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 priced a series of principal‑at‑risk notes called Trigger PLUS due July 3, 2031. The offering totals an aggregate principal amount of $630,000 with a $1,000 stated principal amount per security and an issue price of $1,000 per security.
Payments at maturity depend on the S&P 500® Futures Excess Return Index: investors receive the stated principal plus a 202% leverage of the underlier’s appreciation if the final level exceeds the initial level (initial level 600.73). If the final level is below a downside threshold of 420.511 (70% of initial), investors lose 1% of principal for every 1% decline in the underlier; there is no minimum payment. Estimated value on the pricing date was $945.80 per security; agent commissions were $33.50 per security, leaving proceeds of $966.50 per security to the issuer.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk notes called Buffered Jump Securities due July 6, 2029 linked to the worst performer of the Nasdaq-100 Technology Sector, the S&P 500 and the XLY ETF. The offering aggregates $550,000 at $1,000 per security and carries an estimated value of $955.10 on the pricing date. The notes have a 25% buffer, a 110% participation rate on upside at maturity, an early redemption feature that pays $1,150 if all underliers meet their call thresholds on the first determination date, and a minimum payment at maturity of 25% of principal.
The securities do not pay interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley, and expose investors to Morgan Stanley credit risk and to losses if the worst-performing underlier declines beyond the buffer amount.
Morgan Stanley Finance LLC priced a market‑linked, principal‑at‑risk note offering totaling $1,135,000 (1,135 securities) with a $1,000 face amount per security. The two‑year notes were priced on June 30, 2026 and mature on July 6, 2028.
The payout links to an unequally weighted Basket (S&P 500 50%, Nasdaq‑100 15%, EURO STOXX 50 20%, EEM ETF 15%), offers a 110% participation rate up to a 23.00% maximum return ($230.00), and provides a 10% downside buffer (threshold 90%). The issuer estimates the value at $960.00 per security on the pricing date. Investors are exposed to issuer credit risk and may lose up to 90% of principal.
Morgan Stanley Finance LLC is offering callable Principal at Risk securities linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount and aggregate principal of $670,000. They pay no interest, are subject to Morgan Stanley credit risk and can be redeemed early under a risk-neutral valuation test beginning on July 13, 2027. At maturity on July 3, 2031, payouts depend on the final index level versus the initial level of 600.73, with a 500% upside participation rate, a downside threshold at 360.438 (60% of initial) and an absolute return participation feature that can produce either a capped positive return or a full loss of principal.
These securities are intended for investors willing to risk their principal for structured upside tied to absolute index moves. All payments are subject to the issuer’s and guarantor’s creditworthiness and the securities include various model‑based early redemption and liquidity limitations.
Morgan Stanley Finance LLC priced principal-at-risk, contingent-income auto-callable securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the Russell 2000. The securities have a $1,000 stated principal amount, aggregate issuance of $1,972,000 and an estimated value on the pricing date of $949.70.
The notes pay a contingent coupon of 8.25% per annum on each coupon date only if each underlier is at or above its coupon barrier (70% of initial level) on the related observation date. The securities are auto-callable beginning on the first redemption determination date (June 30, 2027) if each underlier is at or above its call threshold (100% of initial level) on that date. At maturity, if any underlier is below its 70% downside threshold, the payment is the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to a potential total loss of principal.
Morgan Stanley Finance LLC priced a Structured Investments offering of Dual Directional Buffered PLUS notes due January 4, 2028, fully and unconditionally guaranteed by Morgan Stanley. The securities link to the worst performing of the Dow Jones Industrial Average and the Russell 2000® Index, with a $1,000 stated principal amount per security and an aggregate principal amount of $1,209,000.
Key economic terms: $1,000 issue price; leverage factor 150% on upside (capped at $1,242.50 per security); a 15% buffer and a 15% minimum payment at maturity. The securities pay no interest, are principal‑at‑risk if the worst underlier falls below the buffer on the observation date (December 30, 2027), and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a market-linked, principal-at-risk note linked to CoreWeave, Inc. Class A common stock due July 12, 2027. Each $1,000 security pays a contingent fixed return of 47.00% ($470) at maturity if the ending price is at or above a threshold equal to 60% of the $99.54 starting price (threshold $59.724). If the ending price is below the threshold, the investor receives $1,000 plus the underlying return and may lose more than 40%, up to the full principal. The estimated value on the pricing date was $962.60 per security and the offering price was $1,000 per security, with commissions reducing proceeds to MSFL.
Morgan Stanley Finance LLC priced Trigger PLUS principal-at-risk securities linked to the S&P 500® Futures Excess Return Index. The offering totals $3,418,000 at an issue price of $1,000 per security with an estimated value of $969.30 on the pricing date. The notes mature on July 3, 2031 with the observation date of June 30, 2031.
At maturity investors receive the stated principal plus a 220% leveraged upside if the final index level exceeds the initial level (600.73). If the final level is between the initial level and the downside threshold (420.511), investors receive principal; below the threshold they lose 1% for each 1% decline in the index, with no minimum payment.
Morgan Stanley Finance LLC priced an offering of $12,676,000 in Principal at Risk securities, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, an upside payment of $204.50 per security, a buffer of 20% (buffer level 80), a downside factor of 1.25, an observation date of July 13, 2027 and a maturity date of July 16, 2027.
Investors receive the stated principal plus the upside payment if the final level is at or above the buffer level; otherwise losses equal 1.25% of principal for each 1% decline in the underlier beyond the buffer. The issue price is $1,000 with estimated value $966.60 on the pricing date and agent commissions of $10 per security.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000. Each note has a $1,000 stated principal amount and an aggregate issuance of $873,000.
At maturity on July 6, 2029, payment depends on the worst performing underlier: investors may receive principal plus the greater of the underlier percent change or an $465 upside payment, receive only principal if underliers hold above a 70% downside threshold, or lose principal proportionally if the worst underlier is below its threshold. All payments are subject to Morgan Stanley credit risk; the estimated value on the pricing date was $975.60.
Morgan Stanley Finance LLC priced a Buffered PLUS note linked to the State Street® Technology Select Sector SPDR® ETF (XLK). The securities have a stated principal amount of $1,000 per security, an aggregate principal amount of $1,570,000, an issue price of $1,000 and an estimated value on the pricing date of $982.20.
Payments at maturity depend on the ETF’s closing level on the observation date (December 31, 2029) with a 115% leverage factor, a 20% buffer (buffer level $152.416 = 80% of initial level $190.52), a maximum payment of $1,750 (175% of principal) and a minimum payment of 20% of principal. All payments are subject to the issuer’s and guarantor’s credit risk.
The pricing supplement describes contingent income, memory, auto-callable notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal, aggregate issuance of $142,000, maturity on July 3, 2031 and an annual contingent coupon of 12.75% payable only if the underlier meets coupon barrier tests on observation dates.
The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an initial level of 3,482.19, call threshold equal to that initial level and a downside threshold at 60% of initial level (2,089.314). The securities may auto‑redeem beginning June 30, 2027 on specified determination dates. Estimated value on the pricing date was $931.50 per security; issue price to public is $1,000.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the State Street® SPDR® S&P® Homebuilders ETF. The securities have a $1,000 stated principal amount and $667,000 aggregate principal amount, an issue price of $1,000 per security and an estimated value on the pricing date of $965.40 per security.
The notes pay a contingent coupon at an annual rate of 12.75% on each coupon payment date only if the underlier’s closing level on the related observation date is at or above the coupon barrier ($92.448, 80% of the initial level). Automatic early redemption may occur on specified dates if the closing level meets or exceeds the call threshold ($115.56, the initial level). At maturity investors receive the stated principal if the final level is at or above the downside threshold ($92.448); if below, the payment equals the stated principal multiplied by the performance factor (final level / initial level), which can result in a substantial loss of principal.
Morgan Stanley Finance LLC priced Principal‑at‑Risk auto‑callable notes totaling $184,000 aggregate principal. The notes have a stated principal of $1,000 per security, an issue price of $1,000 and an estimated value on the pricing date of $936.90. The payoff is linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an initial level of 3,482.19, a call threshold of 3,133.971 (90% of the initial level) and a downside threshold of 2,089.314 (60% of the initial level). The securities can auto‑redeem on scheduled determination dates for fixed early redemption payments (ranging from $1,200 to $1,983.333 per security) or pay at maturity up to $2,000 if the final level meets the call threshold. If the final level is below the downside threshold, investors suffer proportional principal loss (payment = principal × final level / initial level). All payments are unsecured and guaranteed by Morgan Stanley and are subject to issuer credit risk, limited liquidity and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC priced Principal-at-Risk, auto-callable notes linked to the worst-performing of the EURO STOXX 50®, Russell 2000® and S&P 500®. The securities have a stated principal amount of $1,000 per security, an aggregate principal amount of $1,409,000, an original issue price of $1,000 and an estimated value on the pricing date of $985.90. If each underlier meets its call threshold on the first determination date (July 7, 2027), the securities automatically redeem for an early redemption payment of $1,317.50. If not redeemed, maturity outcomes depend on underlier performance: full principal plus an upside payment (participation rate 150%) if all final levels exceed initial levels; return of stated principal if final levels stay above the downside thresholds (70% of initial); or a loss proportional to the worst-performing underlier (payment could be zero). All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note linked to the worst performing of the iShares® Silver Trust (SLV), the Nasdaq-100® Technology Sector (NDXT) and the Russell 2000® Index (RTY). The securities have a stated principal amount of $1,000 per security, an aggregate principal amount of $158,000, an original issue price of $1,000 and an estimated value on the pricing date of $971.90. The notes pay a contingent coupon at an annual rate of 12.50% on scheduled coupon dates only if each underlier is at or above its coupon barrier (60% of initial level) on the related observation date. The notes are automatically callable on specified determination dates if each underlier is at or above its call threshold (100% of initial level), and at maturity pay either the stated principal or a reduced principal equal to the worst-performing underlier’s performance factor. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; credit risk and the structure’s downside exposure to the worst-performing underlier are the primary investor risks.
Morgan Stanley Finance LLC priced $100,000 aggregate principal of Structured Investments — Contingent Income Auto-Callable Securities due July 6, 2029 — fully and unconditionally guaranteed by Morgan Stanley. The offering is sold at $1,000 per security (stated principal amount) in denominations of $1,000.
The securities pay a contingent coupon of 11.50% per annum on each coupon payment date only if the closing level of each underlier meets its coupon barrier on the related observation date. They are auto‑callable on specified redemption determination dates if each underlier meets its call threshold (100% of initial levels). At maturity holders receive principal only if each underlier is at or above its downside threshold (70% of initial); otherwise payment is reduced pro rata to the performance of the worst performing underlier and could be zero. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities linked to Amazon.com, Inc. common stock with a stated principal amount of $1,000 per security and aggregate principal of $4,033,000. The notes pay a contingent coupon at an annual rate of 16.50% only if the underlier meets a coupon barrier on scheduled observation dates and are subject to automatic early redemption if the underlier meets the call threshold on any redemption determination date. The initial level and call threshold were set at $238.34, and the coupon barrier and downside threshold were set at $190.672 (80% of initial). If not auto‑redeemed, maturity payment is principal if the final level is at or above the downside threshold; otherwise payment equals stated principal multiplied by final/initial level, exposing investors to full downside and possible total loss. All payments are subject to Morgan Stanley's credit risk; estimated value on the pricing date was $966.50 per security.
Morgan Stanley Finance LLC is offering $1,000,000 of principal-at-risk, auto-callable notes due July 3, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an original issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 16.55% on observation dates when the underlier meets the coupon barrier, are automatically redeemed if the underlier equals or exceeds the call threshold on redemption determination dates, and expose investors to full downside below the 60% downside threshold.
Morgan Stanley Finance LLC priced a principal-at-risk note program: $1,000 stated principal per security, $462,000 aggregate, issued at $1,000 per security with an estimated value of $973.10 on the pricing date. The notes are fully and unconditionally guaranteed by Morgan Stanley and mature on July 3, 2031.
Payoff depends on the S&P 500® Futures Excess Return Index level on the observation date June 30, 2031. Key mechanics: an upside payment of $600 per security if the final level ≥ initial level; an absolute return participation feature (100% participation) if the final level declines but remains ≥ the downside threshold of 420.511 (70% of the initial level 600.73); and full proportional loss of principal if the final level is below the downside threshold. All payments are subject to issuer credit risk; there is no guaranteed return of principal and no periodic interest.
Morgan Stanley Finance LLC priced Buffered PLUS linked to the EURO STOXX 50® Index that matures on January 4, 2028. Each security has a $1,000 stated principal amount, an original issue price of $1,000, an estimated value on the pricing date of $968.40, and aggregate principal of $314,000.
Payment at maturity depends on the index closing on the observation date: upside is leveraged at 200% up to a $1,176 cap (117.60%); a 10% buffer protects against losses up to 10% of the initial level; below the buffer investors lose 1% for each 1% decline, subject to a minimum payment of 10% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering $11,466,000 aggregate principal of Structured Investments — Contingent Income Auto-Callable Securities due January 4, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000 per security.
The securities pay a contingent coupon at an annual rate of 12.13% only if, on each observation date, the closing level of the Nasdaq-100, Russell 2000 and S&P 500 indices are each at or above their coupon barrier levels (80% of initial levels). The notes are auto-callable on specified redemption determination dates beginning December 30, 2026. If not called, maturity payoff depends on the worst-performing underlier: if any underlier is below its downside threshold (75% of initial level), principal is reduced pro rata to that worst performance and can be zero. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is issuing market-linked notes tied to the EURO STOXX 50® Index with a stated principal amount of $1,000 per note and an aggregate principal amount of $603,000. The notes pay no interest and at maturity on July 3, 2031 will return the stated principal plus an upside payment if the index final level exceeds the initial level of 6,328.09 (strike date June 30, 2026). The upside payment equals the stated principal multiplied by a participation rate of 131.25% and the underlier percent change. The estimated value on the pricing date was $969.40 per note, the issue price was $1,000 and the agent received $7.50 per note in fees. All payments are unsecured and subject to Morgan Stanley's credit risk; the notes will not be listed on an exchange.
The pricing supplement describes Principal at Risk auto-callable securities issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a stated principal amount of $1,000, an original issue date of July 6, 2026, a maturity date of July 6, 2029 and an early redemption feature with first determination date July 1, 2027. If both underliers are at or above their call thresholds on that date, securities auto-redeem for $1,162.50. If not redeemed, maturity payments depend on index performance: investors may receive principal plus an upside payment (150% participation on the worst performing underlier), principal only, or a reduced payment that reflects the full percentage decline of the worst performing underlier; payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a Trigger PLUS principal-at-risk note program backed by Morgan Stanley that references the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The securities have a $1,000 stated principal amount, a 140% leverage factor for upside, and a maturity date of July 3, 2031. At maturity investors receive either (a) principal plus the leveraged upside if both underliers finish above their initial levels, (b) the stated principal if the worst performing underlier finishes between its initial level and its 75% downside threshold, or (c) a principal loss equal to the percentage decline of the worst performing underlier if it finishes below its 75% threshold. The issue price is $1,000 per security, estimated value on the pricing date was $976.30, and the aggregate principal amount issued is $657,000. All payments are subject to MSFL’s and Morgan Stanley’s credit risk; there is no guaranteed return of principal and no periodic interest.
Morgan Stanley Finance LLC priced market-linked notes linked to the iShares® Bitcoin Trust ETF with a $1,000 principal per note and a maturity date of July 3, 2031. The notes pay 100% participation in positive performance of the ETF up to a maximum return of 57.25% (maximum maturity payment of $1,572.50 per note). The starting price was $33.29 on the June 30, 2026 pricing date; the ending price will be the fund closing price on the calculation day of June 30, 2031. The estimated value on the pricing date was $927.30 per note; the public offering price is $1,000 with agents’ commissions of $43.70 per note and proceeds to the issuer of $956.30 per note. All payments are subject to issuer credit risk and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, contingent income auto-callable securities due July 3, 2031, fully guaranteed by Morgan Stanley. The securities are issued at $1,000 per security with an aggregate principal amount of $100,000 and an estimated value on the pricing date of $939.20.
The notes pay a contingent coupon at an annual rate of 12.50% on observation dates if the underlier meets the coupon barrier. They are automatically redeemed early if the underlier is at or above the call threshold (3,482.19) on a redemption determination date. At maturity holders receive principal if the final level is at or above the downside threshold (2,089.314, 60% of initial); otherwise payment equals principal multiplied by final/initial level, exposing investors to full downside.
Morgan Stanley Finance LLC is offering market-linked notes linked to the EURO STOXX 50® Index with an aggregate principal amount of $354,000 and a stated principal amount of $1,000 per note. The notes were priced on June 30, 2026 with an original issue date of July 6, 2026 and mature on July 5, 2030.
At maturity, if the final level of the index on the observation date (July 1, 2030) is greater than the initial level (6,328.09), each note will pay the stated principal plus an upside payment equal to the stated principal multiplied by a participation rate of 113.25% and the underlier percent change; if the final level is equal to or less than the initial level, investors will receive only the stated principal. The estimated value on the pricing date was $972.00 per note, and the issue price was $1,000 per note (agent commission $7.50, proceeds to issuer $992.50 per note).
Morgan Stanley Finance LLC is issuing Trigger PLUS securities due July 6, 2029, fully guaranteed by Morgan Stanley. Each $1,000 security links to the worst performing of the Nasdaq-100® Technology Sector, Russell 2000® and S&P 500® indices and pays either principal plus a leveraged upside, principal only, or a loss tied to the worst performing underlier.
The leverage factor is 170%, the downside threshold is 70% of each index initial level, the estimated value on pricing was $962.50 and the aggregate principal amount offered is $373,000. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due July 5, 2030, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the EURO STOXX 50® and Russell 2000® indices. The notes have a stated principal amount of $1,000 per note and aggregate principal of $100,000. They pay no interest; at maturity investors receive principal plus an upside payment equal to the stated principal × a participation rate of 136% × the percentage change of the worst performing underlier, provided that the final level of each underlier is greater than its initial level. If the final level of either underlier is equal to or less than its initial level, investors receive only the stated principal. The observation date is July 1, 2030 (subject to postponement); the estimated value on the pricing date was $970.10 per note. All payments are subject to issuer credit risk; the notes are unsecured and will not be listed.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due July 13, 2029, linked to Micron Technology, Inc. common stock. Each security has a stated principal amount of $1,000 and an annual contingent coupon rate of 27.20% (approximately $68 per quarter) paid only if the underlying closes at or above a downside threshold equal to 40% of the initial share price on a determination date. If the notes are auto‑redeemed on any of the first eleven determination dates when the underlying closes at or above the initial share price, holders receive principal plus accrued contingent coupons. If not called, maturity payments depend on the final share price: if the final share price is at or above the downside threshold, holders receive principal plus contingent coupons; if below, holders receive principal multiplied by the share performance factor and may lose a substantial portion or all of principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced structured, principal‑at‑risk notes linked to the worst performing of the EURO STOXX 50® and S&P 500® Index with a $1,000 stated principal amount per security and an aggregate principal amount of $14,133,000. The notes pay a contingent coupon at an annual rate of 9.16% on coupon dates only if both underliers are at or above their coupon barrier levels on observation dates. The notes are automatically redeemable early if both underliers meet their call threshold on a redemption determination date; otherwise at maturity investors either receive principal or a principal amount reduced in proportion to the worst performing underlier, exposing holders to potential loss of principal. All payments are subject to MSFL's credit risk and guaranteed by Morgan Stanley.
The pricing supplement describes a $132,000 aggregate offering of Dual Directional Trigger PLUS securities issued by Morgan Stanley Finance LLC and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a 140% leverage factor, a 50% absolute return participation rate and a 70% downside threshold. Payment at maturity depends on the worst performing of the Nasdaq-100 Technology Sector Index and the Russell 2000 Index on the observation date; outcomes range from leveraged upside to full loss of principal if the worst performing underlier closes below its downside threshold. The estimated value on the pricing date is $956.90 per security and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC issues a callable contingent income security linked to the worst performing of the S&P 500® Index, the XLRE Fund and the XLK Fund. Each security has a $1,000 stated principal amount and pays a contingent coupon of 10.75% per annum on each coupon date only if the closing level of every underlier is at or above its coupon barrier level on the related observation date. The securities mature on July 6, 2029, are callable beginning July 6, 2027 based on the output of a risk neutral valuation model, and are fully and unconditionally guaranteed by Morgan Stanley. If any underlier’s final level is below its downside threshold (60% of its initial level), the maturity payment will be the stated principal multiplied by the performance factor of the worst performing underlier and could result in a substantial loss of principal. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due July 3, 2031 linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount per security, an initial level of 600.73 (strike date June 30, 2026) and an observation date of June 30, 2031.
At maturity investors receive (a) the stated principal plus 188% of appreciation if the final level > initial level; (b) the stated principal plus a positive return equal to the absolute decline multiplied by a 50% participation rate if the final level is between the downside threshold (360.438, 60% of initial) and the initial level; or (c) a pro rata principal loss equal to the performance factor if the final level is below the downside threshold, potentially resulting in total loss of principal. The estimated value on pricing date was $965.30 per security.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note tied to the S&P 500® Futures Excess Return Index with a $1,000 stated principal per security and an aggregate principal amount of $184,000. The securities pay no interest, offer a fixed $380 upside payment (38%) at maturity if the final index level is at or above the downside threshold, and otherwise deliver an amount equal to the stated principal multiplied by the index performance factor; there is no minimum payment and investors may lose their entire principal. The strike/ pricing date is June 30, 2026, the observation date is July 1, 2030 (subject to postponements), and the maturity date is July 5, 2030. These unsecured obligations of MSFL are fully and unconditionally guaranteed by Morgan Stanley and are subject to issuer credit risk and other risks described in the supplement.
Morgan Stanley Finance LLC is offering principal‑at‑risk, dual‑underlier notes due July 3, 2031 fully and unconditionally guaranteed by Morgan Stanley. The securities return depends on the worst performing of the Russell 2000 and the S&P 500, with upside, absolute‑return and downside loss features.
The stated principal amount is $1,000 per security, issue price $1,000, estimated value on the pricing date $956.50, aggregate principal $656,000. Upside payment is $450 (45%) and the absolute return participation rate is 100%. If either underlier closes below 75% of its initial level the securities suffer proportional principal losses.
Morgan Stanley Finance LLC amends the preliminary pricing supplement for variable income auto-callable notes due July 16, 2029, fully guaranteed by Morgan Stanley. The notes pay a variable coupon (higher 7.80% or lower 0.25%) based on observation-date performance of three underliers (Alphabet Class C, Meta Class A, Microsoft). The notes auto-redeem if all underliers meet call thresholds on a redemption determination date; otherwise investors receive stated principal at maturity. All payments are unsecured and subject to Morgan Stanley credit risk; the estimated pricing-date value was approximately $976.40 per note.
Morgan Stanley Finance LLC is offering Principal at Risk notes due July 5, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and the payment at maturity is linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Index and the Russell 2000 Index. If the worst performing underlier finishes at or above its downside threshold (70% of initial level), investors receive the stated principal plus a fixed $446.50 upside payment (44.65%). If any underlier finishes below its downside threshold, the payout equals principal multiplied by the performance factor of the worst performing underlier, so holders could lose part or all of their principal. The offering size is an aggregate of $255,000, priced at $1,000 per security, with an estimated value on the pricing date of $985.30 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to the Roundhill Magnificent Seven ETF with automatic early redemption through June 26, 2031. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, and an estimated value on the pricing date of $960.50.
The notes pay no interest, expose investors to Morgan Stanley credit risk, and are auto‑callable beginning on the first determination date of July 2, 2027 if the underlier closes at or above the call threshold of $61.60. If not called, maturity payments are either $1,575.00 if the final level is at or above the downside threshold ($43.12) or a principal amount equal to the stated principal multiplied by the performance factor (final level/initial level), which could result in a total loss of principal.
Morgan Stanley Finance LLC is offering $650,000 aggregate principal of Principal at Risk auto-callable securities due January 3, 2028, linked to Dell Technologies Inc. Class C common stock. The securities pay a contingent coupon at an annual rate of 34.36% on observation dates when the underlier is at or above the coupon barrier.
The initial level is $414.61, the coupon barrier and downside threshold are $248.766 (60% of initial), and the call threshold is $414.61 (100% of initial). Each security has a $1,000 issue price, an estimated value on the pricing date of $968.10, and will automatically redeem early if call conditions are met on any redemption determination date.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Netflix, Inc. common stock with a stated principal of $1,000 per security and aggregate principal of $2,716,000. The notes pay a contingent coupon at an annual rate of 12.15% on each interest period only if the underlier meets the coupon barrier on the related observation date, are automatically redeemed if the underlier meets the call threshold of $71.40 on a redemption determination date, and mature on August 4, 2027. If not auto‑redeemed, holders receive principal at maturity only if the final level is at or above the downside threshold of $48.552 (68% of the initial level); otherwise payment is the stated principal multiplied by the performance factor (final level/initial level), which could result in significant loss of principal. Estimated value at issuance was $965.10 per security; the issue price is $1,000 with a $15 sales commission per security.
Morgan Stanley Finance LLC issues Principal-at-Risk contingent-income auto-callable securities linked to Astera Labs, Inc. common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $507,000. The notes pay a contingent coupon at an annual rate of 52.00% on each coupon payment date only if the closing level of the underlier on the related observation date is at or above the coupon barrier of $241.51 (50% of the initial level). The securities are automatically redeemed early if the closing level on a redemption determination date is at or above the call threshold of $483.02 (100% of the initial level), in which case holders receive principal plus the contingent coupon for that period. If not redeemed and the final level at maturity is below the downside threshold of $241.51, payment at maturity equals principal multiplied by the performance factor (final level/initial level), exposing holders to potential significant principal loss. All payments are subject to Morgan Stanley Finance LLC credit risk and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering callable, principal-at-risk notes linked to the worst performing of GLD, GDX and GDXJ. Each security has a $1,000 stated principal amount and an issue price of $1,000.
The securities pay a 17.00% contingent coupon per annum only if the closing level of each underlier meets its coupon barrier on each observation date. The coupon barrier and buffer for each underlier equal 72.50% of its initial level (buffer amount 27.50%). If the worst performing underlier finishes below its buffer at maturity, principal is reduced by 1.3793% for each 1% decline beyond the buffer. The securities may be called beginning on October 2, 2026 and mature on January 4, 2027. Aggregate principal offered is $17,886,000 and estimated value on the pricing date was $992.90. All payments are subject to issuer and guarantor credit risk; there is no guaranteed return of principal.
Morgan Stanley Finance LLC priced a structured note offering of $1,500,000 aggregate principal through Buffered PLUS securities, $1,000 stated principal per security, linked to the worst performing of the Russell 2000® and the S&P 500® with a 126% leverage factor and a 20% downside buffer.
The securities pay no interest, are fully guaranteed by Morgan Stanley, have an estimated value on the pricing date of $974.70 per security, a minimum maturity payment of 20% of principal, and mature on July 5, 2030.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes tied to a five‑stock basket and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000; the issuer estimates the securities' value on the pricing date at $923.30. The notes can auto‑redeem on scheduled determination dates if the basket meets call thresholds, paying fixed early redemption amounts that imply about 12.90% per annum. At maturity the payoff depends on the final basket level: a fixed upside payment of $1,387.00 if the final level is ≥90, return of principal if final level is ≥70 and <90, or a proportional loss below 70 (losses may be total). All payments are subject to Morgan Stanley's credit risk and the securities pay no interest and do not participate in upside beyond preset amounts.
Morgan Stanley Finance LLC priced and is issuing structured, principal-at-risk notes linked to the S&P 500® Futures Excess Return Index with an aggregate principal amount of $546,000. Each note has a stated principal amount of $1,000, an original issue price of $1,000 and a listed estimated value of $973.50 on the pricing date.
The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. They feature an automatic early redemption on the first determination date if the underlier meets the call threshold (first determination date: July 7, 2027), and a fixed early redemption payment of $1,191.50 per security. At maturity (July 3, 2031), payments depend on the final level vs the initial level (initial level: 600.73), with a 265% participation rate for upside and a downside threshold at 75% of the initial level, below which investors absorb losses pro rata.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable notes linked to the worst performing of the Nasdaq-100® Technology Sector (NDXT) and the S&P 500® Index (SPX). The offering totals $3,033,000 in aggregate at a $1,000 issue price per security. Securities pay a contingent coupon at an annual rate of 11.40% only if both underliers are at or above their coupon barrier levels on observation dates. The notes feature automatic early redemption on specified redemption determination dates if both underliers meet the call threshold (100% of initial levels). At maturity, if the worst performing underlier is below its downside threshold (80% of initial), principal is reduced pro rata and can be fully lost. All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a primary offering of Market Linked Principal-at-Risk securities with a total public offering price of $3,699,000 and a face amount of $1,000 per security. The securities mature on July 6, 2029 and carry a 500% participation rate in the positive performance of the lowest performing underlying stock, an automatic call feature with a call payment equal to a $1,450 per security (a 45% call premium) on July 6, 2027, and an estimated value at issuance of $927.70 per security. The offering lists starting prices of $200.09 for NVIDIA, $357.37 for Alphabet class A and $1,154.29 for Micron, and discloses per-security agent compensation of $25.75 and proceeds to the issuer of $3,603,750.75.
The securities are principal-at-risk: if not called they pay at maturity based on the performance of the lowest performing underlying stock subject to a threshold price equal to 50% of each starting price; declines below the threshold expose holders to losses greater than 50%, potentially to zero. All payments are subject to the issuer and guarantor credit risk and the estimate of value reflects issuance, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due July 3, 2031 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and aggregate principal of $1,167,000, an estimated value of $974.00 on the pricing date, and an original issue date of July 6, 2026.
Payoff is tied to the S&P 500® Futures Excess Return Index with an initial level of 600.73, a leverage factor of 180% for upside, and a 70% buffer (buffer level 420.511). At maturity investors may receive the stated principal plus leveraged upside if the final level exceeds the initial level, principal only if the final level is between the buffer and initial levels, or a reduced payment for declines beyond the buffer, subject to a 30% minimum payment. All payments are subject to issuer and guarantor credit risk.