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 (MS), through Morgan Stanley Finance LLC, is offering Trigger PLUS structured notes linked to the Invesco S&P 500® Equal Weight ETF, maturing on August 22, 2031. Each security has a stated principal amount and issue price of $1,000 and pays no interest.
At maturity, if the ETF’s final level is above its initial level, holders receive $1,000 plus a leveraged upside payment equal to 112.50% of the ETF’s price appreciation. If the final level is at or below the initial level but at or above 80% of the initial level (the downside threshold), investors receive only the $1,000 principal. If the final level is below the downside threshold, repayment is reduced 1% for every 1% decline in the ETF, with no minimum payment, so the entire investment can be lost.
The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $954.90 per $1,000, reflecting issuing, selling, structuring and hedging costs and implying potential secondary market prices below the issue price. The issuer highlights liquidity risk, potential conflicts of interest, and uncertain U.S. federal tax treatment, including possible application of the constructive ownership regime and Section 871(m) for non-U.S. holders.
Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities due December 2, 2027, linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index, in $1,000 denominations, fully and unconditionally guaranteed by Morgan Stanley, with no periodic interest payments.
At maturity, investors receive upside one-for-one with the worst-performing index, capped at a maximum payment of $1,121.00 per $1,000 (112.10%), or a positive "absolute return" up to +19% if the worst index is down but not below 81% of its initial level. If the worst index finishes below its buffer level, principal is reduced 1% for each 1% decline beyond the 19% buffer, subject to a minimum payment of 19% of principal. The estimated value on the pricing date is approximately $986.30 per security, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities” with an auto-call feature maturing on August 28, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal amount and issue price.
The notes may be automatically redeemed quarterly from August 2027 onward if the index is at or above a call threshold of 90% of the initial level, paying fixed cash amounts that imply about 16.50% per annum, up to $1,811.25 on the last determination date. If held to maturity and not called, investors receive $1,825 per security if the final index level is at or above the call threshold, only $1,000 if between the call and a downside threshold at 50% of the initial level, and suffer a 1-for-1 loss below that, potentially losing their entire investment.
The notes pay no interest, do not participate in index upside beyond the fixed schedule, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $907.70 per security, reflecting issuance, structuring and hedging costs and a rate advantageous to the issuer.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk structured notes linked to the iShares Semiconductor ETF (SOXX). Each $1,000 security pays a contingent coupon at 22.50% per annum, but only if SOXX closes on each observation date at or above the coupon barrier level of $440.336; missed coupons may be paid later if the barrier is subsequently met.
The notes are auto-callable on specified dates if SOXX is at or above the call threshold level of $550.42, returning $1,000 plus the applicable coupon and any unpaid coupons, after which no further payments are made. If held to maturity and SOXX is at or above the buffer level of $440.336, investors receive $1,000 plus any contingent coupon then due. If the final level is below the buffer, principal is reduced by 1.25% for each 1% decline beyond the 20% buffer, with no minimum payment, so the loss can reach 100%.
The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is about $985.30 per $1,000, reflecting issuance, structuring and hedging costs, and secondary market liquidity is expected to be limited. U.S. tax treatment is uncertain, and non-U.S. holders may face 30% withholding on coupons.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Trigger Autocallable Contingent Yield Notes linked to the S&P 500® Index, maturing August 16, 2029, at an issue price of $10 per Security with a minimum investment of 100 Securities.
The notes pay a quarterly contingent coupon of $0.21375 (8.55% per annum) only if the S&P 500 closes at or above the Coupon Barrier of 5,839.32 (75% of the Initial Level of 7,785.76) on the relevant Observation Date. Beginning February 16, 2027, the notes are automatically called if the index closes at or above the Initial Level on any Observation Date, returning principal plus that period’s coupon.
If not called, and the Final Level on August 14, 2029 is at or above the Downside Threshold (also 5,839.32), investors receive $10 plus the final coupon. If the Final Level is below the Downside Threshold, repayment is $10 × (1 + Underlying Return), exposing investors 1‑for‑1 to index losses and allowing for a complete loss of principal. Payments depend on Morgan Stanley’s credit; the estimated value on the trade date is approximately $9.93 per Security, below the $10 issue price, reflecting structuring and hedging costs.
Morgan Stanley Finance LLC is offering $254,000 of Callable Buffered Jump Securities due July 12, 2030, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and no periodic interest.
The notes are linked to the worst performing of the iShares Core S&P Mid-Cap ETF (IJH) and iShares Core S&P Small-Cap ETF (IJR). If not called and both final levels exceed their initial levels, investors receive principal plus an upside payment equal to 173% of the worst underlier’s gain; if either finishes below its buffer level of 80% of initial, principal is reduced 1% for each 1% loss beyond the 20% buffer, subject to a 20% minimum payment. The issuer may redeem the notes in whole on scheduled redemption dates if a risk neutral valuation model indicates it is economically rational, paying fixed amounts that correspond to a return of approximately 16.00% per annum. The estimated value on the pricing date is $967.70 per $1,000, reflecting issuance, structuring and hedging costs, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley Finance LLC is offering Callable Contingent Income Memory Securities due July 13, 2029, fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal amount of $872,000 at $1,000 per security. These principal-at-risk notes are linked to the worst performing of the iShares® Expanded Tech-Software Sector ETF (IGV) and the VanEck® Semiconductor ETF (SMH). Investors may receive a contingent coupon at 16.50% per annum, paid only when on an observation date each ETF’s closing level is at or above its coupon barrier of 60% of its initial level (IGV: $55.446, SMH: $366.618). The notes are callable in whole on specified redemption dates if a risk neutral valuation model indicates early redemption is economically rational for the issuer, in which case investors receive principal plus the due and any previously unpaid coupons. If held to maturity and both final ETF levels are at or above their downside thresholds (also 60% of initial), investors receive principal plus any due coupons; otherwise, repayment is reduced 1% for each 1% decline of the worst performer, down to zero. The estimated value on the pricing date is $975.60 per security, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering structured Variable Income Auto-Callable Notes due September 2, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and is linked to the worst performing of NVIDIA, Meta Platforms (Class A), Oracle and Caterpillar common stocks.
The notes pay a variable coupon each period: a higher coupon of 10.25% per annum is paid only if on the relevant observation date the closing level of each underlier is at or above its coupon barrier level, set at 75% of its initial level; otherwise investors receive only the lower coupon of 0.25% per annum. Starting August 26, 2027, the notes are automatically redeemed if on a redemption determination date the closing level of each underlier is at or above a call threshold level equal to 90% of its initial level, paying the principal plus the higher coupon for that period.
If the notes are not called, investors receive the principal at maturity plus the applicable coupon for the final period; there is no participation in any stock price appreciation. The payoff depends on the worst performing underlier, so weak performance of any single stock affects returns. The estimated value on the pricing date is approximately $943 per note, and the notes are unsecured, unsubordinated obligations subject to Morgan Stanley’s credit risk, will not be listed on any exchange, and may be treated for U.S. tax purposes as variable rate or contingent payment debt instruments.
Morgan Stanley Finance LLC is offering Variable Income Memory Auto-Callable Notes due September 2, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal of $1,000 per note. The notes reference the worst performing of Dell, Palantir, Tesla and Marvell common stocks.
Each coupon period pays either a 0.25% per annum lower coupon or a 9.25% per annum higher coupon. The higher coupon, plus any unpaid conditional coupons at 9.00% per annum, is paid only if on the relevant observation date every underlier is at or above its coupon barrier level, initially set at 80% of its strike level. The notes are automatically redeemed if on specified dates all underliers are at or above a 95% call threshold, paying principal plus the higher coupon and any unpaid conditional coupons.
If not called, at maturity investors receive principal plus the applicable variable coupon and any payable conditional coupons, subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is approximately $942.50 per note, below the $1,000 issue price due to offering and hedging costs.
Morgan Stanley Finance LLC is offering variable income auto-callable notes due September 2, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and is linked to the worst performing of DELL, GOOG, MRVL and TSLA common stocks.
The notes pay a variable monthly coupon: a higher rate of 10.65% per annum if on the observation date each stock closes at or above its coupon barrier level of 65% of its initial level, otherwise a lower rate of 0.25% per annum. Starting August 26, 2027, the notes are automatically redeemed if on a redemption determination date each stock is at or above its call threshold level of 90% of its initial level, for principal plus the higher coupon.
If not called, investors receive principal at maturity plus the applicable final coupon; there is no participation in stock appreciation. The notes are unsecured, not listed on any exchange, and all payments depend on Morgan Stanley’s credit. The estimated value on the pricing date is approximately $941.30 per $1,000 note.
Morgan Stanley Finance LLC is offering Variable Income Auto-Callable Notes due September 2, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and pays a variable monthly coupon between an annual rate of 0.25% (lower coupon) and 11.50% (higher coupon).
The higher coupon is paid for a period only if, on the related observation date, the closing level of each underlier (Micron, Meta, Oracle, Palantir) is at or above its coupon barrier level, set at 70% of its initial level; otherwise only the lower coupon is paid. Starting August 26, 2027, the notes are automatically redeemed if on any redemption determination date each underlier is at or above its call threshold level of 85% of its initial level, for an early redemption payment equal to principal plus the higher coupon.
If not previously redeemed, investors receive the stated principal at maturity plus the applicable final coupon, subject to Morgan Stanley’s credit risk. The notes are based on the worst performing underlier and offer no participation in stock price appreciation. They are not listed on any exchange, and the estimated value on the pricing date is approximately $941.10 per note, below the $1,000 issue price due to embedded costs.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Auto-Callable Securities due July 17, 2028, linked to the worst performer of the State Street Utilities Select Sector SPDR ETF (XLU) and the VanEck Gold Miners ETF (GDX). The notes pay an 11.55% per annum contingent coupon only if on each observation date both ETFs close at or above their coupon barriers (70% of initial levels: $30.688 for XLU and $63.672 for GDX).
The notes may be automatically redeemed quarterly starting November 12, 2026 if both underliers are at or above their call thresholds (100% of initial levels: $43.84 for XLU, $90.96 for GDX), returning principal plus the coupon for that period. If held to maturity without early redemption and both final levels are at or above their downside thresholds (60% of initial: $26.304 for XLU, $54.576 for GDX), investors receive principal plus any final coupon.
If either ETF finishes below its downside threshold, repayment is reduced 1% for each 1% decline in the worst-performing ETF, down to zero, so principal is fully at risk. The issue price is $1,000 per note with an estimated value of $963.10, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $276,000 of Enhanced Buffered Jump Securities linked to the S&P 500® Index, maturing August 17, 2033, as part of its Series A Global Medium-Term Notes program. These unsecured notes, fully and unconditionally guaranteed by Morgan Stanley, pay no interest and expose investors to Morgan Stanley’s credit risk.
Each security has a $1,000 principal amount and an original issue price of $1,000, with an estimated value on the pricing date of $942. If at maturity the S&P 500 final level is at or above the buffer level of 6,973.65 (90% of the initial level of 7,748.50), investors receive $1,000 plus a fixed upside payment of $680, a 68% return regardless of how far above the buffer the index finishes. If the final level is below the buffer, principal is reduced 1% for each 1% decline beyond the 10% buffer, subject to a minimum payment at maturity of 10% of principal ($100 per security).
The notes are designed for fee-based advisory accounts willing to forgo dividends, upside beyond 68%, and liquidity, and to accept potential loss of up to 90% of principal. Secondary market trading, if any, will be limited, and prices are expected to be below the issue price.
Morgan Stanley, through Morgan Stanley Finance LLC, is offering fixed rate callable notes due August 28, 2036, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays fixed interest of 5.250% per annum, with semi-annual payments each February 28 and August 28, beginning February 28, 2027.
The issuer may redeem the notes early, in whole but not in part, on August 28, 2027 or February 28, 2028 at 100% of principal plus accrued interest, but only if a specified risk neutral valuation model indicates calling is economically rational for the issuer. The notes are unsecured obligations subject to Morgan Stanley’s credit risk and will not be listed on any securities exchange, and the estimated value on the pricing date is approximately $966.60 per note, below the issue price due to issuing, selling, structuring and hedging costs.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering fixed rate callable notes due August 27, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays fixed interest of 5.000% per annum, with semi-annual payments on February 27 and August 27, beginning February 27, 2027.
The notes are callable in whole, but not in part, on specified redemption dates if a risk neutral valuation model indicates it is economically rational for the issuer to redeem. Any redemption will be at 100% of principal plus accrued interest; once redeemed, no further payments are made. The notes are unsecured obligations subject to the credit risk of Morgan Stanley and MSFL and will not be listed on any securities exchange, so secondary liquidity may be limited.
The estimated value on the pricing date is approximately $981.20 per note, reflecting issuing, selling, structuring and hedging costs borne by investors. Proceeds are expected to be used for general corporate purposes, and in an event of default, the acceleration amount equals principal plus accrued and unpaid interest.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering fixed rate callable notes due August 28, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays a fixed interest rate of 4.750% per annum, with semi-annual interest payments on February 28 and August 28, beginning February 28, 2027.
The notes may be redeemed early in whole (but not in part) on August 28, 2027 or February 28, 2028 at 100% of principal plus accrued interest, if a risk neutral valuation model indicates redemption is economically rational for the issuer. The notes are unsecured obligations of MSFL, guaranteed on a pari passu basis by Morgan Stanley, will not be listed on any securities exchange, and carry an estimated value on the pricing date of approximately $988.80 per note, reflecting issuance, structuring and hedging costs borne by investors. All payments are subject to the credit risk of MSFL and Morgan Stanley.
Morgan Stanley Finance LLC is offering fixed rate callable notes due August 28, 2034, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, pays 5.200% per annum interest on a semi-annual basis, and returns principal plus accrued interest at maturity, subject to issuer credit risk.
The issuer may redeem the notes in whole on specified redemption dates (August 28, 2027 and February 28, 2028) at 100% of principal plus accrued interest, but only if a risk neutral valuation model indicates redemption is economically rational for the issuer. The notes are unlisted, may have limited secondary liquidity, and their market value can be affected by interest rates, credit spreads, and time to maturity.
The issue price is $1,000 per note, which includes issuing, selling, structuring and hedging costs borne by investors; the estimated value on the pricing date is approximately $976.10 per note. Proceeds are for general corporate purposes, and all payments rank pari passu with other unsecured, unsubordinated obligations of Morgan Stanley under the guarantee.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $1,015,000 of fixed rate callable notes due August 17, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount and issue price of $1,000 and pays fixed interest of 5.000% per annum, with semi-annual payments on the 17th of February and August, starting February 17, 2027.
The notes are callable at 100% of principal plus accrued interest on August 17, 2027 and February 17, 2028, but only if a risk neutral valuation model indicates it is economically rational for the issuer to redeem. The estimated value on the pricing date is $981.30 per note, below the issue price, reflecting issuance, structuring and hedging costs borne by investors. The notes will not be listed on any exchange, and Morgan Stanley & Co. LLC may, but is not obligated to, make a secondary market.
All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley. Risk factors highlighted include early redemption risk, potential price declines from interest rate or credit spread changes, the absence of independent assets at the issuer subsidiary, limited liquidity, conflicts of interest from affiliated agents and calculation agent, and the possibility that secondary market prices are substantially below the issue price.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering fixed rate callable notes maturing on August 15, 2036 with an aggregate principal amount of $551,000. Each note has a stated principal and issue price of $1,000 and pays a fixed coupon of 5.250% per annum, with interest paid semi-annually on the 15th of February and August, beginning February 15, 2027.
The notes are fully and unconditionally guaranteed by Morgan Stanley and are subject to its credit risk. They are callable, in whole but not in part, at 100% of principal plus accrued interest on August 15, 2027 and February 15, 2028, if a risk neutral valuation model indicates that redemption is economically rational for the issuer. The estimated value on the pricing date is $966.20 per note, below the issue price, reflecting issuance, structuring and hedging costs. The notes will not be listed on any securities exchange, and secondary market liquidity may be limited.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering fixed rate callable notes due August 16, 2030, fully and unconditionally guaranteed by Morgan Stanley. The aggregate principal amount is $1,110,000, with a stated principal and issue price of $1,000 per note.
The notes pay a fixed interest rate of 4.750% per annum, accruing from August 17, 2026, with semi-annual interest payments on February 16 and August 16, beginning February 16, 2027, using a 30/360 day-count convention. The notes are callable in whole at the issuer’s option on August 16, 2027 and February 16, 2028 at 100% of principal plus accrued interest, based on a specified risk neutral valuation model test.
The notes are unsecured obligations of Morgan Stanley Finance LLC, subject to the credit risk of Morgan Stanley as guarantor, and will not be listed on any securities exchange. The estimated value on the pricing date is $986.70 per note, below the issue price, reflecting issuance, selling, structuring and hedging costs borne by investors. Proceeds to the issuer are $995 per note before general corporate use and hedging.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is issuing fixed rate callable notes due August 17, 2034, fully and unconditionally guaranteed by Morgan Stanley. The notes bear a 5.200% fixed annual interest rate, paid semi-annually on February 17 and August 17, beginning February 17, 2027, on a 30/360 day-count basis.
The aggregate principal amount is $575,000, with a stated principal and issue price of $1,000 per note. The issuer may redeem all (but not part) of the notes at 100% of principal plus accrued interest on August 17, 2027 and February 17, 2028, if a risk neutral valuation model indicates calling is economically rational for the issuer. The notes are unsecured, subject to Morgan Stanley’s credit risk, will not be listed on any securities exchange, and had an estimated value on the pricing date of $976.10 per note, below the issue price due to issuance, structuring and hedging costs.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Buffered Jump Securities with an auto-call feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal of $9,325,000, and pays no interest.
The notes can be automatically redeemed quarterly from August 2027 if the index is at or above the call threshold of 1,374.09 (100% of the initial level), for early redemption payments that imply about 18.50% per annum, up to $1,909.583 per security. If held to August 2031 and not called, investors receive $1,925.00 per security if the final index level is at or above the call threshold, the principal back if between the call threshold and the buffer level of 1,167.977 (85% of initial), and a buffered loss of 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal.
The estimated value on the pricing date is $903.60 per security, below the $1,000 issue price, reflecting structuring and distribution costs and issuer pricing. Agent commissions are $47.50 per security, and investors are exposed to Morgan Stanley’s and MSFL’s unsecured credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $2,721,000 of Buffered Jump Securities with an auto-call feature linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each note has a $1,000 principal amount, is unsecured, pays no interest and is fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed quarterly starting August 13, 2027 if the index closes at or above the call threshold level of 1,236.681 (90% of the initial level), paying an early redemption amount that rises from $1,135 to $1,663.75 per note over 48 observation dates. If held to maturity on August 15, 2031 and the final index level is at or above the call threshold, investors receive a fixed $1,675 per note; if it is between the buffer and call threshold levels, only principal is returned. Below the buffer level of 1,167.977 (85% of the initial level 1,374.09), principal is reduced 1% for each 1% additional decline, subject to a minimum maturity payment of 15% of principal. The estimated value at pricing is $902 per note, reflecting embedded costs, and investors face issuer credit risk, limited liquidity, index-specific risks (including a 4% per annum decrement and leverage), and uncertain tax treatment.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering unsecured, auto-callable structured notes due August 17, 2033, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and is offered at $1,000, with an aggregate principal amount of $1,631,000.
The notes pay no interest. Starting with the first determination date on August 12, 2027, if the index closing level is at or above the call threshold of 1,374.09 (100% of the initial level), the notes are automatically redeemed for a fixed early redemption payment that implies approximately 10.25% per annum, ranging from $1,102.50 in 2027 up to $1,615.00 in 2032 per note. If not called and the final index level on August 12, 2033 is above the initial level, investors receive principal plus 100% of the index’s positive return; otherwise they receive only principal at maturity.
The estimated value on the pricing date is $926.60 per note, below the issue price, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s funding rate. The notes are subject to Morgan Stanley’s credit risk, will not be listed on any exchange, may have limited liquidity, and are expected to be treated as contingent payment debt instruments for U.S. federal tax purposes.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering digital S&P 500® Index-linked notes that are unsecured, principal-at-risk obligations fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends solely on S&P 500® performance from trade date to a determination date expected 12–14 months later.
For each $1,000 note, if the S&P 500® final level is at least 90% of its initial level, investors receive a fixed Maximum Settlement Amount expected between $1,082.80 and $1,097.20, capping upside at 108.28%–109.72% of face value. If the index declines by more than 10%, repayment is reduced using a buffer rate of about 111.11%, and investors can lose up to their entire principal. The original issue price is $1,000, with estimated value on the trade date of about $984.70, reflecting issuance, structuring and hedging costs; dealer commissions are $10.90 per note, leaving issuer proceeds of $989.10 per note.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Auto-Callable Securities due November 17, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, issue price of $1,000 and an aggregate principal amount of $4,910,000. The notes are unsecured, subject to Morgan Stanley’s credit risk, and principal is at risk.
These securities pay a contingent coupon at 13.85% per annum only if, on each observation date, both the Nasdaq-100 Technology Sector Index and the Russell 2000 Index close at or above their coupon barrier levels, set at 75% of their initial levels (NDXT 13,122.218; RTY 2,284.112). The notes are automatically called, starting February 12, 2027, if on any redemption determination date both indices are at or above 100% of their initial levels, returning principal plus that period’s coupon.
If not called, and at maturity both indices are at or above their downside threshold levels (also 75% of initial), investors receive principal plus any final coupon. If either index finishes below its downside threshold, the maturity payment is reduced on a 1% loss for each 1% decline of the worst-performing index, potentially to zero. The estimated value on the pricing date is $992.50 per security, below the $1,000 issue price, reflecting structuring and hedging costs and a rate advantageous to the issuer.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk “Jump Securities” with an auto-call feature maturing on September 3, 2030. Each note has a $1,000 stated principal amount and is linked to an equally weighted basket of Dell, Hewlett Packard Enterprise, Lam Research, Oracle and Vertiv stocks.
The notes pay no interest and do not guarantee return of principal. Starting September 1, 2027, if the basket’s closing level is at least 85 (85% of the initial level) on a determination date, the notes are automatically redeemed for a fixed cash amount that reflects about 16.50% per annum, rising from $1,165 to $1,618.75 over 12 dates. If held to maturity and not called, investors receive $1,660 per note if the final level is at least 85, par if it is between 50 and 85, and a linear loss of 1% per 1% decline below 50, potentially losing the entire investment. The estimated value on the pricing date is about $938.30 per note, below the issue price, and all payments depend on Morgan Stanley’s credit.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, maturing on August 25, 2031 and fully and unconditionally guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and issue price, with an estimated value on the pricing date of approximately $936.20 per security. Investors may receive a 17.00% per annum contingent coupon only if, on each observation date, the index is at or above the coupon barrier level of 70% of the initial level.
The notes are automatically callable quarterly from November 20, 2026 if the index is at or above 100% of the initial level, returning principal plus the applicable coupon. If held to maturity and the final index level is below the downside threshold of 50% of the initial level, investors lose 1% of principal for each 1% index decline, up to total loss. Payments depend on Morgan Stanley’s credit and there is no assurance of a liquid secondary market.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Digital S&P 500® Index-Linked Notes under its global medium-term note program. The unsecured notes are fully and unconditionally guaranteed by Morgan Stanley, pay no interest and are not FDIC insured.
For each $1,000 note, if on the determination date the S&P 500 Index is at or above 90% of its initial level, holders receive a fixed Maximum Settlement Amount expected between $1,082.50 and $1,096.80 (108.25%–109.68% of face). If the index has fallen more than 10%, the payoff declines linearly using a buffer rate of about 111.11%, and investors can lose some or all principal.
The expected term is about 13–15 months. The notes are priced at $1,000, but the estimated value on the trade date is about $984.50, reflecting issuance, structuring and hedging costs and Morgan Stanley’s internal funding rate. The notes will not be listed; any secondary market making by Morgan Stanley & Co. is discretionary and may be limited. All payments depend on Morgan Stanley’s credit.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering principal-at-risk Callable Contingent Income Securities due July 27, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF and are issued in $1,000 denominations.
Investors may receive a contingent coupon at 13.25% per annum, paid only if on each observation date the closing level of both underliers is at or above their coupon barrier, set at 70% of initial level. If either underlier is below its barrier on an observation date, no coupon is paid for that period. Starting with the first redemption date on November 30, 2026, the issuer may redeem the notes early on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; if called, investors receive the principal plus any due coupon and no further payments.
If the notes are not redeemed and on the final observation date both underliers are at or above their downside threshold (also 70% of initial level), investors receive principal back plus any final coupon. If either underlier finishes below its downside threshold, the maturity payment is reduced by the full percentage decline of the worst performing underlier, leading to a substantial loss of principal and possibly a zero repayment. The estimated value on the pricing date is approximately $984.50 per $1,000 note, reflecting issuance, structuring and hedging costs, and all payments are subject to the credit risk of Morgan Stanley and MSFL.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is issuing Enhanced Trigger Jump Securities maturing on September 16, 2027, linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. The notes are unsecured, pay no interest, and are fully and unconditionally guaranteed by Morgan Stanley, with principal at risk.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $6,271,000. If, on the observation date, the final level of each index is at or above 75% of its initial level, investors receive $1,000 plus a fixed upside payment of $116 (an 11.60% return), regardless of how much the indices have appreciated. If either index is below its downside threshold, repayment is reduced 1% for every 1% decline in the worst performing index, with no minimum payment, so the entire principal can be lost.
Initial levels are 3,045.483 for the Russell 2000® and 7,748.50 for the S&P 500®, with downside thresholds at 75% of those values. The estimated value on the pricing date is $995.90 per security, reflecting issuance, structuring and hedging costs. All payments depend on the credit of Morgan Stanley Finance LLC and Morgan Stanley.
MORGAN STANLEY (symbol: MS) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering $2,174,000 of unsecured Market-Linked Notes tied to the S&P 500 Index, maturing on August 17, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each Note has a $1,000 principal amount.
At maturity, if the S&P 500 return is positive, holders receive $1,000 plus 100% of the index gain, capped by a Maximum Gain of 78.50%, for a maximum payment of $1,785 per Note. If the index return is zero or negative, the payment is the $1,000 principal only, provided the Notes are held to maturity; there is no downside market loss at maturity but no interim interest or dividends.
The Notes are part of Morgan Stanley Finance LLC’s Series A Global Medium-Term Notes program, will not be listed on an exchange, and secondary liquidity may be limited. The estimated value on the trade date is $952.00 per Note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and an internal funding rate. Payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering unsecured Structured Investments "Jump Notes" with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley and linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. Each note has a $1,000 stated principal, pays no periodic interest, and is scheduled to mature on August 24, 2033.
The notes may be automatically redeemed on any of 24 determination dates starting on August 19, 2027 if the index closing level is at or above the call threshold level of 100% of the initial level, for fixed early redemption payments that correspond to approximately 8.25% per annum, ranging from $1,082.50 per note on the first early redemption date up to $1,556.875 on the last. If not called, and the final index level on the August 19, 2033 observation date is above the initial level, investors receive principal plus an upside payment based on 100% participation in index appreciation; if the final level is at or below the initial level, only principal is repaid.
The estimated value on the pricing date is approximately $928.10 per note, reflecting issuance, selling, structuring and hedging costs and Morgan Stanley’s pricing models. The underlier is a relatively new, rules-based, volatility-targeted momentum index with a 4% per annum decrement and limited live history (inception March 14, 2022); the last reported closing level cited is 1,358.48 on August 11, 2026. All payments are subject to Morgan Stanley’s credit risk, the notes will not be listed on any exchange, and secondary market liquidity may be limited.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Trigger PLUS structured notes due August 15, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, with an aggregate principal of $4,319,000, and pays no interest.
The return depends on the worst performing of the Russell 2000 Index and the S&P 500 Index. If the final level of each index is above its initial level, investors receive principal plus a leveraged upside payment of 150% of the worst index’s gain. If either index ends at or below its initial level but both stay at or above 70% of their initial levels, investors receive only principal.
If either index finishes below its downside threshold (70% of its initial level), repayment is reduced 1% for every 1% decline in the worst index, with no minimum; the entire investment can be lost. The securities are unsecured obligations subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $984.90 per $1,000 security, reflecting issuance, selling, structuring and hedging costs.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Dual Directional Buffered Jump Securities linked to the S&P 500® Index, with an aggregate principal amount of $2,059,000 and a stated principal amount of $1,000 per security, maturing on August 15, 2030. The securities pay no interest and are fully and unconditionally guaranteed by Morgan Stanley, with principal at risk and no FDIC insurance.
At maturity, if the S&P 500® final level is at or above the initial level of 7,748.50, investors receive principal plus a fixed upside payment of $320 (32%). If the index is below the initial level but at or above the buffer level of 6,198.80 (80% of initial), investors receive principal plus a positive return equal to 400% of the index’s absolute percentage decline, capped so the total gain does not exceed 80%. If the index finishes below the buffer, repayment is reduced 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal.
The issue price is $1,000 per security, while the estimated value on the pricing date is $992, reflecting issuance, structuring and hedging costs borne by investors. All payments depend on Morgan Stanley’s credit; market value can be volatile and secondary liquidity may be limited.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $601,000 of Contingent Income Memory Buffered Auto-Callable Securities due August 15, 2031, at $1,000 per security, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley.
The notes pay a 9.50% per annum contingent coupon only when the index is at or above the coupon barrier of 824.454 (60% of the initial level 1,374.09). They are automatically called if the index is at or above the call threshold of 1,374.09 on scheduled redemption determination dates, returning principal plus due and unpaid coupons.
If not called, and the final index level is at or above the buffer level of 1,167.977 (85% of initial), investors receive full principal back (plus any payable coupons). Below the buffer, principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is $899.40 per security, below the issue price, and all payments are subject to Morgan Stanley’s credit risk.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Structured Investments Buffered PLUS, principal-at-risk notes maturing August 15, 2031, linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $1,423,000.
The notes pay no interest. At maturity, investors get leveraged upside of 206% of any index gain above the initial level of 618.41; if the index finishes between the initial level and the 80% buffer level (494.728), only principal is returned. Below the buffer, losses are 1% for each 1% further decline, subject to a minimum payment of 20% of principal. The estimated value on the pricing date is $974.70 per security, reflecting issuance, structuring and hedging costs. All payments depend on Morgan Stanley’s credit and there may be limited or no secondary market liquidity.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Dual Directional Buffered Jump Securities linked to the S&P 500® Index, maturing on August 15, 2031. These unsecured notes, fully and unconditionally guaranteed by Morgan Stanley, pay no interest and expose investors to principal risk.
Each security has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $2,734,000. If the index’s final level is at or above the initial level of 7,748.50, holders receive principal plus a fixed upside payment of $432.50 (43.25%), regardless of how high the index rises. If the index declines but stays at or above the buffer level of 6,198.80 (80% of the initial level), investors receive principal plus a positive return equal to the absolute underlier return multiplied by a 400% participation rate, effectively capped at an 80% gain.
If the final level falls below the buffer level, investors lose 1% of principal for each 1% index decline beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal. The estimated value on the pricing date is $986.80 per security, below the $1,000 issue price, reflecting issuance, selling, structuring and hedging costs and the issuer’s funding rate. The notes are subject to Morgan Stanley’s credit risk, limited liquidity, and uncertain U.S. tax treatment.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering Contingent Income Buffered Auto-Callable Securities due August 16, 2029, linked to the worst performer of the iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX). Each note has a $1,000 stated principal amount and pays a 10.50% per annum contingent coupon only when both ETFs close at or above their coupon barrier levels (70% of initial levels) on scheduled observation dates.
The notes may be automatically called quarterly from August 2027 onward if both underliers are at or above their call thresholds (100% of initial levels), in which case investors receive principal plus the applicable coupon and no further payments. At maturity, if not called, investors receive principal back only if both final levels are at or above the 20% buffer level (80% of initial levels); otherwise, repayment is reduced 1% for each 1% decline of the worst underlier beyond the 20% buffer, subject to a minimum payment of 20% of principal. The aggregate principal offered is $2,429,000, and the estimated value on the pricing date is $932.30 per $1,000, reflecting issuer and structuring costs. All payments are unsecured and subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is issuing principal-at-risk callable contingent income securities due August 15, 2031, linked to the worst performer of the EURO STOXX 50®, Nasdaq-100® and Russell 2000® indices. Each security has a $1,000 stated principal amount, with a total offering of $900,000, and is fully and unconditionally guaranteed by Morgan Stanley.
Investors may receive a contingent coupon at an annual rate of 11.10%, payable only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels. The notes are callable in whole on scheduled redemption dates if a risk neutral valuation model indicates early redemption is economically rational for Morgan Stanley; once redeemed, no further payments are made.
If not redeemed early, principal is repaid at maturity only if each index’s final level is at or above its downside threshold level, set at 60% of its initial level. Otherwise, the payoff is reduced 1% for every 1% decline in the worst-performing index, down to zero, so investors can lose their entire investment. The estimated value on the pricing date is $981.80 per security, below the issue price due to embedded costs, and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley (MS), via Morgan Stanley Finance LLC, is offering Contingent Income Memory Auto-Callable Securities linked to the Nasdaq‑100 Index®, maturing August 27, 2027. The notes are unsecured, principal-at-risk obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.
The securities have a stated principal amount of $1,000 per note and an aggregate principal amount of $540,000, issued at 100% of face value. They pay a contingent coupon at 10.04% per annum only if, on each observation date, the index is at or above the coupon barrier level of 22,144.11 (75% of the initial level of 29,525.48). Missed coupons can be paid later (“memory”) if a future observation meets the barrier.
The notes are auto-callable on specified redemption determination dates if the index is at or above the call threshold level of 29,525.48; in that case investors receive principal plus the applicable coupon and any unpaid coupons, and the notes terminate. If not redeemed and at maturity the index is at or above the downside threshold level of 22,144.11, investors receive full principal plus any due coupons; if below, repayment is reduced 1% for each 1% index decline, potentially to zero. The estimated value on the pricing date is $985.80 per note, below the issue price, reflecting fees, hedging and structuring costs, and all payments are subject to Morgan Stanley’s and MSFL’s credit risk.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $7,390,690 of Trigger Step Securities linked to the EURO STOXX 50® Index, fully and unconditionally guaranteed by Morgan Stanley. Each Security has a $10 principal amount and a 5-year term from August 17, 2026 to August 15, 2031, with no periodic interest or dividends.
If the Final Level of the index on August 13, 2031 is at or above the Step Barrier, equal to 100% of the Initial Level of 6,545.47, investors receive $10 plus the greater of a fixed 56.00% Step Return or the index return. If the Final Level is below the Step Barrier but at or above the Downside Threshold of 4,909.10 (approximately 75% of the Initial Level), principal is repaid at $10. If the Final Level is below the Downside Threshold, repayment is $10 plus the full negative Underlying Return, and investors can lose up to all principal.
The Issue Price is $10.00 per Security, including a $0.35 underwriting discount, resulting in proceeds to Morgan Stanley of $9.65 per Security before hedging. The estimated value on the trade date is $9.548 per Security, reflecting structuring and hedging costs. Payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, and there may be little or no secondary market.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $1,508,000 of Trigger PLUS structured notes due August 14, 2031, each with a $1,000 stated principal amount, under its global medium-term notes program. The notes are fully and unconditionally guaranteed by Morgan Stanley but pay no interest and do not guarantee principal repayment.
Returns depend on the worst performing of the Dow Jones Industrial Average and the Invesco S&P 500 Equal Weight ETF. If that underlier finishes above its initial level, investors receive principal plus 133.50% of its gain. If it finishes between 50% and 100% of its initial level, investors receive only principal. Below 50%, principal falls 1% for each 1% decline, with no minimum, so losses can reach 100%. The estimated value on the pricing date is $994 per $1,000 note, reflecting embedded costs, and investors also face issuer credit risk, limited liquidity and uncertain U.S. tax treatment.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering $7,345,990 of five-year Trigger GEARS, principal-at-risk notes linked to a weighted basket of international equity indices: EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%).
Each $10 Security pays at maturity: if the Basket Return is positive, $10 plus 1.65× the positive Basket Return; if the Basket Return is zero or negative but the Final Basket Level is at or above the Downside Threshold of 75% of the Initial Basket Level, $10; if below the Downside Threshold, $10 plus $10×Basket Return, exposing investors to full downside and potential total loss of principal.
The notes pay no interest or dividends, are unsecured obligations of MSFL fully guaranteed by Morgan Stanley, and have an estimated value on the trade date of $9.470 per $10, below the issue price due to structuring, distribution and hedging costs. Proceeds are for general corporate purposes, and secondary market liquidity is not assured.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering market-linked, auto-callable “principal at risk” securities due August 22, 2030, at $1,000 face amount per security, fully and unconditionally guaranteed by Morgan Stanley and linked to the lowest performing of the S&P 500® Index and Dow Jones Industrial Average.
The notes may be automatically called quarterly from August 23, 2027 if both indices close at or above their starting levels, paying a fixed call amount (initially at least $1,082.50, rising to at least $1,330.00 on the final calculation day). Investors do not participate in any additional upside beyond these call payments and receive no interest or dividends.
If not called, and either index finishes below its 80% threshold level on the final calculation day, principal is reduced one-for-one with the decline of the worst index, potentially to zero; only if both stay at or above their thresholds is $1,000 repaid. The issuer’s estimated value on the pricing date is about $959.90 per security, below the issue price, reflecting embedded costs. The securities are unsecured obligations subject to Morgan Stanley’s credit risk and may have limited or no secondary market liquidity.
MORGAN STANLEY (MS), through Morgan Stanley Finance LLC, is offering Enhanced Trigger Jump Securities due November 17, 2027, linked to the worst performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and do not guarantee repayment of principal.
Each $1,000 security pays at maturity either $1,160 (a fixed 16% upside) if the final level of every index is at least 70% of its initial level, or a loss matching the percentage decline of the worst-performing index if any finishes below its 70% downside threshold. In that case, repayment can be far below $1,000 and may be zero. The notes are unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, with all payments subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date is $999.30 per $1,000 security, reflecting issuance, structuring and hedging costs borne by investors.
Morgan Stanley (MS), through Morgan Stanley Finance LLC, is offering structured Buffered Jump Securities with an auto-callable feature maturing August 15, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each note has a $1,000 stated principal amount and issue price, with an aggregate principal amount of $195,000.
The notes pay no interest and may be automatically redeemed starting August 13, 2027 if the index is at or above the call threshold level of 1,374.09, for increasing early redemption payments that correspond to about 17.25% per annum. If held to maturity, investors receive $1,862.50 per note if the final index level is at or above the call threshold, principal back if it is between the buffer level 1,099.272 (80% of initial) and the threshold, and a proportional loss beyond the 20% buffer, with a minimum payment of 20% of principal.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and subject to Morgan Stanley’s credit risk. The estimated value on the pricing date is $905.30 per $1,000 note, reflecting embedded costs, and secondary market liquidity and pricing may be limited.