Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Notes due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley, in an aggregate principal amount of $505,000 at $1,000 per note.

The notes pay a contingent coupon at 8.30% per annum, but only if on each monthly observation date the Alphabet, JPMorgan Chase and Microsoft shares are all at or above their respective coupon barrier levels, set at 75% of their initial levels. If on any observation date at least one stock is below its barrier, no coupon is paid for that period.

The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date from July 16, 2027 onward, all three stocks are at or above their call threshold levels (100% of initial). If not redeemed earlier, holders receive the stated principal amount at maturity, plus the final coupon if all underliers are at or above their barriers on the final observation date. Returns are based on the worst-performing stock; investors do not participate in any price appreciation.

The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, with an estimated value of $968.70 per note on the pricing date. They will not be listed on any securities exchange, and all payments are subject to the credit risk of MSFL and Morgan Stanley.

Morgan Stanley Finance LLC is issuing structured notes linked to the worst-performing of Broadcom, JPMorgan Chase and Microsoft common stocks, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, with an aggregate principal of $514,000, maturing on July 21, 2031.

Investors may receive a 10.75% per annum contingent coupon, payable monthly only if on each observation date all three stocks close at or above their coupon barrier levels, set at 75% of their initial levels. The notes are automatically redeemed at par plus the applicable coupon if on any redemption determination date all three stocks are at or above their 100% call threshold levels.

If the notes are not called, investors receive the full principal at maturity, plus the final contingent coupon if conditions are met; there is no downside to principal from stock performance, but all payments are subject to Morgan Stanley’s credit risk. The notes are offered at $1,000 per note, with an estimated value on the pricing date of $974.20, will not be listed on any exchange, and are intended for fee-based advisory accounts.

Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature due April 20, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF and are principal-at-risk securities that pay no interest.

The notes are issued at $1,000 per security with an aggregate principal amount of $2,347,000; the dealer-estimated value on the pricing date is $971.30 per security. Automatic early redemption can occur starting October 16, 2026 if the closing level of both underliers is at or above their call threshold levels (95% of initial levels: 2,825.839 for the RTY Index and $168.644 for the XLK Fund), paying call amounts that correspond to an annualized return of about 15.00%.

If not redeemed early, maturity payment per $1,000 is: $1,262.50 if both final levels are at or above their call thresholds; $1,000 if either is below its call threshold but both are at or above their downside thresholds (70% of initial levels: 2,082.197 and $124.264); or $1,000 × the performance factor of the worst performer if either finishes below its downside threshold, exposing investors to full downside in that underlier. All payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC is issuing Buffered Jump Securities with Auto-Callable Feature due July 19, 2029, linked to the worst performing 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 issue price, with an aggregate principal amount of $755,000.

The notes may be automatically redeemed on July 28, 2027 for $1,100 per security if on July 23, 2027 each index closes at or above its initial level. If held to maturity and not called, investors receive: principal plus an upside payment if each final index level exceeds its initial level (with a 198% participation rate on the worst performer); principal only if neither index breaches its 15% buffer; or a loss of 1% of principal for each 1% decline of the worst performer beyond the buffer, subject to a minimum payment of 15% of principal.

The initial levels are 52,552.97 for the Dow Jones Industrial Average and 7,533.77 for the S&P 500 Index, with buffer levels at 85% of those values. The estimated value on the pricing date is $986.00 per security, below the issue price due to issuance, structuring and hedging costs. The securities pay no interest, are unsecured, expose investors to the downside of the worst performing index beyond the buffer, and all payments depend on Morgan Stanley’s credit.

Morgan Stanley Finance LLC is issuing Dual Directional Jump Securities with Auto-Callable Feature, linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an aggregate issuance of $1,000,000.

The notes are principal-at-risk, pay no interest, and may be automatically redeemed starting July 23, 2027 if the index is at or above the 603.07 call threshold, for fixed payments of $1,100 or $1,200 on the first two determination dates. If held to July 21, 2031 and not called, investors receive: enhanced upside of 125% of index gains above the 603.07 initial level; or, for index declines down to the 422.149 downside threshold, a positive payoff based on the absolute decline, capped at a 30% gain; or, for levels below the downside threshold, a loss of 1% of principal for each 1% index decline, potentially down to zero.

The estimated value on the pricing date is $940 per $1,000 note, reflecting issuance, selling, 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 $5,250,000 of Enhanced Trigger Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes pay no interest and do not guarantee any return of principal.

Each security has a stated principal amount and issue price of $1,000$987.10. If on the August 16, 2027 observation date the S&P 500® closing level is at or above the downside threshold level of 6,057.92 (80% of the initial level of 7,572.40), investors receive $1,000 plus a fixed upside payment of $90.50 per security, a 9.05% return.

If the final index level is below the downside threshold, the maturity payment is $1,000 multiplied by the performance factor (final level / initial level), producing a 1% loss of principal for each 1% index decline and potentially zero recovery. The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, may have limited or no secondary market liquidity, and involve complex U.S. tax and Section 871(m) considerations.

Morgan Stanley Finance LLC is offering Step-Up Jump Notes with Auto-Callable Feature due July 22, 2033, linked to the Morgan Stanley Amplitude Index and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return principal at maturity, subject to issuer credit risk.

The notes are issued at $1,000 per note, in an aggregate principal amount of $100,000, with an estimated value on the pricing date of $892.80 per note. They may be automatically redeemed starting July 16, 2027 for fixed call payments rising from $1,160 to $1,960 per note if the index meets call thresholds. If not called and the final index level exceeds the initial level of 205.83, investors receive principal plus 100% of index appreciation; otherwise only principal is repaid.

Morgan Stanley Finance LLC is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS), principal-at-risk notes fully and unconditionally guaranteed by Morgan Stanley, in an aggregate principal amount of $260,000 at $1,000 per security.

The notes mature on July 21, 2031 and are linked to the worst performance of the EURO STOXX 50 Index and the iShares MSCI Emerging Markets ETF. If the final level of each underlier exceeds its initial level, investors receive principal plus a leveraged upside payment equal to 263% of the appreciation of the worst performer. If either underlier finishes at or below its initial level but both remain at or above 80% of their initial levels, only principal is repaid.

If the final level of either underlier falls below its downside threshold, investors lose 1% of principal for each 1% decline of the worst performer, with no minimum payment; the payoff can be zero. The estimated value on the pricing date is $944.50 per security, below issue price, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.

Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due July 19, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount within a total offering of $1,187,000, linked to the worst performer of the Nasdaq‑100 Index, Russell 2000 Index and State Street SPDR S&P Regional Banking ETF.

Investors may receive a contingent coupon at 8.50% per annum on scheduled payment dates, but only if on the related observation date the closing level of each underlier is at or above its coupon barrier, set at 70% of the initial level. Missed coupons can be paid later (“memory” feature) if a future observation meets the barrier condition.

The notes are auto‑callable quarterly from January 19, 2027: if all underliers are at or above 100% of initial, investors receive principal plus the current and any unpaid coupons, and the notes terminate. If held to maturity and all final levels are at or above the 60% downside threshold, principal is repaid (plus any due coupons). If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, potentially to $0.

The securities are unsecured, subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The estimated value on the pricing date is $955.80 per $1,000 note, reflecting embedded costs and hedging; secondary market prices are expected to be lower than the issue price.

Morgan Stanley Finance LLC is offering Jump Notes with an auto-callable feature due July 19, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performer among Alphabet Class A, Meta Class A and Microsoft common stock.

The notes pay no interest. They are automatically redeemed on July 22, 2027 for $1,142 per note if on July 19, 2027 each stock is at or above its call threshold (90% of its initial level). If not called, at maturity investors receive principal plus a 125% participation in the appreciation of the worst performing stock if all three finish above their initial levels; otherwise they receive only principal. Initial levels are $354.46 for Alphabet, $664.54 for Meta and $401.10 for Microsoft. The estimated value on the pricing date is $970.80 per note, reflecting issuance, structuring and hedging costs. The notes are unsecured, not exchange-listed, subject to Morgan Stanley’s credit risk, and treated as contingent payment debt instruments for U.S. tax purposes.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing contingent income auto-callable securities due June 22, 2028 linked to the Global X Uranium ETF. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $581,000.

Investors may receive a 16.25% per annum contingent coupon, paid only if on each observation date the ETF’s closing level is at or above the coupon barrier of $23.466, which is 60% of the $39.11 initial level. The notes are automatically redeemed if on a redemption determination date the ETF is at or above the $39.11 call threshold (100% of the initial level), paying principal plus the coupon for that period. If not called and the final level is at or above the downside threshold of $23.466, principal is repaid; if below, repayment is reduced in proportion to the ETF’s decline and can fall to zero. The estimated value on the pricing date is $967.40 per security, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is issuing Callable Contingent Income Buffered Securities due January 21, 2027, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $13,015,000 and a stated principal amount of $1,000 per security.

The notes are linked to the worst performer of the SPDR Gold Trust (GLD), VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ). Investors may receive a contingent coupon at an annual rate of 16.00% on each coupon payment date only if, on the related observation date, the closing level of each underlier is at or above its coupon barrier level, set at 77.50% of its initial level.

Beginning October 20, 2026, 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 Morgan Stanley. At maturity, if not redeemed and each underlier’s final level is at or above its buffer level (also 77.50% of initial), investors receive principal (plus final coupon if payable. If any underlier finishes below its buffer level, principal is reduced by 1.2903% for every 1% decline of the worst underlier beyond the 22.50% buffer; the payment can be zero. The estimated value on the pricing date is $980.10 per security, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities maturing January 21, 2028, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.

Each security has a stated principal of $1,000. If, on the January 18, 2028 observation date, the final level of each index is at or above its downside threshold (70% of its initial level), holders receive $1,000 plus a fixed upside payment of $165, a 16.50% return, regardless of how much the indices have risen within that range.

If any index finishes below its downside threshold, repayment is reduced 1% for every 1% decline of the worst performing index (final level divided by initial level), with no minimum payment, so principal can be fully lost. The securities’ estimated value on the pricing date is $983.40 per $1,000, reflecting issuance, structuring and hedging costs and Morgan Stanley’s funding rate, and secondary market liquidity may be limited. All payments depend on Morgan Stanley’s and MSFL’s credit.

Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature and Downside Factor due July 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and is linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index® and S&P 500® Index.

The securities may be automatically redeemed on July 30, 2027 for an early redemption payment of $1,180 per security if, on July 27, 2027, the closing level of each index is at or above 95% of its initial level. If not redeemed, at maturity investors receive $1,000 plus an upside payment equal to 125% of the gain of the worst performing index if all final index levels exceed their initial levels; $1,000 if each final level is at or above 80% of its initial level; or a reduced amount if any final level is below 80%, reflecting a 1.25% loss of principal for every 1% decline of the worst performer beyond the 20% buffer.

The securities do not guarantee return of principal or pay interest, have no minimum payment at maturity, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $978.90 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering structured “Jump Notes with Auto-Callable Feature” due July 19, 2029, with a $1,000 stated principal amount per note and an aggregate principal amount of $595,000. The notes pay no interest and are unsecured obligations subject to Morgan Stanley’s credit risk.

The notes are linked to the worst performing of Broadcom Inc., JPMorgan Chase & Co., and Microsoft Corporation common stock. On July 16, 2026, initial levels were set at $374.45 for AVGO, $343.15 for JPM, and $401.10 for MSFT, which also serve as 100% call threshold levels. If, on July 19, 2027, each underlier’s closing level is at or above its call threshold, the notes are automatically redeemed for an early redemption payment of $1,318 per note and no further payments are made.

If not redeemed early and the final level of each underlier on July 16, 2029 exceeds its initial level, investors receive the stated principal plus an upside payment equal to 125% of the percentage gain of the worst performing underlier. If any final level is at or below its initial level, repayment is limited to principal. The estimated value on the pricing date is $971.00 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs, and secondary market liquidity may be limited.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities with an auto-call feature maturing July 21, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $540,000.

The notes may be automatically redeemed on July 22, 2027 for $1,252.50 per security if the underlier closes at or above the call threshold of 3,154.284 (90% of the initial level 3,504.76). If not called, at maturity investors receive principal plus a leveraged gain based on a 318% participation rate if the final level exceeds the initial level, only principal if the final level is at or above the downside threshold of 1,752.38 (50% of initial), and a proportional loss of 1% per 1% decline below that level, potentially down to zero.

The estimated value on the pricing date is $925.20 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The securities pay no interest, are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, reference an index with a 4% per annum decrement and leverage features, and carry complex market, liquidity, tax and index-construction risks.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering structured Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing July 21, 2031. Each security has a $1,000 stated principal amount and the aggregate principal is $2,195,000.

The notes are automatically redeemed on scheduled determination dates if the index is at or above the call threshold level of 1,320.26, paying fixed cash amounts that correspond to an annualized return of about 23.25%. If held to maturity, investors receive $2,162.50 per security if the final index level is at or above the call threshold.

A 15% buffer applies: if the final level is below the call threshold but at or above the buffer level of 1,122.221, only principal is returned; below the buffer, principal is reduced 1% for each 1% further decline, subject to a minimum payment of 15% of principal. The securities pay no interest, expose investors to issuer credit risk, and have an estimated value on the pricing date of $892.90 per $1,000, reflecting embedded costs and issuer pricing.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing S&P 500®-linked Jump Securities with an auto-call feature maturing on July 21, 2032. The offering totals $1,000,000, at $1,000 stated principal amount and issue price per security.

The notes are principal-at-risk, pay no interest and do not offer upside participation in the S&P 500® Index. If on any determination date before maturity the index closes at or above the call threshold level of 7,533.77, the notes are automatically redeemed for a fixed cash amount that corresponds to a return of approximately 9.55% per annum, ranging from $1,095.50 on the first call date up to $1,477.50 on the fifth.

If not called and the final index level is at or above the call threshold, investors receive $1,573.00 per security at maturity. Otherwise, repayment equals $1,000 multiplied by the performance factor (final level/initial level), resulting in a 1-for-1 loss with index declines and potentially zero repayment. The estimated value on the pricing date is $978.20 per security, below the issue price, reflecting issuance, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an issue price of $1,000 per security and an aggregate principal amount of $2,000,000, maturing on July 21, 2031.

The initial S&P 500® level is 7,533.77, with a downside threshold of 6,027.016 (80% of the initial level). At maturity, if the final level is at or above the downside threshold, investors receive $1,000 plus the greater of a fixed $200 upside payment or the index percentage gain, capped at a maximum payout of $1,853 per security (185.30% of principal). If the final level is below the downside threshold, repayment is reduced 1% for each 1% index decline, with no minimum payment and potential total loss of principal.

The securities pay no interest and all amounts are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is $956.20 per security, below the issue price due to structuring, hedging and distribution costs. MS & Co. acts as agent, receiving a $30 sales commission per note, with proceeds to the issuer of $970 per security.

Morgan Stanley Finance LLC is offering $2,400,000 of Contingent Income Auto‑Callable Securities linked to Netflix, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount, issues on July 21, 2026 and matures on July 19, 2029, subject to automatic early redemption.

Investors receive a contingent coupon at 11.75% per annum only if, on each observation date, Netflix’s closing level is at or above the coupon barrier of $44.61 (60% of the $74.35 initial level). The notes are auto‑called if Netflix is at or above the 100% call threshold of $74.35 on specified determination dates, returning principal plus that period’s coupon.

If not called and the final level is at or above the downside threshold of $44.61, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced 1-for-1 with the stock’s decline, potentially to zero. The estimated value on the pricing date is $965.60 per security, below the issue price, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk and complex, uncertain U.S. tax treatment.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing structured Callable Contingent Income Securities due June 22, 2028, linked to the worst performer of the Russell 2000 Index, S&P 500 Index and State Street Technology Select Sector SPDR ETF. The notes have a stated principal amount of $1,000 per security and an aggregate principal amount of $950,000.

Investors may receive a contingent coupon at 15.00% per annum, paid only if on each observation date the closing level of every underlier is at or above its coupon barrier, set at 70% of the initial level for each underlier. If any underlier is below its barrier on an observation date, no coupon is paid for that period.

Starting October 21, 2026, the issuer may redeem the notes on specified redemption dates for principal plus any due coupon if, based on a risk‑neutral valuation model using market inputs and Morgan Stanley credit spreads, early redemption is economically rational for the issuer. At maturity, if not redeemed and each underlier’s final level is at or above its downside threshold (also 70% of initial), investors receive principal (plus any final coupon). If any underlier is below its threshold, repayment is reduced 1% for every 1% decline of the worst‑performing underlier, potentially to zero. All payments are subject to Morgan Stanley’s credit risk, and the notes do not participate in any upside of the underliers.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, principal-at-risk securities with a $1,000 face amount each, linked to the lowest performing of Microsoft, ServiceNow and Palantir common stocks and scheduled to mature on July 19, 2029, unless auto-called earlier.

The total offering size is $1,652,000, with agents’ commissions of $25.75 per security and proceeds to the issuer of $974.25 per security. The current estimated value on the pricing date is $904.40 per security, below the face amount due to issuance, selling, structuring and hedging costs.

If on the July 21, 2027 call date the lowest-performing stock is at or above its call price (85% of its starting price), the notes are automatically called and pay a fixed $1,400 per security (a 40.00% return), with no further payments. If not called, at maturity investors receive either 462% leveraged participation in the positive return of the lowest-performing stock, par if that stock finishes between its starting and 50% threshold price, or are fully exposed to its downside below the 50% threshold and can lose more than 50%, up to their entire principal. The notes pay no interest or dividends and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities maturing July 21, 2031, linked to the worst performing of the Russell 2000 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security, an aggregate principal amount of $2,665,000, 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 (65% of its initial level), holders receive $1,000 plus a fixed upside payment of $480 per security, regardless of how much the worst index has appreciated or modestly declined. If either index finishes below its downside threshold, the payoff is $1,000 multiplied by the performance factor of the worst performing index, resulting in a 1% loss of principal for each 1% decline, with no minimum repayment, so the investment can go to zero.

The initial levels are 2,974.567 for the Russell 2000 and 7,533.77 for the S&P 500, with corresponding downside thresholds of 1,933.469 and 4,896.951. The estimated value on the pricing date is $986.40 per security, below the $1,000 issue price due to embedded 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.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, auto-callable structured notes tied to the lowest performing of Booking Holdings, Netflix and Tractor Supply shares, maturing July 19, 2029. The offering totals $1,003,000 in face amount at $1,000 per security.

The notes pay no interest and expose investors to loss of more than 50%, up to full principal loss, if any underlying falls below its 50% threshold at maturity and the notes are not called. A single call date on July 21, 2027 can trigger automatic redemption at $1,400 per security (a 40% return), after which no further payments are made.

At maturity, if not called, investors receive 500% participation in gains of the lowest performing stock if it ends above its starting price, full principal back if it is between the starting and 50% threshold prices, and linear downside otherwise. The issuer’s estimated value on the pricing date is $900.20 per $1,000 security, reflecting embedded fees and hedging costs.

Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due January 19, 2029, linked to the common stock of Broadcom Inc. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an aggregate principal amount of $1,845,000. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and principal is at risk.

Investors may receive a contingent coupon at a 15.00% annual rate, paid only if on the relevant observation date Broadcom’s closing level is at or above the coupon barrier level of $187.225 (50% of the $374.45 initial level). The notes are auto-callable: if on any redemption determination date the underlier is at or above the call threshold level of $374.45 (100% of initial), they are redeemed early for principal plus the applicable coupon.

If not called, at maturity investors receive principal back only if the final level is at or above the downside threshold of $187.225; otherwise, repayment is reduced in proportion to the underlier’s decline, potentially to zero. The issuer’s estimated value on the pricing date is $970.20 per security, below the issue price, and secondary market liquidity may be limited. All payments are subject to Morgan Stanley’s credit risk and involve complex U.S. tax considerations.

Morgan Stanley Finance LLC is offering market-linked, auto-callable securities tied to the Roundhill Magnificent Seven ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and an estimated value on the pricing date of $973.80, reflecting issuance, selling, structuring and hedging costs borne by investors.

The notes pay a contingent coupon of 10.65% per annum, paid quarterly only if the ETF’s closing price on the relevant calculation day is at or above 70% of the starting price ($47.684, based on a starting price of $68.12). After a six‑month non‑call period, the notes are automatically called if the ETF closes at or above the starting price on a calculation day, returning principal plus the applicable coupon. If not called and the final ETF price is below the downside threshold (70% of the starting price), repayment of principal is reduced 1:1 with the ETF’s decline, so investors can lose more than 30% and up to all of their investment. Payments depend on Morgan Stanley’s credit, and there may be limited or no secondary market.

Morgan Stanley Finance LLC is offering $1,680,000 of Contingent Income Auto-Callable Securities due July 21, 2031, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, at $1,000 stated principal amount per security and fully guaranteed by Morgan Stanley.

The notes pay a 7.85% per annum contingent coupon, but only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. They may be automatically redeemed on specified dates if all indices are at or above their call thresholds, set at 100% of initial levels, in which case investors receive principal plus the applicable coupon.

If not redeemed early, repayment of principal at maturity is contingent on all indices finishing at or above their downside threshold levels, also at 70% of initial levels; otherwise, investors lose 1% of principal for each 1% decline of the worst performing index, potentially down to zero. The estimated value on the pricing date is $944.50 per $1,000 security, reflecting embedded costs, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities linked to the S&P 500® Index, due August 19, 2027, with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,050,000. The notes pay no interest and do not guarantee any return of principal.

At maturity, if the S&P 500 final level is at or above the downside threshold level of 6,436.54 (85% of the initial level 7,572.40), investors receive $1,000 plus a fixed upside payment of $100.40 per security, regardless of how much the index has risen. If the final level is below the threshold, investors lose 1% of principal for each 1% decline in the index, with no minimum payment amount, so a total loss of principal is possible.

The issue price is $1,000 per security, while the issuer’s estimated value on the pricing date is $986.40, reflecting issuance, selling, structuring and hedging costs borne by investors. The securities are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, feature limited liquidity, complex U.S. tax treatment, and are not equivalent to a direct investment in the S&P 500® Index.

Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS notes linked to the S&P 500® Futures Excess Return Index with an aggregate principal amount of $676,000, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000.

The notes pay no interest and mature on July 21, 2031. If the index rises, holders receive principal plus 170% of the index gain. If the index falls but stays above the 30% buffer (buffer level 70% of the initial level), investors earn a positive “absolute return” up to a 30% maximum gain.

If the final index level is below the buffer level, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 30% of principal. The initial index level is 603.07, the buffer level is 422.149, and the estimated value on the pricing date is $971 per $1,000 note, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s credit and the notes may have limited or no secondary market liquidity.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering auto-callable structured notes (“Jump Notes”) linked to the worst-performing of Alphabet Class A, Amazon.com, and Broadcom common stocks. The notes have a $1,000 stated principal amount and an aggregate principal amount of $723,000, pay no interest, and mature on July 21, 2031.

The notes are automatically redeemed on July 22, 2027 for $1,240 per note if on July 19, 2027 each stock is at or above its call threshold (90% of its initial level). If not called and, at maturity, each final level exceeds its initial level, investors receive principal plus an upside payment equal to 125% of the worst-performing stock’s percentage gain; otherwise, only principal is repaid.

The issue price is $1,000 per note, while the estimated value on the pricing date is approximately $962.40, reflecting structuring and hedging costs. The notes are unsecured, subject to Morgan Stanley’s credit risk, not listed on any exchange, and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering contingent income auto-callable securities linked to Micron Technology, Inc. common stock, with a $1,000 stated principal amount per security and $967,000 aggregate principal.

The notes pay a 28.00% per annum contingent coupon, but only if on each observation date Micron’s closing level is at or above the coupon barrier level of $341.28 (40% of the initial level). The same level serves as the downside threshold; if at maturity the final level is below this threshold and the notes have not been called, repayment of principal is reduced in proportion to Micron’s decline, potentially to zero.

The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date starting January 19, 2027, Micron’s closing level is at or above the call threshold level of $853.20 (100% of the initial level). The issue price is $1,000 per note, with dealer commissions of $10 per note and an estimated value on the pricing date of $974.10, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.

Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due August 2, 2027, linked to the capital stock of International Business Machines Corporation and fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and do not guarantee any return of principal.

Each security has a stated principal amount of $1,000, an issue price of $1,000 and an aggregate principal amount of $2,835,000. If on the observation date the IBM stock closing level is at or above the downside threshold level of $147.84 (70% of the initial level of $211.20), investors receive $1,000 plus a fixed upside payment of $240 per security, regardless of how much the stock has risen. If the final level is below the downside threshold, the payout is $1,000 multiplied by the performance factor (final level divided by initial level), resulting in a 1% loss of principal for each 1% decline in the underlier, with no minimum payment at maturity.

The estimated value on the pricing date is $980.60 per security, below the issue price due to issuing, selling, structuring and hedging costs borne by investors. Agent’s commissions are up to $10 per $1,000 security. Investors are exposed to the performance of IBM stock, the credit risk of Morgan Stanley and MSFL, limited upside capped at 24%, potential total loss of principal, uncertain tax treatment and limited liquidity in any secondary market.

Morgan Stanley Finance LLC is offering Buffered Jump Securities with Auto-Callable Feature linked to the Nasdaq-100 Index®, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per security and an aggregate principal amount of $379,000, bear no interest and expose investors to principal risk.

The notes may be automatically redeemed beginning July 23, 2027 if the index closes at or above the call threshold level of 29,025.77, with fixed early redemption payments ranging from $1,093 to $1,372 per security, corresponding to approximately 9.30% per annum. If held to maturity on July 21, 2031 and not called, investors receive $1,465 per security if the final index level is at or above the call threshold, the principal only if the final level is between the call threshold and the buffer level of 26,123.193, and a loss of 1% per 1% decline beyond the 10% buffer (subject to a minimum payment of 10% of principal).

The issue price is $1,000 per security, including a $25 sales commission and an estimated value on the pricing date of $956.20. Payments depend on Morgan Stanley’s credit, market volatility, and limited liquidity; tax treatment is uncertain and may be affected by future IRS or legislative actions.

Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature due July 19, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and an aggregate principal amount of $750,000, linked to the worst performing of the iShares MSCI EAFE ETF, the Nasdaq-100 Index and the S&P 500 Index.

The notes pay no interest and do not guarantee principal. They may be automatically redeemed on quarterly-style determination dates starting January 19, 2027 if each underlier is at or above its call threshold (100% of its initial level), for early redemption payments corresponding to a return of approximately 10.80% per annum, up to $1,315 per security.

If not called, payment at maturity per security is: $1,324 if each underlier is at or above its call threshold; $1,000 if at least one underlier is below its call threshold but all are at or above their downside thresholds (70% of initial levels); or $1,000 × the performance factor of the worst performing underlier if any underlier is below its downside threshold, which can reduce repayment to zero. The estimated value on the pricing date is $957.30 per security, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs. 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 offering principal-at-risk Trigger Autocallable GEARS linked to a weighted basket of 16 U.S. and foreign stocks. Each Security has a $10 issue price and a term of approximately three years, from the July 29, 2026 trade date to the July 31, 2029 maturity date.

The basket’s Initial Level is 100, with each stock weighted 6.25%. The Securities are automatically called if the Observation Date basket level on August 4, 2027 is at or above the Autocall Barrier of 100%, paying $11.35 per $10 Security based on a 13.50% per annum Call Return, with no further upside. If not called and the basket finishes above its initial level, investors receive leveraged exposure via Upside Gearing of 1.30–1.50. If the basket is flat or down but at or above the Downside Threshold of 75, principal is repaid at maturity. If the Final Basket Level is below 75, repayment is reduced one-for-one with the negative Basket Return, up to a total loss of principal. The notes pay no interest or dividends, are unsecured obligations subject to Morgan Stanley’s credit risk, and the estimated value on the trade date is approximately $9.405 per $10 Security.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities with an auto-call feature linked to the worst performer of the Dow Jones Industrial Average, the Nasdaq-100 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $391,000.

The notes may be automatically redeemed on annual determination dates from July 2027 to July 2030 if each index is at or above its call threshold level, equal to 100% of its initial level, for fixed early redemption payments ranging from $1,097.50 to $1,390.00 per security, corresponding to about 9.75% per annum$1,487.50 per security; if any index is below its call threshold but all are at or above their downside thresholds of 70% of initial levels, only principal is returned. If any index ends below its downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing index, potentially to zero. The estimated value on the pricing date is $940.40 per security, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering auto-callable Jump Securities due July 28, 2029, linked to the worst performing of the S&P 500 Index and the S&P 500 Equal Weight Index, with principal at risk and no periodic interest.

The notes have a stated principal amount of $1,000 each and an aggregate principal amount of $800,000, issued at 100% with estimated value of $973.10 per security on the pricing date. Automatic early redemption can occur on determination dates starting July 26, 2027 if both underliers are at or above their call threshold levels, paying $1,096.50 on the first early redemption date or $1,193.00 on the second, corresponding to a return of approximately 9.65% per annum.

If not redeemed early and both final index levels are at or above their downside thresholds (80% of initial), investors receive $1,289.50 at maturity. If either index finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performing underlier, potentially to zero. All payments depend on Morgan Stanley’s credit; the securities are unsecured, unsubordinated obligations and are not insured or bank deposits.

Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due July 19, 2029 linked to the common stock of International Business Machines Corporation, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk, unsecured senior notes under the Series A Global Medium-Term Notes program.

Each security has a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $888,000. A contingent coupon at 16.00% per annum is payable on scheduled coupon dates only if, on the related observation date, IBM’s closing price is at or above the coupon barrier level of $109.525 (50% of the initial level). If this condition is not met, no coupon is paid for that period.

The notes are subject to automatic early redemption starting January 19, 2027: if IBM’s closing level on any redemption determination date is at or above the call threshold level of $219.05 (100% of the initial level), investors receive the stated principal plus the applicable coupon and the notes terminate. At maturity, if not called and the final IBM level is at or above the downside threshold of $109.525, investors receive principal (plus any final coupon). If the final level is below this threshold, the payoff is $1,000 × (final level ÷ $219.05), resulting in a 1% loss of principal for each 1% decline in IBM, and the payment can be zero. The estimated value on the pricing date is $985.40 per security, below the issue price, reflecting structuring and hedging costs. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley, and the notes may have limited or no secondary market liquidity.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities linked to the S&P 500® Index under its Series A Medium-Term Notes program, with an aggregate principal amount of $700,000 and a stated principal of $1,000 per security.

The notes pay no interest and place principal at risk. At maturity on August 19, 2027, if the S&P 500 final level is at or above the downside threshold level of 5,679.30 (75% of the initial level of 7,572.40), investors receive $1,000 plus a fixed upside payment of $80.40 per security, an 8.04% return, regardless of how much the index has risen within that range. If the final level is below the threshold, repayment equals the stated principal multiplied by the performance factor (final level / initial level), resulting in a 1% loss of principal for each 1% index decline, with no minimum payment and potential total loss of investment.

The issue price is $1,000 per security, with estimated value on the pricing date of $986.40 after issuance, selling, structuring and hedging costs. Morgan Stanley & Co. LLC acts as agent; J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. act as placement agents, with fees up to $10.42 per $1,000 security. The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, may trade at prices below issue, and have complex U.S. federal income tax treatment described as prepaid financial contracts with uncertainties, including potential alternative debt characterization and Section 871(m) considerations for Non-U.S. holders.

Morgan Stanley Finance LLC is issuing Callable Buffered Jump Securities due July 21, 2031, linked to the S&P 500® Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley. These are principal-at-risk notes with no periodic interest payments.

The notes are issued at $1,000 per security, in an aggregate principal amount of $165,000. The estimated value on the pricing date is $923.10 per security, reflecting issuance, selling, structuring and hedging costs borne by investors. All payments are subject to Morgan Stanley’s credit risk.

Beginning July 22, 2027, the issuer may redeem the notes in whole on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational, paying fixed cash amounts that target approximately 21.75% per annum (e.g., $1,217.50 on the first redemption date, rising to $2,069.375 on June 20, 2031), after which no further payments are made.

If not redeemed, the maturity payment depends on index performance from an initial level of 603.07. Investors receive principal plus a 200% participation in any positive index return; full principal if the final level is between the initial level and the buffer level of 512.610 (85% of initial); and a loss of 1% of principal for each 1% decline beyond the 15% buffer, but not less than 15% of principal.

Morgan Stanley Finance LLC is offering Lookback Entry Buffered Participation Securities due July 27, 2028, linked to the worst performer of the Invesco S&P 500® Equal Weight ETF and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley, with principal at risk and no interest payments.

Each security has a $1,000 stated principal amount and 100% participation in any appreciation of the worst performing underlier, subject to a maximum payment at maturity of $1,262 per security (126.20% of principal). A 10% buffer applies: if the worst underlier’s final level is between 90% and 100% of its initial level, investors receive par; below 90%, they lose 1% of principal for each 1% further decline, but not less than 10% of principal. The initial levels are set as the lowest closing levels during a lookback period from July 22 to September 22, 2026, and the final level is measured on July 24, 2028.

The estimated value on the pricing date is approximately $970.30 per $1,000 security, reflecting issuance, selling, structuring and hedging costs borne by investors. All payments depend on Morgan Stanley’s credit; the notes are unsecured obligations, not bank deposits, and are not FDIC insured.

Morgan Stanley Finance LLC is offering $400,000 of Contingent Income Buffered Auto-Callable Securities due January 19, 2029, linked to the worst performing of the iShares Expanded Tech-Software ETF, iShares MSCI Emerging Markets ETF and the Russell 2000 Index, and fully guaranteed by Morgan Stanley.

The notes pay a contingent coupon at 10.25% per annum only if on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of their initial levels; otherwise no coupon is paid for that period. Starting January 19, 2027, the notes are automatically redeemed at par plus the coupon if all underliers are at or above their call thresholds, set at 100% of initial levels.

If not called and at maturity every underlier is at or above its buffer level at 80% of initial, investors receive full principal back (plus any final coupon). If any underlier finishes below its buffer, repayment is reduced 1% for each 1% decline of the worst performer beyond the 20% buffer, but not below the minimum payment of 20% of principal. The notes are subject to issuer and guarantor credit risk, limited liquidity, complex tax treatment and an estimated value of $957.80 per $1,000 note, below the issue price.

Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Securities due July 19, 2029, linked to the iShares® Expanded Tech-Software Sector ETF. Each security has a $1,000 stated principal amount and was priced at $1,000, for an aggregate principal amount of $1,990,000, and is fully and unconditionally guaranteed by Morgan Stanley.

Investors may receive a contingent coupon at 11.80% per annum, paid only if the ETF’s closing level is at or above the coupon barrier level of $65.59 (70% of the $93.70 initial level) on the relevant observation date. The notes are automatically callable on specified quarterly dates if the ETF is at or above the call threshold level of $93.70, in which case investors receive principal plus the applicable coupon and no further payments.

If not called, and the final ETF level on July 16, 2029 is at or above the downside threshold level of $65.59, investors receive full principal (plus any final coupon). If it is below that level, repayment is reduced in proportion to the ETF’s decline, and the payment can be zero. The securities are unsecured, subject to Morgan Stanley’s credit risk, have limited liquidity, an estimated value of $970.30 per $1,000 at pricing, and involve complex and uncertain U.S. tax and withholding treatment, particularly for non-U.S. holders.

Morgan Stanley Finance LLC is issuing $680,000 of Contingent Income Auto-Callable Securities due July 20, 2028, linked to the worst performer of Eli Lilly common stock and NVIDIA common stock, fully and unconditionally guaranteed by Morgan Stanley and issued at $1,000 per security.

Investors may receive a 20.10% per annum contingent coupon, paid only if on each observation date both underliers close at or above their coupon barrier levels of 60% of initial (LLY $701.502, NVDA $124.44). The notes auto-call at par plus coupon if on a redemption determination date both stocks are at or above 100% of initial (LLY $1,169.17, NVDA $207.40).

If not called and at maturity either underlier is below its downside threshold (also 60% of initial), repayment is reduced 1% for each 1% decline of the worst performer, down to zero. The estimated value on the pricing date is $982.90 per security, reflecting issuance and structuring costs, and all payments are subject to Morgan Stanley’s credit risk and significant liquidity and tax risks.

Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due July 22, 2027, linked to the common stock of International Business Machines Corporation, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes have a stated principal amount of $1,000 per security and an aggregate principal amount of $380,000, issued at 100% of principal.

Investors may receive a contingent coupon at 19.28% per annum, payable only if IBM’s closing price on the relevant observation date is at or above the coupon barrier level of $147.84, with “memory” of previously unpaid coupons if later conditions are met. The notes are automatically callable on specified redemption determination dates if IBM’s closing price is at or above the call threshold of $211.20, returning principal plus the applicable coupon and any unpaid coupons.

If not called, at maturity investors receive principal only if the final IBM level is at or above the downside threshold of $147.84 (70% of the $211.20 initial level). If the final level is below the downside threshold, repayment is reduced in proportion to IBM’s decline and can be zero. The estimated value on the pricing date is $962.40 per security, reflecting issuing, selling, structuring and hedging costs. 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 offering Trigger PLUS notes due July 21, 2031 linked to the worst performer of the Nasdaq-100 Futures Excess Index and the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount and is issued at $1,000, with an estimated value on the pricing date of $973.50.

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 283.80% of the appreciation of the worst performing index. If at least one index is at or below its initial level but both are at or above 60% of their initial levels, investors receive only the $1,000 principal. If either index finishes below its downside threshold (60% of its initial level), the payoff is $1,000 multiplied by the performance factor of the worst performer, with a 1% loss of principal per 1% decline, and the payment can be zero.

The initial level of the NDXNQER Index is 763.4694 and of the SPXFP Index is 603.07, with downside thresholds of 458.0816 and 361.842, respectively. The aggregate principal amount is $510,000. The notes pay no interest, have no principal guarantee, are unsecured obligations of MSFL, and all payments are subject to the credit risk of MSFL and Morgan Stanley. Liquidity may be limited, tax treatment is uncertain, and the product is intended for investors able to bear a potential total loss of principal.

Morgan Stanley Finance LLC is issuing Jump Securities with an auto-callable feature due July 19, 2029, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $750,000 and a $1,000 stated principal amount per security.

The notes are linked to the worst performing of three underliers: the Dow Jones Industrial Average, the iShares MSCI EAFE ETF and the Nasdaq-100 Index. The initial levels equal their July 16, 2026 closing levels, and the call threshold levels are 100% of those initial levels. The downside threshold levels are set at 70% of the initial levels.

The securities pay no interest and do not guarantee principal. They may be automatically redeemed on scheduled determination dates starting January 19, 2027 if each underlier is at or above its call threshold, for early redemption payments corresponding to a return of approximately 11.00% per annum, ranging from $1,055.00 to $1,320.833 per security. If held to maturity and all final underlier levels are at or above their call thresholds, investors receive $1,330.00 per security; if any is between its call threshold and downside threshold, only principal is returned; if any is below its downside threshold, repayment is reduced in proportion to the decline of the worst underlier and can be zero. The estimated value on the pricing date is $957.30 per security, and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering $1,329,000 of Contingent Income Auto-Callable Securities due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index and are principal-at-risk obligations.

Investors may receive a 7.80% per annum contingent coupon, paid only when on an observation date the closing level of each index is at or above its coupon barrier level, set at 70% of the initial level for each index. The notes are automatically callable at par plus any due coupon if on a redemption determination date all three indices are at or above their call threshold levels, equal to 100% of their initial levels. If not called and at maturity any index finishes below its downside threshold (70% of initial), the repayment is reduced 1% for each 1% decline of the worst-performing index, potentially to zero; there is no principal guarantee.

The issue price is $1,000 per security, with an estimated value on the pricing date of $952.00, reflecting structuring and distribution costs and Morgan Stanley’s internal pricing. 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 Jump Securities with an auto-callable feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing July 21, 2032. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,921,000.

The notes offer no principal protection and pay no interest. They may be automatically redeemed starting July 23, 2027 if the index closes at or above the call threshold of 1,320.26 on a determination date, for fixed early redemption payments that correspond to a return of about 30.50% per annum, ranging from $1,305 to $2,753.75 per security. If not called, at maturity investors receive $2,830 per security if the final index level is at or above the call threshold, the $1,000 principal if the final level is at or above the downside threshold of 660.13, and otherwise an amount proportional to the index decline, which can be zero.

The estimated value on the pricing date is $965.50 per security, below the issue price due to embedded costs and issuer economics. All payments depend on Morgan Stanley’s credit, the index’s performance, and there may be limited or no secondary market liquidity. Tax treatment is uncertain and discussed under a prepaid financial contract approach.