Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering structured Jump Notes due May 31, 2030 linked to the worst performing share of Amazon, Alphabet (Class A) and NVIDIA. Each note has a $1,000 stated principal amount and an estimated pricing-date value of approximately $949.90 per note. The notes pay no interest and include an automatic early redemption feature: if on a determination date each underlier’s closing level is at or above its call threshold (100% of initial level), the notes will be redeemed for fixed early redemption payments (first such determination date: June 2, 2027). If not called, maturity payments will either return a fixed positive payment if every underlier meets its call threshold on the final determination date (May 28, 2030) or return only the stated principal if any underlier is below its threshold. All payments are unsecured and subject to Morgan Stanley’s credit risk. The notes do not provide equity upside participation and are not listed.
Morgan Stanley Finance LLC priced Principal-at-Risk Jump Securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The offering totals $2,957,000 in aggregate at a $1,000 issue price per security, with a stated maturity of June 21, 2027.
At maturity the payoff is based solely on the worst performing underlier: if every underlier is at or above its 70% downside threshold, investors receive the $1,000 stated principal plus an $115 upside payment; if any underlier is below its threshold, the payout equals principal × the worst performing underlier’s performance factor, and could be significantly less or zero. All payments are unsecured and subject to Morgan Stanley’s credit risk.
The Buffered PLUS are principal-at-risk notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. They reference an equally weighted 10-stock basket, mature on December 3, 2027, and were issued at $1,000 per Buffered PLUS with an aggregate principal amount of $3,370,000. At maturity the payoff is: (i) $1,000 plus 150% of the basket percent change if the final basket value is greater than the initial value, capped at a $1,241.50 maximum payment; (ii) $1,000 if the basket declines by <= 10% (the buffer); or (iii) a pro rata loss beyond the buffer with a $100 minimum (investors may lose up to 90% of principal). The estimated value on the pricing date was $923.30 per Buffered PLUS; there is no interest and secondary trading may be limited. All payments are subject to issuer credit risk and the calculation agent (an affiliate) will make valuation determinations.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to The Scotts Miracle-Gro Company common stock, with a $1,000 stated principal amount per security and a maturity date of June 1, 2029. The securities pay a contingent coupon only if the underlier meets barrier tests on specified observation dates and may be automatically redeemed early if the closing level meets the call threshold. If not redeemed, repayment at maturity depends on the final level versus a downside threshold; if the final level is below the downside threshold, investors suffer losses pro rata to the decline and could lose the entire principal. The pricing-date estimated value is approximately $952.80 per security. The contingent coupon rate will be set on the pricing date (indicated range 11.25% to 12.25%), and all payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC prices Principal at Risk auto-callable securities due May 28, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each note has a $1,000 stated principal amount, a 10.00% contingent annual coupon (paid only if observation-date barriers are met), automatic early‑redemption dates beginning November 27, 2026, and downside protection that fails if the final level is below 60% of the initial level.
The preliminary pricing shows an estimated value on the pricing date of approximately $908.90 per security, and all payments are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley. Investors bear credit risk, may receive no coupons, and can lose a substantial portion or all principal if the final level is below the downside threshold.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes tied to NVIDIA Corporation common stock with a stated principal amount of $1,000 per security. The notes pay a contingent coupon (annual rate at least 20.50% subject to final pricing) only if the underlier meets coupon barriers on observation dates and feature an automatic early redemption if the underlier equals or exceeds the call threshold on specified redemption determination dates. If not redeemed, maturity payoff protects the first 20% (buffer) of downside but applies a 1.25 downside factor beyond that buffer, exposing investors to potential loss of principal. The estimated value on the pricing date is approximately $987.00 per security; the issue price is $1,000 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC offers Principal-at-Risk structured notes due June 25, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an issue price of $1,000. The payoff is linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. If the worst performing underlier is at or above its upside threshold (80% of initial level) at the observation date, investors receive principal plus a fixed $130 upside payment (13%). If the worst performing underlier is below its downside threshold (70% of initial level), the payment equals the stated principal multiplied by the worst performing underlier’s performance factor, which can result in a significant loss of principal, including total loss. The document discloses an estimated value on the pricing date of approximately $990.80 per security and warns that all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC offers contingent income, memory buffered auto-callable notes linked to Amazon.com, Inc. common stock with a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. The securities pay a contingent coupon (annual rate at least 15.92% in the preliminary terms) only if the underlier meets coupon barrier tests on observation dates, feature automatic early redemption tests beginning on September 4, 2026, and include a 15% buffer (buffer level = 85% of initial level) with a downside factor of 1.1765 applied to losses beyond the buffer at maturity.
The document discloses an estimated value on the pricing date of approximately $985.80 per security and states that all payments are subject to Morgan Stanley's credit risk. Timing and exact barrier levels (initial level, call threshold, coupon barrier, buffer level) will be determined on the strike date (May 22, 2026).
The issuer, Morgan Stanley Finance LLC, is offering structured, principal-at-risk notes due June 9, 2027 linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $985. The securities pay no interest. If the final level on the observation date is at or above the buffer level (15% buffer), investors receive the stated principal plus an upside payment of at least $76.50 (7.65%). If the final level is below the buffer level, investors lose 1.1765% of principal for every 1% decline beyond the buffer; there is no minimum payment and investors could lose their entire investment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to issuer credit risk. The pricing supplement discloses agent fees of up to $10 per $1,000 security and excludes secondary-market guarantees; the estimated value is lower than the issue price due to issuing, structuring and hedging costs.
Morgan Stanley Finance LLC is offering $631,000 of market‑linked notes — Upside Participation with Averaging and Principal Return at Maturity — fully and unconditionally guaranteed by Morgan Stanley.
The notes have a $1,000 principal amount per note, an estimated value of $937.50 per note on the pricing date, and mature on November 20, 2029. Payout at maturity depends on an average ending level calculated from quarterly observation dates and provides an upside participation rate of 110% of the average basket return; if the average ending level is less than or equal to the starting level, investors receive the principal amount only (subject to issuer credit risk).
Morgan Stanley Finance LLC is offering Principal at Risk notes tied to Arista Networks common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $645,000. The securities pay a contingent coupon of 14.64% per annum on observation dates when the underlier meets the coupon barrier and are automatically redeemable if the underlier meets a call threshold on specified redemption determination dates. If not redeemed, investors receive principal at maturity only if the final level is at or above the buffer level of $88.686 (60% of the initial level); below that buffer the payoff applies a downside factor of 1.6667 and principal can be partially or fully lost. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, contingent-income auto-callable securities due May 28, 2031, fully guaranteed by Morgan Stanley. 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 8.00% only if the underlier meets the coupon barrier on scheduled observation dates and may auto‑redeem early if the underlier meets the call threshold on specified redemption determination dates. At maturity, if the final level is below the downside threshold (50% of the initial level), the payment equals the stated principal amount multiplied by the performance factor (final level / initial level), exposing investors to a proportional loss of principal. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, which applies a 4% per annum decrement and uses intraday rebalancing. The document states an estimated value on the pricing date of approximately $904.60 per security and highlights credit, market, liquidity and tax risks described in accompanying supplements.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due August 19, 2027 linked to the S&P MidCap 400® Index. The securities have a $1,000 stated principal amount, aggregate principal of $1,100,000, and an issue price of $1,000 per security. The notes provide 125% leverage on upside up to a $1,105 cap (110.50% of principal), an absolute return participation feature at 125% for limited declines, a 10% buffer (initial level 3,609.80, buffer level 3,248.82), and a minimum payment at maturity of 10% of principal. Observation date is August 16, 2027. Estimated value on pricing date was $970.70 per security and the agent commission was $23.50 per security. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to Axon Enterprise, Inc. common stock with a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 21.75% per annum on observation dates when the closing level is at or above the coupon barrier (50% of the initial level) and are subject to automatic early redemption if the closing level meets or exceeds the call threshold (100% of the initial level) on any redemption determination date. If not auto-redeemed, maturity is June 1, 2029 with the final observation date of May 29, 2029. If the final level is below the downside threshold (50% of the initial level), payment at maturity equals the stated principal multiplied by the performance factor (final level / initial level), which could result in a substantial loss or total loss of principal. The estimated value on the pricing date was approximately $959.90 per security.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk Buffered Jump Securities due May 30, 2031 fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security and an estimated value on the pricing date of approximately $907.80.
The securities feature automatic early redemption on scheduled determination dates if the closing level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is greater than or equal to the call threshold (100% of the initial level). Early redemption payments rise over time (first early redemption payment $1,180, escalating to $1,885 by the penultimate schedule), and the payment at maturity can be $1,900 if the final level is at or above the call threshold. A buffer of 15% protects against losses up to that amount; declines beyond the buffer reduce principal dollar‑for‑dollar, subject to a minimum payment at maturity of 15% of principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured Jump Notes due May 31, 2030 linked to the worst performing of Tesla, NVIDIA and Shopify, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of approximately $949.
The notes pay no interest, may be automatically redeemed on scheduled determination dates beginning June 2, 2027 for fixed early redemption payments (ranging from $1,107.50 to $1,403.125 per note), and pay $1,430 at maturity only if each underlier meets its call threshold; otherwise investors receive the stated principal.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due June 1, 2029, linked to the common stock of Amazon.com, Inc.. Each security has a stated principal of $1,000 and an issue price of $1,000; the estimated value on the pricing date was approximately $964.90.
The notes pay a contingent coupon at an annual rate of 10.00% on scheduled coupon dates only if the closing level of the underlier on the related observation date is at or above the coupon barrier (set at 70% of the initial level). The securities automatically redeem early if the underlier reaches the call threshold (100% of the initial level) on any redemption determination date, beginning with the first determination date of November 27, 2026. If not redeemed, and the final level is below the downside threshold (set at 70% of the initial level), maturity payment equals the stated principal multiplied by the performance factor and may be significantly less than principal, including zero.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the S&P 500® Index due June 24, 2027. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The initial level is 7,403.05 (strike date May 18, 2026).
At maturity the securities pay either (a) principal plus upside (100% participation) capped at a $1,075 maximum per security, (b) a positive absolute-return payment if the index decline stays within the 19.80% buffer, or (c) a pro rata loss of principal beyond the buffer down to a minimum payment of 19.80% of principal. Estimated value on the pricing date is approximately $990.20 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Principal at Risk structured notes linked to DexCom, Inc. common stock with a stated principal of $1,000 per security, a contingent coupon of 15.50% per annum, an original issue date of June 2, 2026 and a maturity date of June 1, 2029. The notes pay contingent coupons only if the underlier meets the coupon barrier on observation dates and will automatically redeem early if the underlier meets the call threshold on a redemption determination date. If not called and the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata and could be zero. Estimated value on the pricing date was approximately $962.40.
The pricing supplement describes a primary offering of Contingent Income Auto-Callable Securities issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley, linked to the common stock of Micron Technology, Inc. The securities have a $1,000 stated principal amount, aggregate principal of $310,000, and an original issue price of $1,000 per security. They pay a contingent coupon at an annual rate of 27.50% only if the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the closing level meets the call threshold on redemption determination dates, and expose holders to full downside risk at maturity if the final level is below the downside threshold. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Structured Investments: Enhanced Buffered Jump Securities linked to the MSCI Emerging Markets Index. Each security has a $1,000 stated principal amount and an issue price of $1,000. The estimated value on the pricing date was approximately $983. The securities mature on June 9, 2027 with an observation date of June 4, 2027 (subject to postponement). If the final level is at or above the buffer level (the initial level × 90%), investors receive principal plus an upside payment (at least $146.70, or 14.67%). If the final level is below the buffer level, investors lose 1.1111% of principal for each 1% decline beyond the 10% buffer; there is no minimum payment and the principal could be lost. All payments are subject to Morgan Stanley’s credit risk. Other key terms: agent commission up to $10 per security and additional details in the product, index, tax supplements and prospectus.
Morgan Stanley Finance LLC prices Principal at Risk notes linked to the S&P 500® Index with $250,000 aggregate principal. The notes have a $1,000 stated principal amount per security, a 10% buffer (90% buffer level of the initial level), a 100% upside participation rate capped at $1,140 per security, and a minimum payment at maturity of 10% of principal.
The securities pay no interest, are unsecured obligations of MSFL and guaranteed by Morgan Stanley, carry issuer credit risk, include an estimated value of $966.40 on the pricing date, and were offered with agent commissions of $22.50 per security. Terms are subject to the product supplement, index supplement, tax supplement and prospectus.
Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the common stock of Alnylam Pharmaceuticals, Inc. The securities have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 14.85%, automatic early redemption features beginning with a redemption determination date on August 28, 2026, a final observation date of May 29, 2029 and a maturity date of June 1, 2029. The coupon is payable for an interest period only if the closing level of the underlier on the related observation date is at or above the coupon barrier level (60% of the initial level). If not automatically redeemed and the final level is below the downside threshold (60% of the initial level), payment at maturity is equal to the stated principal amount multiplied by the performance factor (final level/initial level), which could result in a significant loss or a zero payment. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal‑at‑risk structured notes due June 24, 2027 linked to the Class A common stock of Toast, Inc. The notes have a $1,000 stated principal amount per security, an upside payment of $185 (18.50%), a pricing and strike date of May 20, 2026, and an observation date of June 21, 2027. If the final level is at or above a downside threshold of 50% of the initial level, holders receive principal plus the fixed upside payment; if the final level is below that threshold, holders suffer a pro rata loss of principal (1% loss per 1% decline), with no minimum payment. The estimated value on the pricing date was approximately $973.40 per security and the issue price is $1,000, with agent commissions of $10 and a structuring fee of $1 per security. All payments are unsecured and subject to the credit risk of Morgan Stanley and MSFL.
Morgan Stanley Finance LLC priced Dual Directional Trigger Jump Securities due May 20, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $432 (43.20%). If the basket appreciates up to 43.20% you receive at least $1,432; above that you participate 1:1. If the basket declines but remains ≥75% of the initial value you receive a positive return equal to the absolute decline (capped at +25%); if the basket falls below 75% you suffer a 1:1 loss of principal. Estimated value on pricing date: $947.20 per security.
Morgan Stanley Finance LLC priced $250,000 aggregate principal of contingent income memory auto-callable notes due May 18, 2028. The notes, issued at $1,000 per security, are linked to AST SpaceMobile, Inc. Class A common stock and are fully and unconditionally guaranteed by Morgan Stanley.
The securities pay a contingent coupon at an annual rate of 40.40% on observation dates when the underlier closes at or above the coupon barrier level of $41.505 (50% of the initial level). Automatic early redemption can occur on specified dates if the underlier closes at or above the call threshold of $83.01. At maturity, if the final level is below $41.505, principal is reduced by the performance factor (final level / initial level) and could be significantly less than, or equal to, zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due June 3, 2031 (stated principal $1,000 per security) linked to the worst performing of the EURO STOXX 50®, Nasdaq-100® and S&P 500®. The securities pay no interest and are fully guaranteed by Morgan Stanley.
At maturity the payout is determined by the worst performing underlier on the observation date May 29, 2031. Upside is leveraged at 180% if the worst performing underlier is above its initial level; an absolute-return feature can produce up to a 30% positive return if the worst performing underlier declines but remains at or above its 70% buffer level; losses occur dollar-for-dollar beyond the 30% buffer, subject to a 30% minimum payment. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced buffered jump, auto-callable notes linked to NVIDIA (NVDA) common stock. Each security has a $1,000 stated principal amount, an original issue date of June 2, 2026, and a final maturity of May 31, 2030. The pricing and strike dates are May 28, 2026.
The notes provide automatic early redemption if the closing level of the underlier is greater than or equal to the call threshold level on a determination date, with scheduled early redemption payments rising across determination dates (first early redemption payment $1,152.50; last scheduled early redemption payment before final determination $1,571.875). If not called, payment at maturity is $1,610.00 if the final level is at or above the call threshold; if the final level is below the buffer (which is 20% of the initial level) holders suffer loss proportional to the underlier decline subject to a 20% minimum payment.
The estimated value on the pricing date was approximately $951.60. All payments are subject to issuer and guarantor credit risk and other risks described in the prospectus and supplements.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due May 24, 2029, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal of $1,000 per security and an estimated value on the pricing date of approximately $978.30 per security.
Payment at maturity is tied to the worst performing of the Russell 2000® and the S&P 500®. Upside is leveraged at a 116% factor. A buffer of 18% protects against limited declines; the minimum payment at maturity is 18% of principal. If the worst performing underlier declines below the buffer, investors lose 1% for each 1% decline beyond the buffer. Observation date is May 21, 2029 (subject to postponement).
Morgan Stanley Finance LLC offers structured, principal-at-risk auto-callable securities linked to the common stock of Netflix, Inc. with a stated principal amount of $1,000 per security and an original issue price of $1,000.
The securities pay a contingent coupon of 10.05% per annum on observation dates when the closing level of Netflix is at or above the coupon barrier (65% of the initial level). They feature automatic early redemption if the closing level meets or exceeds the call threshold (100% of the initial level) on specified redemption determination dates. If not redeemed, maturity is July 2, 2027, with final observation on June 29, 2027; if the final level is below the downside threshold (65% of the initial level), investors suffer a proportional loss to principal, which could be total.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, memory auto-callable notes linked to NVIDIA Corporation common stock with a stated principal amount of $1,000 per security. The securities pay a contingent coupon (annual rate to be set on the pricing date, disclosed as 10.50%–11.50% range) only when the closing level of the underlier is at or above the coupon barrier on observation dates and feature automatic early redemption if the underlier meets the call threshold on redemption determination dates. If not auto‑redeemed, payment at maturity depends on the final level versus the downside threshold (both coupon barrier and downside threshold set at 50% of the initial level in this pricing supplement); below the downside threshold investors suffer pro rata principal loss. Estimated value on the pricing date is approximately $962.70 per security. All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices principal‑at‑risk, contingent‑coupon notes linked to DoorDash Class A common stock. The securities have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 16.60%, an original issue date of June 2, 2026 and a maturity date of June 1, 2029. Coupon and early redemption payments depend on observation and redemption determination dates tied to the underlier’s closing levels; if the final level is below the downside threshold (50% of the initial level), investors suffer a pro rata loss of principal (performance factor = final level / initial level). The estimated value on the pricing date was approximately $961.90. All payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, contingent-income auto-callable securities linked to Workday, Inc. Each security has a stated principal amount of $1,000 and a contingent annual coupon rate of 19.00%. The securities may be automatically redeemed on specified redemption determination dates beginning August 28, 2026; maturity is June 1, 2029. Coupons are paid only if the underlier's closing level meets or exceeds a coupon barrier equal to 50% of the initial level on each observation date; the downside threshold is also 50% of the initial level. If the final level is below the downside threshold, repayment at maturity is the stated principal multiplied by the performance factor and could be significantly less than, or equal to zero. The estimated value on the pricing date was approximately $961.80 per security.
The document is a preliminary pricing supplement for Morgan Stanley Finance LLC notes—Buffered Jump Securities with an Auto-Callable feature linked to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities may auto‑redeem on scheduled determination dates if the closing level of the underlier meets or exceeds the call threshold level; early redemption payments are fixed amounts that rise across the term. If not auto‑redeemed, maturity payoffs depend on the final level relative to a buffer level (80% of the initial level) and a minimum payment of 20% of principal. All payments are subject to Morgan Stanley and MSFL credit risk. The document lists key dates including a strike date of May 28, 2026, an original issue date of June 2, 2026, and a final determination date of May 28, 2030.
Morgan Stanley Finance LLC is offering $1,065,000 aggregate Face Amount of Leveraged Buffered S&P 500® Index‑Linked Notes due November 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 from the trade date (May 15, 2026) to the determination date (November 15, 2027). For each $1,000 Face Amount, investors receive $1,000 if the index decline is up to 10.00%; upside participation is 150% subject to a cap that limits the maximum payment to $1,180.15 per $1,000. If the index declines by more than 10.00%, the Cash Settlement Amount declines and investors may lose some or all principal. Estimated value on the trade date is $980.40 per note; price to public is $1,000 per note with agent commission of $15.10 per note. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC priced fixed-rate callable notes due 2032, guaranteed by Morgan Stanley. The notes carry a stated principal of $1,000 per note, an interest rate of 4.650% per annum payable semi‑annually and mature on May 28, 2032. The issuer may redeem the notes in whole on specified semi‑annual redemption dates if a risk neutral valuation model determines redemption is economically rational; redemption would pay 100% of principal plus accrued interest. The estimated value on the pricing date was approximately $977.70 per note. The notes will not be listed and are book‑entry only; payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering fixed rate callable notes due May 29, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays a fixed annual rate of 4.350% semiannually. The notes are callable in whole only on May 29, 2027 and November 29, 2027 if a risk neutral valuation model determines redemption is economically rational, with any redemption paid at 100% of principal plus accrued interest. The estimated value on the pricing date is approximately $983.30 per note. The notes will not be listed on an exchange and are subject to Morgan Stanley credit risk and limited secondary market liquidity. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering fixed rate callable notes due May 29, 2031, fully guaranteed by Morgan Stanley. Each note has a stated principal of $1,000, a fixed interest rate of 4.550% per annum payable semi-annually and an original issue date of May 29, 2026.
The notes are callable on specified redemption dates (including May 29, 2027 and November 29, 2027) only if a risk neutral valuation model determination indicates redemption is economically rational for the issuer. Any redemption pays 100% of principal plus accrued interest. The estimated value on the pricing date is approximately $981.40 per note. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering fixed rate callable notes due May 27, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and a stated interest rate of 4.750% per annum, paid semi‑annually beginning November 27, 2026. The notes may be redeemed in whole on specified redemption dates if a risk neutral valuation model determination made by the calculation agent finds redemption economically rational; scheduled early redemption dates include May 27, 2027 and November 27, 2027, with a redemption price of 100% of principal plus accrued interest. The estimated value on the pricing date is approximately $974.30 per note. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk notes linked to the S&P 500® Index with an aggregate principal amount of $15,000,000. 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 $985.70. The notes mature on June 17, 2027 with an observation date of June 14, 2027. Investors receive principal plus a leveraged upside payment if the final level exceeds the initial level, subject to a 150% leverage factor and a $1,126 maximum payment at maturity. A 10% buffer applies: if the final level falls below 90% of the initial level, investors lose 1% for each 1% decline beyond the buffer, subject to a 10% minimum payment. All payments are subject to issuer and guarantor credit risk; MSFL securities are fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk, fixed-coupon auto-callable securities fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and will pay a fixed coupon at an annual rate of 8.70%, with maturity on November 26, 2027. The securities can be automatically redeemed early if both underliers meet their call threshold on a redemption determination date; otherwise payment at maturity depends on the worst performing of the Nasdaq-100 and S&P 500 indices and investors may lose principal if the worst performing underlier falls below its 70% downside threshold. The preliminary pricing supplement states an estimated value on the pricing date of approximately $991.50 per security and notes that all payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC is offering callable, principal-at-risk notes linked to the common stock of United Airlines Holdings, Inc. The securities have a $1,000 stated principal amount, a contingent annual coupon of 20.50%, a coupon barrier equal to 60% of the initial level, and a downside threshold equal to 60% of the initial level. The securities may be called beginning on August 24, 2026 based on a risk neutral valuation model. If not called, payment at maturity on February 24, 2027 depends on the final level: full principal if the final level is at or above the downside threshold, otherwise principal is reduced pro rata and could be zero. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC proposes Principal at Risk Buffered Participation Securities linked to the Nasdaq-100 Index with a $1,000 stated principal amount per security and an original issue price of $1,000. The securities pay no interest, mature on June 24, 2027, and reference the closing Nasdaq-100 level on the observation date of June 21, 2027. Investors receive principal plus 100% participation in upside subject to a $1,178 maximum payment at maturity (117.80% of principal). A 15% buffer protects against losses up to 15% of the initial level; if the final level is below the buffer, investors lose 1% for each additional 1% decline, with a minimum payment of 15% of principal. The pricing-date estimated value is approximately $990.20 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities due June 8, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a fixed upside payment of $206.50 (20.65%) if the S&P 500® final level is at or above the buffer level on the observation date.
If the final level is below the buffer level (set at 75% of the initial level), investors lose 1% of principal for each 1% decline beyond the 25% buffer, subject to a minimum payment at maturity of 25% of principal. The estimated value on the pricing date is approximately $980.00 per security. All payments are subject to Morgan Stanley’s credit risk; the securities pay no interest and are intended for investors willing to risk principal in exchange for the capped upside and buffer features.
Morgan Stanley Finance LLC priced a principal-at-risk structured note linked to the S&P 500® Futures Excess Return Index due May 30, 2031. Each note has a $1,000 stated principal amount and an original issue price of $1,000. The securities offer an upside payment of $450 per security and include a 20% buffer and a minimum payment at maturity of 20% of principal. Payments depend on the final level of the underlier on the observation date of May 27, 2031 and are subject to Morgan Stanley and MSFL credit risk.
The pricing date and strike date are May 26, 2026, original issue date May 29, 2026, and the document states an estimated value on the pricing date of approximately $938.20 per security. The notes do not pay interest; secondary market liquidity, tax treatment, and conflicts of interest are disclosed in the supplement.
Morgan Stanley Finance LLC priced a structured note offering — Dual Directional Buffered Participation Securities due June 17, 2027 with an aggregate stated principal amount of $437,000 (440 securities at $1,000 each). The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. Payments are linked to the worst performing of the Russell 2000® Index and the S&P 500® Index on the observation date and are subject to Morgan Stanley credit risk.
The terms include a 16.50% buffer (83.50% buffer level), an absolute return participation rate of 50%, an upside participation rate of 100% capped at a maximum upside payment of $1,112.50 (111.25% of principal), and a minimum payment at maturity of 16.50% of principal. Investors receive no interest and may lose a material portion of principal if the worst performing underlier falls below the buffer.
Morgan Stanley Finance LLC priced Buffered PLUS securities linked to the worst performing of the iShares Russell Mid-Cap ETF and the S&P 500 Index. Each security has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of $988.20.
At maturity on November 18, 2027, payoff is determined by the worst performing underlier: investors receive principal plus a leveraged upside payment (120% leverage) up to a $1,227.50 cap if the worst underlier appreciates, receive principal if the worst underlier stays within the 20% buffer, or incur dollar-for-dollar losses beyond the 20% buffer down to a minimum payment of 20% of principal. All payments are subject to the credit risk of Morgan Stanley.
Morgan Stanley Finance LLC is offering principal‑at‑risk notes linked to the common stock of Amazon.com, Inc. The notes have a stated principal amount of $1,000 per security, pay a fixed coupon of 10.08% per annum (monthly) and mature on June 2, 2027. At maturity, if the underlier’s final level is at or above a downside threshold equal to 70% of the initial level, holders receive the stated principal; if the final level is below that threshold, holders receive the stated principal multiplied by the performance factor (final level/initial level), so principal can be significantly reduced or lost entirely. All payments are subject to issuer and guarantor credit risk. The estimated value on the pricing date was approximately $983.90 per security and the issue price is $1,000 (agent commission $10 per security).
Morgan Stanley Finance LLC is offering leveraged, buffered S&P 500® index-linked notes (each with a $1,000 Face Amount) due in an expected 14–16 month term, fully and unconditionally guaranteed by Morgan Stanley. The notes provide 200% Upside Participation up to a capped Maximum Settlement Amount (expected between $1,131.60 and $1,154.20 per $1,000). Investors are protected for declines in the Underlier up to a 10.00% buffer; declines beyond 10.00% produce proportional losses and could result in loss of principal. The Original Issue Price is $1,000, with an estimated Trade Date value of approximately $987.20 (within $15), and a selling agent concession of $8.70 per note. All payments are subject to issuer credit risk, no interest is paid, and the notes will not be listed on an exchange.
Morgan Stanley Finance LLC priced a contingent‑income, principal‑at‑risk note linked to the worst performing of Bank of America and JPMorgan Chase. The securities have a $1,000 stated principal amount, an issue price $1,000 per security and mature on November 18, 2027. They pay a contingent coupon at an annual rate of 11.05% on observation dates only if both underliers are at or above their coupon barrier levels. The securities are automatically redeemable on specified determination dates if both underliers meet call thresholds; otherwise final payoff at maturity depends on the worst performing underlier and may result in substantial loss of principal. All payments are subject to MSFL's and Morgan Stanley's credit risk.