Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable notes linked to the worst performing of the Global X Silver Miners ETF (SIL) and the iShares Silver Trust (SLV). Each security has a $1,000 stated principal amount and an original issue price of $1,000.

The notes may be automatically redeemed on specified determination dates beginning May 28, 2027 for fixed early redemption payments (ranging in examples from $1,280 to $1,770) and mature on May 24, 2029. If not auto‑redeemed, payoff at maturity can be $1,840, the stated principal, or an amount that reflects 100% of the worst performing underlier (potentially resulting in a full loss of principal).

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due November 26, 2027 linked to the worst-performing of the Dow Jones Industrial, Nasdaq-100, Russell 2000 and S&P 500. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay no interest and provide a fixed $237.10 upside payment per security (a 23.71% return) if the worst-performing underlier is at or above a 90% buffer of its initial level on the observation date. 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 and the investment could be fully lost. Estimated value on the pricing date was approximately $983.40 per security. All payments are subject to MSFL’s credit risk and the notes are fully and unconditionally guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due May 24, 2029 linked to the worst performing of the Global X Silver Miners ETF (SIL) and the iShares Silver Trust (SLV). Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities are auto‑callable beginning with the first determination date on May 28, 2027, with preset early redemption payments that correspond to an approximate 25.50% per annum return if triggered. If not called, maturity payoffs range from a fixed positive payment of $1,765.00 if both underliers meet upside thresholds to a principal‑loss payoff tied to the worst performing underlier (1% loss per 1% decline below downside thresholds), which could result in a total loss of principal. The document discloses an estimated value on the pricing date of approximately $937.50 per security and shows agent compensation of $22.50 plus a structuring fee of $1.00 per security.

Morgan Stanley Finance LLC is offering Structured Investments: Contingent Income Auto-Callable Notes due June 2, 2031, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal per note and pay a contingent coupon of 11.00% per annum only when the closing level of each of three ETF underliers meets or exceeds its coupon barrier on observation dates. The notes are linked to the worst performing of the KRE, GDX and DRAM ETFs, are subject to automatic early redemption on specified redemption determination dates, and will pay the stated principal at maturity if not previously redeemed. All payments are subject to the issuer’s credit risk. The estimated value on the pricing date is approximately $965.90 per note.

Morgan Stanley Finance LLC priced a structured, principal-at-risk note tied to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $983.20, and matures on September 7, 2027. The payoff is determined by the worst performing underlier on the observation date and includes a 19% buffer (buffer level = 81%) and a capped maximum upside payment of $1,117 (111.70% of principal). If the worst performing underlier falls below the buffer, investors lose 1% of principal for every 1% decline beyond the buffer, with a minimum payment at maturity of 19% of principal. 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 notes fully and unconditionally guaranteed by Morgan Stanley linked to the S&P 500®. The stated principal is $1,000 per security; estimated value on the pricing date is approximately $977.60. The securities pay no interest, may be automatically redeemed on specified determination dates for fixed early redemption payments (targeting about 9.02% per annum on the stated principal if called), and mature on June 1, 2028. If not called, payments at maturity depend on the final index level relative to the call threshold (100% of the initial level) and a downside threshold (75% of the initial level): investors receive a positive fixed return if the final level is >= call threshold, the stated principal if the final level is >= downside threshold but below the call threshold, or an amount equal to the stated principal multiplied by the performance factor if the final level is below the downside threshold, exposing investors to full downside loss. Commissions and fees of up to $15 per $1,000 reduce proceeds to the issuer to $985 per security at issuance. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC prices market-linked principal-at-risk securities. The offering sells securities at a $1,000 face amount per security with a public price of $1,000, agent commissions of $23.25 and estimated proceeds to MSFL of $976.75 per security. The securities are fully and unconditionally guaranteed by Morgan Stanley, have an estimated value on the pricing date of $957.50 (±$35.00), and pay a contingent fixed return of at least 29% ($290) if the lowest performing underlying stock meets its threshold. The securities mature on June 7, 2027 (calculation day June 2, 2027); if the lowest performing underlying stock is below its 60% threshold at the calculation day, holders are exposed to downside loss of more than 40%, up to total loss of principal.

Morgan Stanley Finance LLC offers Digital S&P 500® Index-Linked Notes due (pricing supplement)

The notes have a Face Amount of $1,000 per note and pay no interest; maturity payment depends on the S&P 500® Index performance measured from the trade date to a determination date expected between 13 and 15 months after the trade date. If the Final Underlier Level is ≥90% of the Initial Underlier Level, investors receive a capped Maximum Settlement Amount (expected to be between $1,099.10 and $1,116.50 per $1,000). If the Final Underlier Level is below 90%, the payout declines proportionately via a Buffer Rate of approximately 111.11%, and investors may lose some or all principal. All payments are unsecured and subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a preliminary pricing supplement for Leveraged Buffered S&P 500® Index‑Linked Notes due in roughly 13–15 months, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount and will pay a Cash Settlement Amount at maturity tied to the S&P 500® Index performance.

Key economic terms disclosed include an Upside Participation Rate of 140%, a Buffer Level equal to 90.00% of the Initial Underlier Level (a 10.00% buffer), an expected Cap Level between 110.37% and 112.20% of the Initial Underlier Level, and an expected Maximum Settlement Amount between $1,145.18 and $1,170.80 per $1,000 Face Amount. The issuer’s estimated value on the Trade Date is approximately $996.30 per note.

Morgan Stanley Finance LLC priced contingent income, memory buffered auto-callable securities linked to Wix.com Ltd. ordinary shares with a $1,000 stated principal per security. The notes pay a contingent coupon of 37.96% per annum on observation dates if the underlier meets the coupon barrier and feature automatic early redemption if the closing level meets the call threshold. The securities include a 35% buffer and a downside factor of 1.5384 that amplifies losses below the buffer; the final observation date is June 2, 2027 and maturity is June 7, 2027. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was approximately $974.00 per security.

Morgan Stanley Finance LLC priced principal-at-risk buffered jump securities linked to the common stock of Blackstone Inc. The securities have a $1,000 stated principal amount, an original issue price of $1,000, an estimated value of $981.10 on the pricing date and a maturity date of May 25, 2028. They feature an automatic early redemption on the first determination date of June 3, 2027 with an early redemption payment of $1,265 per security if the closing level is at or above the call threshold ($116.83). If not redeemed, payoff at maturity depends on the final level versus the initial level, a 15% buffer (buffer level $99.306), a downside factor of 1.1765 and a fixed upside payment of $530. All payments are subject to the issuer's and guarantor's credit risk.

Morgan Stanley Finance LLC offers Principal at Risk contingent income auto-callable securities linked to Netflix, Inc. common stock, with a stated principal amount of $1,000 per security and a contingent annual coupon of 15.00%. The securities pay coupons only if observation-date closing levels meet the coupon barrier and may auto‑redeem if closing levels meet the call threshold on scheduled redemption determination dates. If not auto‑redeemed, repayment at maturity depends on the final level relative to the downside threshold; a final level below the downside threshold results in a pro rata loss of principal (payment = stated principal × performance factor). The pricing date was May 21, 2026, original issue date May 27, 2026, final observation date May 25, 2027 and maturity May 28, 2027. All payments are subject to Morgan Stanley’s credit risk. Terms include an estimated value on the pricing date of approximately $974.60 per security.

Morgan Stanley Finance LLC priced contingent income, principal-at-risk notes linked to the worst performing of the Roundhill Memory ETF (DRAM) and the VanEck Gold Miners ETF (GDX). Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a contingent coupon at an annual rate of 17.00% on each coupon payment date only if both underliers meet coupon barrier levels on observation dates and are subject to automatic early redemption on scheduled determination dates. The notes mature on June 2, 2031, and investors bear full principal risk tied to the worst performing underlier; payment at maturity may be significantly less than principal or zero. The estimated value on the pricing date was approximately $950.40 per security.

Morgan Stanley Finance LLC priced market-linked notes due May 22, 2031 guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount; the offering aggregates $510,000. Payout at maturity is tied to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index measured from the May 19, 2026 strike date to the May 19, 2031 observation date. The notes pay no interest, have a 100% participation rate in appreciation of the worst performing underlier, and a maximum payment at maturity of $1,803 per note (180.30% of principal). The estimated value on the pricing date was $974.00 per note. All payments are unsecured and subject to Morgan Stanley’s credit risk; the notes will not be listed and sales are limited to certain fee-based advisory accounts.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities due May 30, 2031, 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 securities pay a contingent coupon at an annual rate of 11.00% on coupon payment dates only if the closing level of the underlier meets or exceeds the coupon barrier (60% of the initial level) on the related observation date.

Automatic early redemption can occur on specified redemption determination dates beginning November 27, 2026 if the closing level is at or above the call threshold (90% of the initial level). If not redeemed, payment at maturity depends on the final level: if the final level is at or above the downside threshold (60% of the initial level) holders receive the stated principal; if below, holders receive the stated principal multiplied by the performance factor (final level / initial level), exposing investors to full downside risk. The estimated value on the pricing date was approximately $908.90 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due May 22, 2031 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 will pay no interest.

At maturity investors receive: the stated principal plus a 106% leveraged upside if the worst performing underlier is above its initial level; the stated principal if the worst performing underlier is at or above its 75% buffer level; or a reduced payment if the worst performing underlier finishes below the buffer, with losses of 1% per 1% decline beyond the buffer, subject to a 25% minimum payment.

Morgan Stanley Finance LLC priced and issued Structured Investments — Buffered Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley, with an aggregate principal amount of $1,377,000 and a stated principal amount of $1,000 per security. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and may be automatically redeemed on scheduled determination dates beginning May 20, 2027 if the closing level of the underlier meets or exceeds the call threshold level of 1,382.65. If not called, maturity is May 22, 2031; payments at maturity depend on the final level relative to the call threshold and a buffer level of 1,175.253 (approximately 85% of the initial level). The securities do not pay interest, carry full issuer/guarantor credit risk, and expose holders to downside beyond the 15% buffer (with a minimum payment at maturity equal to 15% of principal).

The issuer, Morgan Stanley Finance LLC, is offering contingent income auto-callable securities tied to the capital stock of International Business Machines Corporation. The aggregate principal amount offered is $2,485,000 at an issue price of $1,000 per security. Each security has a stated principal amount of $1,000, a pricing/origination structure that embeds issuance and hedging costs, and an estimated value on the pricing date of $979.70.

The notes pay a contingent coupon of 15.00% per annum on coupon payment dates only if the underlier’s closing level on the related observation date is at or above the coupon barrier of $145.960 (approximately 65.65% of the initial level). The securities are automatically redeemed early if the underlier’s closing level on a redemption determination date is at or above the call threshold of $222.33 (100% of the initial level). At maturity, if not previously redeemed, investors receive the stated principal if the final level is at or above the downside threshold ($145.960); otherwise payment equals the stated principal multiplied by final/initial level, exposing investors to full downside loss potential. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering buffered participation Principal at Risk securities linked to the S&P 500® Index with a $1,000 stated principal amount and aggregate issuance of $750,000. The notes mature on June 24, 2027 and reference an initial index level of 7,353.61 (strike/ pricing date May 19, 2026).

At maturity the securities pay the stated principal plus a 100% participation in positive index performance capped at a $1,137.50 maximum payment (113.75%). A 15% buffer protects against losses up to 15% of the initial level; losses beyond that reduce principal dollar-for-dollar, subject to a 15% minimum payment.

Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities tied to the Nasdaq-100 Index® with a stated principal amount of $1,000 per security and an aggregate principal amount of $500,000. The securities mature on June 24, 2027 and pay no interest. At maturity the payout depends on the index closing level on the observation date: if the final level exceeds the initial level (28,818.84) holders receive principal plus 100% participation in upside subject to a $1,178 maximum; if the final level falls between the initial level and the buffer level (24,496.014, 85% of the initial level) holders receive the stated principal; if the final level is below the buffer level holders lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; credit risk and limited liquidity are material risks.

Morgan Stanley Finance LLC is offering Structured Investments Enhanced Trigger Jump Securities due June 24, 2027 fully and unconditionally guaranteed by Morgan Stanley. The issue totals $142,000 aggregate principal at a $1,000 stated principal per security, with an $181.50 upside payment (18.15%).

The securities pay no interest, are principal-at-risk based on the worst performing of three underliers (XLE, RTY, XLK), have an estimated value on pricing of $965.00 and rely on closing levels on the observation date June 21, 2027 to determine payoff.

Morgan Stanley Finance LLC is offering Leveraged Buffered S&P 500® Index-Linked Notes (the "notes") fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and does not pay interest. The notes provide 150% upside participation in the S&P 500® Index performance above the Initial Underlier Level subject to a cap (Hypothetical Cap Level ~110.92% and Hypothetical Maximum Settlement Amount ~$1,163.80–$1,192.15 per $1,000). The notes protect principal for declines up to 10.00% (the Buffer Level); declines beyond 10.00% expose investors to proportional losses, including total loss. Estimated value on the Trade Date is approximately $977.50 per note; Original Issue Price is $1,000. The issuer will determine the Initial Underlier Level, Final Underlier Level, Cap Level, Maximum Settlement Amount and exact dates on the Trade Date. All payments are subject to Morgan Stanley's credit risk and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC offers $3,255,000 of Trigger Autocallable GEARS linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The Securities mature on May 22, 2031, are automatically callable if the Index closes at or above the Autocall Barrier on May 25, 2027, and feature an Upside Gearing of 1.54 and an annual Call Return Rate of 12.00. If not called, positive Index performance at maturity delivers leveraged upside; if the Final Level is below the Downside Threshold (approximately 75.00 of the Initial Level), holders can lose a substantial portion or all of principal. Payments are unsecured, subject to Morgan Stanley’s credit risk, and these Securities do not pay interest or dividends during the term.

Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, market-linked notes due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000 and an estimated value at pricing of $939.20 per security.

The notes are auto-callable on the call date with a minimum cash call payment of $1,400 (approximately 40.00% call premium). If not called, payoff depends on the lowest performing of Eli Lilly (LLY) and Micron (MU): a 200% participation rate for positive returns, a 40% buffer against declines, and exposure to losses up to 60% of face amount if the lowest performing stock falls below its threshold. Pricing date is May 29, 2026 and original issue date is June 3, 2026.

Morgan Stanley Finance LLC priced a preliminary pricing supplement for $1,000-denominated Leveraged Buffered S&P 500® Index-Linked Notes (expected term ~16–19 months), subject to completion. The notes offer 150% upside participation to gains (capped) and a 10.00% downside buffer, with potential loss below that buffer.

The Original Issue Price per note is $1,000, estimated value on the trade date ~$978.50 (±$15.00); price to public per note $1,000, agent commission $18.50, proceeds to issuer $981.50. Payments at maturity depend on the Final Underlier Level and are subject to issuer credit risk and calculation-agent discretion.

Morgan Stanley Finance LLC priced a structured market-linked offering of auto-callable, contingent absolute return principal-at-risk securities linked to the lowest performing of four alternative-asset manager stocks, due May 23, 2029. The securities were offered at $1,000 per security with total proceeds to the issuer of $681,975 for the tranche shown; estimated value on the pricing date was $910.90 per security. The notes pay a specified cash call payment if, on scheduled monthly calculation days beginning May 21, 2027, each underlying stock closes at or above its starting price; otherwise maturity payouts depend on the lowest performing underlying stock and may result in losses exceeding 50% of principal. Purchases include selling commissions and distribution fees; all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers market-linked, principal-at-risk securities due May 26, 2027 linked to the lowest performing of four State Street sector ETFs with a 279.50% participation rate and a 20% buffer (face amount $1,000).

The pricing supplement shows a purchase price of $1,000 per security, an estimated value of $940.50 on the pricing date and distribution arrangements with Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC. All payments are subject to Morgan Stanley credit risk; holders may lose up to 80% of face amount if the lowest performing underlying falls below its threshold price.

Morgan Stanley Finance LLC is offering $7,400,000 of Digital S&P 500® Index-Linked Notes due September 17, 2027, guaranteed by Morgan Stanley. For each $1,000 Face Amount, the notes pay either $1,100.00 if the S&P 500® closes at or above 85% of its May 18, 2026 level, or a formulaic cash payment that can result in partial or total loss of principal if the Index declines by more than 15%.

The Issue Price is $1,000, the estimated trade-date value is $983.20, and the Trade Date is May 18, 2026. Payments depend solely on the Closing Level on the Determination Date and are subject to the issuer’s credit risk and possible market disruption adjustments.

Morgan Stanley Finance LLC offers principal-at-risk callable notes linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the State Street® Utilities Select Sector SPDR® ETF. Each security has a $1,000 stated principal amount and a contingent coupon of 10.00% per annum, payable only if all three underliers meet their coupon barrier levels on each observation date. The notes include a buffer equal to 20% (buffer level = 80% of initial level) and a minimum payment at maturity of 20% of principal. The issuer may redeem early on scheduled redemption dates beginning August 31, 2026 if a risk neutral valuation model indicates redemption is economically rational; if not redeemed, payments at maturity depend on the worst performing underlier and may result in significant principal loss. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS notes due June 15, 2029. Each security has a stated principal amount of $1,000 and is an unsecured obligation of MSFL, fully and unconditionally guaranteed by Morgan Stanley. The payment at maturity is determined by the performance of the worst performing of the Russell 2000® Index and the S&P 500® Index on the observation date. If the worst performing underlier appreciates, investors receive principal plus 116% leverage on that appreciation. If the worst performing underlier declines but stays at or above an 82% buffer level, investors receive principal plus a positive return capped effectively at 18%. If the worst performing underlier falls below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 18% of principal. The offering price is $1,000 and the estimated value on the pricing date was approximately $975.90. All payments are subject to Morgan Stanley’s credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable notes due June 1, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and may be automatically redeemed early if both underliers meet their call thresholds on a determination date.

The notes reference the worst performing of Citigroup Inc. and JPMorgan Chase & Co. A positive fixed early redemption schedule yields approximately 19.75% per annum if both underliers meet call thresholds; conversely, if the worst performing underlier finishes below its downside threshold (85% of initial level), investors suffer a pro rata loss of principal. Estimated value on the pricing date is about $958.50.

Morgan Stanley Finance LLC priced a principal-at-risk structured note — Dual Directional Jump Securities with an auto-call feature due May 22, 2031 and a stated principal amount of $1,000 per security. The offering aggregates $325,000 and references the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index as the underlier.

The securities can automatically redeem on scheduled determination dates beginning May 19, 2027 for fixed early redemption payments (first scheduled payment $1,190.00). If not called, maturity payoffs depend on the final index level versus an initial level of 1,405.45 (call threshold) and a downside threshold of 702.725 (50%). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; investors bear principal and credit risk. The issuer estimated the securities' value on the pricing date at $921.10 per security.

Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities linked to the State Street® SPDR® S&P® Regional Banking ETF. Each security has a face amount of $1,000 and an estimated value on the pricing date of $957.10 (± $35.00). The securities mature on June 1, 2029 unless called earlier on semi-annual calculation days beginning June 3, 2027. If the underlying closes at or above the 85% call threshold on a calculation day, the notes will be called for specified call payments; otherwise, at maturity investors bear losses beyond a 15% buffer and may lose up to 85% of the face amount. All payments are subject to Morgan Stanley’s credit risk and the securities do not pay interest or dividends.

Morgan Stanley Finance LLC priced structured, market-linked notes with a $1,000 stated principal amount per note and an aggregate principal amount of $500,000. The notes pay no interest, have a 100% participation rate in the upside of the worst performing of the Nasdaq-100 and S&P 500, and a maximum payment at maturity of $1,268.50 per note. The strike and pricing date is May 18, 2026, original issue date May 21, 2026, observation date June 18, 2029 and maturity June 22, 2029. The estimated value on the pricing date is $976.00 per note. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; holders are exposed to issuer credit risk and limited upside by the stated maximum payment.

Morgan Stanley Finance LLC priced $875,000 aggregate principal of Principal-at-Risk notes due May 22, 2031 (issue price $1,000 each). The securities reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and pay a contingent annual coupon of 9.50% only if observation-date conditions are met.

The notes feature an automatic early redemption if the index is at or above a 92% call threshold on redemption determination dates, a 15% buffer level at maturity and a 15% minimum payment at maturity. Estimated value on the pricing date was $904.10 per security and all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced $280,000 aggregate of Structured Investments — Enhanced Buffered Jump Securities due November 23, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal of $1,000, an upside payment of $172.50 (17.25%), a 15% buffer and a 15% minimum payment at maturity. The securities reference the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, use the closing levels on the observation date of November 18, 2027, and carry issuer credit risk and limited secondary-market liquidity.

Morgan Stanley Finance LLC priced $2,086,000 of Dual Directional Buffered PLUS notes due November 23, 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 Dow Jones Industrial Average and the Russell 2000 and pay at maturity based on the worst performing underlier, with a 150% leverage factor on upside (capped at $1,250 per security). A 15% buffer applies: declines beyond that buffer reduce principal dollar‑for‑dollar, and a 15% minimum payment of principal applies. Estimated value on the pricing date was $987.60 per security. The securities do not pay interest and are subject to issuer credit risk, limited secondary market liquidity, and uncertain U.S. federal income tax treatment.

The issuer, Morgan Stanley Finance LLC, is offering structured, principal-at-risk notes due May 22, 2031 linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The offering is for $300,000 aggregate principal at $1,000 per security with an estimated value of $937 on the pricing date.

The securities pay a contingent coupon at an annual rate of 11.75% on observation dates when the underlier closes at or above the coupon barrier level (983.815, 70% of the initial level). The notes are auto-callable beginning on the first redemption determination date (May 18, 2027) if the underlier ≥ the call threshold (1,264.905, 90% of initial). At maturity, if the final level ≥ the buffer level (1,194.633, ~85% of initial), investors receive principal; if below, payoff = principal × (performance factor + 15%) subject to a 15% minimum payment at maturity.

Morgan Stanley Finance LLC priced a $1,458,000 offering of Principal-at-Risk notes due May 22, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and was issued at $1,000 with an estimated value of $902.90 on the pricing date.

The notes pay a contingent annual coupon of 9.00% only if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index closing level meets the coupon barrier on specified observation dates. The notes feature automatic early redemption if the index is at or above the call threshold (90% of the initial level) on a redemption determination date and a buffer equal to 15% at maturity; if the final level is below the buffer, payment at maturity will reflect losses beyond the buffer, subject to a 15% minimum payment.

Morgan Stanley Finance LLC is offering $3,076,000 aggregate principal amount of Buffered PLUS securities due June 22, 2029, 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 and the S&P 500, with a leverage factor of 119.55%, a 20% buffer and a minimum payment at maturity of 20% of principal. Issue price is $1,000 per security (estimated value on the pricing date: $989.50). Initial levels are INDU 49,686.12 and SPX 7,403.05 as of May 18, 2026. Payment at maturity depends solely on closing levels on the observation date (June 18, 2029) and may result in loss of principal if the worst performing underlier falls below its 80% buffer level. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, memory auto-callable securities tied to the Nasdaq-100 Index. Each security has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on pricing date of $985.20. The securities pay a contingent coupon at an annual rate of 11.76% if the underlier is at or above the coupon barrier on observation dates, are subject to automatic early redemption if the index is at or above the call threshold on redemption determination dates, and expose investors to full downside in the event the final level is below the downside threshold (both barrier and downside threshold equal 80% of initial level). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk Callable Contingent Income Securities due May 25, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an issue price of $1,000 per security. They pay a contingent coupon at an annual rate of 13.20% only when the closing level of each underlier is at or above its coupon barrier (70% of initial level) on an observation date. The securities are linked to the worst performing of the EURO STOXX 50®, Nasdaq-100® Technology Sector and Russell 2000® indices. If any underlier is below its downside threshold (70% of initial) at maturity, payment equals principal multiplied by the performance factor of the worst performing underlier, potentially resulting in substantial principal loss or zero repayment. An issuer call is possible beginning on August 27, 2026 if a risk neutral valuation model indicates redemption is economically rational for the issuer. Estimated value on the pricing date was approximately $980.20 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC amends a preliminary pricing supplement for callable, principal-at-risk notes linked to the worst performing of the Russell 2000® and the S&P 500®. The securities have a $1,000 issue price per security and mature on December 2, 2027.

The notes pay a contingent coupon at an annual rate of 12.90% on each coupon date only if the closing level of both underliers is at or above their coupon barrier levels on the related observation date. A trigger event occurs if either underlier falls below its downside threshold (75% of initial level) on any trading day, exposing holders to losses in the worst performing underlier. The issuer may redeem early on specified monthly redemption dates beginning December 3, 2026 if a risk neutral valuation model indicates redemption is economically rational. The estimated value on the pricing date is approximately $987.10 per security.

Morgan Stanley Finance LLC is offering capped leveraged buffered basket-linked notes fully and unconditionally guaranteed by Morgan Stanley. The notes provide 150% Upside Participation on positive basket returns up to a capped payout and a 10.00% buffer on modest declines.

Key pricing and mechanics: Face Amount $1,000, estimated value on the trade date approximately $979.90, expected Maximum Settlement Amount between $1,223.80 and $1,262.65 per $1,000, and an estimated term of about 17 to 20 months (determination and maturity dates set on the Trade Date).

Morgan Stanley Finance LLC is offering contingent income, auto-callable principal-at-risk securities linked to the iShares U.S. Medical Devices ETF. Each security has a stated principal amount of $1,000, an issue price of $1,000, and an estimated value on the pricing date of approximately $955.70. The notes pay a contingent coupon of 9.30% per annum on observation dates when the closing level of the underlier is at or above an 85% coupon barrier and may automatically redeem early if the underlier meets a 100% call threshold on any redemption determination date. At maturity, if the final level is below an 85% downside threshold, investors suffer proportional principal loss (performance factor = final level / initial level). All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk, callable jump securities linked to the S&P 500® Futures Excess Return Index with a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. The securities do not pay interest and expose investors to loss of principal if the final level is below the downside threshold; the participation rate is 400% and the downside threshold is 70% of the initial level. The securities are callable beginning on June 4, 2027; scheduled fixed redemption payments (if called) start at $1,180 on that date and increase on subsequent redemption dates. The estimated value on the pricing date is approximately $963.50 per security. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Callable Contingent Income Securities (principal at risk) due March 6, 2028. Each note has a $1,000 stated principal amount and a contingent coupon of 11.60% per annum payable only if the closing level of each underlier meets its coupon barrier on each observation date. The securities are linked to the worst performing of the Russell 2000® Index, the XLV Fund and the XLK Fund, and pay principal at maturity only if each underlier is at or above its downside threshold (65% of its initial level). If the worst performing underlier closes below its downside threshold at maturity, holders lose an amount proportional to that underlier’s decline. The notes are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk. The issuer may call the notes beginning December 4, 2026 based on the output of a risk neutral valuation model.

Morgan Stanley Finance LLC offers principal-at-risk, structured notes due June 1, 2029 linked to the worst performing of the iShares Silver Trust (SLV) and the SPDR Gold Trust (GLD).

The securities have a $1,000 stated principal amount and an upside payment of $670 per security (a 67% return) if the final level of each underlier is at or above its downside threshold (70% of initial level). If the worst performing underlier is below its downside threshold, the payment equals principal multiplied by that underlier’s performance factor and could be zero. The observation date is May 29, 2029 (maturity June 1, 2029); estimated value on the pricing date was approximately $947.90 per security.

Morgan Stanley Finance LLC priced a series of principal-at-risk, auto-callable notes due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 per security and an original issue date of June 1, 2026. The securities may be automatically redeemed on specified determination dates beginning June 3, 2027 for early redemption payments that correspond to approximately a 14.30% per annum return, with a final scheduled payment of $1,429.00 at maturity if every underlier meets its call threshold.

Returns are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector Index and the Russell 2000® Index. A downside threshold of 70% of initial level applies; if any underlier finishes below that level, investors bear proportional principal loss (1% loss per 1% decline in the worst performing underlier). All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest.