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 market‑linked notes due November 26, 2027. Each $1,000 note provides 100% participation in the appreciation of the lowest performing of the Nasdaq‑100 Index, the State Street Financial Select Sector SPDR ETF (XLF) and the State Street Industrial Select Sector SPDR ETF (XLI), subject to a maximum return that will be set on the pricing date and will be at least 8.00% of principal. The notes repay principal at maturity but pay no interest and are unsecured obligations fully guaranteed by Morgan Stanley. The pricing date is May 22, 2026 with an original issue date of May 28, 2026; the notes will not be listed on an exchange.
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 stated principal amount per security and an original issue price of $1,000. The securities pay a 14.50% annual contingent coupon on specified observation dates only if the underlier is at or above a coupon barrier of 60% of the initial level. They may be automatically redeemed on scheduled redemption determination dates beginning November 16, 2026 if the underlier is at or above the call threshold (100% of the initial level). If not redeemed, repayment at maturity (May 20, 2031) depends on the final level: investors receive principal only if the final level is at or above the downside threshold of 60% of the initial level; if below, the payment equals principal multiplied by the performance factor (final level/initial level), exposing investors to full principal loss. Estimated value at pricing was approximately $925.80 per security.
Key qualifiers: the underlier includes a 4.0% per annum daily decrement, uses intraday rebalancing with leverage, has limited live history (inception August 30, 2024), and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC offers Capped Leveraged S&P 500® Index-Linked Notes (face amount $1,000 each) that pay at maturity based on the S&P 500® Index performance from the Trade Date to the Determination Date. The notes provide 150% upside participation subject to a cap (Cap Level expected between 113.94% and 116.35% of the Initial Underlier Level) and a Maximum Settlement Amount expected between $1,209.10 and $1,245.25 per $1,000 face amount. If the Final Underlier Level is below the Initial Underlier Level, the Cash Settlement Amount declines proportionately and you could lose some or all of your investment. The notes pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley and are subject to issuer credit risk. The estimated Trade Date value is approximately $981.60 per note; the Original Issue Price is $1,000 and the offering includes an agent commission of $15.10 per note.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with a $1,000 stated principal per security and an original issue price of $1,000. The securities are auto-callable beginning with the first determination date on May 24, 2027 and mature on May 20, 2031. If the closing level of the underlier is ≥ the call threshold (set at 80% of the initial level) on a determination date, investors receive a predetermined early redemption payment (first scheduled early redemption payment: $1,150.00 per security). At maturity, if the final level is ≥ the call threshold investors receive $1,750.00; if the final level is between the downside threshold (50% of initial level) and the call threshold they receive principal; if the final level is below the downside threshold payment = principal × performance factor. The underlier carries a 4.0% per annum decrement, uses intraday rebalancing and limited operating history, and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a preliminary pricing supplement for Capped Leveraged Basket‑Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. The notes provide 200% upside participation (subject to a Cap Level expected between 114.67% and 117.22% of the initial basket level) and an initial basket level of 100. Morgan Stanley estimates the value on the trade date at approximately $975.70 per $1,000 note; the Original Issue Price is $1,000 and the expected Maximum Settlement Amount is between $1,293.40 and $1,344.40 per $1,000 note. The determination date and stated maturity will be set on the trade date (expected between 16 and 19 months after the trade date). All payments are subject to issuer credit risk and there is no guaranteed principal.
Morgan Stanley Finance LLC is offering $500,000 aggregate principal of callable contingent income securities linked to the worst performing of the NDXT, RTY and SPX indices. The notes have a $1,000 stated principal amount each, an annual contingent coupon of 13.40% (paid only if all underliers meet coupon barriers on observation dates) and a risk‑based early call determined by a risk neutral valuation model. At maturity, if every underlier is at or above its downside threshold, investors receive principal; if the worst performing underlier is below its downside threshold, principal is reduced in proportion to that underlier’s decline. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000; the aggregate principal amount offered is $316,000. The securities are linked to the worst performing of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF, carry a leverage factor of 193%, have a downside threshold equal to 70% of each initial level, and mature on May 8, 2031. The estimated value on the pricing date was $949.10 per security. At maturity holders may receive (1) principal plus a leveraged upside payment if both underliers finish above their initial levels, (2) only the stated principal if both underliers finish at or above their 70% downside thresholds, or (3) a loss of principal equal to the percentage decline of the worst performing underlier (no minimum payment). All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Principal at Risk auto-callable notes due May 15, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $897.60.
The securities pay a contingent annual coupon of 12.50% on scheduled coupon payment dates only if the underlier meets the coupon barrier (70% of the initial level) on observation dates. They auto-redeem if the underlier is at or above the call threshold (100% of initial level) on any redemption determination date. At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata (performance factor = final level / initial level) and could be significantly less than the stated principal, possibly zero. The underlier includes a 4% per annum decrement and uses intraday rebalancing and leverage; it was established on August 30, 2024.
Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable securities due May 28, 2030 that are fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a participation rate of 150%.
The securities are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. They may be automatically redeemed on the first determination date May 26, 2027 for an early redemption payment of $1,140.50 if both underliers meet call thresholds. If not called, maturity payoff depends on the worst performing underlier versus a downside threshold set at 70% of the initial level: investors may receive principal plus an upside payment, return of principal only, or a reduced payment that can result in a total loss of principal.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes due May 27, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and issue price and an estimated value on the pricing date of approximately $937.10. The notes link to the worst performing of the Russell 2000 Index and the State Street SPDR S&P Regional Banking ETF (KRE), feature automatic early redemption on the first determination date, a 150% participation rate for upside, and a downside threshold of 70% of each underlier's initial level. Early redemption pays $1,221.50 on the first determination date; maturity payoffs depend on final underlier performance and can result in full loss of principal if the worst performing underlier falls below its downside threshold. All payments are subject to issuer and guarantor credit risk and other conditions "subject to postponement" and market-disruption adjustments.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Participation Securities due November 17, 2027 — unsecured notes of MSFL fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000.
Payment at maturity depends on the basket final level versus an initial level (100) and an 85% buffer. The securities pay no interest, have a 100% participation rate in upside subject to a $1,213 maximum payment, and provide a minimum payment of 15% of principal. The estimated value on the pricing date was about $985.80 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Trigger PLUS principal-at-risk notes linked to the worst performing of the iShares4 MSCI India ETF and the Tokyo Stock Price Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000; the estimated value on the pricing date was approximately $895.20. The notes mature on May 20, 2031 with final performance determined by closing levels on the observation date May 15, 2031. If the worst performing underlier finishes above its initial level, holders receive the stated principal plus a 205% leveraged upside on that appreciation. If the worst performing underlier finishes below its downside threshold (set at 70% of its initial level), holders lose principal on a 1%-for-1% basis, and could lose their entire investment. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC is offering structured Principal-at-Risk securities linked to the iShares® Bitcoin Trust ETF, with a stated principal amount of $1,000 per security. The securities carry an automatic early redemption feature on the first determination date of May 27, 2027 for an early redemption payment of $1,132.50 if the underlier meets the call threshold. If not redeemed, payments at maturity on June 6, 2029 depend on the final level versus the initial level determined on the strike date of May 22, 2026: upside is paid at a 150% participation rate for appreciation, the securities protect only the first 20% decline (buffer) and carry a minimum payment of 20% of principal; losses beyond the buffer reduce principal on a 1:1 basis. Estimated value on the pricing date was approximately $953.60 per security. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to credit risk.
The document is a preliminary pricing supplement for Morgan Stanley Finance LLC securities: contingent income, principal-at-risk, auto-callable notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $903.70, a contingent annual coupon rate of 11.50%, a 6-year term from the original issue date to maturity (May 15, 2031), multiple monthly observation/redemption determination dates beginning November 12, 2026, a coupon barrier at 70% of the initial level and a downside threshold at 60% of the initial level. The underlier includes a 4% per annum decrement and limited operating history; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk, contingent-income, memory auto-callable securities due November 18, 2027, linked to the worst-performing common stock of Bank of America Corporation and JPMorgan Chase & Co. The stated issue price is $1,000 per security and the estimated value on the pricing date is approximately $978.80. The notes pay a contingent coupon at an annual rate of 11.05% on observation dates only if both underliers meet coupon barrier levels. The notes may be automatically redeemed on specified redemption determination dates beginning August 14, 2026. At maturity, if the worst-performing underlier is below its downside threshold (65% of initial level), investors suffer proportional principal loss; payment could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk notes linked to the EURO STOXX 50® Index with a $1,000 stated principal per security and maturity on May 29, 2031. The securities pay no interest, can be automatically redeemed on the first determination date for an $1,100 early redemption payment, and provide a 200% participation rate in appreciation if not called. If the final index level falls below the downside threshold of 50% of the initial level, investors lose principal pro rata; payments and value are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering $6,745,000 of Digital S&P 500® Index-Linked Notes due June 3, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and repay an amount at maturity based on the S&P 500® Index performance from the Trade Date May 4, 2026 to the Determination Date June 1, 2027. Each $1,000 face amount will return $1,090.30 if the Final Underlier Level is at least 90% of the Initial Underlier Level (Initial Index Level: 7,200.75). If the index declines by more than 10%, holders suffer a pro rata loss (the formula uses a Buffer Rate of approximately 111.11%). The estimated value on the Trade Date was $983.90 per note and the price to public is $1,000 per note.
Morgan Stanley Finance LLC priced Market‑Linked Notes due August 18, 2027, linked to the worst performing of the Russell 2000®, Dow Jones Industrial and Nasdaq‑100 indices. Each note has a $1,000 stated principal amount, May 13, 2026 pricing and strike dates, August 13, 2027 observation date, and 100% participation with a maximum payment at maturity of $1,117.50 per note. Notes pay no interest, return principal if any underlier is flat or down at observation, and are unsecured obligations of MSFL fully guaranteed by Morgan Stanley. Estimated value on the pricing date was approximately $984.20 per note. All payments are subject to issuer credit risk; the notes will not be listed on an exchange.
Morgan Stanley Finance LLC is offering Buffered PLUS securities due May 22, 2031, principal at risk and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest. Payout depends on the worst performing of the Dow Jones Industrial Average and the S&P 500, using a 106% leverage factor for upside, a 25% buffer and a 25% minimum payment at maturity. Estimated value on the pricing date was approximately $941.40 per security. Payments are subject to issuer credit risk, the calculation agent’s determinations and potential illiquidity in any secondary market.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due June 11, 2027 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a $1,000 stated principal amount and a fixed $90 upside payment (9%) if the worst performing underlier finishes at or above its 60% downside threshold on the observation date June 8, 2027. If any underlier finishes below its 60% threshold, the payment equals principal multiplied by the performance factor of the worst performing underlier, exposing investors to up to full principal loss. The estimated value on the pricing date was approximately $989.70 per security and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due December 2, 2027 with a stated principal amount of $1,000 per security. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. The payout at maturity is determined solely by the worst performing of the Russell 2000® and the S&P 500®, subject to a 10% buffer, a leveraged upside (leverage factor set on the pricing date between 106%–111%), a 100% absolute return participation rate and a minimum payment of 10% of principal. If the worst performing underlier closes below its buffer level on the observation date, investors bear proportional losses beyond the buffer. All payments are subject to MSFL and Morgan Stanley credit risk. The pricing and strike dates are May 27, 2026 and original issue date is June 1, 2026. The estimated value on the pricing date was approximately $965.70 per security.
Morgan Stanley Finance LLC offers Principal at Risk auto-callable securities tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with a stated principal amount of $1,000 per security and aggregate principal of $1,255,000. The securities pay a contingent coupon at an annual rate of 14.00% only when the underlier's closing level meets or exceeds the coupon barrier on observation dates and may be automatically redeemed early if the underlier meets the call threshold on a redemption determination date. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. At maturity investors receive principal only if the final level is at or above the downside threshold; otherwise payment equals the stated principal multiplied by the performance factor and could be significantly less or zero. The estimated value on the pricing date was $884.00 per security. Terms include a strike/pricing date of March 17, 2026 and maturity of March 20, 2031, with the first redemption determination date on March 17, 2028.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Structured Investments: Enhanced Buffered Jump Securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $850,000. The securities mature on April 2, 2027 with an observation date of March 30, 2027. If the final level is at or above the buffer level (85), holders receive the stated principal plus a fixed upside payment of $227.50 (22.75%). If the final level is below the buffer level, holders incur losses equal to 1.1765% for each 1% decline beyond the 15% buffer; there is no minimum payment and investors could lose their entire investment. The estimated value on the pricing date was $961.60 and the issue price is $1,000 (agent commission $10, proceeds $990). All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a preliminary offering of Buffered PLUS notes linked to the S&P 500® Index with a stated principal of $1,000 per security and a maturity of June 17, 2027. The securities provide 150% leveraged upside on positive index performance capped at a $1,126 per security maximum and include a 10% buffer (losses below the buffer are pro rata). The observation date is June 14, 2027 and the strike/pricing date is May 14, 2026. The estimated value on the pricing date is approximately $985.70 per security and the minimum payment at maturity is 10% of principal. All payments are subject to the issuer and guarantor credit risk and U.S. federal tax treatment is described as uncertain in this preliminary supplement.
Morgan Stanley Finance LLC offers structured, principal-at-risk notes due June 4, 2027, fully guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.
The securities have a $1,000 stated principal amount and $1,000 original issue price. At maturity investors receive either the stated principal plus an upside payment (capped at $1,125 per security), a positive absolute-return payment if the worst underlier finishes between its initial level and the 80% buffer level, or a reduced principal if the worst underlier finishes below the buffer; the minimum payment at maturity is 20% of principal.
Morgan Stanley Finance LLC offers Structured Investments Buffered Participation Securities linked to a 22-stock basket, with a $1,000 stated principal amount per security and maturity on November 10, 2026. The securities provide a 5% buffer, a downside factor of 1.0526, a 100% participation rate in appreciation subject to a $1,240 maximum payment, and no guaranteed interest or principal. The estimated value on the pricing date was approximately $992.30. Payments at maturity depend solely on the basket closing level on the observation date, and all payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced contingent income auto-callable securities due November 12, 2027. The notes have a 1-year initial non-call period, pay a contingent semi-annual coupon at an annual rate of 25.30% (approximately $126.50 per semi-annual period per $1,000 security) and reference the worst performing of Micron Technology, Inc., Amazon.com, Inc. and Applied Materials, Inc. on specified observation dates. Coupons are paid only if each underlying stock is at or above a 50% downside threshold on an observation date; automatic early redemption is triggered if each underlying stock is at or above its 100% redemption threshold on a redemption determination date beginning approximately one year after issuance. At maturity investors face 1-for-1 exposure to the worst performing underlying stock if that stock is below its downside threshold, potentially losing more than 50% or all principal. Pricing date was May 6, 2026 and original issue date May 11, 2026.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $525,000. The securities reference a performance-allocated basket of the DAX, IBEX 35 and CAC 40 and mature on April 1, 2031.
At maturity the payout is determined by a basket performance factor: if positive, holders receive principal plus a leveraged upside using a leverage factor of 111.60%; if performance is within a 20% buffer, holders receive principal; if performance falls below the buffer, holders lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. All payments are unsecured and subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Principal at Risk Enhanced Trigger Jump Securities linked to the S&P 500® and Russell 2000®. The securities have a $1,000 stated principal per security and aggregate principal of $1,551,000 and mature on February 10, 2028.
At maturity the payout depends on the worst performing underlier on the observation date: if each final level is ≥ its downside threshold, holders receive $1,000 plus an upside payment of $193.50 (19.35%); if the worst performing underlier is below its downside threshold (75% of initial), holders suffer proportional principal loss (1% loss per 1% decline), with no minimum payment. All payments are subject to issuer and guarantor credit risk; estimated value on pricing date was $981.20 per security.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced Buffered Jump Securities with an Auto-Callable Feature linked to the worst performer of the State Street SPDR S&P Regional Banking ETF (KRE) and the State Street Consumer Staples Select Sector SPDR ETF (XLP). The offering totals $1,464,000 in aggregate principal at $1,000 per security. Each security has a 15% buffer and a minimum payment at maturity equal to 15% of principal. If neither underlier meets its call threshold on a determination date, the securities continue; automatic early redemption is possible on scheduled determination dates that deliver fixed early redemption payments (approximate return 11.15% per annum on those dates). If the worst performing underlier finishes below its buffer at maturity, investors lose 1% of principal for each 1% decline beyond the buffer. The estimated value on the pricing date was $911.10 per security and the agent received a commission of $45 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a capped, fixed‑coupon, principal‑at‑risk note offering totaling $1,671,000. The securities pay a 7.00% annual fixed coupon, have an original issue price of $1,000 per security and mature on May 6, 2031. The notes are buffered auto‑callable: automatic early redemption is possible beginning on the first redemption determination date of May 3, 2027, and the observation date is May 1, 2031. If not called, principal repayment at maturity depends on the final level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index relative to the buffer level (85% of initial level), with a 15% buffer and a minimum payment at maturity equal to 15% of principal. The aggregate proceeds to the issuer after agent commissions are shown as $1,602,489.
Morgan Stanley Finance LLC priced a $3,195,000 issuance of Structured Investments — Enhanced Buffered Jump Securities due August 5, 2027. Each note has a $1,000 stated principal, an 18.30% upside payment ($183) if the worst performing underlier is at or above its 90% buffer on the observation date, and a 10% buffer with a 10% minimum payment at maturity. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, pay no interest, have an estimated value of $990.60 on the pricing date, and expose holders to full credit risk of the issuer and downside equal to the decline of the worst performing underlier beyond the buffer.
Morgan Stanley Finance LLC priced a contingent income auto-callable, principal-at-risk note linked to the common stock of Ulta Beauty, Inc. The offering is 100 securities at $1,000 per security (aggregate principal amount $100,000), with an estimated value on the pricing date of $965.60.
The notes pay a contingent coupon at an annual rate of 12.05% only when the underlier’s closing level on each observation date is at or above the coupon barrier ($361.726, 68% of the initial level). The notes are automatically redeemable beginning on the first redemption determination date (November 2, 2026) if the closing level is at or above the call threshold (initial level $531.95), and mature on June 4, 2027. At maturity holders receive principal only if the final level is at or above the downside threshold ($361.726); otherwise payment = principal × (final level / initial level), exposing investors to full principal loss.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes — jump securities with an automatic early‑call feature tied to the S&P 500® Futures Excess Return Index. The notes have a stated principal amount of $1,000 per security, an issue price of $1,000 and aggregate principal of $1,532,000.
If the closing level of the underlier is ≥ the call threshold (which is 640.761, 110% of the initial level) on the first determination date (May 10, 2027), the notes will be automatically redeemed for an early redemption payment of $1,142.50 on May 13, 2027. If not called, at maturity on May 6, 2031 investors receive either principal plus an upside payment (participation rate 280%), principal only, or a principal amount reduced pro rata if the final level is below the downside threshold (436.883, ~75% of the initial level). All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk notes due May 6, 2031, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $3,310,000 at a stated principal amount of $1,000 per security.
The securities pay a contingent coupon at an annual rate of 11.60% on each coupon payment date only if the closing level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (the underlier) is at or above the coupon barrier (1,077.632, 80% of the initial level) on the related observation date. Automatic early redemption is possible if the underlier equals or exceeds the call threshold (1,347.04, 100% of the initial level) on a redemption determination date. At maturity, if the final level is below the buffer level (1,144.984, 85% of the initial level), principal is reduced by 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
Morgan Stanley Finance LLC priced a Conditional Lookback Entry Trigger PLUS due October 29, 2030, guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, aggregate principal of $4,696,000 and an original issue price of $1,000 per security.
Payment at maturity depends on the S&P 500® Futures Excess Return Index final level versus specified thresholds and a knock-in feature. Key terms include an initial level 577.43, a knock-in level 519.687 (90% of initial), a leverage factor 164%, an upside threshold ~606.302 (≈105%) and a downside threshold 404.201 (70%). The estimated value on the pricing date was $951.00 per security. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes linked to Ulta Beauty, Inc. common stock with an aggregate principal amount of $100,000 and a stated principal amount of $1,000 per security.
The notes pay a contingent coupon at an annual rate of 14.50% on each coupon payment date only if the closing level of Ulta Beauty is at or above the coupon barrier level on the related observation date. The securities are automatically redeemed early if the underlier is at or above the call threshold on any redemption determination date, and mature on June 4, 2027.
If not redeemed early, investors receive the stated principal at maturity only if the final level is at or above the downside threshold ($361.726, or 68% of the initial level). If the final level is below that threshold, the maturity payment equals the stated principal multiplied by the performance factor (final level/initial level) and could be significantly less than, or equal to, zero. All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers $6,604,000 aggregate principal amount of dual-directional buffered participation securities due May 7, 2027, 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 per security.
At maturity the payment is tied to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices: upside is capped at $1,138.50 per security (113.85%), an absolute-return participation and a 20% buffer apply, and the minimum payment at maturity is 20 of principal. All payments are subject to issuer credit risk; the estimated value on the pricing date was $993.20 per security.
Morgan Stanley Finance LLC priced a contingent income, memory buffered auto-callable note due May 6, 2031, fully guaranteed by Morgan Stanley. The issue size is $2,969,000 in $1,000 denominations with an estimated value on the pricing date of $902.90 per security. The securities pay a contingent coupon at an annual rate of 10.25% when the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the underlier equals or exceeds the call threshold, and return principal at maturity only if the final level is at or above an 85% buffer; otherwise investors absorb losses beyond the buffer, subject to a 15% minimum payment at maturity.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note program: aggregate principal amount $5,110,000 consisting of securities with a $1,000 stated principal amount issued at $1,000 per security and an estimated value $906.80 on the pricing date. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, carry a 15% buffer, and feature automatic early redemption opportunities that pay increasing fixed early redemption amounts if the underlier meets or exceeds a call threshold of 1,347.04 on specified determination dates. If not called, maturity is May 6, 2031, with final payout tied to the final level relative to the buffer and a minimum payment equal to 15% of principal. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments remain subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk buffered jump securities linked to Vertiv Holdings Co Class A common stock. The notes have a $1,000 stated principal amount, issue price $1,000, aggregate principal amount of $6,147,000, an estimated value of $977.30 on the pricing date, and mature on May 19, 2027.
The securities pay a fixed upside payment of $247.80 (24.78%) if the final level is at or above the 70% buffer level. If the final level is below the buffer level, investors lose 1.4286% of principal for every 1% decline beyond the 30% buffer; there is no minimum payment and full principal loss is possible. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers S&P 500® index-linked digital notes due in roughly 16–19 months with principal at risk. Each note has a $1,000 Face Amount and will pay a capped cash amount at maturity: if the Final Underlier Level is ≥90% of the Initial Underlier Level, holders receive a Maximum Settlement Amount (expected to be $1,115.10 to $1,135.40 per $1,000). If the Final Underlier Level is below 90%, repayment is reduced according to the Buffer Rate (~111.11%) and could result in a total loss of principal. The notes pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley, and are subject to issuer credit risk and limited secondary-market liquidity. The estimated Trade Date value is approximately $985.80 per note and the agent concession is 1.11% ($11.10 per $1,000).
Morgan Stanley Finance LLC offers structured, auto-callable Jump Notes due May 23, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated pricing-date value of approximately $904.80. The notes pay no interest, include an automatic early redemption feature beginning on the first determination date (May 18, 2027) with fixed early redemption payments that escalate annually through May 21, 2032, and a maturity payoff that returns principal plus any upside (100% participation) only if the final index level exceeds the initial level.
The underlier is the Morgan Stanley Amplitude Index, a rules-based, volatility-targeted multi-asset index established January 5, 2026. All payments are unsecured and subject to issuer and guarantor credit risk; the notes will not be listed and may have limited secondary market liquidity. The offering includes customary distribution fees and hedging-related costs that reduce the economic terms to investors.
Morgan Stanley Finance LLC is offering Structured Investments — Buffered Participation Securities due June 4, 2027 — fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a 10% downside buffer, 100% participation in upside subject to a capped maximum payment, and a 10% minimum payment at maturity. The securities pay no interest, expose investors to issuer credit risk, and may result in significant principal loss if the S&P 500® Index closes below the buffer on the observation date.
Morgan Stanley Finance LLC offers Trigger PLUS securities due May 13, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and is linked to the worst performing of the Nasdaq-100 Futures Excess Return™ Index and the S&P 500® Futures Excess Return Index. The securities feature a leveraged upside of 268% on the appreciation of the worst performing underlier, a downside threshold of 70% (below which principal is lost 1% per 1% decline), and no guaranteed interest. The pricing date and strike date are May 8, 2026, the original issue date is May 13, 2026, and the observation date is May 8, 2031. The estimated value on the pricing date was approximately $959.50 per security. All payments are subject to issuer and guarantor credit risk; holders may lose some or all of their investment.
Morgan Stanley Finance LLC offers Principal at Risk notes due June 17, 2027 linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a stated principal amount of $1,000 and an upside payment of $105 (10.50%) if both underliers finish at or above their 70% downside threshold on the observation date of June 14, 2027. If the final level of either underlier is below its downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to a 1% loss for each 1% decline (no minimum payment).
The pricing date and strike date are May 12, 2026, original issue date is May 15, 2026, and the estimated value on the pricing date is approximately $990.60 per security. All payments are subject to the credit risk of MSFL and Morgan Stanley; investors may lose some or all principal.
Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities linked to the common stock of Blackstone Inc. with a stated face amount of $1,000 per security and maturity on May 25, 2027. The securities pay contingent monthly coupons (with a memory feature) only if the underlying stock closes at or above a coupon threshold equal to 60% of the starting price, and the contingent coupon rate will be set on the pricing date at a rate of at least 12.65% per annum. The offering documents state an estimated value on the pricing date of approximately $965.90 per security (within $35.00 of that estimate). If not called and the ending price is below the downside threshold (60% of the starting price), the maturity payment will be the face amount multiplied by the performance factor, exposing holders to loss of more than 40% of principal and possibly all of their investment.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk market‑linked securities due February 2, 2029, fully guaranteed by Morgan Stanley, linked to the lowest performing of Alphabet (GOOGL), Micron (MU) and Microsoft (MSFT). Each security has a face amount of $1,000, a public offering price of $1,000 and an estimated value on the pricing date of $901.50. The securities feature a 200% participation rate in positive performance of the lowest performing underlying stock, an automatic call on February 4, 2027 with a cash call payment of $1,280, and downside exposure if the lowest performing stock falls below its 50% threshold. Purchasers bear issuer credit risk, issuance and hedging costs, and may lose more than 50%, possibly all, of principal if the lowest performing stock declines below its threshold on the calculation day.
Morgan Stanley Finance LLC is offering Structured Investments — Contingent Income Auto-Callable Notes due April 16, 2031, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a contingent coupon of 9.50% per annum only when the closing level of each underlying (Netflix, Meta Class A, Micron) is at or above its coupon barrier on quarterly observation dates. The notes are automatically redeemed early if, on any redemption determination date beginning April 12, 2027, the closing level of each underlier is at or above its call threshold (100% of initial levels). If not redeemed early, holders receive the stated principal at maturity and a final contingent coupon if payable. The notes are unsecured, unlisted, subject to Morgan Stanley credit risk, and were issued at $1,000 with an estimated value of $948.30 on the pricing date.
Morgan Stanley Finance LLC priced a $1,005,000 offering of Variable Income Auto-Callable Notes due August 1, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an original issue price of $1,000; the estimated value at pricing was $945.10. The notes pay a variable monthly coupon of either 10.25% (higher coupon) or 0.25% (lower coupon) depending on the closing levels of four reference stocks on observation dates, are auto-redeemable on scheduled redemption determination dates, and pay principal at maturity if not previously redeemed. All payments are subject to Morgan Stanley credit risk and the notes are unsecured and unlisted.