Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to NVIDIA Corporation common stock with a $1,000 stated principal amount per security. The notes feature a 20% buffer, automatic early redemption with fixed early redemption payments (first determination date June 2, 2027), and maturity on May 31, 2030. If not called, payment at maturity depends on the final level versus the call threshold ($214.25) and buffer ($171.40); investors may lose principal if the final level is below the buffer. The offering price is $1,000 per security; estimated value at pricing was $955.40. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC priced a contingent income, memory buffered, auto-callable Principal-at-Risk note linked to Eli Lilly 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 $985.50 per security.
The notes pay a 12.08% annual contingent coupon on observation dates if the closing level of Eli Lilly is at or above the coupon barrier of $812.19 (75% of the initial level). The notes are auto‑callable if Eli Lilly’s closing level on a redemption determination date is at or above the call threshold of $1,082.92 (100% of the initial level). At maturity, if the final level is below the buffer level of $812.19, investors incur a loss equal to 1.3333% of principal for each 1% decline beyond the 25% buffer.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-coupon, auto-callable notes due June 30, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $902.70. The notes pay a contingent coupon only if the underlier—the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index—meets or exceeds the coupon barrier on observation dates, and may be automatically redeemed early if the index meets the call threshold on redemption determination dates. At maturity, if not redeemed, investors receive principal only if the final level is at or above the buffer level; otherwise losses apply at a 1:1 rate beyond the 15% buffer, subject to a 15% minimum payment at maturity. All payments are subject to the issuer and guarantor credit risk. The actual coupon rate will be set on the pricing date and the aggregate offering amount is not stated in this preliminary supplement.
Morgan Stanley Finance LLC is offering Principal at Risk Contingent Income Auto-Callable Securities tied to Ares Management Corporation class A common stock, with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,214,000. The securities pay a contingent coupon only if the underlier is at or above a coupon barrier on observation dates; they may be automatically redeemed early if the underlier meets a call threshold. At maturity, if the final level is below the downside threshold, investors suffer a pro rata loss in principal equal to the underlier’s decline. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 3, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $955.70. The securities pay no interest and can deliver: (1) principal plus a leveraged upside payment if the final level exceeds the initial level, (2) the stated principal if the final level is between the downside threshold and the initial level, or (3) a principal loss proportional to the index decline if the final level is below the downside threshold (70% of initial level), potentially resulting in a total loss. The leverage factor will be set on the pricing date and is expected to range from 220% to 225%. All payments are subject to the issuer's and guarantor's credit risk and tax treatment is uncertain.
Morgan Stanley Finance LLC offers Principal at Risk notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, maturing on June 30, 2031. The securities have an original issue price of $1,000 per security and an estimated value on the pricing date of approximately $902.40 per security.
The notes pay a contingent coupon (annual rate determined on the pricing date, stated here as 9.25%–10.25% range) only if the underlier’s closing level meets or exceeds the coupon barrier (set at 60% of the initial level) on observation dates. The notes are auto-callable starting with the first redemption determination date on June 25, 2027 if the underlier is at or above the call threshold (100% of initial). If not auto-redeemed, principal at maturity is protected only above a buffer level of 85% (buffer amount 15%); below that, investors incur losses beyond the buffer, subject to a minimum payment at maturity of 15% of principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with a stated principal amount of $1,000 per security. The securities offer an automatic early redemption feature beginning on the first determination date of July 1, 2027 and mature on July 3, 2031. If an early redemption condition is met, investors receive a fixed early redemption payment that implies approximately 17.00%–18.00% per annum for the applicable holding period. At maturity, payments depend on the final index level relative to a call threshold (90% of initial level) and an 85% buffer; losses beyond the buffer reduce principal on a 1:1 basis, subject to a 15% minimum payment at maturity. All payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal-at-Risk notes linked to Rigetti Computing, Inc. The issue is structured as contingent-income, memory auto-callable securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $550,000. The securities pay a contingent coupon at an annual rate of 53.00% on each coupon payment date only if the closing level of the underlying stock meets the coupon barrier level on the related observation date. The securities may be automatically redeemed on specified redemption determination dates if the underlier meets the call threshold; otherwise, at maturity investors either receive principal if the final level is at or above the downside threshold ($14.772, 60% of the initial level) or a reduced payment equal to the stated principal multiplied by the performance factor (final level/initial level). All payments are subject to issuer and guarantor credit risk and the estimated value on the pricing date was $953.90 per security.
Morgan Stanley Finance LLC offers Principal at Risk securities due June 30, 2031 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal, contingent coupons set on the pricing date at an annual rate of 10.50%–11.50%, and a buffer of 15% (buffer level = 85% of initial).
Coupons pay only if the underlier equals or exceeds the coupon barrier (70% of initial) on observation dates. Automatic early redemption may occur on scheduled dates if the underlier reaches the call threshold (100% of initial). Estimated value on the pricing date was approximately $902.60 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a Trigger PLUS structured note due July 3, 2031 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $960.30. At maturity, payoffs are determined by the worst performing underlier: investors receive principal plus a 400% leveraged upside subject to a maximum payment of $1,820–$1,870, receive principal if the worst underlier stays at or above 70% of its initial level, or lose principal on a 1% for 1% decline below that threshold, with no minimum payment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payment depends on issuer creditworthiness.
Morgan Stanley Finance LLC priced contingent income, principal-at-risk notes linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount, a contingent coupon to be set on the pricing date (indicated range 12.00%–13.00% annually) and a maturity date of June 30, 2031. The securities pay contingent coupons only if the index closes at or above an 80% coupon barrier on observation dates and are subject to automatic early redemption if the index closes at or above the call threshold (100% of the initial level) on redemption determination dates beginning June 25, 2027. At maturity, if the final index level is below the 85% buffer level, investors absorb losses 1% for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. Estimated value on the pricing date is approximately $901.60 per security. All payments are unsecured obligations of MSFL and are guaranteed by Morgan Stanley; holders are exposed to issuer credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk notes due June 30, 2031 that are 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 $898.10 per security.
The notes pay a contingent coupon (annual rate to be set on the pricing date, indicated as 12.50%–13.50% in the preliminary terms) only if the underlier meets the coupon barrier on observation dates. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, which includes a 4.0% per annum daily decrement. If not automatically redeemed early, principal at maturity depends on the final level relative to a downside threshold (set at 60% of the initial level); below that threshold investors lose principal proportionally.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable notes due June 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a contingent coupon to be set on the pricing date (indicated at 11.00% to 12.00% per annum) and an estimated value on the pricing date of approximately $898.80.
The notes pay contingent coupons only if the underlier, the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, meets the coupon barrier (60% of the initial level) on observation dates. The notes are automatically redeemed early if the underlier meets the call threshold (100% of the initial level) on any redemption determination date. At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata via a performance factor (final level/initial level), potentially resulting in substantial loss of principal.
Morgan Stanley Finance LLC is offering structured, principal-at-risk securities tied to the S&P 500® Index with a $1,000 stated principal amount per security and a maturity date of June 30, 2031. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. Payments at maturity depend on the index level on the observation date: investors receive upside participation (100%) up to a capped $1,606.50–$1,626.50 (160.65%–162.65%), a limited positive return if the final level falls within a 15% buffer, or losses beyond the buffer (1% loss of principal for each 1% decline). The securities do not pay interest, have a minimum payment at maturity of 15% of principal, and are subject to MSFL/Morgan Stanley credit risk. The estimated value on the pricing date is approximately $938.70 per security.
Morgan Stanley Finance LLC is offering market-linked notes due July 5, 2030, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. The stated principal amount is $1,000 per note. At maturity, if the index final level is greater than the initial level, holders receive the stated principal plus an upside payment equal to the stated principal multiplied by a participation rate (determined on the pricing date) multiplied by the index percent change; if the final level is equal to or less than the initial level, holders receive only the stated principal.
The participation rate will be between 118.25% and 128.25%, with an estimated value on the pricing date of approximately $966.20 per note. All payments are subject to issuer credit risk, the notes pay no interest, are unsecured, will not be listed, and may have limited secondary-market liquidity.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with a stated principal amount of $1,000 per security. The notes mature on June 30, 2031 and pay a contingent coupon (annual rate to be set on the pricing date, indicated at 9.50%–10.50% range) only if the underlier meets the coupon barrier on observation dates. The securities are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, do not guarantee principal, and may be automatically redeemed early if the underlier meets the call threshold on any redemption determination date starting June 25, 2027. At maturity, if the final level is below the downside threshold (50% of the initial level), repayment will be reduced pro rata by the performance factor and could be zero. All payments are subject to Morgan Stanley credit risk.
The pricing supplement describes a $1,000 per security structured note issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley that pays no interest and exposes investors to full principal risk. The notes reference a two‑stock basket (Cloudflare NET 50% / CACI CACI 50%), mature on December 8, 2027, and pay a fixed $465 upside if the basket's final level is at or above its initial level; if the final level is below the initial level, principal is reduced pro rata (1% loss for each 1% decline) and could be zero.
The original issue price is $1,000 and the issuer estimates the securities' value on the pricing date at approximately $974.70. All payments are subject to Morgan Stanley's credit risk, MS & Co. will act as calculation agent and agent, and selected dealers receive a $15 sales commission plus a $1 structuring fee per security.
Morgan Stanley Finance LLC offers Trigger PLUS principal-at-risk securities due July 6, 2029 linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®. Each security has a $1,000 stated principal amount and an issue price of $1,000.
At maturity the payout is driven solely by the worst performing underlier: investors receive the stated principal plus a leveraged upside if the worst underlier finishes above its initial level; receive only principal if that underlier finishes between its initial level and a 70% downside threshold; or suffer a loss of principal pro rata to the decline of the worst underlier if it finishes below the 70% threshold. The leverage factor will be set on the pricing date between 170% and 175%. All payments are subject to MSFL and Morgan Stanley credit risk; the securities pay no interest and could result in total loss of principal.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes fully guaranteed by Morgan Stanley with an automatic early redemption feature and final maturity on July 5, 2030.
The notes have a $1,000 stated principal amount per security, a 150% participation rate for upside if all underliers finish above initial levels, an estimated value on the pricing date of approximately $973.80, and payout outcomes tied to the worst-performing underlier (EURO STOXX 50®, Russell 2000®, S&P 500®). Automatic early redemption is first determined on July 7, 2027, with an early redemption payment indicated in the range $1,317.50 to $1,327.50. All payments are subject to the credit risk of Morgan Stanley.
The Dual Directional Trigger PLUS are principal-at-risk notes issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays at maturity based on the worst performing of the Nasdaq-100® Technology Sector (NDXT) and the Russell 2000® (RTY). If both underliers finish above their initial levels, investors receive principal plus a leveraged upside; if the worst performing underlier finishes between its initial level and a 70% downside threshold, investors may receive a capped positive return tied to the absolute return participation rate of 50%; if the worst performing underlier finishes below the downside threshold, investors incur full downside (1% loss for each 1% decline). The leverage factor will be set between 140% and 155% on the pricing date. All payments are subject to issuer and guarantor credit risk. The observation date is July 1, 2030 and the stated maturity date is July 5, 2030.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to the common stock of Axon Enterprise, Inc. The securities are principal-at-risk notes with a $1,000 stated principal per security and an aggregate offering of $440,000; issue price is $1,000 and estimated value on the pricing date was $953.80.
The notes pay a contingent coupon at an annual rate of 21.90% on scheduled coupon dates only if the underlier’s closing level on each observation date is at or above the coupon barrier ($219.66, 50% of the initial level). The initial/strike level is $439.32. The securities auto-redeem if the closing level is at or above the call threshold ($439.32) on any redemption determination date beginning August 28, 2026. Maturity is June 1, 2029.
At maturity, if not auto-redeemed, investors receive principal only if the final level is at or above the downside threshold ($219.66); if below, payment equals principal × (final level / initial level), producing proportional principal loss (possibly zero). All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk notes due July 3, 2031 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $943.10.
The notes pay a contingent coupon (annual rate determined on the pricing date, indicated at 12.50%–13.50%) only if the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the index equals or exceeds the call threshold, and provide a 15% buffer with a minimum payment at maturity equal to 15% of principal. If the final index level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer; all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Contingent Income Memory Auto-Callable Securities linked to the common stock of UnitedHealth Group Incorporated. The securities were issued at $1,000 per security (aggregate $2,521,000) with an original issue date of June 2, 2026 and a maturity date of July 1, 2027. The securities pay a contingent coupon at an annual rate of 10.50% on coupon payment dates only if the closing level of the underlier meets or exceeds the coupon barrier level of $267.771 (70% of the initial level). The initial and call threshold level is $382.53 and automatic early redemption can occur on specified redemption determination dates if the closing level is greater than or equal to that call threshold. If not called and the final level is below the downside threshold of $267.771, holders suffer principal loss equal to the underlier’s percentage decline (payment at maturity = stated principal × performance factor). The estimated value on the pricing date was $969.20 per security and agent commissions were $15 per security, leaving proceeds to issuer of $985 per security.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due June 28, 2029 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 $950.10.
The notes pay a contingent coupon (annual rate to be set on the pricing date, indicated at 9.00% to 10.00% range) only if, on each observation date, the closing level of each underlier is at or above its coupon barrier (each coupon barrier is 80% of initial level). The securities permit automatic early redemption on specified redemption determination dates if every underlier is at or above its call threshold (100% of initial). At maturity, if any underlier is below its downside threshold (70% of initial level), payment equals $1,000 multiplied by the performance factor of the worst performing underlier, and principal may be substantially reduced or zero. The notes are linked to the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500® indices and carry issuer credit risk.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable securities tied to DexCom, Inc. The offering totals $495,000 aggregate principal at an issue price of $1,000 per security with an estimated value on the pricing date of $967.80 per security. The securities pay a contingent coupon of 15.50% per annum on each coupon payment date only if the closing level of DexCom is at or above the coupon barrier ($43.404, 60% of the initial level) on the related observation date. The securities are automatically redeemed early if the closing level on any redemption determination date is at or above the call threshold ($72.34, 100% of the initial level); otherwise at maturity investors receive principal only if the final level is at or above the downside threshold ($43.404). If the final level is below the downside threshold, payment at maturity equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to loss of principal down to zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; purchasers bear issuer credit risk and issuance, structuring and hedging costs included in the issue price.
Morgan Stanley Finance LLC priced contingent income auto-callable notes offering securities with a stated principal amount of $1,000 per security that are fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon and are linked to the worst performing of the Dow Jones Industrial, Nasdaq-100® Technology Sector and the Russell 2000®.
The notes can be automatically redeemed on specified redemption dates if each underlier is at or above its call threshold; otherwise they continue to maturity on July 6, 2028. If not auto-redeemed, maturity payoff returns principal only if each final level is at or above its downside threshold; if the worst performing underlier is below that threshold, investors suffer proportional principal loss equal to the worst underlier's decline. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due June 28, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note, pay no interest and return principal at maturity subject to the issuers credit risk.
If the Morgan Stanley Amplitude final level on the observation date exceeds the initial level, investors receive the stated principal plus an upside payment equal to the stated principal times a participation rate (to be set on the pricing date, indicated at 450% to 460%) multiplied by the index percent change. If the final level is equal to or less than the initial level, the holder receives only the stated principal.
Morgan Stanley Finance LLC is offering market-linked notes due July 3, 2031, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, pays no interest and at maturity will return principal plus an upside payment only if the underlying S&P 500® Futures Excess Return Index closes above the initial level.
The upside payment equals the stated principal amount × participation rate × underlier percent change; the participation rate will be set on the pricing date in the range 141.50% to 146.50%. Strike/pricing date is June 30, 2026, observation date is June 30, 2031 (subject to postponement), and the estimated value on the pricing date is approximately $962.90 per note. The notes are unsecured, not listed, carry issuer credit risk, and include fees and structuring costs reflected in the $1,000 issue price.
Morgan Stanley Finance LLC priced auto-callable Principal at Risk notes due June 2, 2031 linked to the S&P 500® Futures Excess Return Index. The notes issue at $1,000 per security with an aggregate principal of $1,723,000 and an estimated value on the pricing date of $980.90.
The notes pay no interest and carry a 265% participation rate in upside at maturity if the final level exceeds the initial level (initial level 608.49). An automatic early redemption is triggered on the first determination date (June 4, 2027) if the underlier is >= the call threshold (651.084), producing an early redemption payment of $1,217.50 per security. If the final level is below the downside threshold (456.368, ~75% of initial), investors suffer proportional principal loss and could lose their entire investment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS principal-at-risk securities linked to the worst performing of the Dow Jones Industrial, Russell 2000 and S&P 500. Each security has a stated principal amount of $1,000 and matures on June 30, 2031.
At maturity, payoffs depend solely on the worst performing underlier: (1) if every underlier finishes above its initial level, holders receive principal plus a leveraged upside; (2) if the worst underlier finishes below initial level but at or above a 60% downside threshold, holders receive principal plus a capped positive return based on a 50% absolute return participation rate; (3) if the worst underlier finishes below its 60% threshold, holders lose 1% of principal for each 1% decline in that underlier. The securities pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley, and are subject to credit risk, issuance costs (estimated value approximately $934.20 on pricing date) and limited secondary-market liquidity.
Morgan Stanley Finance LLC is offering market-linked notes due July 5, 2030, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The stated principal amount is $1,000 per note. Payment at maturity depends solely on the worst performing underlier on the observation date: if that underlier’s final level exceeds its initial level, investors receive the stated principal plus an upside payment equal to the participation rate times the underlier percent change, subject to a maximum payment at maturity; if the final level of either underlier is equal to or below its initial level, investors receive only the stated principal amount. The participation rate is 100% and the maximum payment at maturity will be set on the pricing date (illustrative range: $1,458.50 to $1,508.50 per note). The notes pay no interest, are unsecured, not listed, and are subject to issuer credit risk, potential limited secondary-market liquidity, model-based estimated value (approximately $968.30 on the pricing date), and U.S. federal tax treatment as contingent payment debt instruments.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Trigger PLUS notes due July 5, 2029 that provide 150.55% leveraged upside to a five‑index international equity basket and have a trigger at 80% of the initial basket value.
Each Trigger PLUS has a $1,000 stated principal amount, pays no interest, and may return the principal, an amplified gain, or a loss tied to the basket value on the valuation date of June 29, 2029. If the final basket value is below the trigger level, investors lose principal proportionately (1% loss per 1% basket decline); there is no minimum payment and the securities are unsecured obligations subject to issuer credit risk. Proceeds are for general corporate purposes.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Trigger PLUS notes linked to the EURO STOXX 50® Index maturing on July 6, 2032. Each Trigger PLUS has a $1,000 stated principal, an issue price of $1,000, and an estimated value on the pricing date of $943.20. The notes provide leveraged upside equal to a 195.29% leverage factor on any index appreciation but expose holders to principal loss if the final index value is below a trigger level set at 75% of the initial index value. If the final index value is below the trigger level, holders incur a proportional loss (1% loss of principal per 1% index decline), potentially losing the entire investment. Payments are unsecured obligations of MSFL and are subject to Morgan Stanley's credit risk; the securities will not be listed and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due June 30, 2031, linked to the EURO STOXX 50® Index. The securities have a stated principal amount of $1,000 per security, do not pay interest and are fully guaranteed by Morgan Stanley. At maturity the payoff depends on the final index level versus the initial level and a 15% buffer: gains above the initial level receive a leveraged upside (leverage factor determined on the pricing date, indicated between 153% and 168%); declines that remain within the buffer deliver a capped positive absolute-return participation (capped effectively at 15%); declines beyond the buffer produce proportional principal loss, subject to a 15% minimum payment. The estimated value on the pricing date was approximately $932.60 per security. All payments are subject to Morgan Stanley’s credit risk; purchasers bear issuance, selling and hedging costs embedded in the issue price.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS securities due June 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000 and have a stated principal amount of $1,000 per security.
The securities provide leveraged upside if the worst performing underlier finishes above its initial level, absolute return participation (operative within the buffer range), and a 20% buffer with a 20% minimum payment at maturity. The leverage factor will be set on the pricing date between 138% and 153%. The document shows an estimated value on the pricing date of approximately $933.40 per security and highlights credit, liquidity and tax uncertainties.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS securities due June 28, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays at maturity based on the performance of the worst performing of the Nasdaq-100 Index® and the Russell 2000® Index.
Payments at maturity vary by outcome: investors can receive the stated principal plus a leveraged upside (leverage factor set between 121% and 136%), a capped positive absolute-return payment when declines remain above the 70% downside thresholds, or suffer principal loss 1:1 if either underlier is below its downside threshold on the observation date. The estimated value on the pricing date is approximately $941.00 per security.
Morgan Stanley Finance LLC is offering principal-at-risk auto-callable securities linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $967.40, a pricing and strike date of June 30, 2026, original issue date of July 6, 2026 and a maturity date of January 4, 2028.
The notes pay a contingent coupon (annual rate set on the pricing date, disclosed range 11.75% to 12.75%) only if each underlier is at or above its coupon barrier (80% of initial level) on an observation date. The securities are automatically redeemed if each underlier meets its call threshold (100% of initial level) on a redemption determination date, and otherwise at maturity investors receive principal only if each underlier is at or above its downside threshold (70% of initial level); if any underlier is below that threshold, payment equals the stated principal multiplied by the worst performing underlier’s performance factor. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering contingent-income auto-callable notes due July 6, 2029 with a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon (annual rate set on the pricing date between 11.25% and 12.25%) only if each underlier closes at or above its coupon barrier on observation dates. The notes are linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50® and Russell 2000®. Automatic early redemption may occur on specified dates if each underlier is at or above its 100% call threshold; otherwise, at maturity investors receive principal only if all underliers are at or above their 70% downside thresholds, otherwise the payment equals the stated principal times the performance factor of the worst performing underlier, potentially resulting in substantial principal loss.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due June 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and returns are linked to the worst performing of three indices: the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®. If the worst performing underlier finishes at or above its initial level, holders receive principal plus the greater of the underlier percent change or an $645–$695 upside payment. If the worst performing underlier finishes below a 70% downside threshold, holders lose 1% for each 1% decline in that underlier and could lose their entire principal. The observation date is June 25, 2031 (subject to postponement for non-trading days and certain market disruption events).
The issuer estimates the value on the pricing date at approximately $938.30 per security; the original issue price is $1,000, which includes issuance, structuring and hedging costs borne by investors. All payments are subject to Morgan Stanley's credit risk; MS & Co. is the calculation agent and agent for distribution.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to the S&P 500® Futures Excess Return Index with maturity on June 30, 2031. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $937.50.
Payments at maturity vary by index performance: investors receive the stated principal plus the greater of the underlier percent change or an upside payment ($520–$540 per security) if the final level is at or above the initial level; a capped positive return (up to 30%) if the final level is below the initial level but at or above a 70% downside threshold; and a pro rata loss of principal if the final level is below the downside threshold, with no minimum payment. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Dual Directional Trigger PLUS principal-at-risk securities linked to the S&P 500® Futures Excess Return Index, with a $1,000 stated principal amount per security and maturity on July 3, 2031. The securities pay no interest and expose investors to full credit risk of Morgan Stanley and to market risk of the underlier. At maturity the payout follows three outcomes: (1) if the final level > initial level, investors receive principal plus a leveraged upside (leverage factor set on the pricing date, indicated between 188% and 203%); (2) if the final level is ≤ initial but ≥ a downside threshold (60% of initial level), investors receive principal plus a positive return based on the 50% absolute return participation rate (capped effectively at 20% in examples); (3) if the final level < downside threshold, investors suffer pro rata loss of principal (1% principal loss per 1% index decline) and could lose the entire investment. The estimated value on the pricing date was approximately $959.50 per security; the issue price is $1,000, which includes issuance, structuring and hedging costs.
The preliminary pricing supplement offers Trigger Autocallable GEARS issued by Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, linked to the EURO STOXX 50® Index. Each Security has an issue price of $10.00, a 5-year term (Trade Date June 12, 2026, Maturity Date June 16, 2031) and is automatically called if the Observation Date Closing Level on June 21, 2027 is at or above the Autocall Barrier (100% of the Initial Level).
If called, investors receive the principal plus a fixed Call Return (an annual Call Return Rate of 18.00%, Call Price $11.80 per $10). If not called, payoff at maturity depends on the Final Level relative to the Initial Level and the Downside Threshold (75% of Initial Level) and may result in partial or total loss of principal; an Upside Gearing between 1.60 and 1.80 applies to positive Underlying Returns. All payments are subject to MSFL's and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due March 2, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The notes pay a contingent coupon at an annual rate of 12.80% only if the basket closing level on each observation date is greater than or equal to the coupon barrier level (70% of initial level). The notes are automatically redeemed early if the basket closing level on any redemption determination date is greater than or equal to the call threshold (90% of initial level), in which case holders receive principal plus the contingent coupon for that period. If not auto‑redeemed, repayment at maturity depends on the final level: full principal if the final level is at least the downside threshold (60% of initial level); otherwise principal is multiplied by the performance factor (final level/initial level), which can result in substantial loss or complete loss of principal. Key dates: strike date May 29, 2026, pricing date June 8, 2026, original issue date June 10, 2026, final observation date February 29, 2028. The issuer’s estimated value on the pricing date is approximately $949.70 per security; all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security and a maturity of June 28, 2030. The securities pay no interest and provide a fixed upside payment of $336.50 to $356.50 per security if the final level is at or above a downside threshold equal to 70% of the initial level. If the final level is below that threshold, holders suffer losses pro rata to the index decline; there is no minimum payment and principal could be lost. The estimated value on the pricing date is approximately $944.30 per security. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the credit risk of both entities.
Morgan Stanley Finance LLC offers Principal-at-Risk contingent income auto-callable securities linked to the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500® indices. The securities have a stated principal amount of $1,000 per security, pay a contingent coupon (annual rate to be set on the pricing date, indicated between 11.50% and 12.50%), and may be automatically redeemed on scheduled redemption dates if all underliers meet call thresholds. If not redeemed, maturity payoff returns principal only if each underlier is at or above its downside threshold (70% of initial level); otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, resulting in potential loss of principal down to zero. All payments are subject to MSFL's credit risk and guaranteed by Morgan Stanley. The pricing date and strike date are June 30, 2026, original issue date July 6, 2026, final observation date July 2, 2029 and maturity July 6, 2029. The document states an estimated value on the pricing date of approximately $971.60 per security.
Morgan Stanley Finance LLC is offering market-linked notes due March 30, 2028 linked to the Morgan Stanley Amplitude Index. Each note has a stated principal amount of $1,000 and will pay no interest; at maturity investors receive the stated principal plus an upside payment if the Index appreciates. The upside payment equals the stated principal amount × the participation rate × the underlier percent change; the participation rate will be set on the pricing date and is disclosed as 200% to 210%. The pricing and strike dates are June 25, 2026, original issue date June 30, 2026, observation date March 27, 2028 and maturity on March 30, 2028. The issuer’s estimated value on the pricing date is $945.40 per note (approximate). All payments are subject to the credit risk of Morgan Stanley and Morgan Stanley Finance LLC; the notes are unsecured, unlisted and involve fees and embedded index costs including a 0.65% per annum deduction from the Index level.
Morgan Stanley Finance LLC is offering Market-Linked Notes due December 31, 2030, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a stated principal amount of $1,000, a 100% participation rate and pays no interest. If the final level on the observation date is greater than the initial level, investors receive principal plus the upside payment; if equal to or less, investors receive only the stated principal amount at maturity. The issue price is $1,000 per note and the issuer’s estimated value on the pricing date is approximately $933.30 per note. The notes are unsecured, not listed, subject to Morgan Stanley credit risk, and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount, a strike date of June 30, 2026, and matures on July 3, 2031. The securities pay a contingent coupon (annual rate to be set on the pricing date, described as 11.50% to 12.50% range in the supplement) only if the underlier is at or above the coupon barrier on observation dates and may be automatically redeemed early if the underlier meets the call threshold on a redemption determination date. At maturity, if not auto-redeemed and the final level is below the downside threshold (stated as 50% of the initial level), investors suffer proportional principal loss (payment = stated principal × final level/initial level). All payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date was about $920.90 per security.
Morgan Stanley Finance LLC is offering Principal at Risk securities due June 29, 2028, 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 $956.00. The securities pay no interest and provide a fixed upside payment of $270 to $320 (27%–32% of principal) if the worst performing underlier finishes at or above its initial level. The underliers are the Russell 2000® Index and the S&P 500® Index; the observation date is June 26, 2028. A downside threshold of 80% of initial level applies: if the worst performing underlier finishes below that threshold, the payment equals principal multiplied by the worst performing underlier’s performance factor and could be significantly less than principal, possibly zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Trigger PLUS notes due June 15, 2029, linked to the worst performing of the iShares Expanded Tech-Software Sector ETF and the Nasdaq-100 Index and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a leverage factor of 182% for upside payoff. At maturity the payout depends on the worst performing underlier on the observation date: full leveraged upside if both underliers finish above their initial levels; return of principal if the worst underlier finishes between its initial level and a 70% downside threshold; or a proportional loss of principal if the worst underlier finishes below its 70% threshold, with no minimum payment. The preliminary estimated value on the pricing date is approximately $979.80 per security. All payments are subject to issuer and guarantor credit risk.