Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger PLUS notes maturing July 19, 2029, linked to the worst performer of Mastercard Class A common stock and Microsoft common stock. Each security has a $1,000 stated principal amount and pays no interest.
At maturity, if the final level of each stock is above its initial level ($551.54 for Mastercard; $401.10 for Microsoft), holders receive $1,000 plus a leveraged upside equal to 260% of the worst performer’s price gain. If at least one stock is at or below its initial level but both remain at or above 70% of their initial levels (downside thresholds of $386.078 for Mastercard and $280.77 for Microsoft), holders receive only the $1,000 principal.
If either stock finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, with no minimum payment; the amount can be zero. The issue size is $392,000, priced at $1,000 per note, with an estimated value of $974.10 per security on the pricing date. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the notes are characterized for U.S. tax purposes as prepaid financial contracts, with treatment subject to uncertainty.
Morgan Stanley Finance LLC is offering Dual Directional Jump Securities with Auto-Callable Feature, unsecured principal-at-risk notes linked to the common stock of Marvell Technology, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and the aggregate principal amount is $5,850,000.
The notes may be automatically redeemed on any of 24 determination dates starting July 23, 2027 if Marvell’s share price is at or above the $141.225 call threshold, paying a fixed cash amount that steps up over time (from $1,355.80 to $2,037.75 per security). If held to maturity on July 19, 2029 and not previously called, investors receive $2,067.40 per security if the final stock level is at or above the call threshold; a capped positive “absolute return” up to 50% if the stock ends between the call threshold and the downside threshold of $94.15; or a full downside exposure, losing 1% of principal for each 1% decline in the stock if the final level is below the downside threshold. The securities pay no interest, offer no principal protection, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $961.60 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, unsecured notes linked to the worst performer of the S&P 500® Futures Excess Return Index, the State Street® Utilities Select Sector SPDR® ETF and the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and all payments depend on Morgan Stanley’s and MSFL’s credit.
Each $1,000 security offers a fixed digital payment of $132 (13.20%) at maturity if the final level of each underlier is at or above 75% of its initial level. If each underlier is also at or above 90% of its initial level, investors receive full principal back; otherwise, principal is reduced 1% for every 1% decline of the worst-performing underlier beyond the 10% buffer, subject to a minimum payment of 10% of principal. The payoff is based solely on the observation date, not on any interim levels.
The estimated value on the pricing date is approximately $987.60 per security, reflecting structuring and hedging costs. The issuer highlights significant risks, including potential for substantial loss of principal, limited upside capped at the digital payment, market and sector risks from utilities and small caps, complex tax treatment and uncertain secondary market liquidity.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities due August 26, 2027, linked to the worst performer of the S&P 500 Futures Excess Return Index, the State Street Utilities Select Sector SPDR ETF and the Russell 2000 Index, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and pays no interest. At maturity, investors receive a fixed digital payment of $128.50 per security (12.85%) if the final level of each underlier is at or above its digital threshold level, set at 75% of its initial level.
Principal is buffered against declines in the worst performing underlier down to a buffer level of 90% of its initial level. Below this, investors lose 1% of principal for each 1% decline beyond the 10% buffer, but no less than the minimum payment at maturity of 10% of principal.
The payoff is based solely on the worst performing underlier, so weakness in any one index or ETF can drive losses even if the others rise. The estimated value on the pricing date is approximately $984.80 per security, reflecting issuance, structuring and hedging costs borne by investors. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Lookback Entry Trigger PLUS notes linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $986.00 per security, within $40.00 of that estimate.
At maturity on July 22, 2031, investors receive leveraged upside if the final index level exceeds the initial level, with a leverage factor of 185% on positive index performance. If the final level is at or below the initial level but at or above the downside threshold level of 70% of the initial level, investors receive only the principal. If the final level is below the downside threshold level, repayment is reduced 1% for every 1% index decline, with no minimum payment and potential loss of the entire investment. The initial level is the lowest closing level during the initial observation period and will not exceed 596.71, the underlier’s closing level on July 17, 2026. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due September 3, 2027, linked to the capital stock of International Business Machines Corporation and fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon at 13.85% per annum only if IBM’s closing level is at or above the coupon barrier on the relevant observation date.
The notes may be automatically redeemed on specified dates beginning January 29, 2027 if IBM’s closing level is at or above the call threshold, in which case investors receive $1,000 plus the applicable coupon and no further payments. If the notes are not redeemed and IBM’s final level is at or above the downside threshold (57% of the initial level), investors receive $1,000 plus any final coupon; if it is below, repayment is reduced in proportion to IBM’s decline, potentially to zero. The securities are principal at risk, unsecured obligations, with an estimated value on the pricing date of approximately $970.10 per security, and all payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC is offering Leveraged Buffered S&P 500 Index‑Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount, bears no interest and exposes investors to the price performance of the S&P 500 Index over an expected term of about 17–20 months.
At maturity, investors receive leveraged upside of 150% of any positive index return, subject to a Maximum Settlement Amount expected between $1,184.20 and $1,216.00 per $1,000 note. A 7.50% buffer protects principal for index declines up to that level; below a Buffer Level of 92.50% of the initial index level, losses increase at a Buffer Rate of about 108.11%, and investors can lose their entire principal. The notes are unsecured, not FDIC‑insured, and all payments depend on Morgan Stanley’s credit; the estimated value on the trade date is approximately $985.40 per note.
Morgan Stanley Finance LLC is offering Buffered Digital MSCI EAFE Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount, pays no interest and is a senior unsecured principal-at-risk security linked to the MSCI EAFE Index.
At maturity (expected about 18–21 months after the trade date), investors receive a cash payment based on index performance from the trade date to the determination date. If the final index level is at least 90% of the initial level, the payout is a fixed Maximum Settlement Amount, expected to be between $1,127.70 and $1,150.20 per $1,000 note. Any index increase above this level does not increase the payoff.
If the index falls more than 10% below the initial level, principal is exposed to losses amplified by a Buffer Rate of about 111.11%, and investors can lose some or all of their investment. The estimated value on the trade date is approximately $994.10 per note, reflecting issuance, structuring and hedging costs. The notes are not listed, may have limited secondary liquidity, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS, unsecured notes guaranteed by Morgan Stanley, linked to the MSCI Emerging Markets Index with a 5-year term and $10.00 Principal Amount per Security. If on August 4, 2027 the index closes at or above the Autocall Barrier of 100% of the Initial Level, the notes are automatically called for $11.80 per Security, reflecting an 18.00% Call Return, and no further payments are made. If not called and the index ends above the Initial Level in July 2031, investors receive $10 plus leveraged upside based on Upside Gearing between 2.05 and 2.25. If the index is flat or down but at or above the Downside Threshold of 75% of the Initial Level, principal is repaid at $10. If the Final Level falls below the Downside Threshold, repayment is reduced one-for-one with the negative index return, up to a 100% loss of principal. The Securities pay no interest or dividends, may have limited liquidity, and all payments are subject to Morgan Stanley’s credit risk, with an estimated initial value of about $9.559 per $10 Security.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 27, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. These principal-at-risk notes are linked to the worst performer of the S&P 500 Index, State Street Financial Select Sector SPDR ETF (XLF) and State Street Technology Select Sector SPDR ETF (XLK).
The securities pay a contingent coupon at 9.85% per annum on scheduled dates only if on each observation date all three underliers close at or above their respective coupon barrier levels, set at 60% of initial levels. Beginning July 30, 2027, the issuer may redeem all notes on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; investors then receive principal plus any due coupon, with no further payments.
If the notes are not called and, on the final observation date, every underlier is at or above its downside threshold level (50% of initial level), investors receive principal plus any final coupon. If any underlier finishes below its downside threshold, the maturity payment is $1,000 multiplied by the performance factor of the worst-performing underlier, resulting in a loss matching the underlier’s percentage decline and potentially a total loss. The estimated value on the pricing date is approximately $975.20 per security, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Dual Directional Jump Securities with an auto-call feature linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, with an estimated value of approximately $988.60 per security on the pricing date.
The notes may be automatically redeemed on July 26, 2027 for $1,110 per security if the S&P 500 closing level on July 21, 2027 is at or above the initial/call threshold level of 7,457.69. If not called, at maturity on January 21, 2028 investors receive (subject to issuer credit risk): upside participation at 100% if the index is above the initial level; a “dual directional” positive return based on the absolute index move (capped at an effective 20% maximum positive return) if the final level is between 80% and 100% of the initial level; or one-for-one downside exposure if the index closes below the downside threshold of 5,966.152, with potential loss of the entire principal.
The securities do not pay interest, are subject to the issuer’s and guarantor’s credit risk, may trade below the issue price due to embedded costs, and have limited or no secondary market liquidity. U.S. tax treatment is uncertain and is expected to follow “prepaid financial contract” treatment, subject to future guidance.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due January 27, 2028, fully and unconditionally guaranteed by Morgan Stanley, linked to the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF. These are principal at risk notes with a stated principal amount of $1,000 per security.
Investors may receive a contingent coupon at 15.25% per annum, paid only if on each observation date the closing level of both underliers is at or above its coupon barrier (70% of its initial level). Beginning October 29, 2026, the issuer may redeem the notes on specified redemption dates at par plus any due coupon, but solely if a risk neutral valuation model indicates early redemption is economically rational for the issuer.
If the notes are not redeemed and on the final observation date the level of either underlier is below its downside threshold (70% of its initial level), the maturity payment is reduced 1% for each 1% decline of the worst performing underlier, potentially to zero; otherwise principal is repaid and the final coupon, if payable, is paid. The estimated value on the pricing date is approximately $987.70 per security, reflecting issuance, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering $6,400,000 of Digital Equity-Linked Notes due August 18, 2027, linked to the class A common stock of TPG Inc., fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and expose investors to principal loss.
Each note has a $1,000 face amount and an initial underlier level of $44.16, with a threshold level at 80.00% of that value, or $35.328. At maturity, if the final underlier level is at least 80.00% of the initial level, investors receive a fixed Maximum Settlement Amount of $1,235.50 per note (123.55% of face). If the underlier has declined by more than 20.00%, the payoff is reduced by 1.25x the decline beyond this buffer, and investors can lose up to their entire investment.
The notes are issued at $1,000 with an estimated value on the trade date of $972.70, reflecting issuance, structuring and hedging costs. Morgan Stanley & Co. receives a 1.08% sales commission, and the issuer may hedge in the underlier and related instruments, which can affect pricing. The notes will not be listed, and any secondary market making by affiliates is discretionary.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities due July 3, 2029, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The notes are linked to the worst performance of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX) and are principal at risk.
Investors may receive a contingent coupon at an annual rate of 8.00% on scheduled coupon payment dates, but only if on the related observation date the closing level of each underlier is at or above its coupon barrier (50% of initial level). Missed coupons can be paid later if both underliers recover above their coupon barriers on a subsequent observation date.
The securities are subject to automatic early redemption beginning January 29, 2027 if both underliers are at or above their call thresholds (100% of initial levels), in which case investors receive principal plus applicable coupons and no further payments. If held to maturity and both final levels are at or above their buffer levels (85% of initial), investors receive full principal plus any contingent coupon; otherwise, repayment is reduced 1% for each 1% decline of the worst underlier beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is approximately $950.80 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Dual Directional Trigger PLUS notes due July 26, 2029, linked to the worst performer of the Nasdaq-100 Index and the S&P 500 Index. Each security has a stated principal amount of $1,000 and pays no interest.
At maturity, investors receive upside exposure of 112% of any gain in the worst performing index. If that index finishes at or below its initial level but at or above 70% of its initial level, investors earn a positive “absolute return” on declines, capped at a 30% gain. If the worst performer ends below its 70% downside threshold, principal is lost 1% for each 1% decline, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $978.70 per $1,000 security, reflecting issuing, selling, structuring and hedging costs. All payments are unsecured obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, and are subject to their credit risk. The notes are intended for fee-based advisory accounts willing to forgo interest and accept principal-at-risk exposure.
Morgan Stanley Finance LLC is offering principal-at-risk Step-Down Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000 Index and the EURO STOXX 50 Index, maturing on July 29, 2031.
Each security has a $1,000 stated principal amount and may be automatically redeemed on scheduled determination dates if both indices are at or above their call threshold levels, for early redemption payments implying about 10.25% per annum, up to $1,512.50 per security.
If not redeemed early, payment at maturity depends on index performance: a fixed $1,512.50 per security if both final levels are at or above 95% of their initial levels; return of only principal if both are at or above 75% but below 95%; and a loss with the decline of the worst index below 75%, potentially reducing payment to zero. The estimated value on the pricing date is about $960.30 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Memory Securities due July 25, 2030, linked to the worst performing of the iShares MSCI EAFE ETF, the Russell 2000 Index and the S&P 500 Index. Each $1,000 security may pay a contingent coupon at 7.70% per annum on scheduled coupon dates, but only if on the related observation date the closing level of each underlier is at or above its coupon barrier, set at 60% of its initial level; missed coupons can be paid later if a future observation meets the barriers.
Starting July 27, 2028, the issuer may redeem the notes on specified redemption dates if a risk neutral valuation model indicates calling is economically rational for Morgan Stanley. If not redeemed, at maturity investors receive principal back only if the final level of every underlier is at or above its 60% downside threshold; otherwise, the payoff is reduced 1% for each 1% decline of the worst underlier, potentially to zero, with no participation in any upside. The estimated value on the pricing date is approximately $977.10 per $1,000, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Buffered Auto-Callable Securities due August 3, 2029, linked to the iShares® Expanded Tech-Software Sector ETF and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and an original issue price of $1,000, with an estimated value on the pricing date of approximately $979.30 due to issuance, structuring and hedging costs.
Investors may receive a 10.35% per annum contingent coupon, paid only if the ETF’s closing level on an observation date is at or above a coupon barrier set at 70% of the initial level. The notes are automatically redeemed if, on any redemption determination date starting October 30, 2026, the ETF is at or above the 100% call threshold, paying principal plus the applicable coupon and then terminating.
If not called, at maturity holders receive principal back only if the final ETF level is at or above the 70% buffer level; below that, the payoff is reduced by 1.4286% of principal for every 1% decline beyond the 30% buffer, and can fall to zero. The securities are unsecured, subject to Morgan Stanley’s credit risk, may have limited secondary liquidity, and involve uncertain U.S. tax treatment, including potential withholding for non-U.S. investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering unsecured Jump Notes with an auto-callable feature maturing on July 31, 2031, linked to the worst performance among Alphabet Class A, Meta Class A and NVIDIA common stock. Each note has a $1,000 stated principal amount and pays no interest.
The notes are automatically redeemed on August 3, 2028 if on the August 1, 2028 determination date each underlier is at or above its call threshold, set at 90% of its initial level, for a fixed early redemption payment of $1,312.50 per note. If not redeemed early and, at maturity, the final level of each underlier is above its initial level, holders receive $1,000 plus an upside payment equal to 125% of the gain of the worst-performing underlier. If any underlier is at or below its initial level at maturity, only principal is repaid.
The estimated value on the pricing date is approximately $931.30 per note, reflecting issuance, selling, structuring and hedging costs borne by investors. All payments depend on Morgan Stanley’s credit; the notes are not listed, may have limited liquidity, are treated as contingent payment debt instruments for U.S. tax purposes, and expose investors to the price and volatility of the three underliers without any asset diversification benefit.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due February 2, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the EURO STOXX 50® Index, the iShares® Expanded Tech-Software Sector ETF and the State Street® Real Estate Select Sector SPDR® ETF.
The notes have a stated principal amount and issue price of $1,000 per security and pay a contingent coupon of 11.50% per annum only when each underlier closes at or above its coupon barrier (set at 55% of its initial level) on the relevant observation date. Starting November 4, 2026, the issuer may redeem the notes early on specified redemption dates if a risk neutral valuation model indicates redemption is economically rational for Morgan Stanley.
If not redeemed early and if each underlier’s final level is at or above its downside threshold (also 55% of initial), investors receive their $1,000 principal plus any final coupon; otherwise, maturity payment is $1,000 multiplied by the performance factor of the worst performing underlier, exposing investors to loss of some or all principal. The estimated value on the pricing date is approximately $980.70 per security. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Securities with an auto-call feature due August 2, 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 approximately $960.50.
The note is linked to the worst performing of the iShares Semiconductor ETF and the Nasdaq-100 Index. From August 4, 2027 onward, the securities are automatically redeemed on a determination date if the closing level of each underlier is at or above its call threshold, paying $1,235–$1,450.417 per security depending on the call date, corresponding to about 23.50% per annum$1,470 if both underliers finish at or above their call thresholds, the principal back if both remain at or above their 20% buffer levels, or a loss of 1% of principal for each 1% decline of the worst underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal. The securities pay no interest, do not participate in any upside of the underliers, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature, linked to the worst performing of the S&P 500 Index and the iShares Expanded Tech-Software Sector ETF. Each security has a $1,000 stated principal amount and is fully guaranteed by Morgan Stanley, with no periodic interest.
The notes may be automatically redeemed on scheduled determination dates if the closing level of each underlier is at or above its call threshold (100% of initial level), paying early redemption amounts of $1,165 in 2027 or $1,330 in 2028, corresponding to roughly 16.50% per annum, after which no further payments are made. If held to maturity on July 26, 2029 and both final underlier levels are at or above their call thresholds, investors receive $1,495 per security.
If either final underlier is below its call threshold but both are at or above the 80% buffer level, only principal is returned. If either finishes below its buffer, repayment is reduced 1% for each 1% decline of the worst underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal, so a substantial loss of capital is possible. The estimated value on the pricing date is approximately $979.80 per security, reflecting issuance, structuring and hedging costs, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities, unsecured structured notes linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, pay no interest and do not guarantee any return of principal.
At maturity on August 4, 2027, if the S&P 500 final level is at or above the buffer level of 5,966.152 (80% of the 7,457.69 initial level), investors receive $1,000 plus a fixed upside payment of $67.50 per note (6.75%). If the final level is below the buffer level, investors lose 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is approximately $985.80 per note, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The notes are subject to the credit risk of MSFL and Morgan Stanley, limited liquidity, potential conflicts of interest, complex U.S. tax treatment and possible future changes to tax rules, including Section 871(m).
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS), unsecured notes fully and unconditionally guaranteed by Morgan Stanley, maturing July 23, 2029. Each security has a stated principal amount of $1,000 and pays no interest, with principal at risk.
The notes are linked to the worst performing of three ETFs: Invesco QQQ Trust, Series 1, iShares Semiconductor ETF and State Street Technology Select Sector SPDR ETF. If on the observation date the final level of each underlier exceeds its initial level, investors receive $1,000 plus a leveraged upside payment equal to 230% of the appreciation of the worst performing underlier. If any underlier finishes at or below its initial level, the maturity payment equals $1,000 multiplied by the performance factor of the worst performer, resulting in a 1% loss of principal for each 1% decline, with no minimum; the payment can be zero.
Initial levels are $697.75 for QQQ, $524.10 for SOXX and $176.50 for XLK, with an estimated value on the pricing date of approximately $971.80 per $1,000 security. The securities are intended for investors willing to forgo income, accept concentrated technology and semiconductor sector exposure, rely on Morgan Stanley’s credit and hold to maturity despite limited or no secondary market liquidity and uncertain tax treatment.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due August 4, 2027, linked to Wells Fargo & Company common stock and fully guaranteed by Morgan Stanley. These are principal-at-risk structured notes with a stated principal amount of $1,000 per security.
Investors may receive a 10.00% per annum contingent coupon, payable only when the Wells Fargo closing level is at or above the coupon barrier level of $57.354 (65.54% of the initial level) on observation dates; unpaid coupons can be paid later if the barrier is met. The notes are automatically redeemed if the stock closes at or above the call threshold level of $87.51 (100% of the initial level) on specified redemption determination dates, returning principal plus applicable coupons.
If not called and the final average stock level is at or above the downside threshold of $57.354, principal is repaid; if below, repayment is stated principal × (final level / initial level), exposing investors to full downside and potential total loss. The estimated value on the pricing date is approximately $983.90 per $1,000, reflecting embedded costs and issuer credit spreads, and all payments depend on Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-call feature maturing July 20, 2028, linked to the worst performer of Broadcom Inc. (AVGO) and NVIDIA Corporation (NVDA) common stock, 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 approximately $979.60. A fixed early redemption payment of $1,545.10 per security is made if, on July 30, 2027, both AVGO and NVDA close at or above their call thresholds, which equal their initial levels of $370.825 for AVGO and $202.81 for NVDA. If called, no further payments are made.
If not called, at maturity investors receive principal plus a 300% participation in the gain of the worst-performing stock if both final levels exceed initial levels; principal only if both remain at or above downside thresholds (60% of initial levels); and a loss matching the full decline of the worst performer if either finishes below its downside threshold, potentially reducing the payment to zero. The securities pay no interest, are unsecured, subject to Morgan Stanley’s credit risk, include $15 per security in placement fees, may be illiquid, and have uncertain U.S. tax treatment described as prepaid financial contracts.
Morgan Stanley Finance LLC is offering $1,000,000 of Trigger Participation Securities due July 20, 2028, linked to the performance of copper and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is a senior unsecured, principal-at-risk security.
At maturity, investors receive: full principal plus 100% of copper’s upside if the final commodity price exceeds the $13,555 initial price; par if the final price is at or below the initial price but at or above the $8,959.855 trigger level (66.10% of the initial price); or $1,000 × the commodity performance factor if the final price is below the trigger, exposing investors to losses matching the full percentage decline, up to a total loss. The estimated value on the pricing date is $971.40 per note, below the issue price, reflecting embedded costs and issuer economics. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering $1,300,000 of Contingent Income Memory Auto-Callable Notes due June 17, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 principal amount and is linked to the worst performer of Dell Technologies Class C, Tesla, Micron Technology and Qualcomm common stocks.
The notes pay a 10.00% per annum contingent coupon, only if on a monthly observation date the closing level of each stock is at or above its coupon barrier, set at 80% of its initial level. Missed coupons can be “remembered” and paid later if all stocks again meet the barrier, but may be lost entirely if any stock stays below its barrier through maturity.
Starting with the June 14, 2027 determination date, the notes are automatically redeemed if all stocks are at or above 100% of their initial levels, paying principal plus the current and any previously unpaid coupons. If never auto-called, investors receive full principal at maturity, but may have received few or no coupons. The estimated value on the pricing date is $936.00 per note, below the $1,000 issue price, and all payments depend on Morgan Stanley’s credit; the notes are unsecured, unlisted, and may have limited liquidity.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities with a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes mature on August 2, 2029 and are linked to the worst performing of the S&P 500 Index, the State Street SPDR S&P Regional Banking ETF and the State Street Technology Select Sector SPDR ETF.
The notes pay a 12.40% per annum contingent coupon, only if on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of initial level. If any underlier is below its barrier on an observation date, no coupon is paid for that period. Beginning on February 3, 2027, the issuer may redeem the notes on specified dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley, paying principal plus any due coupon.
If the notes are not redeemed and on the final observation date each underlier is at or above its downside threshold level, set at 60% of initial level, investors receive principal back plus any final coupon. If any underlier finishes below its downside threshold, repayment is reduced in proportion to the decline of the worst performer and can fall to zero. The estimated value on the pricing date is approximately $951.90 per security, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due September 3, 2027, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount and issue price per security. The notes are linked to the worst performing of the Dow Jones Industrial Average℠ and the State Street® SPDR® S&P 500® ETF Trust.
Investors may receive a contingent coupon at 8.25% per annum, paid only if on each observation date both underliers are at or above 75% of their initial levels. The notes are automatically redeemed if, on a redemption determination date, both underliers are at or above 100% of their initial levels, paying principal plus the contingent coupon.
If not called and at maturity either underlier is below its 75% downside threshold, the repayment of principal is reduced 1% for each 1% decline of the worst underlier, potentially to zero. The securities are unsecured, subject to Morgan Stanley’s credit risk, and have an estimated value of approximately $984.80 per $1,000 on the pricing date.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering contingent income auto-callable securities due September 3, 2027 linked to the worst performer of the S&P 500 Index and the State Street Technology Select Sector SPDR ETF. The notes pay a 13.00% per annum contingent coupon only if on each observation date both underliers are at or above their coupon barrier levels, set at 70% of their initial levels. The securities may be automatically redeemed quarterly from January 29, 2027 onward if both underliers are at or above their 100% call threshold levels, paying principal plus the relevant coupon.
If the notes are not called and on the final observation date either underlier is below its downside threshold (also 70% of its initial level), the repayment is reduced 1% for every 1% decline of the worst underlier, potentially to zero; there is no principal protection and no participation in upside. The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $984.80, reflecting issuance and hedging costs borne by investors. All payments are subject to Morgan Stanley’s credit risk, and the XLK exposure adds concentration risk to the technology sector. U.S. tax treatment is uncertain and may subject non-U.S. holders to 30% withholding on coupons.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due September 3, 2027, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the S&P 500 Index and the State Street Technology Select Sector SPDR ETF.
The notes pay a 10.50% per annum contingent coupon only if on each observation date the closing level of both underliers is at or above their coupon barrier levels, set at 70% of initial levels. The securities may be automatically redeemed quarterly from January 29, 2027 onward if both underliers are at or above their call thresholds, set at 100% of initial levels, for principal plus the applicable coupon.
If not redeemed early and at maturity either underlier is below its downside threshold (also 70% of its initial level), investors lose 1% of principal for each 1% decline of the worst-performing underlier, up to a total loss. The issue price is $1,000 per security and the estimated value on the pricing date is approximately $970.80, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering fixed rate callable notes due July 31, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a fixed interest rate of 4.65% per annum, accruing from July 31, 2026.
Interest is paid semi-annually on January 31 and July 31, beginning January 31, 2027, using a 30/360 day-count convention. The notes are callable in whole, but not in part, on July 31, 2027 and January 31, 2028 at 100% of principal plus accrued interest, if a risk neutral valuation model indicates early redemption is economically rational for the issuer.
The notes are unsecured obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, and are subject to the issuer’s and guarantor’s credit risk. They will not be listed on any securities exchange, and an estimated value on the pricing date of approximately $988.40 per note, or within $48.40 of that estimate, reflects issuing, structuring and hedging costs borne by investors. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering fixed rate callable notes due July 31, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays a fixed interest rate of 4.750% per annum, and accrues interest from July 31, 2026.
Interest is paid semi-annually in arrears on January 31 and July 31 of each year, beginning January 31, 2027, using a 30/360 day-count convention. The issuer may redeem all (but not part) of the notes at 100% of principal plus accrued interest on July 31, 2027 or January 31, 2028, if a risk neutral valuation model indicates redemption is economically rational for the issuer.
The notes are unsecured obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, and are subject to the credit risk of both. They are not listed on any securities exchange, may have limited or no secondary market, and their estimated value on the pricing date is approximately $984.60 per note, reflecting issuance, structuring and hedging costs borne by investors. Proceeds are intended for general corporate purposes.
Morgan Stanley Finance LLC is offering fixed rate callable notes due July 30, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays 4.950% fixed interest per year, with semi-annual payments on January 30 and July 30, beginning January 30, 2027, calculated on a 30/360 day-count basis.
The issuer may redeem all (but not part) of the notes at 100% of principal plus accrued interest on specified redemption dates, currently July 30, 2027 and January 30, 2028, if a risk neutral valuation model shows calling is economically rational for the issuer. The notes are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley and will not be listed on any exchange, so secondary market liquidity may be limited. The estimated value on the pricing date is approximately $977.00 per note, reflecting issuance, structuring and hedging costs borne by investors. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is issuing fixed rate callable notes due July 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and issue price and pays a fixed 4.900% per annum coupon.
Interest accrues from July 31, 2026 on a 30/360 basis and is paid semi-annually on the 31st of each January and July, starting January 31, 2027, with payment at maturity equal to principal plus accrued interest. The issuer may redeem the notes early, in whole but not in part, on July 31, 2027 or January 31, 2028 at 100% of principal plus accrued interest, but only if a risk neutral valuation model indicates that redemption is economically rational for the issuer.
The notes are unsecured obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, and are subject to the credit risk of both. They will not be listed on any securities exchange, and secondary liquidity may be limited. The estimated value on the pricing date is approximately $981.90 per note, reflecting issuance, structuring and hedging costs borne by investors. Proceeds are intended for general corporate purposes.
Morgan Stanley Finance LLC is offering fixed rate callable notes due July 29, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal and issue price of $1,000 and pays fixed interest of 5.05% per annum, calculated on a 30/360 (Bond Basis), with semi-annual payments on the 29th of each January and July, beginning January 29, 2027.
The issuer may redeem the notes early, in whole but not in part, on July 29, 2027 or January 29, 2028 at 100% of principal plus accrued interest, if a risk neutral valuation model indicates redemption is economically rational for the issuer. The notes are subject to the credit risk of MSFL and Morgan Stanley, will not be listed on any securities exchange, and may have limited secondary liquidity. The estimated value on the pricing date is approximately $972.00 per note, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley is offering unsecured Fixed Rate Notes due July 31, 2029, each with a stated principal amount and issue price of $1,000. The notes pay a fixed interest rate of 4.50% per annum, accruing from July 31, 2026 and payable semi-annually in arrears.
Interest payments fall on the 31st of each January and July, beginning January 31, 2027, using a 30/360 (Bond Basis) day-count convention. At maturity, holders receive $1,000 per note plus accrued and unpaid interest, subject to Morgan Stanley’s credit.
The notes are not insured by any governmental agency, will not be listed on any securities exchange, and secondary market liquidity may be limited. The estimated value on the pricing date is approximately $989.60 per note, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley is offering Fixed Rate Notes due July 31, 2031 under an effective shelf registration. Each note has a stated principal amount and issue price of $1,000 and pays interest at a fixed annual rate of 4.80%, accruing from July 31, 2026.
Interest is paid semi-annually on the 31st of January and July, beginning January 31, 2027, using a 30/360 day-count convention. At maturity, investors receive $1,000 per note plus accrued and unpaid interest, subject to Morgan Stanley’s credit risk.
The notes are issued in book-entry form, in U.S. dollars, will not be listed on any securities exchange, and may have limited secondary liquidity. Morgan Stanley estimates the value on the pricing date at approximately $986.70 per note, reflecting issuance, structuring and hedging costs borne by investors. Proceeds are for general corporate purposes.
Morgan Stanley is offering primary fixed rate senior notes due July 29, 2033 under an effective shelf registration. Each note has a stated principal amount and issue price of $1,000, with interest accruing from July 31, 2026.
The notes pay a fixed coupon of 5.000% per annum, with interest payable semi-annually on the 29th calendar day of each January and July, beginning January 29, 2027, using a 30/360 (Bond Basis) day-count convention. At maturity, investors receive $1,000 per note plus accrued and unpaid interest, subject to Morgan Stanley’s credit risk.
The notes are issued in book-entry form in U.S. dollars, will not be listed on any securities exchange, and may have limited or no secondary market. The estimated value on the pricing date is approximately $981.30 per note, reflecting issuance, structuring and hedging costs that are borne by investors. Proceeds will be used for general corporate purposes, and affiliates may hedge and make markets in the notes, creating potential conflicts of interest.
Morgan Stanley is offering fixed rate senior notes due July 30, 2032 under an effective shelf registration. Each note has a stated principal amount and issue price of $1,000, with interest accruing from July 31, 2026.
The notes pay a fixed coupon of 4.900% per annum, calculated on a 30/360 (Bond Basis) and payable semi-annually on the 30th of January and July, beginning January 30, 2027. At maturity, investors receive the stated principal amount plus accrued and unpaid interest, subject to Morgan Stanley’s credit risk. The notes will be issued only in book-entry form, will not be listed on any securities exchange, and may have limited secondary market liquidity.
The estimated value on the pricing date is approximately $983.70 per note, reflecting issuing, selling, structuring and hedging costs included in the issue price. Proceeds will be used for general corporate purposes, and Morgan Stanley & Co. LLC, an affiliate, acts as agent, calculation agent and may make a secondary market, though it is not obligated to do so.
Morgan Stanley plans to issue fixed rate senior notes due July 31, 2030. Each note has a stated principal amount and issue price of $1,000, with interest accruing from July 31, 2026 at a fixed annual rate of 4.600%, payable semi-annually on January 31 and July 31, beginning January 31, 2027, using a 30/360 day-count convention.
At maturity, investors are scheduled to receive $1,000 per note plus accrued and unpaid interest, subject to Morgan Stanley’s credit risk. The notes are issued in book-entry form only, in U.S. dollars, will not be listed on any securities exchange, and may have limited secondary market liquidity. The estimated value on the pricing date is approximately $987.10 per note, reflecting issuance, selling, structuring and hedging costs borne by investors. Proceeds are for general corporate purposes, and Morgan Stanley affiliates may act as agent, calculation agent and hedging counterparties, creating potential conflicts of interest.
Morgan Stanley Finance LLC is offering 10-year Trigger GEARS, unsecured notes linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each Security has an Issue Price of $10, composed of a debt component and a performance-based equity index component.
If the index return at maturity is positive, investors receive $10 plus the index gain multiplied by an Upside Gearing between 1.90 and 2.08. If the index return is zero, the payment is $10. If the index return is negative but the final index level is at or above the Downside Threshold of 65% of the Initial Level, principal is repaid at $10. If the final level is below the Downside Threshold, repayment is $10 plus $10 times the index return, exposing investors to the full loss, up to a 100% principal loss.
The Securities pay no interest, provide no dividends, and are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the trade date is approximately $8.644 per $10, reflecting issuing, selling, structuring and hedging costs. Liquidity may be limited, and any secondary market price is expected to be below the Issue Price.
Morgan Stanley Finance LLC is issuing S&P 500®-linked Enhanced Buffered Jump Securities, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $16,561,000 at $1,000 per security. These unsecured notes pay no interest and do not guarantee any return of principal.
At maturity on August 2, 2027, if the S&P 500 final level is at or above the buffer level of 6,436.54 (85% of the initial level 7,572.40), investors receive $1,000 plus a fixed upside payment of $77.50 per security (7.75%). If the final level is below the buffer level, investors lose 1.1765% of principal for each 1% decline beyond the 15% buffer, with no minimum payment, so the entire investment can be lost.
The issue price includes structuring and hedging costs, giving an estimated value on the pricing date of $984.40 per security. The notes are subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and involve complex and uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities with Downside Factor, fully and unconditionally guaranteed by Morgan Stanley, linked to an equally weighted basket of seven semiconductor-related stocks. The notes are issued at $1,000 per security, with an aggregate principal amount of $8,812,000, and mature on August 2, 2027.
The payoff depends on the basket’s final level on the observation date. If the final level is at or above the 80 buffer level (80% of the initial level 100), investors receive $1,000 plus a fixed upside payment of $185, an 18.50% return, regardless of how high the basket has risen. If the final level is below the buffer level, investors lose 1.25% of principal for each 1% decline beyond the 20% buffer, with no minimum payment; the investment can go to zero.
The notes pay no interest, are unsecured obligations of MSFL guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $953.90 per security, reflecting issuing, selling, structuring and hedging costs and model-based pricing. Liquidity may be limited, and the U.S. federal income tax treatment is uncertain; counsel views them as prepaid financial contracts treated as open transactions.
Morgan Stanley Finance LLC is issuing Enhanced Trigger Jump Securities, Series A medium-term notes, fully and unconditionally guaranteed by Morgan Stanley, linked to the Class A common stock of Constellation Brands, Inc. The notes have a $1,000 stated principal amount, an aggregate principal of $500,000, and mature on July 29, 2027. They pay no interest and do not guarantee return of principal.
At maturity, if the final stock level is at or above the downside threshold level of $107.608 (80% of the $134.51 initial level), investors receive $1,000 plus a fixed upside payment of $184.90, an 18.49% gain, regardless of how much the stock has appreciated or modestly declined. If the final level is below the threshold, the payoff is $1,000 multiplied by the performance factor (final level / initial level), producing a 1% loss of principal for each 1% decline in the stock; the payment can fall to zero.
The issue price is $1,000 per note, including selling, structuring and hedging costs, while the estimated value on the pricing date is $971.10, reflecting these costs and Morgan Stanley’s funding rate. Morgan Stanley & Co. LLC acts as agent; total selling commissions are up to $5,000. The notes are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley, may trade below issue price, and may have limited or no secondary market liquidity. U.S. federal tax treatment is uncertain and is expected to follow prepaid financial contract treatment as described by the issuer’s tax counsel.
Morgan Stanley is offering $50,000,000 of Fixed Rate Notes due September 20, 2027 under an effective shelf registration. Each note has a $1,000 stated principal amount and issue price.
The notes pay a fixed interest rate of 4.450% per annum, with interest accruing from July 20, 2026 and a single interest payment on September 20, 2027. At maturity, investors receive the stated principal plus accrued and unpaid interest, subject to Morgan Stanley’s credit risk. The notes are issued in book-entry form, in minimum denominations of $1,000, and will not be listed on any securities exchange.
The notes are treated as issued with original issue discount (OID), with total deemed OID of $51.9167 per note accruing over the life of the notes. U.S. federal tax consequences are addressed in an opinion of Davis Polk & Wardwell LLP, and investors are advised to consult their own tax advisers.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered Participation Securities due July 28, 2027, linked to the Invesco QQQ Trust, Series 1, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000, with an aggregate principal amount of $500,000. The estimated value on the pricing date is $981.90 per security, reflecting issuing, selling, structuring and hedging costs borne by investors.
The initial level of the underlier is $725.51, with a buffer level at 80% of that amount ($580.408) and a buffer amount of 20%. If the final level is above the initial level, investors receive principal plus 100% of the underlier gain, capped at a maximum payment of $1,103.30 per security (110.33% of principal). If the final level is between the buffer level and the initial level, investors earn a positive return equal to 100% of the absolute decline, effectively capped at a 20% gain.
If the final level falls below the buffer level, investors lose 1.25% of principal for every 1% decline beyond the 20% buffer, with no minimum payment and the possibility of a total loss of principal. The securities pay no interest, all payments depend on Morgan Stanley’s and MSFL’s credit, secondary market liquidity may be limited, and U.S. federal income tax treatment is uncertain, with potential application of the “constructive ownership” and Section 871(m) regimes.
Morgan Stanley Finance LLC is offering $300,000 of Contingent Income Memory Auto-Callable Securities due July 19, 2028, linked to the common stock of Microsoft Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000 and an estimated value on the pricing date of $983.30, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes pay a 13.00% per annum contingent coupon only when MSFT’s closing level on an observation date is at or above the coupon barrier level of $269.451 (70% of the $384.93 initial level), with missed coupons potentially paid later if the barrier is subsequently met. The securities are automatically redeemed at par plus applicable coupons if MSFT is at or above the call threshold of $384.93 (100% of the initial level) on specified redemption determination dates. If not called, and at maturity the final level is at or above the downside threshold of $269.451, investors receive principal plus any due coupons; if below, repayment is $1,000 × (final level / initial level), exposing holders to full downside of the underlier, down to zero. Payments are subject to Morgan Stanley’s credit risk, the notes may be illiquid, and U.S. tax treatment is uncertain.
Morgan Stanley Finance LLC is issuing Buffered Jump Securities with an auto-call feature linked to the Global X Defense Tech ETF, fully and unconditionally guaranteed by Morgan Stanley. The notes are part of the Series A Global Medium-Term Notes program and are principal at risk and pay no interest.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,500,000$979.80 per security, reflecting issuance, structuring and hedging costs borne by investors. The strike and pricing date are July 15, 2026, and maturity is July 20, 2028.
The note will auto-call on August 2, 2027 for $1,122 per security if the ETF’s closing level on July 29, 2027 is at or above the $60.26 call threshold. If not called and the final level is above the initial level, investors receive principal plus a 125% participation in the ETF’s gain. If the final level is between the $48.208 buffer and the initial level, only principal is repaid. Below the buffer, principal loss is magnified by a 1.25× downside factor, with no minimum payment, so the investment can lose all principal. All payments depend on Morgan Stanley’s and MSFL’s credit.