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 callable, principal-at-risk notes linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a stated principal amount of $1,000, a contingent coupon at an annual rate of 11.50% payable only if all three underliers meet coupon barrier levels on observation dates, and a buffer that absorbs the first 20% of decline in the worst performing underlier. The notes may be redeemed early beginning on August 27, 2026 based on a risk neutral valuation model; if not redeemed, maturity is May 25, 2028 with payment linked to the worst performing underlier and a minimum payment at maturity equal to 20% of principal. The estimated value on the pricing date is approximately $985.10 per security; the issue price is $1,000.
Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes: Contingent Income Memory Buffered Auto-Callable Securities linked to Arista Networks, Inc. The stated principal and issue price are $1,000 per security; estimated value on the pricing date was approximately $982.10. The notes pay a contingent coupon at an annual rate of 14.64% on observation dates when the underlier meets the coupon barrier. The notes are auto‑callable if the underlier is at or above the call threshold of $147.81 on any redemption determination date; the buffer level is $88.686 (60% of the initial level). If not called and the final level is below the buffer, investors suffer a loss equal to the underlier decline beyond the 40% buffer multiplied by a downside factor of 1.6667. All payments are subject to issuer and guarantor credit risk; minimum ticket is $10,000.
Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities linked to the VanEck® Semiconductor ETF, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and do not pay interest. The securities provide 100% participation in any appreciation of the underlier up to a $1,316 maximum payment at maturity (131.60% of principal). The securities include a 20% buffer (buffer level = 80% of the initial level): if the final level is at or above the buffer, investors receive principal; if below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 20% minimum payment. Key dates: strike/pricing on May 29, 2026, original issue date June 3, 2026, observation date June 29, 2027 (subject to postponement), maturity July 2, 2027. All payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was approximately $984.80 per security; the issue price is $1,000, which includes issuance, distribution and hedging costs borne by investors.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to Dell Technologies Inc. class C common stock. Each note has a stated principal amount of $1,000 and an upside payment of $194.50 (19.45%) if the final level is at or above the downside threshold. The observation date is June 15, 2027 and maturity is June 21, 2027. If the final level is below the downside threshold (set at 50% of the initial level), investors incur a loss equal to the percentage decline in the underlier; there is no guaranteed minimum and the payment could be zero. All payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date was approximately $974.50 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to AST SpaceMobile, Inc. class A common stock that mature on May 18, 2028 and pay a contingent coupon only if specified observation-date thresholds are met.
The notes have a stated principal amount of $1,000 per security, an estimated value on the pricing date of approximately $950.80 per security, a contingent coupon at an annual rate of 40.40%, an initial level of the underlier of $83.01 (strike date May 14, 2026), a coupon barrier and downside threshold of $41.505 (50% of the initial level), and automatic early redemption if the closing level meets or exceeds the call threshold of $83.01 on any redemption determination date. Investors face the risk of receiving no coupons and losing principal if the final level is below the downside threshold; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced $17,160,000 of Capped Leveraged Basket-Linked Notes due November 15, 2027, guaranteed by Morgan Stanley. The notes link principal repayment to a weighted basket of five international indices using an Initial Basket Level of 100, a 200% Upside Participation Rate and a Cap Level of 115.30 that limits the Maximum Settlement Amount to $1,306 per $1,000 face. Trade Date is May 13, 2026 and Original Issue Date is May 18, 2026. The notes pay no interest, are unsecured, subject to issuer credit risk and may result in loss of principal if the Final Basket Level is below 100 on the Determination Date.
Morgan Stanley Finance LLC is offering market‑linked, auto‑callable principal‑at‑risk securities due May 23, 2029 guaranteed by Morgan Stanley. Each security has a face amount of $1,000, a pricing date of May 18, 2026, and an original issue date of May 21, 2026. The issuer estimates the securities' value at approximately $901.00 per security on the pricing date and will sell them at $1,000 per security with agent commissions of $25.75 and net proceeds to the issuer of $974.25 per security.
The securities pay no interest and may be automatically called on monthly calculation days beginning May 21, 2027 if each underlying stock closes at or above its starting price. Call payments range from at least $1,340.00 (1st calculation day) up to at least $2,020.00 (final calculation day). If not called, maturity payoffs depend solely on the lowest performing underlying stock; downside threshold prices equal 50% of each starting price, and loss at maturity can exceed 50%, possibly to zero.
Morgan Stanley Finance LLC priced a market-linked, auto-callable principal-at-risk security linked to Expedia Group, Inc. stock. Each security has a face amount of $1,000, an estimated pricing-date value of approximately $960.50 (± $35.00) and a contingent coupon rate to be set on the pricing date of at least 12.20% per annum. The securities pay quarterly contingent coupons only if the underlying stock closes at or above defined thresholds on specified quarterly calculation days and may be automatically called beginning August 2026. If not called, the maturity date is May 24, 2029, and principal at maturity is either $1,000 or $1,000 multiplied by the performance factor based on the ending price versus the starting price, exposing investors to downside risk if the ending price is below the 50% downside threshold. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Autocallable Contingent Coupon Equity-Linked Notes linked to the Class A common stock of Oklo Inc., fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and an estimated Trade Date value of $968.70 (±$15).
The notes pay contingent monthly coupons only if the Observation Closing Level of Oklo is at or above the Coupon Trigger Level of $43.506 (60% of the Initial Underlier Level of $72.51). Notes are auto-called on the Call Observation Date (November 13, 2026) if the underlier closes at or above the Initial Underlier Level; maturity is May 17, 2027. At maturity, cash settlement depends on the Final Underlier Level versus the Trigger Knock-Out Level (60% of initial). Payments are unsecured and subject to issuer credit risk.
Morgan Stanley Finance LLC offers auto-callable, principal-at-risk market-linked securities tied to the common stock of Arista Networks, Inc. with a stated face amount of $1,000 per security and a maturity date of May 24, 2027 (subject to postponement).
The securities pay contingent quarterly coupons (the contingent coupon rate will be determined on the pricing date and will be at least 26.60% per annum), can be automatically called beginning in August 2026, and provide a 20% downside buffer together with a stated multiplier of 1.25 that magnifies the buffered exposure to declines beyond the buffer. The estimated value on the pricing date is approximately $967.40 per security, and all payments are subject to the issuer's credit risk.
Morgan Stanley Finance LLC will issue $60,000,000 aggregate principal of fixed rate callable notes due July 13, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay interest quarterly at 4.050% per annum, have an initial issue price of $1,000 per note and an estimated value on the pricing date of $993.10 per note. The notes are callable quarterly beginning November 13, 2026 if a risk neutral valuation model determines early redemption is economically rational; redemption (if any) will be at 100% of principal plus accrued interest. Proceeds will be used for general corporate purposes. Payments are subject to issuer credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due June 1, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an issue price of $1,000. The issuer estimates the note's value on the pricing date at approximately $919.60. The notes pay no interest and may be automatically redeemed on specified annual determination dates beginning May 26, 2027 if the underlier meets or exceeds the call threshold (100% of the initial level). Early redemption payments increase by determination date, reflecting an approximate 8.50% per annum return schedule (e.g., $1,085 at first redemption, up to $1,510 at the sixth). If not redeemed early, a payment at maturity will equal a fixed positive amount if the final level is greater than or equal to the call threshold; otherwise you receive only the stated principal. The notes are linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (inception March 14, 2022); the index includes a 4% per annum decrement and volatility-targeting features. All payments are subject to Morgan Stanley's credit risk, the notes are unsecured, non‑listed and contain multiple risks and tax considerations described in accompanying supplements.
Morgan Stanley Finance LLC priced callable Jump Notes linked to the worst performing of the Russell 2000® and S&P 500® with a $1,000 stated principal amount per note. The notes mature on May 30, 2031, pay no periodic interest, and may be redeemed beginning June 2, 2027 if a risk neutral valuation model indicates redemption is economically rational. Payment at maturity (if not redeemed) equals the stated principal plus an upside payment tied to the percent change of the worst performing underlier with a 100% participation rate. Estimated value on the pricing date is approximately $941.70 per note. All payments are subject to issuer and guarantor credit risk.
The Preliminary Pricing Supplement describes market-linked notes issued by Morgan Stanley Finance LLC, unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per note. The notes pay no interest, participate at 100% participation rate in the S&P 500® upside subject to a maximum payment of $1,165 to $1,185 per note, mature on June 1, 2029, and reference the closing level of the S&P 500® on the observation date of May 29, 2029. The issuer’s estimated value on the pricing date is approximately $955.90 per note. All payments are subject to the issuer’s credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable notes due December 1, 2027, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $960.80. The notes pay a contingent coupon (annual rate determined on pricing date, disclosed range 10.50%–11.50%) only if the closing level of each underlier meets its coupon barrier on each observation date. Automatic early redemption is possible on specified redemption determination dates if every underlier meets its call threshold; otherwise, at maturity investors receive principal only if each final underlier level is at or above its downside threshold, or otherwise a payment reduced pro rata by the worst performing underlier. Key barriers are set as percentages of initial levels: coupon barrier 80%, downside threshold 70%, call threshold 100%. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500, due June 1, 2029. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $949.10. At maturity the payment depends solely on the worst performing underlier on the observation date May 29, 2029: if each final level is at or above its downside threshold (70% of initial level) investors receive the stated principal plus a fixed upside payment of $280 to $380 (28%–38%); if any underlier is below its downside threshold, holders suffer proportional losses tied to the percentage decline of the worst performing underlier, and may lose their entire principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; market value prior to maturity will reflect Morgan Stanley’s creditworthiness and other factors.
Morgan Stanley Finance LLC is offering callable structured "Jump Notes" due June 3, 2031, tied to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $960.30, a 150% participation rate and no periodic interest.
The notes may be redeemed beginning on June 4, 2027 if a risk neutral valuation model determines early redemption is economically rational for the issuer; fixed minimum redemption payments are specified (first at least $1,160.00). If not redeemed, maturity payment equals principal plus upside = stated principal × participation rate × underlier percent change when final level exceeds the initial level.
Morgan Stanley Finance LLC priced Callable Jump Notes linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount, an original issue price of $1,000 and a participation rate of 130%. The notes pay no regular interest, mature on May 30, 2031, and may be called beginning on June 2, 2027 if a risk neutral valuation model indicates redemption is economically rational. If not redeemed and the final level exceeds the initial level, maturity payment = stated principal + (stated principal × 130% × underlier percent change); if final level is equal to or less than the initial level, investors receive only the stated principal. Estimated value on the pricing date was approximately $934.10 per note. All payments are subject to Morgan Stanley and MSFL credit risk, the notes are unsecured, unlisted and subject to liquidity and model, tax and issuer credit risks described in the supplement.
Morgan Stanley Finance LLC is offering callable Jump Notes due June 3, 2031, fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® and S&P 500® indices. The notes have a $1,000 stated principal amount per note, an issue price of $1,000, a participation rate of 115% and an observation date of May 29, 2031. The notes pay no regular interest; maturity payment equals principal plus the upside payment based on the worst performing underlier if that underlier finishes above its initial level, otherwise only principal is returned. A discretionary call feature begins on June 4, 2027, with fixed minimum redemption payments that increase over time (first minimum payment $1,120.00). The estimated value on the pricing date is approximately $965.40 per note. All payments are subject to issuer credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC seeks to issue principal at risk, contingent income auto-callable securities linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50 and Russell 2000. Each security has a $1,000 stated principal amount. The securities may pay a contingent coupon (the rate will be set on the pricing date within a disclosed range) only if each underlier meets its coupon barrier on observation dates. They may auto-redeem on scheduled redemption determination dates if each underlier meets the call threshold, paying principal plus the contingent coupon. At maturity, if any underlier is below its downside threshold, payment is reduced by the performance of the worst performing underlier (losses can be substantial or total). All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC issues market-linked notes linked to the S&P 500® Index with a three-year term. Each note has a stated principal amount of $1,000 and pays no interest. At maturity you receive principal plus an upside payment equal to 100% of index appreciation, capped at a maximum payment of $1,200 to $1,220 per note. The pricing date and strike date are May 29, 2026, the original issue date is June 3, 2026, the observation date is May 29, 2029 and the stated maturity date is June 1, 2029. The issuer is MSFL and the payment obligation is fully and unconditionally guaranteed by Morgan Stanley. All payments are subject to the issuer’s credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC priced Principal at Risk notes tied to Ares Management Corporation Class A common stock. The offering consists of $2,252,000 aggregate principal of securities issued at $1,000 per security with an estimated value of $967.90 on the pricing date. The notes mature on June 11, 2027 and pay $200 per security if the final level is at or above the downside threshold; if the final level is below the downside threshold investors lose 1% of principal for each 1% decline in the underlier, with no minimum payment at maturity.
The notes are unsecured obligations of Morgan Stanley Finance LLC and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to the credit risk of the issuer and guarantor. The offering documents state various conflicts of interest, hedging activities by affiliates, uncertainty in U.S. federal tax treatment, and limited secondary market liquidity.
The pricing supplement describes an offering of Principal at Risk notes by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and pay a contingent coupon of 12.50% per annum only if the underlier (Goldman Sachs common stock) meets coupon barrier tests on specified observation dates. The notes are subject to automatic early redemption if the underlier meets the call threshold on any redemption determination date. At maturity, if the final level is below the downside threshold, principal is reduced pro rata by the underlier’s decline; losses could be substantial and could eliminate principal. All payments are subject to issuer and guarantor credit risk.
The document is a pricing supplement for Morgan Stanley Finance LLC’s contingent income auto-callable securities linked to Philip Morris International Inc. The securities have a $1,000 stated principal per note, an 11.40% annual contingent coupon, a pricing/strike date of May 8, 2026 and maturity on June 11, 2027. Coupons are paid only if the underlier’s closing level meets the coupon barrier on observation dates; automatic early redemption occurs if the closing level meets the call threshold on any redemption determination date. If not called and the final level is below the downside threshold, investors suffer principal loss proportional to the underlier’s decline. The offering price includes commissions and structuring costs; the estimated value on pricing was $970.20 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The offering has a stated principal amount of $1,000 per security and an aggregate principal amount of $1,620,000. The securities mature on June 11, 2027 with an observation date of June 8, 2027. If the final level of each underlier is greater than or equal to its downside threshold (60% of the initial level), holders receive the stated principal plus an upside payment of $90 (9%). If any underlier is below its downside threshold, the payment equals the stated principal multiplied by the worst performing underlier’s performance factor, meaning investors lose 1% for each 1% decline in the worst performing underlier; there is no minimum payment. All payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date was $991.20 per security.
Morgan Stanley Finance LLC priced a series of principal-at-risk, contingent income auto-callable securities tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal, an annual contingent coupon of 11.00%, a strike/pricing date of May 15, 2026, a final observation date of May 15, 2031 and maturity of May 20, 2031. Coupons are paid only if the underlier’s closing level on observation dates meets or exceeds the coupon barrier (50% of the initial level). The securities are automatically redeemed early if the underlier meets or exceeds the call threshold (100% of the initial level) on a redemption determination date, in which case holders receive principal plus the contingent coupon for that period. If not redeemed and the final level is below the downside threshold (50% of initial level), investors lose pro rata principal (payment = stated principal × final level/initial level). The estimated value on the pricing date was approximately $924.00 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuers’ credit risk.
Morgan Stanley Finance LLC is offering callable Principal at Risk notes due May 20, 2027 that pay a fixed coupon (at least 10.50% per annum) and return principal at maturity only if each underlying index is at or above a 70% downside threshold of its initial level.
Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $980.10, and is linked to the worst performing of the S&P 500, Nasdaq-100 Technology Sector and Russell 2000. The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk. The issuer may call the notes on scheduled redemption dates if a risk‑neutral valuation model indicates it is economically rational to do so; redemption shortens the term and ends further payments.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income memory buffered auto-callable securities linked to Amazon.com, Inc. common stock. The notes have a $1,000 stated principal amount per security, a pricing/strike date of May 15, 2026, a final observation date of May 28, 2027 and a maturity date of June 3, 2027. The securities pay a contingent coupon (the preliminary coupon is at least 16.00% per annum) only if the underlier's closing level meets specified observation-date barriers. The notes feature automatic early redemption on specified redemption determination dates and a 15% buffer with a downside factor of 1.1765 if the final level is below the buffer. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a structured Trigger PLUS offering linked to the worst performing of the Nasdaq-100 Futures Excess Return™ Index and the S&P 500® Futures Excess Return Index due May 13, 2031. The aggregate principal amount offered is $1,206,000 in $1,000 denominations. The securities pay no interest and return at maturity depends on the worst performing underlier: investors receive principal plus a 268% leverage upside if the worst performing underlier finishes above its initial level, full principal if the worst performing underlier finishes at or above 70% of its initial level, and a pro rata loss below that threshold. The estimated value on the pricing date was $965.70 per security and the issue price was $1,000 per security; sales were limited to fee-based advisory accounts.
Morgan Stanley Finance LLC prices contingent income auto-callable notes underwritten by Morgan Stanley. The offering is for 396 securities at a stated principal amount of $1,000 per security and an aggregate principal amount of $396,000, issued at a price of $1,000 per security.
The securities pay a contingent coupon of 9.50% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (70% of each initial level) on the related observation date. The notes are auto-callable on specified determination dates if each underlier is at or above its call threshold (100% of initial level); early redemption returns principal plus the contingent coupon. At maturity, if any underlier is below its downside threshold (70% of initial level), payment equals principal multiplied by the performance factor of the worst performing underlier, exposing investors to potential loss of principal down to zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $40,245,000 of Digital S&P 500® Index-Linked Notes due November 8, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and are principal-at-risk; payment at maturity depends on the S&P 500® Index performance from the Trade Date: May 8, 2026 to the Determination Date: November 4, 2027.
For each $1,000 Face Amount, holders receive the Maximum Settlement Amount of $1,133.60 if the Final Underlier Level is ≥ 90% of the Initial Underlier Level (Threshold Level: 6,659.037). If the Final Underlier Level is 90%, the payment declines pro rata and investors could lose some or all principal. The estimated value on the Trade Date was $985.80; price to public per note was $1,000 (agent commission $11.10 per note).
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due May 22, 2031 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal and an annual contingent coupon of 11.75%, payable only if the underlier meets observation-date barriers.
The notes feature a 15% buffer (buffer level = 85% of initial level), a coupon barrier at 70% of initial, and an automatic early redemption trigger at 90% of initial. Estimated value on the pricing date was approximately $938.30 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a contingent‑income auto‑callable note due May 13, 2031 that is fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount (issue price $1,000), an estimated value on the pricing date of $905.30, and an aggregate issuance of $157,000. The notes pay a contingent coupon at an annual rate of 14.75% only if the underlier meets the coupon barrier on observation dates and are automatically redeemed early if the underlier meets the call threshold on redemption determination dates. At maturity, if the final level is below the downside threshold, investors lose 1% of principal for each 1% decline in the underlier; repayment could be significantly less than principal and could be zero.
Morgan Stanley Finance LLC priced structured, market-linked notes due June 22, 2029 linked to the worst performing of the Nasdaq-100 and the S&P 500. Each note has a $1,000 stated principal amount and a participation rate of 100% with a maximum payment at maturity of $1,268.50.
The notes pay no interest; payment at maturity depends solely on the closing levels on the observation date (June 18, 2029). If either underlier is equal to or below its strike level, holders receive only the stated principal. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $903.50. The notes pay a contingent coupon at an annual rate of 9.00% on observation dates when the underlier is at or above the coupon barrier (70% of the initial level). The notes are automatically called if the underlier is at or above the call threshold (90% of the initial level) on redemption determination dates, and mature on May 22, 2031. If not redeemed and the final level is below the buffer level (85% of initial), principal at maturity is reduced by losses beyond the 15% buffer, subject to a minimum payment of 15% of principal. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; holders bear Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering $1,853,000 of principal-at-risk, contingent income auto-callable securities linked to Apple Inc. (underlier). Each note has a $1,000 stated principal amount, a contingent coupon at an annual rate of 10.00%, automatic early redemption mechanics, and matures on June 11, 2027.
The notes pay coupons only if the underlier's closing level meets the coupon barrier on observation dates, may auto‑redeem early if the call threshold is met, and expose holders to a loss at maturity if the final level is below the downside threshold (70% of the initial level). All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, contingent-income, memory buffered auto-callable securities linked to Alphabet Inc. (Class A). Each security has a $1,000 stated principal and issue price, with a pricing and strike date of May 15, 2026 and maturity on June 3, 2027.
The securities pay a contingent coupon (annual rate at least 17.48%) only if the underlier meets coupon barrier levels on observation dates. They feature automatic early redemption if the underlier meets a call threshold (100% of initial level) on redemption determination dates, a 15% buffer and a downside factor of 1.1765, exposing investors to principal loss beyond the buffer. All payments are subject to Morgan Stanley's credit risk.
The Preliminary Pricing Supplement for Morgan Stanley Finance LLC describes a series of principal‑at‑risk, dual directional trigger participation securities linked to the S&P 500® Index with a $1,000 stated principal amount per security. The securities mature on June 3, 2027 and pay no interest.
At maturity the payout depends on the index closing on the observation date (May 28, 2027): investors receive the stated principal plus upside (100% participation) capped at $1,100 per security if the final level is above the initial level; if the final level is between the downside threshold (at most 79% of the initial level) and the initial level, investors receive the stated principal plus a positive return equal to the absolute decline × 100% participation (effectively limited to a 21% positive return in disclosed examples); if the final level is below the downside threshold, investors lose on a 1% principal loss per 1% index decline and could lose the entire principal.
Morgan Stanley Finance LLC offers Principal‑at‑Risk callable contingent income buffered securities due May 14, 2027. Each security has a stated principal amount of $1,000 and the offering aggregates $1,268,000. The securities pay a contingent coupon at an annual rate of 19.75% only when each of the three underliers meets its coupon barrier on an observation date, otherwise no coupon is paid.
The securities are linked to the worst performing of Alphabet Inc. Class C, Meta Platforms Class A and NVIDIA common stock, include an 80% buffer level and a 20% buffer amount, and feature periodic redemption dates beginning August 13, 2026 determined by a risk neutral valuation model. If not redeemed and the final level of any underlier is below its buffer level, investors incur losses proportional to the worst performing underlier, subject to a minimum payment at maturity of 20% of principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the S&P 500® Index with a one-year term maturing May 27, 2027. Each security has a stated principal amount of $1,000 and a fixed upside payment of $91.10 (9.11%) if the final level is at or above the buffer level. The securities provide a 10% buffer (buffer level 6,671.556) but expose investors to a 1.1111 downside factor for losses beyond the buffer, meaning investors lose 1.1111% of principal for every 1% decline beyond the buffer; there is no minimum payment and investors could lose their entire investment. The issue price is $1,000 with an estimated value on the pricing date of approximately $986.50, and all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices Principal at Risk Contingent Income Securities due July 5, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon payable at an annual rate of 9.00% only if each underlier closes at or above its coupon barrier on each observation date. At maturity investors receive principal only if every underlier is at or above its downside threshold; otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which can result in a substantial loss of principal. The securities reference the Nasdaq-100 Technology Sector, Dow Jones Industrial Average and Russell 2000, are linked to the worst performing underlier, and carry issuer credit risk of Morgan Stanley. Timing anchors: strike/pricing date May 29, 2026, original issue date June 3, 2026, final observation date June 29, 2029, maturity July 5, 2029.
Morgan Stanley Finance LLC priced an $8,269,000 offering of Leveraged Buffered S&P 500® Index-Linked Notes due October 22, 2027. The notes pay no interest and return at maturity depends on the S&P 500® performance from the Trade Date May 8, 2026 to the Determination Date October 20, 2027.
Each $1,000 face amount offers 300% upside participation up to a Maximum Settlement Amount of $1,160.50, protects principal for declines up to 10.00% (Buffer Level = 90.00% of initial), and exposes holders to full downside below that buffer (Buffer Rate ≈ 111.11%). The estimated Trade Date value was $984.70 per note. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk notes with an aggregate principal amount of $250,000. The securities pay a fixed annual coupon of 19.20%, have a stated principal amount of $1,000 per security and may auto‑redeem early if each underlying meets call thresholds on specified dates.
If not redeemed, maturity payment depends on the worst performing underlier versus its 60% downside threshold; if the worst underlier is below its threshold, investors lose principal in direct proportion to that decline. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes linked to NVIDIA Corporation common stock with a stated principal amount of $1,000 per security. The notes pay a contingent coupon (annual rate determined on the pricing date, approximately 20.36% p.a. in the example) on specified observation dates and are automatically redeemable if the underlier meets the call threshold on a redemption determination date. If not redeemed, a buffer of 20% protects against the first 20% decline in the underlier, after which investors suffer a 1.25x downside factor on losses; principal can be partially or fully lost at maturity. Key dates: strike/pricing date May 15, 2026, original issue date May 20, 2026, final observation May 28, 2027, maturity June 3, 2027. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Dual Directional Buffered Participation Securities due June 11, 2027, offered at a $1,000 stated principal amount per security in an aggregate principal amount of $870,000. The securities reference the S&P 500® Index with an initial level of 7,398.93 (strike date May 8, 2026) and an observation date of June 8, 2027. At maturity the pay‑off is one of three outcomes: (1) if the final level > initial level, investors receive principal plus upside participation (100% participation) capped at a maximum upside payment of $1,075 per security; (2) if the final level ≤ initial level but ≥ buffer level (buffer level = 81% of initial level), investors receive principal plus an absolute return equal to the absolute decline multiplied by a 100% participation rate, effectively limited to a positive return of 19%; (3) if the final level < buffer level, investors incur principal loss of 1% for each 1% decline beyond the 19% buffer and may receive as little as the minimum payment of 19% of principal. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk. The estimated value on the pricing date was $988.50 per security.
Morgan Stanley Finance LLC issues a priced supplement for Principal-at-Risk notes tied to Alphabet Inc. Class A stock totaling $3,869,000. The notes have a $1,000 stated principal amount, a 16.57% annual contingent coupon, automatic early‑redemption dates beginning August 21, 2026, and maturity on May 26, 2027.
The contingent coupon is payable only if the closing level of the underlier meets the coupon barrier (85% of the initial level) on observation dates; early redemption occurs if the closing level meets the call threshold (100% of the initial level) on redemption determination dates. At maturity, if the final level is below the buffer level (85% of initial), investors suffer a loss equal to the underlier decline beyond the 15% buffer multiplied by a 1.1765 downside factor.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk notes due June 13, 2029, fully guaranteed by Morgan Stanley. The offering registers 4,062 securities at a $1,000 stated principal amount each, with an issue price of $1,000 per security and an estimated value on the pricing date of $985.40 per security.
The notes are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the S&P 500. They pay no regular interest, may be automatically redeemed early on the first determination date for an early redemption payment of $1,201, and otherwise pay at maturity based on the worst performing underlier with a 150% participation rate for upside and a 70% downside threshold per underlier. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers principal-at-risk structured notes with an automatic early redemption feature and a 15% buffer. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The preliminary pricing shows an estimated value on the pricing date of approximately $905.70 per security. The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, provide no regular interest, and can be automatically redeemed on specified determination dates for fixed early redemption payments (the first potential determination date is May 20, 2027). At maturity investors receive $1,875.00 if the final level meets the call threshold, the stated principal if the final level is at or above the buffer level (85% of the initial level), or a reduced payment that loses 1% of principal per 1% decline beyond the buffer (subject to a minimum payment at maturity of 15% of principal). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of structured, principal‑at‑risk notes due June 3, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a fixed $131.40 upside payment payable at maturity if the MSCI Emerging Markets Index finishes at or above a 90% buffer level.
If the index finishes below the buffer level, investors lose 1.1111% of principal for every 1% decline in the index beyond the 10% buffer; there is no minimum payment and investors could lose their entire initial investment. The securities pay no interest; payments are subject to the issuer's and guarantor's credit risk. The estimated value on the pricing date was approximately $981.90 per security and the issue price is $1,000, with an agent commission of $10 per security.
Morgan Stanley Finance LLC offers Principal at Risk notes linked to the common stock of The Goldman Sachs Group, Inc., with an aggregate principal amount of $1,113,000 issued at $1,000 per security.
The notes pay a contingent coupon at an annual rate of 15.00% on observation dates only if the underlier's closing level meets the coupon barrier ($674.266, ~72% of the initial level). The notes feature automatic early redemption if the closing level meets the call threshold ($936.48) on any redemption determination date; at maturity holders receive principal only if the final level is at or above the downside threshold ($674.266), otherwise payment equals principal × (final level/initial level), which could result in significant loss or zero principal. All payments are subject to Morgan Stanley's credit risk and U.S. federal tax treatment is described as uncertain.