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 a preliminary pricing supplement for Principal at Risk, contingent income, memory auto-callable securities linked to the worst performing of the iShares Silver Trust (SLV), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY). The securities have a stated principal amount of $1,000 per security, an original issue price of $1,000, a maturity date of July 6, 2029 and a final observation date of July 2, 2029. They pay a contingent coupon determined on the pricing date at an annual rate in the range of 9.50% to 10.50%, but coupons are paid only if all underliers meet their coupon barrier levels on observation dates; unpaid coupons may only be paid later if all underliers then meet barrier levels. Automatic early redemption is possible on scheduled redemption determination dates if every underlier meets its call threshold; otherwise investors face principal loss equal to the decline of the worst performing underlier and may lose their entire investment. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; investors remain exposed to issuer credit risk.
The issuer, Morgan Stanley Finance LLC, priced a preliminary offering of principal-at-risk notes linked to the worst performing of the iShares Silver Trust (SLV), the Nasdaq-100 Technology Sector (NDXT) and the Russell 2000 (RTY). The notes have a $1,000 stated principal per security, an original issue price of $1,000, a pricing/strike date of June 30, 2026, an issue date of July 6, 2026 and maturity on July 6, 2029.
The securities pay a contingent coupon only if each underlier is at or above its coupon barrier on observation dates; the coupon rate will be set on the pricing date and is indicated as between 12.50% and 13.50% per annum in this preliminary document. Automatic early redemption can occur on scheduled redemption determination dates if each underlier is at or above its call threshold; if not redeemed, payment at maturity depends on the worst performing underlier and may result in loss of principal if any underlier is below its downside threshold (set at 60% of initial level in the terms shown).
Morgan Stanley Finance LLC priced callable structured notes linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal per note and an original issue price of $1,000. The notes do not pay interest, mature on June 30, 2031, and include a call feature beginning on July 1, 2027 where Morgan Stanley may redeem if a risk‑neutral valuation model shows redemption is economically rational. If not redeemed, maturity payment is principal plus an upside payment equal to stated principal × 140% × index percent change when the final level exceeds the initial level; otherwise holders receive only principal. The estimated value on the pricing date is approximately $934.60 per note. All payments are subject to Morgan Stanley's credit risk and the notes will not be listed on any exchange.
The pricing supplement offers Callable Jump Notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® Index and the S&P 500® Index. The notes have a $1,000 stated principal amount per note, do not pay periodic interest, and mature on June 30, 2031. Beginning on the first redemption date and on specified subsequent redemption dates, Morgan Stanley may call the notes if a risk neutral valuation model indicates redemption is economically rational; the first redemption date is July 1, 2027. If not redeemed, payment at maturity equals principal plus an upside payment only if the final level of each underlier exceeds its initial level; otherwise investors receive only principal. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due June 30, 2033, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an issue price of $1,000 per note. The notes pay no interest, carry 100% participation in positive underlier performance, and may be automatically redeemed on scheduled determination dates beginning June 25, 2027 for fixed early redemption payments (examples range from $1,075 to $1,506.25 per note depending on the determination date). If not called, maturity payment equals principal plus any upside payment when the final level exceeds the initial level; otherwise investors receive only the stated principal.
The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (established March 14, 2022), with a reported closing level of 1,503.18 as of May 27, 2026. The issuer’s estimated value on the pricing date is approximately $924.60 per note. All payments remain subject to Morgan Stanley’s credit risk; these notes are unsecured, not exchange-listed, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering $1,050,000 aggregate face amount of Leveraged Buffered iShares Silver Trust-Linked Notes due June 30, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on the iShares Silver Trust (SLV) performance measured from the trade date May 28, 2026 to the determination date June 28, 2027. Each $1,000 face amount participates at 200% of upside up to a capped Maximum Settlement Amount of $1,480.80. A 15.00% buffer protects against declines up to 15.00%; declines beyond that expose investors to proportional losses via a Buffer Rate of approximately 117.65%. Trade date estimated value is $977.10 per note. Price to public per note is $1,000 with agent commission of $10.90. All payments are subject to issuer credit risk and the Calculation Agent (MS & Co.) has discretion over certain determinations.
Morgan Stanley Finance LLC offers structured, auto-callable Jump Notes tied to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index with a stated principal of $1,000 per note. The notes pay no interest, may be automatically redeemed on scheduled determination dates for fixed early redemption payments and mature on June 30, 2033.
The strike and pricing dates are June 25, 2026, the first determination date is June 25, 2027, and the participation rate is 100%. Estimated value on the pricing date is approximately $922.40 per note, and all payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC priced Structured Investments Step-Up Jump Notes due June 30, 2033 linked to the Morgan Stanley Amplitude Index and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $897. The notes pay no interest, carry a 100% participation rate in upside at maturity if the final level exceeds the initial level, and feature automatic early redemption beginning on June 25, 2027 with fixed early redemption payments designed to provide roughly 16.00% per annum (e.g., $1,160 on first call).
The underlier is the Morgan Stanley Amplitude Index, a rules-based, volatility-targeted multi-asset index launched January 5, 2026 that deducts a 0.65% per annum index fee and had a closing level of 207.39 as of May 27, 2026. All payments are subject to the issuer and guarantor credit risk, the notes are unsecured, and they will not be listed on an exchange.
Morgan Stanley Finance LLC priced Structured Investments Step-Up Jump Notes due June 30, 2033, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value of approximately $905.10 on the pricing date. The notes pay no interest, participate at 100% of positive index performance and include an automatic early redemption feature beginning with the first determination date on June 25, 2027 with scheduled call thresholds that rise annually and fixed minimum early redemption payments (for example, at least $1,120 if called on the first early redemption date). Payments above principal at maturity or on early redemption depend on the performance of the Morgan Stanley Amplitude index; all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Structured Investments Jump Notes linked to the Morgan Stanley Amplitude Index with a stated principal amount of $1,000 per note. The notes pay no interest, may be automatically redeemed on specified determination dates beginning June 25, 2027 for fixed early redemption payments, and mature on June 30, 2033. If not earlier redeemed, maturity payoff equals principal plus any upside payment when the final level exceeds the initial level; otherwise investors receive the stated principal amount.
The pricing/strike date is June 25, 2026 and the estimated value on the pricing date is approximately $902.60 per note. All payments are unsecured and subject to the issuer/guarantor credit risk; the notes are not listed and secondary liquidity may be limited.
Morgan Stanley Finance LLC is offering unsecured, auto-callable Jump Notes due June 30, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $909.90. The notes pay no interest and may be automatically redeemed beginning on the first determination date, June 25, 2027, if the underlier (the Morgan Stanley Amplitude Index) closes at or above a call threshold equal to 100% of its initial level. Early redemption payments rise across six yearly determination dates (examples: at least $1,085 on the first, up to at least $1,510 on the sixth). If not redeemed, maturity payment equals principal plus any upside (100% participation) if the final level exceeds the initial level; otherwise holders receive only principal. All payments are subject to the issuer’s and guarantor’s credit risk. The offering incorporates a volatility-targeting and risk-mitigation index methodology and significant embedded fees and model-driven estimated value.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due June 30, 2031. Each note has a stated principal amount of $1,000 and links payoff to the S&P 500® Futures Excess Return Index. At maturity the notes pay: (1) principal plus a leveraged upside if the final level exceeds the initial level; (2) principal plus a capped positive return if the final level is at or above a 60% downside threshold but below the initial level; or (3) a loss of principal proportional to the underlier’s decline if the final level is below the 60% threshold. The leverage factor will be set between 167% and 182%, the absolute return participation rate is 50%, and the estimated value on the pricing date is approximately $930.40 per security. All payments are subject to issuer and guarantor credit risk; there is no guaranteed return of principal and no periodic interest.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due June 28, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. Payment at maturity depends on the performance of the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and Russell 2000 indices: if each underlier is at or above its downside threshold (70% of its initial level) on the observation date, investors receive principal plus a fixed upside payment (estimated at $377 to $397); if any underlier is below its threshold, the maturity payment equals principal times the performance factor of the worst performing underlier, with no minimum payment and possible loss of the entire principal. The document states an estimated value on the pricing date of approximately $942.40 per security and identifies Morgan Stanley & Co. LLC as agent and calculation agent. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC offers Principal at Risk securities due July 5, 2030. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $969.50. The securities pay no interest and are fully guaranteed by Morgan Stanley.
At maturity, if the final level of each underlier is at or above its downside threshold (set at 70% of the initial level), holders receive the stated principal plus an $420 to $440 upside payment (42%–44%). If any underlier is below its downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, and could be significantly less than principal or zero. Key dates: strike and pricing date June 30, 2026; observation date July 1, 2030 (subject to postponement).
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due December 8, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and a fixed $431 upside payment (43.10%) payable at maturity if the basket finishes at or above its initial level. The notes reference a 2-component basket (50% Campbell Soup Company; 50% EPAM Systems) with a June 3, 2026 strike/pricing date, an original issue date of June 8, 2026, an observation date of December 3, 2027 and maturity on December 8, 2027. The estimated value on the pricing date is approximately $951.30 per security and the issue price is $1,000, inclusive of selling, structuring and hedging costs. At maturity, investors receive principal plus the upside payment if the final level is greater than or equal to the initial level; otherwise payment equals stated principal multiplied by the performance factor (final level / initial level), exposing investors to full principal loss. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 3, 2031 linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices. Each security has a stated principal amount of $1,000 and pays no interest.
At maturity, if each underlier is at or above its downside threshold (70% of its initial level), holders receive the stated principal plus the greater of the worst-underlier percent change or an upside payment in the range $462.50 to $482.50. If any underlier is below its downside threshold, holders suffer a loss equal to the percent decline of the worst performing underlier; there is no minimum payment and principal could be lost. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk structured notes due July 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays a contingent coupon (annual rate to be set at pricing, indicated 12.75%–13.75% per annum range). Coupons are paid only if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index (the underlier) meets or exceeds the coupon barrier on observation dates; the notes are automatically redeemed early if the underlier meets the call threshold on a redemption determination date. At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata by the underlier’s decline; investors may lose a substantial portion or all of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes — fixed‑coupon, buffered, auto‑callable securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal, monthly coupons (annual rate to be set on the pricing date) and matures on June 30, 2031. The notes pay a fixed coupon and may be automatically redeemed early if the underlier meets the 90% call threshold on a redemption determination date. If not called, principal protection applies only up to a 15% buffer; below the buffer investors suffer proportional principal loss subject to a 15% minimum payment at maturity. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers contingent income, auto-callable Principal at Risk securities due June 28, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $944.80.
The notes pay a contingent coupon (annual rate determined at pricing, indicated between 8.00%–9.00%) only when the closing level of each underlier meets or exceeds its coupon barrier on an observation date. The securities are linked to the worst performing of iShares Silver Trust (SLV), the Nasdaq-100 Technology Sector (NDXT), and the Russell 2000 (RTY). Automatic early redemption may occur on specified dates if each underlier meets its call threshold; otherwise, at maturity investors either receive principal (if all final levels meet downside thresholds) or suffer a loss tied to the worst performing underlier, potentially losing all principal.
Morgan Stanley Finance LLC offers Principal at Risk Contingent Income Auto-Callable Securities due June 28, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $952.80. The securities pay a contingent coupon (actual annual rate to be set on pricing date, indicated at 9.00% to 10.00%) only if each underlier is at or above its coupon barrier on observation dates; otherwise no coupon will be paid for that period. Automatic early redemption can occur on specified redemption determination dates beginning December 28, 2026 if each underlier meets its call threshold, in which case holders receive the stated principal plus the contingent coupon for the related period. At maturity, if any underlier is below its downside threshold (70% of initial level), payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a substantial loss of principal or zero. The securities reference the Dow Jones Industrial Average, EURO STOXX 50®, and Russell 2000® indices; downside, coupon barrier and call thresholds are set as percentages of each index's initial level (70%, 80%, 100% respectively). All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable notes due December 30, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $956.40.
The notes pay a contingent coupon (annual rate determined on the pricing date, indicated between 9.25% and 10.25% in the preliminary terms) only if each underlier meets its coupon barrier on observation dates. Automatic early redemption can occur on specified determination dates if all underliers meet call thresholds. At maturity, if any underlier is below its downside threshold (each set at 70% of its initial level), investors bear loss equal to the percentage decline of the worst performing underlier; principal could be significantly reduced or zero. Payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a $503,000 aggregate issue of Structured Investments Jump Notes due May 31, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an issue price of $1,000 per note.
The notes pay no interest, are linked to the worst performing of AMZN, GOOGL (Class A) and NVDA, and feature an auto-call that can redeem notes early starting on the first determination date June 2, 2027. Early redemption payments and the payment at maturity are fixed amounts tied to whether each underlier meets its 100% call threshold level on determination dates. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC issued principal‑at‑risk, auto‑callable notes due May 28, 2031, fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $520,000. The notes will automatically redeem on the first determination date (June 1, 2027) if the underlier closing level is at or above the call threshold of 100, in which case holders receive an early redemption payment of $1,150 per security. If not called, maturity payouts depend on the final level versus the initial level (100) and the downside threshold (80). The participation rate for upside at maturity is 260%. All payments are subject to MSFL's and Morgan Stanley’s credit risk; investors may lose their entire investment.
Morgan Stanley Finance LLC priced a series of principal‑at‑risk, fixed‑coupon, buffered auto‑callable notes due June 3, 2031 and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a fixed annual coupon of 7.10%, and an initial issue price of $1,000. The notes pay monthly coupons, may be automatically redeemed early if the underlier closes at or above the call threshold, and return principal at maturity only if the final level is at or above the 85% buffer; otherwise principal is reduced proportionally subject to a 15% minimum payment.
The underlier is the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (initial level 1,537.79 as of May 29, 2026). All payments are subject to MSFL’s and Morgan Stanley’s credit risk. The estimated value on the pricing date was $921.30 per security and total proceeds to the issuer were $1,128,801.
Morgan Stanley Finance LLC proposes callable structured notes due July 3, 2031 linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per note. The notes pay no regular interest, offer a 160% participation rate in positive index performance at maturity and are fully guaranteed by Morgan Stanley.
The notes are callable beginning July 7, 2027 based on the output of a risk neutral valuation model, with fixed per-note redemption payments (first listed redemption payment: $1,165.00 on July 7, 2027). If not redeemed and the final level exceeds the initial level, maturity payment = stated principal + (stated principal × participation rate × underlier percent change). All payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date is approximately $960.20 per note.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to DoorDash, Inc. Class A 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 $960.80.
The securities pay a contingent coupon of 16.60% 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 of $78.35 (50% of the initial level). The securities are automatically redeemed early if the closing level on any redemption determination date is at or above the call threshold of $156.70 (100% of the initial level).
If not redeemed early, at maturity holders receive the stated principal if the final level is at or above the downside threshold of $78.35; if the final level is below that threshold, the maturity payment equals the stated principal multiplied by the performance factor (final level/initial level), potentially resulting in a substantial loss or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering callable structured notes due July 3, 2031, fully guaranteed by Morgan Stanley, with a $1,000 stated principal amount per note. The notes are linked to the worst performing of three indices: the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®. The notes do not pay interest and embed a call feature beginning on July 7, 2027 that permits redemption when a risk neutral valuation model indicates redemption is economically rational; each scheduled redemption specifies a fixed cash amount that yields at least 12.25% per annum. If not redeemed, maturity payoff equals the stated principal plus an upside payment equal to $1,000 × 125% × the percent change of the worst performing underlier, but investors receive only principal at maturity if any underlier’s final level is equal to or below its initial level. All payments are subject to Morgan Stanley’s credit risk and the estimated value on the pricing date is approximately $957.70 per note.
Morgan Stanley Finance LLC is offering principal-at-risk, buffered, auto-callable notes due June 30, 2031, with a stated principal amount of $1,000 per security. The securities reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and feature automatic early redemption on scheduled determination dates and a 20% buffer against index declines. If not called, payments at maturity depend on the final index level: a fixed positive payment if the final level is at or above the call threshold, return of principal if above the buffer level, or a leveraged loss below the buffer subject to a 20% minimum payment. The estimated value on the pricing date was approximately $906.30 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes—contingent income, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with Morgan Stanley guarantee. Each security has a $1,000 stated principal amount, issue price $1,000 and an estimated value of $948.90 on the pricing date.
The securities pay a 16.00% annual contingent coupon on observation dates when the underlier is at or above a 70% coupon barrier (2,645.342), are automatically redeemed if the underlier is at or above the call threshold (3,779.06) on redemption determination dates, and repay principal at maturity only if the final level is at or above the 60% downside threshold (2,267.436); otherwise repayment equals principal × (final level / initial level) and could be zero.
Morgan Stanley Finance LLC priced a structured note offering: Principal-at-risk Buffered Jump Securities with a $1,000 stated principal per security and an estimated value of approximately $902.60 on the pricing date.
The securities reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, feature a 15% buffer, automatic early redemption opportunities beginning on June 28, 2027, and mature on June 30, 2031. Payments at maturity may provide a fixed positive return if the final level is at or above the buffer level; if below, holders lose 1% for each 1% decline beyond the buffer, subject to a 15% minimum payment. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 3, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $969.40.
At maturity the payout depends on the underlier on the observation date (June 30, 2031): if the final level is >= the initial level, investors receive principal plus the greater of the underlier percent change or an $600–$620 upside payment. If the final level falls but remains >= the downside threshold (70% of the initial level), investors receive principal plus a positive return equal to the absolute decline multiplied by a 100% participation rate (capped effectively at 30%). If the final level is below the downside threshold, investors lose 1% of principal for every 1% decline; payment could be significantly less than principal or zero. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC priced principal-at-risk notes linked to the worst performing of the Russell 2000® and the S&P 500®. The securities have a $1,000 stated principal amount, an original issue price of $1,000 and an estimated value on the pricing date of approximately $972.80. The securities can be automatically redeemed on the first determination date (July 7, 2027) for an early redemption payment of about $1,167.50 to $1,177.50 per security. If not called, maturity is July 6, 2029 with payoff tied to the worst performing underlier: investors may receive principal plus an upside payment (participation rate 150%), principal only, or suffer losses down to zero if the worst performing underlier falls below its downside threshold (70% of initial level). All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable principal-at-risk securities linked to Alnylam Pharmaceuticals (ALNY) common stock. The offering is $255,000 aggregate (255 securities) at $1,000 each with an estimated value of $963.50 on the pricing date. The notes pay a contingent coupon of 14.85% 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 (60% of the initial level). The notes are subject to automatic early redemption if the underlier meets the call threshold (100% of the initial level) on any redemption determination date, and principal is at risk at maturity if the final level is below the downside threshold (60% of the initial level). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuer's credit risk. Terms include specified observation and redemption determination dates from August 28, 2026 through May 29, 2029, with maturity on June 1, 2029.
Morgan Stanley Finance LLC is offering Principal at Risk securities linked to the Class A common stock of Alphabet Inc. The notes have a $1,000 stated principal amount per security, an aggregate principal amount of $1,165,000, and a fixed coupon of 10.70% per annum paid monthly.
Investors receive the fixed coupons but will only receive principal at maturity if the final level of the underlier on the observation date is at or above the downside threshold of $273.091 (70% of the initial level of $390.13). If the final level is below that threshold, principal is reduced by the performance factor (final level/initial level) and could be significantly reduced or zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $905.10, a 15% buffer and a minimum payment at maturity equal to 15% of principal. The securities are auto-callable beginning with a first determination date of June 28, 2027 and mature on June 30, 2031. Early redemption payments, if triggered, provide fixed returns shown per determination date. All payments are subject to Morgan Stanley Finance LLC credit risk and the guarantee of Morgan Stanley.
Morgan Stanley Finance LLC is offering callable, principal-at-risk notes linked to the worst performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 and the S&P 500. The securities have a stated principal amount of $1,000 per security and aggregate principal of $680,000.
The notes pay a contingent coupon of 12.00% per annum for each interest period only if the closing level of each underlier on the related observation date is at or above its coupon barrier (70% of initial level). If any underlier is below its downside threshold (also 70% of initial level) at maturity, payment equals the stated principal times the performance factor of the worst performing underlier, which could result in a significant loss or complete loss of principal. The issuer may call the notes on specified redemption dates beginning December 3, 2026 if a risk-neutral valuation model indicates redemption is economically rational; no redemption may occur before that date. All payments are subject to Morgan Stanley's credit risk.
The document is a pricing supplement for Morgan Stanley Finance LLC’s structured notes: Buffered Jump Securities with an Auto-Callable feature due May 31, 2030, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount; the aggregate offering is $500,000. The securities reference three underliers (RSP, IGV and NDX), include a 25% buffer and a 25% minimum payment at maturity, and may be automatically redeemed on preset determination dates for fixed early redemption payments that grow over time.
The securities do not pay interest, are exposed to Morgan Stanley credit risk, are linked to the worst performing underlier (no diversification benefit), and expose investors to potential principal loss if the worst performing underlier finishes below its buffer.
Morgan Stanley Finance LLC is offering Trigger PLUS notes linked to the S&P 500® Index due June 3, 2032 with an aggregate principal amount of $53,910,000. Each Trigger PLUS has a stated principal of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $954.40. The notes pay no interest and provide a leveraged upside equal to 102.25% of any index percent increase; they repay principal only if the final index value is at or above a trigger level set at 75% of the initial index value (initial index value: 7,563.63). If the final index value is below the trigger level, holders suffer proportional losses (1% loss in principal for each 1% index decline), with potential loss of the entire investment. Proceeds are for general corporate purposes and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk Buffered Jump Securities due June 30, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $903.90. The securities feature an automatic early redemption if the underlying S&P® U.S. Equity Momentum 40% VT 4% Decrement Index closes at or above a call threshold (90% of the initial level) on a determination date, producing fixed early redemption payments that correspond to roughly 13.00%–14.00% per annum (actual amounts set on the pricing date). If not redeemed early, maturity payouts depend on the final level: full fixed positive payment if at or above the call threshold, return of principal if at or above the buffer level (85% of initial; buffer amount 15%), or principal reduced pro rata for declines below the buffer (with a 15% minimum payment at maturity). All payments are subject to Morgan Stanley’s credit risk. Determination dates begin June 28, 2027, and the final determination date is June 25, 2031.
Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Trigger PLUS notes due July 3, 2031 linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $966.80. The securities pay no interest and provide a leveraged upside (leverage factor to be set on the pricing date between 140% and 155%) if the final level of each underlier exceeds its initial level.
At maturity, payments depend on the worst performing underlier: full principal plus leveraged upside if both underliers finish higher; return of principal if the worst performing underlier finishes at or above 75% of its initial level; or a loss equal to the percentage decline of the worst performing underlier with no minimum payment, possibly resulting in loss of the entire principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering auto‑callable, principal‑at‑risk securities linked to the common stock of SoFi Technologies, Inc. with a stated face amount of $1,000 per security and maturity of June 15, 2027. The securities pay contingent monthly coupons only if the underlying closes at or above a coupon threshold equal to 60% of the starting price and will be eligible for automatic call beginning about three months after issuance. The contingent coupon rate will be set on the pricing date and will be at least 27.00% per annum. Pricing and issuance dates shown are June 5, 2026 (pricing) and June 10, 2026 (original issue date). The preliminary pricing shows a public offering price of $1,000, agent commissions up to $15.75 per security and estimated value on the pricing date of approximately $962.70 (± $35.00); proceeds to the issuer were $984.25 per security on the cover page. Investors face full downside exposure if the ending price is below a downside threshold equal to 60% of the starting price and may lose more than 40% (and possibly all) of principal at maturity if the securities are not called.
Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, auto-callable securities tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a stated principal amount of $1,000, a pricing/strike date of June 25, 2026, an original issue date of June 30, 2026 and a maturity date of June 30, 2031. The notes may auto-redeem on scheduled determination dates beginning July 2, 2027 for fixed early redemption payments that correspond to approximately 16.50%–17.50% per annum (actual amounts set on the pricing date). If not auto-redeemed, payments at maturity depend on the final level versus a call threshold (90% of the initial level) and a downside threshold (60% of the initial level). The underlier includes a 4% per annum daily decrement, intraday rebalancing and use of leverage; the estimated value on the pricing date is approximately $898.30 per security. All payments are subject to MSFL/Morgan Stanley credit risk and the securities do not pay interest or guarantee principal.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS principal-at-risk notes due July 3, 2031 linked to the EURO STOXX 50® Index under a preliminary pricing supplement. Each security has a $1,000 stated principal amount and original issue price of $1,000. The securities pay no interest and at maturity provide one of three payments depending on the index performance: (1) if the final level is above the initial level, investors receive principal plus a leveraged upside; (2) if the final level is at or below the initial level but at or above the buffer level, investors receive principal plus a capped positive return tied to the absolute decline; or (3) if the final level is below the buffer level, investors incur losses beyond the buffer on a 1%-for-1% basis, subject to a minimum payment at maturity of 20% of principal. The pricing date and strike date are June 30, 2026, with an estimated value on the pricing date of approximately $964.90 per security. All payments are subject to the issuer’s and guarantor’s credit risk, and the securities are intended for investors willing to risk principal in exchange for leveraged upside and buffered absolute-return features.
Morgan Stanley Finance LLC is offering Principal at Risk notes due June 30, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and will pay a monthly fixed coupon (the final rate will be set on the pricing date). The notes feature an automatic early redemption if the underlier's closing level meets or exceeds the call threshold on a redemption determination date; early redemption pays the stated principal plus the fixed coupon for the related period. At maturity, if the final level is at or above a buffer level equal to 85% of the initial level, investors receive the stated principal; if below that buffer, the payment at maturity is reduced proportionally subject to a 15% minimum payment. The preliminary pricing shows an estimated value on the pricing date of $916.60 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 5, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and will pay a fixed upside payment of 38% to 40% if the S&P 500® Futures Excess Return Index final level is at or above a downside threshold equal to 70% of the initial level. If the final level is below that threshold, investors lose 1% of principal for each 1% decline in the underlier; there is no minimum payment and the principal could be lost. The pricing date and strike date are June 30, 2026; the original issue date is July 6, 2026. The preliminary estimated value on the pricing date is $969.20 per security. All payments are subject to Morgan Stanleys credit risk, and tax treatment is uncertain under U.S. federal income tax rules.
Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note linked to the common stock of Super Micro Computer, Inc. The notes have a $1,000 face amount, a stated estimated value of $958.60 on the pricing date and a contingent monthly coupon feature with a contingent coupon rate of at least 24.05% per annum. The securities are auto‑callable beginning after a three‑month non‑call period and mature on June 8, 2029 if not called. Payments depend on the stock closing price on monthly calculation days; if the ending price is below 45% of the starting price holders absorb losses on a one‑for‑one basis. All payments are subject to Morgan Stanley credit risk and model valuation assumptions.
Morgan Stanley Finance LLC priced contingent income, memory auto-callable securities linked to Micron Technology common stock. The securities have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of $951.80. They pay a contingent coupon at an annual rate of 22.20% on observation dates when the closing level of the underlier is at or above the coupon barrier.
If automatically redeemed on a redemption determination date, holders receive principal plus the contingent coupon. If held to maturity (June 2, 2031) and the final level is below the downside threshold, payment at maturity is reduced pro rata by the performance factor and could be significantly less than principal or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced callable Jump Notes due July 3, 2031 that are fully guaranteed by Morgan Stanley. The notes pay no regular interest and deliver at maturity either the stated principal plus an upside payment — equal to the stated principal × 115% × the percent change of the worst performing underlier — if both underliers finish above their initial levels, or only the stated principal if either underlier is equal to or below its initial level.
The notes reference the Russell 2000® and S&P 500®, are callable beginning July 7, 2027 based on the output of a risk neutral valuation model, and include scheduled fixed minimum redemption payments that increase each month (starting at at least $1,120.00 on July 7, 2027 and rising to at least $1,590.00 on June 4, 2031). All payments are subject to Morgan Stanley’s credit risk; the estimated value on the pricing date was approximately $962.90 per note.
Morgan Stanley Finance LLC is offering market-linked notes due July 5, 2030 linked to the EURO STOXX 50® Index with a $1,000 stated principal amount per note. The notes pay no interest and at maturity will return principal plus an upside payment only if the final index level exceeds the initial level; otherwise you receive the stated principal amount.
The upside payment equals the stated principal amount multiplied by a participation rate (to be set on the pricing date and ranging from 113.25% to 118.25% in this preliminary supplement) times the underlier percent change. The estimated value on the pricing date is approximately $970.60 per note. All payments are subject to the issuer’s and guarantor’s credit risk; the notes will not be listed and may have limited secondary liquidity. Tax treatment is expected to be as contingent payment debt instruments for U.S. holders.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due June 30, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $903.40. The securities pay a contingent coupon (annual rate to be set on the pricing date of 9.00% to 10.00%) only if the underlier meets the coupon barrier on observation dates. They feature automatic early redemption if the underlier is at or above a call threshold (90% of the initial level) on any redemption determination date beginning June 25, 2027. At maturity, if not called, investors receive principal if the final level is at or above the buffer level (80% of initial); if below, payment equals $1,000 × (final level / initial level + 20%), subject to a minimum payment of 20% of principal. All payments are subject to issuer credit risk and certain tax and liquidity considerations described herein.