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 priced contingent-income, principal-at-risk notes due June 3, 2031 backed by a full guarantee of Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon at an annual rate of 12.00%, payable only if the underlier meets the coupon barrier on observation dates.
The notes feature monthly redemption determination dates beginning November 30, 2026, a buffer of 15% (buffer level = 85% of initial level), a coupon barrier at 70% of the initial level, a minimum payment at maturity equal to 15% of stated principal, and estimated value on the pricing date of approximately $941.40 per security.
Morgan Stanley Finance LLC offers principal-at-risk Structured Investments—Buffered Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security.
The securities carry a 15% buffer, may auto-redeem on specified determination dates, pay up to $1,812.50 at maturity if the final level meets the call threshold, and otherwise expose investors to losses below the buffer (subject to a 15% minimum payment). The pricing and strike dates are May 29, 2026 with a maturity date of June 3, 2031. Estimated value on the pricing date is approximately $935.50 per security.
Morgan Stanley Finance LLC priced Dual Directional Buffered PLUS notes due August 12, 2027, unsecured and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $988.90. The payoff links to the S&P 500® Index with a 150% leverage factor on upside subject to a $1,140 maximum payment (114% of principal). The notes include a 10% buffer (buffer level 6,659.037), an absolute return participation feature for limited declines, and a 10% minimum payment at maturity. All payments are subject to issuer and guarantor credit risk and the notes do not pay interest.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with a $1,000 original issue price and maturity on May 11, 2029. The securities pay a 17.65% annual contingent coupon only if the underlier meets the coupon barrier on observation dates and are automatically redeemed early if the underlier reaches the call threshold of 3,486.84 on a redemption determination date. The coupon barrier and downside threshold are 2,440.788 (70% of the initial level). If not called and the final level is below the downside threshold, payment at maturity equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to potential loss of principal down to zero. The issuer’s estimated value on the pricing date is approximately $928.40 per security. All payments are subject to the credit risk of Morgan Stanley and MSFL; the securities do not participate in upside appreciation of the underlier.
The pricing supplement describes Morgan Stanley Finance LLC notes due May 30, 2031, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a contingent coupon at an annual rate of 9.50%, payable only if the underlier meets coupon barrier conditions on observation dates. The notes feature automatic early redemption if the underlier meets a call threshold and a buffer that protects the first 15% of downside; if the final level is below the buffer, investors suffer pro rata losses subject to a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $902.20 per security.
Morgan Stanley Finance LLC priced structured, principal‑at‑risk notes—buffered jump securities with an auto‑call feature due May 30, 2031 and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $902.70.
The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The first determination date is May 27, 2027; automatic early redemption occurs if the underlier’s closing level on a determination date is at or above the call threshold (85% of the initial level). If not auto‑redeemed, the payment at maturity is $1,512.50 if the final level is at or above the buffer level (85% of the initial level); otherwise the payoff equals $1,000 × (performance factor + 15%), subject to a 15% minimum payment at maturity.
Morgan Stanley Finance LLC priced contingent income, memory buffered auto-callable notes due May 30, 2031 with a $1,000 stated principal amount per security and an original issue price of $1,000 per security. The securities reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and pay a contingent coupon at an annual rate of 11.60% only when the underlier meets the coupon barrier on observation dates.
The notes feature automatic early redemption if the underlier is at or above the call threshold (100% of the initial level) on a redemption determination date, a buffer equal to 15% (buffer level = 85% of the initial level) and a minimum payment at maturity equal to 15% of principal. Final observation and maturity dates are May 27, 2031 and May 30, 2031, respectively. The estimated value on the pricing date was approximately $900 per security. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 21, 2027, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The notes pay a fixed $115 upside payment (11.50%) at maturity if the final level of each underlier is greater than or equal to its downside threshold.
The securities are linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, use an observation date of June 15, 2027, have a downside threshold equal to 70% of each initial level, and provide no minimum payment at maturity. The estimated value on the pricing date is approximately $987 per security. Investors bear issuer credit risk and may lose some or all of their principal.
Morgan Stanley Finance LLC is offering unsecured, non‑interest‑paying Jump Notes due June 1, 2033, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per note and an estimated value on the pricing date of approximately $904.80 per note.
The notes pay no periodic interest, embed a 100% participation rate in upside at maturity if the final level exceeds the initial level, and include an automatic early redemption feature beginning with the first determination date on May 26, 2027. The call threshold equals 101% of the initial level. Fixed early redemption payments are specified for each determination date (for example, $1,105 on June 1, 2027 and $1,630 on June 1, 2032). All payments are subject to the issuer’s and guarantor’s credit risk; the notes will not be listed and secondary market liquidity may be limited.
Morgan Stanley Finance LLC is pricing Structured Investments Variable Income Auto-Callable Notes due April 21, 2031 with a stated principal amount of $1,000 per note and an aggregate principal amount of $1,050,000. The notes were issued at an issue price of $1,000 per note and had an estimated value on the pricing date of $938.00 per note.
The notes pay a variable coupon each interest period equal to either a 9.35% (the higher coupon) or a 0.25% (the lower coupon) depending on whether the closing level of each of four underliers meets its coupon barrier level on each observation date. The notes are linked to the worst performing of AMZN, PLTR (Class A), MU and TSLA; early automatic redemption is possible on specified redemption determination dates beginning April 16, 2027, in which case holders receive the stated principal plus the higher coupon for that period. All payments are subject to Morgan Stanley's credit risk and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC is offering market-linked principal-at-risk securities with a $1,000 face amount per security that pay at maturity based on the performance of the lowest performing of four SPDR® ETFs. The securities mature on May 26, 2027, have a 20% buffer and a participation rate of at least 279.50% to be set on the pricing date.
The pricing date is May 18, 2026; the estimated value on the pricing date is approximately $938.90 per security and the public offering price is $1,000. Investors bear issuer credit risk, may lose up to 80% of principal if the lowest performing underlying falls below its threshold, and should review the accompanying product supplement, index supplement and tax supplement.
Morgan Stanley Finance LLC priced $3,511,000 of Digital iShares® 20+ Year Treasury Bond ETF‑Linked Notes due May 14, 2027. The notes pay no interest and return at maturity is tied to the iShares TLT closing level from the Trade Date (May 6, 2026) to the Determination Date (May 12, 2027). For each $1,000 face amount you receive $1,056.20 if the Final Underlier Level is ≥90% of the Initial Level; otherwise the cash payment declines and could result in a total loss of principal. The issuer estimates the Trade Date value at $982.40 per note. All payments are subject to the issuer’s credit risk.
Morgan Stanley Finance LLC priced a contingent income auto-callable note offering tied to Amazon.com, Inc. common stock with an aggregate principal amount of $4,910,000. The securities are principal‑at‑risk notes with a stated principal amount of $1,000 per security and an issue price of $1,000 per security; the estimated value on the pricing date was $974.00 per security.
The notes pay a contingent coupon at an annual rate of 10.80% on each observation date only if Amazon's closing level meets or exceeds the coupon barrier level (70% of the initial level). The notes can be automatically redeemed early if Amazon's closing level equals or exceeds the call threshold (100% of the initial level) on specified redemption determination dates; if not redeemed, maturity payment depends on the final level versus the downside threshold (70% of the initial level) and could result in a loss of principal proportionate to the underlying's decline. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC offers Principal-at-Risk auto-callable notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an aggregate principal amount of $1,287,000 and a $1,000 stated principal amount per security. The securities pay a contingent annual coupon of 8.00% on scheduled coupon dates only if the underlier’s closing level on each observation date is at or above the coupon barrier level (1,892.083, ~55% of the initial level). The notes may be automatically redeemed early if the underlier closes at or above the call threshold (2,820.923, 82% of the initial level) on any redemption determination date, in which case holders receive the stated principal plus any payable contingent coupons. At maturity, if the final level is below the downside threshold (1,892.083), principal is reduced pro rata by the performance factor (final level / initial level) and could be zero. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was $907.30 per security and the issue price was $1,000 per security.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due November 12, 2027 with a 1-year initial non-call period. The aggregate principal offered is $550,000 and each security has a stated principal of $1,000.
The securities pay a 25.30% annual contingent coupon (approximately $126.50 per semi-annual period) only if the determination closing price of each underlying stock (Micron, Amazon, Applied Materials) is at or above its 50% downside threshold on an observation date. If any underlying stock is below its downside threshold at any observation date, no coupon is paid for that period; missed coupons may be paid later only if all three underliers are at or above their thresholds on a subsequent observation date. If not redeemed, at maturity investors either receive principal plus any payable contingent coupons if all final prices are at or above the downside thresholds, or a principal payment reduced 1-to-1 by the share performance factor of the worst-performing underlying (potentially less than 50% or zero).
Morgan Stanley Finance LLC priced $1,165,000 aggregate principal of principal-at-risk, auto-callable notes fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and $1,000 issue price per security and an estimated value $975.90 on the pricing date.
The notes reference a weighted basket (MSCI EAFE, MSCI Emerging Markets, S&P 500 Futures Excess Return), have a 300% participation rate, a downside threshold of 70% and automatic early redemption on the first determination date if the underlier is >= the call threshold. First determination date: May 7, 2027; early redemption payment: $1,100; maturity date: May 9, 2031. Payments are subject to issuer credit risk and principal can be lost.
Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due April 5, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate principal amount of $365,000. The securities pay no interest and may be automatically redeemed on the first determination date (April 6, 2027) for an early redemption payment of $1,200 if the closing level of each underlier is at or above its call threshold. If not called, maturity payment depends on the worst performing underlier: investors may receive the principal plus an 310% participation in upside, the stated principal only, or a reduced principal equal to the performance factor of the worst performing underlier (which could result in a total loss). Estimated value on the pricing date was $974.50 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices Callable Jump Notes due April 3, 2031 linked to the worst performing of the Russell 2000® and S&P 500® indices.
The notes have a $1,000 stated principal amount, an aggregate principal amount of $1,026,000, an original issue date of April 6, 2026, a strike/pricing date of March 31, 2026 and an observation date of March 31, 2031. The notes pay no regular interest, provide a fixed redemption payment schedule if called (first redemption date April 12, 2027), and at maturity pay the stated principal plus an upside payment equal to the stated principal times the participation rate of 100% multiplied by the percent change of the worst performing underlier, provided both underliers finish above their initial levels; otherwise only the stated principal is payable.
All payments are subject to Morgan Stanley and MSFL credit risk; the estimated value on the pricing date was $954.60 per note and the issuer bears distribution, structuring and hedging costs included in the $1,000 issue price.
Morgan Stanley Finance LLC priced $338,000 aggregate principal of market-linked notes due May 9, 2031, linked to the S&P 500® Index. The notes pay no periodic interest, return the $1,000 stated principal at maturity if the final level is equal to or below the initial level, and otherwise pay a participation-based upside subject to a $1,447.50 maximum payment per note.
Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments remain subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes linked to the worst performing of the Dow Jones Industrial Average, Russell 2000 and S&P 500. The offering is for $5,300,000 aggregate principal in denominations of $1,000 each with an original issue price of $1,000 per security and an estimated value on the pricing date of $970.80 per security. The securities mature on November 12, 2027 and pay no interest; returns depend on the worst performing underlier with a 10% buffer, a 132.50% leverage factor on upside, a 100% absolute return participation rate and a minimum payment at maturity of 10% of principal. All payments are subject to issuer and guarantor credit risk and the securities are fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to the worst-performing of Micron Technology, Apple and Applied Materials. The offering is for an aggregate principal amount of $500,000 in $1,000-denominated securities, issued at $1,000 each on May 11, 2026 with maturity on November 12, 2027.
The securities pay a contingent semi-annual coupon at an annual rate of 25.60% (approximately $128 per semi-annual period) only if each underlying stock closes at or above its 50% downside threshold on specified observation dates. Automatic early redemption can occur semi-annually beginning on May 11, 2027 if each underlying stock meets its 100% redemption threshold. If any underlying stock is below its downside threshold at final observation, investors suffer the full loss of the worst-performing stock on a 1-to-1 basis; payments at maturity can be less than 50% of principal or zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a contingent income, buffered auto-callable note program guaranteed by Morgan Stanley. The offering is for $1,370,000 aggregate of $1,000-denominated securities with an estimated value of $990 per security on the pricing date. The notes pay a contingent coupon at an annual rate of 6.75% on each coupon payment date only if the S&P 500 closing level on the related observation date is at or above the coupon barrier (75% of the initial level). The securities may be automatically redeemed early if the S&P 500 is at or above the call threshold (100% of initial level) on a redemption determination date. At maturity, if not redeemed, investors receive principal only if the final level is at or above the buffer (85% of initial level); otherwise payments reflect losses beyond the 15% buffer, subject to a 15% minimum payment.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is issuing Principal at Risk Buffered Participation Securities tied to a 31-stock basket. The securities have a $1,000 stated principal per security, an $1,076,000 aggregate principal, an $1,000 issue price and an $992.30 estimated value on the pricing date. The securities pay no interest, provide a 5% buffer (buffer level 95 of initial level) and a 100% participation rate subject to a maximum payment of $1,240 at maturity November 10, 2026. If the final level is below the buffer, holders lose 1.0526% of principal for each 1% decline beyond the buffer. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk notes due February 18, 2028, guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a contingent coupon of 12.85% per annum only if the closing level of each of three underliers meets its coupon barrier on each observation date. The securities are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index; if any underlier is below its downside threshold at maturity, investors suffer a loss equal to the percentage decline of the worst performing underlier. The securities may be called beginning on August 20, 2026 based on the output of a risk neutral valuation model; estimated value on the pricing date is approximately $985.00 per security.
Morgan Stanley Finance LLC is offering Principal at Risk contingent‑coupon, auto‑callable securities tied to Alibaba Group Holding Limited ADS, with a stated principal amount of $1,000 per security and an aggregate principal amount of $823,000. The securities pay a contingent coupon at an annual rate of 10.65% only if observation‑date closing levels meet the coupon barrier (60% of the initial level). The notes may be automatically redeemed early if the underlier equals or exceeds the call threshold (initial level of $141.44) on redemption determination dates. At maturity, if the final level is below the downside threshold (60% of initial), investors suffer a proportional loss to principal; if at or above the threshold, investors receive principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk notes linked to Apple Inc. common stock. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The notes pay a contingent coupon at an annual rate of 9.45% on observation dates when the underlier closes at or above a coupon barrier set at 70% of the initial level. The notes are automatically redeemed early if the underlier closes at or above the call threshold (100% of the initial level) on any redemption determination date.
If not redeemed, maturity is July 2, 2027 with final observation on June 29, 2027. If the final level is below the downside threshold (70% of initial level), maturity payment equals principal × (final level / initial level), exposing investors to full downside loss; payments are unsecured and subject to Morgan Stanley credit risk. Estimated value on the pricing date was approximately $984.70 per security.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes (priced at $1,000 per security) linked to the worst performing of the Russell 2000® and the S&P 500®. The notes mature on June 17, 2027 and pay no interest. Payment at maturity depends on the worst performing underlier on the observation date; the securities include a 16.50% buffer (losses beyond the buffer reduce principal 1% per 1% decline), an absolute return participation rate of 50% for limited downside-positive scenarios, an upside participation rate of 100% subject to a $1,112.50 maximum payoff, and a minimum payment at maturity equal to 16.50% of principal. The preliminary pricing indicates an estimated value of approximately $966.70 on the pricing date. All payments are subject to the issuer’s and guarantor’s credit risk; the notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable notes linked to Broadcom Inc. common stock, with a stated principal amount of $1,000 per security and original issue date May 22, 2026. The notes pay a contingent coupon at an annual rate of 15.60% on scheduled coupon dates only if the closing level of the underlier is at or above a coupon barrier equal to 55% of the initial level on each observation date. The notes are automatically redeemed early if the underlier’s closing level is at or above the call threshold (100% of the initial level) on any redemption determination date, and mature on November 24, 2027. If the notes are not called and the final level is below the downside threshold (55% of the initial level), the payment at maturity will equal the stated principal multiplied by the performance factor (final level / initial level), exposing investors to potentially substantial principal loss, possibly to zero. All payments are subject to Morgan Stanley and MSFL credit risk. The document states an estimated value on the pricing date of approximately $979.10 per security and shows an issue price of $1,000 with agent commissions of $15 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) proposes Principal at Risk buffered, auto-callable notes linked to the worst performing of three State Street Select Sector ETFs. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The estimated value on the pricing date was approximately $968.30. The securities have a participation rate of 200%, a 10% buffer and a minimum payment at maturity of 10% of principal. Key dates: strike/pricing date May 13, 2026, original issue date May 18, 2026, and maturity date May 16, 2031; first determination (auto-call) on May 14, 2027. If all underliers meet their call threshold on that first determination date, the early redemption payment is $1,410 per security. All payments are subject to the issuer’s and guarantor’s credit risk. The securities do not pay interest and can result in significant principal loss if the worst performing underlier falls below the buffer amount.
Morgan Stanley Finance LLC priced Principal at Risk notes tied to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on May 16, 2033 with an observation date of May 11, 2033.
The pricing date estimate values each security at approximately $940.80. If the final level is at or above the downside threshold (set at 90% of the initial level), holders receive the stated principal plus an upside payment of at least $705 (70.50%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), and investors may lose up to their entire principal.
Morgan Stanley Finance LLC is offering principal-at-risk Enhanced Trigger Jump Securities tied to the S&P 500® Index. Each security has a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of approximately $958.60. The securities mature on May 15, 2031 with the observation date of May 12, 2031. If the final level is at or above the downside threshold (80% of the initial level), holders receive the stated principal plus a fixed upside payment (at least $441). If the final level is below the downside threshold, holders suffer a loss proportional to the index decline and could lose their entire investment. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a preliminary offering of market-linked, principal-at-risk securities linked to the common stock of ServiceNow, Inc. The securities have a $1,000 face amount, a pricing date of May 20, 2026, and a stated maturity of June 2, 2027.
The securities pay a contingent fixed return of at least 20.75% (at least $207.50 per face amount), as determined on the pricing date. Morgan Stanley estimates the securities' value on the pricing date at $956.80 (within $35.00) and will sell them to the public at $1,000 per security. Secondary-market liquidity, credit exposure to Morgan Stanley, potential full downside exposure if the ending price is below a threshold price equal to 60% of the starting price, and uncertain U.S. federal tax treatment are disclosed as material investor risks.
Morgan Stanley Finance LLC offers principal-at-risk, auto-callable notes due November 12, 2027 fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a fixed coupon at an annual rate of 19.20%. The notes are linked to the worst performing of four equities: META, NFLX, NVDA and ORCL. The securities can be automatically redeemed beginning on the first redemption determination date November 9, 2026 if every underlier’s closing level meets its call threshold; otherwise they mature on November 12, 2027. If not auto‑redeemed and the final level of any underlier is below its downside threshold (each set at 60% of its initial level), the maturity payment will equal the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to loss of principal (potentially to zero). The pricing date was May 8, 2026 and the estimated value on that date was approximately $953.40 per security. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk securities linked to the performance of NVIDIA Corporation common stock, due November 24, 2027.
The securities have a stated issue price of $1,000 per security, an estimated value on the pricing date of approximately $980.20, and a maximum upside payment of $1,403.80 per security (140.38% of principal). At maturity the payoff depends on the final level versus the initial level: investors receive principal plus upside if the final level is higher; a limited positive return (up to 20%) if the final level is below initial but at or above an 80% buffer level; and lose principal pro rata for declines beyond the buffer, subject to a minimum payment at maturity equal to 20% of principal.
Morgan Stanley Finance LLC offers Contingent Income Auto-Callable Securities due July 2, 2027 linked to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000.
The securities pay a 12.25% contingent coupon (paid only if the closing level of the underlier meets the coupon barrier on observation dates), are subject to automatic early redemption if the underlier meets the call threshold on redemption determination dates, and expose investors to principal loss if the final level is below the downside threshold. Estimated value on the pricing date is approximately $970.30.
Morgan Stanley Finance LLC priced a preliminary offering of Dual Directional Buffered Participation Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on November 26, 2027 and rely on the closing final level on the observation date November 22, 2027 to determine payout.
The product features a 100% upside participation rate capped at a $1,181.40 maximum payment (118.14% of principal), a 10% buffer (absolute-return feature operative only if final level >== buffer), and a 10% minimum payment at maturity. The estimated value on the pricing date was approximately $979.60 per security; selling commissions of $15 reduce proceeds to the issuer to $985 per security.
Morgan Stanley Finance LLC offers a series of Trigger PLUS principal-at-risk securities due May 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security, a leverage factor of 198.25%, and a downside threshold equal to 70% of the initial level. The pricing and strike dates are May 27, 2026 with an observation date of May 27, 2031. The securities pay no interest; at maturity investors receive either (a) stated principal plus a leveraged upside payment if the final level exceeds the initial level, (b) the stated principal if the final level is between the downside threshold and the initial level, or (c) a principal loss pro rata if the final level is below the downside threshold. The estimated value on the pricing date was approximately $939.40 per security. All payments are subject to Morgan Stanley's credit risk; there is no minimum payment at maturity and investors could lose their entire investment.
Morgan Stanley Finance LLC priced structured Jump Notes due June 8, 2029 that are fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of XLE, XLU and MSFT. The notes have a $1,000 stated principal amount and aggregate principal of $322,000. They pay no interest, have an estimated value of $967.30 on the pricing date and a 125% participation rate on the upside of the worst performing underlier. An automatic early redemption feature could redeem the notes on the first determination date of May 5, 2027 for an early redemption payment of $1,120 if each underlier meets its 90% call threshold. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Jump Securities with an aggregate principal amount of $2,024,000, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security and an original issue price of $1,000. They feature an automatic early redemption on the first determination date and a maturity date of June 8, 2029.
Payments depend on the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. An early redemption pays $1,205 per security; upside participation is 150% (absolute return participation rate 100%) and downside protection is limited to a 70% downside threshold; losses can eliminate principal. Estimated value on pricing date was $980.90 per security. All payments are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC issues Dual Directional Buffered PLUS notes due May 8, 2031, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal and was issued at $1,000 with an estimated value of $967.40 on the pricing date. The notes provide a 185% leverage on upside, a 20% buffer on downside and a 20% minimum payment at maturity; principal is at risk and all payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers $50,000,000 of Fixed Rate Callable Notes due July 13, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay 4.050% per annum quarterly, have a stated principal and 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 based on a risk neutral valuation model determination; any redemption would be at 100% of principal plus accrued interest. The offering proceeds to the issuer are $49,890,000 after commissions and fees; proceeds are for general corporate purposes. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC (MSFL) offers Leveraged Buffered S&P 500® Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and a term expected between 13 and 15 months from the Trade Date. The cash payment at maturity depends on the S&P 500® Index return: positive returns receive 130% participation up to a Maximum Settlement Amount (expected between $1,144.95 and $1,170.43 per $1,000 face), declines up to 10.00% return the face amount, and declines beyond the 10.00% buffer produce proportional losses (you could lose your entire investment). The notes pay no interest, are unsecured, not exchange-listed, and are subject to issuer credit risk and market/structural risks described herein.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, contingent income auto-callable securities linked to the Class A common stock of Oklo Inc. The securities have a $1,000 stated principal amount, a maturity date of May 14, 2027, and automatic early redemption opportunities beginning on August 14, 2026, subject to observation and redemption determination dates. The securities pay a contingent coupon only if the closing level of the underlier meets or exceeds the coupon barrier on each observation date and expose investors to full or partial loss of principal if the final level is below the downside threshold.
Morgan Stanley Finance LLC is offering principal‑at‑risk structured notes due June 11, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $200 (20%) if the final level of the underlying Ares Management Corporation Class A common stock is greater than or equal to the downside threshold. The downside threshold is 60% of the initial level; if the final level is below that threshold, the payment at maturity is the stated principal multiplied by the performance factor (final level/initial level), and investors may lose some or all principal. The pricing date and strike date are May 8, 2026, the original issue date is May 13, 2026, and the observation date is scheduled for June 8, 2027. The estimated value on the pricing date is approximately $971.40 per security versus the $1,000 issue price; the difference reflects issuing, structuring, selling and hedging costs borne by purchasers.
Morgan Stanley Finance LLC is offering Principal at Risk Securities linked to the common stock of ServiceNow, Inc., fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and pays no interest; repayment at maturity depends on the final averaging dates and the underlier's performance. If the arithmetic average final level is greater than or equal to the downside threshold level ($62.335, 70% of the initial level), holders receive the stated principal plus a fixed upside payment of $436.80 (43.68%). If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), and investors may lose up to their entire principal. The securities mature on November 12, 2027, are issued at $1,000 per security (estimated value approximately $979.60 on the pricing date), and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers principal-at-risk, auto-callable notes linked to the common stock of ServiceNow, Inc. The notes have a $1,000 stated principal amount, a 150% participation rate, a potential early redemption payment of $1,352.50 on May 27, 2027, and a final maturity of February 25, 2028. Investors face full credit risk of Morgan Stanley and can lose their entire principal if the final closing level is below the downside threshold (60% of the initial level). The estimated value on the pricing date is approximately $957.60 per security.
The issuer, Morgan Stanley Finance LLC (guaranteed by Morgan Stanley), proposes Principal-at-Risk auto-callable securities linked to Alphabet Inc. Class A common stock. Each security has a $1,000 issue price and a contingent coupon at an annual rate of 15.20%. The securities pay coupons only if observation-date closing levels meet the coupon barrier and can auto-redeem early if the underlier meets the call threshold; at maturity investors face full principal risk if the final level is below the downside threshold. Pricing/strike date: May 7, 2026; maturity: November 12, 2027.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an original issue price of $1,000 per security. The notes pay a contingent coupon of 17.00% per annum on each coupon payment date only if the underlier's closing level on the applicable observation date is at or above a coupon barrier (70% of the initial level). The notes may be automatically redeemed early if the underlier closes at or above the call threshold (100% of the initial level) on any redemption determination date, in which case holders receive the stated principal plus the contingent coupon for that period. If not called, at maturity investors receive principal if the final level is at or above the downside threshold (50% of the initial level); if the final level is below that threshold, investors suffer a pro rata principal loss equal to the underlier's decline. The notes are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. Pricing date and strike date are May 13, 2026, with final observation May 13, 2031 and maturity May 16, 2031. The preliminary estimated value on the pricing date is approximately $936.60 per security.
Morgan Stanley Finance LLC is offering Principal at Risk notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with contingent coupons and automatic early redemption features. The notes have a $1,000 stated principal amount, an original issue price of $1,000, an estimated value on the pricing date of approximately $942.40, a 15.05% per annum contingent coupon and a final maturity on May 15, 2031. Coupons are paid only when the underlier’s closing level meets or exceeds the coupon barrier (70% of the initial level) on observation dates; early automatic redemption occurs if the underlier meets or exceeds the call threshold (100% of the initial level) on a redemption determination date. At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata by the underlier’s performance factor and could be zero. All payments are subject to Morgan Stanley’s credit risk.
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 $1,000 stated principal amount, a 17.20% per annum contingent coupon (payable only if all underliers meet coupon barriers on observation dates), a 10% buffer and a May 17, 2027 maturity. The notes are callable beginning August 14, 2026 based on a risk‑neutral valuation test and are fully guaranteed by Morgan Stanley. Payments, including the contingent coupon and any return of principal, are subject to Morgan Stanley's credit risk and the payout at maturity is determined by the worst performing underlier against the buffer; the minimum payment at maturity is 10% of principal.