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 Principal at Risk securities — structured notes due May 27, 2027 that are fully and unconditionally guaranteed by Morgan Stanley and link to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.
Each security has a stated principal of $1,000 and a fixed upside payment of $118.50 (11.85%) payable at maturity only if the final level of each underlier is at or above its downside threshold (70% of initial level). If any underlier finishes below its downside threshold, the holder suffers a loss equal to the percentage decline of the worst performing underlier; there is no minimum payment and the payment could be zero. All payments are subject to Morgan Stanley's credit risk. The preliminary pricing shows an estimated value on the pricing date of approximately $990.30 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 12.15% that pays only if the underlier meets observation-date barriers. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities feature automatic early redemption if the underlier meets the call threshold on any redemption determination date, a buffer equal to 85% of the initial level (buffer amount 15%), and a minimum payment at maturity of 15% of stated principal. Estimated value on the pricing date was approximately $945.30 per security. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities backed by Alibaba ADS, priced at $1,000 per security. The notes pay a contingent coupon at an annual rate of 10.65% on observation dates when the underlier meets the coupon barrier and can auto-redeem if the underlier meets the call threshold on a redemption determination date. If not redeemed, maturity payments depend on the final level versus a downside threshold set at 60% of the initial level, exposing investors to potential loss of principal down to zero. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable principal-at-risk securities due November 4, 2027 linked to the worst performing of the EURO STOXX 50, Nasdaq-100 and Russell 2000 indices. Each security has a $1,000 stated principal and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 10.10% on scheduled coupon dates only if each underlier closes at or above its coupon barrier level on the related observation date. The call threshold level equals 100% of each initial level; coupon barriers equal 75% and downside thresholds equal 70% of initial levels. If not auto‑redeemed, maturity payment returns principal only if each final level is at or above its downside threshold; otherwise payment at maturity equals principal times the performance factor of the worst performing underlier, which could result in a total loss of principal. Estimated value on the pricing date was approximately $972.60 per security. All payments are subject to Morgan Stanley Finance LLC credit risk and guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due May 26, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000. The securities provide 150% leveraged upside (leverage factor 150%) subject to a maximum payment at maturity of $1,121.50 and a 10% buffer applied to the initial level of the S&P 500® Index (initial level 7,064.01). If the final averaged index level is at or above the buffer level, investors receive at least the stated principal; if below the buffer level, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 10%. The estimated value on the pricing date was approximately $986.20. All payments are subject to Morgan Stanley's credit risk and U.S. federal income tax treatment of the securities is uncertain.
Morgan Stanley Finance LLC offers an aggregate face amount of $5,500,000 of auto-callable, principal-at-risk market linked securities due April 23, 2032, fully and unconditionally guaranteed by Morgan Stanley. The securities have a face amount of $1,000 per security and an estimated value on the pricing date of $971.90 per security.
The securities are linked to the lowest performing of the Dow Jones Industrial Average SM, the S&P 500® Equal Weight Index and the Russell 2000® Index. They feature scheduled calculation days beginning October 25, 2027 for potential automatic calls with fixed call payments that increase over time (first call premium 16.875%, final call premium 67.50%). If not called, maturity payoffs depend on the lowest performing underlying and may result in losses greater than 25% or total loss.
Morgan Stanley Finance LLC is offering Principal at Risk PLUS notes due May 5, 2031 linked to the best performing of the EURO STOXX 50, MSCI EAFE and S&P 500 Futures Excess Return indices. Each security has a $1,000 stated principal amount and a leverage factor of 105%. At maturity investors receive the stated principal plus 105% of appreciation of the best performing underlier, or a reduced principal equal to the underlier performance; there is no guaranteed minimum and investors may lose their entire principal. The estimated value on the pricing date is approximately $966 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a preliminary offering of Principal‑at‑Risk notes due August 5, 2027 linked to the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices.
The securities have a stated principal amount of $1,000 per security, an upside payment of $183 (18.30%) payable if the worst performing underlier is at or above a 90% buffer on the observation date, a 10% buffer and a minimum payment at maturity of 10%. The document shows an estimated value on the pricing date of approximately $988.30 per security and emphasizes principal risk, no interest payments, and reliance on Morgan Stanley credit and the calculation agent for determinations.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the common stock of Zscaler, Inc. with a stated principal amount of $1,000 per security and a fixed $370 upside payment (37% of principal) if the final level is at or above a downside threshold set at 60% of the initial level. The securities have a strike date of April 27, 2026, an observation date of October 27, 2027 (subject to postponement), and a maturity date of November 1, 2027. If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level/initial level), so investors may lose up to their entire investment. The estimated value on the pricing date was approximately $957.80 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal at Risk structured notes linked to the worst performing of the State Street® Energy Select Sector SPDR® ETF (XLE), the Nasdaq-100 Index® (NDX) and the Russell 2000® Index (RTY). Each note has a stated principal amount of $1,000 and an upside payment of $128.50 (12.85%) if every underlier finishes at or above its downside threshold. If the worst performing underlier finishes below its downside threshold (60% of its initial level), the maturity payment equals principal × the worst performing underlier’s performance factor and could be significantly less or zero. Estimated value on the pricing date is approximately $967.20. Observation date is October 28, 2027 (subject to postponement); maturity is November 2, 2027. The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC offers contingent-income auto-callable securities due November 12, 2027, fully guaranteed by Morgan Stanley. Each security has a $1,000 issue price and an estimated value on the pricing date of approximately $968.50. The notes pay a contingent coupon of 9.50% per annum on observation dates when each underlier is at or above its coupon barrier (70% of initial levels) and may be automatically redeemed early if each underlier meets its call threshold (100% of initial levels) on a redemption determination date. If not automatically redeemed, payment at maturity depends on the worst performing underlier: if the worst performing underlier is below its downside threshold (70% of initial level), principal is reduced pro rata by that underlier’s performance factor. Strike date is May 8, 2026 (initial levels set on that date); final observation date is November 8, 2027.
Morgan Stanley Finance LLC priced a series of Principal at Risk structured notes due January 26, 2027, fully guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100 and S&P 500 indices. Each security has a stated principal amount of $1,000 and an illustrative contingent annual coupon of 12.10%, payable only on observation dates when both underliers are at or above 85% of their initial levels (the coupon barrier).
The notes include a 15% buffer and a downside factor of 1.1765: if the final level of the worst performing underlier is below the buffer, investors suffer losses of 1.1765% for each 1% decline beyond the buffer. The issuer may call the notes on scheduled redemption dates beginning May 27, 2026 if a risk neutral valuation model indicates it is economically rational to do so; early redemption would end future payments. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes tied to Credo Technology Group Holding Ltd common stock. Each security has a $1,000 stated principal amount and a fixed upside payment of $616.20 (61.62%). The securities use a 20% buffer (buffer level $146.656, initial level $183.32) and a downside factor of 1.25; if the final level on the observation date is below the buffer, investors lose 1.25% for every 1% decline beyond the buffer. The pricing date estimate valued each security at approximately $962.00. Observation date is May 5, 2027 and maturity is May 10, 2027. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $8.19M of capped leveraged buffered basket-linked notes (Principal at Risk), guaranteed by Morgan Stanley. Trade Date is April 20, 2026 with Stated Maturity Date October 22, 2027. The payoff links to a weighted basket (EURO STOXX 50 40%, TOPIX 25%, FTSE 100 17%, SMI 11%, S&P/ASX 200 7%).
The notes provide 150% Upside Participation to increases up to a Cap Level 115.20% (Maximum Settlement Amount $1,228 per $1,000). A 10.00% buffer preserves principal only if declines are ≤10.00%; losses occur if the Basket declines >10.00%. Estimated value on the trade date was $975.80.
Morgan Stanley Finance LLC offers $11,128,000 of Digital S&P 500® Index-Linked Notes due September 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 Face Amount note pays no interest and returns either a capped upside of $1,131.10 per note if the S&P 500 closes at or above 87.50% of its initial level on the Determination Date, or a downside cash payment that can result in partial or total loss of principal if the index falls below that threshold.
The Trade Date is April 20, 2026 (Original Issue Date April 23, 2026). The Initial Underlier Level is 7,109.14 and the estimated value on the Trade Date is $996.60 per note. All payments are subject to issuer and guarantor credit risk; proceeds are for general corporate purposes.
Morgan Stanley Finance LLC priced structured, market-linked notes due April 22, 2031 underwritten by Morgan Stanley, offering an aggregate principal amount of $300,000 at a per-note issue price of $1,000.
The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, pay no periodic interest, and provide payment at maturity equal to the stated principal plus an upside payment if the S&P 500® Futures Excess Return Index final level exceeds the initial level (initial level: 574.76). The participation rate is 111%; the observation date is April 17, 2031. The estimated value on the pricing date was $945.90 per note and selling dealers receive a fixed commission of $33.50 per note.
Morgan Stanley Finance LLC priced a $685,000 aggregate offering of Principal at Risk structured notes linked to the worst-performing of NVIDIA, Microsoft and Alphabet common stocks. Each $1,000 security has a 300% participation rate, an early redemption payment of $1,450 on the first determination date and an estimated value on the pricing date of $944.60.
The notes are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, do not pay interest, and expose investors to principal loss if the worst-performing underlier falls below its 50% downside threshold. Automatic early redemption occurs if each underlier meets its 100% call threshold on the first determination date.
Morgan Stanley Finance LLC priced an offering of Principal-at-Risk, auto-callable jump securities linked to the worst performing of the Russell 2000 and the S&P 500. The issue is $27,744,000 in aggregate principal, $1,000 stated principal per security, with an estimated value on the pricing date of $975.60. The notes pay no interest, may be automatically redeemed on scheduled determination dates for increasing fixed early redemption payments, and pay at maturity either a fixed positive return, the stated principal, or an equity-linked loss determined by the worst performing underlier; downside thresholds are 1,943.83 (RTY) and 4,988.242 (SPX), each equal to 70% of their initial levels. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Structured Investments "Buffered PLUS" principal-at-risk notes totaling $540,000. The securities have a April 22, 2026 issue date and a April 20, 2029 maturity and are fully guaranteed by Morgan Stanley.
Each security has a $1,000 stated principal amount and issue price, an estimated value on the pricing date of $980.90, a leverage factor of 148.50%, a buffer amount of 15% (buffer level 488.546), and a minimum payment at maturity of 15% of principal. Payment depends on the S&P 500® Futures Excess Return Index closing level on the observation date (April 17, 2029); losses beyond the buffer are passed through on a 1:1 basis.
Morgan Stanley Finance LLC is offering callable Principal at Risk securities due February 23, 2028 linked to the worst performing of three underliers: the State Street® Industrial Select Sector ETF, the Nasdaq-100® Technology Sector and the Russell 2000® Index. The securities have a contingent coupon of 9.45% per annum payable only if each underlier meets its coupon barrier on each observation date. The issuer may call the notes on specified monthly redemption dates beginning January 22, 2027 if a risk neutral valuation model shows calling is economically rational. At maturity investors receive the $1,000 stated principal if every underlier is at or above its downside threshold (50% of initial level); otherwise the payment equals stated principal × performance factor of the worst performing underlier, resulting in potential loss of principal down to zero. Issue price is $1,000 per security, estimated value on pricing date was $988.80, aggregate principal offered $1,130,000. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC priced contingent-income, memory buffered, auto-callable principal-at-risk securities linked to Taiwan Semiconductor Manufacturing Company Limited American depositary shares. The offering totals $10,606,000 at a $1,000 stated principal amount per security and matures on May 5, 2027, with observation dates ending April 30, 2027. The securities pay a contingent coupon at an annual rate of 20.36% only if the underlier meets coupon barrier tests, feature a buffer at $296.40 (80% of initial level) and apply a 1.25 downside factor to declines beyond the buffer; principal is at risk and all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a structured note offering: this Dual Directional Trigger PLUS links returns to the EURO STOXX 50® Index and is fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, aggregate principal of $1,439,000, and an estimated value on the pricing date of $932.30 per security. At maturity on April 22, 2032, payoffs vary by index performance: leveraged upside of 145% on appreciation, a capped absolute return if declines stay above a 60% threshold, and full downside exposure below that threshold. All payments are subject to Morgan Stanley's credit risk and there is no guaranteed return of principal.
Morgan Stanley Finance LLC priced a $1,020,000 offering of buffered, auto-callable Principal at Risk securities linked to the worst performing of the VanEck® Gold Miners ETF (GDX) and the State Street® SPDR® S&P® Metals & Mining ETF (XME). Each security has a $1,000 stated principal amount, $1,000 issue price, an estimated value on the pricing date of $957.70, and carries a 15% downside buffer with a 15% minimum payment at maturity. The securities may automatically redeem on specified determination dates for scheduled early redemption payments (ranging from $1,045.00 to $1,240.00) and mature on January 22, 2029. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC issues Structured Investments — Buffered Participation Securities tied to a three‑component basket and fully guaranteed by Morgan Stanley. The offering comprises $530,000 aggregate principal of $1,000 securities (issue price $1,000 each; estimated value $987.80). Each security has a 100% participation rate, a 20% buffer (buffer level = 80), a maximum payment at maturity of $1,252.50, and a minimum payment of 20% of principal. Payments depend on the basket’s closing final level on the observation date February 17, 2028, with principal at risk if the final level is below the buffer.
Morgan Stanley Finance LLC priced Principal at Risk structured notes due April 22, 2031 with a stated principal amount of $1,000 per security and an aggregate principal amount of $663,000. The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.
Payoff depends on the worst performing of the Russell 2000® and the S&P 500® Futures Excess Return indices. Investors receive the greater of a participation linked to the worst underlier or an $734 upside payment if both underliers finish at or above their initial levels; full principal is returned only if both underliers finish at or above their 70% downside thresholds; below that threshold investors lose principal pro rata (no minimum payment).
Morgan Stanley Finance LLC priced a principal-at-risk, auto-callable structured note linked to the worst performing of the S&P 500® Index and the S&P MidCap 400® Index. The securities have a $1,000 stated principal amount, $1,000 issue price and aggregate principal amount of $4,025,000. The securities can be automatically redeemed on the first determination date (April 21, 2027) for an early redemption payment of $1,183 if the closing level of each underlier is >= its call threshold levels (SPX: 7,126.06; MID: 3,646.35). If not auto‑redeemed, maturity is April 20, 2029; at maturity investors may receive the stated principal plus an upside payment (participation rate 125%) if both underliers finish above their initial levels, principal only if both finish at or above their downside thresholds (70% of initial), or a reduced payment tied to the worst performing underlier (loss of 1% per 1% decline below the downside threshold).
All payments are subject to MSFL/Morgan Stanley credit risk; estimated value on the pricing date was $992.40 per security. The agent and calculation agent is Morgan Stanley & Co. LLC, and selected dealers receive a structuring fee of up to $8 per security.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the common stock of Micron Technology, Inc. Each security has a $1,000 stated principal amount, an original issue price of $1,000 and a stated estimated value of approximately $979.20 on the pricing date.
At maturity on May 25, 2027, if the underlier’s final level is at or above the downside threshold of $313.894 (approximately 70% of the initial level of $448.42), investors receive principal plus a fixed upside payment of $425.30. If the final level is below that threshold, payment equals principal multiplied by the ratio of final level to initial level, which can result in substantial loss, including total loss of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced contingent income, memory buffered auto-callable notes linked to Amazon.com common stock with a $1,000 stated principal per security. The notes pay a 17.44% annual contingent coupon, have automatic early redemption opportunities, a 15% buffer (coupon and buffer set at 85% of initial level), a downside factor of 1.1765, and mature on May 12, 2027. Coupon payments depend on the closing level of the underlier on specified observation dates; principal is at risk and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering contingent income auto-callable, principal-at-risk securities linked to the common stock of Fair Isaac Corporation. Each security has an original issue price of $1,000, a contingent annual coupon of 21.15% (payable only if the underlier meets coupon barrier tests), automatic early redemption features tied to periodic call tests, and a maturity date of February 1, 2028. Payments (including principal return) depend on the closing level of the underlier on specified observation and redemption determination dates; if the final level is below the downside threshold, investors may lose principal on a pro rata basis. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and remain subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Principal at Risk structured notes linked to the Nasdaq-100 Index®, issued at $1,000 per security with an aggregate principal amount of $1,598,000. The notes pay no interest, carry principal-at-risk and are fully guaranteed by Morgan Stanley. They feature an automatic early redemption on the first determination date (April 21, 2027) if the closing level of the index is at or above the call threshold (26,672.43), producing an early redemption payment of $1,114 per security. If not called, maturity is April 22, 2031 with payoff rules: participation of 150% of upside if the final level exceeds the initial level (26,672.43); return of principal if final level ≥ 80% of initial level; and pro rata losses (performance factor = final/initial) if final level < 80% of initial, potentially resulting in total loss. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced and is offering $5,469,000 aggregate principal of Trigger Jump Securities due July 22, 2027, unsecured notes fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $200.50 (20.05%) if an equally weighted basket of GLD and SLV is flat or higher on the valuation date. If the final basket value is between the initial value and a 65% threshold, investors receive principal only; if below 65% of the initial basket value, payment equals $1,000 × (final/initial), so losses can exceed 35% and could be total. The issuer expects aggregate proceeds to be used for general corporate purposes; the estimated value on the pricing date is $970.20 per security.
Morgan Stanley Finance LLC priced a $5,710,000 issue of auto-callable, principal-at-risk notes guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an original issue price of $1,000; the estimated value on the pricing date was $994 per security. The notes reference the Nasdaq-100 Index, have a 150% participation rate for upside at maturity, an automatic early redemption feature on the first determination date of April 21, 2027 for an early redemption payment of $1,146, and a final maturity on April 22, 2031. The initial level and call threshold were 26,672.43, with a downside threshold at 21,337.944 (80% of the initial level). If final performance is below the downside threshold, investors lose in direct proportion to the index decline; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced a $2,230,000 offering of Principal at Risk structured notes due April 22, 2031. The securities have a $1,000 stated principal amount, an estimated value of $936.80 on the pricing date, and pay at maturity based on the worst performing of the EURO STOXX 50®, Russell 2000® and the State Street SPDR S&P Regional Banking ETF. The notes feature a fixed $645 upside payment (64.50% of principal) if the worst performing underlier meets or exceeds its 75% upside threshold, full principal protection only if all underliers finish at or above their 65% downside thresholds, and potential loss of principal pro rata below those downside thresholds.
The pricing supplement describes Morgan Stanley Finance LLC's offering of Principal at Risk Dual Directional Trigger Jump Securities due April 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of the Russell 2000® Index and the S&P 500® Futures Excess Return Index and pay no interest.
Each security has a stated principal amount of $1,000. Payoff outcomes depend on the final levels on the observation date: investors may receive the stated principal plus an upside payment of $667.50 (66.75%) in certain upside scenarios, an absolute-return payment capped at 30% in a limited depreciation range, or suffer losses dollar-for-dollar below the downside threshold (70% of initial levels), including the potential loss of the entire principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers $1,856,000 of Dual Directional Trigger PLUS notes due April 22, 2031, fully and unconditionally guaranteed by Morgan Stanley. These principal-at-risk securities reference the EURO STOXX 50® Index with a stated principal of $1,000 per security and an estimated value of $969.60 on the pricing date.
At maturity the payoff is: (1) stated principal plus 148% leveraged upside if the final level exceeds the initial level (initial level 6,057.71); (2) stated principal plus a positive return equal to the absolute decline times a 100% participation rate if the final level is between the initial level and the downside threshold (60% of initial); or (3) a performance-based loss (final level / initial level) if the final level is below the downside threshold, with no minimum payment and full credit risk of Morgan Stanley.
Morgan Stanley Finance LLC priced principal-at-risk auto-callable notes linked to HubSpot, Inc. common stock with a $1,000 stated principal amount per security and $1,000,000 aggregate offering. The notes pay a contingent coupon of 43.80% per annum on observation dates only if the underlier is at or above a 65% coupon barrier. The notes are automatically redeemable on specified redemption determination dates if the closing level is at or above the call threshold of $222.98; otherwise holders face downside exposure at maturity where losses equal the percentage decline below the 65% downside threshold. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and remain subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Buffered Digital Basket-Linked Notes (Face Amount $1,000 per note) due in roughly 20–23 months, fully and unconditionally guaranteed by Morgan Stanley. Payment at maturity depends on a weighted basket of five international indices and is subject to the issuer's credit risk.
The notes pay no interest. If the final basket level is at or above the initial level you may receive at least the Threshold Settlement Amount (expected between $1,141.20 and $1,165.60). If the final basket level is down but not more than 5.00%, you receive $1,000. If the final basket level declines by more than 5.00%, you can lose some or all of your principal.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable securities tied to the worst performing of the S&P 500® and S&P MidCap 400® indices. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $3,359,000. They pay no interest, may be automatically redeemed on the first determination date for an early redemption payment of $1,147, and otherwise provide either principal protection, an upside payment (125% participation) or a loss equal to the decline of the worst performing underlier. All payments are subject to credit risk of MSFL and the Morgan Stanley guarantee.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk notes due May 5, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The securities have a $1,000 stated principal amount, an estimated value of approximately $946.30 on the pricing date, and carry full guarantee by Morgan Stanley.
The first determination date is May 4, 2027 (call threshold = 100% of the initial level); the early redemption payment is $1,255. If not called, the participation rate is 330%; the downside threshold is 50% of the initial level, and losses below that threshold reduce principal pro rata. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced Principal at Risk securities—Dual Directional Buffered Participation Securities—linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on November 1, 2027 and reference an observation date of October 27, 2027.
Key economics: upside participation 100% subject to a $1,170 maximum per security (117%), a 15% buffer and a 15% minimum payment at maturity. Estimated value on the pricing date was approximately $993.80 per security. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent-coupon, memory-buffered auto-callable securities linked to Meta Platforms, Inc. Class A common stock. Each security has a $1,000 stated principal amount and may pay a contingent coupon only if observation-date barriers are met. The contingent coupon annual rate is 19.88%. The securities can auto-redeem on specified redemption determination dates for the stated principal plus any payable contingent coupon. At maturity, if the final level is below the 15% buffer (the buffer level is 85% of the initial level), investors suffer losses equal to the underlier decline beyond the buffer multiplied by a 1.1764 downside factor; payments could be significantly less than principal or zero. All payments are subject to MSFL/Morgan Stanley credit risk; estimated value on pricing date was approximately $984.40.
Morgan Stanley Finance LLC is offering $2,828,000 in principal‑at‑risk notes linked to the common stock of Costco Wholesale Corporation, with an issue price of $1,000 per security and an estimated value on the pricing date of $987.30 per security. The notes pay a contingent coupon of 11.72% (annual) on observation dates only if the underlier meets the coupon barrier and include an automatic early‑redemption feature if the underlier equals or exceeds the call threshold on specified redemption determination dates. At maturity, if the final level is below the buffer level ($899.901, 90% of the initial level), investors incur losses calculated with a downside factor of 1.1111 per 1% decline beyond the buffer; there is no minimum payment. All payments are unsecured and subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a primary offering of 3,570 principal-at-risk securities with a face amount of $1,000 per security. The securities provide 250% participation in the appreciation of the lowest-performing of four sector ETFs and a 20% buffer against declines, mature on April 29, 2027, and are fully and unconditionally guaranteed by Morgan Stanley. The estimated value on the pricing date was $948.90 per security and the public offering price was $1,000 per security; underwriting commissions and issuance costs are included in the face amount. The securities do not pay interest, expose holders to Morgan Stanley credit risk, and base the payout solely on the fund closing prices on the calculation day (April 26, 2027).
Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the common stock of Eli Lilly and Company. The stated principal is $1,000 per security with an issue price of $1,000 and an estimated value on the pricing date of approximately $981.50. The notes mature on May 12, 2027 with an observation date of May 7, 2027.
The securities provide a fixed upside payment of $176.20 (17.62%) if the final level is at or above the buffer level (85% of the initial level). If the final level is below the buffer, investors incur losses equal to 1.1765% of principal for every 1% decline beyond the 15% buffer; there is no minimum payment. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers principal-at-risk notes due February 25, 2028 linked to the worst performing of the iShares Expanded Tech-Software ETF (IGV) and the State Street Technology Select Sector SPDR ETF (XLK). The notes pay a 9.70% fixed coupon monthly and have a stated principal of $1,000 per security. If the final level of either underlier is below its downside threshold (60% of its initial level), principal at maturity is reduced pro rata to the performance factor of the worst performing underlier and could be zero. All payments are unsecured and subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk. The document lists an estimated value on the pricing date of approximately $989.10 per security.
Morgan Stanley Finance LLC priced Auto-Callable Dual Directional Buffered PLUS notes linked to the Tokyo Stock Price Index (TOPIX) with an aggregate principal amount of $10,671,000 and a stated principal of $1,000 per security. The notes (issued December 3, 2025) pay no periodic interest, carry a 10% buffer and a minimum payment at maturity of $100 per security; investors may lose up to 90% of principal. The notes are automatically redeemed for $1,109.50 per security if TOPIX on the first determination date (December 7, 2026) is at or above the initial index value. At final maturity (December 2, 2027), payouts depend on index performance, including a 150% upside participation if the final index value is at or above the initial index value. All payments are subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced principal-at-risk, auto-callable securities linked to Oklo Inc. stock with a face amount of $1,000 per security and an estimated value of approximately $949.70 on the pricing date. The notes pay contingent monthly coupons (with memory) at a contingent coupon rate to be set on the pricing date of at least 41.00% per annum, are auto-callable beginning after a six-month non-call period, and mature on April 26, 2027 unless called earlier. Coupon payments occur only if the stock closing price on each monthly calculation day is at or above the coupon threshold price (equal to 60% of the starting price). If not called, principal at maturity depends on the ending price relative to the downside threshold (also 60% of the starting price), exposing holders to more than 40% downside and possible total loss if the ending price is below that threshold. All payments are subject to issuer credit risk; estimated value excludes issuance and hedging costs borne by investors.
Morgan Stanley Finance LLC priced an auto-callable, principal-at-risk market-linked note fully guaranteed by Morgan Stanley with an aggregate face amount of $2,500,000. The securities have a face amount of $1,000 per security, a pricing date of April 16, 2026, original issue date April 21, 2026, and maturity on April 21, 2032. The notes are linked to the lowest-performing of the Dow Jones Industrial Average, the Russell 2000® Index and the S&P 500® Equal Weight Index, carry semi-annual automatic call tests beginning April 21, 2027, and expose holders to downside on the lowest performing underlying at maturity (full loss possible if decline exceeds the threshold).
Morgan Stanley Finance LLC priced principal‑at‑risk, auto‑callable securities linked to the worst performing of the Dow Jones Industrial, S&P 500 and Russell 2000. Each note has a $1,000 stated principal amount and an original issue price of $1,000; aggregate issuance is $752,000. The securities may automatically redeem on specified determination dates beginning April 26, 2027 for fixed early redemption payments (first: $1,115.00), or pay a structured maturity amount on April 21, 2031 (up to $1,575.00 if all call thresholds are met). If the worst performing underlier falls below its downside threshold (75% of initial level), investors suffer a pro rata loss tied to that worst performing underlier. All payments are unsecured and subject to Morgan Stanley's credit risk. Estimated value on the pricing date was $952.80 per security.
Morgan Stanley Finance LLC priced an offering of structured, variable‑coupon Auto‑Callable Notes due April 21, 2031, fully and unconditionally guaranteed by Morgan Stanley. The offering is for $1,050,000 aggregate principal at a $1,000 issue price per note; estimated value on the pricing date was $938.00 per note. Each $1,000 note pays a variable coupon of either 9.35% (higher) or 0.25% (lower) per annum depending on quarterly observation dates tied to four underliers: Amazon (AMZN), Palantir (PLTR), Micron (MU) and Tesla (TSLA). Notes are automatically redeemed early if, on a redemption determination date (first: April 16, 2027), every underlier is at or above its 90% call threshold; maturity payment returns principal if not called. All payments are subject to issuer credit risk and the notes are not exchange listed.