level is at or above the call threshold of $207.40 (100% of the initial level), in which case investors receive principal plus the current and any unpaid coupons, and the investment ends. If held to maturity and the final level is at or above the downside threshold of $114.07, investors receive full principal (plus any due coupons). If the final level is below this threshold, the maturity payment is $1,000 × (final level / initial level), exposing investors to the full downside of the stock and potentially a total loss. All payments depend on Morgan Stanley’s credit, and the estimated value on the pricing date is $979.20 per security, below the issue price.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, is offering auto-callable structured notes linked to the Morgan Stanley Amplitude Index. Each note has a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $100,000.
The notes pay no interest and return at least principal at maturity, subject to issuer and guarantor credit. The notes are automatically redeemed if, on any determination date starting July 16, 2027, the Index closing level is at or above the 207.89 call threshold. Early redemption payments step up annually from $1,107.50 to $1,645.00 per note, corresponding to roughly 10.75% per annum. If not redeemed and the final Index level on the July 19, 2033 observation date exceeds the initial level of 205.83, investors receive principal plus 100% of the Index’s price gain; otherwise they receive only principal.
The notes are unsecured, unsubordinated obligations of MSFL, not listed on any exchange, and have an estimated value on the pricing date of $897.90 per note, below the issue price due to embedded costs and dealer compensation.
Morgan Stanley Finance LLC is issuing $291,000 of Contingent Income Auto-Callable Notes due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured and linked to the worst performing of Costco, JPMorgan Chase and Microsoft common stocks.
Each $1,000 note may pay a contingent coupon at an annual rate of 7.60%, but only if on each monthly observation date all three stocks close at or above their coupon barrier levels, set at 75% of their initial levels ($709.178 for COST, $257.363 for JPM, $300.825 for MSFT). Beginning July 16, 2027, the notes are automatically redeemed if on a redemption determination date all three stocks are at or above their call threshold levels, equal to 100% of initial ($945.57, $343.15, $401.10), paying principal plus the applicable coupon.
If not redeemed early, investors receive the stated principal amount at maturity, plus the final contingent coupon if all underliers are at or above their coupon barriers. Investors do not participate in any stock appreciation. The estimated value on the pricing date is $968.70 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. Secondary market liquidity may be limited, and all payments depend on Morgan Stanley’s credit. The issuer expects to treat the notes as variable rate debt instruments for U.S. federal income tax purposes, though alternative treatment is possible.