Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering Contingent Income Buffered Auto-Callable Securities due July 20, 2028, linked to the worst performer of the Dow Jones Industrial Average and the State Street Technology Select Sector SPDR ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 principal amount and pays a 7.65% per annum contingent coupon only if on the relevant observation date the closing level of each underlier is at or above its coupon barrier (80% of its initial level).
The notes may be automatically redeemed on specified dates starting July 20, 2027 if each underlier is at or above its 100% call threshold, in which case holders receive $1,000 plus the applicable coupon and no further payments. If held to maturity and each final underlier level is at or above its 75% buffer level, investors receive full principal (plus any final coupon). If the worst-performing underlier finishes below its buffer, principal is reduced 1% for every 1% decline beyond the 25% buffer, but not below a minimum payment of 25% of principal. The issuer’s estimated value on the pricing date is approximately $963.50 per security, reflecting issuance, selling, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Variable Income Auto-Callable Notes due July 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a variable monthly coupon: a higher rate of 13.00% per annum or a lower rate of 0.25% per annum, depending on the performance of four underlying stocks (Qualcomm, Palantir Technologies, Netflix and Broadcom).
The higher coupon is paid only if on an observation date the closing level of each underlier is at or above its coupon barrier level (75% of its initial level); otherwise only the lower coupon is paid. Starting July 29, 2027, the notes are automatically redeemed if each underlier is at or above its call threshold level (90% of its initial level), returning principal plus the higher coupon for that period. If not redeemed early, investors receive principal at maturity plus the applicable final coupon. The payoff is based on the worst-performing underlier, and investors do not participate in any equity upside. All payments are subject to Morgan Stanley’s credit risk, and the estimated value on the pricing date is approximately $938.30 per note, below the $1,000 issue price.
Morgan Stanley Finance LLC is offering Series A Global Medium-Term Contingent Income Auto-Callable Notes due July 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and is linked on a “worst performing” basis to Alphabet Class C, Oracle, Meta Platforms Class A and Broadcom common stock.
The notes pay a contingent coupon at 11.25% per annum, only if on an observation date the closing level of each underlier is at or above its coupon barrier level, set at 75% of its initial level. Starting with the first redemption determination date on July 29, 2027, the notes are automatically redeemed if the closing level of each underlier is at or above its call threshold level, 90% of its initial level, for repayment of principal plus the applicable coupon.
If not called, investors receive the $1,000 principal at maturity, plus the final contingent coupon if the barrier condition is met, regardless of underlier declines. The indicative estimated value on the pricing date is approximately $935.70 per note, below the issue price, reflecting structuring and hedging costs. Investors face issuer and guarantor credit risk, the possibility of receiving no coupons over the life of the notes, limited secondary liquidity, and potential U.S. tax treatment as variable rate or contingent payment debt instruments.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering structured Contingent Income Auto-Callable Notes due July 31, 2031, each with a $1,000 stated principal amount. The notes pay a 10.35% per annum contingent coupon, credited on monthly coupon payment dates only if, on the related observation date, the Class C stock of Alphabet, common stock of Bank of America and NVIDIA, and ADSs of Taiwan Semiconductor are all at or above their respective coupon barrier levels, set at 80% of each initial level.
The notes may be automatically redeemed on monthly early redemption dates starting on July 29, 2027 if, on the relevant redemption determination date, each underlier is at or above its call threshold level, equal to 100% of its initial level$1,000 principal plus a final contingent coupon if every underlier is at or above its coupon barrier level on the final observation date.
The notes are unsecured obligations of MSFL and expose holders to the credit risk of Morgan Stanley and MSFL, lack of market liquidity, and the possibility of receiving few or no coupons. The estimated value on the pricing date is approximately $942.40 per note, reflecting issuing, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the class A common stock of Meta Platforms, Inc. The notes have a stated principal amount and issue price of $1,000 per security and pay a contingent coupon at an annual rate of 12.20% only when Meta’s closing price on an observation date is at or above a coupon barrier set at 60% of the initial level.
The notes are subject to automatic early redemption on specified dates if Meta’s closing price is at or above a call threshold equal to 100% of the initial level, in which case investors receive principal plus the applicable coupon and any unpaid coupons, and the notes terminate. If held to maturity and not previously redeemed, investors receive principal back only if the final level is at or above a downside threshold set at 60% of the initial level; otherwise they lose 1% of principal for each 1% decline in Meta’s price, with potential total loss.
The estimated value on the pricing date is approximately $979.10 per security, below the $1,000 issue price due to issuance, structuring and hedging costs borne by investors. The notes carry Morgan Stanley credit risk, may have limited or no secondary market liquidity, and have complex and uncertain U.S. federal income tax treatment, including possible 30% withholding on coupons for certain non-U.S. holders.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $6,900,000 of Autocallable Trigger GEARS, unsecured debt securities linked to JPMorgan Chase & Co. common stock. Each Security has a $10 principal amount and a term of about three years, maturing on July 11, 2029.
The note can be automatically called after roughly one year if JPM’s closing price on July 14, 2027 is at or above the Autocall Barrier of $330.62, paying $11.65 per Security based on a 16.50% per annum Call Return. If not called and JPM finishes above the Initial Price, investors receive $10 plus 1.70× the positive share return. If JPM finishes at or below the Initial Price but at or above the Downside Threshold of $247.97 (75% of Initial Price), investors receive only their $10 principal.
If JPM’s Final Price is below the Downside Threshold, repayment is reduced one-for-one with the negative share return, up to a total loss of principal. The Securities pay no interest or dividends, are subject to Morgan Stanley’s credit risk, may have limited liquidity, and their estimated value on the trade date is $9.904 per $10 issue price.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing $5,725,000 of Trigger Autocallable GEARS linked to the KOSPI 200 Index, in $10 denominations, maturing on July 11, 2031. The notes may be automatically called on the July 15, 2027 Observation Date if the index is at or above the Autocall Barrier of 1,169.73, paying $13.00 per $10 note based on a 30.00% per annum Call Return, with no further upside.
If not called and the index finishes above the Initial Level of 1,169.73, investors receive principal plus leveraged upside at 3.50x the positive index return. If the Final Level is at or below the Initial Level but at or above the Downside Threshold of 760.32 (65% of Initial), principal is repaid. If the Final Level is below the Downside Threshold, repayment is reduced one-for-one with the negative index return, down to a total loss. The notes pay no interest or dividends, have an estimated value of $9.548 per $10 at pricing, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Auto-Callable Securities due January 13, 2028 linked to the worst performing of AMD, Bloom Energy and Palantir class A shares, with principal at risk. The aggregate principal amount is $500,000, at $1,000 per security, maturing in about 1.5 years with a 1-year initial non-call period.
The notes pay a contingent semi-annual coupon at 55.20% per annum (about $276 per period per security) only if on each observation date all three stocks are at or above 40% of their initial share prices, with missed coupons potentially paid later if conditions are again met. Early redemption can occur semi-annually starting July 2027 if all three stocks are at or above their initial prices, paying principal plus the due and previously unpaid coupons. If held to maturity and any stock finishes below its downside threshold, repayment is reduced 1-to-1 with the decline of the worst-performing stock, to less than 60% of principal and possibly zero; there is no participation in stock price appreciation. The estimated value on the pricing date is $942.00 per security versus the $1,000 issue price, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is issuing auto-callable Jump Securities due July 12, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index and are issued at $1,000 per security, with an aggregate principal amount of $874,000.
The securities do not pay interest and principal is at risk. Beginning on the first determination date on July 15, 2027, the notes are automatically redeemed if each index is at or above its call threshold (100% of its initial level), paying fixed early redemption amounts corresponding to a return of approximately 14.25% per annum.
If not redeemed early, and on the final determination date each index is at or above its call threshold, investors receive $1,427.50 per security. If at least one index is below its call threshold but all are at or above 70% of their initial levels, investors receive only the $1,000 principal. If any index finishes below 70% of its initial level, the maturity payment is reduced in full proportion to the worst-performing index, potentially to zero. The estimated value on the pricing date is $959.10 per security, reflecting issuance, selling, structuring and hedging costs and the issuer’s lower internal funding rate; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $4,900,000 of Buffered Jump Securities due August 6, 2027 linked to the Russell 2000® Index. Each security has a $1,000 stated principal amount, pays no interest and exposes investors to issuer credit risk.
At maturity, if the index final level is at or above the initial level of 2,956.389, holders receive $1,154 per security, a fixed upside payment of $154 (15.40%). If the final level is below the initial level but at or above the buffer level of 2,660.750 (90% of the initial level), investors receive only principal back. Below the buffer, principal is reduced 1% for each 1% additional decline, subject to a minimum payment at maturity of 10% of principal.
The issue price is $1,000 per security, while the estimated value on the pricing date is $995.30, reflecting issuing, selling, structuring and hedging costs borne by investors. The securities are unsecured notes of a finance subsidiary with no independent assets, rely on Morgan Stanley’s guarantee, may trade at prices below issue, and may be illiquid.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked notes with an aggregate principal amount of $3,835,000 tied to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount and issue price, matures on July 11, 2031, and pays no periodic interest.
At maturity, investors receive $1,000 plus an upside payment equal to 127.50% of any positive index return, based on an initial index level of 599.18; if the final level is equal to or below this initial level, only principal is repaid. The estimated value on the pricing date is $948.70 per note, reflecting issuance, selling, structuring and hedging costs, while Morgan Stanley expects to receive approximately $3,715,156.25 in proceeds after agent commissions.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, will not be listed on any securities exchange, and may have limited secondary liquidity. For U.S. tax purposes, they are intended to be treated as contingent payment debt instruments, with taxable interest income accrued over time based on a comparable yield of 4.9350% per annum.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Buffered Participation Securities maturing on July 11, 2031, linked to a performance-allocation basket of the iShares MSCI EAFE ETF, the S&P 500 Futures Excess Return Index and the Russell 2000 Index. Each note has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,385,000, and pays no interest.
At maturity, investors receive upside based on a 100% participation rate in the basket performance factor, subject to a maximum payment of $1,760 per security (176% of principal). A 20% buffer protects against moderate declines; beyond that, investors lose 1% of principal for each 1% drop in the basket, but not less than 20% of principal. Basket weights are set only at maturity, with the best performer weighted 60%, second-best 30% and worst 10%. The estimated value on the pricing date is $952.10 per security, reflecting issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering callable contingent income buffered securities due January 12, 2027, 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 $1,000 stated principal amount and an aggregate offering size of $6,935,000.
The notes pay a contingent coupon at 14.40% per annum, payable only if on each observation date every underlier is at or above its coupon barrier, set at 75% of its initial level (GLD $283.118, GDX $56.82, GDXJ $74.198). The issuer may redeem the notes on specified quarterly redemption dates if a risk neutral valuation model shows it is economically rational for Morgan Stanley, in which case investors receive principal plus any due coupon and no further payments.
If not called, at maturity investors receive principal only if the final level of every underlier is at or above its 25% buffer. If any underlier finishes below its buffer, the payoff is reduced by 1.3333% for each 1% decline of the worst performer beyond the buffer, potentially resulting in a full loss. The estimated value on the pricing date is $982.30 per security, reflecting issuance, structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, and investors do not participate in any upside of the underliers.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk structured notes called Jump Securities with an auto-callable feature, due July 10, 2031. Each security has a stated principal amount and issue price of $1,000, for an aggregate principal amount of $313,000, and is linked to a basket of indices: MSCI EAFE Index (25%), MSCI Emerging Markets Index (10%) and S&P 500 Futures Excess Return Index (65%).
The notes may be automatically redeemed on July 14, 2027 for $1,150 per security if the basket level on July 9, 2027 is at least 100% of the initial level. If not called, at maturity investors receive the principal plus an upside payment based on a 246% participation rate if the final level exceeds the initial level, only principal if the final level is between 80% and 100% of the initial level, and a proportional loss of principal if the final level is below 80%, potentially down to zero. The estimated value on the pricing date is $976 per security, reflecting issuance, structuring and hedging costs, and all payments are unsecured obligations subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Structured Investments Buffered PLUS due July 14, 2027, linked to the Invesco S&P 500® Equal Weight ETF, in $1,000 denominations with an aggregate principal amount of $277,000. The notes pay no interest and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors receive leveraged upside of 150% of any ETF appreciation, capped at a maximum payment of $1,102 per security (110.20% of principal). Principal is fully returned if the ETF’s final level is between 90% and 100% of the initial level. Below the buffer level of $190.98 (90% of the $212.20 initial level), investors lose 1% of principal for each 1% additional decline, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is $983.90 per security, reflecting issuance, selling, structuring and hedging costs. All payments depend on Morgan Stanley’s credit and the notes are expected to have limited liquidity.
Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These unsecured notes pay no interest, have no principal guarantee and mature on July 23, 2027, with an observation date on July 20, 2027.
Each security has a $1,000 stated principal amount and is issued at $1,000, with an aggregate principal amount of $750,000. If the S&P 500 final level is at or above the buffer level of 6,565.869 (87.50% of the 7,503.85 initial level), investors receive $1,000 plus a fixed upside payment of $81.30 per security, an 8.13% return regardless of how much the index has risen above the buffer. If the final level is below the buffer level, investors lose 1.1429% of principal for every 1% index decline beyond the 12.50% buffer, with no minimum payment, so the entire investment can be lost.
The estimated value on the pricing date is $986.40 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The securities are subject to Morgan Stanley’s and MSFL’s credit risk, limited liquidity, potential conflicts of interest in calculation and hedging, index adjustment risk and uncertain U.S. federal income tax treatment, including for Non-U.S. Holders.
Morgan Stanley Finance LLC is offering floating rate callable notes due July 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay annual interest at a variable rate equal to 7.00% per annum × N/ACT, where interest accrues only for days when the 10-Year Constant Maturity Treasury Rate (10CMT) is greater than or equal to 0.00% and less than or equal to 5.00%. On days when 10CMT is outside this range, the interest rate is 0.00% for that day.
The issuer may redeem the notes in whole, but not in part, on annual redemption dates beginning July 24, 2027, at 100% of principal plus accrued interest, if a risk neutral valuation model indicates redemption is economically rational for the issuer. The notes are unsecured, not listed on any exchange, and their estimated value on the pricing date is approximately $951.60 per $1,000 note. Proceeds will be used for general corporate purposes, and all payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing Contingent Income Auto-Callable Securities due August 12, 2027 linked to the common stock of Conagra Brands, Inc. Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $665,000.
Investors may receive a contingent coupon at an annual rate of 17.50%, paid only if the underlier’s closing level on an observation date is at or above the coupon barrier level of $9.364, which is 68% of the initial level of $13.77. The securities are automatically redeemed at par plus the applicable coupon if, on any redemption determination date beginning January 8, 2027, the closing level is at or above the call threshold level of $13.77.
If not redeemed early, and the final level on August 9, 2027 is at or above the downside threshold level of $9.364, investors receive the stated principal amount (plus the final contingent coupon, if payable). If the final level is below the downside threshold, the maturity payment equals the principal multiplied by the performance factor (final level divided by initial level), exposing investors to a loss of 1% of principal for each 1% decline in the underlier, potentially to zero. The estimated value on the pricing date is $968.70 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Enhanced Buffered Jump Securities maturing July 23, 2027, linked to the Roundhill Memory ETF (DRAM). Each note has a stated principal amount of $1,000, pays no interest and offers no principal protection.
The aggregate principal amount is $1,000,000, issued at $1,000 per security with estimated value on the pricing date of $981.00. If the final ETF level on the July 20, 2027 observation date is at or above the buffer level of $39.384 (65% of the $60.59 initial level), investors receive $1,433.50 per security, a fixed 43.35% upside payment, regardless of how far the ETF has risen. If the final level is below the buffer level, investors lose 1.5385% of principal for every 1% decline beyond the 35% buffer, with no minimum payment; the investment can go to zero.
The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may be illiquid, and embed complex tax treatment, including potential application of “constructive ownership” and Section 871(m) rules.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk Jump Securities with an auto-call feature maturing on July 12, 2029, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The offering size is $2,130,000, at $1,000 per security.
The notes may be automatically redeemed on July 20, 2027 if, on July 15, 2027, each index is at or above 100% of its initial level, paying a fixed $1,208.50 per security and terminating further payments. If held to maturity and not called, investors receive principal plus 150% of the gain of the worst index if all three finish above their initial levels, only principal if all remain at or above 70% of initial, and a loss matching the full decline of the worst index if any finishes below 70%, potentially reducing payment to zero.
The estimated value on the pricing date is $965.40 per $1,000 security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, and involve complex tax and liquidity considerations.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing contingent income auto-callable structured securities linked to the worst performer of the Nasdaq-100® Technology Sector Index, the State Street® Energy Select Sector SPDR® ETF and the State Street® SPDR® S&P® Regional Banking ETF. The notes have a stated principal amount of $1,000 per security, an aggregate principal amount of $1,101,000, and mature on July 11, 2031.
Investors may receive a contingent coupon at an annual rate of 11.50%, paid only if on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of their initial levels. The notes are auto-callable quarterly starting July 8, 2027 if all underliers are at or above their call threshold levels, equal to 100% of initial levels, paying principal plus the applicable coupon.
If not called, principal is repaid at maturity only if each underlier’s final level is at or above its downside threshold level, set at 60% of its initial level. If any underlier finishes below its downside threshold, repayment is reduced in proportion to the decline of the worst-performing underlier, and the payment can be zero. All payments depend on Morgan Stanley’s credit, and the estimated value on the pricing date is $933.50 per $1,000 security.
Morgan Stanley Finance LLC is offering $2,445,000 of Enhanced Trigger Jump Securities linked to Micron Technology, Inc. common stock, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no interest and matures on August 12, 2027.
At maturity, if Micron’s closing price on the observation date is at or above the downside threshold level of $469.19, investors receive $1,000 plus a fixed upside payment of $452.30 per security, a 45.23% return, regardless of how much Micron has risen or fallen within that range. If the final level is below the threshold, repayment is $1,000 multiplied by the performance factor (final level divided by the $938.38 initial level), producing a 1% loss of principal for each 1% decline in Micron, with no minimum payment and potential total loss.
The original issue price is $1,000 per security, including $10.42 in placement fees, while the issuer’s estimated value on the pricing date is $979.90, reflecting embedded costs and its own pricing models. The notes are unsecured obligations subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, may be illiquid in the secondary market, and involve complex, uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 12, 2029, linked to the worst performer among the common stocks of Apollo Global Management, Ares Management and Blackstone. Each security has a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $1,930,000, and is fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at 22.20% per annum, only if on each observation date all underliers close at or above their coupon barrier levels, set at 60% of their initial levels. The notes are auto-callable quarterly starting July 8, 2027 if all underliers are at or above their call thresholds (100% of initial levels), returning principal plus the applicable coupon. If not called, and at maturity any underlier is below its downside threshold (also 60% of initial), investors lose 1% of principal for each 1% decline in the worst performer, potentially losing their entire investment. The estimated value on the pricing date is $964.50 per security, below the issue price, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Buffered Auto-Callable Securities due June 13, 2029 linked to the worst performer of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). Each security has a stated principal amount and issue price of $1,000, with an aggregate principal amount of $1,624,000 and an estimated value on the pricing date of $953.70, reflecting embedded fees and hedging costs.
The notes pay a 7.25% per annum contingent coupon, evaluated on scheduled observation dates, only if the closing level of each ETF is at or above its coupon barrier (50% of its initial level). Missed coupons may be “caught up” later if both ETFs are again at or above their barriers, but investors could receive few or no coupons over the term.
The securities are automatically called if, on any redemption determination date from January 8, 2027 onward, each ETF is at or above its call threshold (100% of initial level), returning principal plus the relevant coupon and any unpaid coupons. If held to maturity and not called, investors receive full principal only if each ETF’s final level is at or above its buffer level (80% of initial). If either is below its buffer, repayment is reduced 1% for each 1% decline of the worst performer beyond the 20% buffer, subject to a minimum payment of 20% of principal, exposing investors to substantial loss of capital. All payments are unsecured and subject to Morgan Stanley’s and MSFL’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Dual Directional Jump Securities linked to the S&P 500® Futures Excess Return Index, maturing on July 21, 2031. Each security has a stated principal amount and issue price of $1,000 and an estimated value on the pricing date of approximately $940.90.
The notes can be automatically redeemed starting July 23, 2027 if the index is at or above a call threshold equal to 100% of the initial level, paying early redemption amounts such as $1,100 or $1,200 per security for returns of about 10% per annum. If held to maturity, investors receive leveraged upside at a 125% participation rate when the final level is above the initial level, and a dual-direction feature that can provide up to a 30% positive return when the index moves up or down but finishes at or above a downside threshold set at 70% of the initial level. Below this threshold, investors lose 1% of principal for each 1% index decline and may lose their entire investment. All payments depend on Morgan Stanley’s credit, and the July 8, 2026 index closing level was 599.18.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $20,657,050 of Trigger GEARS linked to a weighted basket of the S&P MidCap 400 Index (80%) and EURO STOXX Mid Index (20%) maturing on July 11, 2031. Each Security has a $10 principal amount. If the Basket Return is greater than zero, holders receive $10 plus $10 multiplied by the Basket Return and the Upside Gearing of 1.1225. If the Basket Return is less than or equal to zero but the Final Basket Level is at or above the Downside Threshold of 75, investors receive $10 back. If the Final Basket Level is below 75, repayment is $10 plus $10 times the Basket Return, exposing investors to proportionate losses up to a 100% loss of principal. The notes pay no interest or dividends, have an estimated value on the trade date of $9.362 per $10, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Leveraged Buffered S&P 500 Index-Linked Notes due August 11, 2027. The notes pay no interest and return at maturity depends on the S&P 500 Index performance from the July 8, 2026 strike date to the August 9, 2027 determination date.
For each $1,000 note, investors receive 150% of any positive index return, but payments are capped at a Maximum Settlement Amount of $1,151.50
The notes are unsecured obligations of MSFL with a Morgan Stanley guarantee, exposing holders to issuer credit risk. They will not be listed, and secondary trading may be limited. The issuer’s estimated value on the trade date is approximately $985.70 per $1,000 note, reflecting embedded costs and an internal funding rate that is advantageous to the issuer.
Morgan Stanley Finance LLC is offering Enhanced Dual Directional Buffered Jump Securities linked to the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley. These $1,000-denomination notes pay no interest and expose investors to principal risk.
At maturity on February 3, 2028, if the index is at or above its initial level, holders receive $1,070 per security, reflecting a fixed $70 digital payment. If the index is below the initial level but at or above 93% of that level, investors receive $1,000 plus $70 plus an additional amount based on the index’s percentage decline, with the total positive return effectively capped at 14%. If the index is below 93% but at or above 80% of the initial level, investors receive $1,000 plus an absolute return on the decline, effectively capped at a 20% positive return. Below 80% of the initial level, principal is reduced 1% for each 1% decline beyond the 20% buffer, but not below a minimum payment of 20% of principal. The estimated value on the pricing date is approximately $970.40 per security, reflecting issuance, selling, structuring and hedging costs and the issuer’s credit spreads.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. The notes have a $1,000 stated principal amount and an aggregate principal amount of $200,000, pay no interest and mature on July 12, 2029.
At maturity, if the final level of each index is above its initial level, holders receive principal plus a leveraged upside payment equal to 155% of the worst-performing index’s gain. If any index finishes at or below its initial level but all remain at or above 70% of their initial levels, investors receive only principal. If any index falls below its 70% downside threshold, repayment is reduced 1% for every 1% decline in the worst-performing index, with no minimum; the investment can be lost in full.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and are subject to their credit risk. The estimated value on the pricing date is $968.40 per security, below the $1,000 issue price due to issuance, selling, structuring and hedging costs and the issuer’s funding rate. Liquidity is expected to be limited and tax treatment is complex.
Morgan Stanley Finance LLC is offering Structured Investments Buffered PLUS notes due July 11, 2031, linked to the S&P 500® Futures Excess Return Index and fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security and an aggregate principal amount of $3,341,000, with an issue price of $1,000 per security.
At maturity, investors receive leveraged upside if the final index level is above the initial level of 599.18, with a 179% leverage factor on positive index performance. Principal is fully returned if the final level is between the initial level and the buffer level of 479.344, which is 80% of the initial level. Below the buffer level, investors lose 1% of principal for each 1% decline beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal.
The securities pay no interest and expose investors to the credit risk of Morgan Stanley and MSFL, potential loss of principal, market volatility in the S&P 500® Futures Excess Return Index and limited liquidity. The estimated value on the pricing date is $944.80 per security, reflecting issuance, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing principal-at-risk “Jump Securities” due July 20, 2029 linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF. Each security has a $1,000 stated principal amount and issue price, while the estimated value on the pricing date is approximately $962.80 per security, reflecting embedded costs.
The notes offer an automatic early redemption on July 23, 2027 for $1,254 per security if, on July 20, 2027, each underlier’s closing level is at or above its call threshold, set at 100% of its initial level. If not redeemed and, at maturity, each underlier finishes above its initial level, investors receive $1,000 plus an upside payment equal to 175% of the gain of the worst performing underlier. If any underlier finishes at or below its initial level but all remain at or above 60% of their initial levels, only principal is returned.
If, at maturity, any underlier closes below its 60% downside threshold level, repayment is reduced dollar-for-dollar with the percentage decline of the worst performer, potentially to zero. The securities pay no interest, are unsecured obligations subject to Morgan Stanley’s credit risk, may be illiquid, and carry complex U.S. federal income tax treatment, including potential application of the constructive ownership and Section 871(m) regimes.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering market-linked, principal-at-risk securities maturing on July 20, 2027, linked to the lowest performing of NVIDIA and Microsoft common stock. The aggregate face amount is $500,000, with a price to the public of $1,000 per security and an estimated value on the pricing date of $984.00 per security.
At maturity, if the ending price of the lowest performing stock is at least its threshold price (60% of its starting price), investors receive $1,000 plus a contingent fixed return of 15.65%, or $156.50 per security. If the lowest performing stock finishes below its threshold, investors are fully exposed to its negative return and can lose more than 40%, up to their entire principal. The notes pay no interest or dividends, have limited upside to the contingent fixed return, carry Morgan Stanley credit risk, and may have little or no secondary market liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk Enhanced Trigger Jump Securities linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal, pays no interest and matures on January 21, 2028, with a single observation on January 18, 2028. If the final level of each index is at or above 70% of its initial level, investors receive $1,000 plus a fixed upside payment of $165 per security, a 16.50% return, regardless of how much the indices rose. If any index finishes below its downside threshold level, repayment is reduced 1% for each 1% decline of the worst-performing index, with no minimum payment; the entire principal can be lost. The indicative estimated value on the pricing date is approximately $983.10 per security, reflecting issuing, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The notes are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities due January 27, 2028, linked to the worst performer of the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000. Investors may receive a contingent coupon at an annual rate of 10.15% on scheduled coupon payment dates, but only if on the related observation date the closing level of each underlier is at or above its coupon barrier level, set at 75% of its initial level.
The notes are subject to automatic early redemption on quarterly redemption determination dates starting October 22, 2026 if each underlier is at or above its call threshold level, 95% of its initial level; in that case, investors receive $1,000 plus the applicable contingent coupon and no further payments. If the notes are not redeemed early and on the final observation date each underlier is at or above its downside threshold level, 70% of its initial level, investors receive $1,000 plus any final contingent coupon. If either underlier finishes below its downside threshold, repayment of principal is reduced 1% for every 1% decline of the worst performer, and the maturity payment can be significantly less than $1,000, down to zero.
The estimated value on the pricing date is approximately $967.30 per security, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s funding rate. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the securities are unsecured, not bank deposits, and not insured by the FDIC or any governmental agency.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Callable Contingent Income Securities due January 21, 2028 linked to the common stock of Micron Technology, Inc. Each security has a stated principal amount and issue price of $1,000.
The securities pay a contingent coupon at an annual rate of 46.50%, but only if Micron’s closing level on an observation date is at or above a coupon barrier set at 60% of the initial level. If the barrier is breached on an observation date, no coupon is paid for that period, and investors could receive few or no coupons over the term.
Beginning January 22, 2027, the issuer may redeem the notes on specified redemption dates for principal plus any due coupon, but only if a risk neutral valuation model indicates redemption is economically rational for the issuer. If not redeemed and Micron’s final level is at or above a downside threshold at 50% of the initial level, investors receive principal back (plus any final coupon). If the final level is below this threshold, repayment is reduced in proportion to Micron’s decline, potentially to zero.
The estimated value on the pricing date is approximately $977.20 per security, below the issue price due to issuance, selling, structuring and hedging costs borne by investors. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due January 19, 2029, linked to the common stock of Broadcom Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $965.60, reflecting issuance, selling, structuring and hedging costs and dealer compensation.
Investors may receive a contingent coupon at an annual rate of 15.00%, payable only if Broadcom’s closing level on each observation date is at or above the coupon barrier level, set at 50% of the initial level. The notes are automatically redeemed at par plus the applicable coupon if, on any redemption determination date starting January 19, 2027, Broadcom’s closing level is at or above the call threshold level, equal to 100% of the initial level.
If the notes are not called and the final level on January 16, 2029 is at or above the downside threshold level (also 50% of the initial level), investors receive principal back plus any final contingent coupon. If the final level is below the downside threshold, repayment is reduced 1% for every 1% decline in the stock from the initial level, with no minimum, so the maturity payment can be zero. The securities are unsecured obligations subject to the credit risk of MSFL and Morgan Stanley and may have limited or no secondary market liquidity.
Morgan Stanley Finance LLC is offering Jump Securities with an auto-call feature maturing on July 19, 2029, linked to the worst performing of the Dow Jones Industrial Average, the iShares MSCI EAFE ETF and the Nasdaq-100 Index. Each security has a $1,000 stated principal amount and issue price of $1,000, is unsecured, and is fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
The notes may be automatically redeemed quarterly starting on January 19, 2027 if each underlier is at or above its call threshold level (100% of its initial level). Early redemption pays $1,055 to $1,320.833 per $1,000 depending on the determination date, corresponding to a return of approximately 11.00% per annum. If held to maturity and each underlier is at or above its call threshold, investors receive $1,330 per $1,000. If any underlier is below its call threshold but all are at or above 70% of their initial levels (the downside threshold levels), investors receive only principal. If any underlier finishes below its downside threshold, repayment is reduced 1% for each 1% decline of the worst performer, and can fall to zero. The estimated value on the pricing date is approximately $957.70 per security, reflecting structuring and hedging costs. All payments are subject to Morgan Stanley’s credit risk, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with an auto-call feature maturing on July 29, 2031. Each note has a $1,000 stated principal amount and is linked to the worst performer of IBM, NVIDIA and Qualcomm common stock. The notes pay no interest.
The securities may be automatically redeemed quarterly from August 2, 2027 onward if each stock closes at or above its call threshold (92% of its initial level), for fixed early redemption payments that start at $1,300 per note and step up to $2,425. If held to maturity and each final level is at or above its call threshold, holders receive $2,500 per note. If any final level is below its call threshold but all are at or above the 70% buffer level, only principal is repaid.
If any final level is below its 70% buffer, repayment is reduced 1% for each 1% decline of the worst performer beyond the 30% buffer, subject to a minimum payment of 30% of principal. The estimated value on the pricing date is about $925.60 per note, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is issuing structured “Buffered Jump Securities with Auto-Callable Feature” maturing on July 29, 2031, linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the iShares MSCI EAFE ETF. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $949.50 due to issuance, selling, structuring and hedging costs.
The notes pay no interest and may be automatically redeemed starting August 2, 2027 if each underlier is at or above its call threshold, for fixed early redemption payments corresponding to about 11.25% per annum (from $1,112.50 up to $1,450.00 per $1,000). If not called, at maturity investors receive upside participation of 100% of the worst-performing underlier if all are above initial levels, return of principal if all remain at or above a 15% buffer, or a loss of 1% of principal for each 1% decline of the worst underlier beyond that buffer, subject to a minimum payment of 15% of principal. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC is offering Buffered Jump Securities with an auto-call feature linked to the Nasdaq-100 Index® at a $1,000 stated principal amount per security, fully and unconditionally guaranteed by Morgan Stanley. The notes may be automatically redeemed on August 4, 2027 for an early redemption payment of $1,143.70 per security if the index on the first determination date is at or above the call threshold.
If not called, at maturity on July 27, 2028 investors receive principal plus a 125% participation in index gains if the final level exceeds the initial level, full principal back if the final level is between 90% and 100% of the initial level, and 1% loss of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal. The estimated value on the pricing date is approximately $977.50 per security versus the $1,000 issue price, reflecting embedded costs and structuring. Investors bear principal-at-risk, issuer and guarantor credit risk, limited liquidity, and complex U.S. tax treatment.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Jump Securities with an auto-call feature maturing on July 19, 2029. Each security has a stated principal amount of $1,000 and is linked to the worst performer among the iShares MSCI EAFE ETF, the Nasdaq-100 Index and the S&P 500 Index.
The notes may be automatically redeemed on scheduled determination dates starting January 19, 2027 if all underliers are at or above their 100% call threshold levels, paying early redemption amounts that target approximately 10.80% per annum, such as $1,054 on the first determination date and up to $1,315 near maturity. If held to maturity and all underliers are at or above their call thresholds, investors receive $1,324 per security. If any underlier is below its call threshold but all are at or above a 70% downside threshold, only principal is returned. If any underlier finishes below its downside threshold, the maturity payment is reduced 1% for each 1% decline of the worst underlier, and could be zero. The estimated value on the pricing date is approximately $955.60 per $1,000, reflecting issuing, selling, structuring and hedging costs and the issuer’s funding spread.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due July 21, 2031, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the EURO STOXX 50® Index and the iShares® MSCI Emerging Markets ETF. Each note has a stated principal amount and issue price of $1,000 and pays no interest.
At maturity, if the final level of each underlier exceeds its initial level, investors receive $1,000 plus a leveraged upside payment equal to 263% of the percentage gain of the worst performing underlier. If at least one underlier is at or below its initial level but both remain at or above 80% of their initial levels, investors receive only principal back. If either underlier falls below its downside threshold level, repayment is reduced 1% for every 1% decline in the worst performing underlier, with no minimum; the maturity payment can be zero.
The estimated value on the pricing date is approximately $943.10 per note, reflecting embedded costs and issuer economics. The notes expose investors to equity, emerging markets, currency, credit and liquidity risk, and their market value before maturity will depend on Morgan Stanley’s credit spreads and the performance and volatility of both underliers.
Morgan Stanley Finance LLC is offering principal-at-risk Trigger Jump Securities due August 7, 2031, each with a $1,000 stated principal amount, linked to the worst performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. If the final level of each index is at or above its initial level, holders receive $1,000 plus the greater of the index percentage gain of the worst performer or a fixed $575 upside payment per security. If any index finishes below its initial level but all stay at or above 75% of their initial levels, investors receive only the $1,000 principal. If any index ends below its 75% downside threshold, the payout is $1,000 multiplied by that index’s performance factor, producing a 1% loss of principal for each 1% decline and potentially zero. The securities pay no interest, have no minimum payment at maturity and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of approximately $948.80 per security.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk structured notes linked to the worst performer of the iShares Expanded Tech-Software ETF, iShares MSCI Emerging Markets ETF and the Russell 2000 Index. Each security has a $1,000 stated principal amount, with an estimated value on the pricing date of approximately $956.00 per security.
Investors may receive a contingent coupon at an annual rate of 10.25%, but only if on each observation date all three underliers are at or above their coupon barrier levels, set at 70% of initial levels. The notes are automatically callable quarterly starting on January 19, 2027 if all underliers are at or above 100% of their initial levels, returning principal plus the applicable coupon.
If not called, the notes mature on January 19, 2029. Principal is protected only by a 20% buffer: if any underlier’s final level is below 80% of its initial level, repayment is reduced 1% for each 1% decline of the worst performer beyond that buffer, subject to a minimum payment of 20% of principal. All payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering principal-at-risk Buffered Jump Securities with Auto-Callable Feature linked to the worst performance of the Nasdaq-100 Index and the S&P 500 Index, each in $1,000 denominations. The notes may be automatically redeemed on August 6, 2027 if on the first determination date each index is at or above 100% of its initial level, in which case investors receive an early redemption payment of $1,150 per security and no further payments.
If not redeemed early and the final level of each index exceeds its initial level, investors receive $1,000 plus an upside payment equal to 164% of the percentage gain of the worst performing index. If at least one index ends at or below its initial level but both remain at or above 90% of initial (a 10% buffer), investors receive only the $1,000 principal. If either index finishes below its 90% buffer level, repayment is reduced dollar-for-dollar with the worst index’s loss beyond the 10% buffer, subject to a minimum payment at maturity of 10% of principal. An internal model-based estimated value on the pricing date is approximately $983.30 per security. All amounts are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities linked to Apple Inc. common stock, with a stated principal amount of $1,000 per security. Investors may receive a contingent coupon at an annual rate of 7.50%, but only when Apple’s closing level on an observation date is at or above a coupon barrier set at 70% of the initial level; missed coupons can be paid later if the barrier is met on a subsequent observation date.
The notes can be automatically redeemed starting on January 20, 2027 if Apple’s closing level on a redemption determination date is at or above 100% of the initial level, in which case investors receive principal plus the applicable contingent coupon and any unpaid coupons, and the notes terminate. If held to the July 25, 2029 maturity and not called, investors receive full principal only if the final level is at or above a downside threshold set at 70% of the initial level; otherwise the payoff is $1,000 multiplied by the performance factor (final level divided by initial level), exposing investors to a loss of 1% of principal for each 1% decline in Apple’s level, potentially down to zero.
The estimated value on the pricing date is approximately $964.50 per $1,000 security, reflecting issuing, selling, structuring and hedging costs. Payments are subject to the credit risk of Morgan Stanley and MSFL, secondary market liquidity is not assured, and the U.S. federal income tax treatment is uncertain, with non-U.S. holders generally facing 30% withholding on coupons absent an applicable reduction.
Morgan Stanley Finance LLC is offering principal-at-risk Callable Contingent Income Securities due July 29, 2030, fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performer of the Global X Uranium ETF (URA), State Street® Energy Select Sector SPDR® ETF (XLE) and State Street® Financial Select Sector SPDR® ETF (XLF).
Investors may receive a 20.00% per annum contingent coupon, paid only when all three ETFs close at or above 70% of their initial levels on each observation date. If not called early under a risk neutral valuation model and any ETF finishes below 60% of its initial level at maturity, principal is reduced 1% for each 1% decline in the worst performer and can fall to zero. The original issue price is $1,000 per security and the estimated value on the pricing date is approximately $945.80, reflecting issuance, structuring and hedging costs.
Morgan Stanley Finance LLC is offering principal-at-risk Jump Securities with an auto-callable feature due July 21, 2031, linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index® and S&P 500® Index. Each security has a stated principal amount and issue price of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on specified determination dates starting on July 23, 2027 if each index is at or above its call threshold level, paying early redemption amounts from $1,097.50 to $1,390.00 per security, corresponding to about 9.75% per annum. If held to maturity and all indices are at or above their call thresholds, investors receive $1,487.50 per security.
If any index is below its call threshold but all are at or above their downside thresholds (70% of initial levels), investors receive only the $1,000 principal. If any index finishes below its downside threshold, the maturity payment equals $1,000 multiplied by the performance factor of the worst performing index, creating 1-for-1 downside exposure that can reduce the payment to zero. The estimated value on the pricing date is approximately $940.50 per security, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Contingent Income Memory Auto-Callable Securities due July 22, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $907.10 per security.
Investors may receive a contingent coupon at an annual rate of 8.00%, but only when the index’s closing level on an observation date is at or above the coupon barrier level, set at 55% of the initial level. Unpaid coupons can be "memorized" and paid later if a future observation meets the barrier. The notes are auto-callable quarterly starting April 2027 if the index is at or above 81.50% of the initial level, returning principal plus applicable coupons.
If the notes are not called and the final index level is at or above the 55% downside threshold, investors receive principal back (plus any due coupons). If the final level is below this threshold, repayment is reduced 1% for every 1% index decline, and the payout can fall to zero. All payments are subject to Morgan Stanley’s credit risk, and investors do not participate in any upside of the index.
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering $7,821,000 of Digital S&P 500 Index-Linked Notes due September 16, 2027 under its global medium-term note program. The notes pay no interest and expose principal to risk based on the S&P 500 Index level on the September 14, 2027 determination date relative to the July 8, 2026 initial level of 7,482.71. If the final index level is at least 90% of the initial level, investors receive a fixed Maximum Settlement Amount of $1,104 per $1,000 note, equal to 110.40% of face value. If the index has fallen by more than 10%, repayment is reduced using a downside formula with a buffer rate of approximately 111.11%, and investors can lose up to their entire principal. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, are not listed on an exchange, and have an estimated value on the trade date of $984.40 per $1,000 note, below the issue price because it embeds issuance, structuring and hedging costs.