Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC priced contingent income, principal-at-risk notes due May 30, 2031 with a $1,000 stated principal per security and an aggregate principal amount of $4,287,000. The securities pay a 11.60% contingent coupon on observation dates only if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index closes at or above the coupon barrier level (1,203.56, 80% of initial). The notes are automatically redeemable if the index closes at or above the call threshold (1,504.45) on specified redemption determination dates beginning May 26, 2027. If not redeemed, maturity payoff returns principal only if the final level is at or above the buffer level (1,278.783, ~85%); otherwise payment at maturity equals $1,000 × (performance factor + 15%), subject to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk; the estimated value at issuance was $899.00 per security.
Morgan Stanley Finance LLC offers Principal at Risk notes due May 30, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. The offering is in $1,000 denominations with an aggregate principal amount of $1,169,000 and a stated principal amount of $1,000 per security. The securities pay a contingent coupon at an annual rate of 8.50% on observation dates when the underlier is at or above the coupon barrier level and feature an automatic early redemption if the index meets the call threshold on a redemption determination date. If not called, principal at maturity is protected only above the buffer level 1,278.783 (≈85% of initial level); below that investors bear losses 1:1 beyond the 15% buffer, subject to a 15% minimum payment.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable jump securities with an aggregate principal amount of $222,000. Each security has a $1,000 stated principal amount and may be automatically redeemed on the first determination date for an early redemption payment of $1,125 if both underliers meet their call thresholds on that date. The securities are linked to the worst performing of the S&P 500® Index and the Russell 2000® Index, carry a 125% participation rate for upside at maturity, have a downside threshold at 75% of initial levels, and expose investors to full credit risk of Morgan Stanley and to potential loss of principal if the worst performing underlier falls below its downside threshold.
Morgan Stanley Finance LLC priced Buffered PLUS principal‑at‑risk securities linked to the worst performing of the Russell 2000® and the S&P 500®. The notes have a $1,000 stated principal amount, 115% upside leverage, a 20% buffer and mature on May 30, 2031.
At maturity the payout is determined by the worst performing underlier on the observation date: investors receive principal plus 115% of upside if the worst underlier is above its initial level, full principal if it finishes within the 20% buffer, or a loss proportional to downside beyond the buffer (minimum payment 20% of principal).
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable structured notes due May 31, 2030. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, issued at $1,000 per security with an estimated value of $953.90 on the pricing date. The notes are linked to the worst performing of the Russell 2000® and the S&P 500®. If, on the first determination date, both underliers are at or above their call thresholds, the notes auto-redeem on June 11, 2027 for $1,132.50 per security. If not called, maturity payouts depend on final levels: full principal plus a 150% participation in upside if both underliers are above initial levels; principal returned if both are above their 70% downside thresholds; otherwise investors suffer losses proportional to the decline of the worst performing underlier, potentially losing the entire principal.
Morgan Stanley Finance LLC priced a series of Principal-at-Risk notes — $1,000 per security, $355,000 aggregate — due May 30, 2031 and fully guaranteed by Morgan Stanley. The securities pay a contingent coupon at an annual rate of 11.00% on observation dates when the underlier meets the coupon barrier; otherwise no coupon is paid.
If not auto‑redeemed, maturity pays $1,000 if the final level is at or above the downside threshold (60% of the initial level); if below, the payment equals $1,000 × performance factor (final level/initial level), so investors can lose a substantial portion or all principal. All payments are subject to the issuer and guarantor credit risk. The estimated value on the pricing date was $898.90 per security.
Morgan Stanley Finance LLC priced a structured, principal-at-risk, auto-callable note program totaling $909,000 aggregate principal. 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 $949.60. The notes reference the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500, pay no interest, and can automatically redeem on the first determination date for an early redemption payment of $1,200 if each underlier meets its call threshold. At maturity the payout depends on the worst performing underlier, with a 150% participation rate for upside and a downside threshold of 70% of each initial level that determines full principal protection or potential loss.
Morgan Stanley Finance LLC priced a structured note called Dual Directional Trigger PLUS due May 30, 2031, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, an original issue price of $1,000 and an estimated value on the pricing date of $925.70. Payouts depend on the S&P 500® Futures Excess Return Index: investors receive a leveraged upside of 159% of appreciation if the final level exceeds the initial level (initial level: 604.90), a capped positive return if the final level falls but remains at or above the downside threshold (60% of initial = 362.94), and suffer dollar-for-dollar losses if the final level is below the downside threshold (no minimum payment). The offering aggregates $100,000 principal; agents receive a $36.25 commission per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a Structured Dual Directional Buffered PLUS linked to the EURO STOXX 50® Index. The securities have a $1,000 stated principal amount per security, an issue price of $1,000 and an aggregate principal amount of $835,000. The securities mature on May 29, 2031 with an observation date of May 26, 2031.
At maturity the payoff is one of three outcomes: (1) if the final level > initial level, holders receive principal plus 144% of the index appreciation; (2) if final level ≤ initial but ≥ buffer (≈85% of initial), holders receive principal plus a positive payment based on the absolute return participation rate of 100% (effectively capped at 15%); or (3) if final level < buffer, holders lose 1% of principal for each 1% the index is below the buffer, subject to a minimum payment of 15% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk.
Morgan Stanley Finance LLC priced a Structured Investments offering totaling $1,619,000 for Dual Directional Buffered PLUS notes, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal‑at‑risk notes linked to the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and Russell 2000, with a five‑year term maturing on May 30, 2031.
The notes have a $1,000 stated principal amount, an original issue price of $1,000, an estimated value on the pricing date of $937.80, a leverage factor of 136% for upside, an 80% buffer (20% buffer amount) and a minimum payment at maturity equal to 20% of principal. Commissions of $37.50 per security reduce proceeds to the issuer.
Morgan Stanley Finance LLC priced a Trigger PLUS offering of $1,195,000 aggregate principal, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security.
The securities mature on May 30, 2031 and pay at maturity either (a) principal plus a 190% leverage of the underlier appreciation if the final level exceeds the initial level, (b) the stated principal if the final level is between the initial level and the downside threshold, or (c) a loss proportional to the underlier decline if the final level is below the downside threshold (set at 70% of the initial level, or 423.43). The initial level is 604.90 (strike date May 26, 2026); observation date is May 27, 2031. The issue price was $1,000 per security, estimated value on the pricing date was $925.90, and selected dealers receive a $40 commission per security.
Morgan Stanley Finance LLC priced $1,899,000 aggregate principal of Structured Investments Trigger Jump Securities due May 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal-at-risk notes with a stated principal amount of $1,000 per security and an upside payment of $610 per security (61% of principal). Payment at maturity depends solely on the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the S&P 500, using initial levels set on the strike date May 26, 2026. If the worst performing underlier is at or above its initial level on the observation date, investors receive principal plus the greater of the underlier percent change or the $610 upside payment. If the worst performing underlier falls below its downside threshold (70% of initial level), investors lose 1% of principal for each 1% decline and could lose their entire investment. The estimated value on the pricing date was $980.10 per security; issue price was $1,000 with agent commissions of $2.50 per security.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 30, 2031, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index with an aggregate principal amount of $6,032,000.
The securities have a $1,000 stated principal amount, an issue price of $1,000 (estimated value on the pricing date: $956.60), a 130% leverage factor for upside, and a 70% downside threshold. If the worst performing underlier falls below its downside threshold, principal is lost on a 1% per 1% decline basis; there is no guaranteed interest or minimum payment at maturity. All payments are subject to MSFL's credit risk and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced Principal-at-Risk securities linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount and an aggregate principal amount of $864,000. Key economics include a $470 upside payment (47% of principal), a 15% buffer (buffer level 514.165; initial level 604.90), a maximum payment at maturity of $1,500, and a minimum payment at maturity of 15% of principal. The observation date is May 27, 2031 and the maturity date is May 30, 2031. The estimated value on the pricing date was $944.50, and dealers received a fixed commission of $35.50 per security. All payments are unsecured and subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk securities tied to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index with a stated principal of $1,000 per security and an aggregate principal amount of $1,782,000. These notes pay a contingent coupon at an annual rate of 8.75% on specified observation dates only if the index closing level meets or exceeds the coupon barrier level, and are automatically redeemable on specified dates if the index meets the call threshold. At maturity investors receive principal if the final level is at or above the 80% buffer level; otherwise losses apply dollar-for-dollar beyond the buffer subject to a 20% minimum payment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and limited secondary market liquidity.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk notes due December 1, 2027 linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and an aggregate principal amount of $2,036,000. The notes provide 150% leveraged upside subject to a $1,164 maximum payment at maturity and a 15% downside buffer (initial level 7,519.12; buffer level 6,391.252). If the index closes between the buffer level and the initial level at observation, investors receive principal; above the initial level they receive principal plus 150% of appreciation up to the maximum; below the buffer they lose 1% for each 1% decline beyond the buffer, with a minimum payment of 15% of principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk, tax uncertainties and limited secondary-market liquidity.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities due August 31, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an aggregate principal amount of $1,917,000. They pay a contingent coupon at an annual rate of 8.25% only if on each observation date both underliers meet their coupon barrier levels; otherwise no coupon is paid for that period.
Automatic early redemption may occur on specified redemption dates if both underliers meet their call thresholds. At maturity, if the worst performing underlier is below its downside threshold (75% of initial level), the payment equals the stated principal amount multiplied by the worst performing underlier's performance factor, which can result in substantial principal loss.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to the iShares Expanded Tech-Software Sector ETF. The notes have a $1,000 stated principal amount, an aggregate issuance of $885,000, and pay a contingent coupon at an annual rate of 11.00% only when the underlier meets observation-date thresholds.
The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, provide no regular interest, may be automatically redeemed early if the underlier meets the call threshold, and expose investors to full downside risk at maturity if the final level is below the 70% downside threshold.
Morgan Stanley Finance LLC priced a structured, principal-at-risk security linked to Apple Inc. stock. The securities have a $1,000 face amount, an estimated value of $918.50 on the pricing date and pay at maturity based on Apple’s closing price on the calculation day with a 100% participation rate subject to a maximum return of 132.10% ($1,321) and a 25% downside buffer. The starting price is $308.33 (pricing date May 26, 2026), the threshold price is $231.2475, the calculation day is May 26, 2033, and scheduled maturity is June 1, 2033. The offering price was $1,000 per security; agent commissions up to $43.70 per security produced proceeds to the issuer of $956.30 per security.
Morgan Stanley Finance LLC priced Principal at Risk notes tied to the S&P 500® Futures Excess Return Index with a stated principal amount of $1,000 per security and an aggregate offering of $678,000. The securities mature on May 30, 2031 and are fully guaranteed by Morgan Stanley.
The payoff can provide an upside payment of $512 per security if the final level is at or above the initial level, a capped positive return if the underlier falls but stays at or above the 15% buffer, and full downside participation beyond the buffer (1% loss per 1% decline). All payments remain subject to issuer credit risk and the estimated value on pricing date was $944 per security.
Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note due May 30, 2031 guaranteed by Morgan Stanley with a $1,000 stated principal amount per security and an aggregate offering of $4,646,000. The notes pay a contingent coupon of 10.25% per annum on observation dates only if the underlier closes at or above the coupon barrier (70% of the initial level). The notes feature automatic early redemption if the underlier is at or above the call threshold (100% of initial level) on redemption determination dates, a buffer equal to 15% (buffer level ~ 1,278.783) and a minimum maturity payment of 15% of principal. Estimated value on pricing date was $900.80 per security; proceeds to issuer after commissions were $4,432,284.
Morgan Stanley Finance LLC priced an offering of Principal-at-Risk, auto-callable notes linked to the S&P 500® Index with Morgan Stanley guaranteeing payment obligations. The issue totals $2,250,000 at a stated principal amount of $1,000 per security and an original issue price of $1,000.
The notes can be automatically redeemed on specified determination dates beginning November 27, 2026 if the closing level of the index is at or above the call threshold (initial level 7,519.12). Early redemption payments range from $1,045.10 to $1,157.85; maturity payments can be $1,180.40, $1,000, or principal × performance factor depending on final index level and a downside threshold of 5,639.34 (75% of initial level).
Morgan Stanley Finance LLC offers Trigger Absolute Return Step Securities linked to a weighted Basket of international indices with a $3,700,900 aggregate issue and a $10.00 Issue Price per Security. These five‑year, principal‑at‑risk notes (maturity May 29, 2031) are fully guaranteed by Morgan Stanley and pay no interest.
The Payment at Maturity depends on the Final Basket Level versus a Step Barrier (100) and a Downside Threshold (75). If the Final Basket Level is ≥100, holders receive $10 plus the greater of the Step Return (42.00%) or the Basket Return. If the Final Basket Level is <100 but ≥75, holders receive $10 plus the absolute value of the negative Basket Return. If the Final Basket Level is <75, holders receive $10 × (1 + Basket Return) and may lose a substantial portion or all principal. All payments are subject to issuer credit risk and Calculation Agent discretion.
Morgan Stanley Finance LLC is offering Principal at Risk securities due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an annual contingent coupon of 11.20% payable only if each underlier meets its coupon barrier on scheduled observation dates.
The notes are linked to the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF and pay at maturity either the stated principal (if each underlier is at or above its downside threshold) or an amount equal to the stated principal multiplied by the performance factor of the worst performing underlier. Coupon barrier levels are set at 70% of each initial level and downside thresholds at 65%. The securities are callable beginning June 8, 2027 if a risk neutral valuation model indicates redemption is economically rational for the issuer. Aggregate principal offered is $690,000.
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk contingent-income auto-callable notes due May 30, 2031 with an aggregate principal amount of $719,000. Each security has a $1,000 stated principal amount and was issued at $1,000 per security.
The securities pay a contingent coupon at an annual rate of 9.00% only if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index meets the coupon barrier on observation dates. They are automatically redeemable early if the index closes at or above the call threshold on any redemption determination date; if held to maturity and the final level is below the downside threshold, investors suffer a pro rata loss (payment = stated principal × final level / initial level). All payments are subject to MSFL's credit risk and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to Alphabet Inc. class A common stock. Each note has a $1,000 stated principal amount and an original issue price of $1,000; the aggregate principal amount offered is $500,000. The notes pay a contingent coupon at an annual rate of 19.16% on specified observation dates only if the underlier meets the coupon barrier (80% of the initial level). The securities may be automatically redeemed on specified redemption determination dates if the underlier meets the call threshold (100% of the initial level). At maturity, if the final level is below the downside threshold (80% of the initial level), investors suffer a proportional loss of principal (payment = $1,000 × final level/initial level). All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Callable Contingent Income Buffered Securities linked to the worst performing of the NDXT Index, RTY Index and XLU Fund. The notes have a $1,000 stated principal amount, issue price of $1,000 and aggregate principal of $1,000,000. They offer a contingent coupon at an annual rate of 10.00% payable only if the closing level of each underlier meets its coupon barrier on each observation date and include a 20% buffer with a 20% minimum payment at maturity. The securities are callable beginning August 31, 2026 based on the output of a risk neutral valuation model. All payments are subject to the issuer and guarantor credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 31, 2030 linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000.
At maturity investors receive: the stated principal plus a 120% leverage of the appreciation of the worst performing underlier if both underliers finish above their initial levels; the stated principal if the worst performing underlier finishes between its initial level and a 70% downside threshold; or a loss equal to the percentage decline of the worst performing underlier if that index finishes below its 70% threshold. All payments are subject to Morgan Stanley Finance LLC credit risk and the securities pay no interest.
Morgan Stanley Finance LLC priced Principal at Risk Auto-Callable Securities linked to Micron Technology, Inc. with an aggregate principal amount of $943,000 and a stated principal amount of $1,000 per security. The securities are fully and unconditionally guaranteed by Morgan Stanley and carry a contingent coupon at an annual rate of 41.35%, payable only when the underlier meets the coupon barrier of $537.528 on observation dates. Automatic early redemption is possible beginning on August 31, 2026 if the underlier meets the call threshold of $895.88. If not redeemed, principal is repaid at maturity only if the final level is at or above the downside threshold of $537.528; otherwise holders suffer proportional losses.
Morgan Stanley Finance LLC priced Principal at Risk structured notes due May 25, 2029, fully guaranteed by Morgan Stanley. The notes pay no interest, have auto-call on the first determination date: June 4, 2027 at a call threshold equal to the initial level (7,473.47), and an early redemption payment of $1,100 per security.
If not called, maturity payoffs depend on the S&P 500® Index: investors receive principal plus an upside payment when the final level exceeds the initial level (participation rate 170.25%), receive the stated principal if final level is at or above the downside threshold (6,352.450), or suffer proportional losses if the final level is below that threshold. The original issue price is $1,000 and the estimated value on pricing date is $974.
Morgan Stanley Finance LLC prices buffered, auto-callable principal‑at‑risk notes due May 31, 2030 guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000; aggregate principal offered is $198,000. The securities offer a 20% downside buffer and a 150% participation rate on the upside of the worst performing underlier. An automatic early redemption can occur on the first determination date (June 8, 2027) for an early redemption payment of $1,132.50. If not called, maturity payoff depends on the worst performing underlier relative to its buffer and may result in losses of principal down to a minimum payment of 20% of principal. All payments are subject to Morgan Stanley's credit risk and the agent's commissions of $32.50 per security reduce proceeds.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to the Nasdaq-100 Index with an aggregate principal amount of $1,392,000 and a stated principal amount of $1,000 per security. The notes are fully and unconditionally guaranteed by Morgan Stanley and mature on December 1, 2027.
The securities provide 150% leverage to upside performance capped at a $1,201.50 maximum payment per security, a 15% buffer (85% buffer level) against initial declines, and a 15% minimum payment at maturity. All payments are subject to issuer credit risk; investors may lose a material portion of principal if the final index level falls below the buffer.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities linked to the S&P 500® Index. The offering consists of securities with a $1,000 stated principal amount and an issue price of $1,000 per security; aggregate principal is $1,551,000. The securities pay no interest and are fully and unconditionally guaranteed by Morgan Stanley. At maturity on November 29, 2029, investors receive the stated principal plus a fixed upside payment of $259 per security (25.90%) if the final level is at or above the buffer level. If the final level is below the buffer level (buffer = 85% of the initial level), investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date was $959.30, reflecting issuance, distribution and hedging costs borne by investors.
Morgan Stanley Finance LLC is issuing Dual Directional Buffered PLUS notes due May 31, 2030, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and was offered at $1,000 with an aggregate principal amount of $311,000. The payout at maturity depends on the S&P 500® Index closing level on the observation date: investors receive leveraged upside (200% leverage) up to a $1,380 cap if the index rises; a limited positive return if the index falls but remains at or above a 10% buffer; and losses below the buffer, subject to a 10% minimum payment. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Trigger GEARS linked to a weighted basket of international indices with a $6,634,620 aggregate issue size. The Securities have a $10.00 Principal Amount and Issue Price, an estimated Trade Date value of $9.290 per Security, and a 5‑year term maturing on May 29, 2031. The payout at maturity depends on the Basket Return: if positive, investors receive $10 plus the Basket Return times an Upside Gearing of 1.55; if the Final Basket Level is below the Downside Threshold (75% of the Initial Basket Level), holders are exposed to losses of principal proportionate to the negative Basket Return. The Securities pay no interest or dividends, are unsecured senior debt of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. All payments remain subject to Morgan Stanley’s creditworthiness.
Morgan Stanley Finance LLC priced $7,830,000 of Leveraged Buffered S&P 500® Index‑Linked Notes due December 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 Face Amount note offers 150% upside participation in positive S&P 500 performance up to a Maximum Settlement Amount of $1,173.25, protects principal for declines up to 10.00% (Buffer), and exposes holders to full downside beyond that buffer. Trade Date is May 27, 2026, Original Issue Date (settlement) June 1, 2026. The estimated value on the Trade Date was stated as $977.50 per note. All payments are subject to issuer and guarantor credit risk; these notes are unsecured, not listed, and may have limited secondary liquidity.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering $4,462,000 aggregate of Leveraged Buffered S&P 500® Index-Linked Notes due December 22, 2027 (Face Amount $1,000 each). The notes pay no interest; payment at maturity depends on the S&P 500® Index return from the Trade Date (May 26, 2026) to the Determination Date (December 20, 2027), subject to postponement.
If the Final Underlier Level is above the Initial Underlier Level (Initial = 7,519.12), holders receive $1,000 plus 130% of the index return, capped at a Maximum Settlement Amount of $1,228.02 per $1,000. If the index falls by up to 12.50% (Buffer Level = 6,579.23), holders receive $1,000. If the index falls by more than 12.50%, the payoff formula applies and investors may lose some or all principal. The issuer estimates the Trade Date value at $996.70 per note.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and links payout to the performance of the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. If the final level of every underlier is at or above its 70% downside threshold on the observation date, investors receive the stated principal plus a fixed $280 upside payment. If any underlier is below its downside threshold, the maturity payment equals the stated principal multiplied by the worst performing underlier’s performance factor; there is no minimum payment and investors could lose their entire principal. The pricing date and strike date are May 26, 2026, the observation date is May 29, 2029, aggregate principal offered is $176,000, and the estimated value on the pricing date was $954.20 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Partial Principal at Risk Notes due July 29, 2027, linked to the iShares® Silver Trust and fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and will pay no interest. At maturity the payment equals the stated principal plus an upside payment if the underlier’s final level (the arithmetic average on the final averaging dates) exceeds the initial level; appreciation is paid at a 100% participation rate but capped at a maximum payment at maturity of at least $1,342.30 per note. If the final level is below the initial level, investors lose principal on a 1%-for-1% basis, subject to a partial principal return amount equal to 90% of the stated principal ($900 per note). The estimated value on the pricing date was approximately $982.70 per note; the issue price is $1,000 (agent commissions and structuring costs included).
Morgan Stanley Finance LLC priced Principal-at-Risk notes tied to Super Micro Computer, Inc. (SMCI) that mature on May 30, 2028. Each security has a $1,000 stated principal and pays a contingent coupon at an annual rate of 24.40% only if the underlier meets observation-date barriers. The notes auto-redeem early if the closing level meets call thresholds on specified redemption determination dates; if not redeemed, principal at maturity depends on the final level versus the downside threshold of $17.79 (50% of the initial level). The issue price is $1,000 and the estimated value at pricing was $949.20. All payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable securities tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a stated principal amount of $1,000 and an aggregate offering of $100,000. The securities may be automatically redeemed on scheduled determination dates beginning June 2, 2027 if the closing level of the underlier is at or above the call threshold level (3,322.314, 90% of the initial level), producing predefined early redemption payments. If not redeemed early, maturity is May 30, 2031 with payoff rules: fixed positive payment if final level ≥ call threshold, return of principal if final level ≥ downside threshold (2,214.876, 60% of initial level), or a loss equal to the percentage decline (payment = principal × final level/initial level) if final level < downside threshold. The estimated value on the pricing date was $900.10 per security; the issue price is $1,000 with an agent commission of $42.50 per security. All payments are subject to issuer and guarantor credit risk. The underlier applies a 4% per annum daily decrement and is intraday‑rebalanced; it has limited live history (established August 30, 2024) and includes back‑tested data.
Morgan Stanley Finance LLC priced a $1,842,000 aggregate offering of Principal at Risk securities due May 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, feature automatic early redemption and a 15% buffer. Payments depend on the index closing levels on scheduled determination dates; early redemption payments deliver fixed cash amounts per schedule, while maturity payments provide $1,512.50 if the final level is at or above the buffer or a reduced principal tied to index performance below the buffer. All payments are subject to Morgan Stanley’s credit risk.
The issuer, Morgan Stanley Finance LLC, is offering structured, principal-at-risk notes linked to the worst performing of the Dow Jones Industrial Average, the S&P 500® Index and the Russell 2000® Index. The offering is for an aggregate principal amount of $2,148,000 at an issue price of $1,000 per security.
The notes can be automatically redeemed on specified determination dates beginning May 28, 2027 for fixed early redemption payments (approximately 14.00% per annum equivalent on the stated schedule). If not redeemed, maturity payoff depends on the worst performing underlier: investors receive principal plus an upside payment when all underliers finish above their initial levels (participation rate 150%), receive only principal if all underliers finish at or above 70% of initial levels, or suffer a pro rata loss equal to the decline of the worst performing underlier (payment could be zero). All payments are subject to issuer and guarantor credit risk. The estimated value on pricing date was $953.30 per security and selling commissions of $37.50 per security were deducted from proceeds.
Morgan Stanley Finance LLC offers principal-at-risk structured notes linked to NuScale Power Corporation Class A common stock with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The estimated value on the pricing date is approximately $922.50.
The notes can be automatically redeemed on the first determination date: June 10, 2027 for an early redemption payment of $1,671.50 if the closing level of the underlier is at or above the call threshold (100% of the initial level). If not redeemed, maturity on June 7, 2029 pays either: (a) principal plus an upside payment when the final level > initial level with a 200% upside participation rate; (b) a limited positive return when the final level is between the downside threshold (60% of initial) and the initial level using a 100% absolute return participation rate; or (c) a loss proportional to the underlier decline if the final level is below the downside threshold, which could result in a payment materially less than principal or zero. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced Trigger PLUS principal-at-risk notes due May 30, 2031 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 security and the issue price is $1,000.
At maturity the payout is determined by the worst performing underlier: holders receive principal plus a 125% leveraged upside if the worst underlier finishes above its initial level; they receive principal if the worst underlier finishes at or above its 70% downside threshold; if the worst underlier finishes below that threshold, holders lose on a 1:1 basis and could lose their entire investment. All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced $1,410,000 aggregate principal amount of Principal at Risk securities linked to the S&P 500® Index. Each note has a $1,000 stated principal amount, an $940.20 estimated value on the pricing date and matures on May 30, 2031.
The securities pay no interest and provide (i) 100% upside participation capped at $1,585 per security, (ii) an absolute-return feature that can produce up to a 15% positive return if the final index level is between the initial level (7,519.12) and the buffer level (6,391.252), and (iii) principal loss if the final level is below the buffer, subject to a 15% minimum payment at maturity. Sales commissions of $40 per security were paid to dealers; proceeds to the issuer equal $960 per security.
Morgan Stanley Finance LLC priced a structured note offering — principal-at-risk Enhanced Trigger Jump Securities with a $1,000 stated principal amount per security and a fixed digital payment of $117.50 (11.75%) payable at maturity if specified digital thresholds are met. The securities pay no interest and may return less than principal at maturity based solely on the worst performing underlier.
Key terms: strike/pricing date June 4, 2026, original issue date June 9, 2026, observation date July 6, 2027, maturity date July 9, 2027. Downside threshold is 70% of initial levels and digital threshold is 50% of initial levels. Estimated value on the pricing date was approximately $984.90 per security; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, contingent-income auto-callable securities tied to the Class A common stock of Carvana Co., with a stated principal amount of $1,000 per security and maturity on June 10, 2031. The notes pay a contingent coupon at an annual rate of 26.50% on each coupon date only if the underlier meets the coupon barrier (set at 60% of the initial level) on the related observation date. The notes are automatically redeemed early if the underlier equals or exceeds the call threshold (set at 100% of the initial level) on a redemption determination date. At maturity, if the final level is below the downside threshold (also 60% of the initial level), investors suffer a pro rata principal loss equal to the underlier’s decline; payment could be significantly less than principal or zero. The estimated value on the pricing date is approximately $931.30 per security. All payments are unsecured and subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to the worst performing of the Russell 2000® and the S&P 500®. Each note has a $1,000 stated principal amount and will mature on July 15, 2027. If both underliers finish at or above their 70% downside thresholds on the observation date, holders receive principal plus a fixed $97.50 upside payment (9.75%). If the worst performing underlier finishes below its downside threshold, the maturity payout equals principal multiplied by that underlier’s performance factor, exposing investors to full principal loss, with no interest payments. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments remain subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $988.10 per security.
Morgan Stanley Finance LLC offers Buffered PLUS notes due May 30, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and does not pay interest.
The notes provide a 201.40% leverage factor on upside, a 20% buffer (buffer level = 80% of the initial level), and a minimum payment at maturity of 20% of principal. Payments depend on the closing index level on the observation date May 27, 2031, and all payments are subject to issuer and guarantor credit risk.