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 unsecured, non‑interest‑paying Structured Jump Notes due July 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes reference the Morgan Stanley Amplitude Index and include an automatic early redemption feature beginning with the first determination date on June 30, 2027. The call threshold is 100.50% of the initial level; the participation rate is 100%. If not called, a positive final level above the initial level yields principal plus upside equal to the index percent change; if the final level is equal to or below the initial level, holders receive only stated principal. The pricing date and strike date are June 30, 2026, original issue date July 6, 2026. Estimated value on the pricing date is approximately $946.60 per note. All payments are subject to issuer and guarantor credit risk. The Morgan Stanley Amplitude Index charges a daily fee equivalent to 0.65% per annum and historically averaged approximately 1.4% per annum in total fees based on back‑tested data.
Morgan Stanley Finance LLC is offering Trigger PLUS notes 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 $950.70.
At maturity the payment depends on the performance of the worst performing underlier (the Russell 2000® and the S&P 500®): if both final levels are above their initial levels investors receive principal plus a leveraged upside (leverage factor to be set between 130% and 135%); if the worst performing underlier is at or above its downside threshold (75% of initial level) investors receive only principal; if the worst performing underlier is below its downside threshold investors suffer a proportional loss of principal (1% loss per 1% decline), with no minimum payment. The securities pay no interest and expose holders to issuer credit risk and limited secondary-market liquidity.
The pricing supplement describes Morgan Stanley Finance LLC offering Trigger PLUS principal-at-risk notes due June 30, 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 $1,000. At maturity the payoff depends solely on the closing levels on the observation date: investors receive the principal plus a leveraged upside if both underliers finish above their initial levels; receive only principal if the worst performing underlier finishes at or below its initial level but at or above its downside threshold (70% of initial); or suffer proportional losses to the worst performing underlier if that underlier finishes below the downside threshold (potentially down to zero). The final leverage factor will be set on the pricing date (stated range 125% to 130%). All payments are subject to issuer and guarantor credit risk and the document notes an estimated value on the pricing date of approximately $938.80 per security.
Morgan Stanley Finance LLC priced Trigger PLUS notes due June 30, 2031, unsecured obligations of MSFL fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and links to the worst performing of the Dow Jones Industrial Average and the S&P 500.
At maturity the payoff depends on the worst performing underlier: if both final levels exceed their initial levels, holders receive principal plus a leveraged upside; if the worst performing underlier falls below its downside threshold (70% of its initial level), principal is reduced 1% for each 1% decline. The preliminary document shows a leverage factor of at least 127%, an estimated value on the pricing date of approximately $948.70 per security, and key dates including strike/pricing on June 25, 2026 and maturity on June 30, 2031.
Morgan Stanley Finance LLC is offering market-linked notes due June 30, 2031, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $938.70. At maturity, if the final level exceeds the initial level, holders receive the stated principal plus an upside payment equal to the stated principal multiplied by the participation rate and the underlier percent change; otherwise, holders receive only the stated principal. The participation rate will be set on the pricing date within the disclosed range of 123.25% to 128.25%. The notes do not pay periodic interest, are unsecured obligations of MSFL, and are subject to Morgan Stanley credit risk. The notes will not be listed on an exchange and secondary market liquidity may be limited.
The pricing supplement offers market-linked notes issued by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial and the S&P 500®. Each note has a $1,000 stated principal amount and matures on June 28, 2030. Investors receive the stated principal at maturity if the final level of either underlier is equal to or below its initial level; if the worst performing underlier appreciates, investors receive the stated principal plus a payment equal to the 100% participation rate times that appreciation, capped by a maximum payment at maturity of $1,350 to $1,400 per note. The estimated value on the pricing date is approximately $950 per note. All payments are subject to Morgan Stanley's credit risk. Terms include a strike/pricing date of June 25, 2026 and an observation date of June 25, 2030.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 6, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each Trigger PLUS has a stated principal amount of $1,000 and pays no interest. Investors receive $1,000 + 133% of index appreciation at maturity subject to a maximum payment of at least $1,850. If the final S&P 500® closing value is at or above the trigger level (85% of the initial index value), investors receive at least the stated principal. If the final index value is below the trigger level, payoff equals the stated principal multiplied by the index performance factor and can result in loss of most or all principal (1% loss for each 1% decline). The pricing date is June 16, 2026, original issue date is June 22, 2026, estimated value on the pricing date is approximately $950.70, and the issue price is $1,000 per Trigger PLUS.
Morgan Stanley Finance LLC is offering market-linked notes due June 30, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the EURO STOXX 50® Index. The notes pay no interest and return the stated principal at maturity; if the index closes above the initial level on the observation date, investors receive the stated principal plus an upside payment equal to the stated principal × participation rate × underlier percent change. The participation rate will be set on the pricing date within a range of 115.25% to 125.25%. The original issue price is $1,000 per note and the issuer’s estimated value on the pricing date is approximately $941.80 per note. All payments are subject to the issuer’s credit risk, the notes are unsecured, will not be listed, and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 6, 2029, issued at a stated principal amount of $1,000 per security. The notes pay a contingent coupon (determined on the pricing date) in a range of 7.75%–8.75% per annum and are linked to the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500® indices.
The securities are auto-callable on specified redemption determination dates beginning December 30, 2026, pay coupons only if all underliers meet coupon barrier levels (each set at 60% of initial), and return principal at maturity only if all underliers are at or above their downside threshold levels (each 60% of initial). If the worst performing underlier is below its downside threshold at maturity, payment equals the stated principal multiplied by that underlier’s performance factor, exposing investors to full or substantial principal loss. The document shows an estimated value on the pricing date of approximately $974 per security.
Morgan Stanley Finance LLC priced market-linked notes linked to the S&P 500® Index, due June 28, 2029, issued at a stated principal amount of $1,000 per note. The notes pay no interest and repay the stated principal at maturity if the index is flat or down; if the index is up, holders receive the principal plus an upside payment equal to the index appreciation multiplied by a 100% participation rate, subject to a maximum payment at maturity of $1,192.50 to $1,212.50 per note. The estimated value on the pricing date is approximately $961.90 per note. All payments are unsecured and subject to Morgan Stanley's credit risk; the notes will not be listed on an exchange.
Morgan Stanley Finance LLC and Morgan Stanley propose structured, market-linked notes due June 10, 2030 that pay no periodic interest and return the stated principal plus an upside payment at maturity only if the S&P 500® Futures Excess Return Index (the underlier) closes above the initial level on the observation date.
The notes have a stated principal amount of $1,000 per note, a 100% participation rate in any appreciation, and an estimated value on the pricing date of approximately $952.60 per note. Pricing/strike date is June 5, 2026. All payments are unsecured and subject to Morgan Stanley's credit risk; the notes will not be listed.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable notes 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 $936.90. The notes pay no interest and may be automatically redeemed on the first determination date, July 2, 2027, for an early redemption payment of $1,180 to $1,190 if each underlier meets its call threshold. The securities mature on June 30, 2031. At maturity investors receive (a) principal plus an upside payment if each final level is above initial levels, (b) principal only if final levels are at or above 70% downside thresholds, or (c) a principal loss tied to the worst performing underlier if that underlier falls below its 70% downside threshold. The participation rate for the upside payment is 150%. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured, market-linked notes due July 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are sold at a stated issue price of $1,000 per note with an estimated value on the pricing date of approximately $969.40 per note.
The notes are linked to the EURO STOXX 50® Index with a participation rate to be set on the pricing date in the range 131.25% to 141.25%. At maturity investors receive the stated principal plus an upside payment if the final level exceeds the initial level; otherwise they receive only the stated principal. All payments are subject to the issuer’s credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities linked to Chewy, Inc. class A common stock with a stated principal amount of $1,000 per security. The notes pay a contingent coupon of 23.50% per annum on observation dates if the underlier is at or above a coupon barrier (60% of the initial level). The notes may be automatically redeemed early if the underlier meets the call threshold (100% of the initial level) on specified redemption determination dates. At maturity, if not called and the final level is below the downside threshold (60% of the initial level), investors bear loss proportional to the decline in the underlier; all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes fully guaranteed by Morgan Stanley with a stated principal amount of $1,000 per security and a maturity date of July 3, 2031. The notes reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index and feature automatic early redemption opportunities beginning with an initial determination date of July 7, 2027.
The securities pay no interest, do not participate in upside beyond fixed early redemption or maturity payments, and include a downside threshold equal to 60% of the initial level; if the final level is below that threshold investors incur a proportional loss, potentially to zero. The index includes a 4% per annum daily decrement and uses intraday rebalancing and volatility targeting. All payments are subject to Morgan Stanley’s credit risk and the offering price includes issuance, sales, structuring and hedging costs; the estimated value on the pricing date is approximately $928.80 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due June 28, 2029, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and an automatic early redemption feature tied to the Russell 2000® and S&P 500® indices.
If both underliers meet their call thresholds on the first determination date (July 2, 2027), the notes will auto‑redeem for an early redemption payment (approximately $1,127.50 to $1,137.50 per security). If not redeemed, maturity payment depends on the worst performing underlier: investors receive principal plus an upside payment (participation rate 150%) if both finish above their initial levels; they receive only principal if final levels remain above downside thresholds (70% of initial); if the worst performing underlier finishes below its downside threshold, repayment falls pro rata and could be zero. All payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $954.40 per security.
Morgan Stanley Finance LLC offers Trigger PLUS notes due June 30, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. The notes provide a leveraged upside tied to the S&P 500® Futures Excess Return Index and do not pay interest or guarantee principal.
Per-security economics: $1,000 stated principal, an estimated value on the pricing date of approximately $929.60, a leverage factor to be set between 200% and 205%, a downside threshold at 70% of the initial level and maturity on June 30, 2031. Investors face full credit risk of Morgan Stanley and may lose some or all principal if the final index level is below the downside threshold. Timing and final numeric terms (exact leverage factor, aggregate issuance, dealer commissions) will be set on the pricing date.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities with Downside Factor due July 2, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.
At maturity the securities pay a fixed $90.50 upside payment if the final level is greater than or equal to the buffer level (90% of the initial level). If the final level is below the buffer level, investors incur a loss equal to the underlier percent decline beyond the 10% buffer multiplied by a 1.1111 downside factor, which can result in loss of principal including the possibility of receiving zero. The estimated value on the pricing date was approximately $985.40 per security; secondary market prices may differ and all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk securities linked to the EURO STOXX 50® Index with a stated principal amount of $1,000 per security. The pricing date is June 1, 2026, original issue date June 4, 2026, and maturity is June 16, 2027.
The securities pay a fixed $100 upside payment (a 10% return) if the final level is greater than or equal to the buffer level. The initial level is 6,050.54 (closing level on May 29, 2026) and the buffer level is 5,445.486 (90% of the initial level). If the final level is below the buffer, investors lose 1.1111% of principal for every 1% decline beyond the 10% buffer; there is no minimum payment and investors could lose their entire investment. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a contingent income, principal‑at‑risk note due June 9, 2031 that is fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an illustrative estimated value on the pricing date of approximately $907.70.
The notes pay a contingent coupon at an annual rate of 12.00% on scheduled coupon dates only if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index is at or above a coupon barrier (set at 70% of the initial level). The notes can auto‑redeem on various redemption determination dates for the stated principal plus any payable coupons. At maturity, if the final level is below the downside threshold (set at 60% of the initial level), payment equals principal × (final level / initial level), exposing investors to full downside loss. All payments are subject to the credit risk of Morgan Stanley.
Morgan Stanley Finance LLC priced a set of structured, principal-at-risk notes due June 16, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
Payment at maturity depends on the S&P 500® Index closing level on the observation date June 11, 2027. If the final level is at or above the downside threshold (6,064.048, equal to 80% of the initial level), holders receive the stated principal plus a fixed upside payment of $83.40 (an 8.34% return). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the index performance factor and could be significantly less than principal, including zero.
Morgan Stanley Finance LLC offers Auto-Callable Trigger PLUS securities due July 6, 2028 linked to the Russell 2000® Index with a stated principal of $1,000 per security. The securities pay no regular interest, are fully guaranteed by Morgan Stanley, and may be automatically redeemed on the first determination date (6/24/2027) for an early redemption payment of $1,132.00 per security if the index closes at or above the initial index value on that date.
If not redeemed, at maturity investors receive either (a) $1,000 + 125% of upside if the final index value is above the initial index value, (b) $1,000 if the final index value is between the downside threshold (80% of the initial index value) and the initial index value, or (c) $1,000 × (final/initial) if the final index value is below the downside threshold, which could result in losing most or all principal. The document states an estimated value on the pricing date of approximately $962.50.
Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 3, 2030, linked to the Tokyo Stock Price Index. Each note has a $1,000 stated principal amount, a 146.48% leverage factor for upside and a trigger level equal to 90% of the initial index value. If the final index value on the valuation date (scheduled June 28, 2030) is above the initial value, investors receive $1,000 plus 146.48% of the index percent increase. If the final value is between the trigger level and the initial value, investors receive $1,000. If the final value is below the trigger level, payments fall proportionally and could be less than 90% of principal or zero. Pricing date was June 16, 2026, original issue date June 22, 2026. The estimated value on the pricing date was approximately $933.20. The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Structured Investments Step-Up Jump Notes with an Auto-Callable Feature due June 9, 2033, fully guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note, an estimated value on the pricing date of approximately $898.30, and a first determination date of June 4, 2027. On each annual determination date the notes will auto‑redeem if the underlier (the Morgan Stanley Amplitude Index) closes at or above a call threshold, paying fixed early redemption amounts (for example, $1,151.50 on the first early redemption). If not called, a payment at maturity equal to a fixed positive return may be made only if the final level meets the then-applicable call threshold; otherwise holders receive only the stated principal. All payments are subject to the issuer’s and guarantor’s credit risk.
The Issuer is offering leveraged buffered MSCI EAFE® index-linked notes with a Face Amount of $1,000 per note. The notes pay no interest, provide 160% Upside Participation (subject to a Cap Level to be set on the Trade Date) and a 15.00% buffer. The estimated value on the Trade Date is approximately $991.50 per note. The Determination Date and Stated Maturity Date will be set on the Trade Date; the term is expected to be between 25 and 28 months after the Trade Date. The Cash Settlement Amount at maturity depends on the Final Underlier Level relative to the Initial Underlier Level and may be limited by a Maximum Settlement Amount (expected between $1,269.76 and $1,317.28 per $1,000 Face Amount). These notes are unsecured obligations of Morgan Stanley Finance LLC and are fully and unconditionally guaranteed by Morgan Stanley; payments are subject to the issuer’s credit risk and you could lose some or all of your investment.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Trigger Autocallable GEARS linked to the Russell 2000 Index with a $10.00 Issue Price per Security and a minimum investment of 100 Securities. The securities pay no interest, can be automatically called on the Observation Date of June 21, 2027 for a fixed Call Price (12.00% annual Call Return, or $11.20 per $10 if called), and mature on June 16, 2031. If not called, a positive Underlying Return is multiplied by an Upside Gearing (1.50 to 1.70) to determine the payment at maturity; if the Final Level is below the Downside Threshold (75% of the Initial Level), holders can lose a significant portion or all of principal. All payments are subject to Morgan Stanley's credit risk and Calculation Agent discretion.
Morgan Stanley Finance LLC is offering Airbag In‑Digital Securities linked to a weighted basket of international indices, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $10 issue price and a trade date of June 2, 2026 with maturity on July 8, 2027.
The securities pay a fixed Digital Return (between 8.30% and 10.30%, set on the Trade Date) at maturity only if the Final Basket Level is greater than or equal to the Digital Barrier/Downside Threshold (90% of the Initial Basket Level). If the Final Basket Level is below that threshold, payment at maturity is reduced by 1.111% of principal for each 1% the Basket declines beyond the 10% Threshold Percentage; investors may lose some or all principal. The estimated value on the Trade Date is approximately $9.763 per security.
Morgan Stanley Finance LLC offers Airbag In-Digital Securities linked to the S&P 500® Index. The securities have an Issue Price of $10.00, an expected term of ~13 months (Trade Date June 1, 2026; Maturity July 7, 2027), and a predetermined Digital Return of between 8.00% and 10.00% to be set on the Trade Date. The Digital Barrier and Downside Threshold equal 90% of the Initial Underlying Level; the Threshold Percentage is 10% and Downside Gearing is 1.111. If the Final Underlying Level is at or above the Digital Barrier, holders receive $10 plus the Digital Return at maturity. If the Final Underlying Level is below the Downside Threshold, holders suffer a principal loss of 1.111% for each 1% the Underlying declines beyond the 10% threshold. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Market Linked Securities—auto-callable notes linked to the Class B common stock of NIKE, Inc. Each security has a face amount of $1,000, a pricing date of June 5, 2026, and matures on June 15, 2027.
The notes pay a contingent coupon at a rate to be determined on the pricing date that will be at least 13.35% per annum, pay contingent coupons monthly only if the stock closing price on monthly calculation days meets or exceeds a coupon threshold equal to 60% of the starting price, and carry downside principal risk if the ending price is below the downside threshold (also 60% of the starting price).
Morgan Stanley Finance LLC is offering market-linked notes due June 28, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, will pay no periodic interest and will pay at maturity either the stated principal amount or the stated principal amount plus an upside payment if the underlier appreciates.
The notes reference the S&P 500® Futures Excess Return Index with a strike date and pricing date of June 25, 2026 and an observation date of June 25, 2030 (subject to postponement for non-trading days and certain market disruption events). The upside payment equals the stated principal amount multiplied by a participation rate (priced between 106.50% and 111.50%) and the underlier percent change. All payments are subject to the issuer’s credit risk, the notes are unsecured and will not be listed.
Morgan Stanley Finance LLC priced Principal at Risk Buffered Jump Securities with an Auto-Callable feature linked to the worst performing of the NDXT, RTY and SPX indices. The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security with an estimated value of approximately $950.80 on the pricing date. The notes may be automatically redeemed on the first determination date, July 2, 2027, for an early redemption payment in the range of $1,127.50 to $1,137.50 per security. If not auto-redeemed, final payout at maturity on June 28, 2029 depends on the worst performing underlier, a 20% buffer and a 150% participation rate, subject to a 20% minimum payment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced structured notes — auto-callable, principal-at-risk securities linked to the EURO STOXX 50®, Russell 2000® and S&P 500® with a $1,000 stated principal amount per security. The notes mature on June 30, 2031 and pay at maturity based on the worst performing underlier; participation rate is 150%. If each underlier meets the call threshold on the first determination date, the notes will be automatically redeemed on July 8, 2027 for an early redemption payment of approximately $1,272.50–$1,282.50 per security. Estimated value on the pricing date is about $945.10 per security. These are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley priced a series of Fixed Rate Notes that pay interest at 4.25% per annum and mature on August 4, 2027. Each note has a stated principal and issue price of $1,000 and an estimated value on the pricing date of approximately $997.50. Interest will accrue from the original issue date of June 4, 2026 and be payable on August 4, 2027. All payments are subject to Morgan Stanley’s credit risk, the notes will not be listed, and trades may be limited. The proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk securities linked to the lowest performing of Caterpillar, Costco and Starbucks with a face amount of $1,000 per security. The securities mature on June 15, 2028 and provide a contingent fixed return of at least 28.30% (approximately $283 per face amount) if the lowest performing underlying stock finishes at or above its 70% threshold. If the lowest performing underlying stock finishes below its threshold, investors bear 1‑to‑1 downside beyond a 30% buffer and may lose up to 70% of principal. The estimated value on the pricing date is approximately $957.40 per security; public price is $1,000 with agent commissions of $25.75.
Morgan Stanley Finance LLC (MS) offers Digital S&P 500® Index-Linked Notes (Face Amount $1,000 per note) due in approximately 13–15 months, fully and unconditionally guaranteed by Morgan Stanley. Payment at maturity is linked to the S&P 500® Index: if the Final Underlier Level is ≥80% of the Initial Underlier Level, investors receive a capped Maximum Settlement Amount (expected to be $1,081.00–$1,095.00 per $1,000 face amount). If the Final Underlier Level is <80% of the Initial Underlier Level, the cash payment equals $1,000 plus $1,000×Underlier Return, exposing investors to the full percentage decline and possible loss of the entire investment.
The Original Issue Price is $1,000; the issuer estimates a Trade Date value of approximately $985.80 per note. The notes pay no interest, are unsecured, will not be listed, and are subject to issuer credit risk, hedging activity by affiliates, and potential market disruption postponements. Threshold Level, Maximum Settlement Amount, Initial Underlier Level, Determination Date and Stated Maturity Date will be set on the Trade Date; trading may be limited and the secondary market price may differ materially from estimated value.
Morgan Stanley Finance LLC is offering Digital S&P 500® Index-Linked Notes due (expected ~14–16 months after the trade date) that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and an estimated Trade Date value of $983.90.
The Cash Settlement Amount at maturity is tied to the S&P 500® Index performance from the Trade Date to the Determination Date. If the Final Underlier Level is ≥ 90% of the Initial Underlier Level, holders receive a capped Maximum Settlement Amount (expected between $1,094.00 and $1,110.30 per $1,000). If the Final Underlier Level is 90%, principal is exposed to losses—potentially total loss. Payments are subject to issuer credit risk and the Calculation Agent (MS & Co.) exercises discretion for certain determinations.
Morgan Stanley Finance LLC is offering market-linked notes due July 5, 2030 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and returns at maturity are based on the worst performing of the EURO STOXX 50® and Russell 2000® indices.
If the final level of the worst performing underlier is greater than its initial level, holders receive the stated principal plus an upside payment = principal × participation rate × underlier percent change. The participation rate will be determined on the pricing date and is stated as 136% to 141%. If the final level of either underlier is equal to or less than its initial level, holders receive only the stated principal amount. All payments are subject to Morgan Stanley's credit risk; the notes pay no interest and will not be listed on any exchange.
Morgan Stanley Finance LLC is offering market-linked notes due July 6, 2029, linked to the S&P 500® Index. Each note has a $1,000 stated principal amount, a 100% participation rate in upside and a maximum payment at maturity set between $1,227.50 and $1,247.50 per note, with payment determined by the closing level on the observation date July 2, 2029. The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. The estimated value on the pricing date is approximately $974.50 per note and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk, auto-callable notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The notes have a $1,000 stated principal amount, a pricing/strike date of June 30, 2026, a final observation date of June 30, 2031, and maturity on July 3, 2031.
They pay a contingent coupon (annual rate to be set on the pricing date, stated between 12.50% and 13.50%) only if the underlier meets the coupon barrier on observation dates, include automatic early redemption if the index equals or exceeds the call threshold, and expose investors to full downside (performance factor) if the final level is below the downside threshold (both barriers set at 60% for coupon/downside and 100% for the call threshold in the illustrative terms). The estimated value at pricing was approximately $933.60 per security.
Morgan Stanley Finance LLC is offering Principal at Risk notes due July 3, 2031, fully guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate to be set on the pricing date (stated range 14.50%–15.50%) 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 (4% per annum decrement). Key thresholds: coupon barrier = 70% of the initial level; downside threshold = 60% of the initial level. If not redeemed early and the final level is below the downside threshold, investors incur losses proportionate to the underlier’s decline. Estimated value on the pricing date is approximately $924.20 per security; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due June 30, 2031, fully guaranteed by Morgan Stanley, that pay no interest and provide potential upside tied to the EURO STOXX 50® Index. Each note has a $1,000 stated principal amount and a 110% participation rate; investors receive principal at maturity and, if the index final level exceeds the initial level, an upside payment equal to stated principal × participation rate × index percent change. The pricing date and strike date are June 25, 2026. The issuer’s estimated value on the pricing date is approximately $938.60 per note; all payments remain subject to Morgan Stanley’s credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC offers auto‑callable, principal‑at‑risk market‑linked securities with a face amount of $1,000 per security under a preliminary pricing supplement. The securities are linked to the lowest performing of the Nasdaq‑100, S&P 500 and Russell 2000, mature on July 6, 2029, and include an automatic call feature on July 6, 2027 with a call payment of $1,120 (a 12.00% call premium). The estimated value on the pricing date is approximately $958.20, or within $45.00 of that estimate. Payments depend on the performance of the lowest performing underlying, the contingent minimum return (at least 50% of face amount to be set on the pricing date) and are subject to the issuer's credit risk and the calculation agent's determinations.
Morgan Stanley Finance LLC offers market-linked, principal-at-risk securities due June 16, 2027 linked to the lowest performing of Apple, Dell and Tesla.
Each security has a face amount of $1,000, an estimated value on the pricing date of $960.30 (±$35.00) and a contingent fixed return of at least 25.10% (approximately $251 per face amount). At maturity investors receive the face amount plus the contingent fixed return if the lowest performing underlying stock finishes at or above 70% of its starting price; otherwise repayment is reduced 1-for-1 for losses beyond a 30% buffer, meaning investors may lose up to 70% of face amount.
Morgan Stanley Finance LLC offers Principal at Risk market‑linked securities linked to the common stock of Blackstone Inc., with a face amount of $1,000 per security and a pricing date of June 5, 2026. The securities are auto‑callable after a ~3‑month non‑call period and mature on June 15, 2027, subject to postponement. Investors may receive contingent monthly coupons only if the stock closing price on each monthly calculation day meets or exceeds a coupon threshold equal to 70% of the starting price; the contingent coupon rate will be set on the pricing date and will be at least 16.20% per annum. If not called, principal at maturity equals $1,000 if the ending price is at or above the downside threshold (70% of the starting price); if below, the maturity payment equals $1,000 × (ending price / starting price), exposing investors to more than a 30% loss and possibly total loss. The preliminary estimated value on the pricing date is approximately $964.60 per security, within $35.00 of that estimate. All payments are subject to Morgan Stanley’s credit risk; these securities are not equivalent to owning Blackstone stock, do not pay regular interest, and may have limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due July 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and returns tied to the worst performing of the Russell 2000® and S&P 500® indices.
At maturity investors receive: principal plus a 126% leveraged upside if the worst performing underlier is above its initial level; principal only if the worst underlier is between its initial level and an 80% buffer level; or a loss equal to the full decline beyond the 20% buffer (subject to a 20% minimum payment). All payments are subject to issuer credit risk and the estimated value on pricing date is approximately $961.20 per security.
Morgan Stanley Finance LLC is offering $500,000 aggregate principal of Structured Investments — Enhanced Buffered Jump Securities due August 31, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal-at-risk notes linked to the State Street® Technology Select Sector SPDR® ETF (XLK).
Each security has a stated principal amount of $1,000, an upside payment of $123 per security (12.30%) if the final level is at or above the buffer, and a buffer equal to 20% of the initial level. If the final level is below the buffer level, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. The estimated value on the pricing date was $991.00 per security and the issue price is $1,000 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk Trigger Participation Securities linked to the worst performing of the Nasdaq-100 and S&P 500. Each security has a $1,000 stated principal amount, 100% participation (subject to a $1,490 maximum) and matures on December 9, 2027. If the worst performing underlier is below its 70% downside threshold on the observation date, investors lose principal proportionately (1% loss for each 1% decline). The estimated value on the pricing date was approximately $977.80 per security; the issue price is $1,000. All payments are subject to Morgan Stanley’s credit risk and terms in the accompanying supplements.
Morgan Stanley Finance LLC is offering structured, principal-at-risk Dual Directional Jump Securities tied to the common stock of Micron Technology, Inc. Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.
The securities feature automatic early redemption beginning on June 22, 2027 if the underlier's closing level is at or above a call threshold equal to 70% of the initial level. A downside threshold is set at 50% of the initial level; payments at maturity vary by final level, including possible full loss of principal if the final level is below that downside threshold. The securities do not pay interest, do not participate in any upside appreciation of the underlier, and all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, contingent income auto-callable securities linked to the common stock of Cleveland-Cliffs Inc. The securities have a $1,000 stated principal per security, pay contingent coupons only if observation-date levels meet a coupon barrier, and can be automatically redeemed early if call thresholds are met.
Coupons are contingent (annual rate set on pricing date, indicated between 22.50% and 23.50% in this supplement), investors bear full downside if the final level is below a 50% downside threshold, and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a preliminary offering of callable, principal-at-risk notes due June 8, 2029 linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF. The securities pay a contingent coupon of 12.55% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (70% of each initial level) on the related observation date. The notes are callable beginning December 10, 2026 if a risk neutral valuation model indicates economic rationality to the issuer; redemptions are in whole only.
If not redeemed, at maturity investors receive the stated principal ($1,000) only if each underlier’s final level is at or above its downside threshold (70% of initial). If any underlier is below that threshold, the maturity payment equals $1,000 multiplied by the performance factor of the worst performing underlier (i.e., full loss proportional to the worst underlier), so principal can be significantly reduced or zero. All payments are unsecured and subject to Morgan Stanley’s credit risk. The pricing-date estimated value was approximately $981.20 per security.