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 due June 16, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 issue price, an estimated value of approximately $955.80 on the pricing date, and an upside payment of $200 per security.
At maturity investors receive either principal plus the greater of the upside payment or a cash amount tied to the S&P 500® percent change (capped at $1,850), provided the final level is at or above a downside threshold equal to 80% of the initial level. If the final level is below that threshold, investors lose 1% of principal for each 1% decline in the index and could lose their entire investment. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC is offering $569,000 aggregate principal amount of Principal at Risk structured notes due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley.
The notes have a stated principal amount of $1,000 per security, an issue price of $1,000 and an estimated value on the pricing date of $975.30. They pay a contingent annual coupon of 12.45% only when, on each observation date, the closing level of each of three underliers (EURO STOXX 50®, iShares Expanded Tech-Software ETF, State Street Energy Select Sector SPDR ETF) is at or above its coupon barrier (65% of initial level). The notes are auto-callable on specified redemption determination dates if each underlier is at or above its call threshold (100% of initial level). If not auto‑redeemed, maturity payout returns the stated principal if every underlier is at or above its downside threshold (65%); otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which may result in a significant loss of principal, including zero. All payments are subject to Morgan Stanley’s credit risk.
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 of December 30, 2027, fully and unconditionally guaranteed by Morgan Stanley.
The notes feature a 15% buffer (buffer level = 85% of initial level), 100% upside and absolute return participation rates, a capped maximum upside payment of $1,151.50 per security (115.15% of principal), an estimated value on the pricing date of approximately $982.90 per security, and a minimum payment at maturity of 15% of the stated principal amount. Payments are based on the closing level of the underlier on the observation date and are subject to issuer credit risk and the other conditions described herein.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due June 10, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000 per security. The securities are linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 and the S&P 500. The securities can be automatically redeemed on specified determination dates for fixed early redemption payments (ranging from $1,090.00 to $1,427.50 per security). At maturity investors may receive $1,450.00 if all underliers meet call thresholds, the stated principal if underliers remain above their downside thresholds, or a reduced payment tied to the worst performing underlier (potentially zero) if downside thresholds are breached.
Investors bear full principal risk, credit risk of MSFL/Morgan Stanley, and will not participate in upside beyond the fixed payoffs.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced contingent income, memory auto-callable notes due June 8, 2029 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $984.10.
The notes pay a contingent coupon at an annual rate of 9.20% on scheduled coupon dates only if each underlier meets its coupon barrier (80% of initial level) on the observation date, and may be automatically redeemed on specified determination dates if all underliers meet their 100% call thresholds. At maturity, if any underlier is below its downside threshold (60% of initial level), the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to potential loss of principal.
Morgan Stanley Finance LLC priced contingent-income, auto-callable principal-at-risk securities due June 26, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a contingent coupon at an annual rate of 13.00%, an estimated value on the pricing date of approximately $929.70, and observation/final observation mechanics tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Coupons are paid only if the underlier meets a 60% coupon barrier on observation dates; automatic early redemption occurs if the underlier is at or above a 100% call threshold on redemption determination dates. If not auto-redeemed, maturity payoff returns principal only if the final level is at or above a 60% downside threshold; otherwise investors bear losses proportional to the underlier’s decline. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 10, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and pays a contingent coupon at 13.15% per annum on specified observation dates if the underlier meets the coupon barrier. The notes are automatically redeemable on specified redemption dates if the underlier is at or above the call threshold and expose holders to full downside below a 60% downside threshold, with principal losses pro rata to the underlier’s decline. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was approximately $957.00.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due June 15, 2029, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each security has a stated principal amount of $1,000 and an illustrative leverage factor of 114%. At maturity the payout is determined solely by the worst performing underlier on the observation date: (1) if both underliers finish above their initial levels, investors receive principal plus 114% of the appreciation of the worst performing underlier; (2) if the worst performing underlier finishes below its initial level but at or above 71% of its initial level, investors receive principal plus a positive return calculated using a 100% absolute return participation rate (effectively capped at 29% in that scenario); (3) if the worst performing underlier finishes below 71% of its initial level, investors suffer principal loss of 1% for every 1% decline in that underlier, with no minimum payment and possible total loss. The estimated value on the pricing date is approximately $980.20 per security. All payments are subject to issuer credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due March 1, 2028 with a contingent coupon and full guarantee by Morgan Stanley. Each security has a $1,000 original issue price and an estimated value on the pricing date of approximately $929.60.
The notes pay a contingent coupon at an annual rate of 21.30% on scheduled coupon dates only if the basket closing level meets or exceeds the coupon barrier of 70% on the related observation date. Automatic early redemption can occur on specified dates if the basket closing level meets or exceeds the call threshold of 90%, paying principal plus the contingent coupon. If the notes are held to maturity, a final payment equals principal if the final level is at least the downside threshold of 60%; below that, investors suffer losses proportional to the basket decline and could lose their entire principal.
Morgan Stanley Finance LLC is offering additional contingent income, memory buffered, auto-callable securities linked to Nextpower Inc. class A common stock, fully guaranteed by Morgan Stanley. The tranche adds $9,000 aggregate principal to an existing issuance to form a single tranche with a combined aggregate principal of $865,000. The securities pay a 37.68% annual contingent coupon on observation dates if the underlier meets the coupon barrier and may auto-redeem early if the underlier equals or exceeds the $130.50 call threshold. At maturity investors receive principal if the final level is at or above the buffer level of $91.35 (70% of the initial level); if below, losses equal 1.4286% of principal for each 1% decline beyond the 30% buffer, potentially wiping out principal. All payments remain subject to issuer credit risk.
Morgan Stanley Finance LLC is offering market-linked notes due July 5, 2030 tied to the EURO STOXX 50® Index with a $1,000 stated principal amount per note. The notes pay no interest and return the stated principal at maturity if the index is flat or down; if the final level is higher, holders receive the stated principal plus an upside payment equal to the participation rate (108%) times the underlier percent change. Payments depend on the closing index level on the observation date (July 1, 2030), are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced callable Contingent Income Securities due June 8, 2028 linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector Index and the Russell 2000® Index. Each security has a stated principal amount of $1,000 and a contingent coupon at an annual rate of 10.75% payable only when the closing level of each underlier meets or exceeds its coupon barrier on scheduled observation dates. The securities are principal-at-risk: if the final level of any underlier is below its downside threshold (60% of initial level), the payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less than principal or zero. Beginning September 11, 2026 MSFL may redeem early in whole if a risk neutral valuation model determines redemption is economically rational; no redemption can occur before that date. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities linked to the iShares Expanded Tech-Software Sector ETF (IGV), fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, a 300% leverage factor, a maximum payment at maturity of $1,640 (164% of principal) and an estimated value on the pricing date of approximately $978.80. Payment at maturity depends solely on the closing final level on the observation date; if final level is below the downside threshold (70% of the initial level) investors lose principal pro rata and could lose the entire investment. The observation date is June 11, 2029 with maturity June 14, 2029. The document emphasizes credit risk of the issuer/guarantor, limited secondary market liquidity, valuation model subjectivity and uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes due June 26, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an original issue price of $1,000. The securities pay a contingent coupon at an annual rate of 11.50% on observation dates when the underlier is at or above a coupon barrier of 70% of the initial level, can auto-redeem beginning on December 28, 2026 if the underlier meets the call threshold (100% of the initial level), and expose holders to full downside below a 60% downside threshold at maturity. The underlier is the S&P 500 Futures 40% Intraday 4% Decrement VT Index, which includes a 4.0% per annum decrement and limited live history (established August 30, 2024). The issuer’s estimated value on the pricing date was approximately $904.30 per security. All payments are subject to Morgan Stanley’s credit risk; the securities are not bank deposits and are not FDIC insured.
Morgan Stanley Finance LLC is offering callable contingent income securities linked to the worst performing of the Dow Jones Industrial, the Nasdaq-100® Technology Sector and the Russell 2000® Index. Each note has a $1,000 stated principal amount and an annual contingent coupon of 11.25% payable only if every underlier is at or above its coupon barrier (70% of initial level) on an observation date. The securities may be redeemed early beginning on September 11, 2026 if a risk-neutral valuation model indicates redemption is economically rational. At maturity on December 8, 2028, if the final level of any underlier is below its downside threshold (60% of initial level), the payment will equal the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a substantial loss or zero. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk. The preliminary pricing lists an estimated value of approximately $982.50 on the pricing date.
The issuer, Morgan Stanley Finance LLC, offers principal-at-risk, contingent-income, memory auto-callable securities linked to Amazon.com, Inc. common stock with a stated principal amount of $1,000 per security and maturity on June 21, 2029. The securities pay a contingent coupon (annual rate determined on the pricing date, disclosed as 10.00% to 11.00% range) only if the closing level of the underlier meets the coupon barrier on observation dates and feature automatic early redemption if the closing level meets the call threshold on redemption determination dates. If not auto‑redeemed and the final level is below the downside threshold (70% of the initial level), investors suffer proportional principal loss (payment = stated principal × performance factor). The estimated value on the pricing date was approximately $962.20 per security; the issue price is $1,000 per security. All payments are subject to issuer and guarantor credit risk and tax and secondary‑market limitations described in the supplement.
Morgan Stanley Finance LLC priced a preliminary offering of Structured Investments — Enhanced Trigger Jump Securities due June 16, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the document shows an estimated value of approximately $957.50 on the pricing date. The securities track the EURO STOXX 50® Index with a downside threshold of 75% of the initial level and an upside payment of $388.70 per security (38.87%). If the final level on the observation date (scheduled June 11, 2031) is at or above the downside threshold, holders receive principal plus the greater of the index percent change payment or the upside payment; if below the threshold, holders suffer a pro rata loss tied to the index decline and could lose their entire investment. All payments are subject to MSFL/Morgan Stanley credit risk; commissions of $30 per security to selected dealers are disclosed.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due June 8, 2028 linked to the common stock of Rigetti Computing, Inc. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the estimated value on the pricing date is Approximately $932.80. The securities pay a contingent coupon (annual rate determined on the pricing date, indicated at 41.00% to 42.25%) only if the underlier’s closing level on each observation date meets or exceeds the coupon barrier level (set at 50% of the initial level). The notes are subject to automatic early redemption if the underlier meets the call threshold (100% of initial level) on any redemption determination date beginning June 3, 2027. At maturity, if the final level is below the downside threshold (set at 50% of initial level), payment is reduced pro rata (performance factor = final level/initial level), which could result in a total loss of principal. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to Cognizant Technology Solutions Corporation class A common stock, with a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 15.50% per annum on specified observation dates if the underlier meets the coupon barrier (60% of the initial level). The estimated value on the pricing date was approximately $955.60. The securities may be automatically redeemed early if the closing level meets the call threshold (100% of the initial level) on a redemption determination date; at maturity investors receive principal only if the final level is at or above the downside threshold (60% of the initial level), otherwise principal is reduced proportionally. All payments are subject to the issuer's and guarantor's credit risk and the offering includes issuance, distribution and hedging costs embedded in the issue price.
Morgan Stanley Finance LLC issues a preliminary pricing supplement for principal-at-risk, auto-callable notes due June 12, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000 per security. The estimated value on the pricing date is approximately $958.50 per security. The notes pay no regular interest, can be automatically redeemed on specified determination dates for preset early redemption payments (targeting about 11.75% per annum), and return at maturity either a fixed positive payment, the stated principal, or an amount tied to the worst-performing underlier (EURO STOXX 50® and Russell 2000®), with a downside threshold of 75% of initial levels. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due June 2, 2031 linked to the worst performing of the S&P 500 Equal Weight Index and the S&P 500 Index. Each note has a stated principal amount of $1,000 and pays no interest. At maturity investors receive principal plus a 170% leverage of the appreciation of the worst performing underlier, capped at a $1,802.50 maximum payment. A 10% buffer applies: if the worst performing underlier declines below 90% of its initial level, investors lose 1% of principal for each 1% decline beyond the buffer, with a 10% minimum payment at maturity. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to the issuer and guarantor credit risk. The pricing date was May 29, 2026 and the observation date is May 28, 2031. The estimated value on the pricing date was approximately $974.90 per security.
Morgan Stanley Finance LLC offers structured Buffered Jump Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security. The securities have a 20% buffer, a 134.75% participation rate, a downside factor of 1.25% and an early redemption payment of $1,085 if the first determination date condition is met.
Key dates include strike/pricing on May 29, 2026, first determination date on March 30, 2027, original issue date on June 3, 2026 and maturity on June 3, 2030. The estimated value on the pricing date is approximately $988.60 per security. Payments are subject to issuer credit risk; principal can be lost if the final level is below the buffer at maturity.
Morgan Stanley Finance LLC is offering structured notes called Dual Directional Trigger PLUS due July 5, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 per security and an estimated value on the pricing date of approximately $960.30 per security.
The payout at maturity depends on the worst performing of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index. Upside is leveraged (leverage factor 138%) for positive performance; a capped absolute-return feature applies if the worst underlier declines but remains above its 70% downside threshold (with a 50% participation rate). If the worst underlier closes below its downside threshold, investors suffer full downside exposure on a 1%-for-1% basis and could lose their entire principal. All payments are subject to the issuer’s and guarantor’s credit risk and other terms in the accompanying supplements.
Morgan Stanley Finance LLC offers market-linked, auto-callable principal-at-risk securities with a face amount of $1,000 per security and an estimated value of $954.20 on the pricing date. These securities are linked to the lowest performing common stock of Microsoft and NVIDIA, carry a 200% participation rate for positive returns if not called, and include a call feature that can redeem the securities on June 22, 2027 for a call payment of at least $1,352.50. The securities expose investors to full downside risk if the lowest performing stock falls below a threshold equal to 50% of its starting price, and are fully guaranteed by Morgan Stanley. Terms, pricing date (June 16, 2026), original issue date (June 22, 2026) and estimated value will be set in the final pricing supplement.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due September 30, 2027, fully 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 of 9.75% per annum on each coupon payment date only if the closing level of both underlying indices meet or exceed their coupon barrier levels on the related observation dates. The notes reference the Nasdaq-100® Technology Sector Index (NDXT) and the Russell 2000® Index (RTY), are automatically redeemed if both underliers meet call thresholds on any redemption determination date, and at maturity expose investors to loss equal to the percentage decline of the worst performing underlier if that underlier is below its downside threshold. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to MongoDB, Inc. common stock with a $1,000 stated principal per security and an original issue price of $1,000. The securities pay a contingent quarterly coupon at an annual rate of 21.25% (about $53.125 per quarter) only when the determination closing price is at or above a downside threshold equal to 50% of the initial share price. If any of the first eleven determination dates has a closing price at or above the initial share price, the notes will be automatically redeemed at the stated principal plus accrued contingent coupons. If the securities are not called and the final share price is below the downside threshold at maturity, holders suffer 1-to-1 downside exposure and may lose a significant portion or all of their principal. Estimated value on the pricing date was approximately $966.10. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering unsecured, auto-callable Structured Jump Notes due June 21, 2033, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $904.50. The notes pay no interest, carry a 100% participation rate in upside at maturity if the final level exceeds the initial level, and may be automatically redeemed beginning on the first determination date, June 15, 2027, for fixed early redemption payments that compound to specified minimum cash amounts per note on each early redemption date.
The notes are linked to the Morgan Stanley Amplitude Index, which applies volatility-targeting, a risk-mitigation multiplier-adjustment mechanism and index fees (including a 0.65% per annum daily fee). All payments are subject to issuer and guarantor credit risk; the notes are not exchange-listed and secondary liquidity may be limited.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due July 6, 2029 with a stated principal amount of $1,000 per security.
The securities reference the S&P 500® Index, provide a 300% leverage factor on upside subject to a maximum payment of $1,307.50 (130.75% of principal), include a 10% buffer and a 10% minimum payment at maturity, and have an estimated value on the pricing date of approximately $976.20 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to Apple Inc. common stock. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $985.40, a contingent coupon at an annual rate of 8.50%, and potential automatic early redemption on specified redemption determination dates. Coupons are paid only if the closing level of the underlier meets or exceeds the coupon barrier (70% of the initial level) on observation dates; at maturity investors either receive principal if the final level is at or above the downside threshold (70% of initial level) or suffer proportional principal loss if below. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a structured note called Trigger PLUS due July 5, 2030, guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest. Payout depends on the worst performing of the Dow Jones Industrial Average and the S&P 500® Index on the observation date of July 1, 2030. If the worst performing underlier finishes above its initial level, investors receive principal plus a 131% leverage of that underlier's appreciation. If the worst performing underlier finishes between its initial level and a 70% downside threshold, investors receive principal only. If it finishes below the 70% threshold, investors suffer a loss equal to the percentage decline of that worst performing underlier, and the payment could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk; the estimated value on the pricing date was approximately $966.90 per security.
Morgan Stanley Finance LLC priced a principal-at-risk structured note, a Trigger PLUS linked to NVIDIA Corporation common stock, with a stated principal amount of $1,000 per security and an aggregate offering of $250,000. The securities pay no interest, are fully guaranteed by Morgan Stanley and mature on June 1, 2029. Payment at maturity depends on the final level of NVIDIA relative to the initial level of $212.60 on May 27, 2026. The notes offer a 200% leverage factor on upside subject to a maximum payment of $2,093 per security and provide limited downside protection only to the 70% threshold ($148.82); below that threshold investors lose 1% of principal for each 1% decline in the underlier. The estimated value on the pricing date was $935.60 per security and the issue price is $1,000 per security.
Morgan Stanley Finance LLC offers auto-callable, principal-at-risk market linked securities due June 22, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000 and an estimated value on the pricing date of $934.80 (within $34.80). The securities pay a fixed call payment of at least $1,345 if automatically called on the call date (June 22, 2027), otherwise the maturity payment depends on the performance of the lowest performing underlying stock and a 300% participation rate for positive returns. The securities are linked to the lowest performing of Broadcom Inc., Alphabet Inc. (Class A) and Netflix, Inc., do not pay interest or dividends, and can result in losses greater than 50%, including total loss of principal, depending on underlying performance. Pricing and many operative terms (starting prices, call prices, threshold prices) will be set on the pricing date (June 16, 2026).
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due October 5, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and may pay a contingent coupon at an annual rate of 12.50% on observation dates only if both underliers meet coupon barrier levels. Automatic early redemption may occur on specified redemption determination dates if both underliers meet call thresholds; otherwise, at maturity investors receive principal only if both underliers are at or above downside thresholds. If the worst-performing underlier is below its downside threshold at maturity, payment is the stated principal multiplied by that underlier’s performance factor, and could be substantially less than, or equal to zero.
Morgan Stanley Finance LLC priced a structured note offering: Dual Directional Buffered PLUS tied to the worst performing of the Russell 2000® and S&P 500® indices. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security, with aggregate principal of $1,394,000 and an estimated value on the pricing date of $969.80 per security. The term runs from original issue date June 1, 2026 to maturity December 2, 2027, observation date November 29, 2027. Features include a 110.04% leverage factor on upside, a 10% buffer (90% buffer level), 100% absolute return participation, and a minimum payment at maturity of 10% of principal. Payments depend on the worst performing underlier and are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS notes due July 5, 2030 (stated principal amount $1,000 per security), fully and unconditionally guaranteed by Morgan Stanley.
The securities give leveraged upside exposure to the S&P 500® Index (leverage factor 200%) subject to a maximum upside payment of $1,370 per security (137% of principal), a 10% buffer (buffer level = 90% of the initial level), and a minimum payment at maturity of 10% of principal. The securities make no interest payments, are principal-at-risk instruments and include an absolute return participation feature that limits certain positive returns to 10%. The issuer estimates the value on the pricing date was approximately $945.60 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 6, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an issue price of $1,000. The securities are linked to the worst performing of the Russell 2000® Index and the S&P 500® Index and carry no interest.
The notes feature automatic early redemption if both underliers close at or above their call thresholds on the first determination date (July 1, 2027), producing an early redemption payment of $1,162.50 on the early redemption date (July 7, 2027). If not redeemed, maturity payoffs depend on the worst performing underlier: full principal plus an upside payment (participation 150%) if both final levels exceed initial levels; full principal if each final level is at or above a downside threshold of 75% of its initial level; or a loss equal to the percentage decline of the worst performing underlier (1% loss per 1% decline), possibly resulting in total loss of principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Buffered PLUS with Downside Factor notes linked to the iShares U.S. Real Estate ETF. The securities have a stated principal amount of $1,000 per security, aggregate principal amount of $5,549,000, an original issue date of June 1, 2026, and mature on December 2, 2027. The notes provide 200% leveraged upside on positive performance up to a maximum payment of $1,263 per security, a 10% buffer (buffer level $92.511, initial level $102.79) for limited declines, and a downside factor of 1.1111 that increases losses beyond the buffer; investors may lose their entire principal. All payments are subject to MSFL credit risk and the securities pay no interest.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due August 4, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities reference the S&P 500® Index with a 200% leverage factor, a 10% buffer, a maximum upside payment of $1,113 per security (111.30%), and a minimum payment at maturity of 10%. Pricing and strike dates are June 30, 2026 with an observation date of July 30, 2027. The estimated value on the pricing date is approximately $985.70 per security. These are principal‑at‑risk notes that pay no interest, limit upside by the stated cap, provide absolute return participation only if losses do not breach the buffer, and are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC issues Principal-at-Risk notes totaling $5,549,000 tied to the iShares Dow Jones U.S. Real Estate ETF, fully and unconditionally guaranteed by Morgan Stanley. The securities pay no interest, mature on December 2, 2027, and carry principal risk.
At maturity the notes pay the stated principal plus a fixed $160 upside payment (16%) if the averaged final level is at or above a buffer level of $92.511 (the 10% buffer). If the final level is below the buffer, holders lose 1.1111% of principal for every 1% decline beyond the buffer; there is no minimum payment. The securities priced at $1,000 each (estimated value $988.70 on the pricing date) and were offered only to fee-based advisory accounts.
Morgan Stanley Finance LLC is offering Principal at Risk "Trigger PLUS" securities due June 28, 2030, 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 Dow Jones Industrial Average and the S&P 500® Index.
At maturity investors either receive the stated principal plus a leveraged upside (leverage factor 117%) if both underliers finish above their initial levels, the stated principal if the worst performing underlier finishes at or above its downside threshold (70% of initial), or lose an amount equal to the full decline of the worst performing underlier (no minimum payment). The estimated value on the pricing date was approximately $944.80 per security.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable structured notes linked to the worst performing of the Russell 2000® Index and the S&P 500® Index. Each security has a stated principal amount of $1,000, an original issue price of $1,000, and an estimated value on the pricing date of approximately $940.50. The notes can be automatically redeemed on the first determination date for an early redemption payment of $1,125 if each underlier is at or above its call threshold (100% of initial level). At maturity, holders may receive principal plus an upside payment (125% participation rate) if both underliers appreciate, receive only principal if both are above their 75% downside thresholds, or suffer losses proportional to the decline of the worst performing underlier if it falls below its 75% downside threshold. All payments are subject to MSFL's credit risk and the securities are fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering Principal-at-Risk, auto-callable structured securities fully and unconditionally guaranteed by Morgan Stanley. The offering is for $226,000 aggregate in principal at $1,000 per security with an original issue date of June 1, 2026 and maturity on June 1, 2029. The securities pay no regular interest, are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector and the Russell 2000, and carry a 70% downside threshold (losses of 1% per 1% decline below that threshold). Automatic early redemption is possible on scheduled determination dates beginning June 3, 2027 for fixed early redemption payments (first early redemption payment: $1,143.00 per security). All payments are subject to Morgan Stanley's credit risk; the estimated value on the pricing date was $960.00 per security.
Morgan Stanley Finance LLC offers Principal at Risk structured notes linked to General Electric Company common stock with an aggregate principal amount of $1,099,000. The notes pay a contingent coupon of 9.75% per annum on observation dates when the underlier is at or above an 80% coupon barrier, feature automatic early redemption if the underlier's closing level meets a call threshold, and provide a 20% buffer at maturity with a minimum payment of 20% of principal. All payments are subject to the issuer's and guarantor's credit risk; estimated value on the pricing date was $971.30 per security and the issue price is $1,000 per security.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities with a face amount of $1,000 per security. The securities are fully and unconditionally guaranteed by Morgan Stanley and have a pricing date of June 16, 2026 and a maturity date of June 22, 2028. The issuer estimates the value at approximately $964.00 per security on the pricing date and will sell at a public price of $1,000 per security.
The payoff is linked to the lowest performing of the common stocks of Bank of America, Citigroup and Goldman Sachs. Semi-annual calculation days begin June 22, 2027, and the securities may be automatically called for fixed call payments if all three underlyings close at or above their starting prices on a calculation day. If not called, the maturity payment is either a fixed face amount or the face amount multiplied by the performance factor of the lowest performing underlying; exposure below 70% of a starting price can result in losses exceeding 30%, possibly to zero. The document discloses fees, commissions and distribution conflicts and highlights significant credit, liquidity, valuation and tax uncertainties.
Morgan Stanley Finance LLC is offering market-linked principal-at-risk securities fully guaranteed by Morgan Stanley, linked to the lowest performing common stock of NVIDIA Corporation and Advanced Micro Devices, Inc.. The offering has an aggregate face amount of $2,344,000 with a $1,000 face amount per security and a contingent fixed return of 29.15% ($291.50 per face amount) payable at maturity if the lowest performing underlying stock closes on or above its threshold price. The starting prices on the pricing date (May 27, 2026) were NVDA $212.60 and AMD $495.54, producing threshold prices equal to 60% of each starting price. The securities mature on June 7, 2027 and have an estimated value of $940.60 per security on the pricing date. If the lowest performing underlying stock is below its threshold price on the calculation day, holders will be exposed to the full decline of that stock and could lose more than 40%, and potentially all, of the face amount at maturity. Additional material features include possible postponement of the calculation day, model-derived estimated value, limited secondary market liquidity and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Buffered PLUS notes due June 30, 2031 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000.
The payoff is linked to the worst performing of the Russell 2000® Index and the S&P 500® Index. If the worst performing underlier finishes above its initial level, investors receive principal plus a 115% leverage on that appreciation. If the worst performing underlier finishes at or above an 80% buffer level but not above the initial level, holders receive principal. If the worst performing underlier finishes below the 80% buffer level, holders lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal.
The pricing date and strike date are June 25, 2026 and the estimated value on the pricing date is approximately $939.60 per security. All payments are subject to MSFL’s and Morgan Stanley’s credit risk; hedging, distribution costs and conflicts of interest are disclosed in the supplement.
Morgan Stanley Finance LLC is offering callable, principal-at-risk notes due June 1, 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 11.00% per annum contingent coupon payable only if all three underliers meet coupon barrier tests on scheduled observation dates. The notes may be called beginning December 2, 2026 if a risk neutral valuation model indicates redemption is economically rational. At maturity, if any underlier is below its downside threshold (60% of its initial level), payment equals $1,000 times the performance factor of the worst performing underlier and could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a $3,247,000 issuance of Trigger PLUS principal-at-risk securities due May 30, 2031, guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays at maturity either principal plus a 198.25% leveraged upside, principal only, or a loss proportional to the underlier’s decline.
The securities are linked to the S&P 500® Futures Excess Return Index, use an initial level of 605.14 (strike date May 27, 2026), and carry no interest. The offering price was $1,000 per security; the agent’s commission was $36.25 per security and the estimated value on the pricing date was $938.70.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Trigger Jump Securities due July 1, 2027 linked to the iShares Silver Trust (SLV). Each security has a $1,000 stated principal amount and was issued at $1,000 with an estimated value of $975.90 on the pricing date. At maturity holders receive the stated principal plus a fixed $212.50 upside payment if the final level is at or above the downside threshold of $47.25 (70% of the initial level, initial level $67.50); if the final level is below that threshold, payment equals principal × (final level/initial level) and could be significantly less or zero. The offering aggregates $851,000 principal; agent commissions are $18.75 per security and proceeds to the issuer are $981.25 per security net of commissions.
Morgan Stanley Finance LLC offers Leveraged Buffered S&P 500® Index-Linked Notes (PLUS) due in roughly 14–16 months, fully and unconditionally guaranteed by Morgan Stanley. For each $1,000 Face Amount, the notes pay at maturity a cash amount tied to the S&P 500® Index performance with a 130% Upside Participation Rate, a 10.00% buffer (protecting declines up to 10.00%), and a capped payoff at a Maximum Settlement Amount expected between $1,153.27 and $1,180.31 per $1,000. If the final index level falls more than 10.00% from the initial level, holders suffer proportional losses and could lose their entire investment. The notes pay no interest, are unsecured, carry issuer credit risk, will not be listed, and have an estimated Trade Date value of approximately $995.90 per note. Key economic terms including the Initial Underlier Level, Cap Level and exact Maximum Settlement Amount will be set on the Trade Date.