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 market‑linked principal‑at‑risk securities linked to the lowest performing share of Microsoft and Amazon.com, with an aggregate face amount of $1,593,000 (face amount $1,000 per security). The securities pay a contingent fixed return of 18.60% ($186 per $1,000) if the lowest performing underlying stock’s ending price is greater than or equal to its starting price. If the lowest performing underlying stock finishes below its threshold price (60% of starting price), holders bear losses equal to the decline, potentially losing more than 40% or all principal.
Pricing date was April 30, 2026, original issue date May 5, 2026, and calculation day May 7, 2027. Estimated value on the pricing date was $962.40 per security. Agent commissions and offering price are shown on the cover; proceeds to issuer were $976.75 per security.
Morgan Stanley Finance LLC is offering Buffered PLUS notes due May 5, 2031, unsecured obligations 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; the estimated value on the pricing date was $976.50. The payout at maturity is based on the worst performing of the Dow Jones Industrial Average and the S&P 500 and includes a 140.50% leverage factor on any appreciation above the initial level, a 10% buffer and a 10% minimum payment at maturity. If the worst performing underlier closes below its buffer level on the observation date, investors lose 1% of principal for each 1% decline beyond the buffer. All payments are subject to Morgan Stanley's credit risk; MS & Co. is the calculation agent and dealer. The offering aggregates $514,000 of principal and includes structuring fees to selected dealers; tax treatment is uncertain and purchasers should consult advisors.
Morgan Stanley Finance LLC priced Market Linked Securities — Auto-Callable with 1-for-1 Downside Principal at Risk linked to the EURO STOXX 50® Index, with a face amount of $1,000 per security and an original issue date of May 5, 2026. The offering aggregates $513,000 (513 securities) at a price to public of $1,000 per security; net proceeds to MSFL are shown as $974.25 per security. The securities feature annual calculation days beginning May 5, 2027, an automatic call if the index closes at or above the starting level, capped call payments of $1,121, $1,242 and $1,363 on the respective calculation days, and a maturity date of May 3, 2029. The estimated value on the pricing date is $958.90 per security. Investors bear full downside risk on the final calculation day on a 1-to-1 basis and are exposed to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced an offering of auto-callable, principal-at-risk market-linked securities due April 27, 2029, fully guaranteed by Morgan Stanley. The securities pay a contingent coupon of 20.75% per annum quarterly only if the lowest-performing underlying meets its coupon threshold. The underlyings are the iShares® Silver Trust (SLV) and the VanEck® Gold Miners ETF (GDX) with starting prices of $66.66 and $88.29 (pricing date April 30, 2026). Face amount is $1,000 per security and the estimated value on the pricing date is $977.50 per security. The offering table shows total price to public of $666,000, agent commissions of $15,484.50, and proceeds to issuer of $650,515.50. Payments and secondary-market value are subject to Morgan Stanley’s credit risk, automatic call mechanics beginning after six months, and full downside exposure to the lowest-performing underlying if thresholds are breached.
Morgan Stanley Finance LLC priced a series of principal‑at‑risk structured notes due May 5, 2031 linked to the S&P 500® Futures Excess Return Index with an aggregate principal amount of $737,000 and a stated principal amount of $1,000 per security.
At maturity the securities pay no interest and repayment depends on the index level on the observation date (April 30, 2031): investors receive principal plus the greater of (i) index percent change‑based cash or (ii) an upside payment of $610 per security if the final level is at or above the initial level (581.37). If the final level is below the initial level but at or above the downside threshold (406.959, 70% of the initial level), investors receive a positive return equal to the absolute decline (100% participation) up to an effective cap of 30%. If the final level is below the downside threshold, investors lose 1 of principal for each 1 decline in the underlier and could lose their entire investment.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note program guaranteed by Morgan Stanley: an offering of $100,000 aggregate principal of Enhanced Trigger Jump Securities, $1,000 stated principal per security, linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000.
The securities pay no interest and provide a fixed upside payment of $427.50 (42.75% of principal) at maturity only if the final level of each underlier is at or above its 70% downside threshold; otherwise investors suffer a loss equal to the full percentage decline in the worst performing underlier (payment could be zero). The pricing date and strike date are April 30, 2026, original issue date is May 5, 2026, and the observation date is April 30, 2030 with maturity on May 3, 2030. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Market Linked Securities—auto-callable principal-at-risk notes linked to the lowest performing of the S&P 500, Russell 2000 and Nasdaq-100, maturing October 28, 2027. Each security has a face amount of $1,000 and an estimated value at pricing of $972.00.
The securities pay a contingent coupon of 12.00% per annum on monthly calculation days only if the lowest performing underlying is at or above 75% of its starting level; they are callable beginning about six months after issue. At maturity, if not called, principal is repaid only if each underlying is at or above its 75% downside threshold; otherwise the payment equals $1,000 multiplied by the lowest performing underlying's performance factor, exposing investors to more than 25% loss, possibly up to total loss. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a structured note offering: Buffered Jump Securities linked to the worst performing of the S&P 500, Nasdaq-100 Technology Sector and Russell 2000. The offering totals $368,000 in aggregate principal at $1,000 per security, with an estimated value of $973.10 on the pricing date.
Key economics: 150% participation rate, 20% buffer, minimum payment at maturity 20% of principal, automatic early redemption test on the first determination date (May 4, 2027) pays $1,165 per security if all underliers meet their call thresholds. Payments depend on the worst performing underlier and are subject to issuer credit risk and tax uncertainty.
Morgan Stanley Finance LLC priced $2.0 million of market‑linked, auto‑callable, principal‑at‑risk securities. The securities have a face amount of $1,000 per security, mature May 3, 2030, and are linked to the lowest performing of the S&P 500®, Russell 2000® and the Dow Jones Industrial Average. The pricing date was April 30, 2026; the original issue date is May 5, 2026. The offering lists a price to public of $1,000 per security, an estimated value of $970.30 per security on the pricing date, and agent commissions of up to $25.75 per security. The notes are auto‑callable monthly beginning May 5, 2027, with specified call payments and carry downside exposure if the lowest performing underlying falls below a 75% threshold of its starting level.
Morgan Stanley Finance LLC priced Buffered PLUS notes linked to the S&P 500® Index, offering leveraged upside with a 15% downside buffer and principal at risk. The securities have a $1,000 stated principal amount, aggregate issuance of $437,000, an original issue price of $1,000 and an estimated value on the pricing date of $974.80. At maturity on May 5, 2031, investors receive principal plus 125% leverage on positive index performance subject to a $1,651 maximum payment, receive principal if the final level remains at or above an 85% buffer level, or suffer proportional losses below the buffer (with a minimum payment of 15% of principal).
Morgan Stanley Finance LLC is issuing principal-at-risk contingent income securities linked to the worst-performing of the S&P 500® and Russell 2000®. Each security has a stated principal of $1,000, an estimated value on the pricing date of $957.20, and a contingent coupon of 8.00% per annum payable only if both underliers meet coupon barrier levels on each observation date. If, at maturity on May 3, 2029, either underlier is below its downside threshold (both thresholds equal the coupon barrier, ~75% of initial levels), the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a substantial loss or total loss of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced contingent income notes linked to the worst performing of the S&P 500® and Russell 2000®, due May 3, 2029. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a 9.10% contingent annual coupon on each coupon payment date only if both underliers are at or above coupon barrier levels on the related observation dates. The coupon barrier and downside threshold for each index equal approximately 75% of its initial level (SPX 5,406.758; RTY 2,099.929), and investors incur full downside exposure to the worst performing underlier (payment at maturity equals stated principal × performance factor if the worst underlier is below its downside threshold). All payments are subject to Morgan Stanley's credit risk. The pricing date and strike date are April 30, 2026; original issue date is May 5, 2026.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering $6,570,000 aggregate principal of Performance Leveraged Upside Securities (PLUS) linked to the Russell 2000® Index, maturing on June 4, 2027. Each PLUS has a stated principal of $1,000, a 300% leverage factor for index appreciation, and a maximum payment at maturity of $1,194.20 per PLUS (119.42% of principal). If the final index value is greater than the initial index value (initial index closing value 2,799.905 on the pricing date), investors receive $1,000 plus 300% of the index percent increase subject to the cap. If the final index value is less than or equal to the initial index value, the payment equals $1,000 times the index performance factor and may be less than principal, including zero. The offer price is $1,000 with an estimated value on the pricing date of $969.80 per PLUS; issuer proceeds per PLUS are $977.50 after fees. All payments are subject to Morgan Stanley's credit risk and the PLUS are not exchange-listed.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note linked to the worst performing of the S&P 500 Index, Nasdaq-100 Technology Sector Index and Russell 2000 Index. The securities have a $1,000 stated principal amount, an aggregate principal amount of $277,000 and an original issue price of $1,000 per security.
The notes mature on May 5, 2031 and feature an automatic early redemption observation on May 4, 2027. If automatically redeemed then, holders receive $1,255 per security. If not redeemed, maturity payoffs depend on the worst performing underlier: full principal plus an upside payment if all underliers appreciate; principal only if all underliers finish at or above 70% of initial levels; otherwise principal is reduced proportionally to the worst performing underlier and could be zero. All payments are subject to Morgan Stanley's credit risk.
The securities are Dual Directional Trigger PLUS principal-at-risk notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. The issue is $1,000 per security with an aggregate principal amount of $650,000 and maturity on May 5, 2031. Payments at maturity depend on the S&P 500® Futures Excess Return Index final level versus the initial level of 581.37. Investors receive leveraged upside of 182% of appreciation if the final level is higher; an absolute return participation of 50% on declines that remain above a 60% downside threshold (348.822); if the final level is below that threshold, investors lose principal on a 1:1 basis, and could lose the entire investment.
The original issue price is $1,000 and the estimated value at pricing was $962.40; agent commissions reduce proceeds to the issuer and the securities do not pay interest. All payments are subject to issuer and guarantor credit risk.
The pricing supplement describes Morgan Stanley Finance LLC issuing principal‑at‑risk, contingent‑coupon, auto‑callable securities linked to the common stock of Broadcom Inc. The securities are issued at $1,000 each ($9,696,000 aggregate) and pay a 15.93% annual contingent coupon only if observation‑date barriers are met. The notes can be automatically redeemed early if the underlier meets the call threshold of $417.43 on any redemption determination date; the coupon barrier and downside threshold are $229.587 (≈55% of the initial level). If not auto‑redeemed, maturity payoff returns principal if the final level is at or above the downside threshold, or a declining amount equal to principal × (final level / initial level) if below, exposing investors to loss of principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk, limited liquidity and uncertain U.S. federal tax treatment.
Morgan Stanley Finance LLC issues callable structured notes — MSFL is offering Callable Jump Notes due May 5, 2031 linked to the S&P 500® Futures Excess Return Index with an aggregate principal amount of $869,000 at a stated principal amount of $1,000 per note. The notes pay no regular interest, have an estimated value on the pricing date of $965.80 per note, and include a 150% participation rate in upside at maturity if the final level exceeds the initial level (initial level 581.37, observation date April 30, 2031). The issuer may call the notes beginning with the first redemption date May 12, 2027, with fixed incremental redemption payments shown for each redemption date corresponding to an approximate 16.00% per annum return if redeemed; if not called, payment at maturity equals principal plus the upside payment formula: stated principal amount × 150% × underlier percent change. Issue price is $1,000 (agent's commission $7.50, net proceeds per note $992.50), all payments are subject to the credit risk of Morgan Stanley, and the notes will not be listed on any exchange.
Morgan Stanley Finance LLC priced market-linked notes due May 3, 2030 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, have a $1,000 stated principal amount and aggregate principal of $551,000, and are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index.
At maturity investors receive principal plus 100% participation in the appreciation of the worst performing underlier, capped at a maximum payment of $1,400 per note. If the final level of either underlier is equal to or below its initial level, investors receive only the stated principal. All payments are subject to the issuer and guarantor credit risk; the notes will not be listed and secondary liquidity may be limited.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Structured Investments—Contingent Income Auto-Callable Securities due November 4, 2027 linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50 and the State Street Technology Select Sector SPDR ETF (XLK). The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $500,000. They pay a contingent coupon at an annual rate of 8.55% on each coupon date only if all three underliers are at or above their coupon barrier levels on the observation dates. Automatic early redemption is possible on specified determination dates if all underliers meet their call thresholds. At maturity, if any underlier is below its downside threshold (65% of its initial level), investors bear losses equal to the decline of the worst performing underlier; payments could be significantly less than principal or zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a $802,000 offering of Principal-at-Risk, auto-callable notes (￭$1,000 per security) linked to the S&P 500® Futures Excess Return Index. The securities issue date is May 5, 2026 with maturity July 6, 2029. The notes feature an automatic early redemption on the first determination date May 7, 2027 if the closing level of the underlier is greater than or equal to the call threshold level of 581.37, producing an early redemption payment of $1,135 per security. If not called, holders receive at maturity either principal plus an upside payment (participation rate 200%) if the final level is above the initial level, the stated principal if the final level is between the initial level and the downside threshold (70% of initial = 406.959), or a loss proportional to the underlier decline if the final level is below the downside threshold, potentially resulting in a complete loss of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and tax uncertainty.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due November 4, 2027, fully and unconditionally guaranteed by Morgan Stanley. The issue is for $1,000 per security, aggregate $1,500,000, linked to the S&P 500® Index with an initial level of 7,209.01 as of April 30, 2026.
The notes feature a 10% buffer (buffer level = 6,488.109), a 100% upside participation rate capped at a maximum upside payment of $1,174.50 per security, and a minimum payment at maturity equal to 10% of principal. Estimated value at pricing was $980.40 per security; agent commissions are $15 per security.
Morgan Stanley Finance LLC priced Trigger Jump Securities linked to NVIDIA Corporation common stock, offering $23,309,000 aggregate principal of 1.5‑year, principal‑at‑risk notes due November 3, 2027. Each security has a $1,000 stated principal amount and a fixed $380.20 upside payment if the final share price is greater than or equal to the initial share price of $199.57 (pricing date closing). If the final share price is between the initial price and the downside threshold of $139.699 (70% of the initial price), holders receive $1,000 at maturity. If the final share price is below the downside threshold, the maturity payment equals $1,000 multiplied by the final/initial share price and may be less than $700 or zero; investors may lose their entire investment. The valuation date is October 29, 2027 (subject to postponement); all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a structured note offering. MSFL is issuing Dual Directional Buffered PLUS securities, $1,000 per security with an aggregate principal amount of $150,000, maturing on May 5, 2031. The securities are linked to the EURO STOXX 50® and the S&P 500® and pay at maturity based on the worst performing underlier.
Key economics: estimated value $954.70, issue price $1,000 (includes $7.50 agent fee), leverage factor 184%, absolute return participation rate 50%, buffer amount 20%, and a minimum payment at maturity 20%. The securities do not pay interest and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities with an aggregate principal amount of $1,466,000 due May 5, 2031. These securities are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index, carry a leverage factor of 143% for upside, and provide limited principal protection only if the worst performing underlier remains at or above 75% of its initial level. The stated issue price is $1,000 per security (estimated value on the pricing date: $975.30), and investors can lose up to their entire principal if the worst performing underlier falls below the downside threshold.
Morgan Stanley Finance LLC priced contingent income auto-callable securities with aggregate principal of $3,179,000, each with a stated principal amount of $1,000. The notes are fully and unconditionally guaranteed by Morgan Stanley, pay a contingent coupon at an annual rate of 10.10% if all three underliers meet coupon barriers on observation dates, and mature on November 4, 2027. If not auto‑redeemed, payment at maturity depends on the worst performing of the EURO STOXX 50®, Nasdaq‑100® and Russell 2000® indices; investors may lose up to their entire principal if the worst performing underlier falls below its downside threshold (70% of initial level). The securities are principal‑at‑risk structured notes; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Dual Directional Trigger Jump Securities due May 8, 2031, linked to a five-index basket with an initial basket value of 100 and a trigger level of 75 (75% of initial). The issue aggregates $9,258,000 at a $1,000 stated principal per security. At maturity investors may receive a capped minimum upside payment of $412.50 (41.25%) if the basket appreciates modestly, a positive absolute return if the basket declines up to 25%, or suffer a 1:1 loss if the basket declines beyond the trigger. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a $100,000 aggregate offering of buffered, auto-callable Principal at Risk securities with a stated principal amount of $1,000 per security. The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, have an initial level of 1,322.93, a call threshold of 1,190.637 (90%) and a buffer level of 1,124.491 (85%). The securities may auto-redeem on specified determination dates for fixed early redemption payments (about 16.00% per annum equivalent), pay $1,800 at maturity if the final level is at or above the call threshold, return principal if final level is at or above the buffer, or expose investors to losses beyond the 15% buffer with a 15% minimum payment at maturity. All payments are subject to Morgan Stanley's credit risk and U.S. federal tax treatment is uncertain.
Morgan Stanley Finance LLC priced an offering of Dual Directional Trigger PLUS linked to the VanEck® Gold Miners ETF with an aggregate principal amount of $4,468,000. The Trigger PLUS mature on November 3, 2027 and pay no interest; they are unsecured obligations of MSFL fully guaranteed by Morgan Stanley.
The instruments return $1,000 per note at issuance and provide 200% leveraged upside on positive ETF performance subject to a $1,464.20 cap. If the ETF declines up to 20%, the notes pay a positive return equal to the absolute decline (capped at $1,200). If the ETF declines by more than 20%, investors absorb losses 1:1, with no minimum payment; principal can be lost. All payments are subject to the issuer's credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due May 3, 2029, linked to the worst performing of the Nasdaq-100 and Russell 2000. The offering is for an aggregate principal amount of $376,000 at an issue price of $1,000 per security (estimated value on the pricing date: $975).
The securities pay no interest, are principal-at-risk and are fully and unconditionally guaranteed by Morgan Stanley. Key terms: leverage factor 129%, absolute return participation rate 50%, downside threshold 70% of initial level. Payments at maturity depend solely on closing levels on the observation date (April 30, 2029) and are based on the worst performing underlier; there is no guaranteed minimum and the principal could be lost.
Morgan Stanley Finance LLC priced $485,000 aggregate of PLUS notes due May 5, 2031. These principal-at-risk securities pay no interest and return at maturity either the stated principal plus a 105% leveraged upside of the best-performing underlier or a reduced principal tied to that underlier's performance; losses can be total.
The securities reference the EURO STOXX 50®, MSCI EAFE® and S&P 500® Futures Excess Return Index, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. The offering price is $1,000 per security, estimated value on pricing date was $962 per security, and all payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC offers Dual Directional Trigger Jump Securities due May 20, 2031, principal-at-risk notes fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $432 (43.20%). The securities pay no interest, provide an absolute return feature for limited declines down to a 75 trigger level, and expose investors to full downside beyond a 25% basket decline. Estimated value on the pricing date is approximately $945.10.
Morgan Stanley Finance LLC priced a retail offering of Principal-at-Risk, contingent-income, auto-callable securities linked to NVIDIA Corporation common stock, with a stated principal amount of $1,000 per security and aggregate principal amount of $700,000. The securities pay a contingent coupon only if the underlier meets observation-date barriers, are subject to automatic early redemption if the closing level meets the call threshold on any redemption determination date, and return principal at maturity only if the final level is at or above the downside threshold; otherwise investors suffer proportional losses down to zero. The contingent coupon is an annual rate of 12.70% (paid per interest period when conditions are met). All payments are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley, and are subject to issuer credit risk. The estimated value on the pricing date was $961.70 per security; the issue price is $1,000 (agent commission $18.75 per security).
Morgan Stanley Finance LLC priced Principal at Risk notes linked to the worst performing of the Russell 2000® and S&P 500® Index, with $1,000 stated principal per security and an aggregate principal amount of $2,483,000. The securities pay no interest, have a fixed upside payment of $103 (10.30%) if both underliers finish at or above their 70% downside thresholds, and otherwise pay an amount equal to the stated principal multiplied by the performance factor of the worst performing underlier at maturity on June 4, 2027. The offering is fully and unconditionally guaranteed by Morgan Stanley, carries issuer credit risk, and has an estimated value of $992.30 on the pricing date. These securities are principal‑at‑risk, may pay nothing at maturity if the worst performing underlier declines sufficiently, and were sold to fee‑based advisory accounts.
Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to QCOM common stock. The notes have a $1,000 stated principal per security, $1,979,000 aggregate issued, an original issue date of May 5, 2026 and maturity on June 4, 2027. They pay a contingent coupon at an annual rate of 12.50% only if the underlier meets the coupon barrier on observation dates and feature automatic early redemption if the closing level meets the call threshold on redemption determination dates. At maturity, if the final level is below the downside threshold (68% of the initial level), investors suffer proportional principal loss (performance factor = final level / initial level).
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, carry issuer credit risk, do not insure principal, and have an estimated value on the pricing date of $948.80 per security versus an issue price of $1,000.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk Structured Investments — Contingent Income Memory Auto-Callable Securities linked to NVIDIA Corporation common stock. The issue price is $1,000 per security with an aggregate principal amount of $8,364,000. The securities pay a contingent coupon at an annual rate of 13.05% on observation dates when the closing level of the underlier is at or above the coupon barrier level of $109.764 (approximately 55% of the initial level). The securities feature automatic early redemption if the closing level is at or above the call threshold of $199.57 on any redemption determination date and mature on November 4, 2027. If not redeemed and the final level is below the downside threshold ($109.764), principal at maturity is reduced pro rata by the performance factor and could be significantly less than the stated principal, possibly zero. All payments are subject to issuer and guarantor credit risk; estimated value on pricing date was $979.00 per security and agent commissions total $15 per security.
Morgan Stanley Finance LLC is offering $4,602,000 aggregate principal amount of PLUS securities, guaranteed by Morgan Stanley, tied to the EURO STOXX 50® Index and maturing August 4, 2027. Each PLUS has a $1,000 stated principal amount and an original issue price of $1,000.
The PLUS provide 300% leveraged upside capped at a maximum payment of $1,219.60 per PLUS and fully participate 1:1 in negative index performance. The valuation date is July 30, 2027, the pricing date was April 30, 2026, and the issuer estimates the value at issuance at $965.10 per PLUS. Proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC is offering structured, unsecured Callable Jump Notes due May 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are $1,000 per note with an aggregate principal amount of $497,000 and an estimated value on the pricing date of $973.60 per note. Payments are linked to the worst performing of the Russell 2000® Index and the S&P 500® Index with a 115% participation rate on upside at maturity. The notes do not pay interest and include an issuer call feature that may redeem the notes on specified redemption dates for fixed, increasing cash amounts; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk Auto-Callable Securities due May 4, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an aggregate principal amount of $643,000. The securities pay a contingent coupon at an annual rate of 11.50% only if, on each observation date, the closing level of both underliers is at or above their coupon barrier levels (each set at 75% of the initial level). The underliers are the Nasdaq-100® Technology Sector Index (NDXT) and the Russell 2000® Index (RTY); their initial (strike) levels are NDXT 14,578.68 and RTY 2,799.905 (strike date April 30, 2026). The securities are automatically redeemed if both underliers are at or above their call threshold levels (100% of initial level) on any redemption determination date beginning April 30, 2027. If not redeemed, payment at maturity depends on the worst performing underlier relative to its downside threshold (75% of initial); if the worst performing underlier is below that threshold, investors lose an amount equal to the percentage decline in that underlier and could lose their entire principal. The document discloses an estimated value on the pricing date of $973.10 per security and states all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal at Risk, auto-callable securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500. Each note has a $1,000 stated principal amount, issue price $1,000, estimated value $953.40, and aggregate principal $1,000,000.
Notes automatically redeem on the first determination date May 4, 2027 for an early redemption payment of $1,132 if each underlier is at or above its call threshold. If not redeemed, maturity is May 3, 2029 with payoff linked to the worst performing underlier, a 150% participation rate on upside, and a downside threshold at 70% of initial levels that can result in full or partial loss of principal.
Morgan Stanley Finance LLC is offering structured, principal-at-risk auto-callable securities due February 29, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon (annual rate determined at pricing, indicated at 11.00% to 12.00%) and can automatically redeem early if both underliers meet call thresholds on specified dates.
The securities reference the worst performing of the Dow Jones Industrial Average (INDU) and the State Street SPDR S&P Regional Banking ETF (KRE). Coupons are payable only if both underliers meet coupon barrier levels on observation dates; principal at maturity is reduced 1% for each 1% decline of the worst performing underlier below its 70% downside threshold.
Morgan Stanley Finance LLC is offering Principal at Risk buffered participation securities linked to the Roundhill Magnificent Seven ETF, with a stated principal of $1,000 per security and a May 3, 2029 maturity. The notes provide a 10% buffer on downside, a 100% participation rate on upside capped at a $1,880 maximum payment, and a $100 minimum payment at maturity (10% of principal). The initial level is $66.24 (strike date April 30, 2026); the buffer level is $59.616. The issue price is $1,000 (estimated value $953.20). All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley and are subject to issuer credit risk and market/underlier volatility.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Trigger Jump Securities due May 3, 2029, fully and unconditionally guaranteed by Morgan Stanley. The offering totals $182,000 in aggregate principal at $1,000 per security. At maturity investors receive the stated principal plus a fixed upside payment of $322.50 (32.25%) if the final level of each underlier is greater than or equal to its downside threshold (70% of initial level). If the final level of any underlier is below its downside threshold, payment equals the stated principal multiplied by the performance factor of the worst performing underlier (losses of up to 100% of principal are possible). The securities pay no interest, carry issuer credit risk, have an estimated value on the pricing date of $987.80 per security and were issued with agent commissions of $7.50 per security.
Morgan Stanley Finance LLC priced Trigger PLUS notes due May 3, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $960.10. The securities reference the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500, and pay at maturity based on the worst performing underlier.
Payment outcomes: if the worst performing underlier finishes above its initial level, investors receive principal plus a 160% leveraged upside on that underlier; if all underliers finish at or above their 70% downside thresholds, investors receive principal; if the worst performing underlier finishes below its 70% threshold, holders lose 1% of principal for each 1% decline (no minimum payment). Aggregate principal offered is $295,000. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS securities due November 23, 2027, linked to the worst performing of the Dow Jones Industrial Average and the Russell 2000. Each security has a stated principal amount of $1,000. At maturity investors may receive (a) principal plus a 150% leveraged upside (capped at $1,250), (b) principal plus an absolute return if the worst underlier stays above a 15% buffer, or (c) a pro rata loss beyond the buffer (with a 15% minimum payment). Estimated value on the pricing date was approximately $987.20. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk Buffered Jump Notes due May 15, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $898.50.
The securities pay no regular interest, feature automatic early redemption on specified determination dates with staged early redemption payments, a 15% buffer level, and a minimum payment at maturity equal to 15% of principal. If the final level is below the buffer, losses occur 1% for each 1% decline beyond the buffer.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes due May 15, 2031, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal and a contingent annual coupon of 12.75%. Coupons are paid only if the underlier meets the coupon barrier on observation dates and unpaid coupons may be paid later subject to the same condition. The notes are auto-callable starting on the first redemption determination date of May 12, 2027 if the underlier is at or above the call threshold (100% of the initial level). At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata by the underlier decline; if the final level is at or above that threshold, investors receive the stated principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due May 8, 2031, unsecured and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $970.30. The notes provide a leveraged upside of 185% if the S&P 500® Futures Excess Return Index finishes above its initial level, an absolute return participation of 100% if the index declines but stays above an 80% buffer level, and a downside loss of 1% of principal for each 1% the index falls below the buffer, subject to a 20% minimum payment at maturity.
All payments are subject to Morgan Stanley's credit risk. The securities do not pay interest, are intended for fee-based advisory accounts, and involve complex tax and market risks described in the supplement materials.
Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due May 30, 2031, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. Each security has a stated principal amount of $1,000. At maturity, if the worst performing underlier is above its initial level, investors receive principal plus a 130% leveraged upside; if the worst performing underlier is at or above 70% of its initial level but not above its initial level, investors receive principal only; if the worst performing underlier is below 70% of its initial level, investors suffer a loss equal to the full percentage decline in that underlier and may lose their entire investment. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk. The document shows an estimated value on the pricing date of approximately $950.10 per security.
Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities linked to the worst performing of Amazon.com, Inc. and Apple Inc.. Each security has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of approximately $979.10, and a maturity date of November 18, 2027.
The notes pay a contingent coupon at an annual rate of 11.32% on observation dates only if both underliers are at or above their coupon barrier levels (60% of initial level). The securities may auto-redeem on scheduled determination dates if both underliers meet call thresholds (100% of initial level). At maturity, if the worst performing underlier is below its downside threshold (60% of initial), principal is reduced proportionally and could be zero. All payments are unsecured and subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering market‑linked, auto‑callable principal‑at‑risk securities linked to the common stock of UnitedHealth Group Incorporated, due May 17, 2027. Each security has a face amount of $1,000 and an estimated value on the pricing date of $971.60 (plus or minus $25.00). The securities pay contingent monthly coupons (with a memory feature) only if the underlying stock closes at or above a coupon threshold equal to 70% of the starting price; the contingent coupon rate will be set on the pricing date and will be at least 10.50% per annum. After an initial six‑month non‑call period, the securities may be automatically called on monthly calculation days if the stock closes at or above the starting price, in which case investors receive the face amount plus accrued contingent coupons. If not called, at maturity investors receive the face amount if the ending price is at or above the downside threshold (70% of starting price) or a reduced payment equal to the face amount multiplied by the performance factor if the ending price is below that threshold, exposing investors to more than a 30% loss and possibly total loss of principal.