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 (MS), via Morgan Stanley Finance LLC, is offering $200,000 of Contingent Income Memory Buffered Auto-Callable Securities due July 26, 2029, linked to the worst performer of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX), fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 8.00% per annum, only when on an observation date both ETFs are at or above their coupon barrier levels (50% of initial); missed coupons can be paid later if barriers are met. Starting August 23, 2027, the notes auto-call on monthly redemption determination dates if both ETFs are at or above 100% of their initial levels, returning principal plus the due and any previously unpaid coupons.
If not called, at maturity investors receive principal back only if each ETF’s final level is at or above its buffer level of 83.40% of initial; otherwise, repayment is reduced 1% for each 1% decline of the worst performer beyond the 16.60% buffer, but not below a minimum of 16.60% of principal. The estimated value on the pricing date is $941.10 per $1,000 note, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s funding levels. Principal is at risk and all payments depend on Morgan Stanley’s and MSFL’s credit.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Trigger Participation Securities linked to the S&P 500 Index, with a stated principal amount of $1,000 per security and an aggregate principal amount of $300,000. The notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity on August 23, 2030, if the S&P 500 final level is above the initial level of 7,641.16, investors receive principal plus 100% of the index gain. If the final level is between the initial level and the downside threshold of 5,348.812 (70% of the initial level), investors receive only principal. Below the threshold, repayment is principal multiplied by the performance factor, with 1% loss of principal for each 1% index decline, and the payment can fall to zero.
The issue price is $1,000 per security, including a $15 sales commission, while the issuer’s estimated value on the pricing date is $979.30, reflecting structuring and hedging costs and Morgan Stanley’s funding rate. The notes are unsecured, subject to Morgan Stanley’s credit risk, may have limited or no secondary market, and carry complex and uncertain U.S. tax treatment described as prepaid financial contracts.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Dual Directional Trigger Jump Securities maturing on August 26, 2030, linked to the worst performer of the EURO STOXX 50® Index and the Russell 2000® Index. These unsecured, principal-at-risk notes pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal of $588,000. At maturity, if both indices finish at or above their initial levels, holders receive principal plus the greater of the index gain on the worst performer or a fixed $533 (53.30%) upside payment. If the worst performer is below its initial level but at or above its downside threshold of 75% of the initial level, investors receive principal plus an absolute return (one-for-one on the percentage decline) effectively capped at a 25% positive return. If either index ends below its downside threshold, investors lose 1% of principal for each 1% decline of the worst performer, with no minimum repayment.
The estimated value on the pricing date is $958.80 per security, below the issue price due to issuance, selling, structuring and hedging costs and the issuer’s funding rate. A fixed sales commission of $27.50 per security is paid to dealers. The notes are subject to Morgan Stanley’s and MSFL’s credit risk, may have limited or no secondary market liquidity, and carry complex U.S. federal tax treatment described as prepaid financial contracts with uncertain consequences.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering an aggregate principal amount of $4,443,000 of Enhanced Buffered Jump Securities with Downside Factor due September 10, 2027, linked to an equally weighted basket of seven semiconductor-related stocks.
The notes are issued at $1,000 per security, pay no interest, and are fully and unconditionally guaranteed by Morgan Stanley. At maturity, if the basket’s final level is at or above the 80 buffer level (80% of the initial level 100), holders receive principal plus a fixed upside payment of $154.70 (a 15.47% return), regardless of how far above the buffer the basket finishes. If the final level is below the buffer, investors lose 1.25% of principal for each 1% decline beyond the 20% buffer, with no minimum repayment, so principal can be fully lost.
The estimated value on the pricing date is $983.80 per $1,000, reflecting structuring and hedging costs and a lower internal funding rate, and secondary market prices are expected to be below issue price. The notes carry full principal-at-risk, equity-market risk on the basket, Morgan Stanley credit risk, limited upside, potential illiquidity, and uncertain U.S. tax treatment (treated as prepaid financial contracts, with Section 871(m) not expected to apply to Non-U.S. Holders).
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering market-linked notes due September 5, 2031 whose return is based on the S&P 500® Index. The notes pay no interest and return at least the $1,000 stated principal amount per note at maturity, subject to Morgan Stanley’s and MSFL’s credit risk.
If the index level on the September 2, 2031 observation date is above the initial level set on August 31, 2026, investors receive $1,000 plus 100% of the index gain, capped at a maximum payment of $1,517.50 per note (151.75% of principal). If the index is at or below the initial level, only principal is repaid. The notes are not listed, and the estimated value on the pricing date is approximately $975.10 per note, reflecting issuance, structuring and hedging costs. The notes are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring annual interest accruals regardless of cash payments.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Callable Contingent Income Memory Buffered Securities due August 24, 2029, linked to the worst performer of three ETFs: iShares Russell 2000 ETF, iShares MSCI Emerging Markets ETF and State Street Materials Select Sector SPDR ETF. The notes have a stated principal of $1,000 per security and an aggregate principal amount of $900,000, with an estimated value on the pricing date of $985 per security.
Investors may receive a 9.60% per annum contingent coupon, payable only when the closing level of each ETF is at or above its coupon barrier (80% of initial levels). Missed coupons can be paid later if barriers are subsequently met, but coupons can be zero for the entire term. The notes are callable in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley, ending all future payments.
At maturity, if not redeemed and each ETF’s final level is at or above its 80% buffer level, investors receive full principal plus any due contingent coupon. If any ETF finishes 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. All payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Jump Securities with an auto-call feature, due September 10, 2032, 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, but the estimated value on the pricing date is approximately $961.10, reflecting issuing, selling, structuring and hedging costs borne by investors.
The notes pay no coupons. Starting with the first determination date on December 4, 2026, they are automatically redeemed if the index closes at or above a call threshold of 95% of the initial level, for a pre-set cash amount that implies about 24% per annum, rising from $1,060 to $2,420 per $1,000 over 69 observation dates. If held to maturity and not called, investors receive $2,440 per note if the final index level is at or above the call threshold, only principal back if it is between the call threshold and a downside threshold of 60% of the initial level, and a loss of 1% of principal for each 1% index decline below that level via a performance factor; the repayment of principal is not guaranteed and can be zero.
All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley. The underlier is a relatively new, leveraged, volatility-targeting futures index with a 4% per annum decrement, causing systematic underperformance versus a similar index without such a fee-like drag.
Morgan Stanley (MS), through subsidiary Morgan Stanley Finance LLC, is offering unsecured market-linked notes due September 5, 2031 whose return is based on the Nasdaq-100 Index® and that are fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays no periodic interest, and is issued at $1,000.
At maturity, investors receive at least the stated principal amount. If the index’s final level on the September 2, 2031 observation date is above its initial level, payment equals $1,000 plus 100% of the index’s percentage gain, capped at a maximum payment of $1,586 per note (158.60% of principal). If the final level is at or below the initial level, repayment is only the $1,000 principal, implying no positive return and loss of purchasing power over time.
The notes will not be listed on any exchange, and Morgan Stanley & Co. LLC may, but is not obligated to, make a secondary market. The estimated value on the pricing date is approximately $972.70 per note, reflecting structuring and hedging costs, and all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. For U.S. tax purposes, the securities are expected to be treated as contingent payment debt instruments, requiring accrual of taxable interest income each year.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering 1.25‑year Trigger Callable Yield Notes linked to the least performing of the S&P 500® Index and EURO STOXX 50® Index, with a principal amount of $10 per Security and monthly coupons at 9.25%–9.90% per annum.
Coupons are paid monthly regardless of index performance until maturity or an early call. From December 2, 2026, the notes can be called monthly if a risk neutral valuation model indicates calling is economically rational for the issuer; if called, investors receive principal plus that month’s coupon only.
If not called and on the Final Valuation Date both indices are at or above 70% of their Initial Underlying Values (the Downside Thresholds), investors receive full principal plus final coupon. If either index is below its Downside Threshold, repayment is $10 × (1 + return of the Least Performing Underlying), which can result in substantial or total loss of principal. The notes do not participate in any upside of the indices, are unsecured obligations subject to Morgan Stanley credit risk, have limited or no secondary market liquidity, and carry complex and uncertain U.S. tax treatment.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering Trigger Callable Yield Notes linked to the least performing of the S&P 500 Index and EURO STOXX 50 Index, fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 principal amount and a term of about 1.25 years, from an expected trade date of August 27, 2026 to maturity on December 2, 2027.
The notes pay fixed monthly coupons at an annual rate of 7.50%–8.15%, regardless of index performance, unless the notes are called. Beginning December 2, 2026, the issuer may redeem the notes monthly at par plus the applicable coupon if a risk neutral valuation model indicates calling is economically rational for Morgan Stanley. Investors do not participate in any upside of either index.
If not called, principal repayment at maturity depends on both indices. If each final index level is at least its Downside Threshold (70% of its Initial Underlying Value), investors receive full principal plus the final coupon. If either index finishes below its Downside Threshold, maturity payment equals $10 × (1 + the return of the Least Performing Underlying) plus the final coupon, so losses are proportional to the worst index’s decline and can reach 100% of principal. The estimated value on the trade date is approximately $9.827 per $10 Security, reflecting embedded costs; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), as guarantor for Morgan Stanley Finance LLC, is offering principal-at-risk Jump Securities with an auto-call feature due September 10, 2032, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal and issue price, with an estimated value of approximately $959.50 on the pricing date.
The notes pay no interest and may be automatically redeemed starting December 4, 2026 if the index is at or above 100% of the initial level, for scheduled early redemption amounts growing from $1,070.625 up to $2,671.458 per security. If not called, payment at maturity is $2,695 per security if the final level is at or above the call threshold, return of principal if the final level is at or above 60% of the initial level, and a 1-for-1 loss below that threshold, potentially to zero. All payments are subject to Morgan Stanley’s credit risk, the underlier embeds a 4% per annum decrement and leverage, the index is new with largely back-tested history, secondary market liquidity may be limited, and U.S. tax treatment is described as a prepaid financial contract but is uncertain.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Buffered PLUS structured notes due September 2, 2031, linked to the Nasdaq-100 Futures Excess Return Index. Each security has a $1,000 stated principal amount, pays no interest, and is fully and unconditionally guaranteed by Morgan Stanley.
At maturity, investors receive $1,000 plus 157.50% of any positive index return. If the index ends between the initial level and the 70% buffer level, principal is repaid. Below the buffer, investors lose 1% of principal for each 1% additional index decline, subject to a 30% minimum payment of principal. All payments depend on Morgan Stanley’s credit; the estimated value on the pricing date is approximately $969.70 per security.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) due September 9, 2031, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. Each security has a $1,000 stated principal amount, pays no interest and is an unsecured obligation of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
At maturity, if the final level of each index is above its initial level, investors receive $1,000 plus a leveraged upside payment equal to 114% of the index appreciation, based on the worst performing index. If either index is at or below its initial level but both remain at or above 85% of their initial levels (the buffer level), investors receive only the $1,000 principal. If either index ends below its buffer level, principal is reduced 1% for each 1% decline of the worst performer beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The securities are subject to Morgan Stanley’s and MSFL’s credit risk and are intended for investors willing to risk a substantial loss of principal and forgo current income in exchange for leveraged upside and partial downside protection. The estimated value on the pricing date is approximately $943.10 per $1,000 security, reflecting issuing, selling, structuring and hedging costs borne by investors.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities with Auto-Callable Feature” due September 10, 2032, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of about $962.10. The notes pay no interest. Starting with the first determination date on December 4, 2026, if the underlier’s closing level is at or above a call threshold level of 90% of the initial level, the notes are automatically redeemed for a fixed early redemption payment corresponding to about 19.50% per annum, increasing over up to 69 scheduled determination dates.
If not redeemed early, at maturity investors receive $2,170 per security if the final level is at or above the call threshold level, only $1,000 if it is between the call threshold and a downside threshold at 60% of the initial level, and $1,000 × (final level ÷ initial level) if below the downside threshold, with losses up to 100% of principal. All payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Auto-Callable Securities due March 3, 2028, linked to the VanEck® Gold Miners ETF. Each security has a $1,000 stated principal amount and issue price, with an estimated value of about $960.10 on the pricing date.
Investors may receive a 14.30% per annum contingent coupon, paid only if the ETF’s closing level on an observation date is at least 70% of the initial level. The notes auto-call if on a redemption determination date the ETF is at least 100% of the initial level, paying principal plus that period’s coupon and then terminating.
If not redeemed early, at maturity investors receive principal back only if the final ETF level is at least 60% of the initial level; otherwise, the payout equals the performance factor (final level ÷ initial level), producing a 1-for-1 loss that can reduce repayment to zero. Payments are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are subject to their credit risk. U.S. tax treatment is expected to follow a prepaid financial contract with associated coupons, but the tax outcome is uncertain, particularly for non-U.S. holders.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering market-linked notes due September 7, 2027 whose return is based on the worst performing of the Nasdaq-100 Index® and Russell 2000® Index. Each note has a stated principal of $1,000 and pays no periodic interest.
At maturity, if both indices finish above their initial levels, holders receive $1,000 plus 100% of the gain of the worst-performing index, capped at a maximum payment of $1,066.50 (106.65% of principal). If either index is at or below its initial level, investors receive only the $1,000 principal.
The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $981.70 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs. The notes will not be listed on any exchange, and secondary market liquidity may be limited. For U.S. tax purposes, Morgan Stanley intends to treat the notes as contingent payment debt instruments, requiring accrual of interest income over their term.
Morgan Stanley Finance LLC, fully guaranteed by MORGAN STANLEY (MS), is offering principal-at-risk Callable Contingent Income Securities due August 2, 2028, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a $1,000 stated principal amount and pays a 10.10% per annum contingent coupon only if on each observation date all three indices are at or above 70% of their initial levels. From September 3, 2027, the issuer may redeem the notes on specified dates for principal plus any due coupon, but only if a risk neutral valuation model indicates redemption is economically rational for the issuer. If the notes are not called and any index finishes below its 70% downside threshold on the final observation date, repayment is reduced in proportion to the decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is approximately $982.50 per security, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Auto-Callable Securities due September 21, 2029, linked to the worst performer of the Dow Jones Industrial Average, Nasdaq‑100 Index and Russell 2000 Index. Each security has a $1,000 stated principal amount and issue price and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 8.00% per annum, but only for periods where on the observation date all three indices are at or above a coupon barrier set at 70% of the initial level. The notes are automatically called if on any redemption determination date all indices are at or above their call threshold of 100% of initial level, paying principal plus the related coupon, after which no further payments are made.
If not called, at maturity investors receive principal only if each index is at or above its downside threshold of 70% of initial level; otherwise, repayment is reduced in full proportion to the decline of the worst-performing index and can be zero. The estimated value on the pricing date is approximately $962 per $1,000 security, reflecting issuing, selling, structuring and hedging costs. The notes are unsecured obligations subject to Morgan Stanley’s credit risk, may have little or no secondary market, and carry complex and uncertain U.S. tax treatment, including potential 30% withholding on coupons for certain non‑U.S. investors.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities due September 6, 2028, linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a 12.35% annual contingent coupon only if on each observation date all three indices are at or above their respective coupon barrier levels of 70% of initial. From March 3, 2027, the issuer may call the notes on scheduled redemption dates based on a risk neutral valuation model; once redeemed, no further payments are made.
If not redeemed and, at maturity, each index is at or above its 70% downside threshold level, investors receive the $1,000 stated principal plus any final coupon. If any index finishes below its threshold, the payoff is $1,000 multiplied by the performance factor of the worst index, creating 1-for-1 downside and potential total loss of principal. The estimated value on the pricing date is approximately $985 per security, below the $1,000 issue price, reflecting structuring and hedging costs. All payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering unsecured Jump Notes with an auto-call feature due August 29, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount and pays no interest.
The notes are automatically redeemed on September 2, 2027 for $1,140 per note if on the first determination date the index closes at or above 90% of its initial level. If not called and the final index level exceeds the initial level, holders receive $1,000 plus 100% of the index gain; otherwise they receive only $1,000 at maturity.
The notes are fully and unconditionally guaranteed by Morgan Stanley, carry an estimated value on the pricing date of about $972.30 per note, will not be listed on any exchange, and all payments are subject to Morgan Stanley’s credit risk and the complex features and risks of the decrement and volatility-targeting index.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Memory Auto-Callable Securities due September 6, 2029, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount of $1,000 and an original issue price of $1,000, with an estimated value on the pricing date of approximately $937.20 per security.
The notes pay a contingent coupon at 15.10% per annum, but only for observation dates when the index closes at or above the coupon barrier level of 70% of the initial level. Missed coupons may be "remembered" and paid later if a subsequent observation meets the barrier. The notes are automatically callable on specified dates if the index is at or above the call threshold level of 100% of the initial level, in which case investors receive principal plus the applicable coupon and any unpaid coupons, and the investment ends.
If not called early, at maturity investors receive principal back only if the final index level is at or above the downside threshold level of 60% of the initial level. Below that threshold, repayment is reduced in proportion to the index decline, potentially to zero. Investors do not participate in any index upside. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the securities may have limited or no secondary market liquidity. The issuer highlights material risks, including potential loss of entire principal, possibility of receiving few or no coupons, model-based estimated value below issue price, and tax uncertainty, with possible 30% U.S. withholding on coupons for certain non-U.S. holders.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities due October 5, 2027, linked to the worst performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. Each security has a $1,000 stated principal and issue price, with an estimated value on the pricing date of approximately $985.90.
The notes pay a contingent coupon at an annual rate of 11.05% only if, on each observation date, the closing level of every index is at or above 70% of its initial level (the coupon barrier). Principal repayment at maturity also depends on all three indices finishing at or above their 70% downside thresholds; otherwise, investors lose 1% of principal for each 1% decline of the worst-performing index, potentially losing their entire investment. Beginning December 3, 2026, the issuer may redeem the notes early on specified dates if a risk neutral valuation model indicates that redemption is economically rational for Morgan Stanley. All payments are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are subject to the credit risk of Morgan Stanley.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering unsecured, zero-coupon structured “Jump Notes with Auto-Callable Feature” due August 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and is linked to the worst performer of Amazon.com, Inc., Apple Inc. and NVIDIA Corporation common stocks.
The notes may be automatically redeemed on September 2, 2027 if, on August 31, 2027, the closing level of each stock is at or above 90% of its initial level, in which case holders receive a fixed $1,265 per note and no further payments. If not called, at maturity investors receive $1,000 plus an upside payment equal to 100% of the price appreciation of the worst-performing stock if all final levels exceed their initial levels; otherwise only the $1,000 principal is repaid.
Morgan Stanley estimates the value of each note on the pricing date at about $972.80, below the $1,000 issue price because of issuing, selling, structuring and hedging costs. Payments depend entirely on Morgan Stanley’s and MSFL’s credit, the notes will not be listed, secondary liquidity may be limited, and U.S. holders are expected to be taxed under contingent payment debt instrument rules.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is issuing principal-at-risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount, issue price of $1,000, and total aggregate principal of $900,000, fully and unconditionally guaranteed by Morgan Stanley. The notes price on August 20, 2026 and mature on August 25, 2031, with an estimated value on the pricing date of $934.20 per security, reflecting embedded costs.
The notes pay a contingent coupon at 17.00% per annum only if, on each observation date, the index is at or above the coupon barrier level of 2,368.835 (70% of the initial level of 3,384.05). They are automatically callable on scheduled redemption determination dates if the index is at or above the call threshold level of 3,384.05 (100% of initial), in which case investors receive principal plus the applicable coupon and no further payments.
If not called, at maturity investors receive principal back only if the final index level is at or above the downside threshold level of 1,692.025 (50% of initial); otherwise the payoff equals principal times the index performance factor, exposing investors to a potential total loss of principal. The underlier includes a 4% per annum decrement and uses leverage and volatility targeting, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering callable contingent income securities due August 23, 2029, linked to the worst performer of the Nasdaq‑100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, in an aggregate principal amount of $3,000,000.
Each $1,000 note pays a 10.50% per annum contingent coupon only if on an observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. Principal is fully at risk: if at maturity any index finishes below its downside threshold level, set at 60% of its initial level, repayment is reduced in proportion to the worst index’s decline and can be zero.
The notes are callable in whole (not in part) on specified redemption dates starting May 25, 2027, but only if a specified risk neutral valuation model indicates it is economically rational for Morgan Stanley to redeem; once redeemed, no further payments are made. The estimated value on the pricing date is $974.50 per $1,000 note, below the issue price, reflecting issuance, structuring and hedging costs. Payments depend on Morgan Stanley’s and MSFL’s credit and carry complex U.S. tax and withholding considerations, particularly for non‑U.S. holders.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $1,200,000 of Trigger PLUS structured notes linked to the S&P 500® Futures Excess Return Index. The notes have a stated principal of $1,000 per security, are issued at par, pay no interest and mature on August 23, 2030, with Morgan Stanley fully and unconditionally guaranteeing payments.
At maturity, holders receive leveraged upside of 209% of any index gain: for example, a 5% index rise would pay $1,104.50. Principal is returned in full only if the index is at or above the downside threshold of 487.856 (80% of the initial level of 609.82). Below that threshold, losses match the index decline on a 1-for-1 basis with no minimum payment; an 85% drop would pay $150. The estimated value on the pricing date is $969.40 per security, below the issue price, reflecting embedded costs, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Buffered Jump Securities with an auto-call feature linked to the First Trust Nasdaq Cybersecurity ETF. Each note has a $1,000 principal amount, with an aggregate principal of $1,372,000, and pays no interest.
The notes auto-redeem on September 1, 2027 for $1,165 per security if on August 27, 2027 the ETF’s level is at or above the $93.45 call threshold (100% of the initial level). Otherwise they continue to maturity on August 24, 2028. At maturity, if the final level is above the initial level, investors receive principal plus a leveraged upside payment using a 125% participation rate. If the final level is between the buffer level of $84.105 (90% of initial) and the initial level, investors receive only principal. Below the buffer, principal is reduced 1% for each 1% decline beyond the 10% buffer, with a minimum payment equal to 10% of principal.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to their credit risk. The estimated value on the pricing date is $973.40 per security, below the $1,000 issue price, reflecting selling, structuring and hedging costs. The underlier is concentrated in cybersecurity, mid-cap and small-cap stocks, and the notes may be illiquid and carry complex U.S. tax treatment.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Trigger PLUS structured notes due August 24, 2028, linked to the worst performer among Alphabet Class C, Amazon.com, Meta Platforms Class A and NVIDIA common stock. Each security has a $1,000 stated principal and is fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $500,000.
If on the August 21, 2028 observation date the final level of each stock is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 455% of the percentage gain of the worst performing stock. If any stock is at or below its initial level but all remain at or above 50% of their initial levels (the downside thresholds), investors receive only $1,000. If any stock closes below its 50% downside threshold, the maturity payment is $1,000 multiplied by the ratio of final to initial level of the worst performer, with no minimum, so the payment can be zero.
The estimated value on the pricing date is $971.90 per $1,000 security, reflecting issuance, structuring and hedging costs and the issuer’s funding rate. The notes pay no interest, are unsecured and subject to Morgan Stanley’s and MSFL’s credit risk, and may have limited or no secondary market liquidity.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Trigger PLUS structured notes due February 25, 2028, linked to the worst performer of the SPDR Gold Trust (GLD) and VanEck Gold Miners ETF (GDX). Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley, with a total offering size of $500,000.
At maturity, if both underliers finish above their initial levels, investors receive $1,000 plus a 150% leveraged upside on the appreciation of the worst performer. If at least one is at or below its initial level but both stay at or above their downside thresholds of 75% of initial levels, investors receive only $1,000. If either finishes below its downside threshold, repayment is $1,000 times the performance factor of the worst underlier, resulting in a 1% principal loss for each 1% decline, with no minimum and potential total loss of principal.
The notes pay no interest, are unsecured obligations subject to Morgan Stanley’s and MSFL’s credit risk, and may have limited or no secondary market. The estimated value on the pricing date is $959.20 per $1,000 note, reflecting embedded costs and dealer compensation. U.S. federal income tax treatment is uncertain; counsel views the notes as prepaid financial contracts and flags potential application of the “constructive ownership” regime.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Enhanced Trigger Jump Securities linked to the S&P 500® Index, maturing on August 25, 2031. These are unsecured, principal-at-risk structured notes that pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,249,000. At maturity, if the S&P 500® final level is at or above the downside threshold of 6,112.928 (80% of the initial level 7,641.16), investors receive $1,000 plus the greater of a fixed $200 upside payment or the index gain, capped at a maximum payment of $1,900 per security. If the final level is below the downside threshold, repayment is linear to index performance, and the amount can fall to zero.
The estimated value on the pricing date is $956.80 per security, lower than the $1,000 issue price due to embedded costs and issuer economics. The notes are subject to Morgan Stanley’s credit risk, have limited liquidity, and complex, uncertain U.S. tax treatment, including potential implications under Section 871(m) for non-U.S. holders.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities” with an auto-call feature maturing August 25, 2031, linked to the worst performer of the EURO STOXX 50® and Russell 2000® indices. Each note has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest and repay principal only under certain index outcomes. From November 20, 2026 onward, the notes are automatically redeemed if both indices are at or above their call thresholds (100% of initial levels), for early redemption payments starting at $1,026.875 and rising to $1,510.625. If held to maturity and both indices are at or above their call thresholds, investors receive $1,537.50. If at least one index is below its call threshold but both are at or above 75% downside thresholds, only principal is returned. If either index finishes below its downside threshold, repayment is $1,000 × the performance of the worst index, potentially zero.
The aggregate principal amount is $8.5 million. The estimated value on the pricing date is $958.20 per note, below the $1,000 issue price, reflecting issuing, selling, structuring and hedging costs. A fixed sales commission of $30.50 per note is paid to selected dealers. All payments are subject to Morgan Stanley’s credit risk and the notes may be illiquid and highly sensitive to index and credit spread movements.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is issuing Contingent Income Memory Buffered Auto-Callable Securities maturing on August 25, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, in an aggregate stated principal amount of $2,958,000 at $1,000 per security.
Investors may receive a contingent coupon at 11.50% per annum on scheduled payment dates, but only when the index closes at or above the coupon barrier (70% of the initial level); missed coupons can be paid later if the barrier is met. The notes are automatically callable quarterly starting August 23, 2027 if the index is at or above the call threshold (100% of the initial level), returning principal plus due coupons.
If not called, at maturity holders receive full principal only if the final index level is at or above the 15% buffer level (85% of initial); below that, principal is reduced 1% for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date is $908.90 per $1,000, and payments depend on Morgan Stanley’s credit and limited secondary market liquidity.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Callable Contingent Income Securities due August 23, 2029 linked to the worst performing of the Nasdaq-100® Technology Sector Index℠, the Russell 2000® Index and the S&P 500® Index. Each note has a $1,000 stated principal amount, with an aggregate principal amount of $1,137,000, and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at 10.60% per annum, but only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of their initial levels. Principal repayment at maturity is also contingent: if the notes are not redeemed early and the final level of every index is at or above its downside threshold (60% of initial), investors receive principal back; otherwise the payoff is reduced 1% for each 1% decline of the worst-performing index, potentially to zero.
The issuer may redeem the notes on specified dates starting November 25, 2026, but only when a risk-neutral valuation model indicates calling is economically rational for Morgan Stanley. The notes are unsecured and subject to Morgan Stanley’s and MSFL’s credit risk. The estimated value on the pricing date is $971.80 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and the issuer’s funding spread.
MORGAN STANLEY (MS), via Morgan Stanley Finance LLC, is offering structured “Buffered Participation Securities” linked to the S&P 500® Index, due August 25, 2031. Each security has a $1,000 stated principal amount, with an aggregate principal amount of $265,000, and pays no interest.
At maturity, investors receive full principal plus 100% of any S&P 500® appreciation, capped at a maximum payment of $1,867.50 per security. If the index is flat or down but not below the 75% buffer level, investors receive principal only. Below the buffer, principal is reduced 1% for each 1% further index decline, subject to a minimum payment of 25% of principal. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with an estimated value on the pricing date of $977.30 per $1,000 security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Auto-Callable Securities due August 30, 2029 linked to Nebius Group N.V. class A ordinary shares. These principal-at-risk structured notes pay a contingent quarterly coupon at a 36.00% annual rate (about $90 per $1,000 per quarter) only when the underlying stock is at or above 50% of the initial share price (the downside threshold) on a determination date.
If on any of the first eleven quarterly determination dates the underlying closes at or above the initial share price, the notes are automatically redeemed for $1,000 plus that quarter’s coupon and any previously unpaid coupons. If not called, and the final price is at or above 50% of initial, holders receive $1,000 plus the final coupon and any accumulated unpaid coupons. If the final price is below 50% of initial, repayment of principal is reduced 1‑for‑1 with the stock decline, potentially to zero.
The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The issue price is $1,000 per note, while the estimated value on the pricing date is approximately $958.20, reflecting embedded costs, dealer compensation and hedging.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk structured notes with a stated principal amount of $1,000 per security, linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF. The notes pay a contingent coupon at 8.85% per annum only if, on each observation date, all three underliers are at or above their coupon barrier levels set at 70% of initial levels. Starting February 26, 2027, the notes are auto-callable on monthly redemption determination dates if all underliers are at or above their 100% call thresholds, in which case investors receive principal plus the applicable coupon and no further payments.
If not redeemed early, at maturity on August 31, 2029 investors receive principal back only if each underlier’s final level is at or above its 70% downside threshold; otherwise the payoff is reduced 1% for every 1% decline of the worst-performing underlier, down to zero. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, carry credit risk, are not FDIC-insured, and have an estimated value on the pricing date of about $958 per $1,000 security.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk structured notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, with a stated principal amount of $1,000 per security and maturity on September 9, 2031. The notes pay a contingent coupon at 15.00% per annum only if the index closes on each observation date at or above a coupon barrier set at 85% of the initial level; missed coupons can be paid later if the barrier is met, but may be lost entirely.
The notes are auto-callable on scheduled redemption determination dates if the index is at or above 100% of the initial level, in which case investors receive principal plus the current contingent coupon and any unpaid coupons, with no further payments thereafter. If held to maturity and the final index level is at or above an 85% buffer level, investors receive full principal (plus any due coupons). If the final level is below the buffer, repayment is reduced 1% for every 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal, meaning substantial loss of capital is possible.
The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to the issuer’s and guarantor’s credit risk. The estimated value is approximately $910.10 per security, below the $1,000 issue price due to embedded costs. The underlier is a relatively new, leveraged, volatility-targeted futures-based index with a 4% per annum decrement, and the tax treatment, including potential 30% U.S. withholding on coupons for certain non-U.S. investors, is described as uncertain.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Buffered Jump Securities with an auto-call feature, due September 2, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount and issue price of $1,000, with an estimated value on the pricing date of approximately $919.40 per security.
The notes pay no interest and may be automatically redeemed quarterly from August 30, 2027 onward if the index is at or above the call threshold level (90% of the initial level), for early redemption payments starting at $1,156 and rising up to $1,767 per $1,000. If held to maturity and not auto-called, investors receive $1,780 per security if the final index level is at or above the call threshold; the principal back if it is between the buffer level (85% of initial) and the call threshold; or a loss of 1% of principal for each 1% index decline beyond the 15% buffer, subject to a minimum payment equal to 15% of principal. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and the issuer highlights limited liquidity, potentially significant loss of principal, index construction and decrement risks, and tax uncertainty.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.