Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC priced Principal-at-Risk, contingent-income, auto-callable securities linked to Amazon.com, Inc. common stock, issued at $1,000 each with an aggregate offering of $2,500,000. The securities pay a 9.35% annual contingent coupon only if observation-date levels meet the coupon barrier and feature automatic early redemption if the underlier meets the call threshold on specified redemption determination dates.
The initial level (strike) was $244.39; the coupon barrier and downside threshold are set at $146.634 (60% of the initial level). If not called and the final level is below the downside threshold, principal is reduced pro rata (payment = principal × performance factor). All payments are subject to Morgan Stanley's credit risk; estimated value on the pricing date was $974.70 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the common stock of Netflix, Inc. The offering totals $1,115,000 aggregate principal at an issue price of $1,000 per security and an estimated value on the pricing date of $975.00.
The notes mature on July 22, 2027, pay a contingent coupon at an annual rate of 14.00% only if observation-date conditions are met, and may be automatically redeemed early if the underlier closes at or above the call threshold ($77.38). If the underlier breaches the downside threshold ($49.523) on any trading day, investors face downside exposure and may lose principal proportionate to the decline in the final level.
Morgan Stanley Finance LLC is offering $852,000 aggregate principal of Callable Contingent Income Securities due June 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 7.85% only if, on each observation date, the closing levels of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000 are each at or above their coupon barrier levels (70% of initial). If not redeemed early, principal is repaid at maturity only if each final level is at or above its 65% downside threshold; otherwise payment equals principal multiplied by the worst-performing underlier's performance factor. The securities may be called beginning June 25, 2027 based on a risk neutral valuation model; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes tied to the worst performing of the Russell 2000® and S&P 500®. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $2,173,000. The securities mature on July 22, 2027 with an observation date of July 19, 2027.
If the final level of each underlier is at or above its downside threshold (75% of the initial level), investors receive the stated principal plus a fixed upside payment of $113.50 (11.35%). If the final level of either underlier is below its downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier; there is no minimum payment and investors could lose their entire principal. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC offers Callable Contingent Income Securities due June 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an aggregate principal amount of $5,467,000. The securities pay a contingent coupon at an annual rate of 11.50% only if the closing level of each of three underliers—the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index—is greater than or equal to its coupon barrier level on each observation date. If any underlier closes below its coupon barrier on an observation date, no coupon is paid for that interest period. The securities may be called early by MSFL based on the output of a risk neutral valuation model on specified determination dates beginning after the first redemption date of December 23, 2026. At maturity, if the final level of every underlier is at or above its downside threshold (60% of the initial level), investors receive principal; if any underlier is below its downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less or zero. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced auto-callable principal-at-risk securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the Russell 2000. Each security has a stated principal amount of $1,000, an issue price of $1,000 and a participation rate of 175%.
The securities may redeem early on the first determination date (June 23, 2027) for an early redemption payment of $1,225 if every underlier meets its call threshold (each set at 100% of its initial level). If not called, maturity is June 22, 2029 with payouts tied to the worst performing underlier, a 70% downside threshold and potential full loss of principal if the worst underlier declines below that threshold. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a market-linked principal-at-risk offering: 3,377 securities were offered at $1,000 per security for a total public offering of $3,377,000 with agents’ commissions of $28.25 per security and proceeds to issuer of $971.75 per security. The securities mature on June 22, 2029 and are fully and unconditionally guaranteed by Morgan Stanley.
Each security links to the lowest performing of the Dow Jones Industrial Average and the S&P 500® Index. Terms include a 150% participation rate in positive returns capped at a 34.50% maximum return, a 20% downside buffer (threshold = 80% of starting level), and a calculation day of June 18, 2029. The issuer estimates the securities’ value on the pricing date at $963.80 per security. Investors may lose up to 80% of face amount if the lowest performing underlying falls below its threshold.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Structured Investments — Principal at Risk Contingent Income Memory Auto-Callable Securities linked to the worst performing of IGV, KRE and XLU. The securities issue at $1,000 per security (aggregate $15,640,000), mature on December 21, 2028, and pay a contingent coupon at an annual rate of 17.25% when all three underliers meet coupon barrier levels on observation dates.
The securities may be automatically redeemed on scheduled redemption determination dates beginning December 20, 2027 if each underlier is at or above its call threshold (100% of initial level). If not redeemed, maturity pay‑out returns principal only if each underlier is at or above its downside threshold (80% of initial level); otherwise investors suffer losses equal to the percentage decline of the worst performing underlier. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Microsoft Corporation common stock. The securities have a $1,000 stated principal per security, aggregate principal of $614,000, an estimated value on the pricing date of $973.30, a 12.35% annual contingent coupon, and a June 22, 2029 maturity.
Coupons and early redemption depend on observation and redemption determination dates versus barrier levels: the initial level and call threshold are $379.40 (100%); the coupon barrier and downside threshold are $265.58 (70%). If not auto-redeemed and the final level is below the downside threshold, payment at maturity is reduced pro rata and could be zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an Auto-Callable Feature tied to the VanEck® Gold Miners ETF, fully and unconditionally guaranteed by Morgan Stanley. The offering registers an aggregate principal amount of $12,430,000 issued at $1,000 per security with an estimated value on the pricing date of $981.40 per security. The notes pay no interest, carry principal-at-risk with a 20% buffer (buffer level $66.008 from initial level $82.51), a participation rate of 100%, a downside factor of 1.25, an upside payment of $480, and an early redemption payment of $1,240 if the first determination date condition is met on July 1, 2027. The securities are subject to Morgan Stanley’s credit risk, complex payoff mechanics, limited secondary market liquidity, and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC priced a $1,286,000 offering of structured, principal-at-risk notes due July 22, 2027. Each note has a stated principal amount of $1,000 and an upside payment of $76 (7.60%) if the worst performing index meets the upside threshold.
Payments at maturity depend solely on the final closing levels on the observation date: investors receive principal plus the upside payment if each underlier is at or above its upside threshold; they receive principal only if all underliers are at or above their downside thresholds; if the worst performing underlier falls below its downside threshold, holders lose an amount equal to the percentage decline of that worst performing underlier. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, carry no interest, and have an estimated value on the pricing date of $988.10 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Principal at Risk buffered jump securities linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security and an original issue price of $1,000 per security.
The securities feature automatic early redemption on specified determination dates beginning July 6, 2027, a 20% buffer, a minimum payment at maturity equal to $200 (20% of principal) and a capped upside payment of $1,880 if the final level meets the upside threshold. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due June 22, 2029, with principal fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 security is linked to the worst performing of the EURO STOXX 50® and the S&P 500® indices, provides 173% leveraged upside, a 20% buffer and a 20% minimum payment at maturity. Payments depend solely on closing index levels on the observation date of June 18, 2029, and all payments are subject to Issuer and Guarantor credit risk.
Morgan Stanley Finance LLC offers Variable Income Auto-Callable Notes due July 11, 2029, tied to the worst performing of Alphabet (class C), Meta (class A) and Microsoft common stock. Notes pay a variable coupon each period: 7.80% (higher) or 0.25% (lower) depending on observation-date levels, and feature automatic early redemption if all underliers meet 100% call thresholds on a redemption determination date. The stated principal amount is $1,000 per note and the estimated value on the pricing date is approximately $976.40 per note. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk; investors do not participate in underlying appreciation and the notes are linked to the worst performing underlier.
Morgan Stanley Finance LLC is offering callable Contingent Income Securities due June 22, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of 12.65% per annum on each period only if the closing level of each of three underliers meets its coupon barrier on the related observation date. If not redeemed early, investors receive principal at maturity only if each underlier’s final level is at or above its downside threshold; otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, producing losses of 1% for each 1% decline in that underlier. The securities are linked to the worst performing of the Nasdaq-100® Technology Sector (NDXT), the Russell 2000® Index (RTY) and the State Street® Energy Select Sector SPDR® ETF (XLE). The stated principal amount is $1,000 per security and the aggregate principal amount offered is $383,000. The issuer may call the securities on specified redemption dates based on the output of a risk neutral valuation model, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk auto-callable securities linked to the worst performing of the EURO STOXX 50® and the S&P 500®.
The notes have a $1,000 stated principal amount, aggregate offering of $1,500,000, issue price $1,000, estimated value on pricing date $985.80, and maturity on July 6, 2027. They pay a contingent coupon at an annual rate of 9.60% only if both underliers meet coupon barrier levels on observation dates and can auto-redeem early on specified redemption determination dates.
Morgan Stanley Finance LLC priced an offering of principal-at-risk, auto-callable market-linked securities tied to Tesla, Inc. stock. The securities have a face amount of $1,000 each, an estimated value on the pricing date of $966.90 per security and a contingent coupon rate of 15.00% per annum. The starting price for the underlying was $400.49 on the pricing date, with the coupon and downside thresholds set at 60% ($240.294) of that starting price. If not called earlier, the securities mature on June 22, 2029. Payments (contingent coupons and principal at maturity) depend on quarterly calculation-day closing prices versus the stated thresholds; if the ending price is below the downside threshold, investors bear loss equal to the performance factor. The offering economics show a public price of $1,000 per security, agent commissions up to $23.25 per security and proceeds to MSFL of $976.75 per security.
Morgan Stanley Finance LLC priced Principal-at-Risk notes tied to Micron Technology common stock with a $1,000 stated principal amount per security and an aggregate principal amount of $7,035,000. The notes pay a contingent coupon of 38.40% per annum on observation dates if the underlier meets the coupon barrier level and are automatically redeemed early if the closing level meets the call threshold. The initial level (strike) was $1,133.99 and the downside threshold (coupon barrier) is $566.995 (50% of initial). At maturity investors receive principal if the final level is at or above the downside threshold; if below, payment equals $1,000 × (final level / initial level), exposing investors to full downside including possible total loss. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk securities linked to the common stock of ServiceNow, Inc. The offering totals $302,000 aggregate principal at a stated issue price of $1,000 per security and an estimated value on the pricing date of $934.60. Each security pays no interest, can be automatically redeemed beginning on June 22, 2027 if the underlier meets the call threshold level of $95.04, and matures on June 24, 2031. At maturity holders receive $2,257.50 if the final level is at or above the call threshold, the stated principal if the final level is at or above the downside threshold of $47.52, or a principal loss proportional to the underlier’s decline if the final level is below that downside threshold. All payments are subject to the issuer’s and guarantor’s credit risk and the securities do not participate in upside beyond the fixed payoffs.
Morgan Stanley Finance LLC is offering Principal at Risk Contingent Income Auto-Callable Securities linked to the worst-performing of Advanced Micro Devices, Inc. and NVIDIA Corporation. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of $988.20, a pricing date of June 18, 2026, a strike date of June 17, 2026 and matures on June 23, 2028.
The notes pay a contingent coupon at an annual rate of 27.40% on observation dates only if both underliers are at or above their coupon barrier levels (50% of initial levels). The securities may be automatically redeemed early if both underliers meet their call thresholds (100% of initial levels) on any redemption determination date. At maturity, if the final level of either underlier is below its downside threshold (50% of initial), repayment falls to the stated principal multiplied by the worst-performing underlier's performance factor, potentially resulting in a significant loss or total principal loss. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable notes linked to the common stock of Citigroup Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent annual coupon of 11.00% payable only if the underlier meets barrier conditions on observation dates.
The notes feature automatic early redemption if the underlier’s closing level is at or above the call threshold on a redemption determination date, coupon payments only when the closing level meets the coupon barrier (70% of the initial level), and principal loss at maturity if the final level is below the downside threshold (70% of the initial level). The estimated value at pricing was approximately $969.00 per security; all payments are subject to issuer credit risk and the securities do not participate in underlying appreciation.
Morgan Stanley Finance LLC priced structured, principal-at-risk notes linked to the worst performing of the S&P 500®, Nasdaq-100® and Russell 2000®. The securities have a $1,000 stated principal amount per security, an original issue date of July 8, 2026, an observation date of July 2, 2031 and maturity on July 8, 2031.
The notes do not pay interest and may be automatically redeemed on specified determination dates beginning July 9, 2027 for fixed early redemption payments (illustrative payments range from $1,114.00 to $1,313.50 in the hypothetical schedule). At maturity investors either receive principal plus an upside payment (150% participation) if all underliers finish above their initial levels, principal only if all underliers finish at or above 70% of initial levels, or a loss tied to the worst performing underlier (1% loss per 1% decline) otherwise. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with automatic early redemption and a buffer feature. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $909.30.
If not auto‑redeemed, maturity payoffs depend on the final index level: $1,950.00 if the final level is at or above the call threshold; return of principal ($1,000) if the final level is at or above the buffer level (85% of initial level); otherwise principal is reduced by index losses beyond the 15% buffer, subject to a minimum payment of 15% of principal. The underlier includes a 4.0% per annum decrement, was established on August 30, 2024, and had a closing level of 3,500.76 on June 18, 2026. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due June 28, 2029, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a 8.50% contingent coupon per annum only if the underlier meets observation-date barriers. The securities can auto-redeem on specified redemption determination dates beginning September 24, 2026, return principal at maturity only if the final level is at or above a downside threshold, and otherwise expose investors to a proportional loss of principal tied to the underlier’s decline. The estimated value on the pricing date is approximately $969.10 per security. All payments are subject to the issuer’s and guarantor’s credit risk; coupons may be unpaid for the entire term, and principal could be partially or fully lost.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security. The securities may be automatically redeemed on the first determination date of July 7, 2027 for an early redemption payment of $1,191.50 if the underlier is at or above a call threshold equal to 107% of the initial level. If not called, maturity is July 3, 2031; investors receive either principal plus an upside payment (participation rate 265%), principal only if the final level is at or above a downside threshold equal to 75% of the initial level, or a loss proportional to the decline if the final level is below that threshold. The securities do not pay interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley and are subject to credit risk, limited liquidity and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering callable contingent income securities due July 8, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon at an annual rate of 13.30% payable only if, on each observation date, the closing level of all three underliers meets or exceeds their coupon barrier levels.
The securities are linked to the worst performing of the IGV Fund (iShares Expanded Tech-Software ETF), the Russell 2000® Index, and the XLRE Fund (Real Estate Select Sector ETF). If not redeemed early, maturity payment returns principal only if every underlier’s final level is at or above its downside threshold (60% of initial level); otherwise the payment equals $1,000 multiplied by the worst performing underlier’s performance factor and could be significantly less or zero. Early redemption may occur on scheduled redemption dates beginning July 8, 2027 if a risk neutral valuation model indicates it is economically rational for the issuer to call.
Morgan Stanley Finance LLC is offering Step Down Trigger Autocallable Notes due June 28, 2029, fully guaranteed by Morgan Stanley. The notes pay a fixed Call Return if both the EURO STOXX 50® and the S&P 500® close at or above required levels on specified quarterly observation dates beginning June 29, 2027. If not called, repayment at maturity is linked to the Least Performing Underlying versus its Initial Underlying Value, with a Downside Threshold equal to 80% of the Initial Underlying Value; losses can equal the full decline of that Least Performing Underlying. Issue Price is $10.00 per security (minimum investment $1,000); estimated Trade Date value is approximately $9.677 per security. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC offers auto-callable, principal‑at‑risk market‑linked securities due July 6, 2029 with a face amount of $1,000 per security. The securities reference the lowest performing of NVIDIA, Alphabet (Class A) and Micron and feature a 500% participation rate for positive returns above the starting price, a contingent absolute return that caps positive depreciation gains at 50%, and material downside risk if the lowest performing underlying falls below a 50% threshold. Pricing date is June 30, 2026; estimated value on the pricing date is approximately $906.90 per security.
Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities tied to the common stock of Astera Labs, Inc. The offering consists of 569 securities at a stated principal amount of $1,000 per security for an aggregate principal amount of $569,000, with an original issue date of June 24, 2026 and a maturity date of June 24, 2031.
The securities pay a contingent coupon at an annual rate of 43.00% only if the closing level of the underlier meets or exceeds the coupon barrier level on observation dates. The initial level and call threshold were set at $417.07 on the strike date (June 18, 2026); the coupon barrier level and downside threshold are $250.242 (60% of the initial level). The estimated value on the pricing date was $899.80 per security, and payments at maturity can result in full principal repayment, reduced principal tied to the performance factor, or total loss of principal depending on the final level.
Morgan Stanley Finance LLC priced a structured note offering of Dual Directional Buffered Jump Securities linked to Eli Lilly common stock and Novo Nordisk ADS. The securities have a $1,000 stated principal amount per security, an aggregate principal amount of $1,071,000, were priced and struck on June 18, 2026, and mature on June 22, 2029. The securities feature an automatic early redemption determination on June 22, 2027 with an early redemption payment of $1,411 per security if each underlier is at or above its call threshold (each call threshold equals its initial level). The payout depends on the worst performing underlier, includes a 35% buffer (buffer level = 65% of initial), a 100% upside participation rate capped effectively at 35% in certain scenarios, an estimated value on the pricing date of $990.60 per security, and commissions of $6.50 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced callable contingent income securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500. The notes pay a contingent coupon of 11.05% per annum on each interest period only if all three underliers meet coupon barrier levels on observation dates, are callable beginning December 23, 2026 based on a risk neutral valuation model, and mature on June 24, 2031. At maturity holders receive principal only if each underlier is at or above its 65% downside threshold; otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to full principal loss. All payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced $1,227,000 of Principal-at-Risk auto-callable notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, issued at $1,000 per security with an estimated value of $949.50 on the pricing date. The notes pay no interest, carry a 350% participation rate in upside at maturity, and feature an automatic early redemption on the first determination date if the underlier’s closing level is at or above the call threshold of 3,500.76, producing an early redemption payment of $1,252.50 per security. If not called, maturity payoff depends on final index level versus the initial level of 3,500.76 and a downside threshold of 1,750.38 (50% of the initial level); losses can be up to 100% of principal if the final level is well below the downside threshold. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk notes due July 15, 2031 that are fully and unconditionally guaranteed by Morgan Stanley and pay a contingent coupon only when the S&P® 500 Futures 40% Intraday 4% Decrement VT Index meets specified observation thresholds. The securities have a $1,000 stated principal amount and an estimated value on the pricing date of approximately $915.90 per security.
The notes pay an annual contingent coupon at a rate of 11.00% per annum on coupon dates only if the closing level of the underlier is at or above the coupon barrier (75% of the initial level) on the related observation date. They include an automatic early redemption feature if the underlier is at or above the call threshold (100% of the initial level) on any redemption determination date. If the notes are not redeemed early, payment at maturity depends on the final level versus an 85% buffer (a 15% buffer amount) and may result in principal loss beyond the buffer; the minimum payment at maturity is 15% of principal. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced June 18, 2026 structured, principal-at-risk notes due June 24, 2031 fully guaranteed by Morgan Stanley. The offering comprises $1,523,000 aggregate principal at $1,000 per security; the estimated value on the pricing date was $955.00 per security.
These securities pay a contingent coupon at an annual rate of 16.15% on certain coupon payment dates only if the underlier—the S&P® 500 Futures 40% Intraday 4% Decrement VT Index—meets the coupon barrier level (2,450.532, 70% of the initial level). They feature automatic early redemption if the index meets the call threshold (3,500.76) on scheduled determination dates and a downside threshold of 2,100.456 (60% of the initial level) that governs principal loss at maturity.
Morgan Stanley Finance LLC priced a series of structured, principal-at-risk notes linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The offering is for $1,500,000 aggregate principal at an issue price of $1,000 per security, with an estimated value of $987.80 on the pricing date. The securities pay no interest, provide a fixed upside payment of $120 (12%) at maturity only if the final level of each underlier is at or above its 70% downside threshold, and otherwise deliver a payout equal to principal multiplied by the worst-performing underlier's performance factor, which could result in a total loss of principal. Key dates: strike/ pricing date June 18, 2026, original issue date June 24, 2026, observation date July 19, 2027 (subject to postponement), and maturity date July 22, 2027. All payments are subject to MSFL and Morgan Stanley credit risk; the securities are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note linked to the worst performing of the S&P 500 Index, the State Street SPDR S&P Regional Banking ETF and the State Street Technology Select Sector SPDR ETF. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $2,140,000. They pay a contingent coupon of 9.00% per annum on specified observation dates only if each underlier is at or above its coupon barrier level; unpaid coupons may be paid later only if future observation dates meet coupon conditions. The securities feature automatic early redemption beginning on the first redemption determination date of June 22, 2027 if all underliers meet their call thresholds. At maturity on December 23, 2030, if any underlier is below its downside threshold, principal is reduced pro rata to the performance of the worst performing underlier and could be zero. The securities are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date was $944.20 per security and the issue price was $1,000 per security; agent commissions were $32.50 per security.
Morgan Stanley Finance LLC is offering Principal at Risk Callable Contingent Income Securities linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500. The offering is $2,680,000 aggregate (stated principal $1,000 per security) with an issue price of $1,000 and an estimated value on the pricing date of $982.20.
The securities mature on December 21, 2028, pay a contingent coupon at an annual rate of 11.75% only if each underlier is at or above its coupon barrier (70% of initial level) on each observation date, and expose investors to full downside tied to the worst performing underlier (downside threshold = 60% of initial level). The issuer may call the notes on scheduled redemption dates beginning December 23, 2026 if a risk neutral valuation model indicates redemption is economically rational. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk Contingent Income Auto-Callable Securities linked to Bloom Energy Corporation Class A common stock with a stated principal amount of $1,000 per security. The securities pay a contingent coupon only if the underlier meets the coupon barrier on observation dates and can be automatically redeemed early if the underlier meets the call threshold on redemption determination dates. At maturity, if the final level is below the downside threshold, investors suffer a loss equal to the underlying's percentage decline; if at or above the downside threshold, they receive principal. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS securities due June 24, 2031 with an aggregate principal amount of $341,000 and a stated principal amount of $1,000 per security. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
The payout at maturity is driven by the worst performing underlier of the Dow Jones Industrial Average and the S&P 500. The terms include a 115% leverage factor on upside, a 15% buffer (85% buffer level), and a minimum payment at maturity equal to 15% of the stated principal. The pricing date and strike date are June 18, 2026, the observation date is June 18, 2031, and the issue date is June 24, 2026. The estimated value on the pricing date was $948.70 per security; the price to public is $1,000 with an agent commission of $41.50 per security.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities with a face amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The securities mature on June 29, 2029 (calculation day June 26, 2029) and have a pricing date of June 26, 2026.
The securities pay a fixed call payment of at least $1,180 (an 18.00% call premium) if the closing level of the lowest performing underlying is greater than or equal to its starting level on the call date (July 1, 2027). If not called, the maturity payment depends solely on the performance of the lowest performing underlying, with a participation rate of 150% for positive returns and full downside exposure below a threshold equal to 75% of the starting level. The estimated value on the pricing date is approximately $961.50, or within $30.00 of that estimate. Investor suitability, tax treatment, distribution fees, and risks are described in the supplement.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note due June 24, 2031 that is fully and unconditionally guaranteed by Morgan Stanley. The securities are linked to the worst performing of three underliers: the EURO STOXX 50®, the S&P 500® and the State Street® Technology Select Sector SPDR® ETF.
Each security has a $1,000 stated principal amount and an upside payment of $845 if conditions are met. The securities provide limited positive returns in a narrow outcome band, but expose holders to full principal losses if any underlier falls below its 70% downside threshold on the observation date.
Morgan Stanley is offering Trigger Autocallable Notes linked to the Nasdaq-100 Index® due June 26, 2031 that are unsecured obligations of Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. The Issue Price is $10.00 per Security with a minimum investment of $1,000.
The Notes pay a fixed Call Return if the Observation Date Closing Level on any quarterly Observation Date beginning June 29, 2027 is at or above the Initial Level; Call Return Rates will be set on the Trade Date and are expected to range from 10.40% to 10.85% per annum. If not called, principal at maturity depends on the Final Level relative to the Initial Level and a Downside Threshold equal to 75% of the Initial Level. If the Final Level is below that threshold, investors will suffer principal losses proportionate to the Underlying Return. All payments are subject to Morgan Stanley’s credit risk.
The pricing supplement describes a structured, principal-at-risk note issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a fixed $425 upside payment at maturity if the S&P 500® Index final level is at or above the initial level, and a maturity date of June 24, 2030. If the final level is below the downside threshold (75% of the initial level), investors lose on a 1%-for-1% basis versus the index decline; there is no minimum payment and the investment could lose the entire principal. The document discloses an estimated value of $988.10 per security on the pricing date and an aggregate issuance of 1,582 securities (aggregate principal $1,582,000). All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due July 7, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays at maturity based on the performance of the worst performing underlier: the Nasdaq-100 Index (NDX) and the VanEck Semiconductor ETF (SMH).
If both underliers finish above their initial levels, holders receive principal plus a 172.50% leveraged upside on the worst performing underlier. If either underlier finishes below its downside threshold (60% of its initial level), holders incur losses proportional to the decline in the worst performing underlier; there is no guaranteed minimum and investors may lose their entire principal. The preliminary estimated value on the pricing date is approximately $923.00 per security.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes linked to the Global X Defense Tech ETF with a $1,000 stated principal amount per security and an original issue price of $1,000. The securities include an automatic early redemption feature and a 15% buffer with a 1.1765 downside factor.
If not auto‑redeemed, maturity payouts vary: above the initial level investors receive principal plus a 125% participation rate on upside; if final level is between the buffer and initial level investors receive the stated principal; below the buffer investors incur losses at 1.1765% per 1% beyond the buffer. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, contingent income auto‑callable securities linked to JPMorgan Chase & Co. common stock with a $1,000 stated principal amount per security and a final maturity of June 28, 2029. The notes pay a contingent coupon at an annual rate of 8.00% on each coupon payment date only if the underlier’s closing level on the related observation date is at or above the coupon barrier (set at 70% of the initial level). The notes are automatically redeemed early if the underlier’s closing level on any redemption determination date is at or above the call threshold (set at 100% of the initial level), in which case holders receive the stated principal plus the contingent coupon for that period. If not redeemed, maturity pay‑out depends on the final level versus the downside threshold (set at 70% of the initial level); a final level below that threshold produces a pro rata principal loss (payment = stated principal × performance factor). All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk. The pricing date and strike date are June 24, 2026, the original issue date is June 29, 2026, and the final observation date is June 25, 2029. The document discloses an estimated value on the pricing date of approximately $970.90 per security.
Morgan Stanley Finance LLC priced a preliminary pricing supplement for Buffered Participation Securities due July 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500, and uses an observation date of June 26, 2031.
The securities provide a 20% buffer (buffer level = 80% of initial), a 103% participation rate in upside of the worst performing underlier, no interest payments, and a minimum payment at maturity of 20% of principal. The agent-estimated value on the pricing date is approximately $931.40 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to Exxon Mobil Corporation common stock. Each note has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of approximately $976.50. The notes pay a contingent coupon at an annual rate of 10.25% on each coupon payment date only if the closing level of the underlier is at or above the coupon barrier (70% of the initial level) on the related observation date. The notes may be automatically redeemed on specified redemption determination dates if the closing level is at or above the call threshold (100% of the initial level), providing the stated principal plus the contingent coupon; otherwise holders face downside exposure at maturity. If the final level is below the downside threshold (70% of the initial level), payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than the principal, possibly zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk. Tax treatment and withholding for non-U.S. holders are discussed; Section 871(m) considerations and U.S. federal tax uncertainty are noted.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes linked to the common stock of Tenet Healthcare Corporation, with a stated principal amount of $1,000 per security and original issue price of $1,000. The notes pay a contingent coupon of 14.60% per annum on observation dates when the underlier meets the coupon barrier and may auto-redeem early if the underlier meets the call threshold on redemption determination dates. If not auto-redeemed, maturity is June 29, 2029, and payment at maturity returns principal only if the final level is at or above the downside threshold; otherwise investors suffer a proportional loss in principal down to zero. The estimated value on the pricing date was approximately $962.00 per security. All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley and are subject to issuer credit risk and specific tax uncertainties described herein.
Morgan Stanley Finance LLC is offering Structured Investments Enhanced Trigger Jump Securities due July 1, 2027, linked to Nebius Group N.V. Class A ordinary shares and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $632.50 (63.25%). If the final level on the observation date (June 28, 2027) is at or above the downside threshold ($141.805, 50% of the initial level), investors receive principal plus the upside payment. If the final level is below that threshold, the payment equals the stated principal amount multiplied by the performance factor (final level / initial level), exposing investors to full principal loss with no guaranteed minimum. All payments are subject to MSFL’s and Morgan Stanley’s credit risk. The pricing date was June 23, 2026, original issue date June 26, 2026, and the estimated value on the pricing date was approximately $953.70 per security.