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 market-linked notes due August 5, 2031, tied to the EURO STOXX 50® Index. Each note has a stated principal amount of $1,000 and pays no interest. At maturity holders receive the stated principal plus an upside payment if the index final level exceeds the initial level; otherwise they receive only the stated principal. The notes feature a participation rate set on the pricing date in the range 131% to 136.25%. Strike/pricing date is July 31, 2026, observation date is July 31, 2031. Morgan Stanley unconditionally guarantees the notes; all payments are subject to the credit risk of Morgan Stanley. The issuer estimates the note's value on the pricing date at approximately $968.80 per note. The notes will not be listed on any exchange and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Structured Investments Enhanced Buffered Jump Securities linked to the Nasdaq-100 Index with a $1,000 stated principal per security and an aggregate principal amount of $1,750,000. The securities mature on July 14, 2027 and pay a fixed upside payment of $111.10 (11.11%) if the final level is at or above the buffer level. If the final level is below the buffer level (set at 85% of the initial level, initial level 29,118.24), investors incur losses equal to the underlier decline beyond the 15% buffer multiplied by a downside factor of 1.1765. There is no interest and no minimum payment at maturity; all payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was $986.20 per security and the issue price is $1,000 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $956.80. The securities pay no interest and provide a fixed $275–$285 upside payment if the worst performing underlier is at or above its initial level on the observation date of July 28, 2028. If the worst performing underlier is below its downside threshold (set at 80% of its initial level), investors lose principal proportionally (1% loss in principal per 1% decline in the worst performing underlier), and the payment at maturity on August 2, 2028 could be significantly less than the stated principal or zero. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an automatic early redemption feature, issued at a $1,000 stated principal amount per security. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and mature on August 5, 2031.
The notes pay no regular interest, provide a 15% buffer against losses, and may automatically redeem early if the underlier meets a call threshold on scheduled determination dates beginning August 2, 2027. Payments depend on the final and determination-date closing levels of the index; downside exposure applies below the buffer and all payments remain subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due August 5, 2030, linked to the EURO STOXX 50® Index and fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per note, pay no interest and return principal at maturity; if the index finishes above the initial level investors receive an upside payment equal to the stated principal amount multiplied by a participation rate and the index percent change. The participation rate will be set on the pricing date in the range 113.50% to 118.50%. The observation date is July 31, 2030 ("subject to postponement for non-trading days and certain market disruption events"). All payments are subject to Morgan Stanley’s credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC priced Buffered PLUS principal-at-risk securities due July 8, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $949.11. The payout depends on a basket performance factor measured on the observation date July 2, 2031, with a 10% buffer, a 107% leverage factor for upside, and a minimum payment at maturity of 10% of principal. The basket’s weights are allocated on the observation date (50%/35%/15% to best/second/worst performers among SPX, SX5E and TPX). The securities pay no interest, are subject to Morgan Stanley credit risk, include selling and structuring costs (agent commission $22.50 and structuring fee $2 per security), and may result in substantial principal loss if the basket declines beyond the buffer.
Morgan Stanley Finance LLC is offering structured Step-Up Jump Notes (stated principal $1,000 per note) linked to the Morgan Stanley Amplitude Index, with an original issue price of $1,000 and an estimated value on the pricing date of approximately $903.50. The notes pay no interest, have a 100% participation rate in upside at maturity if the final level exceeds the initial level, and include an automatic early redemption feature beginning with the first determination date on July 28, 2027.
Automatic early redemption will occur on specified determination dates if the closing level of the underlier meets or exceeds staged call threshold levels; early redemption payments are fixed and stated as at least $1,120 for the first call and rise across the schedule to at least $1,720 for the sixth call. The notes mature on August 2, 2033. All payments are unsecured and subject to the credit risk of MSFL and its guarantor, Morgan Stanley.
Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk securities tied to the Nasdaq-100 Index, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an issue price of $1,000. The pricing and strike date is July 31, 2026, the observation date is July 31, 2029 (subject to postponement), and the maturity date is August 3, 2029. The upside payment will be set on the pricing date at $375 to $395 per security (37.50% to 39.50% of principal). The downside threshold is 70% of the initial level; if the final level is below that threshold, investors lose 1% of principal for each 1% decline in the underlier. The estimated value on the pricing date is approximately $970.10 per security. All payments are subject to Morgan Stanley's credit risk and there is no guaranteed return of principal.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS principal-at-risk securities due August 3, 2029 linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. Each security has a $1,000 stated principal amount and an issue price of $1,000.
At maturity the payout is based solely on the worst performing underlier on the observation date July 31, 2029: (1) if the worst underlier appreciates, investors receive principal plus a leveraged upside (200% leverage) capped at a $1,670–$1,690 maximum; (2) if the worst underlier declines but stays at or above 70% of its initial level, investors receive principal plus a positive absolute-return participation (100% rate) effectively limited to 30%; (3) if the worst underlier falls below its 70% downside threshold, investors lose 1% of principal for each 1% decline, potentially losing their entire investment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due August 5, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, feature automatic early redemption on scheduled determination dates beginning August 6, 2027, and pay higher fixed early redemption amounts if a call threshold (90% of the initial level) is met.
If not called, maturity payments depend on the final index level: a fixed positive payment if at or above the call threshold, return of principal if between the call and downside threshold (60% of initial level), or a loss equal to the index decline (1% loss per 1% decline) if below the downside threshold. The pricing-date estimated value is approximately $930.30 per security. All payments are subject to Morgan Stanley's credit risk; tax treatment and secondary market liquidity are uncertain.
Morgan Stanley Finance LLC offers structured, market-linked notes due August 5, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays no interest; at maturity investors receive the stated principal plus an upside payment if the S&P 500® Futures Excess Return Index closes above its strike level on the observation date.
The upside payment equals the stated principal amount multiplied by a participation rate to be set on the pricing date (range disclosed: 139.50% to 144.50%). Key dates: strike/pricing date July 31, 2026, original issue date August 5, 2026, observation date tied to July 31, 2031.
Morgan Stanley Finance LLC is offering Trigger Jump Securities linked to the Nasdaq-100 Index, with a stated principal amount of $1,000 per security and a maturity date of August 2, 2029. The securities pay no interest and are fully guaranteed by Morgan Stanley. At maturity investors may receive the stated principal plus a fixed upside payment (determined on the pricing date and disclosed here as $341.50 to $361.50, or 34.15% to 36.15% of principal) if the final level is greater than or equal to the initial level. If the final level is below the initial level but at or above the downside threshold (equal to 70% of the initial level), investors receive only principal. If the final level is below the downside threshold, holders lose 1% of principal for each 1% decline in the underlier; there is no minimum payment. The pricing date and strike date are July 28, 2026, observation date July 30, 2029, and original issue date July 31, 2026. The document states an estimated value on the pricing date of approximately $951.60 per security.
Morgan Stanley Finance LLC offers Trigger PLUS principal-at-risk securities due July 31, 2031 linked to the worst performing of the Dow Jones Industrial and the S&P 500 indices. Each security has a $1,000 stated principal amount. At maturity investors receive either principal plus a leveraged upside payment, principal only if both underliers stay above a 70% downside threshold, or an amount tied to the worst performing underlier (losses of 1% per 1% decline) and could lose the entire investment. The leverage factor will be set on the pricing date between 120% and 125%. Estimated value on the pricing date is approximately $934.70 per security. All payments are subject to issuer and guarantor credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC is offering callable, contingent income Principal at Risk Securities linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 Technology Sector and Russell 2000 indices. Each security has a $1,000 stated principal amount and an annual contingent coupon of 10.05% payable only if all three underliers are at or above their coupon barrier levels on scheduled observation dates. The notes are early-redeemable on specified redemption dates beginning October 15, 2026
The securities are principal-at-risk: if any underlier is below its 60% downside threshold at maturity, investors lose an amount equal to the percentage decline of the worst performing underlier. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk. The issuer estimates the value on pricing at approximately $977.80 per security.
The issuer Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Trigger PLUS principal-at-risk securities linked to the worst performing of the Nasdaq-100 Technology Sector, the Russell 2000 and the S&P 500. Each security has a $1,000 issue price, a stated maturity of August 3, 2029, and payoff outcomes that depend solely on the closing levels of the underliers on the observation date of July 31, 2029.
The securities provide a leveraged upside (leverage factor to be set on the pricing date between 173% and 178%), full return of principal in a limited mid-range outcome, and full downside exposure tied to the worst performing underlier if that underlier closes below its 70% downside threshold. Estimated value on the pricing date is approximately $962.80 per security; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes due August 2, 2029 linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $948.60. The securities pay no interest; if the worst performing underlier finishes above its initial level, investors receive the stated principal plus a leveraged upside payment (leverage factor to be set between 125% and 130%). If the worst performing underlier finishes below its downside threshold (set at 75% of its initial level), investors lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and principal can be fully lost. Payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Trigger PLUS securities due July 31, 2031, linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount and does not pay interest; payment at maturity depends on the index level on the observation date.
The securities provide leveraged upside (a 205%–210% leverage factor to be set on the pricing date) if the final level exceeds the initial level, return of principal if the final level remains at or above a downside threshold set at 70% of the initial level, and full downside exposure below that threshold (losses of 1% per 1% index decline). All payments are subject to MSFL's and Morgan Stanley's credit risk. The estimated value on the pricing date is approximately $941.80 per security.
Morgan Stanley Finance LLC is offering principal at risk notes, "Structured Investments Enhanced Trigger Jump Securities," linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security. The securities pay no interest and at maturity will either return the stated principal plus a fixed upside payment (priced at $386.50 to $406.50 per security on the pricing date) if the final level is at or above a downside threshold equal to 70% of the initial level, or pay the stated principal multiplied by the performance factor (final level/initial level) if the final level is below that threshold. The securities mature on August 5, 2030 (observation date July 31, 2030) and have an estimated value on the pricing date of Approximately $972.60 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk, model-based estimated value, limited secondary market liquidity, and uncertain U.S. federal income tax treatment.
The Preliminary Pricing Supplement describes Morgan Stanley Finance LLC notes due August 2, 2033, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, no periodic interest, a 100% participation rate in upside and an automatic early redemption feature beginning on the first determination date of July 28, 2027. Early redemption payments are fixed per determination date (for example, at least $1,100 on the first early redemption date). If not redeemed early, maturity payoffs equal principal plus any upside if the final level exceeds the initial level; otherwise only principal is returned. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and an original issue price of $1,000. The securities pay a contingent coupon (annual rate to be set on the pricing date, indicated between 13.75%–14.75% range) only if each referenced underlier meets coupon barrier levels on observation dates. Automatic early redemption can occur on specified determination dates; maturity is August 3, 2028. Principal is at risk: if the final level of any underlier is below its downside threshold (70% of initial level), payment at maturity declines pro rata to the worst performing underlier. Estimated value on the pricing date is approximately $967.10 per security.
Morgan Stanley Finance LLC priced market‑linked notes tied to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each unsecured note has a stated principal amount of $1,000, an original issue price of $1,000, an estimated value on the pricing date of approximately $973.10, and a participation rate of 100%. The notes pay no interest and at maturity on August 5, 2030 will return either principal only if the worst performing underlier is at or below its initial level or principal plus upside subject to a maximum payment at maturity of $1,458.50 to $1,508.50. The final observation date used to calculate payoffs is July 31, 2030. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Principal at Risk securities linked to Micron Technology, Inc. The securities are $1,000 stated principal notes issued at $1,000 per security with an estimated value of approximately $982.00 on the pricing date. The securities mature on July 20, 2027 with an observation date of July 15, 2027 and an initial/strike pricing date of July 2, 2026. If the final level is at or above a 65% buffer level investors receive the stated principal plus an upside payment of at least $445.50 (44.55%). If the final level is below the buffer, investors lose 1.5385% of principal for every 1% decline beyond the 35% buffer; there is no minimum payment and investors could lose their entire investment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers auto-callable structured Jump Notes due August 2, 2033, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per note and an original issue price of $1,000 per note; estimated value on the pricing date is approximately $929.60.
The notes pay no interest, can be automatically redeemed on periodic determination dates beginning July 28, 2027 for fixed early redemption payments (ranging from $1,080 to $1,540 per note as listed), and at maturity pay principal plus 100% participation in positive index performance or only principal if the final level is equal to or below the initial level. All payments are subject to issuer credit risk and the notes are unsecured and unlisted.
Morgan Stanley Finance LLC offers market-linked notes due August 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 $1,000 stated principal amount per note and pay no periodic interest. At maturity investors receive the stated principal amount and, if the final level of the worst performing underlier is greater than its initial level, an upside payment equal to stated principal × participation rate × underlier percent change (participation rate to be set on the pricing date in the range 136.50% to 141.50%). The observation (final) level is the closing level on July 31, 2030, and the strike (initial) level is the closing level on July 31, 2026. Estimated value on the pricing date is approximately $969.10 per note. All payments are subject to the issuer’s and guarantor’s credit risk; the notes are unsecured, non‑listed, and may have limited secondary liquidity.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due August 3, 2029 linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50 and Russell 2000. Each security has a stated principal amount of $1,000 and a contingent coupon payable only if all three underliers meet coupon barrier levels on observation dates. The securities feature automatic early redemption on specified determination dates if all underliers meet call thresholds, and a downside payoff at maturity that reduces principal pro rata if the worst performing underlier falls below its 70% downside threshold. Estimated value on the pricing date was approximately $970.10. These notes do not guarantee principal, may pay no coupons, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due July 31, 2031 linked to the EURO STOXX 50® Index. The stated principal amount is $1,000 per security and the preliminary estimated value on the pricing date is $945.70 per security. The notes provide at maturity either (a) principal plus a leveraged upside (leverage factor at least 150%) if the final level exceeds the initial level, (b) a capped positive payout when the final level falls but remains at or above an 80% buffer, or (c) a principal loss if the final level is below the 80% buffer with a minimum payment equal to 20% of principal. All payments are subject to issuer credit risk and the notes do not pay interest.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due August 3, 2029. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay a contingent coupon (annual rate determined at pricing, indicated between 7.75% and 8.75%) only if the closing level of each underlying index meets its coupon barrier on each observation date.
The notes reference the EURO STOXX 50, Russell 2000 and S&P 500 and are linked to the worst performing underlier. They can be automatically redeemed on scheduled redemption determination dates if each underlier meets its call threshold, and at maturity investors either receive principal (if every underlier is at or above its downside threshold of 60% of initial level) or a reduced payment based on the worst performing underlier, potentially resulting in a total loss of principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk structured notes due July 31, 2031 that are fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and returns at maturity are tied to the worst performing of the Nasdaq‑100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. The securities pay no interest, include an upside payment of $645–$695 per security if the worst underlier finishes at or above its initial level, pay par if the worst underlier finishes at or above its 70% downside threshold, and produce a pro rata principal loss (1% loss per 1% index decline) if the worst underlier finishes below its downside threshold; there is no minimum payment and principal could be lost in full. The pricing date and strike date are July 28, 2026, the original issue date is July 31, 2026, and the observation date is July 28, 2031. The document discloses an estimated value on the pricing date of approximately $927.50 per security and states that the issue price includes issuance, selling, structuring and hedging costs borne by investors.
Morgan Stanley Finance LLC priced a $13,230,000 issuance of Trigger PLUS principal-at-risk securities due July 3, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000, issue price $1,000, and an estimated value on the pricing date of $953.60.
Payments depend on the EURO STOXX 50® Index: a leveraged upside of 185% of appreciation if the final level exceeds the initial level (initial level 6,231.63), full principal if final ≥ 75% of initial (downside threshold 4,673.723), and pro rata loss below that threshold (1% loss per 1% index decline). Agent commissions were $32.50 per security; proceeds to issuer totaled $12,800,025.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due August 5, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $965.80.
Payments at maturity depend on the performance of the worst performing underlier (the Dow Jones Industrial Average, the Nasdaq-100 and the Russell 2000) on the observation date of July 31, 2031. If all final levels are at or above their downside thresholds (70% of initial levels), holders receive principal plus the greater of the underlier percent change of the worst performing underlier or an upside payment set between $482.50 and $502.50. If any final level is below its downside threshold, holders bear a loss equal to the percent decline of the worst performing underlier and could lose their entire investment.
Morgan Stanley Finance LLC priced a Primary offering of Dual Directional Trigger PLUS notes due August 1, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities reference the Nasdaq-100 Index® and the Russell 2000® Index and pay at maturity based on the performance of the worst performing underlier. The terms include a leveraged upside feature (leverage factor to be set on the pricing date between 123% and 138%), an absolute return participation rate of 50%, and a downside threshold equal to 70% of each initial level. If the worst performing underlier falls below its downside threshold, investors suffer a proportional loss to principal; there is no guaranteed return of principal or interest. The observation date is July 29, 2030 and the strike/pricing date is July 28, 2026. The preliminary estimated value on the pricing date was approximately $941.90 per security.
Morgan Stanley Finance LLC is offering a series of Trigger PLUS principal-at-risk securities due September 15, 2027. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities reference the State Street® Financial Select Sector SPDR® ETF (XLF) with a strike/pricing date of July 10, 2026 and an observation date of September 10, 2027 (subject to postponement for non-trading days and market disruptions). Payment at maturity depends on the final level relative to the initial level: if final > initial, holders receive principal plus a 200% leverage of the appreciation subject to a maximum payment of $1,144 per security; if final is between the initial level and a downside threshold of 90% of initial, holders receive the stated principal; if final < downside threshold, holders lose 1% of principal for each 1% decline in the underlier, and payment could be zero. The document discloses an estimated value on the pricing date of approximately $969.10 per security (indicating issuance costs and hedging are borne by purchasers). All payments are subject to Morgan Stanley credit risk. Other material items disclosed include liquidity and secondary-market limitations, potential tax uncertainty, conflicts of interest because Morgan Stanley affiliates act as agent, calculation agent and market-maker, and concentration risks from exposure to the financials sector.
Morgan Stanley Finance LLC offers principal-at-risk, contingent-income auto-callable securities linked to the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500®. Each security has a stated principal amount of $1,000, a pricing/strike date of July 31, 2026, an original issue date of August 5, 2026 and a maturity date of August 3, 2029.
The securities pay a contingent coupon (annual rate to be set on the pricing date, indicated between 11.50% and 12.50% in this preliminary document) only if on an observation date the closing level of each underlier is at or above its coupon barrier (80% of initial level). They auto-redeem on specified redemption determination dates if each underlier is at or above its call threshold (100% of initial level), and at maturity return principal only if each final level is at or above its downside threshold (70% of initial level); otherwise the payment equals $1,000 × performance factor of the worst performing underlier, potentially resulting in substantial principal loss.
Morgan Stanley Finance LLC priced a $1,450,000 offering of Market Linked Securities — auto-callable, contingent coupon, principal-at-risk securities linked to the common stock of Super Micro Computer, Inc. The securities have a face amount of $1,000 per security, an estimated value of $966.10 on the pricing date and mature on July 8, 2027. Investors may receive monthly contingent coupons at a 36.50% per annum rate only if the stock closing price on each monthly calculation day is at or above the coupon threshold (50% of the starting price, i.e., $14.075). The securities become callable beginning after a six-month non-call period and expose holders to 1:1 downside below the downside threshold (50% of the starting price). All payments are subject to the issuer’s credit risk and the securities do not pay regular interest or participate in upside of the underlying stock.
Morgan Stanley Finance LLC proposes to issue market-linked notes due July 31, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount. At maturity investors receive principal and, if the S&P 500® Futures Excess Return Index final level exceeds the initial level, an upside payment equal to stated principal × participation rate × index percent change. The participation rate will be set on the pricing date within the disclosed range of 120.50% to 125.50%. The pricing-date estimated value is approximately $943.20 per note (within $55.00 of that estimate). The notes do not pay interest, are unsecured, will not be listed, and are subject to issuer credit risk and limited secondary-market liquidity.
Morgan Stanley Finance LLC offers structured, principal-at-risk auto-callable notes that pay a contingent coupon and are fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal, a pricing/strike date of July 31, 2026, a maturity date of August 3, 2029, and a final observation date of July 31, 2029.
The contingent coupon will be set on the pricing date at an annual rate of 9.00% to 10.00% and is paid only if the closing level of each underlier meets its coupon barrier on observation dates. The securities are linked to the worst performing of iShares Silver Trust (SLV), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY), exposing investors to loss of principal if the worst underlier falls below its downside threshold (50% of initial level in the document). The estimated value on the pricing date was approximately $954.10 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due August 5, 2030 linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount. At maturity investors receive principal plus an upside payment if the index closing level on the observation date exceeds the initial level; otherwise they receive only the stated principal amount.
The participation rate will be set on the pricing date and is disclosed as 118% to 128%. The pricing/strike date and observation date are July 31, 2026 and July 31, 2030, respectively. The estimated value on the pricing date is stated as approximately $971.60 per note. Payments are unsecured and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due July 31, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. The stated issue price is $1,000 per security and the estimated value on the pricing date is approximately $934.70.
The payment at maturity depends on the S&P 500® Futures Excess Return Index closing level on the observation date. Upside returns use a leverage factor of 168%–173%. If the index finishes modestly lower but above the downside threshold (60% of the initial level), investors receive a positive return based on a 50% absolute return participation rate, effectively capped at 20%. If the index finishes below the downside threshold, investors suffer proportional principal loss, with no minimum payment.
Morgan Stanley Finance LLC priced contingent income, memory auto-callable notes due August 3, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon (annual rate determined on pricing date within 11.50%–12.50%) only when each underlier meets its coupon barrier on observation dates. The notes are linked to the worst performing of SLV (iShares Silver Trust), NDXT (Nasdaq-100 Technology) and RTY (Russell 2000), feature automatic early redemption on specified determination dates, and return principal at maturity only if all underliers are at or above 60% of initial levels; otherwise principal is reduced pro rata to the worst performing underlier.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS notes due July 31, 2031 linked to the EURO STOXX 50® Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $930.80. At maturity the payoff depends on the final level vs the initial level: an upside levered payment if the underlier appreciates, an absolute-return participation (capped at 15%) if the underlier declines but remains at or above an 85% buffer level, and proportional principal loss beyond the buffer. The leverage factor will be set on the pricing date within the range 151.50% to 166.50%. The minimum payment at maturity is 15% of principal. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due August 5, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $965.10.
Payment at maturity depends on the S&P 500® Futures Excess Return Index: investors receive leveraged upside if the final level is above the initial level; a capped positive return (via a 50% absolute return participation feature) if the final level is at or above a downside threshold equal to 60% of the initial level; and a prorated principal loss (1% loss for each 1% decline) if the final level is below that threshold. The leverage factor will be set on pricing between 192% and 207%. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk structured notes linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security and a maturity on July 31, 2031. The notes pay no interest and include three payoff regimes: full upside if the final level is at or above the initial level (plus an upside payment of $457.50 to $477.50 per security as determined on the pricing date), an absolute return participation (100%) if the final level is below initial but at or above an 80% buffer level, and a proportional loss beyond the 20% buffer if the final level is below the buffer. The original issue price is $1,000 and the estimated value on the pricing date is approximately $937.90. All payments are subject to the issuer’s and guarantor’s credit risk; the minimum payment at maturity is 20% of principal. The offering includes customary dealer compensation and hedging-related costs embedded in the issue price.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS principal-at-risk securities due August 5, 2030, fully and unconditionally guaranteed by Morgan Stanley. The securities reference the Russell 2000® and S&P 500® indices and pay at maturity based solely on the worst performing underlier.
Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $966.00. Key mechanics: a leveraged upside (leverage factor set on the pricing date between 130% and 145%), an absolute return participation rate of 50%, and a downside threshold at 70% of the initial level. If the worst performing underlier is below its downside threshold on the observation date, investors suffer proportional principal loss and could lose their entire investment.
Morgan Stanley Finance LLC offers Principal at Risk securities due August 2, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $954.20. The payout at maturity depends on the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices as measured on the observation date. If the final level of each underlier is at or above its downside threshold (70% of its initial level), investors receive the stated principal plus an upside payment of $302.50 to $322.50 per security. If any underlier is below its 70% downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, and could be significantly less than the stated principal, including zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced $100,000 aggregate principal of Dual Directional Buffered PLUS notes due July 5, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and is linked to the S&P 500® Index with a 200% leverage factor and a 10% buffer.
The securities pay no interest, have a maximum upside payment of $1,370 per security, a minimum payment at maturity of 10% of principal, an estimated value on the pricing date of $949.30 per security, and all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes called Dual Directional Trigger Jump Securities due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $966.30.
Payments at maturity depend solely on the closing level of the S&P 500® Futures Excess Return Index on the observation date July 31, 2031. Investors may receive (a) principal plus either the index percent change or an $601.50–$621.50 upside payment if the final level ≥ initial level, (b) a capped positive return (up to 30%) if the final level declines but remains ≥ the downside threshold (which is 70% of the initial level), or (c) a pro rata loss of principal (1% loss per 1% index decline) if the final level < downside threshold. There is no guaranteed return of principal; investors could lose their entire initial investment.
Morgan Stanley Finance LLC is offering market-linked notes due July 31, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays no interest. At maturity investors receive the stated principal plus an upside payment if the EURO STOXX 50® closing level on the observation date is above the strike-date closing level; otherwise they receive only the stated principal. The participation rate will be set on the pricing date and is specified as 113.25% to 118.25%. The pricing date and strike date are July 28, 2026, the original issue date is July 31, 2026, the observation date is July 28, 2031, and the maturity date is July 31, 2031. The estimated value on the pricing date is approximately $941.80 per note. All payments are subject to Morgan Stanley's credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering structured, market-linked notes due August 1, 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal of $1,000 per note, a participation rate of 100%, and a capped payment at maturity of $1,350–$1,400 (135%–140% of principal). Payments are determined by the worst performing of the Dow Jones Industrial Average and the S&P 500® Index on the observation date of July 29, 2030. The estimated value on the pricing date is approximately $954.10 per note. All payments are subject to the issuer’s credit risk; the notes pay no interest and are not listed.
Morgan Stanley Finance LLC priced $1,995,000 of Principal-at-Risk notes linked to NVIDIA common stock that mature on July 14, 2027. Each security has a $1,000 stated principal amount and an $208 fixed upside payment (a 20.80% return) if the final level on the observation date is at or above the downside threshold of $144.398 (75% of the initial level). If the final level is below that threshold, the payment equals principal times the performance factor (final level / initial level), exposing investors to full downside loss (no minimum payment). The initial level was $192.53, the observation date is July 9, 2027, and maturity is July 14, 2027. The estimated value on the pricing date was $986.60 per security and the issue price was $1,000 (agent fee $10 per security). All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is described as uncertain in the supplement.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due August 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $965.90.
Payments at maturity depend on the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. If the worst performing underlier finishes above its initial level, investors receive principal plus a leveraged upside payment (leverage factor set between 139% and 144%). If the worst performing underlier finishes between its initial level and a downside threshold equal to 75% of initial level, investors receive principal only. If the worst performing underlier finishes below the downside threshold, investors lose 1% of principal for every 1% decline in that underlier; there is no minimum payment and the value could be zero.