Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to the worst performing of the Nasdaq-100 Technology Sector, the Dow Jones Industrial Average and the Russell 2000. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 9.00% payable only if every underlier is at or above its coupon barrier on an observation date. At maturity on July 5, 2029, investors receive the stated principal if each underlier is at or above its downside threshold; otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which can result in a substantial loss of principal, potentially to zero.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the S&P 500® Index with an aggregate principal amount of $2,857,000 and a stated principal amount of $1,000 per security. The securities pay no interest, have a 100% upside participation rate subject to a $1,142.50 maximum payout, and include a 10% buffer that shields limited declines but exposes investors to losses beyond that buffer. The securities mature on December 2, 2027, reference the closing S&P 500 level on the observation date, and are fully guaranteed by Morgan Stanley. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable notes due June 3, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and is linked to the worst performing of three ETFs: IGV, XLF and XLU, with a strike/initial level set on May 29, 2026.
The notes may be automatically redeemed on the first determination date (Nov 29, 2027) for an early redemption payment of $1,625 if each underlier meets its call threshold. At maturity, outcomes range from the stated principal plus an upside payment (300% participation on the worst performer) to full loss of principal if the worst performing underlier falls below its 60% downside threshold. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Dual Directional Buffered PLUS principal-at-risk notes tied to the S&P 500® Index. The offering totals $1,517,000 in aggregate principal with a stated principal amount of $1,000 per security. The notes have an original issue price of $1,000, an estimated value on the pricing date of $989.70, a strike/ pricing date of May 29, 2026, an original issue date of June 3, 2026, an observation date of June 29, 2027 (subject to postponement) and a maturity date of July 2, 2027.
The notes offer a 200% leverage factor on upside performance subject to a $1,110 per-security maximum upside (111% of principal). They include a 10% buffer (buffer level 6,822.054, 90% of the initial level) and a minimum payment at maturity of 10% of principal. Payments depend on the S&P 500 closing level on the observation date; downside beyond the buffer causes proportional principal loss. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced contingent income memory auto-callable notes due June 17, 2031. The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, issued at $1,000 per note with an estimated value of approximately $940.50 on the pricing date.
The notes pay a contingent coupon of 10.00% per annum monthly only if the closing level of each underlying stock is at or above its coupon barrier (80% of initial level) on each observation date. The notes are automatically redeemed if, on a redemption determination date beginning June 14, 2027, each underlier is at or above its call threshold (100% of initial level); early redemption returns stated principal plus the contingent coupon for the related interest period and any previously unpaid contingent coupons. If not auto‑redeemed, maturity is June 17, 2031, with payment based on the worst performing underlier. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a contingent income auto-callable note program guaranteed by Morgan Stanley. The offering is for $1,000 per security with an aggregate principal amount of $398,000. The notes pay a contingent coupon of 10.75% per annum on applicable observation dates, have automatic early redemption features beginning with the November 30, 2026 determination date, and mature on September 2, 2027. Principal at maturity depends on the performance of the worst performing underlier (the Nasdaq-100® Technology Sector and the S&P 500®); if the worst performing underlier is below its downside threshold (approximately 75% of initial level), payment will be reduced pro rata and could be zero. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities tied to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a contingent coupon of 9.35% per annum on coupon dates only if the underlier's closing level meets or exceeds a coupon barrier equal to 60% of the initial level. The notes may be automatically redeemed early if the underlier meets a call threshold equal to 100% of the initial level on a redemption determination date; the first such date is September 18, 2026. If not redeemed, maturity is June 23, 2028, with final observation on June 20, 2028. If the final level is below the downside threshold (also 60% of initial level), payment at maturity is the stated principal multiplied by the performance factor (final level/initial level), and could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk. Estimated value on the pricing date is approximately $974.70 per security.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due June 3, 2031 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes have a $1,000 stated principal amount, an issue price $1,000, aggregate principal $1,457,000 and an estimated value $960.40 on the pricing date. Investors receive a leveraged upside (4x) of the worst performing underlier capped at a $1,800 maximum payment at maturity; if the worst performing underlier falls below its 70% downside threshold, principal is lost pro rata (1% loss per 1% decline). All payments depend on MSFL's credit and are fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering callable zero‑coupon notes due June 18, 2036 with a stated principal of $1,000 per note and an accreted maturity payment of $1,625 per note. The notes accrue at a 6.25% per annum non‑compounding accrual yield and do not pay periodic interest.
The notes are callable annually on June 18 beginning June 18, 2027, with redemption prices equal to the accreted value on each redemption date. Early redemption will occur only if a risk neutral valuation model determination (using specified inputs including market levels, volatilities, correlations and Morgan Stanley credit spreads) indicates redemption is economically rational for the issuer. All payments are subject to Morgan Stanley’s credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stocks of The Boeing Company and United Airlines Holdings, Inc. The notes have a stated principal of $1,000 per security, an annual contingent coupon of 19.80% (approximately $99 per semi-annual period), a 1.5-year term, a pricing date of June 3, 2026, an original issue date of June 8, 2026, and maturity on December 8, 2027.
Coupons are paid only if the determination closing price of each underlying stock is at or above a 65% downside threshold on observation dates; automatic early redemption occurs if both underliers close at or above their 100% redemption thresholds on a redemption determination date (first possible redemption date June 3, 2027). If either underlier is below the downside threshold at final observation, payment at maturity is based on the worst performing underlier and can be less than 65% of principal or zero. Estimated value on the pricing date was about $963.70 per security.
Morgan Stanley Finance LLC offers Principal at Risk auto-callable notes linked to MU, NVDA and TSM. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities mature on June 14, 2029 with a final observation date of June 11, 2029. A contingent coupon at an annual rate of 22.30% may be paid on scheduled coupon dates only if the closing level of each underlier is at or above its coupon barrier (50% of initial level) on the related observation date. Automatic early redemption can occur beginning with the redemption determination date of June 9, 2027 if each underlier is at or above its call threshold (100% of initial level) on a redemption determination date. At maturity, if the worst performing underlier is below its downside threshold (50% of initial) and all underliers are below their initial levels, the payment equals the stated principal multiplied by the worst performing underlier’s performance factor, potentially resulting in a significant loss of principal, possibly to zero. The estimated value on the pricing date was approximately $937.90 per security. All payments are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 9, 2027, fully guaranteed by Morgan Stanley. The securities have a stated principal of $1,000 per security and pay no interest. Investors receive an upside payment of $82 (8.20%) at maturity if the worst performing of the three underliers is at or above its buffer level. If the worst performing underlier finishes below its buffer level (75% of initial), investors lose 1% of principal for each 1% decline beyond that buffer subject to a minimum payment at maturity of 25% of principal. The securities are linked to the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, are observed on July 6, 2027, and were priced with an estimated value of approximately $980.80 on the pricing date.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Participation Securities due June 6, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities use an allocated-weighting basket of the SPX, SX5E and TPX indices, an observation date of June 3, 2031, a 15% buffer amount and a 103% leverage factor. The estimated value on the pricing date is approximately $924 per security. At maturity investors may receive (a) principal plus a leveraged upside if the basket performance factor is positive, (b) the stated principal if the basket performance factor is zero or negative but does not exceed the 15% buffer, or (c) a reduced payment below principal if the basket performance factor declines by more than the buffer (subject to a 15% minimum payment). Sales commissions of $20 and a structuring fee of $1 per security are included in the issue price. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities due June 24, 2027, with a $1,000 stated principal amount per security. The securities offer a fixed $198 upside payment (19.80%) if the final level is at or above the buffer level (85% of initial). If the final level is below the buffer level, investors lose 1.1765% of principal for each 1% decline beyond the 15% buffer; there is no minimum payment. Estimated value on the pricing date was approximately $978.10 per security. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk; investors can lose some or all of their investment.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable securities due June 15, 2032, 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 a contingent coupon at an annual rate of 17.35% on observation dates when the underlier meets the coupon barrier; unpaid coupons may be paid later only if future observation dates meet the barrier. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, which includes a 4.0% per annum decrement, an 80% coupon barrier and a 60% downside threshold (all levels set relative to the initial level on the strike date). The securities can be automatically redeemed on many early-determination dates beginning June 10, 2027 if the closing level meets the 100% call threshold; otherwise holders face downside exposure at maturity where losses equal the underlier's decline and principal could be zero. Estimated value at pricing was approximately $934.50 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to The Home Depot, Inc. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay a contingent coupon only if the underlier meets observation-date barriers and may auto‑redeem early if the call threshold is met.
If not auto‑redeemed, maturity payment is either the stated principal (if the final level is at or above the downside threshold) or a reduced cash amount equal to the performance factor times principal, meaning investors can lose principal dollar‑for‑dollar if the underlier falls below the downside threshold. The estimated value on the pricing date is approximately $969.80.
Morgan Stanley priced and intends to issue $50,000,000 aggregate principal amount of fixed rate notes due August 4, 2027. The notes pay interest at 4.25% per annum, have an original issue date of June 4, 2026, and are issued at $1,000 per note.
Payments are in U.S. dollars, accrue from June 4, 2026, use the Actual/360 day-count convention, and are subject to Morgan Stanley's credit risk. The notes will not be listed on any securities exchange.
Morgan Stanley Finance LLC is offering Principal at Risk Structured Investments—Enhanced Trigger Jump Securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each note has a $1,000 stated principal and pays no interest; maturity is July 9, 2027 with observation date July 6, 2027. If the final level of each underlier is at or above its 60% downside threshold, investors receive the stated principal plus an $89 upside payment (8.90%). If any underlier finishes below its 60% threshold, the payment equals principal multiplied by the performance factor of the worst performing underlier, so investors may lose up to 100% of principal. All payments are subject to the issuer and guarantor credit risk of Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due March 29, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $947.80 per security. The notes pay a contingent coupon of 7.50% per annum on each coupon payment date only if the closing level of both underliers meets or exceeds their coupon barrier levels on the related observation dates. The securities may be automatically redeemed early if both underliers meet their call threshold levels on a redemption determination date; otherwise, at maturity investors either receive the $1,000 principal if both underliers are at or above their buffer levels or a reduced cash payment based on the worst performing underlier, with a minimum payment at maturity of 15% of principal.
The notes are linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). All payments are subject to Morgan Stanley Finance LLC credit risk and the guarantee of Morgan Stanley. Timing anchors: strike/pricing date June 25, 2026, original issue date June 30, 2026, final observation date March 26, 2029, maturity date March 29, 2029.
Morgan Stanley Finance LLC is offering structured notes — "Enhanced Buffered Jump Securities with Downside Factor" — linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on June 24, 2027 and pay no interest.
If the final level is at or above the buffer level (equal to 85% of the initial level), holders receive the stated principal plus an upside payment of at least $75 (7.50%). If the final level is below the buffer level, holders lose 1.1765% of principal for every 1% decline in the underlier beyond the 15% buffer; there is no minimum payment and investors could lose their entire investment. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk. The estimated value on the pricing date was approximately $985.80 per security.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due June 10, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest.
At maturity the payout depends on the basket final level on the observation date: investors receive stated principal plus 112.50% of appreciation if the final level is greater than the initial level; they receive the stated principal if the final level is between the initial level and a downside threshold of 65; if the final level is below 65 investors lose 1% for each 1% decline in the underlier and could lose their entire principal. The estimated value on the pricing date is approximately $981.50 per security.
Morgan Stanley Finance LLC is offering Buffered Jump Securities due June 14, 2027, linked to the 10‑Year U.S. Dollar SOFR ICE Swap Rate. Each security has a stated principal amount of $1,000 and pays no interest. If the final reference rate is >= the threshold (3.7157%), holders receive $1,000 + $100 at maturity. If the final reference rate is below the threshold, the maturity payment is reduced: holders lose 1.096% of principal for every 1% decline beyond the 8.75% buffer and could lose their entire investment. The initial reference rate is 4.072%; the valuation date is June 9, 2027. Estimated value on the pricing date was approximately $991.00 per security. All payments are subject to issuer and guarantor credit risk and there is no minimum payment at maturity.
Morgan Stanley Finance LLC priced a market-linked, principal-at-risk note linked to Micron Technology, Inc. (MU) due June 2, 2028. The offering consisted of 4,232 securities at a public price of $1,000 per security (total $4,232,000), with proceeds to the issuer of $4,144,186. The estimated value per security on the pricing date was $958.00.
The notes pay a contingent monthly coupon at an annual rate of 25.75% only if the Micron stock closing price on each monthly calculation day is at or above the coupon threshold of $485.50 (50% of the starting price). The starting price used was $971.00. After a three-month non-call period, the securities may be automatically called on a call observation day if the stock closing price is at or above the call threshold of $776.80 (80% of the starting price). If not called, at maturity you receive either the face amount ($1,000) if the ending price is at or above the downside threshold ($485.50), or a reduced cash payment equal to $1,000 × performance factor if the ending price is below that threshold, exposing holders to losses that could exceed 50% and potentially all principal.
Morgan Stanley Finance LLC priced a structured note offering on May 29, 2026 linked to the lower-performing Class A shares of CoreWeave, Inc. and Cloudflare, Inc., maturing June 1, 2029 and fully guaranteed by Morgan Stanley. Each security has a $1,000 face amount and an estimated value of $903.60 on the pricing date. The notes feature a 365% participation rate in positive performance of the lowest-performing underlying stock (subject to caps and thresholds), an automatic call opportunity with a $1,480 call payment on the call date, and downside exposure if the lowest-performing underlying stock falls below its 50% threshold.
Morgan Stanley Finance LLC priced a preliminary pricing supplement for Structured Investments — Buffered Jump Securities with an auto-callable feature due June 17, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and links to the S&P 500® Index.
The notes offer automatic early redemption on specified determination dates with fixed early redemption payments that correspond to approximately 7.40% per annum. The securities include a 10% buffer (buffer level = 90% of initial level) and a minimum payment at maturity equal to 10% of principal. Investors bear issuer credit risk, will not receive periodic interest, do not participate in upside of the index, and may lose a significant portion of principal if the final index level is below the buffer.
Morgan Stanley Finance LLC priced an offering of structured, principal-at-risk, market-linked securities due June 1, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. The securities link to the lowest-performing stock of NVIDIA Corporation, Alphabet Inc. (Class A) and Micron Technology, Inc., include a 300% participation rate on positive performance, an automatic-call feature on the call date and contingent downside exposure if the lowest performing stock falls below specified threshold prices.
The face amount is $1,000 per security, the estimated value on the pricing date was $914.90 per security, and the document shows total price to public of $1,839,000 with proceeds to the issuer of $1,791,645.75. Key structural features include a call payment of $1,360.50 on the call settlement date if call conditions are met, a pricing date of May 29, 2026, an original issue date of June 3, 2026, and a calculation day of May 29, 2029.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes linked to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $985.10. The notes pay a contingent coupon (annual rate at least 16.80% subject to final determination) only if the underlier meets observation-date barriers and feature an 85% buffer level (15% buffer) plus a downside factor of 1.1765 that multiplies losses below the buffer at maturity. The securities can be automatically redeemed early on specified dates if the closing level equals or exceeds the call threshold (100% of the initial level). Investors bear issuer credit risk, may receive no coupons, will not participate in upside of the stock, and could lose up to their entire investment.
Morgan Stanley Finance LLC is offering callable Contingent Income Securities due June 13, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000.
The notes pay a contingent coupon at an annual rate of 11.00% only if, on each observation date, the closing level of every underlier is greater than or equal to its coupon barrier (each set at 60% of the initial level). The securities are linked to the worst performing of the Dow Jones Industrial Average, the iShares Expanded Tech-Software Sector ETF and the Russell 2000 Index, expose investors to full principal risk, permit issuer-initiated early redemption starting on the first redemption date of December 11, 2026 based on a risk neutral valuation model, and have an estimated value on the pricing date of approximately $956.70 per security.
Morgan Stanley Finance LLC is offering Principal at Risk Buffered Jump Securities due March 29, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and may auto‑redeem early if both underliers meet call thresholds on a determination date. At maturity, if both underliers are at or above their 15% buffer levels, the payment is $1,275.00 per security; if the worst performing underlier is below its buffer, the payment equals $1,000 × (performance factor of the worst performing underlier + 15%), subject to a 15% minimum payment. The securities reference the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). The original issue price is $1,000 and the estimated value on the pricing date is approximately $944.30. All payments are subject to Morgan Stanley’s credit risk; the securities do not pay interest and include issuance, distribution and hedging costs embedded in the issue price.
Morgan Stanley Finance LLC offers contingent income auto-callable securities linked to Fiserv, Inc. common stock with a stated principal amount of $1,000 per security. The notes pay a contingent coupon of 15.25% per annum on each coupon payment date only if the underlier's closing level on the related observation date is at or above a coupon barrier equal to 59% of the initial level. The securities may be automatically redeemed early if the closing level on a redemption determination date is at or above a call threshold equal to 100% of the initial level, and mature on July 21, 2027 with the final observation date of July 16, 2027.
The initial issue price is $1,000 (estimated value on the pricing date approximately $978.60). If not redeemed early and the final level is below the downside threshold (also 59% of the initial level), payment at maturity will be the stated principal multiplied by the performance factor (final level/initial level), exposing investors to loss of principal (potentially to zero). All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $731,000 of auto-callable, fixed-percentage buffered principal‑at‑risk securities linked to the State Street® SPDR® S&P® Regional Banking ETF, due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley.
The securities have a face amount of $1,000 each, an estimated value of $959.30 per security on the pricing date, semi‑annual calculation days beginning June 3, 2027, a threshold price equal to $59.1685 (85% of the starting price), and specified call payments if the underlying meets call thresholds on calculation days.
Morgan Stanley Finance LLC priced a primary offering of market-linked, auto-callable principal-at-risk notes linked to the State Street® SPDR® S&P® Homebuilders ETF due June 1, 2029. The face amount is $1,000 per security and the estimated value on the pricing date is $955.60 per security.
The notes pay fixed cash call payments on specified semi‑annual calculation days beginning June 3, 2027, and will be automatically called if the fund closing price of the underlying is at or above the call threshold price ($87.2355, equal to 85% of the starting price). If not called, holders are exposed to losses if the ending price falls more than 15%, with potential loss up to 85% of face amount at maturity.
Morgan Stanley Finance LLC offers structured Principal at Risk notes linked to the common stock of NVIDIA Corporation with a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. The securities pay a contingent coupon at an annual rate of 16.60% on each coupon payment date only if the closing level of the underlier is at or above a coupon barrier set at 65% of the initial level on the related observation date. The notes feature automatic early redemption on specified redemption determination dates beginning September 3, 2026 if the closing level of the underlier is at or above the call threshold (100% of the initial level). If not redeemed, at maturity on December 8, 2027 investors receive principal only if the final level is at or above the downside threshold (65% of the initial level); otherwise the payment equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to potential loss of principal up to the full amount. The estimated value on the pricing date was about $980.50 per security.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due June 8, 2028 linked to the worst performing of the Russell 2000®, the S&P 500® and the State Street® Consumer Staples Select Sector SPDR® ETF. Each security has a stated principal amount of $1,000 and a contingent coupon of 9.35% per annum payable only if each underlier meets its coupon barrier on an observation date. The securities can be called beginning on the first redemption date of December 10, 2026 if a risk neutral valuation model indicates economic rationality to redeem. At maturity, if the final level of any underlier is below its 60% downside threshold, investors suffer a loss equal to the percentage decline of the worst performing underlier; if all underliers are at or above their thresholds, investors receive the stated principal. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced principal-at-risk market-linked securities linked to an unequally weighted basket of five international indices with a participation rate of 161% and a threshold level of 75 (75% of the 100 starting level). Each security has a $1,000 face amount, an estimated value of $923.30 on the pricing date, a pricing date of May 29, 2026, and a scheduled maturity date of June 3, 2031 (calculation day May 29, 2031). At maturity, if the ending level exceeds the starting level, holders receive $1,000 plus upside equal to the basket return times the participation rate; if the ending level is between the starting level and the threshold, holders receive $1,000; if the ending level is below the threshold, holders are exposed 1:1 to declines and may lose more than 25%, possibly all, of principal. The offering includes underwriting commissions and structuring/hedging costs reflected in the face amount; proceeds to the issuer per security are listed as $961.30.
Morgan Stanley Finance LLC is offering Buffered Participation Securities linked to the S&P 500® Index that mature on June 9, 2027. Each security has a stated principal amount of $1,000. The initial level (strike) is 7,599.96 (closing level on June 1, 2026), the observation date is June 4, 2027, and the participation rate is 100%.
The securities provide a 10% buffer: if the final level is at or above 90% of the initial level, investors receive the stated principal at maturity; above the initial level they receive principal plus 100% of appreciation subject to a maximum payment of $1,152 per security (115.20%). If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 10% of principal.
All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; the estimated value on the pricing date was approximately $992.40 per security. The offering price is $1,000 per security and the securities do not pay interest. Terms, taxes, conflicts of interest and model assumptions are set out in the accompanying supplements and prospectus.
Morgan Stanley Finance LLC priced market-linked notes due June 11, 2027, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, a 100% participation rate and a capped payment at maturity of $1,064. If the index final level exceeds the strike (June 5, 2026), investors receive principal plus participation in appreciation up to the maximum payment; if the final level is equal to or below the strike, investors receive only the stated principal at maturity. Payments are unsecured and subject to Morgan Stanley credit risk. The pricing-date estimated value was approximately $986.40 per note.
Morgan Stanley Finance LLC priced contingent-income principal-at-risk notes tied to Eli Lilly common stock. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay contingent coupons (annual rate at least 18.64% annually, final rate set on the pricing date) only when the underlier meets coupon barrier tests on observation dates and feature automatic early redemption on specified call dates. If not called, repayment at maturity depends on the final level vs a 15% buffer and uses a 1.1764 downside factor, exposing investors to potential principal loss tied to Eli Lilly's closing levels. All payments are subject to Morgan Stanley's credit risk. Important dates include strike/pricing June 5, 2026, original issue June 10, 2026, final observation June 21, 2027, and maturity June 24, 2027.
Morgan Stanley Finance LLC offers structured, principal‑at‑risk, contingent income auto‑callable securities due June 21, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 issue price and may pay a contingent coupon only if all three underliers meet coupon barriers on observation dates. Automatic early redemption can occur on quarterly redemption determination dates if all underliers meet call thresholds, in which case investors receive principal plus the contingent coupon for that period. If not auto‑redeemed, maturity payoff depends on the worst performing underlier versus its downside threshold; losses are 1% for each 1% decline in the worst performing underlier and could result in total loss of principal. The contingent coupon is 8.50% per annum (payable only when conditions are met). All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due June 24, 2027, fully guaranteed by Morgan Stanley, linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and an issue price of $1,000. If the index's final level on the observation date is at or above the downside threshold (80% of the initial level), holders receive principal plus a fixed upside payment (at least $85, or 8.50%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the index performance factor (final/initial), so investors can lose up to 100% of principal. The pricing date and strike date are June 5, 2026, with an original issue date of June 10, 2026 and an observation date of June 21, 2027 (maturity June 24, 2027). The estimated value on the pricing date is approximately $986.40 per security, indicating issuance costs are borne by investors.
Morgan Stanley Finance LLC priced $13,192,000 of Leveraged Buffered S&P 500® Index-Linked Notes due August 11, 2027, fully guaranteed by Morgan Stanley. Each $1,000 Face Amount note links payment at maturity to the S&P 500® Index return from the Trade Date May 29, 2026 to the Determination Date August 9, 2027. Notes pay no interest; they provide 130% upside participation subject to a cap of $1,177.84 per note and a 10.00% downside buffer. If the Final Underlier Level is below the 90.00% Buffer Level, investors may suffer losses, including a total loss of principal. The estimated value on the Trade Date was $995.90 per note. All payments are subject to issuer credit risk and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due December 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $141.50 (14.15%) if the worst performing underlying index finishes at or above its 70% upside threshold on the observation date. If the worst performing underlier finishes between the 70% upside threshold and the 60% downside threshold, investors receive principal only. If the worst performing underlier finishes below its 60% downside threshold, investors lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and the securities could pay $0 at maturity. The securities are linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, have an observation date of December 6, 2027 (subject to postponement) and an original issue price of $1,000 with an estimated value on the pricing date of approximately $991.30.
Morgan Stanley Finance LLC priced floating rate callable range accrual notes due June 18, 2036. The notes pay quarterly interest equal to 10.00% per annum multiplied by the fraction of calendar days in each period when the 10‑Year Constant Maturity Treasury Rate ("10CMT") is between 0.00% and 5.00%. Interest accrues only for "accrual days"; days outside the reference rate range accrue 0.00%. Notes are callable quarterly beginning June 18, 2027 based on a risk neutral valuation model; any call pays 100% of principal plus accrued interest. Estimated value on the pricing date was approximately $932.20 per note and the issue price is $1,000 per note. All payments are subject to Morgan Stanley credit risk; notes are unsecured and unlisted.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Notes due June 2, 2031, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an aggregate principal amount of $390,000. The notes pay no regular interest but may pay a contingent coupon of 11.00% per annum for an interest period only if the closing level of each of the three underliers meets or exceeds its coupon barrier level on the related observation date. The notes are automatically redeemed early if on a redemption determination date the closing level of each underlier is at or above its call threshold (each initial level). The value of each note on the pricing date was estimated at $966.70. All payments are subject to Morgan Stanley’s credit risk; the notes are unsecured, will not be listed, and secondary market liquidity may be limited.
The issuer Morgan Stanley Finance LLC is offering five-year Trigger Absolute Return Step Securities due June 16, 2031, fully guaranteed by Morgan Stanley. Each Security has an Issue Price of $10.00 and an estimated Trade Date value of $9.329. Payments at maturity depend on a weighted Basket of five international indices and three outcomes: (1) if the Final Basket Level ≥ the Step Barrier (100), holders receive $10 plus the greater of the Step Return (set on the Trade Date, between 40.00% and 44.90%) or the Basket Return; (2) if Final Basket Level is between the Step Barrier and the Downside Threshold (75), holders receive $10 plus the Contingent Absolute Return; (3) if Final Basket Level < Downside Threshold, holders suffer a principal loss proportional to the negative Basket Return. All payments are subject to issuer credit risk, no interest is paid, and certain pricing, valuation and calculation discretions are vested in Morgan Stanley affiliates.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities linked to the iShares® Ethereum Trust ETF with a face amount of $1,000 per security. The securities have a pricing date of June 30, 2026, an original issue date of July 6, 2026, and a stated maturity of July 6, 2029. The securities pay a fixed call payment of at least $1,320 (a call premium of at least 32.00%) if the fund closing price of the underlying is greater than or equal to the starting price on the call date (July 6, 2027). If not called, holders participate at a 150% participation rate in positive fund returns; if the ending price falls below the threshold price (50% of the starting price), holders are exposed to losses that could exceed 50% or result in a total loss. The issuer estimates the securities' value at approximately $936.80 on the pricing date. All payments are subject to the issuer’s and guarantor’s credit risk and the securities do not pay interest or dividends.
Morgan Stanley Finance LLC offers market-linked, auto-callable principal-at-risk securities due July 6, 2029. Each security has a face amount of $1,000 and an estimated value of $958.20 on the pricing date. The securities pay a call payment of $1,120 (a 12.00% call premium) if the lowest-performing underlying is at or above its starting level on the call date of July 6, 2027. If not called, the maturity payment depends on the lowest-performing underlying on the calculation day of July 2, 2029: investors may receive at least a contingent minimum return (at least 50% of face amount, payable only if the lowest performing underlying finishes at or above its starting level), receive the face amount, or suffer losses (including losses greater than 30%) if the lowest-performing underlying falls below its threshold level (70% of starting). The pricing date is June 30, 2026, original issue date July 6, 2026, and agent commissions are $25.75 per security, with proceeds to issuer shown as $974.25 per security.
Morgan Stanley Finance LLC is offering 382 securities at a stated principal amount of $1,000 per security (aggregate principal amount $382,000) of Principal at Risk, Contingent Income Memory Auto-Callable Securities due June 2, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at an annual rate of 17.00% on coupon payment dates only if the closing level of each underlier meets its coupon barrier.
The securities are linked to the worst performing of the Roundhill Memory ETF (DRAM Fund) and the VanEck® Gold Miners ETF (GDX Fund). They feature automatic early redemption on specified dates if both underliers meet call thresholds, payment at maturity tied to the worst performing underlier (investors can lose principal if the worst performing underlier falls below its 50% downside threshold), an estimated initial value of $935.00 per security, and an issue price of $1,000 (agent commission $8, proceeds to issuer $992 per security).
Morgan Stanley Finance LLC priced contingent-income, memory auto-callable notes linked to AST SpaceMobile Class A common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $476,000. The securities issue at $1,000 with an estimated value of $903.80 on the pricing date.
The notes mature on June 2, 2031 (final observation May 28, 2031), carry a contingent coupon at an annual rate of 25.15%, are automatically callable if the underlier closes at or above the call threshold of $133.09 on any redemption determination date, and use a coupon barrier and downside threshold equal to $66.545 (50% of initial level). Principal is at risk: if the final level is below the downside threshold, the maturity payout equals the stated principal multiplied by the performance factor and could be significantly less than, or equal to, zero. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk, contingent-income auto-callable securities linked to Workday, Inc. Class A common stock. The securities have a $1,000 stated principal amount, aggregate principal amount of $855,000 and an estimated value on the pricing date of $967.50. They pay a contingent coupon at an annual rate of 19.00% on observation dates when the closing level of the underlier meets the coupon barrier.
Automatic early redemption may occur on specified dates if the closing level meets the call threshold of $130.01. At maturity, if the final level is below the downside threshold of $65.005 (50% of initial level), investors suffer proportional principal loss (payment = principal × performance factor). All payments are subject to issuer and guarantor credit risk.