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 issuing $1,000-denomination Jump Securities with an auto-call feature, fully and unconditionally guaranteed by Morgan Stanley. The notes, maturing July 13, 2029, are linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index and pay no interest.
The notes may be automatically redeemed on scheduled determination dates if every index is at or above its call threshold (100% of its initial level), paying early redemption amounts that correspond to about 17.15% per annum, up to $1,343 per security. At maturity, if not called, investors receive principal plus 150% of the gain of the worst index only if all three finish above initial; principal is returned if all stay at or above 70% of initial. If any index ends below 70% of its initial level, repayment is reduced in proportion to the decline of the worst index, down to zero. The notes are unsecured, subject to Morgan Stanley credit and liquidity risk, have an estimated value of $962.60 per $1,000, and involve complex U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $4,832,000 of Buffered Jump Securities with an auto-callable feature due July 15, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes pay no interest and are principal-at-risk obligations subject to Morgan Stanley’s credit.
Each security has a $1,000 stated principal amount and may be automatically redeemed on quarterly determination dates starting July 13, 2027 if the index is at or above the call threshold level of 1,363.92. Early redemption payments range from $1,183.50 to $1,902.208 per $1,000, corresponding to an approximate 18.35% per annum return. If held to maturity and not previously called, investors receive $1,917.50 per $1,000 if the final index level is at or above the call threshold, the principal amount back if it is between the 15% buffer and the threshold, and a linear loss beyond the 15% buffer, with a minimum payment of 15% of principal.
The estimated value on the pricing date is $903.40 per security versus the $1,000 issue price, reflecting structuring, hedging and distribution costs, including a $47.50 sales commission per note. The complex underlier is a relatively new, volatility-targeting decrement index, and the issuer highlights limited liquidity, model-based valuation, tax uncertainty and potential conflicts of interest as key risks.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $1,105,000 of Callable Contingent Income Securities due July 13, 2029, linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 Index and Russell 2000 Index.
The notes pay a 12.00% per annum contingent coupon only if on each observation date all three indices are at or above their coupon barrier levels, set at 75% of their initial levels; otherwise no coupon is paid for that period. Principal is at risk: if at maturity any index is below its downside threshold level, set at 70% of its initial level, investors lose 1% of principal for every 1% decline of the worst performer, potentially losing the entire investment.
Beginning January 14, 2027, the issuer may redeem the notes on specified dates at par plus any due coupon if a risk neutral valuation model indicates redemption is economically rational for Morgan Stanley, which the risk factors state is more likely when the notes would otherwise pay above-market coupons. The securities are unsecured obligations of MSFL, subject to Morgan Stanley’s credit, have an estimated value of $983.50 per $1,000 at pricing due to issuance and hedging costs, may have limited or no secondary liquidity, and do not provide any participation in index appreciation.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Fixed Income Buffered Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes have a $1,000 denomination and $1,303,000 aggregate principal, pay a fixed coupon of 7.10% per annum monthly, and are scheduled to mature on July 15, 2031.
Starting July 12, 2027, the notes are automatically redeemed at par plus coupon if the index closes at or above the call threshold/initial level of 1,363.92; no further payments occur after an early redemption. If held to maturity and not called, investors receive full principal if the final index level is at or above the buffer level of 1,159.332 (85% of initial), but lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum maturity payment of 15% of principal, in each case plus the final coupon.
The estimated value is $917.50 per note versus the $1,000 issue price, reflecting selling, structuring and hedging costs and Morgan Stanley’s funding rate. Key risks include equity-index performance risk, Morgan Stanley credit risk, limited or no secondary market liquidity, conflicts of interest in MS & Co.’s roles, and complex, uncertain U.S. federal tax treatment, including potential 30% withholding for some non-U.S. investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market‑linked, principal‑at‑risk securities with a $1,000 face amount per note, maturing August 2, 2027. The notes are linked to the worst performer of NVIDIA and Broadcom common stock and provide a contingent fixed return of at least 20% at maturity if the lowest‑performing stock finishes at or above its threshold level.
If that stock closes below 60% of its starting price on the calculation day, investors are fully exposed to its decline and can lose more than 40%, up to their entire investment. The notes pay no interest or dividends, may have limited liquidity, and their estimated value on the pricing date is about $961.30 per $1,000, below the price to the public.
Morgan Stanley Finance LLC is offering Market Linked Securities with a face amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley, linked to the common stock of Blackstone Inc. and maturing on July 25, 2029.
The notes pay a contingent coupon at a rate of at least 17.00% per annum, but only for months when Blackstone’s stock closes at or above a coupon threshold set at 70% of the starting price; coupons can be zero for the entire term. Beginning about three months after issuance, the securities are auto-callable monthly if the stock closes at or above the starting price, in which case investors receive the $1,000 face amount plus the final contingent coupon and no further payments.
If the notes are not called and the final stock price is at or above the downside threshold (also 70% of the starting price), investors receive $1,000 at maturity; if it is below that level, repayment is reduced in proportion to the stock’s decline, so investors will lose more than 30% and could lose their entire investment. The current estimated value is approximately $961.90 per security, below the $1,000 face amount due to issuing, selling, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, secondary market liquidity may be limited, and the U.S. tax treatment is uncertain, with potential 30% withholding on coupons for some non-U.S. holders.
Morgan Stanley Finance LLC is offering $1,000,000 of Contingent Income Auto-Callable Securities due July 13, 2029, linked to the worst performing of the EURO STOXX 50 Index, the Russell 2000 Index and the State Street Utilities Select Sector SPDR ETF, fully guaranteed by Morgan Stanley.
The notes pay a contingent coupon of 8.20% per annum only if, on each observation date, all three underliers are at or above their coupon barrier levels set at 60% of initial. They auto-call at par plus coupon if, on a redemption determination date, all underliers are at or above their call thresholds, set at 100% of initial.
If not called, principal is repaid at maturity only if every underlier finishes at or above its downside threshold (also 60% of initial); otherwise, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. Notes are issued at $1,000 with an estimated value of $984.80 and issuer proceeds of $997.50 per security; all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering $3,315,000 of Buffered Participation Securities due January 13, 2028, unsecured obligations fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security pays no interest and its payoff depends on the worst performing of the Russell 2000 Index and the S&P 500 Index.
If both final index levels exceed their initial levels, holders receive principal plus 100% of the worst underlier’s gain, capped at a maximum payment of $1,253.50 per security. If the worst underlier finishes between 80% and 100% of its initial level, investors receive only the $1,000 principal. Below the 80% buffer, principal is reduced 1% for each additional 1% decline in the worst underlier, but not below a 20% minimum payment of principal.
The securities are principal-at-risk notes subject to the credit risk of MSFL and Morgan Stanley and are not insured by any governmental agency. The estimated value on the pricing date is $972.60 per security, below the $1,000 issue price, reflecting costs of issuing, selling, structuring and hedging that may also weigh on secondary-market prices and liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Buffered Jump Securities with an auto-call feature due July 15, 2031. Each security has a $1,000 stated principal amount, total issuance of $278,000, and is linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes pay no interest. Starting July 13, 2027, they are automatically redeemed if the index closes at or above the call threshold level of 3,593.39, for step-up early redemption payments corresponding to an annualized return of about 19%.
If not redeemed early, payment at maturity depends on the final index level: $1,950 per security if at or above the call threshold; return of principal if between the call threshold and the 15% buffer level (3,054.382); and a 1% loss of principal for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is $909.50 per security, below the $1,000 issue price, reflecting structuring and distribution costs. Investors face Morgan Stanley credit risk, limited liquidity, complex exposure to a leveraged futures-based index with a 4% per annum decrement and limited live history, and significant downside risk.
Morgan Stanley Finance LLC is offering $1,930,000 of Trigger PLUS notes linked to the Invesco QQQ Trust℠, Series 1, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and matures on July 13, 2029.
If the final QQQ level exceeds the initial level of $725.51, investors receive principal plus 200% of the fund’s gain, capped at a maximum payment of $1,432.50 per security. If the final level is between the downside threshold of $544.133 (75% of the initial level) and the initial level, investors receive only principal back.
If the final level is below the downside threshold, repayment is principal multiplied by the ratio of final to initial level, with no minimum, so the entire investment can be lost. The estimated value on the pricing date is $961.90 per security, below the $1,000 issue price, reflecting embedded costs. Returns depend on Morgan Stanley’s credit, limited liquidity, and complex U.S. tax treatment.
Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, is issuing Trigger PLUS structured notes linked to the S&P 500® Futures Excess Return Index under its global medium-term note program. Each note has a stated principal of $1,000, aggregate principal of $125,000, and matures on July 15, 2031.
At maturity, if the index final level is above the initial level of 606.46, holders receive $1,000 plus 205% of the index gain. If the final level is between 70% of the initial level (the 424.522 downside threshold) and the initial level, only principal is returned. Below the threshold, repayment is reduced 1% for each 1% index decline, with no minimum, so the entire investment can be lost.
The estimated value on the July 10, 2026 pricing date is $942.40 per note, lower than the $1,000 issue price due to issuance, selling, structuring and hedging costs and the issuer’s funding rate. The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited secondary market liquidity, and have uncertain U.S. tax treatment, which counsel currently analyzes as prepaid financial contracts.
Morgan Stanley Finance LLC is offering $250,000 of Callable Contingent Income Securities, in $1,000 denominations, due July 13, 2029, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk notes are linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and State Street SPDR S&P Regional Banking ETF.
Holders may receive a 9.60% per annum contingent coupon on scheduled payment dates only if, on each observation date, every underlier is at or above its coupon barrier level, set at 70% of its initial level. If the notes are not redeemed early and, on the final observation date, each underlier is at or above its downside threshold level of 50% of its initial level, investors receive full principal back (plus any final coupon). If any underlier finishes below its downside threshold, the maturity payment is reduced 1-for-1 with the decline of the worst underlier, potentially to $0.
Beginning January 14, 2027, the issuer may redeem the notes on specified dates at par plus any due coupon if a risk neutral valuation model indicates redemption is economically rational for Morgan Stanley. The securities are unsecured obligations subject to Morgan Stanley’s credit risk and are not insured or equivalent to direct investments in the underliers.
Morgan Stanley Finance LLC is offering $1,945,000 of Jump Securities with an auto-callable feature linked to the worst performing of the EURO STOXX 50 Index and the Russell 2000 Index, fully and unconditionally guaranteed by Morgan Stanley.
The notes are issued at $1,000 per security, with an estimated value on the July 10, 2026 pricing date of $960.90. They pay no interest and do not guarantee principal. Beginning July 19, 2027, if on any determination date both indices are at or above their call threshold (100% of initial), the notes are automatically redeemed for a cash amount corresponding to approximately 12.85% per annum, up to $1,610.375 per security before maturity.
If the notes are not called and are held to July 15, 2031, investors receive $1,642.50 per security if both indices are at or above their call thresholds, only the stated principal amount if both remain at or above 80% of initial, and a proportional loss based on the worst index if either finishes below its downside threshold, potentially losing the entire investment. All payments depend on the creditworthiness of Morgan Stanley Finance LLC and Morgan Stanley, secondary market liquidity may be limited, and the U.S. tax treatment is described as uncertain.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is issuing principal-at-risk Contingent Income Auto-Callable Securities due July 13, 2028, linked to the worst of three ETFs: iShares Expanded Tech-Software (IGV), SPDR S&P Biotech (XBI) and SPDR S&P Regional Banking (KRE). Each note is offered at $1,000, with $648,000 aggregate principal.
Investors may receive a 15.40% per annum contingent coupon on scheduled dates, but only if every ETF closes at or above its coupon barrier, set at 70% of its initial level. Beginning January 11, 2027, the notes auto-call on specified redemption determination dates if all ETFs are at or above their initial levels, returning principal plus the applicable coupon.
If not called, repayment at maturity depends on final levels. If each ETF is at or above its downside threshold (60% of initial), principal is repaid (plus any final coupon if barrier conditions are met). If any ETF finishes below its downside threshold, investors receive $1,000 multiplied by the worst performer’s final level divided by its initial level, matching its percentage decline and allowing for a total loss. The estimated value is $978.40 per note, and all payments depend on Morgan Stanley’s credit and secondary market liquidity.
Morgan Stanley Finance LLC is offering $950,000 aggregate principal amount of Trigger PLUS structured notes linked to the State Street Financial Select Sector SPDR ETF.
Each $1,000 security, fully and unconditionally guaranteed by Morgan Stanley, pays no interest and matures September 15, 2027. The payoff depends on the ETF level on a single observation date. If the final level exceeds the $55.71 initial level, investors receive principal plus 200% of the gain, capped at a maximum payment of $1,150 per security. If the final level is at or above a $50.139 downside threshold but at or below the initial level, only principal is returned. Below the threshold, holders lose 1% of principal for each 1% ETF decline, with no minimum repayment.
The securities are unsecured and subject to Morgan Stanley credit risk, are not bank deposits or FDIC‑insured, and may be hard to sell before maturity. The estimated value on the pricing date is $971.30 per security, below the $1,000 issue price because it reflects embedded costs and dealer compensation.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $4,415,000 of Enhanced Buffered Jump Securities due July 28, 2027 linked to Micron Technology, Inc. common stock. The unsecured notes pay no interest, are not principal-protected and are issued at $1,000 per security.
At maturity, if the average Micron share price on specified July 2027 dates is at or above 60% of the $979.30 initial level, holders receive $1,382.50 per security, a fixed 38.25% return. If it falls below that buffer, investors lose 1.6667% of principal for each 1% decline beyond the 40% buffer, with no minimum repayment. The estimated value on the pricing date is $984 per security, reflecting embedded issuance, structuring and hedging costs. Returns also depend on Morgan Stanley’s credit; the notes rank pari passu with other unsecured, unsubordinated obligations, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering $1,886,000 of Contingent Income Memory Buffered Auto-Callable Securities due July 15, 2031, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a 10.60% per annum contingent coupon, only if the index closes at or above the coupon barrier of 954.744 (70% of the 1,363.92 initial level) on each observation date, with a “memory” feature for previously missed coupons. They are automatically redeemed at par plus applicable coupons if the index is at or above the 1,363.92 call threshold (100% of initial) on any redemption determination date after July 12, 2027.
If not called, investors receive principal at maturity only if the final index level is at or above the 1,159.332 buffer level (85% of initial); below that, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The issue price is $1,000 per security, while the estimated value on the pricing date is $898.30, reflecting issuance, selling, structuring and hedging costs. The notes are unsecured, subject to Morgan Stanley’s credit risk, and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $500,000 of Trigger PLUS notes linked to the S&P 500 Index, maturing July 15, 2031. Each $1,000 note pays no interest and has principal fully at risk.
If the S&P 500 final level on July 10, 2031 exceeds the initial level of 7,575.39, holders receive $1,000 plus 110% of the index gain. If the final level is between 80% and 100% of the initial level (down to the downside threshold level of 6,060.312), holders receive only the $1,000 stated principal amount. Below the threshold, repayment equals $1,000 multiplied by the index performance factor, causing a 1% loss of principal for each 1% index decline and potentially a total loss.
The estimated value is $978.90 per note, below the $1,000 issue price because of distribution, structuring and hedging costs. All payments depend on Morgan Stanley’s credit, and secondary market liquidity is expected to be limited.
Morgan Stanley Finance LLC is offering $50,000,000 of unsecured Callable Contingent Income Memory Buffered Securities, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst-performing of the Dow Jones Industrial Average, Nasdaq‑100 Equal Weighted Index and Russell 2000 Futures Excess Return Index.
The notes pay a 10.00% per annum contingent coupon only when each index closes at or above its coupon barrier (75% of its initial level) on an observation date; missed coupons can be paid later if a future observation meets the barrier, without additional interest. From October 15, 2026, the issuer may redeem the notes in whole on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; investors then receive principal plus the applicable coupon and any unpaid coupons.
If not redeemed early, investors receive full principal at maturity on July 13, 2029 only if each index’s final level is at or above its 25% buffer. Otherwise, principal is reduced using a 1.3333 downside factor applied to the decline of the worst index beyond the buffer, potentially to zero. The estimated value on the pricing date is $987.20 per $1,000 security, and all payments are subject to Morgan Stanley’s credit and limited liquidity risks.
Morgan Stanley Finance LLC is issuing $1,252,000 of Enhanced Buffered Jump Securities, $1,000 principal per security, maturing August 13, 2027, linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the final level of each index is at or above 85% of its initial level, holders receive $1,000 + $141.50 per security (a 14.15% return). If any index finishes below its 85% buffer level, repayment is reduced in line with the decline of the worst index beyond the 15% buffer, subject to a minimum payment of 15% of principal. The securities are unsecured, not FDIC-insured, and depend on Morgan Stanley credit; the bank’s estimated value at pricing was $987.20 per $1,000 security, reflecting issuance, structuring and hedging costs and likely secondary-market discounts.
Morgan Stanley Finance LLC is offering $2,320,000 of Contingent Income Auto-Callable Securities, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security, maturing on January 16, 2029. The notes are linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and State Street SPDR S&P Regional Banking ETF.
Investors may receive a 10.25% per annum contingent coupon, but only when all underliers are at or above 70% of their initial levels on the relevant observation date. The notes auto-call from January 11, 2027 onward if all underliers are at or above 100% of initial, returning principal plus the coupon. If not called and any underlier finishes below 60% of its initial level, principal is reduced one-for-one with the worst underlier’s decline and can be lost entirely. The estimated value on the pricing date is $966.70 per $1,000 note, and all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Buffered Jump Securities linked to Constellation Energy Corporation common stock in $1,000 denominations. These unsecured notes pay no interest and do not guarantee repayment of principal at maturity.
At maturity on August 4, 2027, if the stock’s closing level on July 30, 2027 is at or above 65% of its initial level, holders receive $1,000 plus a fixed upside payment of at least $133.50 per security, regardless of how much the stock has risen. If the final level is below 65% of the initial level, repayment is reduced by 1.5385% for every 1% decline beyond the 35% buffer, with no minimum payment, so the entire investment can be lost.
The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $984, reflecting issuing, selling, structuring and hedging costs and the issuer’s funding rate. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is issuing market-linked notes due July 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and is linked to the S&P 500® Futures Excess Return Index.
At maturity, holders receive $1,000 plus an upside payment if the index’s final level exceeds its initial level, calculated as $1,000 × 150% × underlier percent change; otherwise they receive only principal. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, have an estimated value of approximately $975.30 per note on the pricing date and will not be listed on an exchange, so secondary market liquidity may be limited.
The securities are treated as contingent payment debt instruments for U.S. federal income tax purposes, so U.S. investors generally must accrue interest income annually at a comparable yield, and gains are generally taxed as ordinary interest income rather than capital gain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities with an auto-call feature due July 28, 2029, linked to the worst performer of the S&P 500 Index and the S&P 500 Equal Weight Index, in $1,000 denominations.
The notes may be automatically redeemed on July 29, 2027 for $1,096.50 or on July 18, 2028 for $1,193.00 per $1,000 if each index is at or above its call threshold. If held to maturity and both indexes stay at or above 80% of their initial levels (SPX 7,515.34; SPW 8,677.68), investors receive $1,289.50; otherwise they lose 1% of principal for each 1% decline in the worst index and could lose the entire investment.
All payments depend on Morgan Stanley credit. The estimated value on the pricing date is approximately $973.10 per security, below the $1,000 issue price, reflecting fees and hedging costs. Liquidity may be limited, and U.S. federal tax treatment is uncertain, with counsel viewing the notes as prepaid financial contracts.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes linked to the VanEck Rare Earth and Strategic Metals ETF, maturing on February 2, 2028, with Morgan Stanley providing a full and unconditional guarantee.
The notes pay no interest and are principal-at-risk. If the ETF rises, investors receive leveraged upside at a 200% participation rate, capped at a maximum payment of 135% to 137% of principal. If the ETF is flat or down but above a 25% buffer, investors earn an absolute return on the decline, up to 25%. Below the buffer, losses match the ETF’s decline beyond 25%, with a minimum payment of 25% of principal.
The issue price is $1,000 per security, while the estimated value on the pricing date is approximately $958.30, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have limited or no secondary market liquidity, and involve tax and sector risks tied to rare earth and strategic metals companies.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due July 20, 2029 with a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley and linked to Broadcom, Capital One Financial and Shift4 Payments common stocks.
The notes pay a 16.25% annual contingent coupon only when each underlier closes at or above 50% of its initial level on specified observation dates, with missed coupons potentially paid later if conditions are met. Securities may be automatically redeemed starting July 19, 2027 if all underliers are at or above 100% of their initial levels, returning principal plus due coupons.
If not redeemed and, at maturity, any underlier is below its 50% downside threshold and all are below initial levels, repayment is reduced 1% for each 1% decline of the worst performer, potentially to zero. The initial issue price is $1,000 but the estimated value on the pricing date is about $908.20 per security, and all payments are subject to Morgan Stanley’s credit risk, with limited expected secondary market liquidity and complex, uncertain tax treatment.
Morgan Stanley Finance LLC is offering Buffered PLUS, principal-at-risk structured notes due July 24, 2031, linked to the S&P 500 Futures Excess Return Index. Each security has a $1,000 stated principal amount, pays no interest, and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors receive $1,000 plus 200% of any index gain; if the index is flat or down but not below 80% of its initial level, they receive only principal. Below that 20% buffer, principal is lost one-for-one, but not below a 20% minimum payment of principal. The estimated value on the pricing date is approximately $968.80 per security. The notes are unsecured, subject to Morgan Stanley’s credit risk, may have limited or no secondary market, and involve complex and uncertain U.S. tax treatment. The index’s closing level was 601.90 on July 13, 2026 as historical context.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, linked to the Class A common stock of Constellation Brands, Inc. The notes pay no interest and are part of the Series A Global Medium-Term Notes program.
Each security has a $1,000 stated principal amount and matures on July 29, 2027. If on the observation date the underlying stock is at or above the downside threshold level of $107.792 (80% of the $134.74 initial level), investors receive $1,000 plus a fixed upside payment of $184.90
If the final level is below the downside threshold, the payout equals $1,000 multiplied by the performance factor (final level divided by initial level), causing a 1% loss of principal for each 1% decline in the underlier, with no minimum payment. The estimated value on the pricing date is approximately $981.30 per security, reflecting issuance, selling, structuring and hedging costs. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering principal-at-risk Dual Directional Trigger Jump Securities due July 22, 2031, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of the Russell 2000 Index and the S&P 500 Futures Excess Return Index.
Each security has a $1,000 stated principal amount and pays no interest. If the final level of each index on the observation date is at or above its initial level, investors receive principal plus the greater of index appreciation on the worst performer or a fixed upside payment of $692 (69.20%). If the worst performer is down but not below its 70% downside threshold, investors gain 100% of the absolute decline, up to a 30% positive return.
If either index finishes below its downside threshold, repayment is principal multiplied by the performance of the worst performer, producing a 1% loss of principal for each 1% index decline, potentially to zero. The estimated value on the pricing date is about $970.90 per security, below the issue price, and values are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley and to limited secondary market liquidity.
Morgan Stanley Finance LLC is offering $500,000 of Digital Equity‑Linked Notes due August 12, 2027, linked to the common stock of Broadcom Inc. and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount and pays no interest, with principal at risk.
At maturity, if Broadcom’s final share price is at least 85.00% of the initial level of $399.97, investors receive a fixed Maximum Settlement Amount of $1,316.00 per note (131.60% of face). If the stock has fallen more than 15.00%, the payoff declines linearly using a Buffer Rate of approximately 117.65% and investors lose some or all principal.
The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and all payments depend on Morgan Stanley’s credit. The estimated value on the trade date is $980.10 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed, and any secondary market making by Morgan Stanley & Co. may be limited and at prices below the issue price.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable notes, issued in $1,000 denominations and fully and unconditionally guaranteed by Morgan Stanley. The notes mature on June 26, 2028 and are linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index.
Investors may receive a 10.55% per annum contingent coupon, paid on scheduled dates only if each index closes at or above 70% of its initial level on the related observation date. Starting January 21, 2027, the notes are automatically redeemed at $1,000 plus the coupon if each index is at or above 100% of its initial level. If not called, and any index finishes below 60% of its initial level at final observation, repayment is $1,000 times the worst index’s performance factor, potentially resulting in a full loss of principal. The estimated value on the pricing date is approximately $979.00 per note, below the $1,000 issue price, and all payments depend on Morgan Stanley’s and MSFL’s credit, with limited expected liquidity and complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due August 20, 2027, fully and unconditionally guaranteed by Morgan Stanley. The $1,000-denomination notes are unsecured, pay no interest and are principal-at-risk obligations linked to the worst of the Nasdaq-100, Russell 2000 and S&P 500 indices.
At maturity, if the final level of each index is at least 70% of its initial level, investors receive $1,000 plus a fixed $120 upside payment (12%). If any index finishes below its 70% downside threshold, the payoff equals $1,000 multiplied by the performance factor of the worst-performing index, producing a 1% loss of principal for every 1% decline and potentially a zero payment.
The observation date is August 17, 2027. The estimated value on the pricing date is approximately $987 per security, reflecting issuing, selling, structuring and hedging costs embedded in the $1,000 issue price. All payments depend on the credit of MSFL and Morgan Stanley, and U.S. tax treatment is described as that of prepaid financial contracts, with noted uncertainties.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $5,030,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P MidCap 400 Index and the EURO STOXX 50 Index, maturing on July 15, 2031.
The notes pay a 7.00% per annum contingent coupon (about $0.175 per $10 quarterly) only if on each observation date both indices are at or above coupon barriers set at 70% of their initial values. Beginning January 11, 2027, the notes are automatically called if both indices are at or above their initial levels, returning principal plus that period’s coupon.
If not called, investors receive full principal at maturity only when both final index values are at or above 60% downside thresholds. If either index finishes below its threshold, repayment is $10 × (1 + return of the worst index), which can cause significant or total loss of principal. Investors also face issuer credit risk, limited liquidity, no upside participation, and an initial estimated value of $9.653 per $10 note.
Morgan Stanley Finance LLC is offering Trigger Jump Securities due July 22, 2031, principal-at-risk notes linked to the worst-performing of the Russell 2000 Index and the S&P 500 Futures Excess Return Index, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and pays no interest. At maturity, if both indices finish at or above their initial levels, holders receive $1,000 plus the greater of (i) the index percentage gain of the worst performer or (ii) a fixed upside payment of $747.50. If either index is below its initial level but both are at or above 70% of their initial levels, holders receive only principal back. If either index ends below 70% of its initial level, repayment is reduced 1% for every 1% decline of the worst performer, with no minimum payment, so the entire investment can be lost.
The initial issue price is $1,000 per security, while the estimated value on the pricing date is about $970.80, reflecting issuing, selling, structuring and hedging costs borne by investors. Returns depend solely on the observation-date levels, are subject to Morgan Stanley’s credit risk, and may be affected by volatility in small‑capitalization stocks, futures market dynamics, limited secondary market liquidity, potential conflicts of interest and uncertain U.S. tax treatment of these prepaid financial contracts.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 20, 2028, linked to Micron Technology, Inc. common stock and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a 28.00% per annum contingent coupon only when the underlier’s closing level on an observation date is at or above a coupon barrier set at 40% of the initial level.
Beginning January 19, 2027, the notes are automatically redeemed if the underlier is at or above 100% of the initial level, returning principal plus the relevant coupon and ending all future payments. If held to maturity and not called, investors receive principal back only if the final level is at or above the 40% downside threshold; otherwise the payoff equals principal multiplied by the underlier’s performance factor, exposing holders to a 1-for-1 loss that can reach zero. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, have an estimated value of about $964.10 per $1,000 at pricing, may trade at a discount, and involve complex U.S. tax and withholding considerations.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities with Downside Factor due August 18, 2027, unsecured notes fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, pays no interest and is linked to an equally weighted basket of seven semiconductor-related stocks (ADI, ASML, AVGO, KLAC, TXN, NVDA and TSM).
At maturity, if the basket’s final level is at or above the 80% buffer level, investors receive $1,000 plus a fixed upside payment of at least $198.50 (19.85%), regardless of how much the basket has risen or moderately fallen. If the final level is below the buffer, repayment is reduced by 1.25% for each 1% decline beyond the 20% buffer, with no minimum payment and potential loss of the entire principal. The estimated value on the pricing date is about $957.30 per $1,000 security. All payments depend on the credit of MSFL and Morgan Stanley, and secondary market liquidity and tax treatment may be adverse or uncertain.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Buffered Auto-Callable Securities linked to Microsoft stock, maturing August 4, 2027. Each note has a $1,000 stated principal amount and issue price, with an estimated initial value of about $985.20.
The notes pay a contingent coupon at an annual rate of at least 18.64% when Microsoft’s closing level on an observation date is at or above an 85% coupon barrier; missed coupons can be paid later if the barrier is met. The notes auto-call at par plus due coupons if Microsoft is at or above 100% of the initial level on specified dates. Principal is protected only by a 15% buffer; if the final level is below 85% of the initial level, losses apply at a 1.1765× downside factor and repayment can fall to zero. Investors forgo upside in Microsoft, face liquidity and valuation risks, complex tax treatment, potential 30% withholding on coupons for some non-U.S. holders, and are exposed to the unsecured credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities due July 20, 2028 linked to NVIDIA Corporation common stock. Each $1,000 note pays a 13.90% per annum contingent coupon only if NVIDIA’s closing price on the relevant observation date is at or above a coupon barrier set at 60% of the initial level. If, on any scheduled redemption determination date from January 19, 2027 onward, NVIDIA is at or above 100% of the initial level, the notes are automatically redeemed for $1,000 plus the applicable coupon.
If the notes are not called and NVIDIA’s final price on July 17, 2028 is at or above the 60% downside threshold, investors receive $1,000 plus any final coupon; if it is below that level, repayment is reduced one-for-one with NVIDIA’s decline, and the investment can lose all principal. The notes do not participate in any upside of the stock and pay no guaranteed interest. The estimated value on the pricing date is approximately $973.90 per note, below the $1,000 issue price, reflecting selling, structuring and hedging costs and Morgan Stanley’s funding spread. Liquidity may be limited, all payments depend on Morgan Stanley’s credit, and U.S. tax treatment is uncertain, with possible 30% withholding on coupons for many non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Enhanced Buffered Jump Securities linked to the MSCI Emerging Markets Index, maturing August 4, 2027. Each note has a $1,000 stated principal amount and issue price, with an estimated value of about $984.80 on the pricing date. The notes pay no interest and do not guarantee repayment of principal.
At maturity, if the index’s final level is at or above 85% of its initial level, investors receive $1,000 plus a fixed upside payment of at least $156.50 (15.65%), regardless of how much the index has risen. If the final level is below this buffer, principal is reduced by 1.1765% for every 1% decline beyond the 15% buffer, and repayment can fall to zero.
Key risks include exposure to Morgan Stanley’s credit, potentially limited secondary market liquidity, and market value that may be below the $1,000 issue price because of embedded issuing, selling, structuring and hedging costs. The securities have a minimum investment of $10,000 and involve complex U.S. tax treatment.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due July 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each unsecured note has a $1,000 stated principal amount and is linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with principal at risk.
The notes pay a contingent coupon at 12.35% per annum on scheduled coupon payment dates only if the underlier’s closing level on the related observation date is at or above the coupon barrier of 70% of the initial level. Missed coupons have a “memory” feature and can be paid later if the barrier is met. The securities are automatically redeemed if, on any redemption determination date from January 19, 2027 onward, the underlier is at or above 100% of the initial level, paying principal plus the current and any unpaid coupons.
If not called and, on the final observation date, the underlier is at or above the downside threshold of 60% of the initial level, holders receive principal back plus any due coupons. If it is below 60%, repayment is $1,000 multiplied by the performance factor, producing a 1-for-1 loss with index decline and potentially zero return of principal and no coupons. The underlier includes a 4% per annum decrement and leverage features, and has limited live history. The issuer’s estimated value on the pricing date is approximately $910.40 per $1,000 security, reflecting embedded costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes with a stated principal amount of $1,000 per security, linked to the common stock of Amazon.com, Inc., and fully and unconditionally guaranteed by Morgan Stanley. The notes run from a July 22, 2026 issue date to an August 4, 2027 maturity date.
Investors may receive a contingent coupon at an annual rate of at least 19.16%, paid on scheduled coupon dates only if Amazon’s closing level on the related observation date is at or above a coupon barrier set at 85% of the initial level. Missed coupons can be “remembered” and paid later if a future observation meets the barrier. The notes are automatically redeemed at par plus due coupons if, on specified redemption determination dates starting October 30, 2026, the stock closes at or above 100% of the initial level.
If not called, at maturity investors receive principal back only if the final level is at or above an 85% buffer level. Below that, repayment is reduced by 1.1765% of principal for each 1% decline beyond the 15% buffer, with no minimum payment, so the entire investment can be lost. All payments are unsecured obligations of MSFL, guaranteed by Morgan Stanley, with an estimated value of about $984 per note versus the $1,000 issue price and $10 per-note selling concessions. U.S. tax treatment is uncertain; non-U.S. holders may face 30% withholding on coupons.
Morgan Stanley Finance LLC is offering Market Linked Securities—Auto-Callable with Leveraged Upside Participation and Contingent Downside Principal at Risk, linked to the lowest performing of the S&P 500 Index and the Dow Jones Industrial Average. Each security has a $1,000 face amount, for a total offering of $3,334,000, and is fully and unconditionally guaranteed by Morgan Stanley. The issue price is $1,000 per security, while the current estimated value on the pricing date is $962.50, reflecting issuance, selling, structuring and hedging costs borne by investors.
The notes may be automatically called on July 15, 2027 if the closing level of each index is at or above its starting level, in which case investors receive a fixed call payment of $1,122.50 per $1,000 face amount (a 12.25% return), and no further payments. If not called, the notes mature on January 15, 2030. At maturity, if the lowest performing index is above its starting level, investors receive $1,000 plus 125% of that index’s positive return; if it is between 80% and 100% of its starting level, investors receive only the $1,000 face amount; if it is below 80%, repayment is reduced one-for-one with the index decline, so investors can lose more than 20% and up to all of their principal.
The securities pay no interest and provide no dividends from the underlying stocks. Returns depend entirely on the worst-performing index and the automatic call feature, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. The issuer highlights limited or uncertain secondary market liquidity, sensitivity to interest rates, volatility and credit spreads, and an estimated value below the issue price due to embedded costs. Tax counsel views the notes as prepaid financial contracts treated as open transactions, but the U.S. federal income tax treatment remains uncertain and could change through future guidance or legislation.
Morgan Stanley Finance LLC is issuing Trigger PLUS principal-at-risk notes due August 4, 2031, fully and unconditionally guaranteed by Morgan Stanley and linked to the EURO STOXX 50® Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $946.00 per security, reflecting issuance, structuring and hedging costs.
At maturity, if the index’s final level exceeds its initial level, holders receive $1,000 plus a leveraged upside payment equal to 184% of the index gain. If the final level is between 80% and 100% of the initial level, payment is $1,000. If the final level is below 80% of the initial level, investors lose 1% of principal for each 1% index decline, with no minimum payment and potential loss of the entire investment. The payoff depends only on the index level on the July 30, 2031 observation date and all amounts are subject to the credit risk of Morgan Stanley and MSFL. The notes pay no interest, may trade at prices below issue, and involve uncertain U.S. federal income tax treatment, expected to follow a prepaid financial contract “open transaction” approach, with Section 871(m) generally not expected to apply to Non-U.S. Holders.
Morgan Stanley Finance LLC is offering $1,570,000 of market-linked securities, fully and unconditionally guaranteed by Morgan Stanley, that provide a contingent fixed return of 17.00% on the $1,000 face amount if the worst performer of Meta Platforms and Netflix stock finishes at or above its threshold level.
The threshold for each stock is 65% of its starting price, set at $669.21 for Meta and $73.37 for Netflix on July 10, 2026. If the lowest-performing stock ends below its threshold on the July 19, 2027 calculation day, investors are fully exposed to that downside and can lose more than 35% of principal, up to their entire investment.
The securities pay no interest, do not provide dividends, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is $937.10 per security, below the $1,000 issue price because issuance, selling, structuring and hedging costs are embedded in the offering price.
Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities due July 13, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and is linked to the lowest performing of the S&P 500® Index, the Russell 2000® Index and the Nasdaq-100® Technology Sector Index℠.
Investors may receive a contingent coupon of 11.20% per annum, paid monthly only if on each calculation day the lowest-performing index is at or above its coupon threshold level of 75% of its starting level. The notes are callable quarterly at the issuer’s option, paying face amount plus any final coupon if redeemed. If not called, principal repayment depends on the final level of each index: full face amount is paid only if every index is at or above its downside threshold (70% of its starting level); otherwise the maturity payment equals $1,000 multiplied by the performance factor of the lowest-performing index, so investors can lose more than 30%, up to their entire investment. The estimated value is $961.20 per security, below the $1,000 price, reflecting issuance, selling, structuring and hedging costs. The securities are unsecured, not insured by the FDIC, may have limited or no secondary market, and carry U.S. tax and index-specific risks, including small-cap and technology sector concentration.
Morgan Stanley Finance LLC is offering $8,003,000 of Market Linked Securities with a $1,000 face amount per security, fully and unconditionally guaranteed by Morgan Stanley. The notes are auto-callable and linked to the Russell 2000 Index, the iShares Expanded Tech-Software Sector ETF and the Dow Jones Industrial Average, with a scheduled maturity on January 15, 2030, unless called earlier.
Beginning July 15, 2027, the notes are automatically called if each underlying is at or above its call threshold level (81% of its starting level) on a monthly calculation day, paying a fixed call amount from $1,111.00 (11.10% premium) up to $1,388.50 (38.85% premium) per $1,000. If never called and any underlying ends below its 70% threshold level, the maturity payment is reduced 1-for-1 with the lowest-performing underlying, leading to a loss of more than 30% and possibly all principal. The securities pay no interest or dividends, have an estimated value of $949.30 per security on the pricing date, include selling commissions of $25.75 per security, and expose holders to Morgan Stanley’s credit and to limited secondary-market liquidity.
Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the Global X Uranium ETF, maturing on June 22, 2028. Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $960.20.
The notes pay a 16.25% per annum contingent coupon only when the ETF’s closing level on an observation date is at or above the coupon barrier, set at 60% of the initial level; otherwise no coupon is paid. Starting January 19, 2027, the securities are automatically redeemed on scheduled dates if the ETF is at or above 100% of its initial level, returning principal plus the applicable coupon.
If not called and the final ETF level is at or above the downside threshold (also 60% of the initial level), investors receive principal back, plus the final contingent coupon if conditions are met. If the final level is below this threshold, repayment falls in line with the ETF’s decline, potentially to zero. Key risks include loss of principal, the possibility of receiving few or no coupons, exposure to a volatile and concentrated uranium sector, issuer and guarantor credit risk, limited secondary market liquidity, and tax uncertainty, including potential 30% withholding on coupons for some non-U.S. investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) maturing July 27, 2028, with a $1,000 stated principal per security and no periodic interest. Returns depend on the worst performer among the EURO STOXX 50 Index, iShares Russell 2000 ETF and State Street Energy Select Sector SPDR ETF, measured on a single July 24, 2028 observation date.
If that worst underlier finishes above its initial level, holders receive principal plus a leveraged upside payment equal to 315% of its price gain (for example, a 5% rise pays $1,157.50, or 115.75% of principal). If it is at or below its initial level but at or above 70% of initial, investors receive principal back. Below 70% of initial, principal is reduced one-for-one with any further decline, subject to a minimum payment of 30% of principal (for example, a 95% drop pays $350).
The securities are unsecured, unsubordinated obligations of MSFL with principal at risk and no asset diversification benefit; any underlier breaching its buffer drives outcomes. The estimated value on the pricing date is approximately $956.30 per $1,000 security, reflecting embedded costs, and secondary market liquidity and U.S. tax treatment are both described as uncertain.
Morgan Stanley Finance LLC is offering S&P 500-linked Trigger Participation Securities due July 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each unsecured note has a $1,000 stated principal amount, pays no interest, and all payments are subject to Morgan Stanley’s credit risk.
At maturity, if the S&P 500 is above its initial level, holders receive $1,000 plus 102.75% of the index gain. If the index is at or below its initial level but at or above 85% of the initial level, repayment is $1,000. If it finishes below the 85% trigger, principal loss matches the index decline and can reach 100%. The estimated economic value on the pricing date is approximately $954.70 per $1,000 note, reflecting embedded $30 sales commissions and a $5 structuring fee per security.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due January 25, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and is linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index.
Holders may receive a contingent coupon at 9.50% per annum, paid only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of the initial level for each index. The notes auto-call, paying principal plus the coupon, if on a redemption determination date all indices are at or above their call thresholds, set at 100% of initial levels. If not called, and at maturity any index finishes below its 70% downside threshold, repayment is reduced in proportion to the worst index’s decline, potentially to zero, so principal is fully at risk. The estimated value on the pricing date is approximately $968.10 per security, below the issue price due to issuing, selling, structuring and hedging costs, and liquidity and tax risks may be significant.