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 offers Structured Investments — Enhanced Buffered Jump Securities due June 8, 2029. The securities are principal‑at‑risk notes issued at an issue price of $1,000 per security with an aggregate principal amount of $713,000. At maturity the securities pay a fixed upside payment of $206.50 per security if the final level is at or above a buffer level equal to 75% of the initial level. If the final level is below the buffer level, holders incur a loss equal to the decline beyond the 25% buffer, subject to a minimum payment at maturity of 25% of principal. The observation date is June 5, 2029 (closing level), and all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $826,000 aggregate principal of Structured Investments Enhanced Buffered Jump Securities due June 10, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The securities provide a fixed upside payment of $552.50 (55.25%) if the final level of the S&P 500® Index on the observation date is at or above the buffer level (15% buffer). If the final level is below the buffer level, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 15% of principal. The initial level was 7,383.74, the buffer level is 6,276.179, and the estimated value on the pricing date was $967.90 per security.
Morgan Stanley Finance LLC priced a primary offering of structured, principal‑at‑risk notes fully and unconditionally guaranteed by Morgan Stanley under a pricing supplement tied to the worst performing of three indices. The offering totals $425,000 aggregate principal and each security has a $1,000 stated principal amount, an $82 upside payment (8.20%) and a 25% buffer with a 25% minimum payment at maturity. The securities pay no interest, carry credit risk of Morgan Stanley, and reference closing levels on the observation date of July 6, 2027 with maturity on July 9, 2027.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the State Street SPDR S&P Regional Banking ETF. The notes have a $1,000 stated principal amount, an aggregate issuance of $1,761,000, an estimated value on the pricing date of $954.20 per security and mature on June 8, 2029. They pay a 9.00% annual contingent coupon on observation dates only if each underlier is at or above its coupon barrier (70% of initial). Notes automatically redeem early if all underliers meet 100% call thresholds on a redemption determination date. At maturity investors either receive principal if all underliers are at or above 60% of initial or a reduced principal equal to the worst-performing underlier’s performance factor; losses can be substantial or total. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced an offering of Callable Contingent Income Securities with an aggregate principal amount of $5,026,000. The notes pay a contingent coupon of 12.55% per annum on each interest period only if the closing level of each underlier meets its coupon barrier on the related observation date. The securities are principal-at-risk: if the final level of the worst performing underlier is below its downside threshold (70% of its initial level), maturity payment is reduced pro rata and could be zero. The notes are callable beginning December 10, 2026 based on the output of a risk neutral valuation model, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. The estimated value on the pricing date was $970.30 per security and the issue price is $1,000 per security.
Morgan Stanley Finance LLC is offering Structured Investments — Step-Up Jump Securities — due June 10, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay no periodic interest and are automatically redeemable on specified determination dates if both underliers meet rising call threshold levels; early redemption payments correspond to fixed cash amounts per security. At maturity, outcomes depend on the worst performing underlier (SPY and INDU): investors may receive the stated principal plus an upside payment, the stated principal only, or a reduced payment proportional to the decline of the worst performing underlier. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk securities linked to the common stock of SoFi Technologies, Inc., with a $1,000 face amount per security and a pricing date of June 5, 2026. The securities pay a contingent monthly coupon at a 27.00% per annum rate only when the underlying stock closes at or above a coupon threshold of $9.618 (60% of the $16.03 starting price). If not called, maturity is June 15, 2027, and principal at maturity depends on the ending price relative to a downside threshold of $9.618; an ending price below that threshold results in a loss that can exceed 40%.
Morgan Stanley Finance LLC priced a primary offering of structured, principal‑at‑risk notes linked to the S&P 500® Index with an original issue price of $1,000 per security and an aggregate principal amount of $4,167,000. The securities mature on June 10, 2030 and deliver one of three payoffs at maturity: the stated principal plus a fixed upside payment of $295 (29.50%) if the final level is at or above the initial level; a capped positive payment when the underlier declines but remains at or above the buffer level of 80% of initial; or a pro rata loss beyond the buffer, subject to a minimum payment of 20% of principal. The initial level is 7,383.74 (closing level on June 5, 2026), the absolute return participation rate is 400%, and the issuer’s estimated value at pricing was $979.90 per security. The notes do not pay interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley, and are exposed to issuer credit risk, limited liquidity and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC is offering Principal at Risk notes due June 24, 2027 linked to the S&P 500® Index, with a stated principal amount of $1,000 per security and an aggregate principal amount of $909,000. At maturity holders receive $1,000 plus an $85 upside payment (8.50%) if the final level is at or above the downside threshold (80% of the initial level). If the final level is below that threshold, maturity payment equals principal × (final level ÷ initial level), so investors lose 1% of principal for each 1% index decline and could lose their entire investment. All payments are subject to Morgan Stanley's credit risk and the securities pay no interest.
Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note tied to the common stock of Amazon.com, Inc. Each security has a $1,000 stated principal amount and was issued at $1,000 per security with an estimated value of $985.70. The securities pay a 16.80% annual contingent coupon on observation dates only if the underlier meets the coupon barrier ($209.126, 85% of the initial level). The notes are auto-callable on specified redemption determination dates if the closing level is at or above the call threshold ($246.03, 100% of the initial level). At maturity on June 24, 2027, if not redeemed early and the final level is below the buffer ($209.126), holders suffer losses equal to the underlier percent decline beyond the 15% buffer multiplied by a downside factor of 1.1765, which may result in substantial or total loss of principal. Payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a $2,853,000 offering of structured, principal-at-risk notes fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security and are linked to the worst performing of the Dow Jones Industrial Average, Russell 2000 and S&P 500 indices with automatic early redemption opportunities.
The notes feature auto-call determination dates beginning June 9, 2027, fixed early redemption payments (starting at $1,090 per security and rising to $1,427.50), a final maturity payment structure that can return $1,450 if all underliers meet call thresholds, or expose investors to full downside if the worst-performing underlier falls below its 70% downside threshold.
Morgan Stanley Finance LLC is offering principal-at-risk notes due June 10, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount, an issue price of $1,000, and an estimated value on the pricing date of $895.30.
The notes pay a contingent coupon at an annual rate of 10.25% on coupon payment dates only if the underlier's closing level on the related observation date is at or above the coupon barrier (919.352, 70% of the initial level). The notes are automatically redeemable early if the closing level meets or exceeds the call threshold (1,313.36), and at maturity investors receive principal only if the final level is at or above the buffer (1,116.356, 85% of the initial level); otherwise losses apply beyond the 15% buffer down to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $9,500,000 of Trigger PLUS notes due June 10, 2032. These unsecured, principal-at-risk securities pay no interest and redeem based on the value of an equally weighted basket of the EURO STOXX 50 and the S&P 500. If the final basket value is above the initial basket value, each note pays the $1,000 stated principal plus 141.36% of the basket percent increase. If the final basket value is between the trigger level and the initial value, investors receive the $1,000 stated principal. If the final basket value is below the trigger level (set at 85% of the initial basket value), investors suffer proportional principal loss (1% loss per 1% basket decline) and may lose their entire investment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is issuing Principal at Risk structured notes linked to the worst performing of NVIDIA Corporation and ServiceNow, Inc.. The issue is $1,500,000 aggregate at $1,000 per security with an estimated value of $917.90 on the pricing date.
The securities can be automatically redeemed on June 16, 2027 if both underliers are at or above their call thresholds on the first determination date. At maturity on June 7, 2029, payoff depends on the worst performing underlier: investors may receive principal plus a 150% participation on positive performance, principal only, or suffer losses pro rata to the decline of the worst performing underlier down to zero. All payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the common stock of Astera Labs, Inc. for a stated principal amount of $1,000 per security with an aggregate principal amount of $1,221,000. The securities pay a contingent coupon only if the closing stock level meets or exceeds specified observation-stage barriers and may be automatically redeemed early if the stock reaches the call threshold on a redemption determination date. The contingent coupon rate is 36.96% per annum (calculated on a 30/360 basis) and the estimated value on the pricing date was $988.80 per security. If not redeemed early, principal at maturity is preserved only if the final level is at or above the buffer level ($158.53, 50% of the initial level); otherwise investors lose 2% of principal for every 1% the underlier declines beyond that buffer (downside factor of 2). All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities tied to the S&P 500® Index, with $1,000 stated principal per security and an aggregate principal amount of $4,417,000. The securities pay no interest and are fully guaranteed by Morgan Stanley. At maturity on June 24, 2027, investors receive $1,075 per security if the final level is at or above the buffer level, otherwise losses apply beyond a 15% buffer with a downside factor of 1.1765, and there is no minimum payment. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes totaling $530,000. The securities have a stated principal of $1,000 per security, an original issue price of $1,000 and an estimated value on the pricing date of $977.00. They mature on June 8, 2028 and are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000. A contingent coupon of 10.75% per annum is payable only if each underlier is at or above its coupon barrier on an observation date. A downside threshold at 60% of initial levels applies at maturity; if the worst performing underlier is below that threshold, principal is reduced pro rata. The notes are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley. An issuer call may occur on specified redemption dates if a risk neutral valuation model indicates it is economically rational for the issuer to redeem.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable notes tied to the performance of Blackstone Inc. common stock. The offering totals $7,795,000 in aggregate principal with a stated principal amount of $1,000 per security and an estimated value on the pricing date of $980.70 per security.
The notes pay a contingent coupon at an annual rate of 15.60% on each coupon payment date only if the closing level of Blackstone is at or above the coupon barrier ($69.21, 60% of the initial level). They are auto-callable at the stated principal plus any contingent coupon if the closing level meets or exceeds the call threshold ($115.35, 100% of the initial level) on specified redemption determination dates. If not auto-redeemed, maturity is December 9, 2027, with downside exposure below the downside threshold ($69.21), where payment at maturity equals the stated principal multiplied by the final/initial level (and could be zero). All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk securities linked to the common stock of Blackstone Inc. due June 15, 2027. Each security has a face amount of $1,000, a contingent coupon rate of 16.20% per annum and a starting price of $115.35 (pricing date June 5, 2026). Coupon and downside threshold prices are 70% of the starting price, equal to $80.745. Monthly calculation days begin July 10, 2026; automatic calls may occur after an initial ~3-month non-call period. If not called, maturity payback is full face amount if the ending price is at or above the downside threshold; otherwise the maturity payment equals face amount multiplied by the performance factor, exposing investors to a >30% loss and possibly total loss. The issuer estimates the securities' value at $959.30 on the pricing date. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Enhanced Buffered Jump Securities linked to a seven-stock semiconductor basket. The offering registers 3,355,000 aggregate principal ($1,000 stated principal per security) with an original issue price of $1,000 and an estimated value of $974.40 on the pricing date.
Payment at maturity on June 24, 2027 depends on the basket's final level versus a buffer level of 85 (a 15% buffer). If final level ≥ buffer, holders receive the stated principal plus a fixed $198 upside payment. If final level < buffer, holders incur 1.1765% loss for each 1% decline beyond the buffer and could lose their entire principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Trigger Autocallable Notes linked to the Russell 2000® Index due June 16, 2031, fully guaranteed by Morgan Stanley. The notes pay a fixed Call Return if the Index closes at or above the Initial Level on any quarterly Observation Date beginning June 22, 2027. If not called, investors receive full principal at maturity only if the Final Level is at or above a Downside Threshold equal to 75% of the Initial Level; otherwise repayment at maturity is reduced proportionally to the Index decline and principal may be lost. Issue Price is $10.00 per security; estimated Trade Date value is approximately $9.590. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note linked to the worst performing of the Nasdaq‑100 and S&P 500. Each security has a $1,000 stated principal amount and the offering aggregate is $413,000. The securities pay no interest and mature on December 9, 2027. Payouts depend on the worst performing underlier measured on the observation date of December 6, 2027: investors receive principal plus an upside payment up to a $1,490 maximum if the worst performing underlier appreciates, receive only principal if the worst performing underlier is down but above its 70% downside threshold, and lose an amount proportional to declines below that threshold (1% loss for each 1% decline), with no minimum payment. The participation rate is 100%. The estimated value on the pricing date was $969.60 per security, reflecting issuance, structuring and hedging costs; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Structured Investments Jump Notes (auto-callable) linked to the worst performing of IBM, Microsoft and Boeing. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $291,000. They pay no interest, carry a 100% participation rate in the upside of the worst performing underlier, and may be automatically redeemed on the first determination date for an early redemption payment of $1,225 per note. The initial levels (call thresholds) set on the strike date were IBM $284.84, MSFT $416.67 and BA $215.45. All payments are unsecured and subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk; the estimated value on the pricing date was $951.80 per note.
Morgan Stanley Finance LLC offers callable contingent income securities (principal at risk) due December 8, 2028, fully and unconditionally guaranteed by Morgan Stanley. The offering totals an aggregate principal amount of $1,772,000 with a stated principal amount of $1,000 per security. These notes pay a contingent coupon at an annual rate of 11.25% only when the closing level of each underlier meets its coupon barrier on observation dates; otherwise no coupon is paid. The securities are linked to the worst performing of the Dow Jones Industrial, Nasdaq-100® Technology Sector and Russell 2000® indices and expose investors to potential loss of principal if the worst performing underlier falls below its downside threshold. The first redemption date is September 11, 2026, and early redemption is determined by a risk neutral valuation model. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities tied to Carvana Co. Class A stock. The offering has a $1,000 stated principal per security, an issue price of $1,000, an estimated value of $928.10 on the pricing date and an aggregate principal amount of $470,000. The securities pay a contingent coupon at an annual rate of 26.50% only if the underlier meets the coupon barrier on observation dates, are subject to automatic early redemption if the underlier meets the call threshold, and expose investors to full downside risk at maturity if the final level is below the downside threshold.
The initial level was $66.51, the coupon barrier and downside threshold are set at $39.906 (60% of the initial level), the first redemption determination date is December 7, 2026, and maturity is June 10, 2031. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk. The securities do not participate in any appreciation of the underlier and may pay no coupons during the entire term.
Morgan Stanley Finance LLC priced a $3,649,000 offering of Dual Directional Buffered Jump Securities linked to the S&P 500® Index, with each security issued at $1,000 and fully and unconditionally guaranteed by Morgan Stanley. The securities mature on June 10, 2031 and are principal‑at‑risk instruments that pay no interest.
The notes provide a fixed upside payment of $406 per security (40.60%) if the final level is at or above the initial level, an absolute return participation rate of 400% for declines that remain above an 80% buffer level (buffer amount 20%), and a minimum payment at maturity of 20% of principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal‑at‑Risk, contingent‑coupon, auto‑callable notes linked to Chewy, Inc. Class A common stock with a $1,000 stated principal per security and aggregate principal of $650,000. The notes pay a 23.50% annual contingent coupon on specified observation dates, are automatically redeemed if the underlier closes at or above $20.64 on a redemption determination date, and return principal at maturity only if the final level is at or above the downside threshold of $12.384 (60% of the initial level). If final level is below the downside threshold, payment at maturity equals the performance factor times principal and could be significantly less than principal or zero. All payments are subject to issuer and guarantor credit risk and U.S. federal tax treatment is stated to be uncertain.
Morgan Stanley Finance LLC priced a $999,000 offering of Principal at Risk securities tied to the S&P 500® Index. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of $979.10, and an upside payment of $291.50 (29.15%).
At maturity on June 10, 2030, if the final level of the index is at or above the buffer level (5,537.805, 75% of the initial level), holders receive principal plus the fixed upside payment. If the final level is below the buffer level, principal is reduced on a 1:1 basis for declines beyond the 25% buffer, subject to a minimum payment of 25% of principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and all payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced market-linked notes due June 11, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per note and an aggregate principal amount of $335,000. Payment at maturity depends on the S&P 500® Futures Excess Return Index performance versus an initial level of 593.95 on the strike date. Investors receive principal at maturity if the final level is equal to or below the initial level; if the final level is greater, investors receive principal plus 100% participation in appreciation subject to a $1,064 maximum payment per note (106.40% of principal). The notes pay no interest, are unsecured, will not be listed, and carry Morgan Stanley credit risk. The estimated value on the pricing date was $987.00 per note; the issue price is $1,000 per note (agent commissions of $6 per note). Tax treatment is as a contingent payment debt instrument with a comparable yield of 4.2652%.
Morgan Stanley Finance LLC priced a contingent income, memory auto-callable note due June 8, 2029 that is fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $527,000. The securities pay a contingent coupon at an annual rate of 9.20% on observation dates when each underlier is at or above its coupon barrier (80% of initial levels). The notes are auto‑callable on multiple redemption determination dates beginning December 7, 2026 if each underlier is at or above its call threshold (100% of initial levels). At maturity, if any underlier is below its downside threshold (60% of initial levels), payment equals $1,000 × performance factor of the worst performing underlier, which could result in a significant principal loss. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering contingent income, principal‑at‑risk notes tied to the common stock of Eli Lilly and Company with a maturity date of June 24, 2027. Each security has a $1,000 stated principal amount and was issued at $1,000 per security with an aggregate principal amount of $3,007,000. The securities pay a contingent coupon at an annual rate of 18.64% only if the closing level of the underlier is at or above the coupon barrier on observation dates; unpaid coupons may be paid later only under specified conditions. The notes include an automatic early redemption feature on specified redemption determination dates and a buffer equal to 15% of the initial level (buffer level = $961.707), but investors bear downside beyond that buffer with a downside factor of 1.1765. The estimated value on the pricing date was $984.70 per security and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk securities fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $3,502,000. Each note has a stated principal amount of $1,000 and an upside payment of $136 (13.60%) payable at maturity if both underliers meet their downside thresholds.
The securities reference the Russell 2000® and S&P 500® indices and repay based on the worst performing underlier on the observation date. If the worst performing underlier closes below its 85% downside threshold, investors lose 1% of principal for each 1% decline; there is no guaranteed minimum payment. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced market-linked, principal-at-risk securities linked to the common stock of Eli Lilly and Company due June 8, 2028. The offering consists of securities with a $1,000 face amount each and total price to public of $1,398,000.
The notes pay a 12.75% per annum contingent quarterly coupon (with a memory feature) only if the Eli Lilly stock closing price on each quarterly calculation day is at or above the coupon threshold (70% of the starting price). The securities are auto-callable beginning in September 2026 if the stock closing price on a calculation day is at or above the starting price.
If not called, at maturity investors receive principal back only if the ending price is at or above the downside threshold (70% of the starting price); otherwise the maturity payment equals $1,000 multiplied by the performance factor and investors may lose more than 30% (possibly all) of their principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Market Linked Securities—Auto-Callable with Contingent Coupon linked to the Class B common stock of NIKE, Inc. The offering lists a price to the public of $1,000 per security, totaling $2,024,000.
The securities pay a 13.35% per annum contingent coupon monthly only if the stock closing price on each monthly calculation day is at or above the coupon threshold of $25.788 (60% of the starting price $42.98). If not called, at maturity on June 15, 2027 principal returned depends on the ending price relative to the downside threshold $25.788; the estimated value on the pricing date was $972.30 per security and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced structured Buffered Jump Securities due June 15, 2028, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and was issued at $1,000 per security with an estimated value of approximately $968.40 on the pricing date. The securities reference a seven-stock basket and feature an automatic early redemption on the first determination date (June 25, 2027) if the closing level is at or above 100, with an early redemption payment of at least $1,250.80. At maturity (June 15, 2028), holders receive principal plus an upside payment if the final level exceeds the initial level, full principal if the final level is at or above the buffer level 80 (80%), or a loss equal to 1.25% per 1% decline beyond the 20% buffer (downside factor 1.25), potentially resulting in total loss of principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers principal‑at‑risk, fixed‑coupon auto‑callable securities linked to the Class A common stock of CoreWeave, Inc. The notes pay a 22.00% annual fixed coupon monthly, can auto‑redeem on specified redemption determination dates if the underlier meets the call threshold level, and mature on June 13, 2028.
The stated principal amount is $1,000 per security and the initial closing level of the underlier on the strike date was $102.37. If not auto‑redeemed and the final level is below the downside threshold level of $51.185 (50% of the initial level), principal at maturity is reduced proportionally and could be zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 15, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an estimated value on the pricing date of approximately $983.20. The notes are auto‑callable on specified determination dates beginning June 14, 2027, with fixed early redemption payments (e.g., $1,143.50 on first call). At maturity investors receive either a fixed positive payment, return of principal, or an amount reduced in proportion to the worst performing index if that index falls below a 70% downside threshold. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 22, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a fixed $120 upside payment at maturity if each underlying index closes at or above its 70% downside threshold on the observation date. If any underlier finishes below its 70% threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier; there is no minimum payment and investors could lose their entire principal. The securities reference the Nasdaq-100, Russell 2000 and S&P 500 indices, carry an estimated value on the pricing date of approximately $987.50 per security and will be sold to fee-based advisory accounts.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to Super Micro Computer, Inc. common stock with a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 26.85% per annum on observation dates when the underlier meets the coupon barrier and feature automatic early redemption if the underlier meets the call threshold on a redemption determination date. If not redeemed, repayment at maturity depends on the final level relative to a downside threshold equal to 50% of the initial level; below that threshold the payment equals the stated principal multiplied by the performance factor (final level/initial level), which could result in significant loss or zero principal. The estimated value on the pricing date is approximately $948.70 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Principal at Risk auto-callable notes linked to the worst performing of three ETFs, fully and unconditionally guaranteed by Morgan Stanley.
The notes have a stated principal amount of $1,000 per security, an original issue date of June 24, 2026, a maturity date of December 21, 2028, and a final observation date of December 18, 2028. The securities pay a contingent coupon at an annual rate of 17.25% only when each underlier is at or above its coupon barrier on observation dates, and they are subject to automatic early redemption beginning with the first redemption determination date on December 20, 2027.
The securities expose investors to full credit risk of MSFL/Morgan Stanley and to downside linked to the worst performing underlier (IGV, KRE or XLU). The issuer estimated the securities' value on the pricing date at approximately $974.70 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the State Street SPDR S&P Homebuilders ETF with a stated principal amount of $1,000 per security and an original issue price of $1,000. The notes pay a contingent coupon at an annual rate of 12.65% on each interest period only if the underlier's closing level on the related observation date is at or above the coupon barrier (80% of the initial level). The securities may be automatically redeemed early if the underlier's closing level on a redemption determination date is at or above the call threshold (100% of the initial level); early redemption returns principal plus the contingent coupon for that period. If the notes survive to maturity and the final level is below the downside threshold (80% of the initial level), investors suffer proportional principal loss equal to the underlier's decline; payment at maturity could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date is approximately $960.20 per security.
Morgan Stanley Finance LLC offers contingent income auto-callable securities linked to the common stock of NVIDIA Corporation. Each security has a $1,000 stated principal amount, a contingent coupon payable only if the underlier meets coupon barrier tests, automatic early‑redemption mechanics on specified dates, and a maturity date of July 29, 2027.
The contingent coupon is set at 12.35% per annum; coupon and early‑redemption outcomes depend on closing levels at observation and redemption determination dates. If the final level is below the downside threshold (set at 59% of the initial level), payment at maturity will be the stated principal multiplied by the performance factor and could be substantially less than principal or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes linked to Micron Technology common stock. Each security has a $1,000 stated principal amount and $1,000 original issue price, a hypothetical estimated value of approximately $979.90 on the pricing date, a 38.40% per annum contingent coupon, a strike date of June 18, 2026 and a maturity date of December 23, 2027. Coupons are paid only if the underlier meets coupon barrier tests on observation dates; automatic early redemption can occur on specified redemption determination dates if the call threshold is met. If not redeemed and the final level is below the downside threshold (50% of initial level), principal at maturity is reduced proportionally (performance factor = final level / initial level). All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes linked to the VanEck® Semiconductor ETF with a stated principal amount of $1,000 per security and an original issue date of June 22, 2026. The notes may be automatically redeemed on the first determination date June 21, 2027 for an early redemption payment of $1,287.50 if the closing level of the underlier is at or above the call threshold.
If not redeemed early, maturity is June 22, 2029 with payoff mechanics that pay upside at maturity when the final level exceeds the initial level (participation rate 150%), return principal if the final level is at or above 70% of the initial level, or deliver a loss proportional to the underlier decline if the final level is below 70% of the initial level. All payments are unsecured and 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 Amazon.com, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.
The securities pay a contingent coupon at an annual rate of 16.50% only if the closing level of the underlier on each observation date is at or above the coupon barrier level (set at 80% of the initial level). They are subject to automatic early redemption if the closing level on any redemption determination date is at or above the call threshold (set at 100% of the initial level). If not redeemed, maturity is August 1, 2029 with a final observation on July 27, 2029; if the final level is below the downside threshold (also 80% of initial level), investors suffer principal losses pro rata and could lose their entire investment. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers a Preliminary Pricing Supplement for Buffered PLUS securities due June 27, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount. The securities provide a 124% leveraged upside on the worst performing of the Dow Jones Industrial and the S&P 500 over the term, a 15% buffer and a 15% minimum payment at maturity. The estimated value on the pricing date is approximately $984.60 per security; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a contingent income, principal-at-risk note due June 13, 2029 linked to the worst performing of the S&P 500, Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices.
The securities have a stated principal of $1,000 per security, a contingent coupon rate of 9.30% per annum, an estimated value on the pricing date of approximately $984.40, and downside threshold/coupon barrier levels set at 70% of each index's initial level. Coupons pay only if every underlier is at or above its coupon barrier on each observation date; at maturity investors either receive principal or a performance-adjusted payout based on the worst performing underlier.
Morgan Stanley Finance LLC offers Principal-at-Risk PLUS securities linked to the common stock of UnitedHealth Group Incorporated. The securities pay no interest, have a $1,000 stated principal amount per security, mature on June 14, 2027, and use an initial level of $406.57 (strike date June 8, 2026).
They provide a 300% leverage factor on upside subject to a maximum payment of $1,355.50 per security (135.55% of principal). If the final level is below the initial level, holders lose principal on a pro rata basis (1% loss for each 1% decline). Estimated value on the pricing date was approximately $979.50. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
The issuer Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering principal‑at‑risk PLUS securities linked to the common stock of Elevance Health, Inc.. Each security has a stated principal amount of $1,000, an initial level of $418.15, a leverage factor of 300% and a maximum payment at maturity of $1,370.50 (137.05% of principal). The securities mature on June 14, 2027 with an observation date of June 9, 2027. At maturity, investors receive the stated principal plus 300% of appreciation up to the cap, or suffer a 1% principal loss for each 1% decline in the underlier; there is no minimum payment. Estimated value on the pricing date was approximately $975.90 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers principal-at-risk structured notes linked to the worst performing common stock of Elevance Health, Inc. and UnitedHealth Group Incorporated, due June 13, 2029. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $959.50. The notes feature an automatic early redemption on the first determination date (June 22, 2027) if both underliers are at or above their call threshold levels (ELV $418.15; UNH $406.57), producing an early redemption payment of $1,527.50 per security. At maturity, if not auto‑redeemed, payoffs depend on the worst performing underlier: upside participation at a 150% participation rate if both final levels exceed initial levels; return of principal if final levels remain above 90% of initial; or a pro rata loss equal to the percentage decline of the worst performing underlier, which could result in a total loss of principal.