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 a $4,351,000 aggregate offering of Performance Leveraged Upside Securities (PLUS) linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The PLUS mature on August 4, 2027 with a valuation date of July 30, 2027 (subject to postponement). Each PLUS has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $970.40. Investors receive 300% leveraged upside of index appreciation up to a maximum payment at maturity of $1,220.40 per PLUS; downside is 1% loss of principal for each 1% decline in the index, with no minimum payment and potential loss of the entire investment. Initial index closing value on the pricing date was 2,799.905.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 5, 2031 linked to the S&P 500® Futures Excess Return Index. The stated principal amount is $1,000 per security and the aggregate offering is $1,267,000. The securities pay no interest and provide a leveraged upside equal to 214.50% of the index appreciation if the final level exceeds the initial level of 581.37. If the final level is between the initial level and the downside threshold (70% of initial, 406.959), investors receive principal; below the downside threshold, investors lose 1% of principal for every 1% decline in the index. The estimated value on the pricing date was $964.50 per security; the issue price is $1,000 with agent commissions of $7.50 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a capped, principal-at-risk structured note ("Trigger PLUS") with an aggregate stated principal amount of $2,000,000 and a $1,000 stated principal per security. The securities reference the Dow Jones Industrial Average and the S&P 500® Index, mature on May 5, 2031, and base payoff on the worst performing underlier.
Key mechanics: a 131% leverage factor applies to upside of the worst performing underlier; a 75% downside threshold protects principal only if the worst performing underlier finishes at or above that level; if the worst performing underlier finishes below the threshold, investors lose pro rata principal (up to 100%). The issue price is $1,000 with an estimated value on pricing date of $946.30. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal at Risk Buffered Participation Securities linked to the S&P 500® Index. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000 and an aggregate principal amount of $500,000. The initial level is 7,209.01 (strike date April 30, 2026) and the observation date is November 1, 2027 with maturity on November 4, 2027.
At maturity the payoff is: (1) stated principal plus upside (100% participation) capped at a maximum payment of $1,146 if the final level > initial level; (2) the stated principal if the final level ≥ the buffer level (80% of initial); or (3) a reduced payment that declines 1% for each 1% the underlier falls below the buffer, subject to a minimum payment of 20% of principal. All payments are subject to the issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering: Series of auto-callable securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500. The offering is for 832 total securities at a $1,000 stated principal amount per security, with an aggregate principal amount of $832,000 and an estimated value on the pricing date of $938.60 per security. The securities can be automatically redeemed on the first determination date if each underlier meets its call threshold, pay an early redemption amount of $1,128.50 if called, and otherwise pay at maturity based on the worst performing underlier (including downside exposure below 70% of initial levels). All payments are subject to MSFL/Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced market-linked notes totaling $561,000 aggregate principal. Each $1,000 note matures on May 5, 2031 and references the S&P 500® Futures Excess Return Index. The notes pay no interest and return the stated principal at maturity; if the index finishes above the initial level (581.37), holders receive the stated principal plus an upside payment equal to the participation rate (128%) multiplied by the index percent change. The estimated value on the pricing date was $960.40 per note. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced market-linked notes due May 3, 2030 linked to the worst performing of the Russell 2000® Index and the EURO STOXX 50® Index and fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an issue price of $1,000 per note and aggregate principal of $149,000. The estimated value on the pricing date was $962.00 per note.
At maturity investors receive the stated principal plus an upside payment equal to 123% (participation rate) times the percentage appreciation of the worst performing underlier if that underlier’s final level is greater than its initial level; otherwise investors receive only the stated principal. The notes pay no interest and are subject to Morgan Stanley’s credit risk. Tax treatment is as a contingent payment debt instrument with a comparable yield of 4.6306%.
Morgan Stanley Finance LLC priced market-linked notes due May 5, 2031, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, $560,000 aggregate issuance and pay no interest. At maturity investors receive principal and, if the S&P 500® Futures Excess Return Index is higher on the observation date (April 30, 2031), an upside payment equal to 128% of the underlier percent change applied to principal.
Estimated value at issuance was $959.80 per note; payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced structured Jump Notes linked to Meta Platforms class A common stock. Each unsecured note has a $1,000 stated principal amount and an aggregate offering of $692,000. The notes pay no interest and mature on May 3, 2029. If the closing level of Meta on the observation date is greater than or equal to the initial level of $611.91, each note will pay the stated principal plus a fixed upside payment of $252 (a 25.20% return); if the final level is below the initial level, investors receive only the stated principal at maturity. The estimated value at pricing was $976.60 per note, reflecting issuance, structuring and hedging costs. Payments are unsecured and subject to Morgan Stanley and MSFL credit risk; the notes will not be listed and secondary liquidity may be limited.
Morgan Stanley Finance LLC priced $1,572,000 of structured, market‑linked notes due May 3, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and was issued at $1,000 per note with an estimated value on the pricing date of $978.60. The notes pay no periodic interest and return principal at maturity if the S&P 500® final level is equal to or below the initial level (7,209.01). If the final level is greater than the initial level, holders receive principal plus an upside payment equal to 100% participation in the index appreciation, capped at a maximum payment of $1,210 per note. All payments are subject to issuer credit risk, the notes will not be listed, secondary trading may be limited, and tax treatment is as contingent payment debt instruments with a comparable yield of 4.5407%.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due May 3, 2030, fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $650,000. Payments at maturity depend on the performance of the worst performing of the Russell 2000® and S&P 500® indices versus their initial levels on the strike date of April 30, 2026. The notes provide a 20% buffer against losses on the worst performing underlier, a 120% leverage factor on upside, and a minimum payment at maturity of 20% of principal. The securities pay no interest, are principal‑at‑risk, are unsecured obligations of MSFL and are subject to Morgan Stanley credit risk. Estimated value on the pricing date was $966.90 per security, and the issue price is $1,000 (commissions and fees reduce proceeds to MSFL).
Morgan Stanley Finance LLC priced structured, principal‑at‑risk, auto‑callable notes linked to the worst performing of the Dow Jones Industrial, Nasdaq‑100 and S&P 500. The securities have a $1,000 stated principal amount, an issue price $1,000, an estimated value $946.40 on the pricing date and mature on May 3, 2030.
The notes auto‑redeem if each index is at or above its call threshold on the first determination date (May 4, 2027) for an early redemption payment of $1,129. If not auto‑redeemed, maturity payoffs depend on the worst performing index: investors may receive the principal plus an upside payment (participation rate 150%), only principal, or a reduced principal that falls 1% for each 1% the worst index declines below its downside threshold (70% of initial). All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the S&P 500® and Russell 2000®, issuing $1,000 stated principal per security with an aggregate principal amount of $1,203,000. The securities pay no interest and expose investors to the performance of the worst performing underlier; maturity is May 5, 2031 and the observation date is April 30, 2031. The estimated value on the pricing date was $951.90 per security and the stated upside payment is $460 (46% of principal). Payments at maturity depend on whether each underlier is at or above its initial level, between its initial level and a ~75% downside threshold, or below that threshold; losses can be substantial and could result in a complete loss of principal. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced Principal at Risk notes (Structured Investments Enhanced Trigger Jump Securities) linked to the worst performing of the iShares MSCI EAFE ETF and the Russell 2000 Futures Excess Return Index. Each security has a $1,000 stated principal amount, a fixed upside payment of $515 (51.50%) if both underliers finish at or above 65% of their initial levels, and otherwise suffers principal loss equal to the percentage decline of the worst performing underlier. The securities mature May 6, 2031 and are fully and unconditionally guaranteed by Morgan Stanley. Estimated value on the pricing date was $978.60 per security; issue price was $1,000. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a series of Trigger PLUS principal-at-risk securities due May 5, 2031, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. The offering consists of securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $2,139,000. Each security pays no interest and provides a 141% leveraged upside if the worst performing underlier finishes above its initial level. If the worst performing underlier finishes between its initial level and its downside threshold (70% of the initial level), investors receive the stated principal amount at maturity. If the worst performing underlier finishes below the downside threshold, investors lose 1% of principal for every 1% decline in that underlier; the payment could be significantly less than the stated principal and may be zero. All payments are subject to the issuer’s and guarantor’s credit risk. The pricing date and strike date were April 30, 2026, the observation date is April 30, 2031 (subject to postponement), and the original issue date is May 5, 2026. The estimated value on the pricing date was $978.20 per security.
Morgan Stanley Finance LLC priced Dual Directional Trigger PLUS notes due May 3, 2029 with a stated principal amount of $1,000 per security and aggregate principal of $158,000. The securities reference the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices and feature a 200% leverage factor, an absolute return participation feature and a downside threshold at 70% of each initial index level. At maturity investors receive either: (1) principal plus leveraged upside (capped at $1,587.50 per security) if all final levels exceed initial levels; (2) principal plus a capped positive return tied to the absolute decline of the worst underlier if each final level is >= the 70% downside threshold; or (3) a principal amount reduced pro rata to the worst performing underlier if any final level is below its downside threshold, with no minimum payment. All payments are subject to issuer and guarantor credit risk; estimated value on pricing date was $975.90 per security and the issue price is $1,000.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due May 3, 2030 linked to the worst performing of the Nasdaq-100® Technology Sector and the Russell 2000®. The offering aggregates $1,548,000 at a stated principal amount of $1,000 per security.
At maturity the payment depends on the worst performing underlier on the observation date. Upside: investors receive principal plus 142% of appreciation. If the worst underlier falls but remains at or above 70% of its initial level, investors receive principal plus a capped positive return based on a 50% participation rate. If the worst underlier is below 70% of its initial level, investors lose principal on a 1:1 basis and could lose the entire investment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced principal-at-risk Jump Securities linked to the worst performing of the S&P 500® and Russell 2000®. The notes have a $1,000 stated principal amount, 150% participation rate, automatic early redemption on May 4, 2027 (first determination date) for an $1,180 early redemption payment, and maturity on May 3, 2029. Payments depend on the worst performing underlier; a final shortfall below the 70% downside threshold can cause losses of up to the entire principal. All payments are subject to the credit risk of Morgan Stanley and MSFL.
Morgan Stanley Finance LLC is offering Trigger Jump Securities linked to the S&P 500® Index due August 4, 2027. Each note has a $1,000 stated principal amount and pays no interest. If the index is flat or higher at the valuation date, holders receive $1,000 plus an $116 upside payment (11.60%). If the final index value is between 80% and 100% of the initial index value, holders receive $1,000. If the index declines by more than 20%, the maturity payment equals $1,000 multiplied by the index performance factor and may be less than $800 or zero. The offering aggregates $8,585,000; estimated value on the pricing date was $972.10 per security. 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 and issued Principal at Risk contingent income auto-callable securities linked to Meta Platforms, Inc. Class A common stock, with a stated principal amount of $1,000 per security and an aggregate principal amount of $2,507,000. The securities pay an 11.50% annual contingent coupon on each observation date only if the closing level of the underlier is >= the coupon barrier level ($416.099, ~68% of the initial level). The securities can be automatically redeemed early if the underlier’s closing level on a redemption determination date is >= the call threshold ($611.91, 100% of the initial level), producing an early redemption payment of the stated principal plus the contingent coupon for that interest period. If not redeemed, maturity payment is the stated principal if the final level is >= the downside threshold ($416.099); if the final level is below that threshold, payment at maturity equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to full downside (losses could be the entire principal). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — contingent income, memory buffered, auto-callable notes due May 5, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000. The securities pay a contingent coupon at an annual rate of 12.00% only if the underlier meets the coupon barrier on observation dates and may be automatically redeemed early if the underlier meets the call threshold. The underlier initial level was 1,322.93 (call threshold = 100% of initial); the coupon barrier level is 926.051 (70% of initial) and the buffer level is 1,124.491 (≈85% of initial, buffer amount 15%). If not called and the final level is below the buffer, holders lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity equal to 15% of principal. Estimated value on the pricing date was $940.70 per security; aggregate issued principal is $100,000. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC issues Trigger PLUS notes linked to Invesco QQQ Trust℠ (QQQ) with aggregate principal of $375,000. The securities pay no interest, have a stated principal amount of $1,000 per security and mature on July 6, 2027, with the observation date on June 30, 2027 (subject to postponement for non‑trading days and certain market disruption events).
At maturity the payoff depends on the closing level of QQQ on the observation date: if the final level is above the initial level ($667.74) holders receive principal plus a leveraged upside (200% leverage) capped at $1,177 per security; if the final level is between the downside threshold ($600.966) and the initial level holders receive the stated principal; if the final level is below the downside threshold holders lose 1% of principal for each 1% decline in the underlier, with no minimum payment. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a Trigger PLUS note series guaranteed by Morgan Stanley, based on the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount, an aggregate principal amount of $217,000 and an original issue date of May 5, 2031 is the stated maturity date.
At maturity the payout rules are: if the final level > initial level, holders receive principal plus a 200% leveraged upside; if final level is between the initial level and the downside threshold (70% of initial) holders receive principal; if final level < downside threshold holders lose 1% of principal for each 1% decline in the underlier, with no minimum payment. The initial level was 581.37 and the downside threshold is 406.959.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities due June 4, 2027, linked to the worst performing of the Nasdaq-100® Technology Sector Index and the S&P 500® Index. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 10.50% on observation dates only if both underliers are at or above an 80% coupon barrier; they are automatically redeemed early if both underliers meet 100% call thresholds on any redemption determination date. If not redeemed, maturity payment returns principal only if both underliers are at or above 80% of initial levels; otherwise investors suffer a loss equal to the percentage decline of the worst performing underlier. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities linked to the S&P 500® Index with a stated principal of $1,000 per security and an aggregate principal amount of $4,163,000. The securities have a 200% leverage factor, a 10% buffer (buffer level 6,488.109), a maximum payment at maturity of $1,130 per security and a minimum payment at maturity of 10% of principal. The initial/strike level is 7,209.01 (April 30, 2026), the observation date is November 1, 2027 and the stated maturity date is November 4, 2027. The estimated value on the pricing date was $966.80 per security and the issue price is $1,000, which includes selling, structuring and hedging costs.
Morgan Stanley Finance LLC offers $988,000 aggregate principal of Trigger PLUS principal‑at‑risk securities fully and unconditionally guaranteed by Morgan Stanley. The securities pay no interest, have a 141.50% leverage factor on the worst performing of the Dow Jones Industrial and the S&P 500®, and mature on May 3, 2030.
At maturity the payoff is: stated principal plus leveraged upside if both underliers finish above their initial levels; stated principal if the worst performing underlier finishes between its initial level and its downside threshold (75% of the initial level); or a full principal loss proportional to the decline of the worst performing underlier if that underlier finishes below its downside threshold. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal at Risk structured notes linked to the S&P 500® Futures Excess Return Index with an original issue price of $1,000 per security and an aggregate principal amount of $666,000. The notes are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley.
The securities can auto‑call on the first determination date May 7, 2027 if the underlier closes at or above the call threshold (610.439), producing an early redemption payment of $1,150 per security. If not redeemed, maturity is May 5, 2031 with payoffs tied to final index performance: upside participation at a 274% participation rate above the initial level (581.37), protection only down to a downside threshold of 70% of initial level (406.959), and full downside exposure below that level (loss proportional to index decline).
Morgan Stanley Finance LLC priced a Buffered PLUS note due May 5, 2032 that is fully and unconditionally guaranteed by Morgan Stanley and linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each $1,000 security does not pay interest; at maturity investors receive either the stated principal plus a 129% leveraged upside of the worst performing underlier, the stated principal (if the worst performing underlier finishes at or above its 90% buffer level), or a loss of principal equal to every percentage point the worst performing underlier falls below the buffer, subject to a 10% minimum payment at maturity. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of Trigger PLUS principal-at-risk securities, fully guaranteed by Morgan Stanley, totaling $601,000 aggregate principal (stated principal $1,000 per security). The securities mature on May 3, 2030 and reference the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. At maturity, if the worst performing underlier is above its initial level, investors receive the stated principal plus a 132% leveraged upside on that underlier’s percent change; if the worst performing underlier is at or above its downside threshold (70% of initial), investors receive only principal; if below the downside threshold, investors lose an amount equal to the full percent decline of the worst performing underlier (1% loss of principal for each 1% decline), with no minimum payment. The observation date is April 30, 2030 (final levels are the closing levels on that date), and payments are subject to Morgan Stanley’s credit risk. The document states an estimated value on the pricing date of $971.70 per security.
Morgan Stanley Finance LLC priced Trigger Jump Securities linked to Tesla, Inc. stock, issuing $19,596,000 of principal with a $1,000 original issue price per security. The securities pay no interest and mature on November 3, 2027. At maturity, holders receive $1,000 plus a fixed $437.10 upside payment (43.71% of principal) if the final share price is greater than or equal to the initial share price of $381.63. If the final share price is between the initial price and the downside threshold of $248.060 (approximately 65% of the initial price), holders receive $1,000. If the final share price is below the downside threshold, the payment equals the stated principal multiplied by the share performance factor (final/initial share price) and may be less than $650 or zero. The valuation date is October 29, 2027. The estimated value on the pricing date was $974.90 per security and net proceeds to the issuer were $19,106,100. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the worst-performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. The securities trade at a stated principal amount of $1,000 per security with an aggregate principal amount of $157,000.
The notes have an original issue date of May 5, 2026 and mature on November 4, 2027. They pay a contingent coupon of 12.75% per annum on each coupon payment date only if each underlier meets its coupon barrier on the related observation date. The first redemption determination date is October 30, 2026; automatic early redemption will pay the stated principal plus the contingent coupon for the period if all underliers meet call thresholds.
Morgan Stanley Finance LLC priced a structured note offering called Dual Directional Buffered PLUS tied to the S&P 500 Index. The offering totals $3,497,000 in $1,000 denominations, with an original issue price of $1,000 and an estimated value on the pricing date of $994.40 per security. Each security provides 300% leveraged upside subject to a cap of $1,222.50 (122.25% of principal), a 10% buffer, and a minimum payment at maturity of 10% of principal. The securities pay no interest, are unsecured obligations of MSFL, are fully guaranteed by Morgan Stanley, and expose holders to issuer credit risk, potential significant principal loss if the index falls below the buffer, limited upside by the cap, and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC priced auto-callable Principal at Risk notes linked to the EURO STOXX 50® and STOXX® Europe 600 indices. The offering totals $1,874,000 at a $1,000 issue price per security with an estimated value of $937.50 on the pricing date. The notes have a May 5, 2026 issue date, a first automatic early redemption determination on May 7, 2027 (early redemption payment $1,180), and mature on May 6, 2031. Payment at maturity depends on the worst performing underlier, a 150% participation rate for upside and a 70% downside threshold; principal can be lost if the worst underlier falls below its downside threshold.
Morgan Stanley Finance LLC is offering leveraged, buffered S&P 500® index-linked notes (the “PLUS”), fully guaranteed by Morgan Stanley, using a preliminary pricing supplement dated May 4, 2026. Each note has a Face Amount of $1,000. The notes provide 300% upside participation subject to a Cap Level expected between 104.99% and 105.85%, a Buffer Level of 90.00% (Buffer Amount 10.00%), and a Maximum Settlement Amount expected between $1,149.70 and $1,175.50 per $1,000 face amount. If the Final Underlier Level is below the Buffer Level, investors bear downside and could lose some or all principal. The estimated value on the Trade Date is approximately $984.70 per note; the price to public is $1,000 per note with agent commissions of $10.70, yielding proceeds to the issuer of $989.30 per note. The expected term is between 16 and 19 months from the Trade Date; final economic terms, Initial Underlier Level, Determination Date and Stated Maturity Date will be set on the Trade Date.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes linked to the worst performing of XLE, RTY and XLK with an aggregate principal amount of $1,652,000.
Each security has a $1,000 stated principal amount and was issued at $1,000 with an estimated value on the pricing date of $983.50. The notes pay no interest; if the worst performing underlier is at or above a downside threshold (75% of initial), holders receive principal plus an $181 upside payment (18.10%). If the worst performing underlier is below its downside threshold, payment equals principal × performance factor of the worst performing underlier, and investors may lose part or all of their principal. Observation date is June 1, 2027 and maturity is June 4, 2027.
Morgan Stanley Finance LLC offers principal-at-risk, auto-callable notes due May 5, 2031 that are fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security; the estimated value on the pricing date was $938.30. The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an initial level of 3,189.99. If the closing level on the first determination date (May 4, 2027) is at or above the call threshold (3,189.99), the securities will be automatically redeemed on May 7, 2027 for an early redemption payment of $1,255 per security. If not auto‑redeemed, at final determination (April 30, 2031) investors may receive: principal plus an upside payment (participation rate 330%) if the final level exceeds the initial level; principal only if the final level is between the initial level and the downside threshold (1,594.995, 50% of initial level); or a loss pro rata if the final level is below the downside threshold. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. The aggregate principal amount is $100,000 and the issue price is $1,000 per security. The securities pay no interest, have a stated principal of $1,000 and an upside payment of $475 per security (47.50%). If the final level of any underlier is below its 70% downside threshold, investors lose 1% for each 1% decline in the worst performing underlier; there is no minimum payment and principal could be lost. All payments are unsecured and subject to Morgan Stanley credit risk. The estimated value on the pricing date is $979.10 per security.
Morgan Stanley Finance LLC is offering Trigger Jump Securities linked to the common stock of Amazon.com, Inc.. Each security has a stated principal of $1,000 and matures on November 3, 2027. If the final share price is greater than or equal to the initial share price ($265.06), holders receive $1,000 plus an upside payment of $338.40 (33.84%). If the final share price is between 80% of the initial price and the initial price (downside threshold = $212.048), holders receive $1,000. If the final share price is below the downside threshold, the maturity payment equals $1,000 × (final/initial share price), which may be less than $800 or zero. The valuation date is October 29, 2027. Aggregate principal issued is $14,572,000; estimated value on the pricing date was $975.00 per security. The securities pay no interest, are unsecured obligations of MSFL, are guaranteed by Morgan Stanley, and expose investors to credit and market risk, including potential loss of principal.
Morgan Stanley Finance LLC priced an Auto-Callable Trigger PLUS due May 5, 2031, a principal-at-risk note fully guaranteed by Morgan Stanley tied to a basket of five indices. The offering totals $3,330,000 at a stated principal amount of $1,000 per security and an original issue price of $1,000. The securities may be automatically redeemed following the first determination date (5/7/2027) for an early redemption payment of $1,150 per security. If not redeemed, maturity payoffs depend on the final basket value: upside participation of 161.50% of basket appreciation above the initial basket value, full return of principal if the final basket value is at or above 75% of the initial basket value, and 1-to-1 exposure below that threshold (potentially losing most or all principal). The estimated value on the pricing date was $961.20 per security; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering leveraged, buffered S&P 500® Index‑linked notes (fully and unconditionally guaranteed by Morgan Stanley) pursuant to a preliminary pricing supplement dated May 4, 2026. Each note has a Face Amount of $1,000 and an estimated value on the Trade Date of approximately $980.40. The notes pay no interest and return at maturity is linked to the S&P 500 Index return from the Trade Date to the Determination Date (expected between 17 and 20 months after the Trade Date).
Key economic terms disclosed include an Upside Participation Rate of 150%, a Buffer Level of 90.00% (10.00% buffer), an expected Cap Level between 110.68% and 112.53% of the Initial Underlier Level, and a Maximum Settlement Amount expected between $1,160.20 and $1,187.95 per $1,000 Face Amount. If the Final Underlier Level is below the Buffer Level, investors will suffer a pro rata loss of principal; there is no guaranteed minimum payment. All payments are subject to issuer credit risk and the Calculation Agent (MS & Co.) has discretionary determinations for certain events.
Morgan Stanley Finance LLC is offering leveraged, buffered S&P 500® index-linked notes ("PLUS") that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and does not pay interest. The notes provide 200% upside participation in positive index returns up to a capped Maximum Settlement Amount (expected between $1,173.40 and $1,203.60 per $1,000 face amount). The notes provide a 5.00% buffer: if the Final Underlier Level is no more than 5.00% below the Initial Underlier Level, you receive the Face Amount; if the Final Underlier Level declines by more than 5.00%, you incur a loss that can be substantial, including loss of principal. The Initial Underlier Level, Cap Level (expected ~108.67%–110.18% of initial), Determination Date, and Stated Maturity Date will be set on the Trade Date. The estimated value on the Trade Date is approximately $984.50 per note. All payments are subject to issuer and guarantor credit risk; the notes are not FDIC insured and will not be listed on an exchange.
Morgan Stanley Finance LLC is offering callable structured notes due May 5, 2031 linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500. Each note has a $1,000 stated principal amount and an aggregate principal amount of $100,000.
The notes pay no periodic interest, feature scheduled redemption dates beginning May 12, 2027 with fixed increasing redemption payments (first: $1,130.00), and a maturity payoff that, if not redeemed earlier, returns principal plus an upside payment equal to 135% of the percent change of the worst performing underlier if that underlier finishes above its initial level. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Principal-at-Risk Jump Securities due May 3, 2029, linked to the worst performing of the SPDR4 Gold Trust (GLD) and the iShares4 Silver Trust (SLV). Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The notes feature automatic early redemption on specified determination dates if the closing level of each underlier meets or exceeds its call threshold; early redemption payments rise across eight observation dates (first early redemption payment shown: $1,305). At maturity investors receive $1,915 if both underliers meet call thresholds, the stated principal if both are at or above 70% of initial levels, or a reduced payment tied to the worst performing underlier (losing 1% of principal per 1% decline below the downside threshold), potentially to zero. All payments are subject to Morgan Stanleys credit risk. The estimated value on the pricing date was $1,002.90 per security and the offering aggregates $100,000.
Morgan Stanley Finance LLC priced a contingent‑income, principal‑at‑risk note offering: 100 securities at $1,000 each (aggregate principal $100,000), issued May 5, 2026 and maturing May 5, 2031, that reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and are fully guaranteed by Morgan Stanley.
The notes pay a contingent coupon of 11.75% per annum on observation dates if the underlier is at or above the coupon barrier (60% of the initial level). They feature automatic early redemption if the index closes at or above the call threshold (initial level) on a redemption determination date. At maturity investors receive principal only if the final level is at or above the downside threshold (60% of initial level); otherwise payment equals principal multiplied by the performance factor and can be significantly below principal, possibly zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced structured notes: principal-at-risk, auto-callable securities due May 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, aggregate principal amount $1,432,000, issue price $1,000 and estimated value on the pricing date of $965.70. The notes link to the worst performing of the S&P 500®, EURO STOXX 50® and Russell 2000® indices. An automatic early redemption can occur on the first determination date May 4, 2027 for an early redemption payment of $1,315 if each underlier meets its call threshold. At maturity investors may receive principal plus an upside payment (participation rate 150%) if all underliers rise, receive principal only if declines remain above downside thresholds (70% of initial levels), or lose in proportion to the worst performing underlier if that underlier falls below its downside threshold. All payments are subject to Morgan Stanley credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC is offering market-linked notes due May 5, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and an issue price of $1,000. At maturity investors receive the stated principal plus an upside payment only if the EURO STOXX 50® closing level on the observation date (April 30, 2031) is greater than the initial level of 5,881.51. The upside payment equals the stated principal multiplied by a 115% participation rate times the underlier percent change. If the final level is equal to or less than the initial level, investors receive only the stated principal. The pricing date estimated value was $955.00 per note and the aggregate principal offered is $364,000. All payments are subject to Morgan Stanley's credit risk; the notes will not be listed.
Morgan Stanley Finance LLC priced Trigger Jump Securities linked to Alphabet Inc. Class A stock due November 3, 2027. Each security has a $1,000 stated principal and pays no interest. If the final share price is ≥ the initial share price, holders receive $1,000 plus an $323 upside payment (32.30%). If the final share price is between the initial price and the downside threshold ($307.84, 80% of the initial), holders receive $1,000. If the final share price is below the threshold, the maturity payment equals $1,000 times the share performance factor (final/initial), and could be substantially less or zero. All payments are subject to issuer credit risk; estimated value on the pricing date was $964.80 per security.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk securities linked to the lowest performing of the SPDR® Gold Trust (GLD) and the iShares® Silver Trust (SLV). The securities have a face amount of $1,000, a pricing date of April 30, 2026, an original issue date of May 5, 2026, a scheduled maturity of May 3, 2029 and a call date of May 5, 2027.
The offering price is $1,000 per security with agent commissions of $25.75 and estimated proceeds to the issuer of $974.25 per security. The issuer estimates the securities' value at $972.30 on the pricing date. The product provides 200% participation in positive performance of the lowest performing underlying, a fixed call payment of $1,342.50 if auto-called, and threshold prices equal to 50% of each starting price.
Morgan Stanley Finance LLC is offering $1,669,000 aggregate principal of buffered jump securities (stated principal $1,000 per security) that are fully and unconditionally guaranteed by Morgan Stanley.
The notes pay no interest, carry an automatic early redemption feature tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, and include a 15% buffer and a call threshold equal to 90% of the initial level. The initial level was 1,322.93 (closing level on the strike date), the issue price is $1,000 and the estimated value on the pricing date is $903.50. Commissions of $42 per security are paid to selected dealers.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities reference the Nasdaq-100, Russell 2000 and S&P 500 and pay at maturity based on the worst performing underlier.
If the worst performing underlier finishes above its initial level, investors receive $1,000 plus 400% of that underlier's percent gain, capped at $1,800 per security. If every underlier finishes at or above 70% of its initial level, investors receive $1,000. If the worst performing underlier finishes below 70% of its initial level, investors lose 1% of principal for each 1% decline in that underlier; the payment could be zero. All payments are subject to issuer and guarantor credit risk.