Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering Structured Investments — Contingent Income Memory Buffered Auto-Callable Securities due May 30, 2029 linked to the State Street® SPDR® S&P® Metals & Mining ETF (XME) and the VanEck® Gold Miners ETF (GDX).

The securities have a $1,000 stated principal amount per security, an estimated value on the pricing date of approximately $947.90, a contingent coupon at an annual rate of 7.00%, automatic early redemption mechanics beginning on the first redemption determination date of December 24, 2026, and a buffer feature equal to 20% with a minimum payment at maturity of 20% of principal. Payments depend on the closing levels of the underliers on specified observation and redemption determination dates, and all payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk, contingent income auto-callable securities linked to the common stock of Salesforce, Inc. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay a contingent coupon of 13.30% per annum on each coupon payment date only if the closing level of the underlier on the related observation date is greater than or equal to the coupon barrier level (set at 57% of the initial level). The notes are automatically redeemed early if the closing level on a redemption determination date is greater than or equal to the call threshold (100% of the initial level). If not called, at maturity on August 4, 2027 investors receive principal only if the final level is at or above the downside threshold (57% of the initial level); otherwise payment equals stated principal multiplied by final/initial level.

Pricing and strike dates are June 30, 2026 (original issue date July 6, 2026); estimated value on the pricing date was approximately $969.10 per security. All payments are subject to the issuer’s and guarantor’s credit risk, and investors do not participate in upside of the underlier.

Morgan Stanley Finance LLC is offering callable Contingent Income Securities due June 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, an original issue price of $1,000, and an estimated value on the pricing date of approximately $985.30.

The notes pay a contingent coupon at an annual rate of 12.80% only if the closing level of each underlier (the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF) is at or above its coupon barrier (70% of initial level) on each observation date. If any underlier is below its coupon barrier on an observation date, no coupon is paid for that period. At maturity, if the final level of each underlier is at or above its downside threshold (60% of initial level), investors receive the stated principal; otherwise, payment is the stated principal multiplied by the performance factor of the worst performing underlier, which can result in significant loss of principal.

The issuer, Morgan Stanley Finance LLC, is offering Contingent Income Auto-Callable Securities due June 29, 2029, linked to the common stock of Halliburton Company, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an annual contingent quarterly coupon rate of 12.10% (approximately $30.25 per quarter if payable). The securities may be automatically redeemed early if the underlying stock closes at or above the initial share price on any of the first eleven determination dates. If not called, final payout depends on the final share price versus a downside threshold equal to 60% of the initial share price; if the final share price is below that threshold, investors suffer 1-to-1 downside exposure and could lose most or all principal. The pricing date was June 26, 2026, the original issue date is expected to be July 1, 2026, and maturity is June 29, 2029. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, fixed-income auto-callable securities due June 30, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 original issue price and pays a fixed coupon of 11.75% per annum. The securities may be automatically redeemed early if each underlying index closes at or above its call threshold on a redemption determination date; otherwise, at maturity investors receive principal only if each underlier is at or above its 75% downside threshold, and otherwise receive an amount tied to the performance factor of the worst performing underlier. The pricing date was June 17, 2026, the strike date was June 16, 2026, and the observation date is June 23, 2027. The estimated value on the pricing date was approximately $979.90 per security. These securities do not guarantee principal and are subject to Morgan Stanley credit risk and tax uncertainty.

Morgan Stanley Finance LLC priced a preliminary pricing supplement for Principal-at-Risk structured notes due July 22, 2027 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The securities are offered at a stated principal amount of $1,000 per security with an upside payment of $76 ( 7.60%) and an estimated value on the pricing date of approximately $989.60 per security.

Payments at maturity depend solely on the worst performing underlier on the observation date (July 19, 2027): if each underlier is at or above its upside threshold (60% of initial level) investors receive principal plus the upside payment; if all are at or above the downside threshold (50%), investors receive principal; if any underlier is below its downside threshold, investors suffer proportional loss (1% loss of principal for each 1% decline in the worst performing underlier), and loss could be total. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers callable Contingent Income Securities (principal at risk) due June 27, 2029. Each note has a $1,000 stated principal amount and an issue price of $1,000 per security; the estimated value on the pricing date was approximately $977.30 per security. The securities pay a 9.65% per annum contingent coupon on each coupon payment date only if the closing level of each underlier (the NDXT Technology Sector, RTY and SPX) is greater than or equal to its coupon barrier (60% of initial level) on the related observation date. If not redeemed early and every final underlier level is at or above its downside threshold (60% of initial), investors receive the stated principal; otherwise the payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less or zero. Early redemption may occur on specified redemption dates beginning June 28, 2027 if a risk neutral valuation model indicates it is economically rational for the issuer to call; all payments remain subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced Principal at Risk securities linked to the S&P 500® Index with a $1,000 stated principal amount per security and an observation date of June 18, 2030 and maturity on June 24, 2030. If the final level is at or above the initial level, holders receive the stated principal plus an upside payment of $425 (42.50%). If the final level is below the downside threshold (75% of the initial level), holders suffer pro rata losses in principal; there is no minimum payment and the entire investment could be lost. The estimated value on the pricing date is approximately $990.80 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to the EURO STOXX 50® Index. Each security has a stated principal amount of $1,000 and a 200% leverage factor for upside up to a $1,176 maximum payment. The securities include a 10% buffer (buffer level = 90% of the initial level) and a minimum payment at maturity of 10% of principal. The pricing and strike dates are June 30, 2026, the observation date is December 30, 2027, and the stated maturity date is January 4, 2028. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to issuer credit risk and complex tax treatment described in the tax supplement.

Morgan Stanley Finance LLC is offering Principal-at-Risk, contingent income aut0-callable securities due August 4, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 original issue price and pays a contingent coupon only if both underliers meet barrier tests on observation dates; principal is at risk based on the worst-performing of the Nasdaq-100® Technology Sector and the S&P 500®. The securities may be automatically redeemed early if both underliers meet call thresholds on specified redemption determination dates. If not redeemed, maturity payment equals principal when both final levels are at or above the downside thresholds; otherwise 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 issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an automatic early‑call feature due June 27, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $907.40. The notes reference the worst performing of the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX), include a 15% buffer and a minimum payment at maturity equal to 15% of principal. Automatic early redemption may occur on scheduled determination dates beginning June 25, 2027, with fixed early redemption payments rising up to $1,737.50 per security and a payment at maturity of $1,750.00 if both underliers meet call thresholds. If the worst performing underlier falls below its buffer level at maturity, investors lose 1% of principal for each 1% decline beyond the buffer, exposing principal to significant downside. All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is uncertain.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities tied to Netflix, Inc. common stock with a $1,000 stated principal per security. The notes pay a contingent coupon of 12.15% per annum on observation dates if the closing level meets the coupon barrier and may auto‑redeem early if the call threshold is met on a redemption determination date. If not auto‑redeemed, maturity is August 4, 2027; holders receive principal only if the final level is at or above the downside threshold (set at 68% of the initial level), otherwise the payment equals the principal multiplied by the performance factor and could be significantly less or zero. The estimated value on pricing date was approximately $969.50 per security. All payments are subject to the issuer’s and guarantor’s credit risk and U.S. federal tax treatment is uncertain.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk buffered jump securities due June 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $976.70. The securities are linked to the worst performing of three underliers: the Dow Jones Industrial Average (INDU), the S&P 500® Futures Excess Return Index (SPXFP) and the State Street Health Care Select Sector SPDR® ETF (XLV). They provide a 20% buffer (buffer amount) against losses: if the final level of the worst performing underlier is below its buffer level, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 20% of principal. The securities may auto‑redeem on specified determination dates beginning June 28, 2027, with early redemption payments corresponding to an approximate 11.85% per annum return (examples range from $1,118.50 to $1,562.875 per security). All payments are subject to Morgan Stanley’s credit risk and the securities do not pay periodic interest.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 3, 2031 linked to the worst performer of the Russell 2000® and the S&P 500®. Each security has a stated principal amount of $1,000 and an upside payment of $450 (45%). The notes pay no interest; at maturity investors receive a payoff tied to the worst performing underlier on the observation date (June 30, 2031). If both underliers finish at or above their initial levels, holders receive principal plus the greater of the underlier percent change or the upside payment. If the worst performing underlier declines but remains at or above its downside threshold (75% of initial), holders receive a positive capped return (effectively limited to 25%). If the worst performing underlier is below its downside threshold, investors lose principal on a 1:1 basis and could lose the entire investment. The document discloses an estimated value on the pricing date of approximately $950.50 per security and states all payments are subject to issuer and guarantor credit risk.

The Preliminary Pricing Supplement describes Buffered PLUS notes issued by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal, a 203% leverage factor on upside, an 80% buffer (20% buffer amount) and a 20% minimum payment at maturity. Key dates: strike and pricing date June 24, 2026, original issue date June 29, 2026, observation date June 24, 2031 (subject to postponement) and maturity June 27, 2031. The estimated value on the pricing date is approximately $984.00 per security, or within $40.00 of that estimate. The securities pay no interest, expose investors to issuer credit risk, and provide principal protection only within the specified buffer; losses occur 1% for each 1% decline beyond the buffer, with an example showing a 95% underlier decline would result in receiving $250 per security.

Morgan Stanley Finance LLC is offering principal-at-risk notes linked to the S&P 500® Index that mature on July 21, 2027. Each security has a $1,000 stated principal amount and an $89 upside payment (8.90%) if the final level is at or above the downside threshold.

If the final level is below the downside threshold (6,009.08, equal to 80% of the initial level), the payment equals the stated principal multiplied by the performance factor (final level/initial level), resulting in pro rata losses and possible loss of the entire principal. Estimated value on the pricing date was approximately $986.80 per security; the issue price is $1,000.

Morgan Stanley Finance LLC is offering auto‑callable, principal‑at‑risk notes linked to the iShares® MSCI Taiwan Index Fund. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $957.80, and an issue price of $1,000. The notes can be automatically redeemed on the first determination date for an early redemption payment of $1,231 if the underlier’s closing level meets the 100% call threshold. At maturity, investors may receive the stated principal plus the greater of a fixed $462 upside payment or 100% participation in appreciation, or they may suffer principal losses if the final level falls below the 85% downside threshold, potentially losing up to 1% of principal for each 1% decline in the underlier.

Morgan Stanley Finance LLC is offering principal‑at‑risk auto‑callable notes due December 23, 2027 linked to the worst performing shares of Amazon, Microsoft and NVIDIA. Each security has a $1,000 stated principal and an issue price of $1,000. The notes pay a contingent coupon at an annual rate of 12.00% on scheduled coupon payment dates only if each underlier is at or above its coupon barrier on the related observation date; unpaid coupons may be paid later only if future observation dates meet the coupon condition. The notes can be automatically redeemed early on specified determination dates if each underlier is at or above its call threshold, in which case holders receive principal plus the contingent coupon for that period. If not auto‑redeemed, maturity payoff depends on the worst performing underlier: investors receive full principal if each final level is at or above its buffer level (70% of initial); otherwise holders lose 1.4286% of principal for every 1% the worst performing underlier declines beyond the 30% buffer. The pricing date was June 17, 2026, strike levels (initial) were AMZN $246.00, MSFT $393.83, NVDA $207.41, and the estimated value on the pricing date was approximately $956.80 per security. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.

The Preliminary Pricing Supplement describes Morgan Stanley Finance LLC's offering of principal‑at‑risk, contingent‑coupon, memory auto‑callable securities linked to the S&P 500® Index. Each security has a $1,000 stated principal, issue price of $1,000, estimated value of approximately $985, a 7.80% per annum contingent coupon and a maturity date of July 21, 2027. Automatic early redemption may occur on specified dates if the index equals or exceeds the call threshold of 7,511.35. If not called, maturity payoff depends on the final index level relative to the downside threshold (75% of initial level); below that level investors suffer proportional principal losses. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 21, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $78 (7.80%) if the final level is at or above the downside threshold.

The payment at maturity depends on the S&P 500® Index closing level on the observation date: the initial level is 7,511.35 (strike date June 16, 2026) and the downside threshold level is 5,633.513 (75% of the initial level). If the final level is below that threshold, holders lose 1% of principal for each 1% decline; there is no minimum payment at maturity and the securities could mature worthless.

Morgan Stanley Finance LLC priced principal-at-risk notes tied to the S&P 500® Index. Each security has a stated principal amount of $1,000, an upside payment of $98 (9.80%) if the final level is at or above the downside threshold (85% of the initial level), and a maturity date of July 21, 2027. If the final level is below the downside threshold, payment at maturity equals the stated principal amount times the performance factor (final level/initial level), and investors can lose up to their entire initial investment.

The initial issue price is $1,000 and the estimated value on the pricing date is approximately $985.30. All payments are subject to issuer and guarantor credit risk; additional terms, tax treatment, and hedging/secondary market details are described in the accompanying supplements.

Morgan Stanley Finance LLC is offering Leveraged Buffered Russell 2000® Index-Linked Notes due September 17, 2027, fully guaranteed by Morgan Stanley. Each $1,000 Face Amount note returns linked exposure to the Russell 2000® Index from a Strike Date of June 15, 2026 to the Determination Date of September 15, 2027. Investors receive 150% participation in positive index performance up to a $1,214.50 Maximum Settlement Amount; a 10.00% downside buffer protects against losses up to 10.00%, but losses exceed the buffer if the index falls more than 10.00 (you could lose some or all principal). Notes pay no interest, are unsecured, not listed, and are subject to issuer credit risk. The document states an estimated Trade Date value of approximately $983.50 per note and lists the Face Amount, fees and key mechanics.

Morgan Stanley Finance LLC is offering 10-year Trigger GEARS linked to a weighted Basket of international indices that mature on July 1, 2036. Each Security has an Issue Price of $10.00 and an estimated Trade Date value of $8.708 per Security. If the Basket Return is positive, the payment at maturity equals $10 plus $10 times the Basket Return times an Upside Gearing set between 1.730 and 1.930 (final gearing set on the Trade Date). If the Basket Return is zero or negative but the Final Basket Level is at or above the Downside Threshold (65% of the Initial Basket Level), investors receive the $10 principal; if the Final Basket Level is below that threshold, holders absorb losses proportionate to the negative Basket Return. Payments are unsecured, unsubordinated and fully and unconditionally guaranteed by Morgan Stanley and are subject to issuer credit risk. The securities do not pay interest or dividends and are intended for investors willing to risk loss of principal in exchange for leveraged upside on a basket of EURO STOXX 50, Nikkei 225, FTSE 100, SMI and S&P/ASX 200.

Morgan Stanley Finance LLC is offering Market-Linked Notes due July 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 Note pays no interest and returns at maturity either the $1,000 principal (if the Basket Return is zero or negative) or $1,000 plus a leveraged positive return equal to $1,000 × Basket Return × Participation Rate. The Notes reference a weighted Basket of five international indices (EURO STOXX 50, Nikkei 225, FTSE 100, SMI and S&P/ASX 200) with weights of 40%, 25%, 17.5%, 10% and 7.5%, respectively. The indicative Participation Rate is expected to be between 105.00% and 113.70%, to be set on the Trade Date of June 26, 2026. The Issue Price is $1,000 per Note; the issuer estimates the value on the Trade Date at approximately $935.30 per Note (± $55.00). Payments and principal are subject to the issuer’s and guarantor’s credit risk, the Notes are unsecured, not exchange-listed, and secondary market liquidity may be limited.

Morgan Stanley Finance LLC is offering $1,352,000 aggregate Face Amount of capped leveraged buffered basket-linked notes due December 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and the Trade Date is June 12, 2026.

The payoff is linked to a weighted basket of five international indices with an Upside Participation Rate of 150%, a Cap Level of 116.60% (Maximum Settlement Amount $1,249.00 per $1,000 face), and a Buffer Level of 90.00% (Buffer Amount 10.00%, Buffer Rate ~111.11%). If the Final Basket Level is between the Initial Level and the Buffer Level you receive principal; if it is below the Buffer Level you can lose some or all principal. The estimated value on the Trade Date is $979.90 per note.

Morgan Stanley Finance LLC priced a structured, principal-at-risk note series fully guaranteed by Morgan Stanley: Callable Contingent Income Securities due December 16, 2027 linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500.

The notes pay a contingent coupon of 11.60% per annum on each coupon payment date only if the closing level of each underlier meets or exceeds its coupon barrier (70% of initial level) on the related observation date. If any underlier is below its coupon barrier on an observation date, no coupon is paid for that period. At maturity, if every final level is at or above its downside threshold (65% of initial level), investors receive principal; otherwise payment equals principal × performance factor of the worst performing underlier, resulting in proportional principal loss (potentially down to zero). The issuer may call the securities on specified redemption dates beginning September 17, 2026, but only if a risk neutral valuation model indicates redemption is economically rational; no redemption will occur before the first redemption date. Aggregate principal offered is $285,000 (stated principal amount $1,000 per security). All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes have a stated principal of $1,000 per security, an aggregate issuance of $900,000, a pricing and strike date of June 12, 2026, an original issue date of June 17, 2026 and maturity on June 17, 2031.

The notes may be automatically called on the first determination date (June 16, 2027) if the underlier's closing level is at least the call threshold (3,426.01), producing an early redemption payment of $1,252.50. If not called, payment at maturity depends on the final level versus the initial level (3,426.01) and the downside threshold (1,713.005, 50%). The participation rate is 350%; losses are pro rata below the downside threshold and could result in total loss of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a principal-at-risk structured note offering totaling $1,237,000. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the securities have an estimated value of $978.90 on the pricing date. The notes mature on June 15, 2029 and are fully and unconditionally guaranteed by Morgan Stanley.

The securities are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the S&P 500. They feature an automatic early redemption mechanism beginning with the June 14, 2027 determination date and fixed early redemption payments (ranging from $1,143.50 to $1,358.75). A downside threshold equal to 70% of each initial level applies; if the worst performing underlier finishes below that threshold, holders suffer a proportional loss of principal. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due June 15, 2029, linked to the worst performing of the Russell 2000® and S&P 500® indices. The securities have a stated principal amount of $1,000 per security and aggregate principal of $1,975,000. The notes provide a leveraged upside (116% leverage factor) if the worst performing underlier appreciates, a capped positive return of up to 18% if the worst performing underlier declines but stays above an 18% buffer, and full downside exposure beyond the buffer subject to a minimum payment of 18% of principal. All payments are subject to issuer and guarantor credit risk; the securities do not pay interest and their estimated value on the pricing date was $983.50 per security.

Morgan Stanley Finance LLC offers Dual Directional Trigger PLUS notes with an aggregate principal amount of $2,419,000. The securities are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an original issue price of $1,000.

At maturity on June 15, 2029, payments depend on the performance of the worst performing of the Dow Jones Industrial Average and the S&P 500. Upside is leveraged (leverage factor 114%); a capped positive return applies if the worst underlier declines but remains at or above 71% of its initial level; if the worst underlier falls below that threshold, investors lose 1% of principal for each 1% decline, and principal could be fully lost. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Structured Investments Buffered Jump Securities due June 17, 2031, fully and unconditionally guaranteed by Morgan Stanley. The offering comprises $335,000 aggregate principal at a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The securities feature automatic early redemption on specified determination dates with fixed early redemption payments (rising to a maximum payment schedule) and a buffer equal to 15% of initial levels. If not redeemed early, maturity payments depend on the worst performing underlier versus its buffer and call threshold: investors may receive a fixed positive payment, the stated principal, or an amount reduced 1% for each 1% the worst performing underlier falls below its buffer, subject to a minimum 15% payment. All payments are subject to the issuers credit risk and the securities do not pay periodic interest.

Morgan Stanley Finance LLC priced Principal-at-Risk structured notes with an aggregate principal of $384,000, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of $964.80.

The securities are auto-callable on the first determination date June 16, 2027 if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index is >= the call threshold level of 3,426.01, in which case holders receive an early redemption payment of $1,298 per security. If not auto‑redeemed, maturity is June 17, 2031 and payoffs depend on the final level relative to the initial level (3,426.01) and the downside threshold (1,713.005); downside exposure is linear below that threshold. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is issuing Principal at Risk structured notes linked to the State Street® Health Care Select Sector SPDR® ETF (XLV) with an aggregate principal amount of $750,000. Each security has a stated principal amount of $1,000, an issue price of $1,000, estimated value on the pricing date of $968.50, and matures on June 15, 2029. The notes are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley.

The securities are auto-callable on specified determination dates beginning June 21, 2027, with fixed early redemption payments of $1,082.50 (first call) and $1,165.00 (second call). If not called, payment at maturity depends on the final closing level versus the call threshold ($153.81) and the downside threshold ($107.667, 70% of initial level). If the final level is below the downside threshold, investors suffer a pro rata loss equal to the percentage decline in the underlier and could lose their entire investment.

The issuer, Morgan Stanley Finance LLC, is offering Principal at Risk notes with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,400,000. The securities pay a contingent coupon at an annual rate of 12.00% on observation dates when the underlying index meets the coupon barrier and feature automatic early redemption if the underlier meets the call threshold on a redemption determination date. At maturity investors receive principal if the final level is at or above the buffer level; if below, principal is reduced by 1% for each 1% decline beyond the 15% buffer, with a minimum payment at maturity equal to 15% of principal. Payments are unsecured and subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a Trigger PLUS principal-at-risk note offering tied to the worst performing of the iShares Expanded Tech-Software Sector ETF and the Nasdaq-100 Index, with an aggregate stated principal amount of $1,109,000 and a stated principal amount of $1,000 per security.

The notes are fully and unconditionally guaranteed by Morgan Stanley, have an issue price of $1,000 per security, an estimated value on the pricing date of $978.90, a leverage factor of 182% for upside participation, a downside threshold at 70% of initial levels, an observation date of June 12, 2029 and a maturity date of June 15, 2029.

The pricing supplement describes lookback entry jump securities issued by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, with a $1,000 stated principal per security and an aggregate offering of $1,000,000. The securities can be automatically redeemed on August 17, 2027 if the S&P 500 closing level on the first determination date is at or above the call threshold. If not redeemed, payoff at maturity on August 17, 2028 depends on the initial level (the lowest closing level during the initial observation period), the final level on August 14, 2028, a 125% participation rate for upside, and an 80% downside threshold. Investors risk loss of principal if the final level is below the downside threshold; estimated value on the pricing date was $974.20 per security and all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured Jump Notes due June 17, 2031, fully guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $685,000. They pay no interest, use the worst performing of three underliers (Meta Class A, NVIDIA, ServiceNow) to determine upside, and feature an automatic early redemption if each underlier meets its 90% call threshold on the first determination date. Estimated value on pricing date: $969.70 per note. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk contingent income auto-callable securities linked to the common stock of Apple Inc. The issue is $955,000 aggregate principal in $1,000 denominations with an original issue price of $1,000 per security and an estimated value on the pricing date of $981.60. The notes mature on July 15, 2027 with a final observation date of July 12, 2027. They pay an annual contingent coupon of 8.50% on observation dates only if Apple’s closing level meets or exceeds a coupon barrier of $203.791 (70% of the initial level). The notes are automatically redeemed early if Apple’s closing level reaches the call threshold of $291.13 (100% of the initial level) on any redemption determination date; otherwise, at maturity investors face downside exposure and may lose principal if the final level is below the downside threshold of $203.791.

Morgan Stanley Finance LLC offers structured Principal-at-Risk notes (fully guaranteed by Morgan Stanley) linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The offering totals $616,000 aggregate principal at a $1,000 stated principal amount per security, with an original issue price of $1,000 and an estimated pricing-date value of $988.60 per security. The securities mature on December 16, 2027 and pay a fixed upside payment of $145 (14.50%) if the worst performing underlier is at or above its 70% upside threshold; if the worst performing underlier is below its 60% downside threshold, holders lose 1% of principal for each 1% decline in that underlier, with no minimum payment. All payments are subject to issuer and guarantor credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS securities due January 4, 2028, linked to the worst performing of the Dow Jones Industrial Average and the Russell 2000® Index. Each security has a stated principal amount of $1,000 and does not pay interest. The securities provide a 150% leverage factor on upside returns subject to a maximum upside payment of $1,242.50 (124.25% of principal). They include a 15% buffer such that if the worst performing underlier finishes at or above 85% of its initial level, investors may receive a limited positive payoff; if it finishes below the buffer, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity equal to 15% of principal. Pricing and strike dates are June 30, 2026 (original issue date July 6, 2026); observation date is December 30, 2027 (subject to postponement). Payments are unsecured obligations of MSFL and 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 June 17, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. The offering totals $2,464,000 at a $1,000 stated principal per security, with an estimated value on the pricing date of $908.00 per security. The notes pay a contingent coupon at an annual rate of 9.75% only if the underlier meets the coupon barrier on observation dates and are subject to automatic early redemption if the index meets the call threshold on redemption determination dates. If not redeemed, payment at maturity returns principal only if the final level is at or above the buffer level; otherwise principal is reduced by 1% for each 1% decline beyond a 15% buffer, subject to a minimum payment at maturity of 15%.

Morgan Stanley Finance LLC priced a primary offering of Buffered PLUS notes with $500,000 aggregate principal due June 16, 2031. Each security has a $1,000 stated principal amount and is linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500. At maturity the notes pay either principal plus a 120% leveraged upside on the worst performing underlier, return principal if the worst performing underlier remains inside a 30% buffer, or suffer losses 1:1 beyond that buffer down to a 30% minimum payment. All payments are subject to MSFL/Morgan Stanley credit risk. The estimated value on pricing date was $947.50 and agent commissions were $36.25 per security.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes fully guaranteed by Morgan Stanley—Contingent Income Memory Buffered Auto‑Callable Securities—with an aggregate principal amount of $456,000 and a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate of 9.25% on coupon dates only if the underlier meets the coupon barrier (826.38) on observation dates, and include an automatic early redemption feature if the underlier meets the call threshold (1,377.30) on specified redemption determination dates. At maturity, if not earlier redeemed, investors receive principal only if the final level is at or above the buffer level (1,170.705); otherwise principal is reduced proportionally subject to a minimum payment at maturity of 15% of principal. The estimated value on pricing was $905.80 per security, reflecting issuance and hedging costs included in the $1,000 original issue price.

Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering fully guaranteed by Morgan Stanley: $1,000 stated principal per note, aggregate $366,000, issue price $1,000, original issue date June 17, 2031. The notes reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, carry an automatic early redemption feature on the first determination date June 16, 2027 and mature on June 17, 2031.

The securities pay no interest, are exposed to issuer credit risk and can result in full loss of principal if the final index level is below the downside threshold (50% of the initial level). An early redemption pays a fixed $1,215 per security if the underlier is at or above the call threshold (80% of the initial level) on the first determination date.

Morgan Stanley Finance LLC prices Structured Investments — Buffered Jump Securities linked to the S&P 500® Index. The pricing supplement sets a $1,000 stated principal amount per security, an aggregate principal amount of $5,265,000, an original issue date of June 17, 2026 and a maturity date of June 17, 2030. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.

The notes feature an automatic early redemption on the first determination date (June 15, 2027) if the underlier is at or above the call threshold (7,431.46), producing an early redemption payment of $1,100 per security. If not redeemed, the maturity payoff depends on the final level relative to the initial level (7,431.46) and a buffer level (80% of initial, 5,945.168) with a participation rate of 156.50% and a downside factor of 1.25. The document discloses an estimated value on the pricing date of $991.40 per security and shows the issue price to public of $1,000 with agent proceeds to issuer of $997.50 per security after a $2.50 agent fee.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Trigger PLUS principal-at-risk securities linked to the worst performing of META class A common stock and NOW common stock. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities mature on June 29, 2029 with an observation date of June 26, 2029. Investors receive $1,000 plus a leveraged upside if both underliers finish above their initial levels; they receive $1,000 if the worst performing underlier finishes between its initial level and its 60% downside threshold; if the worst performing underlier finishes below its 60% threshold, holders lose 1% of principal for each 1% decline in that underlier. The leverage factor is 409% and the estimated value on the pricing date was approximately $984.70. All payments are subject to Morgan Stanley's credit risk and U.S. federal income tax treatment is uncertain.

Morgan Stanley Finance LLC priced a contingent income, principal-at-risk note due June 17, 2031, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, an aggregate principal amount of $1,148,000, and an estimated value on the pricing date of $908.50 per security. They pay a contingent coupon of 9.00% per annum on observation dates when the underlier meets the coupon barrier (75% of the initial level) and can be automatically redeemed early if the underlier equals or exceeds the call threshold (90% of the initial level) on a redemption determination date. At maturity investors receive principal if the final level is at or above the buffer (80% of the initial level); if below the buffer they incur losses beyond the 20% buffer subject to a 20% minimum payment. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk buffered jump securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index with a stated principal amount of $1,000 per security and aggregate principal amount of $11,417,000. The securities pay no interest, carry a 20% buffer (buffer level 1,101.84 from an initial level of 1,377.30), and include automatic early redemption opportunities beginning on June 15, 2027 with fixed early redemption payments rising to $1,691.875–$1,717.50 depending on date. If not called, maturity is June 16, 2033; payment at maturity is either a fixed positive amount when the final level is at or above the buffer ($1,717.50) or the stated principal multiplied by (performance factor + buffer amount), subject to a 20% minimum payment. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable buffered jump securities due June 17, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and an issue price of $1,000; the estimated value on pricing date was $907.70. The notes can automatically redeem beginning on the first determination date if the underlier closes at or above the call threshold and pay specified early redemption amounts that approximate 10.50% per annum. If not called, maturity pays $1,525.00 if the final level is at or above the buffer level (85% of the initial level); otherwise, investors absorb losses beyond a 15% buffer, subject to a 15% minimum payment. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest.