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 is offering Principal at Risk PLUS securities due June 17, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and a leverage factor of 244.85%. At maturity, if the underlier is higher than the initial level investors receive principal plus the leveraged upside; if lower, investors lose 1 of principal for each 1 decline and could lose their entire investment. The preliminary pricing date and strike date are June 12, 2026, and the document shows an estimated value on the pricing date of approximately $980.60 per security. All payments are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. Payment outcomes are subject to credit risk, index adjustments, market disruption postponements, and U.S. federal income tax uncertainty.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to Micron Technology common stock. The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security; the estimated value on the pricing date is approximately $954.30 per security. The notes mature on June 22, 2029 with a final observation date of June 18, 2029 and are fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at an annual rate of 31.75% on scheduled coupon payment dates only if the closing level of the underlier is greater than or equal to the coupon barrier level (stated as 60% of the initial level) on the related observation date. The securities are automatically redeemed early if the closing level of the underlier is greater than or equal to the call threshold (100% of the initial level) on any redemption determination date. If not redeemed, and the final level is below the downside threshold (stated as 60% of the initial level), payment at maturity will be the stated principal multiplied by the performance factor (final level / initial level), which could result in a significant loss or zero recovery of principal. 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 Alphabet Inc. Class A common stock. Each note has a stated principal amount of $1,000, a contingent annual coupon of 12.25% (paid only if observation levels meet the coupon barrier), automatic early‑redemption tests beginning on September 14, 2026, a final observation on June 12, 2029 and maturity on June 15, 2029.
The notes pay the stated principal at maturity only if the final level is at or above the downside threshold (70% of the initial level); if below, payment equals principal multiplied by the performance factor and could be significantly less or zero. All payments are subject to Morgan Stanley's credit risk. The issuer estimates the value on the pricing date at approximately $966.00 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to Blackstone Inc. common stock, with a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 13.00% per annum on each coupon payment date only if the underlier’s closing level on the related observation date is at or above the coupon barrier (50% of the initial level). The securities 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), producing an early redemption payment equal to principal plus the contingent coupon for that period. If not redeemed and the final level is below the downside threshold (50% of the initial level), maturity payment equals principal multiplied by the performance factor and may be significantly less than principal or zero. All payments are unsecured and subject to Morgan Stanley’s credit risk. The strike and pricing dates are June 12, 2026; original issue date is June 17, 2026 and maturity is June 15, 2029. Estimated value on the pricing date is approximately $961.90 per security.
Morgan Stanley Finance LLC offers Principal at Risk securities due July 15, 2027, linked to the S&P 500 ® Index and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an upside payment of $82.40 (8.24%), and an estimated value on the pricing date of approximately $983.60. If the final level on the observation date is below the downside threshold (5,450.243, equal to 75% of the initial level of 7,266.99), holders suffer proportional principal loss (1% loss per 1% index decline), with no minimum payment at maturity.
Payments depend on the closing level on the observation date and are subject to Morgan Stanley's credit risk; the securities pay no interest and may result in a total loss of principal.
Morgan Stanley Finance LLC is offering principal‑at‑risk structured notes due July 15, 2027, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $103.10 (10.31%) if the S&P 500® closing level on the observation date is at or above the downside threshold.
If the final level is below the downside threshold (6,176.942, 85% of the initial level of 7,266.99), the payment at maturity equals the stated principal amount multiplied by the performance factor (final level/initial level), producing proportional principal loss and potentially a zero recovery.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable notes due June 26, 2031. Each security has a $1,000 stated principal amount and an issue price of $1,000 with an estimated value on the pricing date of approximately $932.10. The notes are linked to the worst performing of the EURO STOXX 50®, Nasdaq-100® and S&P 500® indices, are fully guaranteed by Morgan Stanley and may be automatically redeemed on specified annual determination dates beginning June 23, 2027 for fixed early redemption payments. At maturity investors may receive a capped positive payout, return of principal, or a loss proportional to the worst-performing underlier if it falls below its downside threshold (70% of initial level). All payments are subject to Morgan Stanley credit risk and U.S. federal income tax treatment is uncertain.
Morgan Stanley Finance LLC is offering callable, principal-at-risk notes due June 15, 2028 linked to the worst performing of the Nasdaq-100, Russell 2000 and the SPY ETF. The securities pay a contingent coupon at an annual rate of 11.30% when each underlier meets its coupon barrier on observation dates and can be redeemed early beginning June 15, 2027 based on a risk neutral valuation model. At maturity investors receive the stated principal if each final level is at or above a downside threshold (each set at 70% of initial levels); otherwise principal is reduced pro rata to the worst performing underlier and could be zero. All payments are subject to Morgan Stanley's credit risk; estimated value on pricing date was approximately $988.60 per security.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the worst-performing of Samsara Inc. (IOT) and NextEra Energy (NEE). Each security has a $1,000 stated principal amount, an upside payment of $233 (23.30%) and an estimated value on the pricing date of $976.40. If the final level of either underlier is below its 70% downside threshold, holders lose in direct proportion to the decline of the worst performing underlier; there is no minimum payment and the securities could pay $0 at maturity. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and remain subject to Morgan Stanley credit risk. The observation date is December 11, 2026 and the stated maturity is December 16, 2026. Investors bear issuance costs included in the $1,000 issue price and selected dealers receive a $7.50 commission per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 15, 2027 linked to the S&P 500® Index. Each security has a $1,000 stated principal, a capped $98.10 upside payment (9.81%), a 10% buffer and a 1.1111 downside factor. If the final index level is below the buffer, investors lose 1.1111% of principal for each 1% decline beyond the 10% buffer; there is no guaranteed principal protection and no interest. Payments depend on the closing index level on the observation date and on Morgan Stanley's credit; estimated value at issuance was approximately $986.00 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes called "Enhanced Buffered Jump Securities" linked to the S&P 500® Index, maturing June 28, 2027. Each security has a $1,000 stated principal amount and an $93 upside payment (9.30%).
Key economics: initial level 7,266.99 (strike date June 10, 2026), a buffer amount of 10% (buffer level 6,540.291), and a downside factor of 1.1111. If the final level on the observation date (June 23, 2027) is at or above the buffer level, investors receive principal plus the fixed upside payment; if below, losses apply at 1.1111% per 1% decline beyond the buffer and there is no minimum payment. The document shows an estimated value on the pricing date of approximately $985.00 per security and an agent fee of $10 per security (proceeds to issuer $990).
Morgan Stanley Finance LLC priced buffered participation securities linked to the KOSPI 200 Index. Each security has a $1,000 stated principal amount and an original issue date of June 16, 2026, with maturity on September 14, 2026. The notes return 100% participation in positive performance up to a maximum payment of $1,240 (124%). A 20% buffer applies: if the final level is at or above the buffer level, investors receive principal; if below the buffer level, investors lose 1.25% of principal for every 1% decline beyond the buffer, and could lose their entire investment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. The estimated value on the pricing date was approximately $986.90 per security. Terms are subject to the product supplement, index supplement, tax supplement and prospectus.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due June 15, 2028 linked to the Class A common stock of CoreWeave, Inc.. Each security has a $1,000 stated principal and an original issue price of $1,000. The securities pay a contingent quarterly coupon at an annual rate of 32.40% (approximately $81 per quarter) only for any determination date when the determination closing price is at or above the downside threshold of $43.025 (approximately 45% of the initial share price). The initial share price is $95.61 (closing price on June 10, 2026). If any of the first seven determination dates has a closing price at or above the initial share price, the notes will auto-redeem early for principal plus accrued contingent coupons. If not redeemed, at maturity payment is either principal plus any payable coupons (if final share price >= downside threshold) or the stated principal multiplied by the share performance factor (final/initial share price), exposing investors to 1-to-1 downside and possible loss of principal, including loss of the entire investment. Estimated value on the pricing date is approximately $962.70 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC offers principal-at-risk structured notes called Enhanced Trigger Jump Securities linked to the worst performing of CVS Health Corporation common stock and Kratos Defense & Security Solutions, Inc. common stock. The stated principal amount is $1,000 per security with an issue price of $1,000 and an estimated value of approximately $975.90 on the pricing date. The securities were priced on June 11, 2026, have an observation date of December 11, 2026 and mature on December 16, 2026. If the final level of each underlier is at or above its downside threshold (70% of initial level), holders receive stated principal plus an upside payment of $281.50 (28.15%). If the worst performing underlier is below its downside threshold, holders suffer a loss equal to the percentage decline in that underlier and could lose their entire investment. All payments are subject to issuer and guarantor credit risk and the agent will receive a $7.50 sales commission per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $92.50 (9.25%). The securities reference the S&P 500® Index, have an initial level of 7,266.99 and a downside threshold of 5,813.592 (80% of the initial level). If the final level is at or above the downside threshold, investors receive principal plus the fixed upside payment; if below, investors receive principal multiplied by the performance factor (final level / initial level) and may lose up to their entire investment. The original issue price is $1,000 with an estimated value on the pricing date of approximately $983.60. Agent commissions of up to $10.42 per security are disclosed.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the S&P 500® Index with a lookback initial-level feature and an automatic early redemption on the first determination date.
The notes have a $1,000 stated principal amount, an issue price $1,000, a pricing date of June 12, 2026, an original issue date of June 17, 2026, a first determination date of August 12, 2027, and a maturity date of August 17, 2028. The notes pay $1,091 per security if automatically redeemed on the first determination date, otherwise payoff depends on the lookback-determined initial level, a 125% participation rate on appreciation and a downside threshold at 80% of the initial level. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; holders remain exposed to issuer credit risk and may lose their entire investment.
Morgan Stanley Finance LLC offers Principal at Risk Contingent Income Memory Securities due June 13, 2029. The securities pay a contingent coupon of $9.30% per annum on specified coupon dates only if each of four underliers meets its coupon barrier level on the related observation date. At maturity, if each underlier is at or above its downside threshold (each set at 70% of its initial level), investors receive the stated principal of $1,000 per security; otherwise payment equals $1,000 multiplied by the performance factor of the worst performing underlier, potentially resulting in a significant loss of principal or zero. The offering sizes are stated as $500,000 aggregate and $1,000 per security, with an estimated value on the pricing date of $984.40 per security. All payments are subject to issuer and guarantor credit risk and the securities do not participate in any appreciation of the underliers.
Morgan Stanley Finance LLC is offering Principal at Risk notes due June 23, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and offers a contingent coupon at an annual rate of 11.85% payable only if the underlier meets the coupon barrier on observation dates. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with a coupon barrier at 70% of the initial level, a downside threshold at 60% of the initial level, and a call threshold at 100% of the initial level. The notes are automatic early redemption candidates on specified determination dates beginning December 17, 2026. If not redeemed, maturity payment returns principal only if final level is >= the downside threshold; otherwise payment equals principal × (final level/initial level). Estimated value on the pricing date is approximately $906.40 per security. All payments are subject to Morgan Stanley’s credit risk; investors bear the risk of losing some or all principal and may receive no coupons.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, contingent income auto‑callable securities due June 14, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and a contingent coupon at an annual rate of 14.00% payable only if both underliers meet coupon barrier tests on observation dates. The securities reference the worst performing of the IHI Fund (iShares U.S. Medical Devices ETF) and the XLK Fund (State Street Technology Select Sector SPDR ETF) using initial levels of $49.72 (IHI) and $176.63 (XLK) as of the strike date. Coupon and downside barrier levels are 75% of initial levels ($37.29 and $132.473). Automatic early redemption is possible beginning with the redemption determination date on December 10, 2026; if not called, maturity payoff depends on the worst performing underlier and can result in a full loss of principal. Estimated value on the pricing date was approximately $960.60 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk, auto-callable securities linked to Carvana Co. Class A common stock. Each note has a $1,000 stated principal amount, an issue price of $1,000 and a maturity date of June 12, 2031. Automatic early redemption begins at the first determination date on June 16, 2027 if the closing level of the underlier is at or above the call threshold of $55.688 (80% of the initial level). Early redemption payments range from $1,236 to $2,121 per security on scheduled dates; the payment at maturity is $2,180 if the final level is at or above the call threshold, the stated principal if between the downside threshold and the call threshold, or the stated principal multiplied by the performance factor if below the downside threshold of $41.766 (60% of the initial level). All payments are subject to issuer credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC is issuing PLUS principal-at-risk securities linked to the common stock of UnitedHealth Group Incorporated. Each security has a stated principal amount of $1,000, a 300% leverage factor and a maximum payment at maturity of $1,355.50. The initial level is $406.57 (strike date June 8, 2026), the observation date is June 9, 2027, and the stated issue price is $1,000 per security with an estimated value on the pricing date of $979.50. At maturity investors receive the stated principal plus 300% of any appreciation up to the maximum payment; if the underlier declines, investors lose 1% of principal for each 1% decline and could lose their entire investment. All payments are subject to MSFL's and Morgan Stanley’s credit risk; minimum payment at maturity is none.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the Russell 2000® Index with automatic early redemption and a 5-year term. Each security has a $1,000 stated principal amount and a 150% participation rate for upside above the initial level. The first determination date for an automatic early redemption is June 21, 2027; the early redemption payment is $1,125 per security. If not redeemed, maturity is June 17, 2031. A downside threshold is set at 75% of the initial level; if the final level is below that threshold, principal is reduced pro rata and could be zero. The issuer is MSFL and the securities are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a primary offering of structured, principal‑at‑risk notes fully and unconditionally guaranteed by Morgan Stanley. The securities pay no interest, have a $1,000 stated principal amount, and an aggregate principal amount of $8,000,000. They feature automatic early redemption on specified determination dates and final maturity on June 12, 2031. Early redemption payments rise over the term (illustrated payments range from $1,029.375 to $1,558.125), and payment at maturity depends on the worst performing of the EURO STOXX 50® and Russell 2000® indices relative to call and downside thresholds. 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 tied to the capital stock of International Business Machines Corporation. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $981. The securities pay a 15.50% annual contingent coupon only if the underlier meets the coupon barrier on scheduled observation dates and are automatically redeemed if the underlier meets the call threshold on any redemption determination date starting March 25, 2027. The final observation date is December 27, 2027 with maturity on December 30, 2027. If not autocalled and the final level is below the downside threshold (set at 60% of the initial level), investors suffer losses proportional to the underlier’s decline and could lose their entire principal. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of principal-at-risk callable contingent income securities with an aggregate principal amount of $620,000. Each security has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of $960.80. The securities pay a contingent coupon at an annual rate of 15.75% on each coupon payment date only if the closing level of each underlier meets its coupon barrier on the related observation date, are callable beginning on December 14, 2026 based on a risk neutral valuation model, and return principal at maturity only if each underlier is at or above its downside threshold (each downside threshold equals 50% of the initial level). The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities tied to Archer-Daniels-Midland Company (ADM) stock. The offering is for $500,000 aggregate at a stated principal amount of $1,000 per security with an original issue date of June 12, 2026 and maturity on June 13, 2029.
The securities pay a contingent coupon at an annual rate of 14.25% only if the underlier meets the coupon barrier on observation dates. The initial level was $80.22, the coupon barrier is $56.154 (70%), and the downside threshold is $48.132 (60%). If final level is below the downside threshold, principal is reduced pro rata and could be zero. The estimated value at pricing was $979.60 per security; issue price is $1,000.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due June 15, 2029 linked to the State Street SPDR S&P Regional Banking ETF, fully guaranteed by Morgan Stanley. The notes pay a 9.40% contingent coupon on each period only if the underliers closing level on the observation date is at or above a coupon barrier (set at 70% of the initial level). The notes are subject to automatic early redemption on scheduled 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 downside threshold (70% of initial), principal is reduced pro rata by the performance factor (final level / initial level), and could be zero. The stated principal amount is $1,000 per security and the estimated value on the pricing date was approximately $966.50. All payments are subject to the issuers and guarantors credit risk.
Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) linked to the common stock of Elevance Health, Inc. (underlier). The offering is for 750 securities at a stated principal of $1,000 each (aggregate principal $750,000), issued by MSFL and fully guaranteed by Morgan Stanley.
The securities mature on June 14, 2027 with an observation date of June 9, 2027. If the final level is above the initial level ($418.15), investors receive the stated principal plus 300% leverage on appreciation, capped at a maximum payment of $1,370.50 per security. If the final level is at or below the initial level, payment equals principal multiplied by the performance factor and investors face direct downside exposure (1% loss of principal for each 1% decline in the underlier), with no guaranteed minimum.
Morgan Stanley Finance LLC is offering Principal-at-Risk auto-callable securities linked to the common stock of Microsoft Corporation (MS). Each security has a $1,000 stated principal amount and an original issue price of $1,000, with an estimated value of approximately $981.60 on the pricing date.
The securities mature on June 22, 2029 with a final observation date of June 18, 2029. They pay a contingent coupon at an annual rate of 12.35% only when the closing level of the Microsoft stock is at or above a coupon barrier (set at 70% of the initial level) on observation dates. The notes are automatically redeemed early if the closing level is at or above the call threshold (set at 100% of the initial level) on any redemption determination date, beginning with the first such date on June 22, 2027. If not auto-redeemed, maturity payment equals principal if the final level is at or above the downside threshold (70% of initial); otherwise payment equals principal multiplied by (final level/initial level), exposing holders to full downside.
Morgan Stanley Finance LLC priced Principal-at-Risk securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500. The offering is $1,000 per security (aggregate $600,000), has a 150% participation rate, an estimated value of $968.60, an automatic early redemption feature and maturity on December 14, 2027. Payments depend on the worst performing underlier; a final level below the 70% downside threshold exposes investors to full downside, potentially to zero. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC prices auto-callable Jump Notes linked to the worst performing of Bloom Energy (BE), Carvana (CVNA) and Qualcomm (QCOM). Each note has a stated principal amount of $1,000, a strike date of June 18, 2026, and matures on June 24, 2031. The notes pay no interest, are automatically redeemed if every underlier meets a 90% call threshold on a determination date, and otherwise repay only principal at maturity if any underlier is below its threshold. The pricing supplement estimates the note value at approximately $937.10 on the pricing date. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and remain subject to issuer credit risk.
Morgan Stanley Finance LLC priced a primary offering of structured, principal-at-risk notes linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500. The terms specify a $1,000 stated principal per security, an aggregate offering of $610,000, and an issue price of $1,000 per security.
The notes can auto-redeem on the first determination date for an $1,142 early redemption payment if each underlier meets its call threshold. At maturity, payouts depend on the worst performing underlier: investors may receive principal plus an upside payment (participation 150%), only principal, or a reduced payment that can result in full loss of principal. Estimated value on pricing date: $951.90 per security.
Morgan Stanley Finance LLC is offering Structured Investments — Dual Directional Buffered Participation Securities due September 29, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an original issue date of June 29, 2026, and is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index.
The securities pay no interest and feature a 19% buffer (buffer level = 81% of initial), an absolute return participation rate of 100%, a capped maximum upside payment of $1,133.50 (113.35% of principal) and a minimum payment at maturity equal to 19% of principal. Investors bear issuer credit risk and principal can be significantly reduced if the worst performing underlier falls below the buffer on the observation date.
Morgan Stanley Finance LLC priced a $1,006,000 aggregate offering of Buffered PLUS with Downside Factor notes due June 14, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays at maturity based on the worst performing of three underliers with a 540% leverage factor and a 15% buffer. If the worst performing underlier finishes above its initial level, investors receive principal plus 540% of that appreciation; if it finishes between initial and buffer levels, investors receive principal; if it finishes below the buffer, losses are amplified by a 1.1765 downside factor and could fully erode principal. Payments depend on closing levels on the observation date and are unsecured obligations subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a stated principal amount of $1,000, a contingent coupon at an annual rate of 10.75%, a strike/pricing date of June 22, 2026, a final observation date of March 24, 2031 and a maturity date of March 27, 2031. Payments depend on specified coupon barrier levels (75% of initial) and downside threshold levels (60% of initial). If any underlier closes below its downside threshold at final observation, the payment at maturity will be the stated principal multiplied by the performance factor of the worst performing underlier, which could result in substantial loss or zero repayment. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes tied to Micron Technology stock that mature on July 14, 2027. Each security has a $1,000 stated principal amount and was issued at $1,000 with an estimated value of $963.60 on the pricing date. If the final level on the observation date is at or above the downside threshold level $467.945 (50% of the initial level), holders receive the stated principal plus a fixed $422.50 upside payment. If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level/initial level), so investors bear full downside risk and could lose their entire principal.
Morgan Stanley Finance LLC offers Digital S&P 500® Index-Linked Notes due (fully and unconditionally guaranteed by Morgan Stanley) with principal at risk and no periodic interest. For each $1,000 face amount, investors may receive a capped maximum settlement (expected $1,104.50–$1,122.90) if the final index level is ≥90% of the initial level; otherwise the cash payment falls proportionately and could be as low as $0. The notes mature ~14–16 months after the trade date, are unsecured obligations of MSFL, not listed, and are subject to issuer credit risk, market-disruption adjustments, and hedging activity by affiliates. The estimated trade-date value is approximately $992.30 per $1,000 face amount (within $15).
Morgan Stanley Finance LLC priced an offering of auto-callable, principal‑at‑risk market‑linked securities linked to the lowest performing of the S&P 500® and the Dow Jones Industrial Average, with a face amount of $1,000 per security and maturity on July 1, 2030. The securities are quarterly auto‑callable beginning on July 1, 2027 with specified call payments ranging from $1,090.00 to $1,360.00. The estimated value on the pricing date is $960.30 per security (within $45.00 of that estimate). The securities expose investors to the downside of the lowest performing underlying and are fully subject to Morgan Stanley credit risk; they do not pay interest and may be called prior to maturity.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes—Buffered Jump Securities with an auto-callable feature tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000, with an estimated value of approximately $906.70 on the pricing date. The securities can be automatically redeemed beginning on June 22, 2027 if the underlier meets the call threshold (100% of the initial level), with scheduled early redemption payments rising to specified fixed amounts (first payment $1,180; final permitted early-redemption payment schedule up to $1,885). At maturity on June 24, 2031, 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 and subject to Morgan Stanley's credit risk; tax treatment is uncertain and discussed in the supplement.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities linked to the worst performing of the Russell 2000®, S&P 500® and the State Street® Consumer Staples Select Sector SPDR® ETF. The offering aggregates $6,414,000 and each security has a stated principal amount of $1,000. The securities pay a contingent coupon at an annual rate of 9.35% only if all three underliers meet their coupon barrier levels on each observation date. They are callable beginning December 9, 2026 based on a risk neutral valuation model and mature on June 8, 2028. If any underlier is below its 60% downside threshold at maturity, investors suffer a loss equal to the percentage decline of the worst performing underlier; principal can be significantly reduced or lost. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced callable Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $837,000. The securities pay no interest, carry a 200% participation rate on upside, include an 85% buffer (buffer level 505.912 based on an initial level of 595.19), a 15% minimum payment at maturity, and a call feature permitting early redemption beginning on June 21, 2027 if a risk neutral valuation model indicates it is economically rational to redeem. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers $935,000 aggregate principal of buffered participation principal‑at‑risk securities, fully and unconditionally guaranteed by Morgan Stanley, with an original issue price of $1,000 per security. The securities mature on December 10, 2026 and reference a 10‑stock transportation basket observed on December 7, 2026.
Key economic terms include a 100% participation rate up to a $1,251 maximum payment per security, a 5% buffer (buffer level = 95), and a downside factor of 1.0526. The securities pay no interest, expose investors to issuer credit risk, and may result in the loss of some or all principal at maturity.
Morgan Stanley Finance LLC priced principal-at-risk structured notes totaling $591,000 of aggregate principal with a $1,000 stated principal amount per security. The notes pay no interest and are fully guaranteed by Morgan Stanley. They mature on July 13, 2027 and reference the Dow Jones Industrial, the Russell 2000® and the S&P 500®.
At maturity the payout is based on the worst performing underlier on the observation date July 8, 2027 (subject to postponement). If each underlier is at or above its 75% downside threshold, holders receive the stated principal plus an upside payment of $100 (10%). If the worst performing underlier is below its downside threshold, holders suffer a pro rata loss tied to that underlier’s percentage decline; there is no minimum payment.
Morgan Stanley Finance LLC priced a structured note offering linked to the Russell 2000®, S&P 500® and the State Street® Industrial Select Sector SPDR® ETF. The offering consists of notes with a stated principal amount of $1,000 per security and an aggregate principal amount of $6,235,000. The securities pay a contingent coupon of 11.50% per annum only if each underlier meets its coupon barrier on each observation date, include a 17% buffer and a downside factor of 1.2048, are callable beginning on July 9, 2026 based on a risk neutral valuation model determination and mature on March 10, 2027. The estimated value on the pricing date was $989.60 per security and all payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $3,179,000 of contingent income auto-callable securities linked to Conagra Brands common stock. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $949.10.
The notes pay a contingent coupon at an annual rate of 15.25% on observation dates when the underlier meets the coupon barrier. They are subject to automatic early redemption if the closing level meets or exceeds the call threshold of $13.15 on any redemption determination date. At maturity, if the final level is below the downside threshold of $8.942 (68% of the initial level), principal is reduced proportionally by the performance factor and could be significantly reduced or zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable notes due July 2, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 12.65% payable only if the underlier meets barrier tests on specified observation dates. The underlier is the State Street SPDR S&P Homebuilders ETF (XHB). The securities may be automatically redeemed on specified redemption determination dates if the closing level meets the call threshold; if not redeemed, payment at maturity depends on the final level relative to an 80% downside threshold and can result in a principal loss proportional to the underlier’s decline.
Morgan Stanley Finance LLC priced Principal-at-Risk notes tied to NVIDIA Corporation common stock. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $670,000. They pay a contingent coupon of 15.00% per annum on specified observation dates, are subject to automatic early redemption if the closing level of the underlier meets the call threshold, and mature on June 13, 2028. The initial level (closing level on the strike date) is $208.64, the coupon barrier and downside threshold are each $117.36 (56.25% of the initial level), and estimated value on the pricing date was $991.80 per security. Investors face full principal risk if the final level is below the downside threshold; payments and any unpaid coupons depend on discrete observation dates. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for a primary offering of contingent income auto-callable securities linked to the common stock of Amazon.com, Inc. The notes have a $1,000 stated principal per security, an estimated value on the pricing date of approximately $964.40, a contingent annual coupon rate of 16.50%, a strike date of June 30, 2026 and a maturity date of July 2, 2029. Automatic early redemption is possible on specified redemption determination dates beginning September 25, 2026 if the closing level of the underlier meets the call threshold. Coupons are payable only if the underlier closes at or above the coupon barrier on each observation date; the coupon barrier and downside threshold are stated as 80% of the initial level. If the final level at maturity is below the downside threshold, the payment equals the stated principal multiplied by the performance factor and could be substantially less than the stated principal or zero. All payments are subject to the issuer's and guarantor’s credit risk and the document cross-references the product supplement, tax supplement and prospectus for full terms.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and a maturity date of July 29, 2027. The securities are linked to the worst performing of the EURO STOXX 50® Index (SX5E) and the iShares MSCI EAFE ETF (EFA).
Key economic terms: a 150% leverage factor on appreciation of the worst performing underlier, a 10% buffer (buffer level = 90% of initial), a maximum payment at maturity of $1,362 (136.20% of principal) and a minimum payment at maturity of 10% of principal. Payment depends solely on closing levels on the observation date; losses occur 1% for each 1% decline beyond the buffer in the worst performing underlier. All payments are subject to issuer and guarantor credit risk. The estimated value on the pricing date was approximately $988.10 per security.
Morgan Stanley Finance LLC priced enhanced buffered jump securities fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a fixed upside payment of at least $204.50 (a 20.45% return) if the final level is at or above the buffer level of 80 (a 20% buffer). If the final level is below the buffer, investors lose 1.25% of principal for each 1% decline beyond the buffer; there is no minimum payment at maturity and investors could lose their entire investment. Key dates: Strike Date: June 30, 2026, Pricing Date: June 30, 2026, Original Issue Date: July 6, 2026, Maturity Date: July 16, 2027. The estimated value on the pricing date is approximately $975.10 per security and all payments are subject to Morgan Stanley's credit risk.