Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC is offering Principal at Risk Structured Securities linked to the S&P 500® Index, issued at $1,000 per security with an aggregate principal amount of $1,560,000. The securities mature on April 21, 2031 and are fully guaranteed by Morgan Stanley.
Key economic terms: participation rate 100%, buffer 20% (buffer level 5,633.024 based on initial level 7,041.28), maximum payment $1,585 per security (158.50%), and a minimum payment 20% of principal. Estimated value on the pricing date was $947.60 and the agent received a fixed commission of $36.25 per security. The securities pay no interest and expose investors to issuer credit risk and potential principal loss if the underlier falls below the buffer.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering structured, principal‑at‑risk notes with a $1,000 stated principal amount per security and an aggregate principal of $500,000. The securities are linked to the worst performing of Apple Inc., Micron Technology and NVIDIA and mature on April 20, 2029. They feature an automatic early redemption if each underlier is at or above a 90% call threshold on the first determination date (April 19, 2027), a 70% buffer level, an upside participation mechanic (300% upside participation rate) and an absolute return participation feature (100%). The estimated value on the pricing date was $943.20 per security and the original issue price is $1,000 per security. All payments are subject to the issuer’s and guarantor’s credit risk; a minimum payment at maturity is 30% of principal.
Morgan Stanley Finance LLC priced $10,444,000 of Trigger Jump Securities linked to Applied Materials common stock. The securities have a stated principal of $1,000 per security, an upside payment of $544.30 (54.43%), an initial share price of $389.90 and a downside threshold equal to $272.93 (70%). At maturity on November 3, 2027 (valuation date October 29, 2027), payouts vary: full principal plus the fixed upside payment if the final share price is >= the initial price; return of principal if the final share price is >= the downside threshold; or a prorated loss (final share price / initial share price) if the final share price is below the downside threshold. The document states an estimated value on the pricing date of $971.80 per security and warns there is no guaranteed minimum payment; holders bear both equity exposure and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk structured notes due May 20, 2027, fully and unconditionally guaranteed by Morgan Stanley. The issue totals $1,034,000 (1,034 notes) at an issue price of $1,000 each and an estimated value on the pricing date of $989.30 per security. Payment at maturity depends on the performance of the worst performing of three underliers: the EURO STOXX 50® Index, the Russell 2000® Index and the State Street® Health Care Select Sector SPDR® ETF. If the worst performing underlier is at or above its 70% downside threshold on the observation date, investors receive the stated principal plus a fixed $115 upside payment (11.50%). If the worst performing underlier is below its 70% threshold, holders suffer a pro rata loss equal to the percentage decline in that underlier; there is no minimum payment and the principal could be lost. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Trigger Jump Securities linked to Microsoft Corp. stock for an aggregate principal amount of $22,859,000, fully and unconditionally guaranteed by Morgan Stanley. The two-year, principal-at-risk notes pay no interest and offer a fixed upside payment of $303 per $1,000 security if the final share price is at or above the initial share price. If the final share price is between 80% and 100% of the initial share price the payment equals the $1,000 stated principal amount. If the final share price is below 80% of the initial share price, the payment will be $1,000 multiplied by the ratio of final to initial share price, and could be significantly less than $1,000 or zero. All payments are subject to the issuers credit risk and certain calculation-agent determinations.
Morgan Stanley Finance LLC priced a contingent‑income, principal‑at‑risk note tied to the S&P 500® Index. The offering totals $500,000 in $1,000 denominations and pays a contingent coupon at an annual rate of 8.44% if observation‑date thresholds are met. Automatic early redemption is possible on scheduled determination dates; if not redeemed, maturity repayment depends on the final index level versus a 75% downside threshold, exposing investors to full or partial loss of principal.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due April 22, 2027 linked to the worst performing of three ETFs: KRE, SOXX and TLT. Each security has a stated principal amount of $1,000, an issue price of $1,000, and an estimated value on the pricing date of $970.70.
The notes may be automatically redeemed on scheduled determination dates for fixed early redemption payments that imply an approximate 16.70% per annum return if all underliers meet call thresholds. At maturity investors receive either a fixed positive payment ($1,167.00) if all underliers exceed upside thresholds, the stated principal if all underliers exceed downside thresholds, or a principal loss equal to the percentage decline of the worst performing underlier.
Morgan Stanley Finance LLC priced Trigger Jump Securities linked to NVIDIA Corp. stock that mature on October 21, 2027. Each security has a $1,000 stated principal and pays no interest. Investors receive $1,391 at maturity if the final share price is ≥ the initial price ($198.35). If the final price is ≥ 70% of the initial price ($138.845), investors receive $1,000. If the final price is below 70% of the initial price, the payment equals $1,000 × (final/initial) and can be less than $700 or zero, resulting in potential loss of principal. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was $975.20 per security and aggregate principal issued was $5,158,000.
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities (principal at risk) with an aggregate principal amount of $785,000. Each security has a $1,000 stated principal amount and matures on April 19, 2029. The notes pay a contingent coupon at an annual rate of 10.25% on observation dates when the closing level of the underlying stock is at or above the coupon barrier ($67.235, 50% of the initial level). The securities are automatically redeemable if the underlier closes at or above the call threshold ($134.47, the initial level) on any redemption determination date. At maturity, if the final level is below the downside threshold ($67.235), principal is reduced pro rata by the performance factor and could be zero. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and remain subject to issuer credit risk.
Morgan Stanley Finance LLC priced Buffered PLUS linked to a 10-stock equally weighted basket, issuing $958,000 aggregate principal of notes due May 3, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each Buffered PLUS has a $1,000 stated principal amount, a 150% leverage factor, a 10% buffer, a $100 minimum payment and a $1,465 maximum payment. The securities pay no interest, are unsecured, and all payments are subject to issuer credit risk; investors may lose up to 90% of principal. Valuation date is April 28, 2028; pricing date was April 16, 2026.
Morgan Stanley Finance LLC priced Principal at Risk securities — a structured note series fully and unconditionally guaranteed by Morgan Stanley, with an aggregate principal of $1,100,000 and a stated principal amount of $1,000 per security. The issue price is $1,000 and the estimated value on the pricing date is $984.20.
The securities pay no interest and return at maturity is linked to the worst performing of the Russell 2000® and S&P 500® indices. The upside payment is $65 (6.50%) if both underliers finish at or above a 60% downside threshold of their initial levels. If the worst performing underlier finishes below its downside threshold, holders suffer proportional losses (1% loss per 1% decline), with no minimum payment. Observation date is April 23, 2027 and maturity is April 28, 2027. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk notes due May 3, 2027, linked to the common stock of The Hershey Company and fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an aggregate principal amount of $1,500,000. They pay a contingent coupon at an annual rate of 10.00% on scheduled coupon payment dates only if the closing level of the underlier meets or exceeds the coupon barrier level on each observation date, and feature automatic early redemption if the underlier meets the call threshold on any redemption determination date.
If not redeemed, maturity payout is either the stated principal (if the final level is at or above the downside threshold) or the stated principal multiplied by the performance factor (final level / initial level), which could result in a substantial loss of principal. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced a structured note offering fully guaranteed by Morgan Stanley. The offering consists of Buffered Jump Securities with an auto-call feature linked to the worst performing of the Russell 2000® Index and the iShares® MSCI EAFE ETF. The securities have a stated principal of $1,000 per security, aggregate principal of $9,394,000, an estimated value on the pricing date of $991.60 and a final maturity on October 19, 2027. The notes may automatically redeem on specified determination dates for fixed early redemption payments; investors face a 20% buffer and a 1.25 downside factor if the worst performing underlier falls below its buffer, with no minimum payment at maturity and exposure to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk notes linked to the iShares® Bitcoin Trust ETF with a stated principal amount of $1,000 per security and an aggregate principal amount of $100,000. The notes pay no interest, carry full Morgan Stanley credit risk, and include an automatic early redemption on the first determination date if the underlier’s closing level is at or above the call threshold ($42.73), producing an early redemption payment of $1,300 per security. If not called, maturity payoff depends on the final level relative to the initial level and a downside threshold of $25.638; downside performance can produce a loss of principal, possibly to zero. The pricing date and strike date were April 16, 2026, original issue date April 21, 2026, and maturity April 19, 2029. The estimated value on the pricing date was $986.60 per security and the participation rate is 150%.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable securities linked to the common stock of Merck & Co., Inc. The offering totals $4,029,000 in aggregate principal with a $1,000 stated principal per security and an issue price of $1,000.
The securities feature automatic early redemption on determination dates if the closing level of Merck meets or exceeds the call threshold of $109.687 (95% of the initial level). Early redemption payments are fixed ($1,153.50 at first call, $1,307.00 at the second). At final maturity investors receive $1,460.50 if the final level is at or above the call threshold, the stated principal if the final level is at or above the downside threshold of $80.822 (70% of initial), or a loss equal to the performance factor (final/initial) if below the downside threshold.
All payments are unsecured and subject to Morgan Stanley's credit risk; the estimated value on the pricing date was $962.30 per security and selected dealers receive a $20 commission per security.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due April 21, 2031. The securities pay no interest, are fully guaranteed by Morgan Stanley, and return at maturity depends on a weighted, allocated basket performance with a 15% buffer and a 125% leverage factor.
If the basket performance factor is positive, holders receive principal plus leveraged upside up to a maximum payment of $1,762.50 per security. If performance is within the 15% buffer, holders receive principal only. Losses beyond the buffer reduce principal 1% for each 1% decline, subject to a 15% minimum payment.
Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes due April 20, 2029 backed and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an aggregate principal amount of $500,000. The notes are linked to the worst-performing of GOOGL, MSFT and PLTR and feature a 30% buffer, a 300% upside participation rate and an automatic early redemption test on April 19, 2027. If automatically redeemed at the first determination date, the early redemption payment is $1,387.50. If not redeemed, maturity payoffs depend on the worst-performing underlier versus its buffer and may result in losses, subject to a minimum payment of 30% of principal. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk notes due April 19, 2029, fully guaranteed by Morgan Stanley. The offering covers an aggregate principal amount of $988,000 at a stated principal amount of $1,000 per security. Payout is tied to the worst performing of the Dow Jones Industrial Average and the S&P 500®, with a 119.60% leverage factor, a 15% buffer (protects losses up to 15%), and a minimum payment at maturity of 15% of principal. If the worst performing underlier finishes above its initial level, investors receive principal plus 119.60% of appreciation; if it finishes between the initial level and the buffer level, investors receive principal; if it finishes below the buffer level, investors lose 1% for each 1% decline beyond the buffer. Estimated value on the pricing date was $981.30 per security. Sales are targeted to fee-based advisory accounts and all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering contingent income auto‑callable securities due October 21, 2027 that are fully guaranteed by Morgan Stanley. The offering aggregates $500,000 of notes with a stated principal amount of $1,000 per security and an issue price of $1,000 each.
The notes pay a 23.00% annual contingent semi‑annual coupon (approximately $115 per semi‑annual period) only if the determination closing price of each underlying stock (Micron, NVIDIA and Broadcom) is at or above 50% of its initial share price on an observation date. If any underlying is below its 50% downside threshold on an observation date, no coupon is paid for that period. The notes are auto‑callable beginning after a one‑year non‑call period if all underliers meet their 100% redemption thresholds on a redemption determination date. At maturity, if any underlier is below its downside threshold, the holder’s return is linked 1:1 to the worst performing stock and may be less than 50% of principal, possibly zero. All payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced an offering of structured, principal-at-risk market-linked securities that are auto-callable and fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value on the pricing date of $905.20, and a 365% participation rate in the positive performance of the lowest performing underlying stock. The securities pay a fixed $1,500 call payment (50.00% call premium) if each underlying stock closes at or above its starting price on the call date; otherwise the maturity payoff depends on the ending price of the lowest performing underlying stock, exposing investors to more than a 40% loss if that stock declines below its threshold price.
Underlyings and starting prices: Booking Holdings $184.56, Tractor Supply $44.63, Amazon.com $249.70 (pricing date April 16, 2026). Maturity is May 4, 2029 (calculation day May 1, 2029). Price to public was $1,000 per security; total offering size was $1,788,000.
Morgan Stanley Finance LLC priced $5,268,000 of Digital EURO STOXX 50® Index-Linked Notes due December 17, 2027, guaranteed by Morgan Stanley. Each $1,000 Face Amount returns $1,170.60 at maturity if the Final Underlier Level is ≥87.50% of the Initial Underlier Level; otherwise payments decline and could result in a total loss of principal.
The Trade Date is April 16, 2026, the Initial Underlier Level is 5,933.28, the Threshold Level is 5,191.62, the estimated value on the Trade Date is $996.30, and all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC priced an offering of market‑linked, auto‑callable, principal‑at‑risk securities due April 20, 2028, fully and unconditionally guaranteed by Morgan Stanley. The securities reference the lowest performing common stock of Bank of America, Citigroup and Goldman Sachs, have a face amount of $1,000 per security and were priced to the public at $1,000 each with agent commissions of up to $23.25 per security. The offering size shown on the cover equals $1,093,000 (1,093 securities). The current estimated value on the pricing date is $966.60 per security. The securities pay a capped call premium if all three underlyings close at or above their starting prices on semi‑annual calculation days beginning April 21, 2027 (call payments: $1,300, $1,450, or $1,600). If not called, maturity payout depends on the performance factor of the lowest performing underlying; downside threshold prices equal 70% of each starting price (BAC $37.457; C $90.538; GS $630.00), exposing holders to more than 30% loss, possibly total loss, if thresholds are breached.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable notes linked to NVIDIA Corporation common stock with a stated principal of $1,000 per security and an aggregate issuance of $100,000. The notes pay a contingent coupon at an annual rate of 14.25% on observation dates when the underlier meets the coupon barrier and are automatically redeemed early if the underlier meets the call threshold on any redemption determination date.
If not called, maturity payoff depends on the final level relative to the downside threshold: if the final level is at or above 70% of the initial level (coupon barrier/downside threshold = $138.845), investors receive principal; if below, payment equals principal multiplied by the performance factor and investors can lose a substantial portion or all principal. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC offers $22,400,000 of Digital EURO STOXX® Banks Index‑Linked Notes due September 20, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on the EURO STOXX® Banks Index performance from the April 16, 2026 trade date to the September 16, 2027 determination date. If the final index level is ≥ 80% of the initial level, holders receive the Maximum Settlement Amount of $1,157.70 per $1,000 Face Amount (115.77%). If the index falls below 80%, repayment is reduced pro rata using a 125% Buffer Rate, and investors can lose some or all principal. The estimated value on the trade date was $981.90 per note. All payments are subject to issuer credit risk and the notes are not exchange listed.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable notes linked to Meta Platforms Class A common stock. The securities have a $1,000 stated principal amount, a contingent coupon at an annual rate of 11.50%, automatic early redemption triggers tied to the underlier, and a maturity date of June 4, 2027. Coupons are paid only if the underlier meets the coupon barrier on observation dates; principal repayment at maturity depends on the final level relative to a downside threshold set at 68% of the initial level. All payments are subject to the credit risk of Morgan Stanley and the securities do not participate in upside of the underlier.
Morgan Stanley files a preliminary pricing supplement for Principal at Risk, contingent income auto-callable securities with a stated principal amount of $1,000 per security and a contingent coupon at an annual rate of 10.50%. The securities reference the Nasdaq-100® Technology Sector Index℠ and the S&P 500® Index and feature automatic early redemption opportunities and downside exposure tied to an 80% barrier. The estimated value on the pricing date is approximately $968.70 per security. The notes pay contingent coupons only if both underliers meet coupon barrier levels on observation dates, may be automatically redeemed on specified redemption determination dates, and pay at maturity either principal or a reduced amount based on the worst performing underlier.
Morgan Stanley Finance LLC is offering Trigger Absolute Return Step Securities due April 30, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to a weighted basket of international indices. Each Security has an Issue Price of $10.00 and an estimated Trade Date value of approximately $9.340. The Securities provide a ranged Step Return of 37.00% to 42.00% if the Final Basket Level is greater than or equal to the Step Barrier (100), a Contingent Absolute Return if the Final Basket Level is below the Step Barrier but at or above the Downside Threshold (75), and full downside exposure to the Basket Return if the Final Basket Level is below the Downside Threshold. The Trade Date is April 28, 2026, Settlement April 30, 2026, Final Valuation Date April 28, 2031, and Maturity April 30, 2031. These are unsecured, unsubordinated debt obligations; payments, including any principal repayment, are subject to Morgan Stanley’s credit risk. The Securities do not pay interest and may result in significant or total loss of principal at maturity.
Morgan Stanley Finance LLC is offering Trigger Step Securities due April 30, 2031, fully guaranteed by Morgan Stanley, with returns linked to the least performing of the S&P 500® and the EURO STOXX 50®. The securities pay no interest and have an Issue Price of $10.00 per security. If the Final Level of each underlying is at or above its Step Barrier (100% of the Initial Level), holders receive the greater of the Step Return (illustrative range 63.00%–68.00%) or the underlying return of the least performing index. If either underlying is below its Downside Threshold (75% of its Initial Level) on the Final Valuation Date, the payment at maturity will reflect the full negative return of the least performing underlying, and investors can lose a significant portion or all of principal. Payments are subject to MSFL’s and Morgan Stanley’s credit risk. Key dates: Trade Date April 28, 2026; Settlement April 30, 2026; Final Valuation Date April 28, 2031; Maturity April 30, 2031 (subject to postponement).
Morgan Stanley Finance LLC is offering Capped Leveraged Basket-Linked Notes (guaranteed by Morgan Stanley) that return on a weighted basket of five international equity indices. The notes have an Upside Participation Rate of 300%, an Initial Basket Level of 100 and a Cap Level expected between 109.50% and 111.17%, producing a Maximum Settlement Amount expected between $1,285.00 and $1,335.10 per $1,000 face amount. The estimated value on the trade date is approximately $987.70 per note. If the Final Basket Level is below the Initial Basket Level, the cash payment at maturity will be reduced proportionally and investors could lose some or all of their principal. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC offers a preliminary pricing supplement for Principal at Risk, contingent income, auto-callable securities (guaranteed by Morgan Stanley) linked to the common stock of an incorporated issuer.
The notes have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 12.50%, observation dates through June 1, 2027 and a maturity date of June 4, 2027. Coupons and early redemption depend on the underlier meeting specified barrier and call thresholds; if the final level is below the downside threshold (68% of the initial level), principal is reduced pro rata by the performance factor.
Morgan Stanley Finance LLC offers leveraged, buffered S&P 500® Index-linked notes (each $1,000 face amount) due in approximately 14–16 months, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on the S&P 500® Index performance versus an Initial Underlier Level set on the Trade Date.
If the Underlier return is positive you receive 150% participation in appreciation subject to a cap (Maximum Settlement Amount expected between $1,148.50 and $1,174.15 per $1,000). If the Underlier falls by up to 7.50% you receive face amount; declines beyond 7.50% expose you to losses, potentially the full principal. Estimated Trade Date value is approximately $986.40 per note.
Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable notes. The offering totals $290,000 in aggregate principal at $1,000 per security with an original issue date of April 20, 2026 and maturity on October 20, 2027. The securities pay a fixed coupon at an annual rate of 8.65% monthly and can be automatically redeemed on specified monthly observation/redemption determination dates beginning October 15, 2026. Redemption and maturity payouts are linked to the worst performing of the Nasdaq-100 and S&P 500 indices: call threshold levels equal 100% of initial levels and downside threshold levels equal 70% of initial levels (NDX initial 26,204.58; SPX initial 7,022.95). The estimated value on the pricing date was $993.10 per security. These are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, expose investors to credit risk, and do not guarantee repayment of principal.
Morgan Stanley Finance LLC priced Principal-at-Risk structured notes linked to the worst performing of the EURO STOXX 50® and STOXX Europe 600 indices. Each security has a $1,000 stated principal, a May 6, 2031 maturity and an automatic early redemption test on May 7, 2027.
If both underliers are at or above a 100% call threshold on the first determination date, securities auto‑redeem for an early redemption payment of $1,180. If not redeemed, investors at maturity receive either principal plus an upside payment (participation 150% of the worst performing underlier’s appreciation), principal only if both final levels are at or above 70% of initial levels, or a loss equal to the percentage decline of the worst performing underlier.
Morgan Stanley Finance LLC is offering Capped GEARS linked to the Invesco KBW Bank ETF. The securities have an Issue Price of $10.00, an Upside Gearing of 3.0 and an indicative Maximum Gain range of 18.75%–21.75%. The Trade Date is April 28, 2026, the Final Valuation Date is expected to be June 28, 2027, and the Maturity Date is expected to be June 30, 2027. Morgan Stanley estimates the value on the Trade Date at approximately $9.484 per security. These are principal‑at‑risk debt securities guaranteed by Morgan Stanley that pay no interest or dividends and may repay less than principal at maturity if the Underlying Return is negative.
The document is a preliminary pricing supplement for Morgan Stanley Finance LLC notes: auto-callable, principal‑at‑risk securities linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount, a 200% participation rate, a potential early redemption on April 27, 2027 (first determination date) with an early redemption payment of $1,175, and a maturity on April 29, 2031. The securities do not guarantee principal, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. If the final index level is below 70% of the initial level, investors bear full downside and could lose their entire investment. The estimated value on the pricing date is approximately $981.80 per security.
Morgan Stanley Finance LLC priced auto-callable, principal-at-risk securities linked to the worst performing of the KRE, SOXX and TLT ETFs. Each note has a $1,000 stated principal, an estimated pricing-date value of approximately $968.40 and a scheduled maturity of April 27, 2027.
The notes can automatically redeem on periodic determination dates beginning July 20, 2026 for fixed early redemption payments that equate to an approximate 19.00% per annum return if all underliers meet call thresholds. If not called, maturity payouts depend on underlier performance: $1,190.00 if all underliers meet upside thresholds, $1,000 if all meet downside thresholds, or a principal loss proportional to the worst performing underlier if any underlier falls below its downside threshold.
Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to NVIDIA common stock. The notes have a $1,000 stated principal per security, an original issue price of $1,000, an estimated value of approximately $978.10 on the pricing date, and an annual contingent coupon rate of 12.32%. Observation and redemption dates run from July 23, 2026 through the final observation on October 25, 2027 with maturity on October 28, 2027. Coupons are paid only if the underlier’s closing level on each observation date is at or above a coupon barrier equal to 55% of the initial level. Automatic early redemption occurs if the closing level is at or above a call threshold equal to 100% of the initial level on any redemption determination date. If not redeemed, repayment at maturity is either the stated principal (if final level ≥ the downside threshold of 55% of the initial level) or the stated principal multiplied by the performance factor (final level/initial level), which could result in a substantial loss of principal. All payments are subject to issuer and guarantor credit risk; MS & Co. acts as agent and calculation agent. Closing level of NVIDIA on April 16, 2026 was $198.35.
Morgan Stanley Finance LLC offers Principal-at-Risk securities linked to Oracle Corporation common stock with a stated principal amount of $1,000 per security. The notes pay a contingent coupon of 16.00% per annum on observation dates when the underlier is at or above a coupon barrier (65% of the initial level). The notes may be automatically redeemed early if the underlier meets a call threshold (85% of the initial level) on any redemption determination date. If not redeemed, maturity protections hinge on a downside threshold of 60% of the initial level; a final level below that causes principal loss proportional to the underlier’s decline. Pricing, strike and issue dates: pricing/strike April 23, 2026; original issue April 28, 2026. Final observation and maturity dates are February 23, 2028 and February 28, 2028. All payments are subject to MSFL/Morgan Stanley credit risk. The estimated value on the pricing date was approximately $965.90 per security.
Morgan Stanley Finance LLC is offering leveraged buffered notes linked to the MSCI EAFE® Index. The notes have a $1,000 face amount, a 200% Upside Participation Rate and a 7.50% buffer (Buffer Level at 92.50% of the Initial Underlier Level). The Cash Settlement Amount at maturity is based solely on the Closing Level of the MSCI EAFE® Index on the Determination Date (expected 16–19 months after the Trade Date) and is capped at a Maximum Settlement Amount expected between $1,194.40 and $1,228.20 per $1,000. If the Final Underlier Level is below the Buffer Level, holders will receive less than the Face Amount and could lose all principal. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC is offering $3,364,000 of Trigger Autocallable GEARS linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $10 issue price, an estimated Trade Date value of $9.678 per Security, a five-year term (Trade Date April 15, 2026, Final Valuation Date April 15, 2031, Maturity Date April 18, 2031) and are principal-at-risk instruments.
If the Observation Date Closing Level on April 21, 2027 is at or above the Autocall Barrier (100% of the Initial Level), the notes will be called and pay a fixed Call Price of $11.20 per $10 Security (12.00% per annum Call Return). If not called, a positive Underlying Return pays $10 plus the Underlying Return multiplied by Upside Gearing of 1.725; if the Final Level is below the Downside Threshold (approximately 75% of the Initial Level), holders can lose a substantial portion or all principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering leveraged buffered S&P 500® Index-linked notes (Face Amount $1,000 per note) that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. The notes provide 150% upside participation subject to a cap (expected between 111.75% and 113.78% of the Initial Underlier Level) and protect principal only for declines up to 7.50% (the Buffer Level). If the final index decline exceeds 7.50%, investors suffer a pro rata loss (the Buffer Rate is ~108.11%), and there is no guaranteed minimum payment. The Expected Trade-to-Maturity term is between about 16 and 19 months. All payments are subject to issuer credit risk, the notes pay no interest, will not be listed, and the estimated value on the Trade Date is approximately $985.20 per note.
Morgan Stanley Finance LLC is offering principal-at-risk notes that pay a fixed 10.92% annual coupon and are linked to the common stock of NVIDIA Corporation. The notes have a $1,000 original issue price per security and an estimated pricing-date value of approximately $982.80.
Key dates: pricing and strike date April 29, 2026, original issue date May 4, 2026, observation date April 30, 2027 and maturity May 5, 2027. If the final level of the underlier is below the downside threshold (set at 60% of the initial level), principal is reduced pro rata (payment = stated principal × final level / initial level); the payment at maturity could be significantly less than the stated principal and could be zero. All payments are subject to the issuer and guarantor credit risk of Morgan Stanley.
Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due November 12, 2027, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal per security and an estimated value on the pricing date of approximately $970.60. Payments at maturity depend on the worst performing of the Dow Jones Industrial Average, Russell 2000 and S&P 500, with a 132.50% leverage factor on positive performance, a 10% buffer and a 10% minimum payment at maturity. If the worst performing underlier falls below its 90% buffer level on the observation date, investors lose 1% of principal for each 1% decline beyond the buffer, subject to credit risk of the issuer and guarantor.
Morgan Stanley Finance LLC is offering principal-at-risk callable contingent income securities tied to the common stock of NVIDIA Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $965.20, a contingent coupon at an annual rate of 13.45%, and a maturity date of October 28, 2027. The securities pay coupons only when the underlier's closing level on each observation date is at or above a coupon barrier set at 60% of the initial level, and principal is subject to loss if the final level is below a downside threshold also set at 60% of the initial level. The notes are callable beginning on the first redemption date of July 29, 2026, based on the output of a risk neutral valuation model selected by the calculation agent; if called, holders receive the stated principal plus any contingent coupon due for that period and no further payments. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to the Class A common stock of Palantir Technologies Inc. The notes have a stated principal amount of $1,000 per security, an annual contingent coupon of 18.65% (paid only if the underlier meets the coupon barrier on observation dates) and automatic early redemption if the underlier meets the call threshold on any redemption determination date.
The securities pay no regular interest, expose investors to full credit risk of Morgan Stanley and to downside market risk at maturity (payment may be reduced pro rata if the final level is below the downside threshold). Key dates include the strike date April 24, 2026, original issue date April 29, 2026, final observation date October 25, 2027 and maturity October 28, 2027. The preliminary estimated value on the pricing date is approximately $970.70 per security.
Morgan Stanley Finance LLC is offering Principal at Risk securities due July 26, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a fixed $101 upside payment if the final level is at or above the buffer level.
The securities provide a 15% buffer (buffer level = 85% of the initial level) and a minimum payment at maturity equal to 15% of principal; if the underlier falls below the buffer, investors lose 1% for each 1% decline beyond the buffer. Estimated value on the pricing date was approximately $968 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes linked to the common stock of HubSpot, Inc. The securities have a $1,000 stated principal per security, an original issue price of $1,000 and a contingent annual coupon of 43.80%. Automatic early redemption can occur on specified dates if the closing level meets the call threshold of $222.98 (100% of the initial level). If not redeemed, maturity payoff depends on the final level versus the downside threshold of $144.937 (65%); if the final level is below that threshold, investors suffer a pro rata loss (payment = principal × final level / initial level). Estimated value on the pricing date was approximately $980.50 per security. All payments are subject to the issuer's and guarantor's credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes—Contingent Income Auto-Callable Securities—linked to the worst performing of the Nasdaq-100 Index and the S&P 500 Index. The offering is for an aggregate principal amount of $2,250,000 at a per-security issue price of $1,000.
The securities pay a contingent coupon at an annual rate of 9.20% per annum on each interest period only if both underliers meet their coupon barrier levels on observation dates, feature automatic early redemption beginning April 15, 2027 if both indices meet call thresholds, and expose investors to full downside risk if the worst performing underlier falls below a 70% downside threshold at maturity.
Morgan Stanley Finance LLC priced structured, principal-at-risk notes linked to the worst performing of XLF, XLRE and the STOXX Europe 600. The securities have a $1,000 stated principal amount, 31% upside payment ($310) if the worst performing underlier finishes at or above an 80% buffer, and a 20% buffer and 20% minimum payment. Maturity is April 19, 2029. Payments depend on the closing levels on the observation date and are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced Dual Directional Buffered PLUS notes due April 19, 2029 with a $1,000 stated principal amount per security and an aggregate principal of $1,420,000. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley.
Payoff is linked to the worst performing of the Russell 2000® and the S&P 500®. Terms include a 114.50% leverage factor on upside, an 18% buffer level (minimum payment 18%), and an estimated value on the pricing date of $983.10. All payments are subject to Morgan Stanley’s credit risk.