Morgan Stanley 424B Filings

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering structured, principal‑at‑risk Buffered Jump Securities linked to the worst performing of three State Street ETFs. Each security has a $1,000 stated principal amount, an investor buffer of 15%, a downside factor of 1.1765% per 1% decline beyond the buffer, a participation rate of 200% for upside, an early redemption feature with an early redemption payment of $1,336.50 (first determination date June 25, 2027, early redemption date June 30, 2027) and final maturity on June 28, 2029. The pricing and strike dates are June 24, 2026, and the estimated value on the pricing date was approximately $984.10. The securities do not pay interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley and expose investors to issuer credit risk and to the performance of the worst performing underlier.

Morgan Stanley Finance LLC priced a Buffered PLUS note due June 30, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal and an estimated value on the pricing date of approximately $949.90.

At maturity the payoff pays the stated principal plus a 180% leveraged upside if the final level exceeds the initial level; returns are protected only up to a 20% buffer (buffer level = 80% of initial level). If the final level falls below the buffer, holders lose 1% for each 1% decline beyond the buffer, subject to a 20% minimum payment.

Morgan Stanley Finance LLC priced a Buffered PLUS note linked to the iShares® Semiconductor ETF (SOXX) with a stated principal amount of $1,000 per security. The securities mature on August 26, 2027 with an observation date of August 23, 2027. Investors receive 200% leveraged upside of the underlier’s appreciation subject to a $1,480 maximum payment (148% of principal). The note includes a 10% buffer (90% buffer level) and a minimum payment equal to 10% of principal; if the final level is below the buffer, holders lose 1% per 1% decline beyond the buffer. The estimated value on the pricing date was approximately $965.90 per security. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; holders bear issuer credit risk and tax-treatment uncertainty.

Morgan Stanley Finance LLC is offering structured, auto‑callable Jump Notes due June 27, 2031, linked to the worst performing common stock of Amazon.com, Inc., NVIDIA Corporation and Tesla, Inc. The notes have a stated principal amount of $1,000 per note, pay no interest, and are fully guaranteed by Morgan Stanley. The notes may be automatically redeemed on the first determination date for an $1,216.50 early redemption payment if each underlier meets its call threshold (85% of its initial level). If not auto‑redeemed, maturity payments either return principal or return principal plus an upside payment equal to 125% of the appreciation of the worst performing underlier. All payments are subject to Morgan Stanley’s credit risk; the estimated value on the pricing date is approximately $977.00 per note.

Morgan Stanley Finance LLC is offering digital notes linked to the iShares Expanded Tech-Software Sector ETF (Bloomberg: IGV). Each note has a $1,000 Face Amount and pays at maturity based on the ETF’s performance over a period expected to be between 13 and 15 months. If the Final Underlier Level is at least 85% of the Initial Underlier Level, holders receive a capped Maximum Settlement Amount (expected to be between $1,158.10 and $1,185.50 per $1,000 Face Amount). If the Underlier falls by more than 15%, investors bear downside and may lose some or all principal. The Original Issue Price is $1,000; the issuer’s estimated value on the Trade Date is approximately $978.50. All payments are subject to issuer credit risk and the notes are unsecured, non‑interest bearing, non‑redeemable and will not be listed on an exchange.

Morgan Stanley Finance LLC priced $17,259,000 of Digital S&P 500® Index-Linked Notes due September 15, 2027, guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount and returns at maturity depend on the S&P 500® Index performance measured from the June 17, 2026 trade date to the September 13, 2027 determination date (both subject to postponement).

If the Final Underlier Level is >= 90% of the Initial Underlier Level, each note pays the Maximum Settlement Amount of $1,116.60 (111.66% of face). If the Final Underlier Level is below 90%, investors suffer a downside where principal can be partially or entirely lost. The Estimated Value on the trade date was $992.30 per note. All payments are unsecured and subject to issuer credit risk.

Morgan Stanley Finance LLC is offering market-linked notes due July 11, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays no interest. At maturity investors receive principal and, if the S&P 500® Futures Excess Return Index final level exceeds the initial level, an upside payment equal to the stated principal amount × 127.50% × index percent change; if the final level is equal to or less than the initial level, investors receive only the stated principal amount. The pricing/strike date is July 8, 2026, the observation date is July 8, 2031, and the issuer’s estimated value on the pricing date is approximately $950.00 per note. All payments are subject to the issuer’s credit risk; the notes are unsecured, not listed, and do not provide direct ownership of the underlying index or its components.

Morgan Stanley Finance LLC is issuing structured, principal-at-risk notes linked to the common stock of NVIDIA Corporation with a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate of 7.50% only if the underlier meets the coupon barrier on observation dates and may be automatically redeemed early if the underlier meets the call threshold on redemption determination dates. If not redeemed and the final level is below the buffer level (70% of the initial level), principal is reduced pro rata beyond the 30% buffer, subject to a 30% minimum payment at maturity. The strike date is July 6, 2026, the final observation date is August 6, 2027 and maturity is August 11, 2027. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due July 11, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000, a 179% leverage factor on upside and a 20% downside buffer (buffer level = 80% of initial level). The estimated value on the pricing date is approximately $945.30 per security. At maturity investors receive principal plus leveraged upside if the underlier finishes above the initial level; if performance falls below the buffer level, losses occur pro rata beyond the buffer, subject to a minimum payment of 20% of principal. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities linked to the common stock of Tractor Supply Company. Each note has a $1,000 stated principal amount and an original issue price of $1,000, a hypothetical estimated value of approximately $967.80, and matures on June 28, 2028. The notes pay a contingent coupon of 15.00% per annum on observation dates when the closing level of the underlier is at or above a coupon barrier set at 50% of the initial level. The notes may be automatically redeemed early if the closing level meets or exceeds a call threshold equal to 100% of the initial level on any redemption determination date. If the notes are not redeemed and the final level is below the downside threshold of 50% of the initial level, investors suffer principal loss proportional to the underlier’s decline; payments could be significantly less than principal or zero. All payments are subject to Morgan Stanley’s credit risk. The strike and pricing dates were June 23, 2026.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due July 12, 2029 linked to the worst-performing shares of Apollo Global Management, Ares Management and Blackstone. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 22.20% payable only when all three underliers meet coupon barrier tests on scheduled observation dates. The securities may be automatically redeemed beginning after the first redemption determination date of July 8, 2027 if each underlier equals or exceeds its call threshold on a redemption determination date. At maturity, if any underlier is below its downside threshold (set at 60% of initial level), investors bear losses equal to the percentage decline of the worst performing underlier; principal could be significantly reduced or zero. The estimated value on the pricing date was approximately $975.10 per security; all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC prices $4,000,000 of Leveraged Buffered Russell 2000Index-Linked Notes due September 17, 2027. The notes pay no interest and return is linked to the Russell 2000Index measured from the Strike Date June 15, 2026 to the Determination Date September 15, 2027. For each $1,000 Face Amount, investors receive $1,000 if the Index falls up to 10.00%, a leveraged upside of 150% of positive Index return capped at $1,214.50, and downside exposure below the 90.00% Buffer Level that can result in loss of principal. The Original Issue Price is $1,000 per note, the estimated Trade Date value is $983.50, and MS & Co. sells the offering with a dealer concession totaling $50,000 in aggregate.

Morgan Stanley proposes an offering of Fixed Rate Notes due September 7, 2027. Each note has a stated principal and issue price of $1,000, an original issue date of July 7, 2026, and an annual interest rate of 4.450% with interest payable at maturity on September 7, 2027. The estimated value on the pricing date is approximately $995.10 per note. All payments on the notes are subject to the credit risk of Morgan Stanley. The notes will not be listed on any securities exchange and may have limited secondary market liquidity. Proceeds will be used for general corporate purposes.

Morgan Stanley Finance LLC is offering Market Linked Securities—auto-callable, fixed-percentage buffered downside, linked to the VanEck® Gold Miners ETF, due May 3, 2029. Each security has a face amount of $1,000, a pricing date of April 29, 2026, original issue date May 4, 2026, and an estimated value of $955.80 on the pricing date. The securities may be automatically called on semi-annual calculation days beginning May 4, 2027; call payments range from $1,194.00 to $1,582.00. If not called, maturity payments depend on the ending fund closing price relative to the starting price $86.22 and the threshold price $77.598; holders may lose up to 90% of face amount if the ending price is below the threshold. All payments are subject to issuer credit risk and various market, tax and liquidity risks described herein.

Morgan Stanley Finance LLC priced a series of market-linked, principal-at-risk securities — auto-callable notes with a contingent coupon and contingent downside linked to the lowest performing of the iShares Expanded Tech-Software ETF, the S&P 500® Index and the State Street SPDR S&P MidCap 400 ETF Trust. The securities have a face amount of $1,000 per security, a maturity date of July 3, 2029 (subject to postponement) and a pricing date of June 30, 2026. The contingent coupon rate will be determined on the pricing date and will be at least 10.20% per annum. Estimated value on the pricing date is approximately $955.20 per security, or within $45.00 of that estimate. Payments, including contingent coupons and any maturity payment, depend on monthly calculation-day observations of the lowest performing underlying and are subject to Morgan Stanley credit risk and the calculation agent’s determinations.

Morgan Stanley Finance LLC priced an offering of market-linked, auto-callable principal-at-risk securities linked to the lowest performing of the common stock of Bank of America Corporation, Citigroup Inc. and The Goldman Sachs Group, Inc., due June 22, 2028.

The securities have a $1,000 face amount per security, an estimated value on the pricing date of $964.10 per security, a price to public of $1,000 per security and aggregate offering proceeds shown as $1,353,000. The pricing date was June 16, 2026 and the original issue date is June 22, 2026.

Investors receive limited upside only via specified call payments if on a calculation day each underlying closes at or above its starting price; call payments are $1,283.50 (1st), $1,425.25 (2nd) and $1,567.00 (final). If not called, maturity payments depend on the lowest performing underlying stock relative to its starting price and 70% downside threshold prices noted in the final terms. The securities are fully guaranteed by Morgan Stanley and bear issuer credit risk.

Morgan Stanley Finance LLC priced $10,146,000 of Capped Leveraged Buffered Basket-Linked Notes due August 27, 2027. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, pay no interest and return at maturity is linked to a weighted basket of five international indices.

The notes have a Face Amount of $1,000 each (aggregate $10,146,000), an Upside Participation Rate of 180%, a Buffer Level of 90.00% (10.00% buffer) and a Cap Level of 111.20%, with a Maximum Settlement Amount of $1,201.60 per $1,000 Face Amount. Estimated value on the trade date was $993.50 per note. Purchasers are exposed to issuer credit risk, market disruption mechanics and the potential loss of principal if the Final Basket Level is below the Buffer Level on the Determination Date.

Morgan Stanley Finance LLC is offering principal-at-risk, market-linked securities tied to the common stock of Amazon.com, Inc. The securities have a face amount of $1,000, a contingent fixed return of 26.20% (equal to $262 per security) and mature on December 21, 2027. The starting price for the underlying stock is $246.00 (pricing date June 16, 2026) and the threshold price is $209.10 (85% of the starting price). If the ending price on the calculation day is greater than or equal to the threshold price, holders receive the face amount plus the contingent fixed return. If the ending price is below the threshold price, holders bear a 1-to-1 loss versus the underlying return and may lose more than 15% or the entire principal. The estimated value on the pricing date is $957.80 per security; the public offering price is $1,000 with agent commissions of up to $23.25 per security.

Morgan Stanley Finance LLC offers a primary issuance of market-linked, auto-callable securities due June 22, 2029. The offering lists a total price to public of $2,994,000 (face amount $1,000 per security) with agent commissions of $25.75 per security and estimated value on the pricing date of $912.70 per security. The securities reference the lowest performing of Broadcom, Alphabet (class A) and Netflix and feature a 300% participation rate, a call payment of $1,345 (34.50% premium) if automatically called on the call date, a call date of June 22, 2027 and a calculation day of June 18, 2029. Starting prices on the pricing date were AVGO $376.71, GOOGL $373.25 and NFLX $78.72. Key investor risks disclosed include principal at risk, cap on certain positive returns (50% cap for depreciation-based positive return), dependence on the lowest-performing underlying, credit risk of the issuer/guarantor and limited secondary-market liquidity.

Morgan Stanley Finance LLC priced market-linked, auto-callable securities—principal-at-risk notes due June 22, 2029 linked to the lowest performing common stock of Microsoft and NVIDIA. Each security has a face amount of $1,000, a 200% participation rate in positive returns if not called, and an automatic call feature on June 22, 2027 that would pay $1,352.50 per security. The issuer estimated the securities' value at $958.30 on the pricing date; the public offering price was $1,000 per security. The starting prices are stated as $393.83 for Microsoft and $207.41 for NVIDIA, with threshold prices equal to 50% of each starting price. The securities are fully guaranteed by Morgan Stanley and carry credit, liquidity and market-risk, including possible loss of more than 50% of principal if the lowest performing stock falls below its threshold on the calculation day.

Morgan Stanley Finance LLC priced Principal at Risk Callable Contingent Income Securities with a stated principal amount of $1,000 per security. The notes pay a contingent coupon of 10.75% per annum on each coupon payment date only if the closing level of each of three underliers meets its coupon barrier on the related observation date. The securities may be called beginning July 6, 2027 if a risk neutral valuation model indicates redemption is economically rational; final observation date is July 2, 2029 and maturity is July 6, 2029. If at maturity the final level of any underlier is below its downside threshold (60% of initial level), payment at maturity will be the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a substantial loss of principal or a zero payment.

Morgan Stanley Finance LLC is offering 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 stated principal amount of $1,000, an estimated value on the pricing date of approximately $906.70, an issue date of July 1, 2026 and a maturity date of July 1, 2031. If the closing level of the underlier meets or exceeds the call threshold on any determination date, the notes will be automatically redeemed for fixed early redemption payments (the first scheduled early redemption payment is $1,180 on July 2, 2027). At maturity investors receive $1,900 if the final level is at or above the call threshold, the stated principal if the final level is at or above the 85% buffer level, or a reduced payment reflecting losses beyond the 15% buffer (subject to a 15% minimum payment). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS notes linked to the Tokyo Stock Price Index (TPX) due July 3, 2030. The offering aggregates $3,000,000 of notes at a stated principal of $1,000 each and is fully and unconditionally guaranteed by Morgan Stanley. The notes provide leveraged upside equal to a 146.48% leverage factor of any index appreciation above the initial index value of 3,991.14, but principal is at risk if the final index value falls below the trigger level of 3,592.026 (90% of initial). The valuation date is June 28, 2030. Estimated value on the pricing date was $930.90 per note; the issue price is $1,000, which includes dealer commissions of $25 and a structuring fee of $5. These are unsecured obligations; investors may lose some or all of their investment.

Morgan Stanley Finance LLC priced a contingent income auto-callable note linked to Super Micro Computer, Inc. (SMCI). The offering totals $3,000,000 of securities with a $1,000 stated principal per security, pricing date: June 16, 2026, and maturity: June 22, 2029. The notes pay a contingent quarterly coupon at an annual rate of 33.58% but only for determination dates when the underlying closing price is at or above the downside threshold price of $14.61 (50% of the initial share price). If an early call occurs on any of the first eleven determination dates because the closing price is at or above the initial share price ($29.22), holders receive principal plus accrued contingent coupons. If not called and the final share price is below the downside threshold, holders suffer a 1-to-1 loss tied to the share performance factor and may lose most or all principal. Estimated value on the pricing date was $970.70 per security.

Morgan Stanley Finance LLC issues Trigger PLUS notes tied to the EURO STOXX 50® Index with a stated principal amount of $1,000 per note and an aggregate principal amount of $9,066,000. The securities mature on July 6, 2032 and provide a leveraged upside of 195.29% of any index appreciation measured from the initial index value of 6,257.42 (pricing date June 16, 2026). If the final index value on the valuation date is at or above the trigger level of 4,693.065 (75% of the initial index value), investors receive the $1,000 stated principal; if the final index value is above the initial value, investors receive $1,000 plus the leveraged upside payment. If the final index value is below the trigger level, the payment equals $1,000 multiplied by the index performance factor and investors may lose a significant portion or all of their investment. The issuer estimates the value on the pricing date at $949.20 per note; the issue price is $1,000 (including commissions and structuring costs). All payments are unsecured and subject to the credit risk of Morgan Stanley and MSFL.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due June 22, 2029 linked to the NVIDIA Corporation common stock. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security and are fully guaranteed by Morgan Stanley.

The notes pay a contingent coupon at an annual rate of 13.00% on each coupon payment date only if the underlier's closing level on the related observation date is at or above the coupon barrier level ($124.446, 60% of the initial level). The notes will auto-redeem if the closing level on a redemption determination date is at or above the call threshold ($207.41, 100% of the initial level). If not auto-redeemed, maturity payoff depends on the final level relative to the downside threshold ($124.446); below that threshold investors lose proportionate principal and could lose their entire investment.

Morgan Stanley Finance LLC priced a $3,460,000 offering of Principal at Risk, contingent‑income, auto‑callable securities linked to The Home Depot, Inc. common stock. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the estimated value on the pricing date was $969.70.

The notes pay a contingent coupon of 11.40% per annum on observation dates when the underlier is at or above the coupon barrier (76% of the initial level). The notes are automatically redeemed early if the closing level meets or exceeds the call threshold (initial level $337.09) on any redemption determination date. At maturity, if the final level is below the downside threshold (76% of the initial level, $256.188), investors suffer a loss proportional to the underlier’s decline and may lose their entire principal. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a series of Trigger PLUS due July 5, 2029. Each note has a $1,000 stated principal amount, a pricing date of June 16, 2026 and an aggregate principal amount of $3,900,000. The securities offer 150.55% leveraged upside on a five-index international equity basket and provide the stated principal at maturity only if the final basket value is greater than or equal to an 80% trigger level; otherwise payment equals $1,000 multiplied by the basket performance factor and may be less than 80% of principal or zero.

Morgan Stanley Finance LLC is offering callable contingent income securities due June 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon of 9.65% per annum only if the closing level of each underlier meets its coupon barrier on each observation date.

The securities are linked to the worst performing of the Nasdaq-100 Technology Sector, the Russell 2000 and the S&P 500. If not redeemed early, investors receive principal at maturity only if each underlier’s final level is at or above its downside threshold (60% of initial level); otherwise payment at maturity equals principal multiplied by the performance factor of the worst performing underlier, which could result in a significant loss or zero. The securities may be called beginning on July 2, 2027 based on the output of a risk neutral valuation model. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Auto-Callable Trigger PLUS notes due July 6, 2028, linked to the Russell 2000® Index with an aggregate principal amount of $3,442,000. Each security has a stated principal amount of $1,000 and an issue price of $1,000.

The securities are automatically redeemed if the index on the first determination date (6/24/2027) is at or above the initial index value of 2,939.195, producing an early redemption payment of $1,132.00 on the early redemption date (6/29/2027). If not auto‑redeemed, maturity payment (7/6/2028) depends on the final index value: full principal plus 125% of upside if above the initial index value; return of $1,000 if final index ≥ downside threshold 2,351.356 (80%); otherwise repayment equals principal × index performance factor, which can be less than 80% or zero. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is issuing Structured Investments — Buffered Jump Securities with an auto-callable feature based on the S&P 500® Futures Excess Return Index. The offering totals $523,000 (stated principal $1,000 per security). The securities may be automatically redeemed on the first determination date, June 23, 2027, if the underlier is at or above the call threshold (initial level 603.83), in which case investors receive an early redemption payment of $1,140 per security. If not called, maturity is June 22, 2029. At maturity investors receive: (a) principal plus an upside payment if the final level > initial level (participation rate 248%); (b) principal if final level ≥ buffer level (buffer = 90% of initial level; buffer level 543.447); or (c) a reduced payment that loses 1% per 1% decline beyond the buffer, subject to a minimum payment of 10% of principal. Estimated value on the pricing date was $986.30 per security. Sales are directed to fee-based advisory accounts via MS & Co.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes linked to the VanEck® Semiconductor ETF with an aggregate principal amount of $536,000 at a per-security issue price of $1,000. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.

The securities have an automatic early redemption feature on the first determination date of June 21, 2027 if the underlier's closing level is greater than or equal to the call threshold level of $616.00, producing an early redemption payment of $1,287.50 per security. If not called, maturity is June 22, 2029. The payoff at maturity uses a 150% participation rate for upside; if the final level is below the downside threshold of $431.20 (70% of the initial level), principal is reduced pro rata and could be zero. All payments are subject to Morgan Stanley credit risk. The document states an estimated value on the pricing date of $973.00 per security.

Morgan Stanley Finance LLC priced contingent income, memory auto-callable securities linked to Micron Technology common stock. Each note has a $1,000 stated principal and an original issue price of $1,000; the aggregate offering size is $1,070,000. The notes pay a contingent coupon of 28.85% per annum on scheduled coupon dates only if the underlier’s closing level on observation dates is at or above the coupon barrier ($510.38, 50% of the initial level). The securities are automatically redeemed early if the underlier’s closing level on a redemption determination date is at or above the call threshold ($1,020.76, 100% of the initial level), in which case holders receive principal plus any payable contingent coupons. At maturity, if not redeemed and the final level is below the downside threshold ($510.38), payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to possible total or near-total loss of principal. All payments are subject to Morgan Stanley and MSFL credit risk.

Morgan Stanley Finance LLC is issuing callable contingent income securities linked to ServiceNow, Inc. common stock that are fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, a contingent coupon of 21.75% per annum and a final maturity of December 21, 2027.

Coupons are paid only if the underlier's closing level on each observation date is at or above the coupon barrier level of $50.665 (50% of the initial level). If not redeemed earlier and the final level is below the downside threshold of $50.665, principal is reduced pro rata by the underlier's decline; losses could be total.

Morgan Stanley Finance LLC priced principal-at-risk, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and $1,000 issue price; aggregate issuance is $500,000.

The securities can be automatically redeemed on the first determination date June 21, 2027 if the underlier closes at or above the call threshold 3,165.66, producing an early redemption payment of $1,252.50. At final determination on June 16, 2031, payoff depends on the final level versus the initial level 3,517.40 and the downside threshold 1,758.70; the participation rate for upside is 325%. Investors bear issuer credit risk and may lose their entire principal.

Morgan Stanley Finance LLC priced a callable principal-at-risk note linked to the common stock of Incorporated (QCOM). The offering is $1,309,000 aggregate with a stated principal of $1,000 per security and an issue price of $1,000. The securities pay a contingent coupon of 24.00% per annum on each interest period only if the closing level of the underlier meets or exceeds a coupon barrier set at $107.035 (50% of the initial level). The initial closing level was $214.07. The notes are callable beginning December 21, 2026 based on the output of a risk neutral valuation model. At maturity December 21, 2027, if the final level is below the downside threshold of $107.035, principal is reduced pro rata by the performance factor (final/initial level), which could result in the loss of most or all principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes linked to the Class A common stock of Meta Platforms, Inc. (underlier). Each note has a $1,000 stated principal amount and matures on August 5, 2027. The notes pay a contingent coupon at an annual rate of 10.30% on each interest period only if the closing level of the underlier on the related observation date is at or above the coupon barrier (80% of the initial level). The notes feature automatic early redemption on specified determination dates if the closing level is at or above the call threshold (100% of the initial level). At maturity, if the final level is below the buffer (80% of the initial level), principal is reduced by 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley; holders bear issuer credit risk. The document states an estimated value on the pricing date of approximately $969.20 per security.

Morgan Stanley Finance LLC offers Principal-at-Risk contingent income auto-callable securities guaranteed by Morgan Stanley. The issue totals $2,456,000 in aggregate principal at $1,000 per security, maturing July 21, 2027 with a final observation on July 16, 2027.

The securities pay a contingent coupon at an annual rate of 15.25% only if the closing level of the underlier, Fiserv, Inc., is at or above the coupon barrier of $29.400 (59% of the initial level) on observation dates. Automatic early redemption may occur on specified dates beginning with the redemption determination date of December 16, 2026 if the underlier is at or above the call threshold of $49.83. If not redeemed and the final level is below the downside threshold of $29.400, payment at maturity equals principal multiplied by the performance factor and could be significantly less than principal or zero. The estimated value on the pricing date was $975.60 per security.

Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 6, 2032, fully guaranteed by Morgan Stanley. The securities reference the S&P 500® Index and provide 133% leveraged upside subject to a $1,850 maximum payment and a trigger feature at approximately 85% of the initial index value. The initial index value on the pricing date was 7,511.35 and the trigger level is 6,384.648. If the final index value on the valuation date is below the trigger, investors suffer proportional losses (1% loss of principal per 1% index decline), potentially losing their entire investment. The issue price is $1,000 per Trigger PLUS (estimated value on the pricing date: $958.20); aggregate principal offered is $7,233,000. Secondary trading may be limited and all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due June 20, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The securities have a $1,000 stated principal amount, $1,300 early redemption payment if the underlier is ≥ the 90% call threshold on the first determination date, and a 300% participation rate for upside at maturity. The initial level is 3,517.40, the call threshold is 3,165.66 (90%), and the downside threshold is 1,758.70 (50%). The estimated value on the pricing date was $954.00 per security. Payments are subject to issuer credit risk and the securities may expire worthless if the final level is below the downside threshold.

Morgan Stanley Finance LLC is offering market-linked notes due June 21, 2030 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $250,000.

At maturity the notes pay the stated principal amount and, if the Vanguard Value Index Fund (underlier) final level exceeds the initial level of $218.03, an upside payment equal to 100% participation in the underlier percent change subject to a maximum payment of $1,443 per note. The notes pay no periodic interest, are not listed, and the estimated value on the pricing date was $974.90 per note. All payments are subject to Morgan Stanley credit risk; secondary market liquidity may be limited.

Morgan Stanley Finance LLC priced a structured note offering called Buffered PLUS linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of $952.70. The notes mature on June 20, 2031 and provide 179% leverage on upside above the initial level and a 20% buffer below which principal losses occur at a 1:1 rate beyond the buffer; the minimum payment at maturity is 20% of principal.

The offering totals $697,000 aggregate principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk, tax-treatment uncertainty and limited secondary-market liquidity.

Morgan Stanley Finance LLC priced Principal at Risk notes due June 26, 2031. Each security has a $1,000 stated principal amount and pays a contingent coupon at an annual rate of 8.15% only when the underlier meets the coupon barrier on observation dates. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, which applies a 4% per annum decrement and targets volatility intraday.

Automatic early redemption may occur on scheduled redemption determination dates if the closing level is at or above the call threshold (90% of the initial level). At maturity, if the final level is below the downside threshold (60% of the initial level) the payment equals $1,000 × performance factor and could be significantly less than principal. Estimated value on the pricing date was approximately $911.80.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk securities due July 1, 2030 linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and a fixed upside payment of $343.50 (34.35%). If the final level on the observation date is at or above the buffer level (75% of the initial level), holders receive principal plus the upside payment. If the final level is below the buffer level, holders lose 1% of principal for each 1% decline beyond the 25% buffer, subject to a minimum payment of 25% of principal. The estimated value on the pricing date was approximately $985.50. All payments are subject to the credit risk of MSFL and the Morgan Stanley guarantee. Tax treatment and secondary market liquidity are uncertain and are discussed in the supplement.

Morgan Stanley Finance LLC priced contingent income, principal-at-risk auto-callable notes due June 27, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $906.60. The notes pay a 8.00% contingent coupon on observation dates if the closing level meets a coupon barrier equal to 55% of the initial level, carry an automatic early‑redemption feature if the underlier meets a call threshold equal to 83.50% of the initial level on specified determination dates, and expose investors to full downside below a downside threshold equal to 55% of the initial level. The underlier applies a 4.0% per annum daily decrement and uses intraday volatility targeting. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC amended a preliminary pricing supplement for structured, principal-at-risk notes due June 29, 2029 linked to the S&P 500® Futures Excess Return Index, with each security issued at a stated principal amount of $1,000. The securities pay no interest, offer a fixed upside payment of $235 (23.50%) if the final level is at or above a buffer threshold, and provide a 25% buffer (buffer level = 75% of the initial level). If the final level is below the buffer, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment of 25% of principal at maturity. Estimated value on the pricing date was approximately $985.30 per security. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; payments remain subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers Structured Investments Enhanced Buffered Jump Securities due June 29, 2028, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and a fixed $133 upside payment (13.30%).

The securities provide a 25% buffer and a 25% minimum payment at maturity; if the final level is below the buffer, investors lose 1% for each 1% decline beyond the buffer. Estimated value on the pricing date was approximately $981.20 per security.

Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Buffered PLUS notes due June 28, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a leverage factor of 108.60%.

At maturity the payout is linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500: investors receive principal plus leveraged upside if the worst underlier ends higher; full principal if the worst underlier finishes within the 20% buffer; otherwise losses equal a 1% loss per 1% decline beyond the buffer, subject to a 20% minimum payment. The securities carry issuer/guarantor credit risk and an estimated pricing-date value of approximately $955.90 per security.

Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS due June 29, 2029, fully guaranteed by Morgan Stanley. Each Security has an Issue Price of $10.00 and an estimated Trade Date value of approximately $9.585. Key terms: Trade Date June 26, 2026, Settlement Date June 30, 2026, Observation Date July 2, 2027, Final Valuation Date June 26, 2029, Maturity Date June 29, 2029. The Securities pay no interest or dividends and are automatically called if the Basket closes at or above the Autocall Barrier of 100 on the Observation Date, producing a Call Price of $11.30 (a 13.00% per annum Call Return). If not called, positive Basket Returns are multiplied by an Upside Gearing of 1.30 to 1.50; if the Final Basket Level is below the Downside Threshold of 75, principal is reduced proportionally to the negative Basket Return. All payments are subject to Morgan Stanley's credit risk.