Morgan Stanley 424B Filings

Morgan Stanley Finance LLC priced structured notes — Principal-at-risk, auto-callable securities tied to the Russell 2000® Index and the State Street SPDR S&P Regional Banking ETF (KRE). The offering totals $332,000 aggregate, issued at $1,000 per security with an estimated value of $936.10 on the pricing date. The notes pay no interest, may auto-redeem on the first determination date for an early redemption payment of $1,221.50, and mature on May 27, 2031.

At maturity, if not auto-redeemed, payoff depends on the worst performing underlier: investors receive principal plus an upside payment if final levels exceed initial levels; receive principal only if both final levels are at or above the downside thresholds (70% of initial); otherwise suffer a loss equal to the percentage decline of the worst performing underlier (possible total loss).

Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent‑coupon, auto‑callable notes due May 27, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 7.60% on coupon dates only if the closing level of each of the three underlying ETFs is at or above its coupon barrier on the related observation date. The notes may be automatically redeemed early if, on a redemption determination date, the closing level of each underlier is at or above its call threshold; otherwise investors face exposure at maturity to the worst performing underlier and may lose principal proportional to that underlier’s decline. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Buffered Digital Basket-Linked Notes (each with a $1,000 Face Amount) that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Payment at maturity depends on a weighted basket of five international indices and is tied to the Final Basket Level versus an Initial Basket Level of 100. The notes provide a 10.00% buffer: if the Final Basket Level falls by 10.00% or less you receive the Face Amount; greater declines produce a proportional loss. A Threshold Settlement Amount (expected to be between $1,221.00 and $1,260.00 per $1,000) applies if the basket return is positive; the Determination Date and Stated Maturity Date will be set on the Trade Date, with the Determination Date expected between 26 and 29 months after the Trade Date. All payments are subject to issuer credit risk and the notes will not pay interest or be listed on an exchange.

Morgan Stanley Finance LLC priced a structured note offering: Dual Directional Buffered Participation Securities due . The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $850,000. They link returns to the S&P 500® Index with a 100% upside participation rate capped at $1,164 per security (116.40%), a 15% buffer on downside exposure and an absolute return participation rate of 50% inside the buffer. The initial level is 7,445.72 (strike date) and the observation date is November 22, 2027, with maturity on November 26, 2027. The securities pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley and carry issuer credit risk. The estimated value on the pricing date was $984.90 per security. The offering includes embedded caps, buffers and a minimum payment at maturity of 15% of principal.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced a series of Principal at Risk notes called Dual Directional Buffered PLUS referenced to the Russell 2000® and S&P 500® indices. The securities were issued at a $1,000 stated principal amount per security, with an aggregate principal amount of $412,000, an estimated value on the pricing date of $978.90, a leverage factor of 116%, an 82% buffer level (18% buffer amount), a minimum payment at maturity of 18%, and mature on May 24, 2029. The payment at maturity is determined solely by the worst performing underlier on the observation date and can result in leveraged upside, a capped positive return when the worst underlier declines but remains within the buffer, or principal loss if the worst underlier falls below the buffer. All payments are unsecured obligations of MSFL and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Step-Down Jump Securities fully guaranteed by Morgan Stanley, in an aggregate principal amount of $650,000 at a stated principal amount of $1,000 per security. The securities are linked to the worst performing of the Global X Silver Miners ETF (SIL) and the iShares Silver Trust (SLV), have a strike/pricing date of May 21, 2026, an observation date of May 21, 2029 and mature on May 24, 2029. They pay no interest and expose investors to principal loss based on the worst performing underlier. Automatic early redemption can occur on scheduled determination dates starting with May 28, 2027 if both underliers meet call threshold levels; the maximum payment at maturity if thresholds are met is $1,840 per security. All payments are subject to Morgan Stanley's credit risk.

The issuer, Morgan Stanley Finance LLC, priced contingent income memory buffered auto-callable securities linked to Wix.com Ltd. ordinary shares with a stated principal amount of $1,000 per security and an aggregate principal amount of $656,000. The securities pay a 37.96% annual contingent coupon subject to observation-date hurdles, are callable on specified redemption determination dates, and provide a 35% buffer with a downside factor of 1.5384 at maturity. The estimated value on the pricing date was $973.70 per security. Payments depend on the underlier's closing levels on observation dates and are subject to the issuer's credit risk.

Morgan Stanley Finance LLC priced Principal at Risk notes due May 27, 2031, issued at $1,000 per security with an aggregate principal amount of $1,900,000, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 16.00% annual contingent coupon on specified observation dates if the underlier meets the coupon barrier, feature automatic early redemption if the underlier meets the call threshold, and expose investors to full downside risk at maturity if the final level falls below the 60% downside threshold.

The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an initial level of 3,564.86 (strike date May 21, 2026). The securities do not pay regular interest, do not participate in upside of the underlier, are subject to Morgan Stanley credit risk, and have an estimated value on the pricing date of $956.20 per security.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to Axon Enterprise, Inc. stock, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a contingent coupon of 24.30% per annum, automatic early redemption if the underlier meets the call threshold, and a maturity date of June 8, 2027. Coupon payments are contingent on the underlier closing at or above the coupon barrier (60% of the initial level) on observation dates; unpaid coupons may be paid later only if future observation dates meet that barrier. If not automatically redeemed and the final level is below the downside threshold (60% of the initial level), payment at maturity equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to loss of principal down to zero. The estimated value on the pricing date is approximately $959.50 per security; the issue price is $1,000 per security. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers Structured Investments Enhanced Buffered Jump Securities with aggregate principal $1,500,000 and a stated principal amount of $1,000 per security, fully and unconditionally guaranteed by Morgan Stanley. The securities mature on November 26, 2027 and reference four indices, with payment tied to the worst performing underlier.

If the worst performing underlier on the November 22, 2027 observation date is at or above its buffer level (90% of initial), investors receive the stated principal plus an $237.10 upside payment (a 23.71% return). If the worst performing underlier is below its buffer, investors lose 1.1111% of principal for every 1% decline beyond the 10% buffer; there is no minimum payment. All payments are subject to issuer and guarantor credit risk. The estimated value on the pricing date was $983.40 per security.

Morgan Stanley Finance LLC priced Principal at Risk notes tied to the S&P 500® Index offering $1,000 stated principal per security with an aggregate principal amount of $2,921,000. The securities mature on November 26, 2027 and reference the closing index level on the observation date of November 22, 2027.

The notes pay no interest. If the final level exceeds the initial level (7,445.72), holders receive the stated principal plus upside participation of 100% up to a $1,181.40 maximum payment (118.14% of principal). If the final level is below the initial level but at or above the buffer level (6,701.148, 90% of initial), holders receive principal plus an absolute return participation of 100% (effectively limited to a positive return of 10%). If the final level is below the buffer, holders incur losses dollar-for-dollar beyond the 10% buffer, subject to a 10% minimum payment at maturity.

Morgan Stanley Finance LLC priced principal-at-risk auto-callable notes linked to the worst performing of the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX). Each security has a $1,000 stated principal amount and an 8.70% fixed annual coupon, pays monthly and matures on November 26, 2027. The notes may be automatically redeemed early on scheduled determination dates if both underliers meet their call thresholds; otherwise payment at maturity depends on the worst performing underlier versus a 70% downside threshold, exposing investors to potential loss of principal.

Morgan Stanley Finance LLC priced principal-at-risk notes linked to Blackstone Inc. The offering comprises securities with a $1,000 stated principal amount per security, an Issue price $1,000, and an aggregate principal amount of $630,000. The securities feature an automatic early redemption on the first determination date (June 3, 2027) if the closing level of Blackstone common stock is ≥ the call threshold ($116.83), producing an early redemption payment of $1,265 on the early redemption date (June 8, 2027).

If not redeemed, maturity (May 25, 2028) payoffs depend on the final level versus the initial level ($116.83) and a buffer level (~$99.306, 85% of initial). The securities provide a buffer of 15% and a downside factor of 1.1765; losses apply beyond the buffer and could result in loss of principal. Estimated value on the pricing date was $981.10 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk structured notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with automatic early redemption and a final maturity of June 20, 2031. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $898.90. The notes pay no interest and can be automatically redeemed beginning on the first determination date of June 22, 2027 if the underlier closes at or above a call threshold (90% of the initial level). At maturity investors receive a fixed positive payment if the final level is at or above the call threshold, return of principal if final level is at or above the downside threshold (60% of initial), or a prorated principal amount if the final level is below the downside threshold, exposing investors to potential loss of principal, possibly to zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced dual directional buffered participation securities linked to the S&P 500® Index. Each security has a $1,000 stated principal amount, an original issue price of $1,000, an estimated value of approximately $991.20 on the pricing date and a maturity date of July 2, 2027.

At maturity the payoff is one of three outcomes: (1) if the final level is above the initial level, holders receive principal plus 100% of upside subject to a $1,105 cap; (2) if the final level is below or equal to initial but at or above an 85% buffer level, holders receive principal plus an absolute-return payment up to 15%; or (3) if the final level is below the 85% buffer, holders incur losses proportionate to declines beyond the 15% buffer, subject to a 15% minimum payment. All payments are subject to Morgan Stanley credit risk and model-based estimated value assumptions.

Morgan Stanley Finance LLC offers principal-at-risk, contingent-income auto-callable securities linked to Ares Management Corporation class A common stock, with a $1,000 stated principal amount per security. The notes pay a contingent coupon only when the underlier meets the coupon barrier on observation dates, can be automatically redeemed early if the underlier reaches the call threshold on redemption determination dates, and repay principal at maturity only if the final level is at or above the downside threshold; otherwise final payment equals the stated principal multiplied by the performance factor and may result in substantial principal loss. The contingent coupon rate is 19.10% per annum, the call threshold is 100% of the initial level, and the coupon barrier and downside threshold are each 60% of the initial level. The strike date is May 28, 2026, final observation date is May 29, 2029, and maturity is June 1, 2029. The document states an estimated value on the pricing date of approximately $957.70 per security and warns that all payments are subject to the issuer and guarantor credit risk and that tax treatment is uncertain.

Morgan Stanley Finance LLC is offering contingent income, principal-at-risk notes due June 20, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon (annual rate to be set on the pricing date) only if the underlier meets coupon barrier tests on observation dates and may be automatically redeemed early if the underlier meets the call threshold on redemption determination dates. At maturity, if the final level is below the downside threshold, principal is reduced pro rata to the underlier’s performance; if at or above that threshold, investors receive the stated principal. All payments are subject to Morgan Stanley’s credit risk and the securities do not provide regular interest or participation in index appreciation.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the MSCI Emerging Markets Index due June 16, 2027. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities provide a fixed upside payment of at least $151.40 (15.14%) if the final level is greater than or equal to a 90% buffer level; if the final level is below the 90% buffer, investors lose 1.1111% of principal for each 1% decline beyond the 10% buffer. Payments are subject to the credit of MSFL and Morgan Stanley. The estimated value on the pricing date was approximately $983.40 per security and the agent’s fee was $10 per $1,000 stated principal amount. The observation date is June 11, 2027 (subject to postponement) and the maturity date is June 16, 2027.

Morgan Stanley Finance LLC is offering Enhanced Buffered Jump Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on June 16, 2027 and use an observation date of June 11, 2027.

If the final level is at or above a buffer level equal to 90% of the initial level, holders receive the stated principal plus an upside payment of at least $89.20 (8.92%). If the final level is below the buffer level, holders incur losses equal to 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 credit risk of MSFL and its guarantee by Morgan Stanley.

Morgan Stanley Finance LLC offers a preliminary pricing supplement for principal‑at‑risk, auto‑callable notes tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The stated principal amount is $1,000 per security and the issue price is $1,000 per security; the estimated value on the pricing date is approximately $930.00.

The notes may be automatically redeemed beginning on the first determination date, June 22, 2027, if the underlier’s closing level is ≥ the call threshold (set at 90% of the initial level). Early redemption payments rise across scheduled determination dates and, if not redeemed, the payment at maturity will be $2,000.00 to $2,050.00 if the final level is ≥ the call threshold; investors receive principal only if the final level is between the call threshold and the downside threshold (the downside threshold is 60% of the initial level), and will suffer proportional losses below that threshold. The underlier includes a 4% per annum decrement and uses intraday leverage/rebalancing. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities tied to the S&P 500® Futures Excess Return Index with a stated principal amount of $1,000 per security. The securities mature on June 21, 2032 and offer a leveraged upside equal to the stated principal amount × 226% × underlier percent change.

At maturity investors receive: the stated principal plus the leveraged upside if the final level exceeds the initial level; the stated principal if the final level is between the downside threshold (set at 70% of initial) and the initial level; or a loss pro rata to the underlier decline if the final level is below the downside threshold. The document shows an estimated value on the pricing date of approximately $927.30 per security and notes that all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due December 4, 2028 linked to the worst performing of the Nasdaq-100 and S&P 500. Each security has a stated principal amount of $1,000, a 115% leverage factor on upside and a maximum upside payment of $1,395 (139.50% of principal). The securities provide a 10% buffer (buffer level = 90% of initial) and a minimum payment at maturity of 10% of principal. If the worst performing underlier finishes above its initial level, investors receive principal plus 115% of appreciation, capped at the maximum. If the worst performing underlier finishes between its initial level and the buffer level, investors receive principal plus an absolute-return participation (capped effectively at 10%). If the worst performing underlier finishes below the buffer level, investors incur losses of 1% for each 1% decline beyond the buffer, and the payment may be significantly less than principal. The estimated value on the pricing date was approximately $955.20 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due May 28, 2031 linked to a three-component basket (MSCI EAFE 25%, MSCI Emerging Markets 10%, S&P 500 Futures Excess Return 65%). The notes have a 260% participation rate, a call threshold of 100 (first determination date June 1, 2027) and a downside threshold of 80. Early redemption pays $1,150 per $1,000 security on the first determination date if the underlier closes at or above the call threshold. If not called, maturity payoff ranges from full principal plus upside to a pro rata loss down to zero; all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security and a 202% leverage factor. The securities have a strike/pricing date of June 15, 2026, an original issue date of June 18, 2026, an observation date of June 16, 2031 and a maturity date of June 20, 2031.

At maturity: if the final level > initial level, holders receive principal plus 202% of appreciation; if final level ≤ initial but ≥ the downside threshold (70% of initial), holders receive principal; if final level < downside threshold, holders lose 1% of principal for each 1% decline in the underlier. The document states an estimated value on the pricing date of approximately $933.50 per security and notes all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS notes due June 1, 2029 linked to the iShares® Expanded Tech-Software Sector ETF (Bloomberg: IGV). Each security has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley.

The notes provide a 150% leverage factor to positive performance up to a $1,610 maximum payment (161% of principal). They include a 20% buffer against declines and a minimum payment of 20% of principal. Payments depend on the closing level on the observation date and are subject to issuer credit risk and tax uncertainty.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due June 4, 2027 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a stated principal amount of $1,000, a contingent coupon at an annual rate of 7.80% (paid only if all underliers meet coupon barrier levels on observation dates), and an estimated value on the pricing date of approximately $987.90.

The notes feature automatic early redemption if all underliers meet call thresholds on specified redemption determination dates, and at maturity expose holders to losses equal to the percentage decline of the worst performing underlier below a 60% downside threshold; payments are unsecured and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and limited secondary-market liquidity.

Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes guaranteed by Morgan Stanley. The offering totals $441,000 aggregate principal at an issue price of $1,000 per security with a stated principal of $1,000, an estimated value of $937.60 on the pricing date and a maturity date of May 23, 2031. The notes pay a contingent coupon of 13.75% per annum on observation dates when the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index closes at or above the coupon barrier (approximately 75% of initial level). The securities feature automatic early redemption if the index equals or exceeds the call threshold (initial level 1,434.85) on a redemption determination date, a 15% buffer (buffer level ≈ 85% of initial level) at maturity, and a minimum payment at maturity of 15% of principal. All payments are subject to MSFL credit risk and are fully and unconditionally guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering Principal-at-Risk Structured Investments — Enhanced Trigger Jump Securities linked to the worst performing of the Dow Jones Industrial, Russell 2000 and S&P 500. Each security has a $1,000 stated principal amount and matures on July 13, 2027. If, on the observation date (July 8, 2027), the final level of every underlier is at or above its downside threshold (75% of its initial level), holders receive the stated principal plus a fixed $100 upside payment. If any underlier is below its downside threshold, payment is the stated principal multiplied by the performance factor of the worst performing underlier; there is no minimum payment and investors could lose their entire principal. The estimated value on the pricing date was approximately $972.00 per security. All payments are subject to the issuer’s and guarantor’s credit risk; the securities are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the S&P 500® Futures Excess Return Index with automatic early redemption and a final maturity of June 2, 2031. Each security has a $1,000 stated principal amount and an original issue price of $1,000.

The notes pay no interest, carry principal-at-risk and are fully and unconditionally guaranteed by Morgan Stanley. They will auto-redeem on the first determination date (June 4, 2027) if the underlier is at or above the call threshold (107% of the initial level) for a fixed early redemption payment of $1,217.50 per security. If not redeemed, maturity payoffs depend on the final level versus the initial level and a participation rate of 265%; losses occur if the final level falls below the downside threshold (75% of the initial level).

Morgan Stanley Finance LLC priced market-linked notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index with a $1,000 stated principal amount per note. The notes pay no interest, have a 100% participation rate in the upside of the worst performing underlier, and a maximum payment at maturity of $1,127.50 per note (112.75% of principal). The notes reference initial levels of INDU 50,579.70 and SPX 7,473.47 (strike date May 22, 2026), have an observation date of November 22, 2027 and mature on November 26, 2027. Payments are based solely on the worst performing underlier and all payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced a $50,000,000 issue of Fixed Rate Callable Notes due July 28, 2027. The notes pay 4.200% per annum quarterly interest, have an issue price of $1,000 per note and an estimated pricing-date value of $995.40 per note. The issuer may redeem the notes quarterly beginning November 28, 2026 if a risk neutral valuation model selected by the calculation agent determines redemption is economically rational; any redemption is at 100% of principal plus accrued interest. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers auto-callable, principal‑at‑risk structured notes linked to the S&P 500® Index with a $1,000 stated principal amount per security and an original issue price of $1,000. The notes pay no interest, carry full Morgan Stanley guarantee, and may be automatically redeemed on the first determination date for an early redemption payment of $1,100 if the index is at or above the call threshold.

If not redeemed, maturity payments depend on index performance: investors receive principal plus an upside payment when the final level exceeds the initial level (participation rate 170.25%); receive only principal if the final level is between the initial level and the downside threshold (approximately 85% of the initial level); and suffer pro rata losses if the final level is below the downside threshold, potentially losing the entire investment. All payments are subject to issuer credit risk. The first determination date is June 4, 2027 and the final determination date is May 22, 2029.

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable notes linked to Super Micro Computer, Inc. (SMCI) with a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 24.40% per annum on specified observation dates only if the underlier meets the coupon barrier.

If not called early, maturity is May 30, 2028. Investors receive principal at maturity only if the final level is at or above the downside threshold of $17.79 (50% of the initial level of $35.58 set on the strike date, May 22, 2026). If the final level is below that threshold, payment equals the stated principal multiplied by the performance factor (final level/initial level), which could result in a substantial loss or zero recovery. All payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was approximately $949.20 per security.

Morgan Stanley Finance LLC priced contingent income, memory auto-callable principal-at-risk notes linked to the Class A common stock of Alphabet Inc. The notes have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value of approximately $984 on the pricing date, and mature on June 9, 2027. The securities pay a contingent coupon at an annual rate of 19.16% on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier ($306.376, 80% of the initial level) on the related observation date, and are automatically redeemed early if the closing level meets or exceeds the call threshold ($382.97, 100% of the initial level) on any redemption determination date. If not auto‑redeemed, maturity payment returns full principal only if the final level is at or above the downside threshold ($306.376); otherwise payment equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to potential loss of principal.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering $32,142,000 aggregate of Capped Leveraged S&P 500® Index‑Linked Notes due June 23, 2027. Each note has a Face Amount of $1,000 and an Upside Participation Rate of 125% with a Cap Level of 115.350% of the Initial Underlier Level and a Maximum Settlement Amount of $1,191.875 per $1,000 face amount.

The notes pay no interest; maturity payment depends on the S&P 500 Index performance from the Trade Date (May 21, 2026) to the Determination Date (June 21, 2027). The Initial Underlier Level is 7,445.72. Estimated value on the Trade Date was $982.30 per note; original issue price is $1,000. All payments are subject to issuer and guarantor credit risk and the notes are unsecured and not exchange‑listed.

Morgan Stanley Finance LLC priced $17,282,000 of Digital S&P 500® Index-Linked Notes due July 14, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 Face Amount note pays no interest and returns either the Maximum Settlement Amount of $1,116.20 if the S&P 500® closes at or above 90% of its initial level on the Determination Date, or a formulaic cash payment that can result in a loss of principal if the index declines by more than 10%. The Trade Date is May 21, 2026, the Estimated Value per note on the Trade Date is $997.90, the Initial Underlier Level is 7,445.72, the Determination Date is July 12, 2027 and the Stated Maturity Date is July 14, 2027. All payments are subject to issuer credit risk, the notes are unsecured, will not be listed, and have limited upside capped at 111.62% of face.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering $1,000,000 of Leveraged Buffered S&P 500® Index-Linked Notes due July 23, 2027 with a Trade Date of May 21, 2026 and Original Issue Date of May 27, 2026. Each $1,000 Face Amount note provides 200% Upside Participation in positive index returns subject to a cap and a 10.00% buffer against declines.

Key economic terms: Initial Underlier Level 7,445.72; Cap Level 106.90% of initial (Maximum Settlement Amount $1,138.00 per $1,000); Buffer Level 90.00% of initial. The estimated value on the Trade Date is $987.20 per note. All payments are subject to issuer credit risk and notes are unsecured, non‑interest bearing and unlisted.

Morgan Stanley Finance LLC is offering market‑linked, principal‑at‑risk securities with a face amount of $1,000 per security that are fully and unconditionally guaranteed by Morgan Stanley. The securities pay no interest, have a 150% participation rate in positive performance of the lowest performing underlying if not called, and feature an automatic call that would deliver a $1,400 call payment on the call settlement date. The securities are linked to the lowest performing of the VanEck Vectors® Oil Services ETF, the Nasdaq‑100® Technology Sector Index, and the State Street® Utilities Select Sector SPDR® ETF, mature on June 1, 2029, and have a pricing date of May 29, 2026 with an original issue date of June 3, 2026. The estimated value on the pricing date is approximately $939.80 per security and the offering price is $1,000 per security; agent commissions are up to $25.75, leaving proceeds to the issuer of $974.25 per security. These securities expose investors to credit risk of Morgan Stanley and to downside risk of the lowest performing underlying, including potential losses exceeding 40% of face amount.

Morgan Stanley Finance LLC priced a preliminary offering of auto-callable, principal‑at‑risk market‑linked securities due June 1, 2029 that are fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value at pricing of $958.60, and a contingent monthly coupon determined at pricing of at least 10.50% per annum. Coupons pay only if the lowest performing of three sector ETFs (Energy, Technology, Health Care) closes at or above 70% of its starting price on monthly calculation days. If not auto‑called, principal at maturity is either $1,000 or $1,000 × performance factor of the lowest performing underlying, exposing investors to more than a 40% loss (and possibly total loss) if that underlying falls below 60% of its starting price on the final calculation day. The securities include a six‑month non‑call period, monthly observation dates beginning June 2026, and complex structural and credit risks. Commissions and selling concessions reduce proceeds to the issuer ($976.75 per security) and raise costs to investors.

Morgan Stanley Finance LLC is offering callable Contingent Income Securities due March 3, 2028 linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® and the State Street® SPDR® S&P® Regional Banking ETF. Each security has a stated principal amount of $1,000, a contingent coupon at an annual rate of 15.90% payable only if each underlier meets its coupon barrier on an observation date, and an estimated value on the pricing date of approximately $984 per security. The securities are fully and unconditionally guaranteed by Morgan Stanley, expose investors to principal-at-risk (loss proportional to the worst-performing underlier), and may be called early based on the output of a "risk neutral valuation model" as described in the terms.

Morgan Stanley Finance LLC is offering leveraged, buffered notes linked to the iShares Silver Trust (SLV), fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount and 200% upside participation subject to a Cap Level (expected between 124.04% and 128.21% of the Initial Underlier Level). The notes include a 15.00% buffer (you receive the face amount if the Underlier declines up to 15.00%) and expose holders to full downside beyond that buffer, potentially losing most or all principal. Estimated value on the Trade Date is approximately $977.10 per note; the Original Issue Price is $1,000. Payments are unsecured and subject to Morgan Stanley credit risk; proceeds are for general corporate purposes.

Morgan Stanley Finance LLC offers Contingent Income Auto-Callable Notes due June 3, 2033, fully guaranteed by Morgan Stanley. Each note has a $1,000 original issue price and an estimated value on the pricing date of approximately $928.90. The notes pay a contingent coupon of 8.05% per annum only when the closing level of each underlier meets or exceeds its coupon barrier on observation dates; early automatic redemption is possible if all underliers meet call thresholds on redemption determination dates. The notes are linked to the worst-performing common stock among NVIDIA, CVS Health and Pfizer, do not participate in underlying appreciation, are unsecured, not exchange-listed, and are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers Contingent Income Auto-Callable Securities due July 13, 2027 linked to the common stock of Conagra Brands, Inc. The notes pay a contingent coupon (15.25% per annum) only if the underlier meets the coupon barrier on observation dates and are automatically callable if the underlier meets the call threshold on any redemption determination date. Each security has a stated principal amount of $1,000; the estimated value on the pricing date is approximately $950.30. If not called and the final level is below the downside threshold (68% of the initial level), investors suffer a pro rata loss in principal (payment equals stated principal × final level / initial level).

Morgan Stanley Finance LLC offers Structured Investments Enhanced Buffered Jump Securities due December 2, 2027. The notes reference the iShares U.S. Real Estate ETF and have a $1,000 stated principal amount per security with a fixed $160 (16%) upside payment if the final averaged level is at or above a 90% buffer level. If the final averaged level is below the 90% buffer, losses apply at a 1.1111 downside factor beyond the 10% buffer; there is no minimum payment and investors could lose their entire principal. The pricing and strike dates are May 27, 2026, original issue date June 1, 2026, and final averaging dates occur in November 2027. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to the issuer’s credit risk. The estimated value on the pricing date was approximately $988.60 per security.

Morgan Stanley Finance LLC is offering Principal at Risk Structured Buffered Jump Securities with an auto-callable feature, issued at $1,000 per security and an aggregate principal amount of $383,000. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, mature on May 23, 2031, and can be automatically redeemed beginning with the first determination date on May 24, 2027. Investors receive fixed early redemption payments that correspond to approximately 19.15% per annum on applicable early redemption dates; at maturity holders receive $1,957.50 if the final level is at or above the call threshold, the stated principal if the final level is at or above the buffer level, or a reduced payment below principal if the final level is below the buffer (with a 15% minimum payment). All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to the capital stock of International Business Machines Corporation. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay a contingent coupon at an annual rate of 10.20% only if the underlier meets the coupon barrier on observation dates, are subject to automatic early redemption if the underlier meets the call threshold on redemption determination dates, and expose investors to full or partial loss of principal if the final level is below the downside threshold. The estimated value on the pricing date is approximately $978.90. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC offers U.S. dollar-denominated, EURO STOXX 50® Index‑linked notes due in roughly 16 to 18 months (pricing subject to a final pricing supplement). Each note has a $1,000 Face Amount and no interest; principal repayment at maturity depends on the Final Underlier Level versus a 87.50% Threshold Level. If the Final Underlier Level is ≥ the Threshold Level, investors receive a capped Maximum Settlement Amount (expected between $1,123.60 and $1,145.40 per $1,000 Face Amount). If the Final Underlier Level is below the Threshold Level, investors suffer a proportional loss of principal and could lose their entire investment. All payments are subject to issuer and guarantor credit risk; the notes are unsecured, not listed, and not FDIC insured.

Morgan Stanley Finance LLC priced a principal-at-risk structured note linked to the worst performing of Delta Air Lines and Walmart stock. The offering totals $500,000 in $1,000 securities, each with a $353.40 fixed upside payment and a 30% buffer. The securities mature on May 24, 2028 and return depends solely on closing levels on the observation date; losses apply if either underlier falls below its buffer, with a downside factor of 1.4286.

Morgan Stanley Finance LLC is offering principal-at-risk notes due June 4, 2027 that pay a fixed coupon and are linked to the Class A common stock of Alphabet Inc.. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay a fixed annual coupon of 10.70% monthly, and pay principal at maturity only if the final level of the underlier is at or above a downside threshold equal to 70% of the initial level; if the final level is below that threshold, principal is reduced pro rata by the performance factor and could be zero. Pricing and strike dates are May 28, 2026, the observation date is June 1, 2027, and the pricing-date estimated value was approximately $983.40 per security. All payments are subject to the issuer and guarantor credit risk, and the securities do not participate in any appreciation of the underlier. The offering documents warn of uncertain U.S. federal tax treatment, possible withholding for non-U.S. holders under Section 871(m), and dealer commissions of $10 per security.