Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes tied to the Global X Uranium ETF, fully and unconditionally guaranteed by Morgan Stanley. 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 $954.
The securities pay no interest and can be automatically redeemed early if the underlier meets the call threshold on scheduled determination dates, with fixed early redemption payments ranging from $1,192.50 to $1,336.875. If not redeemed, payment at maturity is $1,385.00 if the final level is at or above the downside threshold (60% of the initial level); otherwise the maturity payment equals the performance factor times principal and could be significantly less or zero. Commissions and fees include an agent sales commission of $17.50 and a structuring fee of $1 per security.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities due May 30, 2031, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, a contingent coupon at an annual rate of 9.00% and an estimated value on the pricing date of approximately $915.10. The notes pay contingent coupons only if the underlier meets the coupon barrier on observation dates, can be automatically redeemed early if the underlier meets a call threshold, and at maturity repay principal only if the final level is at or above a downside threshold; otherwise investors suffer proportional principal loss tied to the underlier's decline. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, which includes a 4.0% per annum decrement and was established August 30, 2024. All payments are subject to issuer and guarantor credit risk and U.S. tax treatment is described as uncertain.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes with a $1,000 stated principal amount per security that are fully and unconditionally guaranteed by Morgan Stanley. The securities may be automatically redeemed on December 2, 2027 if each underlier meets its call threshold on the first determination date; the early redemption payment is $1,625 per security. If not redeemed, payment at maturity on June 3, 2031 depends on the worst performing of three ETF underliers (IGV, XLF and XLU): holders may receive the stated principal plus an upside payment when the worst performing underlier appreciates (participation rate 300%), only the stated principal if declines remain above downside thresholds (each downside threshold = 60% of initial level), or a reduced payment proportional to the decline of the worst performing underlier (potentially down to zero). All payments are subject to issuer and guarantor credit risk; the document states an estimated value of approximately $948.20 per security on the pricing date.
Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities tied to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on June 24, 2027 with an observation date of June 21, 2027.
Payment at maturity depends on the index closing level on the observation date: gains are paid at a 100% participation rate up to a $1,168 maximum per security; losses are absorbed only after a 10% buffer, and the minimum payment at maturity is 10% of stated principal. The estimated value on the pricing date is approximately $991.60 per security. All payments are subject to the issuer and guarantor credit risk of Morgan Stanley.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, contingent income auto‑callable securities due May 25, 2028 linked to the worst performing of Alphabet (GOOGL), Eli Lilly (LLY) and Palantir (PLTR). The securities have a $1,000 stated principal amount and an issue price of $1,000 per security. They pay a contingent coupon at an annual rate of 26.45% only if each underlier meets its coupon barrier on observation dates, offer automatic early redemption if each underlier meets its call thresholds on redemption determination dates, and expose investors to a potential loss of principal at maturity tied to the worst performing underlier. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable notes due June 1, 2029 linked to the iShares® Expanded Tech-Software Sector ETF. The notes have a stated principal amount of $1,000 per security, an estimated value on the pricing date of approximately $963, and a contingent coupon at an annual rate of 11.00%.
The notes pay coupons only if the underlier's closing level on each observation date is at or above a coupon barrier (set at 70% of the initial level). They are automatically redeemed early if the closing level on a redemption determination date is at or above the call threshold (100% of the initial level). At maturity, if the final level is below the downside threshold (set at 70% of the initial level), investors suffer principal loss equal to the underlier's decline; payments could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk notes linked to Chewy, Inc. Class A common stock. Each security has a stated principal amount of $1,000, an annual contingent coupon of 15.90% and a maturity date of June 1, 2029. The notes pay contingent coupons only if the underlier's closing level meets or exceeds the coupon barrier (set at 60% of the initial level) on observation dates and are automatically called if the closing level meets or exceeds the call threshold (set at 100% of the initial level) on a redemption determination date. If not called, and the final level is below the downside threshold (also 60% of the initial level), investors suffer a proportional loss in principal (payment = stated principal × final level/initial level). The pricing date and strike date are May 27, 2026 and the original issue date is May 29, 2026. The document shows an estimated value on the pricing date of approximately $945.30 per security and states the closing level of Chewy on May 19, 2026 was $19.66. All payments are subject to Morgan Stanley's credit risk; investors may lose some or all principal and will not participate in upside of the underlier.
Morgan Stanley Finance LLC is offering callable, principal-at-risk structured notes due May 25, 2028 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 and an annual contingent coupon of 11.50% payable only if all three underliers are at or above their 80% coupon barrier on each observation date. The securities include a 20% buffer against losses but expose investors to a 1:1 loss on declines of the worst performing underlier beyond that buffer, with a minimum payment at maturity of 20% of principal. The notes may be called beginning on August 27, 2026 if a risk-neutral valuation model shows redemption is economically rational for the issuer. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes due June 9, 2031 that are 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 may auto-redeem on scheduled determination dates if the closing level of each underlier meets or exceeds its call threshold; early redemption payments range from $1,099.00 to $1,445.50 per security depending on the determination date. If not redeemed, maturity payoffs are: $1,495.00 if all underliers meet the call thresholds, $1,000 if all underliers are at or above their downside thresholds, or a principal loss tied to the worst-performing underlier if any underlier finishes below its downside threshold (downside threshold = 70% of initial level). All payments are subject to the issuer’s credit risk and the securities do not pay interest or participate in upside beyond the fixed payments described.
Morgan Stanley Finance LLC priced structured, principal-at-risk notes due June 24, 2027 linked to the S&P 500® Index and guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a contingent coupon payable only when the closing index on observation dates meets or exceeds the coupon barrier level (80% of the initial level). The notes feature automatic early redemption on specified redemption determination dates if the index 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), principal is reduced pro rata by the performance factor (final level/initial level).
Payments, estimated value (~$985.40 on pricing date), tax treatment and secondary-market liquidity are subject to the terms, MSFL/MS credit risk and applicable supplements.
Morgan Stanley Finance LLC offers Structured Investments — Enhanced Buffered Jump Securities due May 24, 2028 linked to the worst performing of Delta Air Lines and Walmart common stock, fully and unconditionally guaranteed by Morgan Stanley.
The securities have a $1,000 stated principal amount, an upfront estimated value of approximately $966.50 on the pricing date, a fixed upside payment of $353.40 per security, a 30% buffer and a downside factor of 1.4286, meaning losses apply beyond the buffer and there is no minimum payment at maturity.
Morgan Stanley Finance LLC priced a long-dated structured note offering: Buffered PLUS due May 27, 2032. Each Buffered PLUS has an original issue price of $1,000, an estimated value on pricing of $946.50, a leverage factor of 111.47%, a buffer of 20% and a minimum payment at maturity of $200 (20% of principal).
At maturity investors receive $1,000 plus 111.47% of positive basket performance if the basket appreciates; if the basket declines by no more than 20% they receive par; declines beyond the buffer reduce principal dollar-for-dollar, subject to the $200 floor. Payments are unsecured and subject to Morgan Stanley’s credit risk. The offering includes dealer commissions of $30 plus a structuring fee of $5.
Morgan Stanley Finance LLC is offering Structured Investments — Contingent Income Memory Buffered Auto-Callable Securities linked to ServiceNow, Inc. common stock with a $1,000 stated principal amount per security. The securities pay a contingent coupon at an annual rate of 23.84% on observation dates when the closing level meets or exceeds the coupon barrier of $66.549 (70% of the initial level). Automatic early redemption may occur on specified dates if the closing level is at or above the call threshold of $95.07. At maturity, if the final level is below the buffer level ($66.549), principal is reduced by 1.4286% for each 1% decline beyond the 30% buffer; the payment could be zero. Estimated value on the pricing date was $977.10 per security; issue price is $1,000 with agents’ commissions of $10 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Contingent Income Memory Auto-Callable Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate offering of $1,500,000. The notes pay a contingent coupon at an annual rate of 8.68% on observation dates if the index is at or above the coupon barrier level and may be automatically redeemed early if the index meets the call threshold level.
The securities mature on June 3, 2027 with a final observation date of May 28, 2027. If not called and the final level is below the downside threshold of 5,926.80 (80% of the initial level 7,408.50), the payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero.
Morgan Stanley Finance LLC priced $4,000,000 of Leveraged Buffered S&P 500® Index-Linked Notes due September 17, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on the S&P 500® Index performance measured from the Trade Date: May 18, 2026 to the Determination Date: September 15, 2027. For each $1,000 Face Amount the notes provide 200% participation in positive index returns up to a capped Maximum Settlement Amount of $1,150.00. The notes return the full face amount if the index decline is no more than 10.00%; declines beyond 10.00% expose holders to proportional losses, and there is no minimum payment at maturity.
The Original Issue Price is $1,000 per note, the estimated Trade Date value is $982.40 per note, and MS & Co. will receive a fixed sales commission of 1.33%. All payments are subject to issuer and guarantor credit risk and secondary-market liquidity may be limited.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes—Buffered Jump Securities—due May 25, 2028, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and may automatically redeem on the first determination date for at least $1,252.50 if the underlier meets the call threshold. At maturity investors receive either the stated principal plus an upside payment (participation rate 125%) if the final level is above the initial level, the stated principal if the final level is at or above the buffer level (80), or a reduced principal computed with a 1.25 downside factor if the final level is below the buffer. The securities do not pay interest, are exposed to issuer credit risk, and have an estimated value on the pricing date of approximately $975.00 per security.
Morgan Stanley Finance LLC priced a principal-at-risk, auto-callable note linked to the common stock of Blackstone Inc. The offering is for $1,000 per security with an aggregate principal amount of $5,000,000 and an estimated value on the pricing date of $960.40. The securities pay a contingent coupon at an annual rate of 13.05% on specified observation dates if the underlier meets the coupon barrier, are subject to automatic early redemption when the closing level meets the call threshold, and repay principal at maturity only if the final level is at or above the downside threshold; otherwise payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than the stated principal or zero.
The initial level (strike) and call threshold are $117.04, the coupon barrier and downside threshold are $81.928 (70% of initial), the final observation date is May 18, 2029 and maturity is May 23, 2029. All payments are subject to issuer and guarantor credit risk and the securities do not provide regular interest, do not participate in upside of the underlier, and include dealer commissions of $25 per security.
Morgan Stanley Finance LLC is offering $1,698,000 of structured, principal-at-risk notes fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, a contingent annual coupon of $10.25%, an initial level of 1,423.40 and mature on May 20, 2031.
The securities pay contingent coupons only if the underlier meets the coupon barrier (996.38) on observation dates, are automatically callable if the underlier is at or above the call threshold (1,423.40) on redemption determination dates, and provide a 15% buffer at maturity with a minimum payment of 15% of principal. All payments are subject to issuer and guarantor credit risk; the estimated value on pricing date was $899.90 per security.
Morgan Stanley Finance LLC priced principal-at-risk notes linked to the S&P 500® Index with a $10,000,000 aggregate issuance. Each security has a $1,000 stated principal amount, an issue price of $1,000 and a stated upside payment of $76.90 (7.69%).
If the final level on the observation date is at or above the 85% buffer level, investors receive principal plus the fixed upside payment. If the final level is below the buffer level, losses apply at a downside factor of 1.1765 for each 1% decline beyond a 15% buffer; there is no minimum payment and investors could lose their entire investment. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering leveraged, buffered S&P 500® Index-linked notes fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 Face Amount and does not pay interest. The notes provide 130% upside participation in positive index returns subject to a cap (expected between 115.26%–117.95% of the Initial Underlier Level) and offer a 12.50% buffer against losses; if the Final Underlier Level is below 87.50% of the Initial Underlier Level, investors will suffer a scaled loss and could lose their entire investment. The expected term is approximately 18–21 months from the Trade Date; the Initial Underlier Level, Cap Level, Maximum Settlement Amount (expected between $1,198.38 and $1,233.35 per $1,000 Face Amount), and exact dates will be set on the Trade Date. Payments are subject to the issuer’s credit risk and the Calculation Agent is an affiliate of Morgan Stanley.
Morgan Stanley Finance LLC offers $506,000 of Principal at Risk Securities linked to Arista Networks, Inc., due May 24, 2027. The offering is priced at $1,000 face per security (price to public) with proceeds to the issuer of $498,030.50 and an estimated value of $965.70 per security on the pricing date of May 15, 2026. The securities pay a contingent coupon of 26.60% per annum on quarterly calculation days only if the stock closing price is at or above the coupon threshold (80% of the starting price). The starting price is $141.97, the coupon/downside threshold is $113.576 (80% of starting), the buffer is 20% and the multiplier is 1.25. If not auto-called, maturity pay can return full face or result in losses (subject to the 20% buffer and 1.25 multiplier); all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Callable Contingent Income Securities due February 18, 2028, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $250,000.
The notes pay a contingent coupon at an annual rate of 12.00% on each coupon payment date only if the closing level of each underlier is greater than or equal to its coupon barrier level on the related observation date. Coupon barrier and downside threshold levels equal 70% of each underlier’s initial level. If any underlier is below its downside threshold at maturity, payment is the stated principal multiplied by the performance factor of the worst performing underlier, potentially resulting in a substantial loss of principal or zero repayment. The securities are callable beginning on November 19, 2026 based on the output of a risk neutral valuation model; under no circumstances will they be redeemed prior to that date.
Morgan Stanley Finance LLC offers Structured Investments Enhanced Buffered Jump Securities fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $14,074,000. The securities pay no interest; issue price is $1,000 per security and estimated value on the pricing date is $984.70.
At maturity on June 3, 2027, if the final level of the S&P 500® Index is >= the buffer level (90% of the initial level), holders receive the stated principal plus an upside payment of $90.50 per security (9.05%). If the final level is below the buffer, losses apply at a downside factor of 1.1111 beyond the 10% buffer; there is no minimum payment and investors may lose their entire investment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to Dell Technologies Inc. Class C common stock, due June 21, 2027. Each note has a $1,000 stated principal amount and an upside payment of $194.50 (19.45%). If the final level is below the downside threshold of $120.995 (50% of the initial level), investors suffer proportional principal losses (1% loss per 1% decline), with no guaranteed minimum.
The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, carry estimated value $973.30 on the pricing date, and include issuance costs reflected in the $1,000 issue price. Aggregation was for $250,000 principal; selected dealers receive $10 per security plus a $1 structuring fee. Payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a primary offering of principal-at-risk callable notes due May 20, 2027 that pay a fixed annual coupon of 10.50% and are fully and unconditionally guaranteed by Morgan Stanley. The offering is sized at an aggregate principal amount of $490,000 (stated principal $1,000 per security) and has an original issue price of $1,000 per security with an estimated value on the pricing date of $980.90 per security. Payments at maturity depend on the worst performing of three underliers (the S&P 500®, Nasdaq-100® Technology Sector and Russell 2000®); if the final level of any underlier is below its downside threshold (approximately 70% of the initial level), principal will be reduced pro rata by the performance factor of the worst performing underlier. The notes are callable by the issuer based on a risk-neutral valuation-model determination, and all payments remain subject to Morgan Stanley’s credit risk.
The issuer, Morgan Stanley Finance LLC, priced Market Linked Securities linked to the common stock of Blackstone Inc. with a face amount of $1,000 per security and a contingent coupon rate of 12.65% per annum. The pricing date is May 15, 2026, original issue date May 20, 2026, and stated maturity is May 25, 2027. The coupon is payable monthly only if the stock closing price on each monthly calculation day is at or above a coupon threshold equal to $70.734 (60% of the starting price). The securities may be auto‑called beginning approximately three months after issuance if the stock closing price on a calculation day is at or above the starting price of $117.89. If not called, the maturity payment is either $1,000 or, if the ending price is below the downside threshold of $70.734, a pro rata amount equal to the performance factor, exposing investors to more than a 40% loss of principal.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the common stock of Broadcom Inc. with a stated principal amount of $1,000 per security and an aggregate offering of $10,792,000. The notes pay a contingent coupon at an annual rate of 20.56% on observation dates if Broadcom’s closing level meets or exceeds a coupon barrier of $318.893 (approximately 75% of the initial level). The notes are subject to automatic early redemption on specified determination dates if the closing level is at or above the call threshold of $425.19. If not redeemed, maturity occurs on June 3, 2027; if the final level is below the buffer level ($318.893), principal is reduced by 1.3333% for each 1% decline beyond the 25% buffer. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk securities tied to Amazon.com, Inc. The offering consists of notes with a $1,000 stated principal amount per security, an aggregate principal amount of $6,084,000, original issue price of $1,000 and an estimated value on the pricing date of $984.70. The notes pay a contingent coupon at an annual rate of 16.00% on scheduled coupon dates only if the closing level of the Amazon common stock meets or exceeds the coupon barrier level; unpaid coupons may be paid later only if barrier conditions are met. The notes feature automatic early redemption on specified determination dates if the closing level meets the call threshold, and a buffer equal to 85% of the initial level with a downside factor of 1.1765 for losses beyond the buffer at maturity. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and remain subject to issuer credit risk and the calculation agent’s determinations.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes due May 20, 2031, linked to the worst performing of the iShares MSCI India ETF (INDA) and the Tokyo Stock Price Index (TPX). Each security has a stated principal amount of $1,000 and an issue price of $1,000.
At maturity the payout depends on the worst performing underlier: if both underliers finish above their initial levels investors receive principal plus a 210% leveraged upside; if the worst underlier falls below its 70% downside threshold investors lose 1% of principal for each 1% decline (no minimum payment). All payments are subject to Morgan Stanley's credit risk. The pricing date strike levels were INDA $47.99 and TPX 3,863.97. Estimated value on the pricing date was $908.80 per security.
Morgan Stanley Finance LLC offered $3,429,000 of market‑linked, contingent fixed return and contingent downside principal‑at‑risk securities linked to the Class A common stock of Meta Platforms, Inc., each with a $1,000 face amount.
The securities mature on November 18, 2027, were priced on May 15, 2026 (original issue date May 20, 2026), and pay a 30.95% contingent fixed return if the ending price is at or above the starting price of $614.23. The threshold price is $429.961 (70% of the starting price). The estimated value on the pricing date was $966.40 per security; estimated value and secondary market treatment are determined by Morgan Stanley’s models and are subject to credit and market risks.
Morgan Stanley Finance LLC priced a preliminary offering of auto-callable, fixed-percentage buffered, principal-at-risk securities linked to the State Street® SPDR® S&P® Homebuilders ETF due June 1, 2029. Each security has a face amount of $1,000 and an estimated value on the pricing date of $950.30 (± $45.00). The securities pay predetermined call payments on semi‑annual calculation days beginning June 3, 2027, and will be called if the fund closing price is at or above an 85% call threshold. If not called, holders face downside exposure beyond a 15% buffer on the final calculation day and may lose up to 85% of the face amount at maturity. All payments are subject to Morgan Stanley credit risk and the securities do not pay interest or dividends.
Morgan Stanley Finance LLC is offering principal-at-risk structured securities linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay no interest and have capped upside of $1,100 per security (110% of principal).
Payments at maturity depend on the index closing on the observation date of May 28, 2027: full participation to the cap if the final level exceeds the initial level of 7,408.50; an absolute return positive payoff up to 21% if the final level is between the initial level and the downside threshold of 5,852.715 (79% of initial); and a pro rata loss of principal if the final level is below that threshold. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a primary offering of Buffered PLUS linked to the S&P 500® Index with an aggregate principal amount of $8,217,000. The Buffered PLUS mature on September 3, 2027 and provide 150% leveraged upside subject to a maximum payment of $1,124.80 per note and a 7.50% buffer. If the index falls more than the 7.50% buffer, investors incur 1% loss for each 1% decline beyond the buffer, subject to a minimum payment at maturity of $75 per Buffered PLUS (7.50% of principal). The initial index value is 7,408.50 (closing value on the pricing date) and the valuation date is August 31, 2027. The issue price is $1,000 per Buffered PLUS, estimated value on the pricing date is $967.30, and the securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley. Payments depend on the final index closing value and are subject to issuer credit risk and the stated contract terms.
Morgan Stanley Finance LLC offers $1,605,000 aggregate principal of Principal at Risk contingent income auto-callable securities due May 20, 2031, fully guaranteed by Morgan Stanley.
The securities pay a contingent coupon at an annual rate of 11.00% on observation dates when the underlier is at or above the coupon barrier (1,753.78, 50% of the initial level). They automatically redeem early if the underlier is at or above the call threshold (3,507.56, 100% of the initial level) on any redemption determination date, returning principal plus the contingent coupon. If not redeemed, maturity payout is principal if the final level is at or above the downside threshold (1,753.78); otherwise payment equals principal multiplied by (final level/initial level), exposing investors to full downside including possible total loss.
Morgan Stanley Finance LLC is offering $570,000 aggregate principal of Principal-at-Risk notes (≋$1,000 per security) due May 17, 2029. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and are linked to the worst performing common stock of Ares Management, Blackstone and KKR.
The notes pay a contingent coupon at an annual rate of 19.65% on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier on the related observation date. The notes feature automatic early redemption beginning May 12, 2027 if each underlier meets its call threshold on a redemption determination date. At maturity investors may receive principal, a capped positive payout tied to the absolute depreciation of the worst performing underlier, or suffer a proportional loss if the worst performing underlier falls below its 60% downside threshold.
Morgan Stanley Finance LLC is offering contingent income auto-callable principal-at-risk securities linked to the common stock of The Goldman Sachs Group, Inc. The offering totals $2,335,000 in aggregate principal at $1,000 per security and is fully and unconditionally guaranteed by Morgan Stanley.
The notes pay a contingent coupon at an annual rate of 12.50% on scheduled coupon dates only if the underlier's closing level on each observation date is at or above the coupon barrier ($663.929, 70% of the initial level). The securities may be automatically redeemed on listed redemption determination dates if the closing level meets or exceeds the call threshold ($948.47); otherwise holders face downside exposure at maturity with payment equal to the principal multiplied by the performance factor (final level / initial level). All payments are subject to issuer credit risk; the estimated value on pricing date was $970.80 per security.
Morgan Stanley Finance LLC priced Trigger PLUS notes—unsecured, principal-at-risk securities due June 3, 2032 linked to the EURO STOXX 50® Index with an aggregate principal amount of $9,348,000. Each Trigger PLUS has a $1,000 stated principal amount, an issue price $1,000, an estimated value $943.70 on the pricing date and a leverage factor 186.55%. The valuation date is May 28, 2032 and the trigger level is 4,370.82 (75% of the initial index value of 5,827.76). At maturity investors receive the stated principal plus leveraged upside if the final index value exceeds the initial value; if the final index value is below the trigger level, repayment falls proportionally and could result in a loss of most or all principal.
Morgan Stanley Finance LLC priced a primary offering of $1,575,000 aggregate principal of Structured Investments Enhanced Buffered Jump Securities, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount each and an original issue price of $1,000 per security.
The securities pay no interest, include a digital payment of $133.50 (13.35%) payable at maturity if each underlier meets its digital threshold, and protect losses only up to a 10% buffer; downside exposure applies to the worst performing underlier. Final determination is based on closing levels on the observation date June 15, 2027, with maturity on June 21, 2027. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities linked to the MSCI Emerging Markets Index. The securities have a $1,000 stated principal amount, issue price $1,000, aggregate principal $3,000,000, original issue date May 20, 2026, observation date May 28, 2027 and maturity June 3, 2027. The securities pay no interest and are principal‑at‑risk: if the final level is at or above the 90% buffer level investors receive the stated principal plus a fixed $131.40 upside payment; if below the buffer, losses occur at a 1.1111% downside factor for each 1% decline beyond the 10% buffer and there is no minimum payment. All payments are subject to MSFL’s credit risk and are unsecure obligations of MSFL, fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced principal-at-risk notes linked to the worst performing of the Russell 2000® and S&P 500® indices. The securities have a $1,000 stated principal amount and an aggregate principal amount of $6,591,000. The notes pay no interest, offer a fixed $100 upside payment at maturity if both underliers finish at or above their 70% downside thresholds, and otherwise return the stated principal multiplied by the performance factor of the worst performing underlier. The strike and pricing date were May 15, 2026, the original issue date is May 20, 2026, the observation date is June 15, 2027 and maturity is June 21, 2027. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payment is subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC priced a primary offering of Structured Investments — Enhanced Buffered Jump Securities — fully guaranteed by Morgan Stanley. The offering totals $4,905,000 in aggregate principal at a $1,000 stated principal amount per security; the securities pay no interest and include a $136.50 digital payment (13.65%) payable at maturity if each underlier meets its digital threshold on the observation date. The securities are linked to the worst performing of three underliers: the S&P 500® Futures Excess Return Index, the State Street® Utilities Select Sector SPDR® ETF and the Russell 2000® Index. The issue date is May 20, 2026, the observation date is June 15, 2027 and the maturity date is June 21, 2027. The securities feature a 10% buffer (90% buffer level) and a 75% digital threshold (digital payment condition); if the worst performing underlier falls below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 10% minimum payment at maturity. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a principal-at-risk structured note offering. The pricing supplement describes notes tied to the worst performing of the Russell 2000® and the S&P 500®, with a stated principal amount of $1,000 per security and an aggregate offering of $3,477,000. The securities pay no interest; at maturity holders either receive the stated principal plus a fixed $133.50 upside payment if both underliers finish at or above their 85% downside thresholds, or suffer losses pro rata to the decline of the worst performing underlier, potentially losing the entire principal. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced contingent-income, memory buffered, auto-callable notes linked to the common stock of Arista Networks, Inc. The issue totals $1,000,000 in aggregate and is sold at an issue price of $1,000 per security with an estimated value of $982.40 on the pricing date. The securities pay a contingent coupon at an annual rate of 20.65% on observation dates when the closing level is at or above the coupon barrier of $99.379 (70% of the initial level). The notes are auto-callable on specified redemption determination dates if the closing level is at or above the call threshold of $141.97 (100% of initial level), and mature on June 2, 2027. At maturity, if the final level is below the buffer level of $99.379, investors bear losses according to a downside factor of 1.4286, which can reduce principal materially. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC prices a principal-at-risk, auto-callable structured note due May 26, 2033 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $971. The notes pay no regular interest, carry a 200% participation rate for upside, an early redemption feature on the first determination date of June 1, 2027 with a fixed early redemption payment of $1,211, and a downside threshold at 70% of the initial level. If not auto‑redeemed and the final level is below the downside threshold, principal is exposed pro rata to declines and could be lost. All payments are subject to MSFL's and Morgan Stanley’s credit risk and to the other terms and tax treatment described in the supplement.
Morgan Stanley Finance LLC offers contingent-income, memory, buffered auto-callable securities tied to Alphabet Inc. (Class A) with a stated principal amount of $1,000 per security and an aggregate principal amount of $5,850,000.
The securities pay a contingent coupon at an annual rate of 17.48% on observation dates if the closing level of the underlier is at or above the coupon barrier ($337.263, 85% of the initial level). The notes are automatically redeemable if the underlier closes at or above the call threshold ($396.78) on specified redemption determination dates. If not redeemed, maturity payment depends on the final level versus the buffer level ($337.263); declines beyond the 15% buffer are multiplied by a downside factor of 1.1765, which can materially reduce or eliminate principal. Final observation date is May 28, 2027 with maturity on June 3, 2027. All payments are subject to MSFL and Morgan Stanley credit risk; estimated value on pricing date was $984.30 per security.
Morgan Stanley Finance LLC is offering structured Jump Notes (auto-callable) linked to the S&P 500® Futures Excess Return Index. The notes have a stated principal amount of $1,000 per note, an aggregate principal amount of $556,000, an issue price of $1,000 per note and an estimated value on the pricing date of $976.40 per note. The notes pay no interest, carry a 100% participation rate, and are automatically redeemed on the first determination date if the underlier closing level is greater than or equal to the call threshold (596.49), producing an early redemption payment of $1,107.50 per note. If not auto‑redeemed, payment at maturity equals principal plus any upside (100% of underlier percent change) if the final level exceeds the initial level, otherwise only the stated principal will be paid. All payments are subject to issuer credit risk and the notes will not be listed.
Morgan Stanley Finance LLC prices structured, principal-at-risk notes linked to the worst performing of three ETFs, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000 per security. The notes are auto-callable beginning on the first determination date of June 10, 2027 for staged early redemption payments (up to $1,950 on the last early redemption date). If not redeemed early, maturity outcomes include a fixed payment of $2,140 if all underliers meet upside thresholds, return of principal if all underliers remain above downside thresholds, or a principal loss equal to the decline of the worst performing underlier (payment could be zero). The estimated value on the pricing date was approximately $953.00 per security. The notes do not pay interest, expose investors to Morgan Stanley credit risk, and are linked to the iShares® Expanded Tech-Software ETF (IGV), VanEck® Gold Miners ETF (GDX), and iShares® 20+ Year Treasury Bond ETF (TLT).
Morgan Stanley Finance LLC priced a series of Trigger PLUS linked to the S&P 500® Index due June 3, 2032, fully and unconditionally guaranteed by Morgan Stanley. The offering aggregates $5,216,000 of unsecured, principal-at-risk notes with a stated principal amount of $1,000 per Trigger PLUS and an estimated value on the pricing date of $949.60.
At maturity the notes pay $1,000 plus 130% of any index gain up to a maximum of $1,850 (185% of principal). If the final index value is between the initial value (7,408.50) and the trigger level (85% of initial = 6,297.225), investors receive $1,000. If the final index value is below the trigger level, losses are proportional to the index decline and could result in a loss of all principal.
Morgan Stanley Finance LLC priced a series of Principal at Risk callable contingent income securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a contingent coupon of 12.85% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (70% of the initial level) on the related observation date. The securities are callable beginning on August 20, 2026 if a risk neutral valuation model indicates redemption is economically rational to the issuer. At maturity on February 18, 2028, if the final level of any underlier is below its downside threshold (70% of initial level), payment will equal the stated principal multiplied by the performance factor of the worst performing underlier, potentially resulting in a significant loss of principal.
Morgan Stanley Finance LLC offers $22,031,000 of structured notes — Principal-at-risk, contingent-income, memory buffered auto-callable securities linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley.
The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security, an estimated value on the pricing date of $986.30 per security, and a maturity date of June 3, 2027. They pay a contingent coupon at an annual rate of 20.36% on specified observation dates only if the closing level of the underlier meets or exceeds the coupon barrier ($180.256, 80% of the initial level). The securities are automatically redeemable on specified redemption determination dates if the closing level meets or exceeds the call threshold ($225.32, the initial level). At maturity, if not redeemed and the final level is below the buffer ($180.256), investors lose 1.25% of principal for each 1% decline beyond the 20% buffer (downside factor 1.25), with no minimum payment.