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 offers contingent income auto-callable securities due June 28, 2029, fully guaranteed by Morgan Stanley, with an aggregate principal amount of $400,000 and a stated principal amount of $1,000 per security. The notes pay a contingent coupon of 9.00% per annum on each coupon payment date only if the closing level of each underlier meets its coupon barrier on the related observation date and are automatically redeemed early if each underlier meets its call threshold on any redemption determination date.
The securities are linked to the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500® indices; coupon barriers equal 80% of initial levels and downside thresholds equal 70% of initial levels. If not redeemed early and the final level of any underlier is below its downside threshold, holders receive an amount equal to the stated principal multiplied by the performance factor of the worst performing underlier and may lose up to their entire principal. All payments are subject to Morgan Stanley's credit risk. Commissions and issuance costs are included in the $1,000 issue price; the estimated value on the pricing date was $957.50 per security.
Morgan Stanley Finance LLC priced Structured Investments: Enhanced Buffered Jump Securities linked to the S&P 500® Index. Each security has a stated principal amount of $1,000, a stated upside payment of at least $90.70 (9.07%), a 10% buffer (buffer level = 90% of the initial level) and a downside factor of 1.1111. The securities mature on July 20, 2027 and pay at maturity based on the S&P 500 closing level on the observation date. The estimated value on the pricing date is approximately $986.40 per security. These are principal‑at‑risk notes that do not pay interest; investors may lose some or all of their principal and are exposed to Morgan Stanley credit risk and tax‑treatment uncertainty.
Morgan Stanley Finance LLC priced a structured note offering of Principal at Risk securities totaling $678,000 aggregate principal. The notes have a $1,000 stated principal amount per security, an original issue price of $1,000 and are fully guaranteed by Morgan Stanley. They mature on June 30, 2031 and reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.
The notes pay a contingent annual coupon of 9.00% on observation dates when the underlier is at or above a coupon barrier (75% of the initial level), feature automatic early redemption if the underlier meets a call threshold (90% of the initial level) on redemption determination dates, and provide principal protection only up to a 20% buffer with a minimum payment of 20% of principal at maturity.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes fully and unconditionally guaranteed by Morgan Stanley. The offering consists of $1,000 per security with an aggregate principal amount of $2,104,000, issued at $1,000 per security and an estimated value on the pricing date of $946.50. The notes are linked to the worst performing of the EURO STOXX 50, the Russell 2000 and the S&P 500, carry a 150% participation rate in favorable outcomes, an early redemption payment of $1,272.50 if all call thresholds are met on the first determination date (July 2, 2027), and mature on June 30, 2031. These securities do not pay interest, expose investors to full principal risk if the worst underlier falls below 70% of its initial level, and are subject to issuer credit risk and limited secondary-market liquidity.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS notes due June 30, 2031 with an aggregate principal amount of $170,000. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
At maturity, payoffs depend on the EURO STOXX 50® final level versus an initial level of 6,267.53. Upside is leveraged (153% of appreciation). If the index falls but remains above an 85% buffer level, investors may receive a limited positive return; if it falls below the buffer, principal is lost pro rata subject to a 15% minimum payment. The original issue price is $1,000 per security and the estimated value on pricing was $939.50 per security; agent commissions are $40 per security.
Morgan Stanley Finance LLC priced $5,915,000 of Trigger PLUS notes due June 30, 2031. These principal‑at‑risk securities reference the worst performing of the Dow Jones Industrial Average and the S&P 500® Index and pay no interest; payment at maturity depends on the worst performing underlier.
If both underliers finish above their initial levels, investors receive the $1,000 stated principal plus a 125% leverage of the worst underlier's appreciation. If the worst underlier finishes between its initial level and its 70% downside threshold, investors receive only the $1,000 principal. If the worst underlier finishes below the threshold, investors lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and the securities could pay zero. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities due June 28, 2029 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The stated principal amount is $1,000 per security and the aggregate principal amount is $1,442,000. The securities pay a contingent coupon at an annual rate of 8.40% only when all three underliers meet their coupon barrier levels on observation dates, include automatic early redemption if all underliers meet call thresholds on redemption determination dates, and expose holders to full downside loss calculated 1:1 versus the worst performing underlier at maturity.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due August 13, 2027 tied to the S&P 500 Index and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal, a 110% leverage factor, a 10% buffer and a maximum payment at maturity of $1,146. The strike and pricing date are July 10, 2026, original issue date July 15, 2026, and the observation date is August 10, 2027. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer; the minimum payment at maturity is 10% of stated principal. Payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal at Risk contingent-income, auto-callable notes linked to the worst performer of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500. The issue is $1,000 per security, aggregate principal $754,000, original issue date June 30, 2026, maturity December 30, 2027. The securities pay a contingent coupon at an annual rate of 9.25% on observation dates only if each underlier is at or above its coupon barrier (80% of initial). They may auto-redeem on specified redemption dates if each underlier meets a call threshold (100% of initial). At maturity, if any underlier is below its downside threshold (70% of initial), payment equals principal × performance factor of the worst performing underlier, potentially resulting in substantial principal loss. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Dual Directional Trigger PLUS notes with a $1,000 stated principal amount per security and a June 30, 2031 maturity. The notes reference the S&P 500® Futures Excess Return Index with an initial level of 590.78 (strike date June 25, 2026).
At maturity the payoff depends on the final level on the observation date: investors receive the stated principal plus a 167% leverage of upside if the index is higher; if the index is down but at or above the 60% downside threshold (354.468) they receive a limited positive return based on a 50% absolute participation rate; if below the threshold investors suffer losses pro rata and could lose their entire principal. The issue price is $1,000 per security, estimated value on pricing date was $939.40, and aggregate principal offered is $220,000. All payments are subject to issuer and guarantor credit risk and tax treatment is uncertain.
Morgan Stanley Finance LLC priced Principal at Risk structured notes linked to the S&P 500® Futures Excess Return Index. The offering totals $969,000 in $1,000 securities with an original issue price of $1,000 per security and an estimated value on the pricing date of $955.40 per security.
The notes carry an automatic early redemption on First determination date July 2, 2027 (call threshold = 590.78), an early redemption payment of $1,167.50, and final maturity on June 30, 2031. A 10% buffer protects against losses up to that amount; below the buffer investors lose 1% for each 1% decline beyond the buffer, subject to a 10% minimum payment.
Morgan Stanley Finance LLC priced a primary offering of structured, principal-at-risk market-linked securities guaranteed by Morgan Stanley. The offering comprises $1,000 face amount per security sold at $1,000 to the public with total proceeds to the issuer of $4,031,047.25. These securities provide leveraged upside participation (Participation Rate: 123.75%) based solely on the lowest performing of four indices and offer a 20% buffer against declines up to the threshold (80% of each starting level). The securities mature on July 8, 2027 (calculation day July 2, 2027), carry an estimated value of $963.60 per security on the pricing date (June 25, 2026), do not pay interest or dividends, and are subject to Morgan Stanley credit risk and limited secondary-market liquidity.
Morgan Stanley Finance LLC priced a primary offering of Market Linked Securities—auto-callable, contingent coupon with memory and contingent downside principal-at-risk—linked to Super Micro Computer, Inc. with a total price to public of $1,515,000 (face amount $1,000 per security) and a maturity of June 28, 2029.
The securities pay a 25% per annum contingent coupon (monthly if the stock closing price meets the coupon threshold of 45% of the $31.68 starting price), are callable beginning after a three-month non-call period if the stock meets an 85% call threshold, and expose holders to principal loss if the ending price is below the downside threshold of 45% of the starting price (i.e., losses exceeding 55%). The issuer-stated estimated value on the pricing date was $962.70 per security.
Morgan Stanley Finance LLC priced a Principal at Risk note tied to the S&P 500® Index with a $1,000 stated principal and an observation-based payoff maturing on July 29, 2027. The securities pay no interest and offer a fixed $91 upside payment if the final index level is at or above the downside threshold of 5,886.576 (80% of the initial level). If the final level is below that threshold, holders suffer a proportional loss equal to the index decline (performance factor = final level / initial level), with no minimum payment and potential loss of the entire investment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; market and credit risks and uncertain U.S. tax treatment are disclosed.
Morgan Stanley Finance LLC offers Principal-at-Risk, auto-callable notes linked to MP Materials Corp. common stock. Each security has a stated principal amount of $1,000, a contingent coupon at an annual rate of 37.04%, and a maturity date of July 14, 2027. The strike date was June 26, 2026 and the pricing date was June 29, 2026. Coupons are paid only if the underlier meets the coupon barrier ($35.035, 65% of the initial level) on observation dates; automatic early redemption occurs if the underlier is at or above the call threshold ($53.90) on any redemption determination date. At maturity, if the final level is below the downside threshold ($35.035), payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to potential loss of principal.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. The notes have a $1,000 stated principal amount, automatic early redemption on July 2, 2027 (first determination) for an early redemption payment of $1,180, a June 30, 2031 maturity date and are fully and unconditionally guaranteed by Morgan Stanley.
The securities pay no periodic interest, return 150% participation on the worst-performing underlier if all underliers finish above initial levels at maturity, return principal if final levels remain at or above 70% of initial levels, and expose investors to a loss equal to the percentage decline of the worst-performing underlier if that underlier finishes below its downside threshold. All payments are subject to Morgan Stanley's credit risk; the original issue price was $1,000 and the estimated pricing-date value was $929.40.
Morgan Stanley Finance LLC is offering Principal at Risk Structured Investments—Enhanced Trigger Jump Securities linked to the common stock of NVIDIA Corporation. Each security has a stated principal amount of $1,000 and matures on July 14, 2027. If the final level on the observation date is at or above the downside threshold ($144.398, 75% of the initial level), holders receive the stated principal plus an upside payment of $208 (20.80%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to a 1% loss for each 1% decline in the underlier; there is no minimum payment and principal could be lost in full. The initial level (closing) was $192.53 on the strike date and the estimated value on the pricing date was approximately $986.60 per security. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC priced market-linked notes due June 28, 2030, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The notes have a $1,000 stated principal amount per note, an issue price of $1,000 and aggregate principal of $559,000. The participation rate is 100% of the appreciation of the worst performing underlier, subject to a maximum payment at maturity of $1,350 per note. If either underlier’s final level is equal to or below its initial level, investors receive only the stated principal amount. The notes pay no interest, are unsecured obligations of MSFL and are subject to Morgan Stanley credit risk. Estimated value on the pricing date was $960.00 per note. Terms are subject to the product, index and tax supplements and the prospectus.
Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities (principal at risk) linked to the Nasdaq-100® Technology Sector and the Russell 2000®. The offering totals $2,357,000 at a $1,000 issue price per security and carries a contingent annual coupon of 9.75%.
Coupons are payable only if both underliers meet their coupon barrier (75% of initial levels) on observation dates; automatic early redemption can occur if both underliers meet call thresholds (100% of initial levels) on redemption determination dates. At maturity investors either receive principal (if both underliers ≥ 75% of initial levels) or suffer a loss equal to the percentage decline of the worst performing underlier.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to the worst performing of the Russell 2000® and S&P 500® Indices. The offering totals $103,000 aggregate at a $1,000 stated principal amount per security with an upside payment of $270 (27%).
Key dates: strike and pricing date June 25, 2026, original issue date June 30, 2026, observation date June 26, 2028, maturity June 29, 2028. The downside threshold is 80% of each initial level; if the worst performing underlier falls below that threshold, principal loss equals the percent decline. Estimated value on the pricing date was $962.30 per security and the agent commission was $22.50 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk auto-callable securities tied to ServiceNow, Inc. common stock. The securities have a $1,000 stated principal amount, aggregate principal of $970,000, an issue price of $1,000 and an estimated value of $983.40 on the pricing date.
The notes pay a contingent coupon at an annual rate of 21.35% on each coupon payment date only if the closing level of the underlier is at or above the coupon barrier of $44.76 (50% of the initial level). The initial level/strike level was $89.52 (call threshold = 100% of initial). The securities mature on July 1, 2027, are subject to automatic early redemption on specified dates if the underlier meets the call threshold, and expose investors to full downside risk (payment at maturity equals principal × performance factor when final level is below the downside threshold).
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced Principal-at-Risk notes linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). The offering is for $3,299,000 aggregate with a $1,000 stated principal amount per security and an issue price of $1,000.
The notes include a 15% buffer, automatic early redemption on scheduled determination dates with rising fixed early-redemption payments (first: $1,051.00), a payment at maturity of $1,280.50 if both final levels are at or above their buffer levels, and a minimum payment at maturity equal to 15% of principal. The estimated value on the pricing date was $951.30 per security. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk Callable Contingent Income Securities linked to the worst performing of the iShares Russell 2000 ETF, the Nasdaq-100 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a contingent coupon of 10.20% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (70% of initial level) on the related observation date. The securities may be redeemed early beginning on December 31, 2026 if, on a determination date, a risk neutral valuation model indicates redemption is economically rational for the issuer. At maturity on June 28, 2029, if the final level of each underlier is at or above its downside threshold (70% of initial level), investors receive the stated principal; if any underlier is below that threshold, payment equals principal multiplied by the performance factor of the worst performing underlier, which can result in a significant loss or zero recovery. All payments are subject to the issuer’s and guarantor’s credit risk.
The pricing supplement describes a series of principal-at-risk notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. The offering is $575,000 aggregate (stated principal $1,000 per security) linked to Meta Platforms, Inc. class A stock, maturing July 12, 2027.
The notes pay a contingent annual coupon of 10.38% on scheduled coupon dates only if the underlier's closing level meets or exceeds the coupon barrier (70% of the initial level). They are callable on specified redemption determination dates and include a buffer equal to 30% of the initial level; below the buffer investors suffer a loss of 1.4286% of principal for each 1% decline beyond the buffer. All payments are subject to issuer credit risk and there is no minimum payment at maturity.
Morgan Stanley Finance LLC is offering Trigger PLUS notes linked to the EURO STOXX 50® Index with a $1,000 stated principal per security and a maturity date of July 3, 2031. The securities pay no interest, provide a 183% leverage factor on appreciation and a limited principal protection that applies only if the final index level is at or above 75% of the initial level. If the final level is below that downside threshold, investors lose in direct proportion to the index decline and could lose their entire investment. The original issue price is $1,000 and the document states an estimated value on the pricing date of approximately $951.50. All payments are subject to the credit risk of MSFL and Morgan Stanley. Pricing/strike date: June 29, 2026; observation date: June 30, 2031 (subject to postponement).
Morgan Stanley Finance LLC priced a principal-at-risk note offering with an aggregate principal amount of $239,000. The securities are fully and unconditionally guaranteed by Morgan Stanley, have a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The notes mature on June 30, 2031, feature an automatic early redemption schedule with the first determination date on June 28, 2027, a buffer level equal to 80% (buffer amount 20%) of the initial level and a call threshold equal to the initial level of 1,352.96. The estimated value on the pricing date was $911.40 per security and selected dealers receive a $46 commission per security.
Morgan Stanley Finance LLC is offering principal‑at‑risk structured notes due June 28, 2030. Each security has a stated principal amount of $1,000 and an aggregate principal amount of $504,000. Payment at maturity depends on the performance of the worst performing underlier: the Dow Jones Industrial Average, the Nasdaq‑100 and the Russell 2000, measured on the observation date of June 25, 2030. If each underlier’s final level is at or above its downside threshold (70% of its initial level), holders receive the stated principal plus a fixed $377 upside payment per security (37.70%). If any underlier is below its downside threshold, holders suffer losses equal to the percentage decline of the worst performing underlier; there is no minimum payment and investors could lose their entire principal. All payments are unsecured and subject to Morgan Stanley’s credit risk. The estimated value at issuance was $938.90 per security; agents received a fixed commission of $37.50 per security.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 28, 2029, fully guaranteed by Morgan Stanley, linked to the worst performing of three underliers: the EURO STOXX® Banks Index, State Street® Energy Select Sector SPDR® ETF and VanEck® Semiconductor ETF. The offering totals $1,852,000 in aggregate principal at a $1,000 stated principal amount per security. The notes pay no interest, can auto‑redeem early on scheduled determination dates for fixed cash amounts (up to $2,000), and at final maturity pay either a capped positive payment ($2,200), the stated principal, or a reduced principal tied to the worst performing underlier (losses of 1% per 1% decline below specified downside thresholds). All payments are subject to issuer and guarantor credit risk. The estimated value at pricing was $954.20 per security and offering proceeds to the issuer were $1,842,740.
Morgan Stanley Finance LLC priced $203,000 of Dual Directional Buffered Jump Securities due June 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and links payoffs to the S&P 500® Futures Excess Return Index.
At maturity the payout depends on the index closing on the observation date: investors may receive the stated principal plus an upside payment of $445 or a positive return tied to the absolute decline up to a 20% cap, but losses apply beyond an 20% buffer level, with a minimum payment of 20% of principal. The estimated value on the pricing date was $938.10 per security and the agent received a $36.25 commission per security.
Morgan Stanley Finance LLC is offering Contingent Income Memory Buffered Auto-Callable Securities linked to Micron Technology, Inc. with a stated principal amount of $1,000 per security and an aggregate principal amount of $600,000. The securities pay a contingent coupon at an annual rate of 43.08% on observation dates when the closing level of the underlier is at or above the coupon barrier of $629.106 (60% of the initial level). The securities can be automatically redeemed on specified redemption determination dates if the closing level is at or above the call threshold of $1,048.51 (the initial level). If not redeemed, maturity payment depends on the final level relative to the buffer level of $629.106; declines below the buffer expose investors to a 1.6667% loss of principal for every 1% decline beyond the buffer. Estimated value on the pricing date was $987.60 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk securities due June 30, 2031, with an aggregate principal amount of $520,000. Each security has a stated principal amount of $1,000 and pays no interest; payment at maturity depends on the worst performing of three indices.
At maturity the holder may receive: (1) principal plus the greater of the underlier percent change of the worst performing underlier or the $645 upside payment; (2) principal only if each underlier is above its 70% downside threshold; or (3) a reduced principal tied to the worst performing underlier, which could result in a total loss.
Morgan Stanley Finance LLC priced a preliminary offering of structured, principal‑at‑risk notes fully guaranteed by Morgan Stanley linked to the performance of Broadcom Inc. common stock. Each security has a $1,000 stated principal amount and a fixed upside payment of $236.60 per security if the final level is at or above the buffer level. The initial level was $365.02 (strike date June 26, 2026), the buffer level is $292.016 (80% of initial), the downside factor is 1.25, the observation date is July 9, 2027 and maturity is July 14, 2027. The original issue price is $1,000 and the estimated value on the pricing date was about $984.30. Payments are subject to issuer credit risk and there is no guaranteed minimum—investors may lose their entire investment.
Morgan Stanley Finance LLC intends to issue Enhanced Buffered Jump Securities linked to the Nasdaq-100 Index due July 14, 2027. Each security has a $1,000 stated principal amount and an $111.10 fixed upside payment. The securities include a 15% buffer (buffer level 24,750.504) and a downside factor of 1.1765; if the final index level is below the buffer level the noteholder bears amplified losses and could lose the entire principal. The initial index level on the strike date was 29,118.24. The issue price is $1,000 and the issuer's estimated value on the pricing date was approximately $986.20. All payments are unsecured obligations of Morgan Stanley Finance LLC and are fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC offers Principal at Risk securities fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $1,572,000 and a stated principal amount of $1,000 per security. The securities pay no regular interest, have an issue price of $1,000 (estimated value on the pricing date $953.80), a maturity date of June 30, 2031, and an automatic early redemption feature on the first determination date of July 2, 2027 with an early redemption payment of $1,145.50. At maturity investors may receive the stated principal plus an upside payment (participation rate 125%), the stated principal, or a reduced payment that reflects losses beyond a 15% buffer, subject to a 15% minimum payment at maturity. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk buffered, auto-callable 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. The notes permit automatic early redemption on a series of determination dates beginning June 28, 2027 if the underlier closes at or above the call threshold of 1,352.96, with early redemption payments rising over time. If not called, maturity is June 30, 2031; payment at maturity depends on the final level relative to the call threshold and a 15% buffer (buffer level 1,150.016), with a minimum payment equal to 15% of principal. Issue price is $1,000 and the estimated value on pricing date was $910.20. Selected dealers receive a fixed commission of $46 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Principal-at-Risk Dual Directional Trigger Jump Securities with an aggregate principal amount of $442,000. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, issued at $1,000 per security with an estimated value of $940.50 on the pricing date.
Payments at maturity depend on the S&P 500® Futures Excess Return Index level on the observation date. Upside: holders receive principal plus the greater of index-based appreciation or an $520 upside payment (52%). If the index is down but above the downside threshold of 413.546 (70% of the initial level 590.78), investors receive a positive capped return based on the absolute decline. If the index is below the threshold, investors lose 1% of principal for each 1% decline in the underlier; payment could be significantly less or zero.
Morgan Stanley Finance LLC priced Buffered PLUS notes that reference the S&P 500® Futures Excess Return Index and are fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, 5-year term (issue date June 30, 2031 maturity), an 180% leverage factor, an 80% buffer (buffer level June 25, 2026 initial level 590.78), and a minimum payment at maturity of 20% of principal. The estimated value on the pricing date was $954.00 per security and the issue price is $1,000 (agent commissions of $37.50 per security), with aggregate principal offered of $1,062,000. Payments at maturity depend solely on the closing final level on the observation date and all payments are subject to issuer and guarantor credit risk.
The Dual Directional Trigger PLUS are principal-at-risk notes issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, issue price $1,000 and aggregate principal of $160,000. At maturity on June 28, 2030, payoff is determined by the performance of the worst performing underlier: the Nasdaq-100 Index (initial 29,440.32) and the Russell 2000 Index (initial 3,007.858). If both underliers finish above their initials, investors receive principal plus 121% of the worst underlier's appreciation. If the worst underlier declines but stays at or above its 70% downside threshold, investors receive principal plus an absolute-return payment equal to 50% of the absolute decline (capped effectively at 15%). If the worst underlier finishes below its downside threshold, investors suffer losses on a 1:1 basis and could lose their entire principal. The securities pay no interest, are unsecured obligations, involve issuer credit risk, include a $32.50 selling commission per security, and had an estimated value of $942.30 on the pricing date.
Morgan Stanley Finance LLC priced Structured Investments Dual Directional Buffered Jump Securities due June 30, 2031, unsecured notes fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $845,000. The securities reference the S&P 500® Futures Excess Return Index and pay no interest.
At maturity the payout depends on the final index level relative to an initial level of 590.78 and a buffer level of 502.163 (85% of initial): investors receive either upside participation (including a fixed $525 upside payment) or an absolute-return feature when the index declines but stays above the buffer, and suffer a pro rata loss beyond the buffer subject to a 15% minimum payment.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes—Buffered Jump Securities—linked to the worst performing of the State Street® SPDR® S&P® Metals & Mining ETF (XME) and the VanEck® Gold Miners ETF (GDX). Each security has a $1,000 stated principal amount and may auto‑redeem on scheduled determination dates for increasing fixed early redemption payments. If not redeemed, investors receive $1,275.00 at maturity only if both underliers finish at or above their 15% buffer levels; otherwise the payout at maturity is reduced in proportion to the decline of the worst performing underlier, subject to a 15% minimum payment. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. The pricing date and strike date are June 25, 2026, original issue date June 30, 2026, final determination date March 26, 2029, and maturity March 29, 2029. The estimated value on the pricing date was $950.30 and the agent’s sales commission is $32.50 per security.
Morgan Stanley Finance LLC issued a contingent income, principal-at-risk note due June 30, 2031, guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate principal amount of $1,477,000. The securities pay a contingent coupon at an annual rate of 12.00% only if the underlier meets observation-date barriers. The underlier initial level is 1,352.96 (strike date June 25, 2026); the coupon barrier is 1,082.368 (80% of initial) and the buffer level is 1,150.016 (85% of initial) with a 15% buffer amount. If not auto‑redeemed, payment at maturity returns principal only if the final level is at or above the buffer; otherwise payment = principal × (performance factor + buffer amount) subject to a 15% minimum payment. The original issue price is $1,000 with an estimated value on the pricing date of $905.20. Agent commission was $46 per security; proceeds to issuer were $954 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due June 28, 2029, fully guaranteed by Morgan Stanley. The offering is for 349 securities at a stated principal of $1,000 per security (aggregate principal $349,000), issued June 30, 2026. The notes reference the Russell 2000® and S&P 500® indices and are auto-callable on the first determination date of June 28, 2027 if both underliers trade at or above their call thresholds (100% of initial levels). Early redemption pays $1,125 per security. At maturity, if not auto-redeemed, payoff depends on the worst-performing underlier: investors receive principal plus an upside payment if both underliers finish above initial levels; principal only if both finish at or above 75% of initial levels; otherwise principal is multiplied by the worst-performing underlier's performance factor (downside exposure can fully eliminate principal). The participation rate is 125%. Estimated value on the pricing date was $945.10 per security and the issue price includes a $20 commission per security.
Morgan Stanley Finance LLC is offering market‑linked, auto‑callable principal‑at‑risk securities due July 11, 2029, fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, a participation rate of 150% in the positive performance of the lowest performing underlying, and an estimated value at pricing of $961.50 (±$30). The securities are linked to the lowest performing of the Nasdaq‑100, S&P 500 and Dow Jones Industrial Average. They are automatically called if each underlying’s closing level on the call date is at or above its starting level; the illustrative call payment is at least $1,180 (an 18% call premium). If not called, maturity payments depend on the lowest performing underlying versus its threshold (75% of its starting level), and holders may lose more than 25%, possibly all, of their investment. The pricing date is July 6, 2026 and the stated call date is July 9, 2027. The securities do not pay interest, are subject to issuer credit risk, and include distribution commissions and fees listed in the pricing supplement.
Morgan Stanley Finance LLC is offering market-linked notes tied to the iShares® Bitcoin Trust ETF with a five-year term maturing on July 3, 2031. Each note has a $1,000 principal and 100% participation in positive ETF performance up to a maximum return that will be set on the pricing date and will be at least $572.50 (a minimum cap of 57.25%), producing a maximum maturity payment of at least $1,572.50 per note. The issuer estimates the notes’ pricing‑date value at approximately $927.20 per note. The notes repay principal at maturity (subject to Morgan Stanley credit risk), do not pay interest, are not exchange‑listed, and carry liquidity, valuation, tax and bitcoin‑specific risks described in the supplement.
Morgan Stanley Finance LLC priced $11,385,000 of Digital S&P 500® Index‑Linked Notes due October 27, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return either a capped cash payoff of $1,133.40 per $1,000 face amount if the S&P 500® closes at or above 90% of the initial level on the Determination Date, or a reduced cash settlement tied to the underlier return (with a 10% threshold and ~111.11% buffer factor) that can result in loss of principal. Trade Date is June 25, 2026; Determination Date is October 25, 2027, with maturity on October 27, 2027. The issuer estimates the notes' value at $997.50 per note on the Trade Date. All payments are subject to issuer credit risk and the notes are not listed.
Morgan Stanley Finance LLC is offering Trigger GEARS, long-datedprincipal-at-risk securities due July 1, 2036, fully and unconditionally guaranteed by Morgan Stanley. The offering comprises $7,785,800 at a $10.00 issue price per Security (minimum 100 Securities), with an estimated Trade Date value of $8.951 per Security. The Securities link returns to a weighted basket of international indices (EURO STOXX 50, Nikkei 225, FTSE 100, SMI, S&P/ASX 200) and feature an Upside Gearing of 1.83 and a Downside Threshold of 65% of the Initial Basket Level. At maturity the payout is: $10 + [$10 × (Basket Return × 1.83)] if the Basket Return > 0; if the Basket Return ≤ 0 and Final Basket Level ≥ Downside Threshold the investor receives $10; if Final Basket Level < Downside Threshold the investor suffers a loss proportional to the negative Basket Return. Payments are subject to issuer credit risk; there is no interim interest or dividends, and investors may lose a significant portion or all of principal.
Morgan Stanley Finance LLC prices $20,925,000 of S&P 500® index-linked notes due August 9, 2027. The notes have a Face Amount of $1,000 per note, are linked to the S&P 500® Index, and are fully and unconditionally guaranteed by Morgan Stanley.
Payment at maturity depends on the Underlier Return measured from the Strike Date June 23, 2026 to the Determination Date August 5, 2027. If the Final Underlier Level is ≥ the Threshold Level of 6,628.914 (90% of the Initial Underlier Level), each note will pay the Maximum Settlement Amount of $1,102.60. If the Final Underlier Level is below the Threshold Level, the Cash Settlement Amount is reduced by a formula using the Buffer Rate (≈ 111.11%), and investors can lose some or all principal. The estimated value on the Trade Date was $988.80 per note.
Morgan Stanley Finance LLC offered $15,090,000 of Digital iShares® Expanded Tech-Software Sector ETF‑Linked Notes due July 19, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes return is linked to the iShares Expanded Tech‑Software ETF from the June 25, 2026 trade date to the July 15, 2027 determination date and pays either a capped $1,159.50 per $1,000 face amount if the final underlier level is ≥85% of the initial level, or a downside cash payment that can result in partial or total loss of principal if the underlier declines by more than 15%.
The Original Issue Price is $1,000 per note, the estimated value on the trade date is $980.70 per note, and the offering bears dealer compensation and hedging costs disclosed on the cover.
Morgan Stanley Finance LLC offers $3,050,000 aggregate Face Amount of Digital iShares® Expanded Tech-Software Sector ETF‑Linked Notes due July 28, 2027, fully guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on the iShares Expanded Tech‑Software Sector ETF (Bloomberg: IGV) performance from the Trade Date: June 25, 2026 to the Determination Date: July 26, 2027. Each $1,000 Face Amount will pay $1,161.00 if the Final Underlier Level is ≥85% of the Initial Underlier Level ($84.76). If the Final Underlier Level is <85% of the Initial Underlier Level, the cash payment declines per the stated formula and could be less than the Face Amount, including 0%. Estimated value on the Trade Date is $978.50 per note. All payments are subject to issuer credit risk and the offering includes agent commissions of 1.36%.
Morgan Stanley Finance LLC is offering $3,545,000 of EURO STOXX® Banks Index-linked notes due July 28, 2027, fully guaranteed by Morgan Stanley. For each $1,000 face amount, investors receive $1,171.70 at maturity if the final index level is ≥90% of the initial level; otherwise principal is at risk and losses up to the full investment are possible. The Trade Date is June 25, 2026, Original Issue Date June 30, 2026, and the estimated value per note on the Trade Date was $983.40. Payments are unsecured and subject to issuer credit risk.