Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with automatic early redemption and a 15% buffer. Each security has a $1,000 stated principal amount and a maturity date of July 21, 2031. The first determination date is July 23, 2027; if the closing level of the underlier meets or exceeds the 100% call threshold on a determination date, the notes will auto-redeem for a fixed early redemption payment. If not redeemed, payments at maturity depend on the final level relative to the call threshold and the buffer: investors either receive a fixed positive payment, the stated principal, or a reduced amount that reflects losses beyond the 15% buffer (subject to a 15% minimum payment). All payments are unsecured and guaranteed by Morgan Stanley and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes due January 5, 2029, 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 $980.60. The notes pay a contingent coupon of 22.30% 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 are linked to the worst performing of the Russell 2000® Index, the S&P 500® Index and the VanEck® Semiconductor ETF (SMH), use the worst-performing underlier to determine payoff, and include an automatic early redemption feature beginning with the first redemption determination date on September 30, 2026. If not automatically redeemed, investors receive principal at maturity only if each underlier is at or above its downside threshold (60% of initial level); otherwise payment at maturity equals stated principal multiplied by the performance factor of the worst performing underlier, which can result in significant principal loss.

The pricing supplement describes a proposed issuance of Principal at Risk securities by Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a $1,000 stated principal amount and a fixed $101.50 upside payment (10.15%) if the worst performing underlier finishes at or above its downside threshold. If any underlier finishes below its downside threshold (60% of its initial level), holders lose in direct proportion to the decline of the worst performing underlier; there is no minimum payment and the principal could be lost. Key dates: strike/pricing July 24, 2026, original issue July 29, 2026, observation August 24, 2027 (subject to postponement), maturity August 27, 2027. All payments are subject to issuer and guarantor credit risk. Estimated value on pricing date: approximately $988.20 per security.

Morgan Stanley Finance LLC proposes $1,000 face‑amount, leveraged buffered S&P 500® index‑linked notes (no interest) due in an expected 13–15 months from the trade date. For each $1,000 Face Amount the notes pay upside at a 130% Upside Participation Rate subject to a Cap Level and a Maximum Settlement Amount expected between $1,144.17 and $1,169.52. If the Final Underlier Level is down by up to 10.00% from the Initial Underlier Level you receive the Face Amount; if it is below that Buffer Level you incur losses pro rata and could lose your entire investment. The issuer estimates the Trade Date value at approximately $996.70 per note. Payments are unsecured and subject to Morgan Stanley's credit risk; the notes are not FDIC insured and will not be listed.

Morgan Stanley Finance LLC priced contingent income, auto-callable notes linked to Alphabet Inc. Class A stock. Each note has a $1,000 stated principal and an issue price of $1,000. The securities pay a contingent coupon of 11.00% per annum on specified observation dates, are subject to automatic early redemption if the underlier meets the call threshold, and return principal at maturity only if the final level is at or above the downside threshold; otherwise payment at maturity equals the stated principal multiplied by the performance factor and may result in substantial loss of principal. The estimated value on the pricing date was approximately $967.80 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due July 6, 2029

Each security has a $1,000 stated principal amount (issue price $1,000), an estimated value on the pricing date of approximately $923.40, and an automatic early redemption feature tied to a five‑stock basket (Alphabet, NVIDIA, Rocket Lab, ServiceNow, Walmart). The securities can be called on scheduled determination dates beginning December 30, 2026 and pay fixed early redemption amounts if call thresholds are met. If not called, maturity payoffs depend on the final level versus upside (90%) and downside (70%) thresholds; investors may lose up to their entire principal if the final level is below the downside threshold. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers principal-at-risk structured notes due June 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Nasdaq-100 Index, the State Street Technology Select Sector SPDR ETF and the VanEck Semiconductor ETF. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The notes pay a contingent coupon at an annual rate of 17.00% on each coupon payment date only if every underlier closes at or above its coupon barrier (60% of its initial level) on the related observation date. If not redeemed earlier, maturity payoff depends on the worst performing underlier relative to a downside threshold (60% of initial level): you receive principal if all underliers are at or above that threshold, otherwise you lose in proportion to the decline in the worst performing underlier. The first redemption date is December 31, 2026; early calls occur only if a risk neutral valuation model determines redemption is economically rational. Estimated value on the pricing date was approximately $981.50 per security. These securities are for investors willing to accept significant principal risk and limited participation in any upside.

Morgan Stanley Finance LLC priced Trigger PLUS notes linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and a leverage factor of 203.40%. The preliminary pricing lists an estimated value of approximately $978.40 per security on the pricing date. Payment at maturity depends on the final level on the observation date: full principal plus leveraged upside if the final level is above the initial level; principal only if the final level is between the initial level and the downside threshold (50% of the initial level); and a pro rata loss tied to index performance if the final level is below the downside threshold, with no minimum payment. All payments are subject to MSFL’s credit risk and guaranteed by Morgan Stanley. Key dates include strike and pricing date July 24, 2026, original issue date July 29, 2026, observation date July 24, 2031, and maturity date July 29, 2031.

The Preliminary Pricing Supplement describes contingent income auto-callable securities issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a 12.00% per annum contingent coupon (if observation conditions are met) and is linked to the worst performing of the EURO STOXX 50®, iShares MSCI Emerging Markets ETF and the Nikkei Stock Average. The securities may be automatically redeemed on specified redemption determination dates; if not redeemed, payment at maturity depends on the final levels of the underliers and can result in a loss of principal (1% loss per 1% decline of the worst performing underlier). Key dates include a strike/pricing date of June 30, 2026, a final observation date of December 30, 2027 and maturity on January 6, 2028. The document notes an estimated value of approximately $968.90 per security on the pricing date and emphasizes credit risk, limited coupon-payability, lack of participation in underlier appreciation, tax uncertainty and potential limited secondary-market liquidity.

Morgan Stanley Finance LLC offers Principal at Risk Contingent Income Auto-Callable Securities tied to The Home Depot, Inc. common stock. Each security has a $1,000 stated principal amount, a pricing/strike date of July 9, 2026, and matures on August 12, 2027. The securities pay a contingent coupon of 10.50% per annum on observation dates when the underlier is at or above the coupon barrier (set at 75% of the initial level). The notes are automatically redeemed early if the closing level is at or above the call threshold (100% of the initial level) on any redemption determination date, in which case holders receive principal plus the contingent coupon for that period. If not redeemed, maturity payment depends on the final level versus the downside threshold (also 75% of the initial level): if below that threshold, investors suffer a pro rata loss equal to the underlier's decline (payment could be significantly less than principal or zero). The estimated value on the pricing date is approximately $970.20 per security. All payments are subject to MSFL/Morgan Stanley credit risk and tax treatment is uncertain.

Morgan Stanley Finance LLC priced a preliminary offering of structured notes: Contingent Income Auto-Callable Securities due January 16, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon only if all three underliers meet coupon barrier levels on observation dates and are subject to automatic early redemption.

The notes reference the Nasdaq-100 Index, the Russell 2000 Index and the State Street SPDR S&P Regional Banking ETF, carry a stated principal amount of $1,000 per security and an estimated value on the pricing date of approximately $962.30. Coupons are conditional at an annual rate of 10.25%; principal is at risk if the worst-performing underlier falls below its downside threshold.

The issuer, Morgan Stanley Finance LLC, is offering Principal at Risk structured notes due July 11, 2030 that are 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 notes pay a contingent coupon of 10.25% per annum on each coupon payment date only if the closing level of each of the three underliers is greater than or equal to its coupon barrier (70% of its initial level) on the related observation date. At maturity, if the final level of each underlier is at or above its downside threshold (70% of initial), investors receive principal; if any underlier is below its downside threshold, payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to potential loss of principal (possibly to zero). All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced Principal at Risk structured notes due July 6, 2029, linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. Each security has a $1,000 stated principal amount and an upside payment of $465 per security (46.50% of principal). At maturity the payout depends on the worst performing underlier on the observation date: full principal plus the greater of the worst-underlier percent change or the upside payment if all underliers finish at or above initial levels; return of principal only if all underliers finish at or above 70% of initial levels; otherwise investors lose 1% for each 1% decline in the worst underlier, with no minimum payment. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk. The estimated value on the pricing date is approximately $964.60 per security.

Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due July 8, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100 Technology Sector, the Russell 2000 and the VanEck Semiconductor ETF.

The securities pay a contingent coupon at an annual rate of 26.60% only if the closing level of each underlier is at or above its coupon barrier (75% of initial level) on an observation date; the downside threshold is 60% of initial level and losses at maturity are 1% for every 1% decline in the worst performing underlier. The first redemption date is January 7, 2027, and early calls are determined by a risk neutral valuation model. The estimated value on the pricing date was approximately $977.90 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities due March 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon at an annual rate of 13.60% payable only when the basket closing level meets or exceeds the coupon barrier on specified observation dates. The basket initial level is 100; the call threshold is 90, the coupon barrier is 70, and the downside threshold is 60. The securities can be automatically redeemed on specified redemption determination dates; if not redeemed, repayment at maturity depends on the final level and may result in a pro rata principal loss (payment = stated principal × final level/initial level if final level < downside threshold). The estimated value on the pricing date is approximately $935.60 per security.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due July 29, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a fixed upside payment of $147.50 (14.75%) if the worst performing underlier finishes at or above its buffer level.

Performance is determined solely by the worst performing underlier of the Nasdaq‑100 Technology Sector, Russell 2000 and S&P 500 on the observation date. There is a 15% buffer: losses beyond that buffer reduce principal dollar‑for‑dollar, and the minimum payment at maturity is 15% of principal. All payments are subject to issuer credit risk; estimated value on the pricing date was approximately $984.50 per security.

Morgan Stanley Finance LLC priced principal‑at‑risk securities due July 5, 2030. Each note has a $1,000 stated principal amount and an $595 upside payment (59.50%). The payout depends on the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and Russell 2000 using a July 1, 2030 observation date and a June 30, 2026 strike/pricing date.

If all underliers finish at or above their initial levels, investors receive principal plus the greater of (i) the percent gain of the worst performing underlier or (ii) the upside payment. If any underlier falls below its downside threshold of 70% of its initial level, investors incur principal losses equal to the worst performing underlier’s decline; there is no minimum payment and full loss is possible. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments remain subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with a $1,000 stated principal per security and an original issue price of $1,000. The securities can be automatically redeemed on the first determination date for an early redemption payment of $1,252.50 if the underlier is at or above a call threshold equal to 90% of the initial level. If not called, maturity payoff depends on the final level versus the initial level and a participation rate of 325%; a final level below a downside threshold equal to 50% of the initial level exposes investors to losses proportional to the underlier decline. Key dates include strike and pricing on June 26, 2026, original issue date and maturity on July 1, 2026 and July 1, 2031 respectively, and the first determination date on June 30, 2027. The estimated value on the pricing date was approximately $937.10 per security; all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of Trigger PLUS notes due July 15, 2031 linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, a 205% leverage factor on upside performance and a downside threshold set at 70% of the initial level. At maturity the payment depends solely on the index closing level on the observation date: (1) above the initial level — principal plus 205% of the index appreciation; (2) between the downside threshold and the initial level — principal; (3) below the downside threshold — principal multiplied by the index performance factor, with no minimum payment and possible total loss of principal. The document discloses an estimated value on the pricing date of approximately $944.70 per security and lists the pricing/strike date as July 10, 2026. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC offers Principal at Risk notes due July 31, 2031 that are fully guaranteed by Morgan Stanley and issued at a $1,000 stated principal amount per security. The securities pay a contingent coupon of 10.00% per annum on observation dates when the underlier meets the coupon barrier, feature an automatic early redemption tied to a 100% call threshold, a 15% buffer and a 15% minimum payment at maturity. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, which includes a 4.0% per annum daily decrement and limited operating history (established August 30, 2024). The pricing-date estimated value is approximately $920.80 per security. All payments are subject to the issuer’s and guarantor’s credit risk; investors risk loss of principal if the final level is below the buffer.

The document is a preliminary pricing supplement for Morgan Stanley Finance LLC notes: structured, principal-at-risk, auto-callable securities due July 13, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated pricing-date value of approximately $966.60. The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. An automatic early redemption can occur on the first determination date (July 14, 2027) for an early redemption payment of $1,233.50 if each underlier meets its call threshold. If not redeemed, maturity payoffs depend on worst-underlier performance with a 175% participation rate for upside, a downside threshold of 70% of initial levels, and potential loss of principal down to zero.

Morgan Stanley Finance LLC offers contingent income, auto-callable securities linked to the American Depositary Shares of Novo Nordisk A/S with a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate of 12.25% on each coupon payment date only if the closing level of the underlier meets or exceeds a coupon barrier set at 61% of the initial level. The notes may be automatically redeemed early if the closing level of the underlier is greater than or equal to the call threshold (set at 100% of the initial level) on any redemption determination date, in which case holders receive principal plus the contingent coupon for that period. If the securities are not called and the final level is below the downside threshold (also 61% of the initial level), the payment at maturity will equal the stated principal multiplied by the performance factor (final level / initial level), exposing investors to losses that can be significant or total. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering callable Principal-at-Risk securities with a $1,000 stated principal amount and a contingent coupon of 11.40% per annum. The securities reference the Nasdaq-100 Technology Sector Index, Russell 2000 and the State Street Utilities Select Sector SPDR ETF, are payable at maturity on July 7, 2028, and use the worst-performing underlier to determine payoff.

The securities pay a contingent coupon for each interest period only if each underlier's closing level is at or above its coupon barrier (70% of initial level) on the observation date; otherwise no coupon is paid. If not called, investors receive principal at maturity only if each underlier's final level is at or above its buffer level (80% of initial level); otherwise principal is reduced pro rata with a 20% buffer and a minimum payment of 20% of principal. An early redemption feature permits MSFL to call the securities beginning on October 6, 2026 based on the output of a risk neutral valuation model. All payments are subject to the credit risk of MSFL and Morgan Stanley.

Morgan Stanley Finance LLC is offering callable Contingent Income Securities due July 11, 2029 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The preliminary pricing supplement states an estimated value on the pricing date of approximately $982.60 per security.

The securities pay a contingent coupon at an annual rate of 12.30% only if, on each observation date, the closing level of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices is at or above its coupon barrier (each set at 70% of its initial level). If any underlier is below its coupon barrier on an observation date, no coupon is paid for that interest period. If, at maturity, the final level of any underlier is below its downside threshold (also set at 70% of initial level), investors suffer principal loss equal to the performance of the worst performing underlier.

Morgan Stanley Finance LLC is offering callable, principal-at-risk notes due July 7, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon opportunity at an annual rate of 12.55%, payable only if each of the three underliers meets its coupon barrier on an observation date. The securities reference the Nasdaq-100®, Russell 2000® and S&P 500® indices and pay at maturity either the stated principal (if each final level is at or above its 70% downside threshold) or an amount equal to the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a total loss of principal. The notes may be redeemed early beginning on October 7, 2026 if a risk neutral valuation model indicates redemption is economically rational; all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering contingent income auto-callable securities due July 3, 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 $942. The securities pay a contingent coupon at an annual rate of 9.15% only if each underlier is at or above its coupon barrier on each observation date, are subject to automatic early redemption if all underliers meet call thresholds on a redemption determination date, and expose investors to principal loss tied to the worst performing underlier (S&P 500®, XLF, XLK). Key structural features include coupon and downside barrier levels equal to 65% of initial levels, observation dates beginning September 30, 2026, and the final observation date on June 30, 2031. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk securities linked to the worst performing of the EURO STOXX 50, Nasdaq-100 and Russell 2000. Each security has a $1,000 stated principal amount and an issue price of $1,000.

The securities pay a contingent coupon at an annual rate of 11.20% on each coupon date only if each underlier is at or above its coupon barrier (75% of initial level) on the related observation date. The securities may auto-redeem on scheduled redemption dates if each underlier is at or above its call threshold (100% of initial level). At maturity, if any underlier is below its downside threshold (70% of initial level), payment equals the stated principal multiplied by the performance factor of the worst performing underlier, and principal can be lost. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes—Enhanced Buffered Jump Securities—linked to the Class A common stock of Meta Platforms, Inc. The securities are issued at $1,000 per security, mature on July 9, 2027, and are fully and unconditionally guaranteed by Morgan Stanley.

The notes pay a fixed upside payment of $184.40 per security (an 18.44% return) if the final level is greater than or equal to a buffer, with an initial level of $562.20 (strike date June 23, 2026) and a buffer amount of 15% (buffer level $477.87). If the final level is below the buffer, losses are amplified by a downside factor of 1.1765, and there is no minimum payment at maturity. The document discloses an estimated value on the pricing date of approximately $985.30 per security and notes that all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced contingent income memory auto-callable notes due July 6, 2029 linked to the worst performing of the EURO STOXX 50® and the S&P 500® and fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per security, an issue price of $1,000, and an estimated value on the pricing date of approximately $973.50. They pay a 9.16% annual contingent coupon payable only when both underliers meet coupon barrier levels (80% of initial levels) on observation dates, feature automatic early redemption if both underliers meet call thresholds (100% of initial levels) on a redemption determination date, and expose investors to full downside tied to the worst performing underlier at maturity.

Morgan Stanley Finance LLC priced a preliminary offering of structured, principal‑at‑risk notes linked to the performance of Microsoft Corporation common stock. The securities are issued in $1,000 denominations and pay a fixed upside payment of $154.50 (15.45%) if the final level is at or above the buffer.

If the final level is below the buffer (buffer = $317.849, 85% of the initial level), holders lose 1.1765% of principal for every 1% decline beyond the buffer; there is no minimum payment. Key dates: strike date June 23, 2026, pricing date June 24, 2026, original issue date June 29, 2026, observation date July 6, 2027 and maturity date July 9, 2027. The document reports an initial level of $373.94, an estimated value on pricing date of about $984.40, and an agent commission of $10 per security (proceeds to issuer $990). All payments are subject to MSFL and Morgan Stanley credit risk; holders may lose their entire investment.

Morgan Stanley Finance LLC priced Buffered PLUS principal-at-risk securities due June 26, 2031, secured by a guarantee of Morgan Stanley. The notes reference the worst-performing of the Dow Jones Industrial Average, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF (XLU) and pay no interest.

At maturity the payout is based on the worst performing underlier: investors can receive the stated principal plus a 400% leveraged upside (capped at $2,210 per $1,000 security) if the worst underlier appreciates, the stated principal if the worst underlier finishes within the 15% buffer, or a proportional loss beyond the buffer (down to a minimum 15% of principal). All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was approximately $960.40 per security.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due July 9, 2027 that reference the S&P 500® Index. Each security has a stated principal amount of $1,000 and a fixed upside payment of $90.90 (9.09%). The securities include a 10% buffer (buffer level 6,628.914 based on an initial level of 7,365.46) and a downside factor of 1.1111, meaning investors lose 1.1111% of principal for each 1% decline beyond the buffer. The estimated value on the pricing date was approximately $986.20 per security and the issue price is $1,000 (agent commission up to $10 per security). Payments at maturity are subject to the final closing level on the observation date and to Morgan Stanley’s credit risk; there is no guaranteed return of principal and no interest.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 7, 2027, linked to the worst performing of Micron Technology, Inc. and Nebius Group N.V. Investors receive $1,000 stated principal plus a fixed $950 upside payment if both underliers finish above 50% of their initial levels; otherwise payment falls proportionally to the decline of the worst performing underlier and could be zero.

The securities pay no interest, carry issuer and guarantor credit risk, include a fixed $10 selling commission per $1,000 note, had an estimated value of approximately $979.80 on the pricing date, and settle based on closing levels on the observation date of July 1, 2027 (maturity July 7, 2027).

Morgan Stanley Finance LLC is offering Buffered PLUS with Downside Factor notes due June 26, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and pay no interest; investors bear principal risk and could lose their entire investment.

Payment depends on the S&P 500® Futures Excess Return Index: a leverage factor of 214.50% applies to positive returns, a 10% buffer protects against losses up to that amount (buffer level 532.719), and a downside factor of 1.1111 magnifies losses beyond the buffer. The initial level was 591.91 on the strike date. Estimated value on the pricing date was approximately $959.90 per security; agent fees up to $30 reduce proceeds to $970 per security.

Morgan Stanley Finance LLC is offering Principal at Risk securities linked to Meta Platforms, Inc. class A common stock. Each note has a $1,000 stated principal amount, an upside payment of $149.30 (14.93%) if the final level is at or above the 80% buffer, and a downside exposure of 1.25% loss for every 1% decline beyond the 20% buffer over the term.

Payments depend solely on the closing level on the observation date July 6, 2027, are subject to Morgan Stanley and MSFL credit risk, and there is no guaranteed minimum payment at maturity.

Morgan Stanley Finance LLC offers structured Buffered Jump Securities with an auto-callable feature and downside factor due June 29, 2028, fully guaranteed by Morgan Stanley.

The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security. They include an automatic early redemption if the underlier meets the call threshold on the first determination date (July 7, 2027), with an early redemption payment of at least $1,175.80 per security. If not redeemed, maturity payoffs depend on the MSCI Emerging Markets Index performance: investors receive principal plus an upside payment when the final level is above the initial level (participation rate 125%), full principal if the final level is at or above the buffer level (buffer amount 25%), and suffer leveraged losses below the buffer with a downside factor of 1.3333% applied to declines beyond the buffer. All payments are subject to issuer and guarantor credit risk; the document states an estimated value on the pricing date of approximately $976.80 per security.

Morgan Stanley Finance LLC priced Step-Down Jump Securities with Auto-Callable Feature, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $100,000. The securities reference the iShares® Russell 2000® ETF (IWM) and the S&P® 500 Equal Weight Index (SPW), have an original issue price of $1,000 per security and an estimated value on the pricing date of $971.80. The notes can auto-redeem on scheduled determination dates if both underliers meet call thresholds; maturity outcomes depend on whether final levels meet upside (90% of initial) or downside (70% of initial) threshold levels, with loss at maturity equal to the percentage decline of the worst performing underlier if below the downside threshold.

Morgan Stanley Finance LLC is offering Principal at Risk, contingent income auto-callable securities due July 3, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 8.25% only if, on each observation date, the closing level of each underlier is at or above its coupon barrier (each set at 70% of its initial level). The securities may be automatically redeemed early if all underliers are at or above their call thresholds (set at 100% of initial levels) on any redemption determination date, in which case holders receive the stated principal plus the contingent coupon for that period. If not redeemed, payment at maturity is the stated principal if each final level is at or above its downside threshold (70%); otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less or zero. The estimated value on the pricing date was approximately $943.70 per security. All payments are subject to the issuer's and guarantor's credit risk.

Morgan Stanley Finance LLC offers market‑linked, auto‑callable principal‑at‑risk securities linked to Super Micro Computer, Inc. (SMCI) with a June 28, 2029 maturity. Each security has a face amount of $1,000, an estimated value on the pricing date of $956.90 (± $30.00), and a contingent coupon rate to be set on pricing at at least 25% per annum. The securities pay monthly contingent coupons only if the underlying stock closes at or above a coupon threshold (set at 45% of the starting price), are subject to an automatic call beginning after a 3‑month non‑call period if the stock closes at or above a call threshold (set at 85% of the starting price), and expose investors to downside principal risk if the ending price is below the downside threshold (45% of the starting price).

Key commercial terms: pricing date June 25, 2026, original issue date June 30, 2026, maturity June 28, 2029, minimum purchase $1,000. Offering expenses reduce economic value: agent commission up to $23.25 per security and estimated proceeds to issuer of $976.75 per security.

Morgan Stanley Finance LLC is offering structured, principal-at-risk securities linked to the Global X Copper Miners ETF that mature on July 15, 2027. Each security has a $1,000 face amount, a current estimated value of approximately $955.00, and a contingent fixed return of at least 23.60% (at least $236) if the ending price is greater than or equal to a threshold equal to 75% of the starting price. If the ending price is below the threshold, holders are exposed 1-to-1 to the underlying’s decline and may lose more than 25% or all of their investment. The pricing date is June 26, 2026, original issue date is July 1, 2026, and the calculation day is scheduled for July 12, 2027. Secondary-market liquidity may be limited; all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due June 24, 2031 that are fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, was issued at $1,000 with an estimated value on the pricing date of $936.10, and the offering aggregates to $270,000.

The notes pay no interest, reference the worst-performing of Bloom Energy class A and Vertiv class A shares, and may be automatically redeemed on scheduled determination dates if both underliers meet 90% call-threshold levels. If not auto-redeemed, maturity pays a fixed positive amount only if both final levels meet their thresholds; otherwise investors receive the stated principal.

Morgan Stanley Finance LLC is offering callable contingent income securities due June 22, 2029 linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $980.90. The notes pay a contingent coupon at an annual rate of 12.80% for each interest period only if the closing level of every underlier on the related observation date is at or above its coupon barrier (70% of the initial level). The securities can be called beginning on March 23, 2027 subject to a risk neutral valuation model determination by the calculation agent. At maturity, if any underlier’s final level is below its downside threshold (60% of initial), investors suffer loss equal to the percentage decline of the worst performing underlier; principal could be significantly reduced or zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced callable contingent income securities offering. The securities, issued at $1,000 each with an aggregate principal amount of $1,690,000, pay a contingent coupon of 9.55% per annum only if each underlying index is at or above its coupon barrier on the related observation date. Investors face principal at risk: at maturity, if the final level of any underlier is below its downside threshold (60% of initial), the payment equals the stated principal multiplied by the worst-performing underlier's performance factor and could be zero. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, subject to issuer credit risk, an economically rational call feature based on a risk neutral valuation model, and limited secondary market liquidity.

Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due June 24, 2031, backed by an unconditional guarantee of Morgan Stanley. The offering comprises $260,000 aggregate principal at a stated principal amount of $1,000 per note, with an estimated value on the pricing date of $935.10 per note. The notes pay no interest, are linked to the worst performing of three stocks (Bloom Energy, Carvana and Qualcomm), and feature automatic early redemption starting on the first determination date of June 21, 2027 with scheduled early redemption payments equivalent to approximately 17.50% per annum. All payments are subject to the issuer’s credit risk; the notes are unsecured, non‑listed and do not provide participation in any appreciation of the underliers.

Morgan Stanley Finance LLC priced contingent income auto-callable notes maturing June 22, 2029. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, issued at $1,000 per note with an aggregate principal amount of $593,000. They pay a contingent coupon of 6.90% per annum monthly only if the closing level of each underlying stock meets or exceeds its coupon barrier on the observation date; otherwise no coupon is paid for that period.

The notes are linked to the worst performing common stock of NVIDIA, Amazon and Tesla, use the worst-performing underlier to determine value, do not participate in upside appreciation, and can be automatically redeemed early if all three underliers meet call threshold levels on a redemption determination date. Estimated value on the pricing date was $965.60 per note; the original issue price was $1,000.

Morgan Stanley Finance LLC priced structured Jump Notes due June 22, 2029, fully guaranteed by Morgan Stanley, linked to the worst performing of Alphabet (Class C), Meta (Class A) and NVIDIA common stock. The notes pay no interest, have a $1,000 stated principal per note and an aggregate offering of $4,681,000. They may be automatically redeemed on the first determination date (June 22, 2027) for an early redemption payment of $1,208 if each underlier is at or above its call threshold. If not auto‑redeemed, maturity payment depends on the worst performing underlier; investors receive principal plus an upside payment only if that worst underlier finishes above its initial level; otherwise they receive the stated principal only. All payments are subject to Morgan Stanley's credit risk. Estimated value on the pricing date was $973.50 per note.

Morgan Stanley Finance LLC priced $325,000 of structured Buffered Jump Securities due June 24, 2031, unsecured and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and can auto-redeem early if all three underliers meet call thresholds on a determination date.

Payments depend on the worst performing underlier (INDU, SPXFP, XLV). A 20% buffer protects against initial declines; below that buffer investors lose 1% for each 1% decline beyond 20%. Early redemption payments escalate across 16 scheduled determination dates; maturity pays $1,592.50 if all final levels ≥ call thresholds, otherwise principal or reduced payment (minimum 20% of principal).

Morgan Stanley Finance LLC priced Principal at Risk notes due June 23, 2028, fully guaranteed by Morgan Stanley. The offering totals $520,000 aggregate principal at $1,000 per security with an estimated value on the pricing date of $997.50 per security. The securities pay a contingent coupon of 11.00% per annum on scheduled coupon payment dates only if each of the three banking underliers meets its coupon barrier level on the related observation date. Automatic early redemption may occur on specified redemption determination dates if each underlier meets its call threshold; otherwise, at maturity the principal repayment depends on the worst performing underlier and may result in significant principal loss.

Morgan Stanley Finance LLC priced contingent income, principal-at-risk securities linked to NVIDIA Corporation with a $1,000 stated principal amount per security and an aggregate offering of $1,627,000. The securities pay a contingent coupon at an annual rate of 14.75% on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier level of $158.018 (75% of the initial level). The initial level (closing) and call threshold are $210.69; automatic early redemption can occur on specified dates beginning with the first redemption determination date on September 18, 2026. If not redeemed, maturity is June 24, 2030; if the final level is below the downside threshold ($158.018), payment at maturity will be the stated principal multiplied by the performance factor and could be significantly less than principal or zero. The estimated value on the pricing date was $968.30 and proceeds to the issuer per security are $975 after agent commissions of $25.