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, contingent income auto-callable securities due April 16, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000. The notes pay a contingent coupon (annual rate 13.70%) only if both underliers meet coupon barrier levels on observation dates and may auto-redeem on specified redemption determination dates. If a trigger event occurs, investors are exposed to the negative performance of the worst performing underlier (S&P 500 and Russell 2000) and may lose principal proportionally; payment at maturity can be significantly less than principal or zero. All payments remain subject to issuer credit risk.
Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities due May 11, 2027, fully guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $18,000,000. The securities pay no interest and provide a fixed upside payment of $104 (10.40%) if the worst performing underlier is at or above its buffer level (80% of initial) on the observation date. If the worst performing underlier finishes below its buffer level, holders lose 1% for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal. Initial levels are stated for the NDXT, RTY and SPX indices (strike date April 6, 2026); observation date is May 6, 2027. The estimated value on the pricing date was $979.10 per security and the issue price is $1,000. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC priced $500,000 of principal-at-risk, contingent-income, auto-callable securities linked to Blackstone Inc. common stock. Each security has a $1,000 original issue price and matures on April 5, 2029, with a 14.25% annual contingent coupon and automatic early‑redemption dates beginning October 7, 2026. Coupons pay only if the closing level meets the coupon barrier ($56.525, 50% of the initial level) on observation dates; principal is at risk if the final level is below the downside threshold ($56.525), producing a payment equal to the stated principal multiplied by the performance factor (final level/initial level).
Morgan Stanley Finance LLC is offering structured market-linked notes due April 24, 2031 that are fully and unconditionally guaranteed by Morgan Stanley and pay no interest. The notes reference a basket equally weighted among Blackstone Inc., KKR & Co. Inc. and Ares Management Corporation, have a 200% participation rate in appreciation and a maximum payment at maturity of $1,520 per $1,000 note. The notes return principal at maturity if the final level is equal to or below the initial level; upside is paid only if the final level is greater than the initial level measured on the observation date. The estimated value on the pricing date is approximately $934.90 per note. All payments are subject to Morgan Stanley’s credit risk; the notes are unsecured, will not be listed, and include sales and structuring fees deducted from the issue price.
Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for a series of Buffered PLUS principal-at-risk securities tied to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an estimated value of approximately $940 on the pricing date. The securities offer a leveraged upside equal to a 161% leverage factor on positive index performance, a 20% buffer on initial losses and a 20% minimum payment at maturity. Payment at maturity depends solely on the closing index level on the observation date, April 10, 2031, and all payments are unsecured and subject to MSFL's and Morgan Stanley's credit risk.
Morgan Stanley files a prospectus addendum and accompanying prospectus supplement dated April 8, 2026 for its Global Medium-Term Notes, Series J and K. The addendum clarifies that the April 8, 2026 prospectus and supplement supersede earlier versions and may be used in market-making transactions.
The notes are not bank deposits, are not FDIC-insured, and are not guaranteed by any bank or government agency.
Morgan Stanley published a prospectus addendum dated April 8, 2026 for Global Medium-Term Notes, Series A, Global Units, Series A and Global Warrants, Series A. The addendum and accompanying prospectus supplement supersede earlier prospectuses and may be used for market-making transactions in previously issued notes, units or warrants.
Morgan Stanley filed a prospectus addendum and accompanying prospectus supplement and prospectus dated April 8, 2026 for Global Medium-Term Notes, Series I. The addendum permits use of these documents in connection with market-making transactions in notes originally issued under earlier, similar documents.
Morgan Stanley files a Prospectus Addendum dated April 8, 2026 for Global Medium-Term Notes, Series G and H and Global Units, Series G and H. The addendum states that the accompanying prospectus dated April 8, 2026 supersedes any earlier prospectus when used for market-making transactions and that specific terms appear in prospectus supplements or pricing supplements.
Morgan Stanley files a prospectus addendum and accompanying prospectus supplement dated April 8, 2026 for Global Medium-Term Notes, Series F, Global Units, Series F and Global Warrants, Series F. The addendum clarifies that the April 8, 2026 prospectus and supplement supersede earlier versions for market-making transactions.
Morgan Stanley provides a prospectus addendum dated April 8, 2026 that supersedes earlier prospectuses when used for market-making transactions in its Global Medium-Term Notes, Series C and Global Units, Series C. The addendum directs readers to the applicable prospectus supplement or pricing supplement for specific terms.
Morgan Stanley filed a prospectus addendum to offer Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M using the prospectus dated April 8, 2026. The addendum replaces the prior prospectus dated November 16, 2020 and notes that Morgan Stanley & Co. LLC may sell shares in market-making transactions.
Morgan Stanley filed a prospectus addendum for depositary shares, each representing 1/1,000th of a share of its 6.625% Non-Cumulative Preferred Stock, Series Q. The addendum supersedes the prior prospectus dated April 12, 2024 and refers readers to the accompanying prospectus dated April 8, 2026 for full terms. The addendum notes that Morgan Stanley & Co. LLC and affiliates may sell the depositary shares in market-making transactions.
Morgan Stanley filed a prospectus addendum for offers of depositary shares, each representing 1/1,000th of a share of 6.500% Non‑Cumulative Preferred Stock, Series P. The addendum relies on the prospectus dated April 8, 2026, which supersedes the prior prospectus dated November 16, 2020. Morgan Stanley & Co. LLC and affiliates may use the addendum for market‑making transactions.
Morgan Stanley files a prospectus addendum dated April 8, 2026 for depositary shares, each representing 1/1,000th of a share of 4.250% Non‑Cumulative Preferred Stock, Series O. The addendum updates and supersedes the prior prospectus and will be used in connection with offers and market‑making sales.
Morgan Stanley files a prospectus addendum to offer depositary shares tied to Series N preferred stock. The addendum covers depositary shares, each representing 1/100th of a share, of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series N, and references the accompanying prospectus dated April 8, 2026 which supersedes the prior prospectus.
Morgan Stanley filed a prospectus addendum describing depositary shares, each representing 1/1,000th of a share of its 4.875% Non‑Cumulative Preferred Stock, Series L. The addendum updates and supersedes the prior prospectus language and is to be read with the prospectus dated April 8, 2026.
Morgan Stanley filed a prospectus addendum dated April 8, 2026 describing depositary shares each representing 1/1,000th of a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K. The addendum directs readers to the accompanying prospectus dated April 8, 2026, which supersedes the prospectus dated February 16, 2016.
Morgan Stanley filed a prospectus addendum for depositary shares, each representing 1/1,000th of a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I. The addendum references a prospectus dated April 8, 2026, which supersedes the prospectus dated November 21, 2011. Morgan Stanley & Co. LLC may use this addendum in market-making offers; other affiliates may also participate.
Morgan Stanley filed a prospectus addendum dated April 8, 2026 for depositary shares, each representing 1/1,000th of a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F. The addendum directs readers to the accompanying prospectus dated April 8, 2026 (which supersedes the prior prospectus) and states Morgan Stanley & Co. LLC may use the addendum in market-making offers and sales.
Morgan Stanley files a prospectus addendum dated April 8, 2026 for depositary shares, each representing 1/1,000th of a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E. The addendum directs readers to the accompanying prospectus dated April 8, 2026, which supersedes the prior prospectus dated November 21, 2011.
The addendum states that Morgan Stanley & Co. LLC and affiliates may use the addendum for offers and sales in market-making transactions. The depositary shares are not bank deposits and are not FDIC insured.
Morgan Stanley filed a prospectus addendum for depositary shares each representing 1/1,000th of a share of Floating Rate Non-Cumulative Preferred Stock, Series A. The addendum directs readers to the prospectus dated April 8, 2026 and states that Morgan Stanley & Co. LLC may use the addendum for market-making offers and sales.
Morgan Stanley filed a prospectus addendum dated April 8, 2026 related to its shelf offering for debt securities. The addendum directs readers to specific prospectus supplements or pricing supplements for terms of any offered debt securities and states the accompanying prospectus dated April 8, 2026 supersedes earlier prospectuses. It notes Morgan Stanley & Co. LLC will act in market‑making transactions and that the debt securities are not FDIC insured and are not bank obligations or bank guarantees.
Morgan Stanley and Morgan Stanley Finance LLC have posted a prospectus supplement for commodity-linked partial principal at risk securities offered as Series I (Morgan Stanley) and Series A (MSFL) medium-term notes. These securities repay only 90% to 99.9% of principal at maturity (the minimum payment amount) and may pay an additional supplemental redemption amount tied to the performance of a single commodity, a commodity index, or a basket of commodities as specified in the applicable pricing supplement. The prospectus supplement explains general mechanics: supplemental redemption = stated principal × participation rate × commodity percent change (or basket performance) unless another formula is provided in the pricing supplement; participation rate is 100% unless otherwise specified. Payments on MSFL-issued securities are fully and unconditionally guaranteed by Morgan Stanley. The document discloses risks, valuation methodology (issuer-estimated value less than issue price due to included commissions and hedging costs), potential limited secondary market liquidity, calculation agent discretion (MSCG), and various international distribution and regulatory restrictions. Pricing- and issuance-specific terms (minimum payment amount, participation rate, underlying assets, determination dates, jump features, call provisions, issue price and estimated value) will appear in the applicable pricing supplement.
Morgan Stanley and Morgan Stanley Finance LLC offer Performance Leveraged Upside Securities ("PLUS")—commodity‑linked structured notes—under a prospectus supplement dated April 8, 2026. PLUS pay at maturity based on a bull or bear exposure to a single commodity, commodity index, commodity ETF or a basket, with leverage, caps, buffers and possible minimum payments specified in each pricing supplement. MSFL's obligations are fully and unconditionally guaranteed by Morgan Stanley. The issue price includes dealer commissions and hedging costs; the estimated value at pricing will be lower than the original issue price. Secondary trading may be limited and values depend on Morgan Stanley's credit spreads, model inputs and market conditions.
Morgan Stanley and Morgan Stanley Finance LLC offer commodity-linked jump securities under a prospectus supplement dated April 8, 2026. The securities are senior notes (Series I and Series A) linked to a single commodity, a commodity index, a commodity ETF or a weighted basket, with final payment determined by valuation date(s) and specified pricing supplements. MSFL’s obligations are fully and unconditionally guaranteed by Morgan Stanley. Features include fixed upside payments, buffered and trigger structures, multiple valuation date averaging, calculation-agent discretion, and limited or no principal protection depending on structure.
Morgan Stanley and Morgan Stanley Finance LLC offer participation securities (senior notes) under a product supplement to a shelf registration. The securities are equity- or index‑linked notes that generally do not guarantee principal and pay at maturity based on the performance of one or more underlying assets as specified in a pricing supplement. MSFL’s obligations are fully and unconditionally guaranteed by Morgan Stanley. Features may include bull or bear payoff profiles, buffered structures, multiple valuation dates, caps and minimums, and discretionary determinations by Morgan Stanley & Co. LLC acting as Calculation Agent. The issue price will include commissions and hedging costs, which reduces estimated value relative to original offering price. Read the applicable pricing supplement for specific terms, valuation dates, caps, buffers and risk details.
Morgan Stanley and Morgan Stanley Finance LLC offer "Jump Securities"—structured senior medium-term notes linked to an index, a single stock, an ETF or a weighted basket. Payments at maturity depend on the underlying asset's final (or averaged) value and may include a fixed upside payment, the greater of a fixed payment and asset-based return, buffered protection, trigger thresholds, or downside factors as specified in the applicable pricing supplement. The notes generally do not guarantee principal or pay regular interest; MSFL-issued notes are fully and unconditionally guaranteed by Morgan Stanley. Pricing supplements will state specific terms (stated principal, upside payment, buffer amount, valuation dates) and the issuer’s estimated value on the pricing date.
Morgan Stanley and Morgan Stanley Finance LLC offer a program to issue auto-callable global medium-term notes linked to one or more indices or shares under Product Supplement (Registration Statement No. 333-293641) dated April 8, 2026. The product supplement describes mechanics: automatic early redemption on specified determination dates, payment-at-maturity formulas (including an index performance factor), buffered variants with a buffer amount, and issuer and calculation-agent roles. Payments depend on underlying index/share closing or intraday values, trigger levels and observation periods; securities are unsecured obligations (MSFL obligations are fully guaranteed by Morgan Stanley). The applicable pricing supplement will specify the stated principal amount, early redemption payments, buffer percentages, underlying assets, and estimated value on the pricing date. The document emphasizes that the issue price includes commissions and hedging costs that reduce estimated value versus original issue price and that MS & Co. acts as calculation agent, with discretion on market disruption, successor indices, and corporate-event adjustments.
Morgan Stanley and Morgan Stanley Finance LLC offer principal-at-risk notes (Series I and Series A) linked to indices, ETFs, commodities, ADSs or stocks. Payments at maturity depend on underlier performance; principal is not guaranteed and may be lost. MSFL obligations are fully and unconditionally guaranteed by Morgan Stanley. The applicable pricing supplement will specify concrete terms, pricing, estimated value, observation/payment dates, and any interest provisions; the calculation agent (MS & Co.) has broad discretion on valuation and market-disruption determinations.
Morgan Stanley and Morgan Stanley Finance LLC supplement the Prospectus dated April 8, 2026 to describe potential global medium‑term note structures linked to a wide range of third‑party indices and index publishers. The supplement lists many eligible indices (e.g., EURO STOXX 50®, S&P 500®, Hang Seng®, Dow Jones Industrial Average, FTSE® 100, Nasdaq‑100, various MSCI, Russell and BlackRock adaptive indices) and explains each index’s composition, calculation methodology, reconstitution schedule, and publisher disclaimers. MSFL’s obligations on notes issued by it are fully and unconditionally guaranteed by Morgan Stanley. The supplement highlights product features and specific index mechanics where applicable, including volatility targets and periodic rebalance schedules, and reminds investors to review the relevant preliminary terms, pricing supplement and product supplement for securities‑specific terms and risk factors.
Morgan Stanley proposes a program to offer Series J and Series K global medium-term notes under a prospectus supplement dated April 8, 2026. The notes are senior, will mature more than nine months from issue, may pay fixed or floating interest (which may be zero), and will be issued in fully registered form.
The prospectus supplement and an applicable pricing supplement will set final terms including currency, interest method, optional call/put features, tax‑related redemption mechanics, and whether notes are issued under the NSS (Eurosystem eligible) or CSS.
Morgan Stanley is offering a program to issue Series I global medium-term notes under its Senior Debt Indenture; specific terms (maturity, currency, callable/puttable features) will be set in a pricing supplement. The notes are unsecured senior indebtedness and the company reported $329.5 billion of senior long-term borrowings as of December 31, 2025.
Morgan Stanley updates its prospectus supplement to the Series F medium-term notes, units and warrants program, offering a flexible shelf of subordinated medium-term notes, units and warrants to be sold from time to time under separate pricing supplements. The notes will be subordinated and may bear fixed, floating or zero interest, may be callable or puttable, and can be issued alone, as part of units or with warrants. Pricing supplements will specify final terms for each issuance, including currency, interest mechanics, exchangeability, contingent or commodity linkage, book-entry treatment through The Depository Trust Company, and tax and settlement procedures. The prospectus supplement references approximately $12.2 billion of subordinated long-term borrowings that would rank pari passu with these notes as of December 31, 2025.
Morgan Stanley Finance LLC is registering a Series A program to offer medium-term notes, units and warrants, with payments on those securities fully and unconditionally guaranteed by Morgan Stanley. The prospectus supplement dated April 8, 2026 explains general terms; specific terms for each issuance will appear in separate pricing supplements.
The program permits notes in fixed, floating or zero interest forms, currency- or commodity-linked payoffs, exchangeable or renewable structures, book-entry global issuance through DTC, and issuance of units combining notes, warrants or purchase contracts. Distribution will be handled primarily by Morgan Stanley & Co. LLC under stated commission ranges and applicable local selling restrictions.
Morgan Stanley Finance LLC (MSFL) supplements its prospectus for offerings of global medium-term notes, global units and global warrants that are fully and unconditionally guaranteed by Morgan Stanley. The supplement emphasizes complex U.S. federal tax risks applicable to these "program securities," including uncertainty about tax characterization, potential 30% withholding under Section 871(m) on dividend equivalents to non-U.S. investors, possible application of Sections 1260 and 1258, and taxable events prior to maturity (e.g., significant modifications or early fixing). The tax treatment depends on the specific terms of each issue and applicable supplements; purchasers are urged to consult their tax advisers.
Morgan Stanley and its finance subsidiary Morgan Stanley Finance LLC have published a shelf prospectus describing an offering program registering up to $191,273,967,190 of securities, including debt securities, units, warrants, purchase contracts, preferred stock and common stock. MSFL may issue debt securities, units, warrants and purchase contracts that are fully and unconditionally guaranteed by Morgan Stanley. The prospectus sets out general terms, distribution methods, payment and currency mechanics, structural subordination risks for MSFL securities, benchmark‑replacement mechanics for index‑linked debt (including SOFR and SONIA), foreign‑currency and exchange‑rate risks, and the companies’ use of proceeds (general corporate purposes and, for MSFL, loans to Morgan Stanley). Specific terms for any issuance will appear in a prospectus supplement.
Morgan Stanley Finance LLC offers principal-at-risk, contingent-income auto-callable securities linked to the ordinary shares of Amcor PLC. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $958.60, a contingent coupon at an annual rate of 13.50%, and a final maturity of May 26, 2027.
The securities pay coupons only if the closing level of the underlier meets or exceeds the coupon barrier level on observation dates and will be automatically redeemed early if the underlier meets the call threshold on any redemption determination date. If not auto‑redeemed, a final payment at maturity returns the stated principal only if the final level is at or above the downside threshold (71% of the initial level); otherwise, investors suffer a loss equal to the percentage decline in the underlier and could lose their entire investment. All payments are unsecured and subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering a capped, leveraged, principal-at-risk structured note — a two-year Buffered PLUS with Downside Factor linked to the MSCI EAFE Index that is fully and unconditionally guaranteed by Morgan Stanley. Each security has a $10 stated principal amount and does not pay interest; the prospectus terms limit upside and expose holders to full principal loss if the underlier falls below the buffer.
The securities provide 150% leveraged upside subject to a $13.47 per-security maximum and a 10% buffer; below the buffer investors lose 1.1111% of principal for each 1% decline beyond the buffer. Pricing and observation dates are April 7, 2026 and April 7, 2028, respectively.
Morgan Stanley Finance LLC updates a preliminary pricing supplement for its Buffered PLUS with Downside Factor securities linked to the S&P 500® Index, offering leveraged upside with a 150% leverage factor and a 10% buffer. Each security has a stated principal amount of $10 and a maximum payment at maturity of $12.705. The observation date is April 7, 2028 and the stated maturity date is April 12, 2028. The securities pay no interest, do not guarantee principal at maturity, expose investors to Morgan Stanley credit risk, and may result in significant or total loss if the final index level is below the buffer.
Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, market-linked securities due April 29, 2027 linked to the lowest performing of four State Street sector ETFs. Each security has a $1,000 face amount and an estimated value of $942.40 on the pricing date. The terms include a buffer of 20%, a threshold equal to 80% of each starting price, and a participation rate of at least 250% (to be set on the pricing date). Pricing and original-issue dates are April 17, 2026 and April 22, 2026, respectively; dealer commissions of up to $23.25 per security are disclosed. Payments at maturity depend solely on the ending price of the lowest performing underlying and are subject to the guaranty of Morgan Stanley and the credit risk of the issuer and guarantor.
Morgan Stanley Finance LLC is offering structured, auto-callable notes due April 21, 2031, linked to the worst performing of four equities: Amazon, Palantir, Micron and Tesla. Each note has a $1,000 stated principal and pays a variable monthly coupon of either 9.35% (higher) or 0.25% (lower) depending on observation-date performance. The notes can be automatically redeemed beginning with the redemption determination date of April 16, 2027 if all underliers meet call thresholds; otherwise principal is returned at maturity. All payments are unsecured and subject to Morgan Stanley credit risk; the estimated value at pricing was approximately $938.70 per note.
Morgan Stanley Finance LLC priced auto-callable "Jump Notes" linked to the worst-performing share of Alphabet (GOOGL), Broadcom (AVGO) and Meta (META). Each $1,000 note pays no interest, has a 125% participation rate, a potential early redemption payment of $1,167.50 on the first determination date and matures on April 16, 2031. Payments depend on the worst-performing underlier and are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk structured notes due April 16, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $946.70. The notes may auto-redeem on scheduled determination dates beginning April 14, 2027 for preset early redemption payments; maturity payoffs depend on the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices and include full principal, a fixed positive payment, or a loss equal to the percentage decline of the worst performing underlier below a 70% downside threshold.
Morgan Stanley Finance LLC is offering Principal at Risk notes due May 27, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a fixed upside payment of $147.50 (14.75%). The securities pay no interest and return at maturity depends on the worst performing of the Russell 2000® and S&P 500® indices, with a downside threshold of 85% of each underlier’s initial level. Estimated value on the pricing date is approximately $972.00 per security. All payments are subject to Morgan Stanley’s credit risk; if the final level of either underlier is below its threshold, principal is reduced proportionately and could be lost in full.
Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, auto-callable structured notes due May 3, 2029, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount, an estimated value of approximately $941.70 on the pricing date, and an automatic early redemption feature on the first determination date of May 4, 2027.
At maturity, investors may receive the stated principal plus an upside payment if all underliers finish above initial levels, the stated principal if all underliers finish at or above 70% of initial levels, or a reduced payment tied to the worst performing underlier if any underlier finishes below 70% (full principal risk).
Morgan Stanley Finance LLC offers Principal at Risk notes due April 29, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a stated principal of $1,000 and a contingent coupon payable at an annual rate of 16.65% on specified observation dates only if the underlier is at or above an 80% coupon barrier. The notes feature automatic early redemption beginning with a first redemption determination date of April 26, 2027 if the underlier is at or above a 100% call threshold. If not redeemed, maturity payment returns principal only if the final level is at or above a 60% downside threshold; otherwise investors suffer pro rata principal loss (payment = $1,000 × final level/initial level). Estimated value on pricing date was approximately $935.20 per security. All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is described as uncertain.
Morgan Stanley Finance LLC is offering dual-directional buffered participation securities due May 7, 2027, fully guaranteed by Morgan Stanley. Each $1,000 security returns a payoff based on the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay no interest, have an estimated value of approximately $986.10 on the pricing date, an upside participation rate of 100% subject to a $1,138.50 maximum payout (113.85%), a 20% buffer and a 20% minimum payment at maturity. If the worst performing underlier falls below the buffer, investors suffer proportional principal loss beyond the buffer. All payments are subject to Morgan Stanley's credit risk; MS & Co. is calculation agent and distributor for certain fee-based accounts.
Morgan Stanley Finance LLC priced a series of Buffered PLUS principal-at-risk securities linked to the S&P 500® Futures Excess Return Index with an observation date of April 9, 2029 and maturity on April 12, 2029. The notes have a stated principal amount of $1,000 per security, a 123% leverage factor on upside, a 25% buffer and a minimum payment at maturity equal to 25% of principal.
The preliminary pricing supplement discloses an estimated value on the pricing date of approximately $973.30 per security and explains material risks including credit risk of MSFL/Morgan Stanley, possible significant principal loss if the final level is below the buffer, model-based valuation, limited secondary-market liquidity and uncertain U.S. federal tax treatment.