Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering 6‑year Trigger Jump Securities linked to the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest, are principal-at-risk, and depend on both index performance and the issuers’ credit.
If the S&P 500 final index value on the August 2, 2032 valuation date is at or above the initial index value, each $1,000 security pays $1,000 plus a fixed upside payment of $632. If the index is below the initial level but at or above 80% of it, investors receive only the $1,000 principal. If the index closes below 80% of its initial level, repayment is $1,000 multiplied by the index performance factor, producing losses 1:1 with the index decline and potentially reducing the payment to zero.
The issue price is $1,000 per security, including a $30 sales commission and $5 structuring fee, while the estimated value on the pricing date is approximately $951.80 per security. The notes are not insured by the FDIC, may have limited or no secondary market, and carry complex U.S. tax treatment described as prepaid financial contracts.
Morgan Stanley Finance LLC is offering $4,890,700 of Buffer Autocallable GEARS, unsecured notes linked to the S&P MidCap 400 Index and fully guaranteed by Morgan Stanley. The notes are issued at $10 each, with an estimated value on the trade date of $9.698, and mature on July 18, 2029.
If on the July 21, 2027 observation date the index closes at or above its initial level of 3,778.28 (the Autocall Barrier), the notes are automatically called and pay $10.90 per note, a fixed 9.00% Call Return, with no further upside. If not called and the index is higher at maturity, investors receive $10 plus 1.45x any positive index return. If the index is flat or down but at or above the Downside Threshold of 3,400.45 (90% of the initial level), principal is repaid.
Below the Downside Threshold at maturity, losses match the index decline beyond the 10% Buffer, up to a 90% loss of principal. The notes pay no interest or dividends, may have limited liquidity, are subject to Morgan Stanley’s credit risk, and the issuer receives $9.75 in proceeds per $10 note before hedging.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due July 25, 2029, linked to Micron Technology, Inc. common stock. Each note has a $1,000 principal amount and pays a contingent coupon at an annual rate of 31.50% only when Micron’s closing price on an observation date is at or above a coupon barrier set at 50% of the initial level; missed coupons may be paid later if the barrier is met.
The notes may be automatically redeemed starting January 20, 2027 if Micron’s price is at or above 100% of the initial level on specified redemption determination dates, returning principal plus any due coupons. If held to maturity and Micron’s final level is at or above a 50% downside threshold, investors receive principal back (plus eligible coupons); if below, repayment is reduced in full proportion to the decline, potentially to zero. The estimated value on the pricing date is approximately $979.20 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, pay no interest, and expose holders to the credit risk of both issuers.
Each security has a $1,000 stated principal amount and issue price. On August 4, 2027, if the index closing level on the July 30, 2027 observation date is at or above 80% of its initial level, investors receive $1,000 plus a fixed upside payment, set on the pricing date, of at least $84.70 (8.47%). If the index is below the 80% downside threshold, repayment falls in proportion to the index decline, with no minimum, so principal can be lost in full.
The estimated value on the pricing date is approximately $986.30 per security, below the issue price due to embedded issuance, structuring and hedging costs and the issuer’s funding rate. Liquidity may be limited, minimum purchase is $10,000, and the U.S. federal income tax treatment is described as uncertain and potentially subject to change.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities due December 23, 2027, linked to the worst performer of the Nasdaq-100 Index and the S&P 500 Index, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 principal-at-risk note pays no interest. At maturity, investors participate 100% in gains of the worst-performing index, but total payment is capped at $1,276 per security (127.60% of principal). If the worst index is down but not below its 15% buffer, investors receive a positive return matching the absolute decline, up to a 15% gain. If the worst index falls beyond the buffer, principal is reduced 1% for each additional 1% decline, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is about $983.60 per $1,000 note, and all payments are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities in $1,000 denominations linked to NVIDIA Corporation common stock and maturing on January 27, 2028.
The notes pay a contingent coupon at 12.30% per annum, but only for observation dates when NVIDIA’s closing level is at or above a coupon barrier set at 55% of the initial level; missed coupons may be paid later if the barrier is met. The securities are automatically redeemed if, on specified redemption determination dates starting October 23, 2026, NVIDIA’s closing level is at or above the 100% call threshold, returning principal plus due and previously unpaid coupons. If held to maturity without early redemption and the final level is at or above the 55% downside threshold, investors receive principal plus any payable coupons; otherwise they lose 1% of principal for each 1% decline in NVIDIA from the initial level, potentially losing the entire investment. The issue price is $1,000 per note, with an estimated value of about $979.20, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley is issuing Global Medium-Term Notes, Series I senior notes in four tranches: $500,000,000 floating‑rate notes due 2029 and fixed/floating‑rate notes due 2029, 2032 and 2037 of $2,500,000,000, $3,000,000,000 and $3,000,000,000, respectively, all priced at 100% of principal.
The floating‑only notes pay Compounded SOFR plus 0.850% quarterly to July 12, 2029. The fixed/floating tranches pay fixed coupons of 4.868%, 5.170% and 5.605% during initial periods, then switch to Compounded SOFR plus spreads of 0.847%, 1.158% and 1.429% with quarterly interest, using a backward‑shifted observation period based on the SOFR Index.
Morgan Stanley may redeem each series before maturity, including make‑whole calls on or after January 19, 2027 and par calls on specified dates and thereafter at 100% plus accrued interest. Key risks described include reliance on the relatively new SOFR Index and any Benchmark Replacement, a potentially limited secondary market, early redemption at the issuer’s option, and discretionary interest‑rate determinations. The notes are not deposits or savings accounts and are not insured by the FDIC or any other governmental agency.
Morgan Stanley Finance LLC is offering Buffered Participation Securities due August 1, 2031, linked to the S&P 500® Index, in $1,000 denominations and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal at risk obligations subject to the issuer’s and guarantor’s credit.
At maturity, investors receive $1,000 plus 100% of any index gain, capped at a maximum payment of $1,750 per security (175% of principal). If the index is between its initial level and an 85% buffer level, only principal is returned. Below the buffer, investors lose 1% of principal for each 1% decline beyond the 15% buffer, but not less than 15% of principal. The estimated value on the pricing date is approximately $950.70 per $1,000 security due to offering and hedging costs and issuer credit spreads. U.S. tax treatment is expected to follow prepaid financial contract rules, but remains uncertain.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due July 20, 2028, linked to International Business Machines Corporation common stock, at $1,000 stated principal per security.
The notes pay a 15.00% per annum contingent coupon, credited on scheduled coupon payment dates only if IBM’s closing level on the related observation date is at least 50% of its initial level; otherwise no coupon is paid for that period. Investors do not participate in any upside of the stock.
Beginning January 22, 2027, the notes are callable in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer; in that case holders receive principal plus any due coupon and no further payments. If not called and the final IBM level is at least 50% of the initial level, investors receive principal at maturity (plus the final coupon if the barrier is met). If the final level is below 50%, the maturity payment equals principal multiplied by the ratio of final to initial level, so losses match the stock’s decline and can reach 100% of principal.
The price to the public is $1,000 per security, with estimated value on the pricing date of approximately $975.90 per security, reflecting issuing, selling, structuring and hedging costs. Per security, dealers receive a $10 sales commission and a $1 structuring fee, leaving proceeds to the issuer of $989. All payments are subject to the credit risk of MSFL and Morgan Stanley. For U.S. tax purposes, counsel views the notes as prepaid financial contracts with associated coupons, but the tax treatment is uncertain, and non-U.S. holders may face 30% withholding on coupons.
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 and linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. These notes pay a contingent coupon at 9.90% per annum only on coupon payment dates where the closing level of each index on the related observation date is at least its coupon barrier, set at 70% of its initial level; otherwise, no coupon is paid for that period.
Beginning on July 22, 2027, the issuer may redeem all notes on specified redemption dates for principal plus any due coupon, but only if a risk neutral valuation model indicates calling is economically rational for Morgan Stanley. If the notes are not redeemed and, on the final observation date, the level of each index is at least its downside threshold, set at 60% of its initial level, investors receive principal back (plus any final coupon). If any index finishes below its downside threshold, the maturity payment is $1,000 multiplied by the performance factor of the worst performing index, so losses are 1% of principal for each 1% decline of that index and can reach 100%.
All payments are subject to the credit risk of MSFL and Morgan Stanley. The estimated value on the pricing date is approximately $984.70 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. U.S. tax treatment is uncertain and Non-U.S. Holders may face 30% withholding on coupons.
Morgan Stanley Finance LLC is issuing Buffered PLUS notes due August 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is an unsecured, principal-at-risk obligation.
The payoff depends on the worst performing of the iShares U.S. Medical Devices ETF (IHI) and the State Street Health Care Select Sector SPDR ETF (XLV. If both final levels exceed their initial levels, investors receive principal plus 150.25% of the worst underlier’s gain. If the worst underlier finishes between its initial level and a 90% buffer level, only principal is returned. Below the buffer, investors lose 1% of principal for each 1% additional decline, with a minimum payment of 10% of principal.
The estimated value on the pricing date is approximately $982 per $1,000 security, reflecting issuance, selling, structuring and hedging costs. Returns are subject to Morgan Stanley’s credit risk, potential illiquidity, sector and ETF-specific volatility, and uncertain U.S. tax treatment as prepaid financial contracts, with possible “constructive ownership” and Section 871(m) implications.
Morgan Stanley Finance LLC is offering Buffered PLUS structured notes due August 3, 2028, with a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk obligations under Morgan Stanley’s medium-term note program.
Returns depend on the worst performing of the iShares U.S. Medical Devices ETF (IHI) and the State Street Health Care Select Sector SPDR ETF (XLV). If the worst underlier finishes above its initial level, holders receive principal plus 200% leveraged upside, capped at a maximum payment of $1,479 (147.90% of principal). If the worst underlier finishes between 90% and 100% of its initial level, investors receive only principal. Below the 90% buffer, investors lose 1% of principal for each 1% additional decline, but not below a minimum payment of 10% of principal.
The issuer’s estimated value on the pricing date is approximately $974.70 per $1,000, reflecting embedded structuring and hedging costs and lower economic terms than par. The notes carry Morgan Stanley credit risk, may have limited or no secondary market liquidity, and involve complex U.S. federal income tax treatment, including potential application of “constructive ownership” and Section 871(m) rules.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due July 24, 2031, linked to Carvana Co. Class A common stock. Each note has a $1,000 stated principal amount and issue price, with an estimated value of about $933.90 per security on the pricing date.
Investors may receive a contingent coupon at an annual rate of 19.25% on scheduled coupon payment dates, but only when Carvana’s closing share price is at or above a coupon barrier set at 60% of the initial level; missed coupons can be paid later if this barrier is met. The notes are automatically redeemed at par plus due coupons if the stock closes at or above 100% of the initial level on any redemption determination date starting January 21, 2027.
If the notes are not redeemed early and Carvana’s final level on July 21, 2031 is at or above a downside threshold set at 50% of the initial level, investors receive full principal plus any payable coupons. If the final level is below that threshold, repayment is reduced in proportion to the stock’s decline, up to a complete loss of principal. All payments are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with limited secondary liquidity and complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is issuing Contingent Income Auto-Callable Notes due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000, with an estimated value of approximately $973.70 per note on the pricing date.
The notes are linked to the worst performing of Broadcom Inc., JPMorgan Chase & Co. and Microsoft Corporation common stock. They pay a 10.75% per annum contingent coupon, payable monthly only if on each observation date the closing level of every stock is at or above its coupon barrier level, set at 75% of its initial level. If any stock is below its barrier, no coupon is paid for that period.
Beginning July 16, 2027, the notes are automatically redeemed if on a redemption determination date each underlier is at or above 100% of its initial level, returning the stated principal plus the applicable coupon. If never redeemed early, at maturity investors receive the stated principal amount plus a final contingent coupon if the barrier condition is met. Key risks include reliance on the worst-performing stock, the credit risk of Morgan Stanley and MSFL, potential illiquidity, an estimated value below the issue price, and complex U.S. tax treatment.
Morgan Stanley Finance LLC offers Dual Directional Buffered Participation Securities with a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the Nasdaq-100 Index and the S&P 500 Index. The notes pay no interest and mature on October 25, 2027. If both indices finish above their initial levels, holders receive principal plus 100.25% of the worst index’s gain. If the worst index declines by up to the 10% buffer, investors receive a positive return equal to 150% of that decline in absolute terms, effectively capped at a 15% gain. If the worst index falls beyond the buffer, principal is reduced 1% for each additional 1% decline, subject to a minimum payment of 10% of principal.
All payments depend on Morgan Stanley’s credit; the securities are unsecured, not bank deposits and not FDIC insured. The estimated value on the pricing date is approximately $983.10 per $1,000 note, reflecting issuance, structuring and hedging costs and creating expected secondary-market pricing below par. Liquidity may be limited and secondary prices will be sensitive to issuer credit spreads, volatility and market conditions. U.S. tax treatment is expected to follow prepaid financial contract treatment as an open transaction, but this is uncertain and could change. As context, on July 15, 2026 the Nasdaq-100 Index closed at 29,502.60 and the S&P 500 Index at 7,572.40.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-callable feature linked to Quanta Services, Inc. common stock. Each security has a $1,000 stated principal amount and issue price, with an estimated value of approximately $930.10 per security on the pricing date.
The notes pay no interest and do not participate in stock gains. Beginning July 28, 2027, they are automatically redeemed on scheduled determination dates if the stock closes at or above 100% of its initial level, for fixed cash payments that step up from $1,165.00 to $1,811.25 per $1,000 security, corresponding to a return of approximately 16.50% per annum. If held to July 24, 2031 without early redemption and the final level is at least the call threshold, investors receive $1,825.00; if the final level is between 50% and 100% of the initial level, they receive only principal. Below 50%, repayment falls in proportion to the decline in the underlier, potentially to zero.
The securities are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit. Market value can be depressed by issuance costs and credit spreads, liquidity in secondary trading may be limited, and U.S. federal tax treatment is uncertain, with the issuer expecting treatment as prepaid financial contracts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities linked to the S&P 500 Futures Excess Return Index. Each note has a $1,000 stated principal amount, a July 22, 2026 strike date and matures on July 25, 2031.
If the final index level on July 22, 2031 is at or above 70% of the initial level, holders receive $1,000 plus the greater of the index gain or a fixed $520 upside payment per security, ensuring at least a 52% return in that scenario. If the final level falls below 70% of the initial level, repayment is $1,000 multiplied by final level divided by initial level, producing a 1:1 loss of principal with the index decline and potentially zero recovery.
The securities pay no interest, offer no principal protection and are unsecured obligations subject to the credit of MSFL and Morgan Stanley. The estimated value on the pricing date is about $984.70 per $1,000 security. Secondary-market liquidity may be limited, tax treatment is uncertain, and returns can differ materially from a direct investment in the underlier.
Morgan Stanley Finance LLC is offering Trigger Participation Securities due July 20, 2028 based on the cash price of copper grade A, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is principal at risk.
At maturity, if the final commodity price is above the initial commodity price of $13,555, investors receive $1,000 plus 100% of the commodity’s percentage gain. If the final price is at or below the initial price but at or above the trigger level of $8,959.855 (66.10%), investors receive $1,000. If the final price is below the trigger, the payoff is $1,000 multiplied by the commodity performance factor, producing a 1-for-1 loss with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is about $975 per $1,000, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. Investors bear the credit risk of MSFL and Morgan Stanley, potential illiquidity in any secondary market, and uncertain U.S. tax treatment described as prepaid financial contracts that are open transactions.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes that pay a fixed 10.10% annual coupon, with monthly payments, and are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and matures on September 3, 2027.
The notes are linked to the worst performing of the S&P 500 Index and Russell 2000 Index. If neither index ever closes below 75% of its initial level on any trading day through the observation date, investors receive full principal at maturity plus the final coupon. If a trigger event occurs (either index closes below its downside threshold on any day) and the worst index finishes below its initial level, principal is reduced 1% for every 1% decline of that index, potentially to zero.
The estimated value on the pricing date is approximately $987.30 per $1,000 security, reflecting issuance, structuring and hedging costs and Morgan Stanley’s funding rate, which may depress secondary prices. Payments depend on Morgan Stanley’s credit, secondary liquidity may be limited, and U.S. tax treatment is uncertain, including possible 30% withholding for some non-U.S. holders.
Morgan Stanley Finance LLC is offering Callable Contingent Income Buffered Securities, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performer of the SPDR Gold Trust (GLD), VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ). Each security has a stated principal amount and issue price of $1,000.
The notes pay a contingent coupon at 16.00% per annum only when, on an observation date, each ETF closes at or above its coupon barrier level, set at 77.50% of its initial level. The same levels serve as buffer levels; if held to maturity and each final ETF level is at or above its buffer, investors receive principal plus any final coupon.
If any final ETF level is below its buffer, repayment is reduced by 1.2903% of principal for every 1% decline in the worst performer beyond the 22.50% buffer, potentially down to zero. The notes are callable in whole from October 20, 2026, based on a risk neutral valuation model that reflects Morgan Stanley’s economic interest, not automatic price triggers. The estimated value on the pricing date is approximately $980.10 per security, and all payments are subject to Morgan Stanley’s credit and limited secondary market liquidity.
Morgan Stanley Finance LLC is issuing Contingent Income Memory Auto-Callable Securities due July 22, 2027, linked to the capital stock of International Business Machines Corporation, in $1,000 denominations. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at an annual rate of 19.28%, but only if IBM’s closing level on each observation date is at or above the coupon barrier level of $147.84, which is 70% of the initial level of $211.20. Missed coupons can be paid later if the barrier is met, but coupons can be zero for the entire term.
The notes auto-call if IBM closes at or above the call threshold level of $211.20 (100% of initial) on specified redemption determination dates, returning principal plus due coupons, after which no further payments are made. If not called and the final level is at or above $147.84, investors receive principal plus any payable coupons; if below, the maturity payment equals $1,000 × (final level / $211.20), so principal loss is proportional to IBM’s decline and can reach 100%.
The estimated value on the pricing date is approximately $962.40 per security, below the $1,000 issue price due to issuing, selling, structuring and hedging costs. The notes are subject to Morgan Stanley’s credit risk, limited and potentially illiquid secondary trading, and uncertain U.S. federal tax treatment, including potential 30% withholding on coupons for certain non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Trigger Jump Securities due November 4, 2027, linked to the worst-performing of the Russell 2000 Index and S&P 500 Index. The notes pay no interest and are issued at $1,000 per security, with an estimated value on the pricing date of about $987.80.
At maturity, if each index’s final level is at or above 75% of its initial level, investors receive $1,000 plus a fixed upside payment of $130.50 per security (a 13.05% gain), regardless of further index appreciation. If either index finishes below its downside threshold, repayment equals $1,000 multiplied by the performance of the worst-performing index, producing a 1% loss of principal for each 1% decline, down to a possible zero repayment.
The securities expose holders to the credit risk of Morgan Stanley and MSFL, potential high volatility in the underliers (including small-cap risk in the Russell 2000), limited liquidity in secondary trading, and uncertain U.S. tax treatment, including possible future changes affecting derivative contracts.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 19, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the iShares® Expanded Tech-Software Sector ETF.
Investors receive a contingent coupon at 11.50% per annum only if, on each observation date, the ETF’s closing level is at or above a coupon barrier set at 70% of the initial level. The notes may be automatically redeemed quarterly from October 16, 2026 if the ETF is at or above 100% of its initial level, paying principal plus the applicable coupon.
If the notes are not called and the final ETF level is at least 70% of the initial level, investors receive principal back (plus any final coupon). If it is lower, repayment is principal multiplied by the performance factor, causing losses in full proportion to the ETF’s decline and potentially a zero repayment. The estimated value on the pricing date is approximately $966 per $1,000, reflecting issuing, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk. Tax treatment is uncertain and non-U.S. holders may face 30% withholding on coupons.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-call feature, each with a $1,000 stated principal amount, linked to the common stock of Astera Labs, Inc., and fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest and are principal-at-risk.
The notes can be automatically redeemed starting on July 28, 2027 if the underlier closes at or above 100% of its initial level, for escalating early redemption payments that correspond to an annualized return of approximately 52.75%. If held to July 24, 2031 and not auto-called, investors receive $3,637.50 per security if the final level is at or above the call threshold, $1,000 if it is between the call and the 50% downside threshold, and a loss of 1% of principal for each 1% decline below that threshold, potentially to zero.
The estimated value on the pricing date is approximately $915.10 per security, below the issue price due to issuing, selling, structuring and hedging costs. Payments depend on the credit of Morgan Stanley and MSFL. U.S. tax treatment is expected, but not certain, to follow prepaid financial contract rules, and Section 871(m) is expected not to apply to Non-U.S. holders.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Trigger Jump Securities linked to the S&P 500® Index, issued at $1,000 per security and maturing on August 19, 2027.
If on the August 16, 2027 observation date the index closing level is at or above the downside threshold of 6,057.92 (80% of the 7,572.40 initial level), each note pays back $1,000 plus a fixed upside payment of $90.50, regardless of how much the index has risen. If the index closes below the threshold, repayment is reduced 1% for each 1% index decline, with no minimum payment, so holders can lose their entire investment.
The notes pay no interest, have limited upside, carry the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, may have limited liquidity, and have an estimated value on the pricing date of approximately $986.90 per $1,000 note because the issue price includes selling, structuring and hedging costs.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, $1,000 principal amount notes due August 19, 2027, linked to the S&P 500 Index and fully guaranteed by Morgan Stanley. The notes pay no interest and are unsecured obligations subject to the issuer’s and guarantor’s credit risk.
At maturity, if the S&P 500 closing level on August 16, 2027 is at or above the downside threshold of 6,436.54 (85% of the 7,572.40 initial level), investors receive $1,000 plus a fixed upside payment of $100.40 per note, regardless of how much the index has risen. If the final level is below the threshold, repayment is $1,000 multiplied by the index performance factor (final level divided by initial level), producing a 1-for-1 loss with no minimum, so principal can be entirely lost. The estimated value on the pricing date is approximately $986.40 per note, below the $1,000 issue price, reflecting embedded costs and dealer compensation.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500 Index, due August 19, 2027. Each security has a $1,000 principal amount, pays no interest, and is issued at $1,000.
At maturity, if the index’s final level is at or above the downside threshold of 5,679.30 (75% of the 7,572.40 initial level), investors receive $1,000 plus a fixed upside payment of $80.40 (8.04%). If the final level falls below the threshold, repayment is reduced 1% for each 1% index decline, with no minimum payment and potential total loss of principal. The estimated value on the pricing date is approximately $986.40 per security, reflecting issuing, selling, structuring and hedging costs. All payments depend on the credit of MSFL and Morgan Stanley, and secondary market liquidity and tax treatment may be unfavorable.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 27, 2029 linked to Micron Technology, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley.
The $1,000-denomination notes pay a contingent quarterly coupon at an annual rate of 26.24% (about $65.60 per quarter) only when Micron’s determination closing price is at least 40% of the initial share price (the downside threshold). Missed coupons may be paid later if this condition is met on a future determination date; otherwise they are forfeited. If on any of the first eleven quarterly determination dates Micron is at or above the initial share price, the notes are automatically redeemed at par plus that quarter’s coupon and any unpaid coupons.
If not called early and the final share price is at least the downside threshold, holders receive par plus the final coupon and any unpaid coupons. If the final share price is below the threshold, repayment is reduced 1‑for‑1 with Micron’s price decline, to less than 40% of principal and potentially zero. The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley; all payments depend on their credit. The estimated value on the pricing date is approximately $967.90 per note, below the $1,000 issue price, reflecting dealer compensation and hedging costs.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-call feature maturing July 24, 2031, linked to Vertiv Holdings Co Class A common stock. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $925.30 per security.
The notes pay no interest and do not guarantee any principal. Starting July 28, 2027, they are automatically redeemed if Vertiv’s closing share price is at or above a call threshold equal to 100% of the initial level on a determination date, for fixed cash amounts that step up over 48 possible call dates and correspond to approximately 27.90% per annum. If not called, at maturity investors receive $2,395.00 per security if the final level is at or above the call threshold, only $1,000 if the final level is below the call threshold but at or above a downside threshold at 50% of the initial level, and $1,000 multiplied by the performance factor (final level ÷ initial level) if the final level is below the downside threshold, exposing them to the full downside and possible total loss.
All payments depend on Morgan Stanley’s credit; the securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley. The notes are complex, may be illiquid, and involve uncertain U.S. tax treatment, which counsel currently views as prepaid financial contracts treated as open transactions.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Enhanced Trigger Jump Securities linked to the capital stock of International Business Machines Corporation. The notes are due August 2, 2027, sold in $1,000 denominations, pay no interest and are principal-at-risk.
At maturity, if IBM’s closing level on the observation date is at or above the downside threshold of $147.84 (70% of the $211.20 initial level), holders receive $1,000 plus a fixed $240 upside payment (a 24% return). If the final level is below the threshold, the payout is $1,000 multiplied by the ratio of final to initial level, so losses match the full percentage decline and can reach 100% of principal. The estimated value on the pricing date is about $981.90 per security, below the issue price, reflecting issuance, structuring and hedging costs and issuer credit spreads. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited secondary market liquidity, and involve complex and uncertain U.S. tax treatment as prepaid financial contracts.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk “Jump Securities” with an auto-call feature linked to the EURO STOXX 50® Index. Each note has a $1,000 stated principal and issue price, with no coupons and no principal protection; all payments depend on Morgan Stanley’s credit.
The notes auto-call on July 20, 2027 if the index is at least 100% of its initial level, paying an early redemption of $1,161 per security. If not called, at July 20, 2029 maturity investors receive: principal plus 150% of index gains if the index exceeds the initial level; only principal if the index finishes between 80% and 100% of the initial level; or a loss matching the full index decline (via the performance factor) if it ends below 80%, which can reduce repayment to zero. The estimated value on the pricing date is about $973.50 per note because of embedded issuing, selling, structuring and hedging costs, and secondary-market liquidity may be limited.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 20, 2029 linked to the ordinary shares of Seagate Technology Public Limited Company, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of about $961.
Investors may receive a 51.00% annual contingent coupon, paid only if the underlier’s closing level on an observation date is at or above a coupon barrier set at 60% of the initial level; otherwise no coupon is paid for that period. Starting October 19, 2026, if on any redemption determination date the underlier closes at or above 100% of the initial level, the notes are automatically redeemed for principal plus that period’s coupon, with no further payments.
If not redeemed early and the final level on July 17, 2029 is at or above the 60% downside threshold, investors receive principal at maturity (plus the final coupon if payable). If the final level is below this threshold, repayment is reduced in proportion to the underlier’s decline and can fall to zero, so principal is fully at risk. Payments are unsecured and depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley; the notes are not FDIC-insured and feature limited liquidity and uncertain tax treatment.
Morgan Stanley Finance LLC is offering Dual Directional Auto-Callable Trigger PLUS notes linked to Micron Technology, Inc. common stock, each with a $1,000 stated principal amount, maturing on August 3, 2028, and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and put principal at risk. They auto-call on August 6, 2027 if Micron’s adjusted closing price is at or above the initial share price, paying an early redemption amount of $1,530.50 per note. If not called, maturity payoff is: 150% of upside when Micron finishes at or above the initial price; a positive “absolute return” on declines down to a downside threshold set at 50% of the initial price, capped at a 50% gain; and 1-for-1 loss below that threshold, potentially to zero. The issue price is $1,000 per note, while the estimated value on the pricing date is about $952.80, reflecting embedded selling, structuring and hedging costs plus Morgan Stanley’s funding spread. Commissions total $25 per note ($20 sales commission and $5 structuring fee). All payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Buffered PLUS structured notes linked to an equally weighted basket of ten U.S.-listed stocks, maturing November 3, 2027. Each note has a $1,000 stated principal amount and pays no interest.
At maturity, holders receive $1,000 plus 150% of any basket gain, capped at a maximum payment of $1,309 per note. A 10% buffer protects against moderate declines; beyond that, losses track further basket drops, with a minimum payment of $100. All payments depend on Morgan Stanley’s credit.
The notes are not listed, and secondary liquidity may be limited. Upfront costs mean the estimated value on the pricing date is about $964.40 per $1,000 note, after a $17.50 sales commission and $5 structuring fee that are included in the issue price.
Morgan Stanley Finance LLC is offering leveraged buffered S&P MidCap 400 Index-linked notes, fully and unconditionally guaranteed by Morgan Stanley. The unsecured notes pay no interest and have a term expected to be 13–15 months, with repayment based solely on index performance and the issuers’ credit.
For each $1,000 note, investors receive 150% of any positive S&P MidCap 400 return, subject to a Maximum Settlement Amount expected between $1,133.95 and $1,157.20. If the index falls up to 10% from its initial level, principal is returned; below a 90% Buffer Level, losses accelerate using a Buffer Rate of about 111.11%, and the entire investment can be lost. The notes are priced at $1,000, with dealer commissions of 1.23% and an estimated value of about $984.70 per note, and are not listed on any exchange, so liquidity depends on Morgan Stanley & Co. making a market.
Morgan Stanley Finance LLC is offering Trigger PLUS, principal-at-risk structured notes linked to the EURO STOXX 50® Index, maturing on August 4, 2032, and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and all payments depend on Morgan Stanley’s credit.
At maturity, if the index is above its initial level, investors receive $1,000 plus 192.80% of the index percent increase. If the index is at or below the initial level but at or above 75% of the initial level, they receive $1,000. If the index finishes below 75% of its initial level, the payoff equals $1,000 times the final index value divided by the initial index value, so losses track the full index decline and can reach the entire principal.
The estimated value on the pricing date is about $942 per note versus the $1,000 issue price, reflecting a $30 dealer commission and $5 structuring fee per note and hedging costs. The notes will not be listed, secondary trading may be limited, they are not insured by any governmental agency, and they carry both index and issuer credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes linked to the VanEck Gold Miners ETF (GDX), fully and unconditionally guaranteed by Morgan Stanley, with maturity on February 3, 2028 and no periodic interest payments.
At maturity, investors receive $1,000 plus 200% of any positive ETF return, capped at a maximum payment of $1,507 per note (150.70% of principal). If the ETF is down but not below the 80% trigger level, investors earn a positive return equal to the absolute percentage decline, up to a 20% gain.
If the ETF falls more than 20%, repayment is $1,000 multiplied by the share performance factor, exposing investors to the full downside beyond 20% with no principal protection. The notes have an estimated value of about $966.30 on the pricing date, will not be listed, and are subject to Morgan Stanley’s credit and liquidity risk.
Morgan Stanley Finance LLC is offering long-dated Trigger PLUS notes linked to the S&P 500® Index, maturing on August 4, 2032, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, principal-at-risk obligations under Morgan Stanley’s Series A Global Medium-Term Notes program.
Each note has a $1,000 stated principal amount, pays no interest, and offers 130% participation in index gains above the initial level, capped at a maximum payment at maturity of at least $1,850 per note. If the final index value is between 85% of the initial level (the trigger) and the initial level, investors receive only their principal back.
If the S&P 500 falls below the 85% trigger on the July 30, 2032 valuation date, repayment is reduced 1% for each 1% index decline, and investors can lose up to their entire investment. The estimated value on the pricing date is approximately $942.30 per note, reflecting embedded fees and issuer economics, and the notes will not be listed on any exchange, with all payments subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is issuing Buffered PLUS notes due August 3, 2029, fully and unconditionally guaranteed by Morgan Stanley. The $1,000-denomination securities pay no interest and are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index.
At maturity, if the worst underlier is above its initial level, holders receive $1,000 plus 122% of that gain. If the worst underlier is down but not below 85% of its initial level, holders receive only $1,000. If it falls below the 85% buffer, principal declines 1% for each additional 1% drop, with a minimum payment of 15% of principal.
The notes are unsecured, subject to Morgan Stanley’s credit risk, and may trade below par; the estimated value on the pricing date is approximately $984.10 per $1,000 security due to embedded costs and issuer funding rate. Liquidity may be limited, and tax treatment is complex.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Auto-Callable Securities due July 20, 2029, with $1,000 stated principal per security linked to Western Digital Corporation common stock.
The notes pay a 56.00% per annum contingent coupon only for periods when Western Digital’s closing stock price on specified observation dates is at or above a coupon barrier set at 60% of the initial level. If on any redemption determination date the stock closes at or above 100% of the initial level, the notes are automatically redeemed for principal plus that period’s coupon.
If not called, principal is repaid at maturity only if the final stock price is at least 60% of the initial level; otherwise repayment is reduced one-for-one with the stock’s decline and can fall to zero. The estimated value is about $962.10 per $1,000 note, reflecting issuing, structuring and hedging costs, and secondary liquidity may be limited. All payments depend on Morgan Stanley’s credit, and the tax treatment, particularly for non-U.S. holders, is described as uncertain with potential 30% withholding on coupons.
Morgan Stanley Finance LLC is offering Buffered PLUS, principal-at-risk structured notes due September 10, 2027, linked to the worst performing of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF. The notes pay no interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
Each $1,000 note offers 150% leveraged upside on any positive return of the worst underlier, capped at a maximum payment of $1,333 per security. If the worst underlier finishes at or below its initial level but at or above its 90% buffer level, investors receive only principal back. Below the buffer, investors lose 1% of principal for each 1% additional decline in the worst underlier, with a minimum payment of 10% of principal.
The estimated value on the pricing date is approximately $987.40 per security, less than the $1,000 issue price due to issuance, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, secondary market liquidity may be limited, and U.S. tax treatment is uncertain, including potential application of constructive ownership and Section 871(m) rules.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities with Auto-Callable Feature due July 26, 2029, linked to the worst performer of Corning, Marvell Technology and Palo Alto Networks common stocks, and fully guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
If on the first determination date in July 2027 each stock is at or above 70% of its initial level, the notes are automatically redeemed for an early redemption payment of $1,450 per security, ending all further payments. If held to maturity and every stock finishes above its initial level, investors receive principal plus 400% of the gain of the worst-performing stock. If at least one stock is at or below its initial level but all remain at or above 60% of initial, investors receive principal plus a positive "absolute return" on the worst performer, capped at a 40% gain.
If any stock closes below its 60% buffer at maturity, principal is reduced one-for-one beyond the 40% buffer, but not below a minimum payment equal to 40% of principal. The estimated value on the pricing date is about $909.70 per security, reflecting issuance, structuring and hedging costs. Repayment depends entirely on Morgan Stanley’s credit, secondary market liquidity may be limited, and U.S. tax treatment, including potential application of Section 871(m), is uncertain.
Morgan Stanley Finance LLC is offering unsecured, auto-callable Jump Notes due August 4, 2033, fully guaranteed by Morgan Stanley and linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes are issued in $1,000 denominations, pay no interest and return at least principal at maturity, subject to issuer credit risk.
Starting with the August 6, 2027 determination date, the notes auto-redeem if the index is at or above its initial level, paying fixed amounts that rise from $1,085 to $1,573.75 per note; no further payments follow redemption. If held to maturity and the index has risen, investors receive $1,000 plus 100% of index appreciation; otherwise they receive $1,000 only. The estimated value on the pricing date is about $931.10 per note, reflecting issuing, selling, structuring and hedging costs. Key risks include Morgan Stanley credit risk, limited or no secondary market, complex index features such as a 4% annual decrement and volatility targeting, potential tax treatment as contingent payment debt instruments and conflicts of interest in index design, calculation and hedging.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities due July 19, 2029, linked to International Business Machines Corporation common stock. Each $1,000 note pays a contingent coupon at an annual rate of 16.00% only when IBM’s closing level is at or above a coupon barrier set at 50% of the initial level on scheduled observation dates.
Beginning January 19, 2027, if IBM’s closing level is at or above 100% of the initial level on a redemption determination date, the notes are automatically redeemed for $1,000 plus that period’s coupon, with no further payments. If not called and IBM is at or above the 50% downside threshold at maturity, investors receive $1,000 plus any final coupon; if below, repayment is reduced 1% for each 1% decline in IBM, potentially to zero.
The estimated value on the pricing date is approximately $981.80 per note, below the $1,000 issue price because it embeds issuing, selling, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s credit, may be illiquid, have complex U.S. tax treatment (including potential 30% withholding for certain non-U.S. investors) and are not insured deposits.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) due July 31, 2031, unsecured notes linked to a basket of equity indices: MSCI EAFE (20%), MSCI Emerging Markets (10%), Russell 2000 (30%) and S&P 500 (40%). Each note has a stated principal of $1,000 and pays no interest.
The basket’s initial level is 100, with a downside threshold level of 65. At maturity, if the final basket level is above 100, holders receive $1,000 plus a leveraged upside payment equal to 111% of the basket’s percentage gain. If the final level is at or below 100 but at or above 65, holders receive only the $1,000 principal. If the final level is below 65, repayment is $1,000 multiplied by the performance factor (final level divided by 100), producing a 1% loss of principal for each 1% basket decline and potentially zero repayment.
The notes are subject to the credit risk of MSFL and Morgan Stanley, are not bank deposits or FDIC insured, and may have limited secondary market liquidity. The estimated value on the pricing date is approximately $972.10 per $1,000 note, reflecting issuance, structuring and hedging costs. Tax treatment is uncertain; counsel currently expects treatment as prepaid financial contracts that are open transactions, but future IRS or legislative action could change this.
Morgan Stanley Finance LLC is offering unsecured Callable Contingent Income Securities due February 8, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, and do not guarantee repayment of principal or regular interest.
Investors may receive a 12.55% per annum contingent coupon, paid only if on each observation date all three indices close at or above their respective coupon barrier levels, set at 70% of initial. If the notes are not redeemed early and, at maturity, every index is at or above its 65% downside threshold, principal is repaid (plus any final coupon). If any index finishes below its downside threshold, repayment is reduced in proportion to the decline of the worst index, potentially to zero. Beginning February 8, 2027, the issuer may redeem the notes in whole on specified dates for principal plus any due coupon, but only if a risk neutral valuation model indicates calling is economically rational for Morgan Stanley. All payments depend on Morgan Stanley’s credit, and the estimated value on the pricing date is approximately $984.50 per $1,000 security, reflecting issuing, selling, structuring and hedging costs.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, auto-callable principal-at-risk securities maturing on July 25, 2029. The notes are linked to the lowest performing of Mastercard, American Express, Citigroup and Goldman Sachs common stocks, with monthly call observations starting July 23, 2027.
Each security has a $1,000 face amount, sold at $1,000, with agent commissions of $25.75 and issuer proceeds of $974.25 per security. The current estimated value is approximately $958.70 per security. Investors receive no interest or dividends and any positive return is capped at preset call payments, ranging from at least 24.85% on the first calculation day up to at least 74.550% on the final one. If the notes are not called and any underlying finishes below 50% of its starting price, repayment is reduced 1-for-1 with the lowest-performing stock and can result in losing more than 50%, up to all, of principal. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Securities linked to the Global X Defense Tech ETF, fully and unconditionally guaranteed by Morgan Stanley and maturing July 20, 2028. The notes pay no coupons and expose investors to both market and issuer credit risk.
The notes may be automatically redeemed on August 2, 2027 if the ETF’s level on July 29, 2027 is at or above 100% of the initial level, in which case holders receive a fixed $1,122 per $1,000 note and no further payments. If not called, at maturity investors receive: principal plus a 125% participation in any ETF gain; principal only if the ETF is between 80% and 100% of the initial level; or a leveraged loss of 1.25% of principal for each 1% ETF decline beyond the 20% buffer, potentially losing the entire investment.
The issue price is $1,000 per note, including selling, structuring and hedging costs, while the estimated value on the pricing date is approximately $978.10. Dealer compensation is up to $15 per $1,000 note. The securities suit investors who can forgo income and accept contingent upside linked to the ETF together with significant downside risk and tax complexity in exchange for the buffer and auto-call features.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 25, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes are unsecured, principal-at-risk obligations linked to the worst performer of the Dow Jones Industrial, EURO STOXX 50 and State Street Technology Select Sector SPDR ETF.
The securities pay a 15.05% per annum contingent coupon only when each underlier closes at or above 75% of its initial level on scheduled observation dates. From October 23, 2026, Morgan Stanley may redeem the notes at par plus any due coupon if a risk neutral valuation model indicates early redemption is economically rational. If not redeemed, principal is repaid at maturity only when every underlier finishes at or above 65% of its initial level; otherwise repayment is reduced in proportion to the decline of the worst underlier, potentially to zero. The issue price is $1,000 per security, with an estimated value of approximately $974.70, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Dual Directional Buffered Jump Securities with an auto-call feature linked to the S&P 500® Futures Excess Return Index, each with a $1,000 stated principal amount and issue price.
The notes may be automatically redeemed on July 30, 2027 for an early redemption payment of $1,101.50 per security if the index’s closing level on July 27, 2027 is at or above the initial level; investors then receive no further payments or upside. If not called, maturity payments in July 2028 depend on index performance: full 100% upside participation above the initial level; a “dual directional” positive payoff for declines down to a 20% buffer; and losses beyond that buffer, with a minimum payment of 20% of principal.
The securities pay no interest, are unsecured obligations of MSFL with a Morgan Stanley guarantee, and all payments are subject to the issuers’ credit risk. The estimated value on the pricing date is approximately $983.70 per security, reflecting issuance, selling, structuring and hedging costs. The underlier is a futures-based index, and the disclosure emphasizes market volatility, limited liquidity, conflicts of interest, and uncertain U.S. tax treatment, including potential implications of Section 871(m) for non-U.S. holders.