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 offers structured, principal-at-risk auto-callable securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector and the Russell 2000. The issue aggregates $500,000 in principal at $1,000 per security and carries a contingent annual coupon of 9.00% payable only if each underlier meets its coupon barrier on observation dates. The notes can be automatically redeemed beginning on March 31, 2027 if all underliers meet call thresholds; at final maturity January 6, 2031 investors either receive principal or suffer a loss proportional to the worst performing underlier. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk notes — Callable Contingent Income Securities due April 6, 2028, fully and unconditionally guaranteed by Morgan Stanley. The offering consists of $3,315,000 aggregate principal (stated principal $1,000 per security) at an issue price of $1,000 per security.
The securities pay a contingent coupon at an annual rate of 14.10% only when the closing level of each of the three underliers (Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index, S&P 500®) is at or above its coupon barrier (70% of initial levels) on each observation date. The notes are linked to the worst-performing underlier, do not pay regular interest, do not participate in upside appreciation, and expose investors to principal loss in proportion to the decline of the worst-performing underlier. Early redemption may occur on specified redemption dates beginning July 7, 2026 if a risk-neutral valuation model indicates redemption is economically rational for the issuer. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced preliminary Auto-Callable Jump Notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with a stated principal amount of $1,000 per note. The notes pay no interest, are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and can be automatically redeemed beginning on the first determination date with fixed early redemption payments corresponding to approximately 7.25% per annum. If not redeemed early and the final level meets the call threshold, investors receive a positive fixed payment; otherwise they receive the stated principal amount at maturity on April 14, 2033. The estimated value on the pricing date is approximately $930.10 per note. All payments are subject to Morgan Stanley credit risk; the notes are not listed and will not participate in upside of the underlier.
Morgan Stanley Finance LLC is offering Principal at Risk contingent-income auto-callable securities with a $1,000 stated principal amount per security and an 8.00% per annum contingent coupon, linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The securities may automatically redeem on specified dates beginning April 9, 2027; if not redeemed, maturity is April 15, 2031. Payments depend on observation-date closings versus barrier levels (coupon barrier and downside threshold at 50% of the initial level; call threshold at 85% of the initial level). The estimated value on the pricing date was approximately $900.30 per security; the securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC priced Structured Investments — Enhanced Buffered Jump Securities — due April 19, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, an upside payment of $310 (31%) and a buffer equal to 20%. At maturity investors receive the principal plus the upside payment if the final level of each underlier is at or above its buffer level; otherwise the payment is reduced 1% for each 1% the worst performing underlier is below its buffer, subject to a minimum payment of $200 (20%). The securities reference three underliers: XLF, XLRE and the SXXP Index, and the estimated value on the pricing date was approximately $967.50 per security.
The document is a preliminary pricing supplement for Dual Directional Buffered PLUS securities issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a $1,000 stated principal and a maturity date of November 2, 2027.
Terms include a leverage factor to be set on the pricing date (between 105% and 110%), a 10% buffer, 100% absolute return participation, and a minimum payment at maturity of 10% of principal. Payments depend solely on closing levels on the observation date of October 28, 2027.
Morgan Stanley Finance LLC issued a preliminary pricing supplement for principal-at-risk, contingent income auto-callable securities linked to Workday, Inc. class A common stock. The notes have a $1,000 stated principal per security, an estimated value of approximately $969.60 on the pricing date, a 17.50% per annum contingent coupon, automatic early redemption mechanics on specified dates, and a final observation date of April 7, 2028 with maturity on April 12, 2028. Coupons are paid only if the underlier meets the coupon barrier (50% of the initial level) on each observation date; the downside threshold is also 50% of the initial level. If the final level is below the downside threshold, payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero. All payments are unsecured and subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, unsecured Jump Notes with an automatic early redemption feature, each with a $1,000 stated principal amount and an original issue price of $1,000. The notes pay no interest, are fully guaranteed by Morgan Stanley, and may be automatically redeemed on specified determination dates beginning April 26, 2027 if the underlier meets the call threshold (100% of the initial level).
The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (established March 14, 2022). Estimated value on the pricing date is approximately $920.70 per note. Early redemption payments correspond to an approximate 8.40% per annum return if triggered; if not redeemed and the final level meets the threshold, a fixed positive maturity payment applies; otherwise investors receive only stated principal at maturity.
Morgan Stanley Finance LLC is offering structured, non‑interest paying Jump Notes due May 3, 2029, linked to the Class A common stock of Meta Platforms, Inc. The notes are issued at a stated principal amount of $1,000 per note and are fully and unconditionally guaranteed by Morgan Stanley. At maturity investors receive the stated principal plus a fixed upside payment of $252 (25.20%) if the final level of the underlying is greater than or equal to the initial level; otherwise investors receive only the stated principal. The notes are unsecured, will not pay interest, are not listed, and all payments are subject to Morgan Stanley’s credit risk. The dealer-estimated value on the pricing date is approximately $975.80 per note.
Morgan Stanley Finance LLC priced contingent income, memory auto-callable notes linked to the worst performing of the Russell 2000® and S&P 500®, with a stated principal amount of $1,000 per security and a contingent coupon at an annual rate of 10.48%. The securities can auto‑redeem on scheduled redemption determination dates if both underliers meet call thresholds; otherwise payments depend on observation‑date barriers and final downside thresholds set at approximately 70% of initial levels. The estimated value on the pricing date was approximately $985.20 per security, and all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, contingent income memory auto-callable securities linked to the common stock of Blackstone Inc. Each security has a stated principal amount of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley. The notes mature on April 5, 2029 and may be automatically redeemed beginning after the first redemption determination date of October 2, 2026. The securities pay a contingent coupon at an annual rate of 14.25% on coupon payment dates only if the underlier meets the coupon barrier. The initial level was $113.05; the coupon barrier and downside threshold are $56.525 (50% of initial level). Estimated value on the pricing date was approximately $964.70. These are principal-at-risk notes: if the final level is below the downside threshold, investors lose in proportion to the underlier’s decline and could lose their entire investment.
Morgan Stanley Finance LLC offers Autocallable Notes linked to the Russell 2000® Index due April 12, 2029. The notes are unsecured obligations of MSFL, guaranteed by Morgan Stanley, and pay a fixed Call Return if the Index closes at or above the Initial Level on annual Observation Dates beginning April 14, 2027. If not called and the Final Level is below the Initial Level, principal is reduced proportionately to the Index decline; there is no participation in upside beyond the fixed Call Returns. The Issue Price is $10.00 per security, the estimated Trade Date value is approximately $9.622, and the minimum investment is $1,000.
Morgan Stanley Finance LLC is offering Autocallable Notes linked to the S&P 500® Index due April 12, 2029, fully and unconditionally guaranteed by Morgan Stanley. The Issue Price is $10.00 per Security (minimum investment $1,000) and the estimated value on the Trade Date is approximately $9.600 per Security. The securities are automatically called if the Observation Date Closing Level on any annual Observation Date beginning April 14, 2027 is equal to or greater than the Initial Level; Call Return Rates will be set on the Trade Date in the range 10.10%–11.10% per annum. If the notes are not called and the Final Level on the Final Observation Date is below the Initial Level, holders will suffer a principal loss proportionate to the negative Underlying Return at maturity on April 12, 2029. All payments are subject to the issuer’s and guarantor’s credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes—the Buffered Jump Securities with Auto-Callable Feature—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 $960.60, and an issue price of $1,000 (agent commission $15, proceeds to issuer $985).
The securities reference a four-stock basket (APO, BX, OWL, ARES), have a call threshold of 100 and a buffer level of 80. If the first determination date test is met, an automatic early redemption pays $1,317.50 on the early redemption date. At maturity the payout depends on final performance: upside participation is 125%; losses beyond the 20% buffer are multiplied by a 1.25 downside factor, and there is no minimum payment. All payments are subject to issuer credit risk and U.S. federal tax treatment is uncertain.
Morgan Stanley Finance LLC issued a $3,408,000 series of Trigger PLUS notes due April 4, 2031, linked to the worst performing of Invesco QQQ Trust, Series 1 (QQQ) and VanEck® Semiconductor ETF (SMH). Each security has a stated principal of $1,000 and an original issue price of $1,000. The securities pay at maturity based on the worst performing underlier: if that underlier finishes above its initial level you receive principal plus a 173.25% leveraged upside on the appreciation; if the worst performing underlier finishes between its initial level and its downside threshold (70% of the initial level) you receive principal; if the worst performing underlier finishes below the downside threshold you lose 1% of principal for each 1% decline, with no minimum payment. The estimated value on the pricing date was $972.50. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC priced a Trigger PLUS principal-at-risk note program backed by a $575,000 aggregate issuance (575 securities) at $1,000 each. The notes mature on April 6, 2032 and are linked to the S&P 500® Futures Excess Return Index (SPXFP).
Key economic terms: initial level 531.12, leverage factor 213.25%, downside threshold 371.784 (70% of initial). At maturity investors may receive leveraged upside, full principal if index ≥70% of initial, or a pro rata principal loss if below 70%. Estimated value on the pricing date was $935.00 per security; selling concessions totaled $32.50 per security.
Morgan Stanley Finance LLC priced Enhanced Buffered Jump Securities due April 16, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $925,000. The upside payment is $95.70 (9.57%) per security. The securities provide a 10% buffer (buffer level = $172.728) and a downside factor of 1.1111, such that losses beyond the buffer reduce principal by 1.1111% per 1% decline in the underlier. The underlier is the Invesco S&P 500® Equal Weight ETF (RSP). Strike date was March 31, 2026, pricing date April 1, 2026, observation date April 13, 2027 (subject to postponement) and maturity April 16, 2027. Estimated value on the pricing date was $984.00 per security; agent commission was $10 per security.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities tied to Meta Platforms, Inc. class A common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $809,000. The notes pay a 15.00% per annum contingent coupon on observation dates when the closing level of the underlier is at or above the coupon barrier level. The notes may be automatically redeemed on specified redemption determination dates if the closing level is at or above the call threshold; otherwise full exposure to downside applies at maturity if the final level is below the downside threshold, which equals the coupon barrier (~$399.669 or ~69% of the initial level). All payments are subject to issuer credit risk and the estimated value on the pricing date was $977.00 per security.
Morgan Stanley Finance LLC priced auto-callable principal-at-risk notes linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. Each $1,000 security was issued at $1,000 with an estimated value of $979.20. The notes pay no interest, may auto-redeem on the first determination date for $1,252.50, and mature on April 5, 2029. If not auto-redeemed, maturity payoffs depend on the worst-performing index: full principal plus a 200% participation on positive worst-underlier returns, return of principal if all underliers are ≥70% of initial levels, or principal loss proportional to declines below 70% (possible total loss). All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a contingent income auto-callable note offering fully and unconditionally guaranteed by Morgan Stanley with an aggregate principal amount of $355,000 at a $1,000 issue price per security. The notes pay a 9.60% annual contingent coupon, are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector and Russell 2000, and mature on April 4, 2031. Coupons are payable only if each underlier is at or above its coupon barrier (80% of initial level) on observation dates; early automatic redemption can occur if each underlier is at or above its call threshold (95% of initial level) on a redemption determination date. If any underlier is below its downside threshold (75%) at maturity, principal is reduced pro rata to the performance of the worst performing underlier, and could be zero. All payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC is offering principal-at-risk, fixed-coupon, buffered auto-callable securities linked to Bloom Energy Corporation class A common stock. Each security has a $1,000 stated principal amount, an issue price of $1,000, a 14.50% annual fixed coupon (paid monthly) and a maturity date of April 5, 2029. The securities can be automatically redeemed early if the underlier’s closing level on a redemption determination date is greater than or equal to the call threshold level of $132.45 (100% of the initial level), in which case holders receive principal plus the related coupon. If not redeemed, a buffer protects the first 20% of underlier decline (buffer level $105.96), but investors absorb losses beyond the buffer and face a minimum payment at maturity of 20% of principal. Aggregate principal offered is $360,000. All payments are subject to MSFL’s and Morgan Stanley’s credit risk and the offering includes agent commissions of $28.50 per security.
Morgan Stanley Finance LLC is offering Principal-at-Risk, contingent-income auto-callable securities linked to the Class A common stock of Bloom Energy Corporation, with a stated principal amount of $1,000 per security and an aggregate principal amount of $712,000. The notes pay a contingent coupon only if the underlier meets the coupon barrier on observation dates, can auto-redeem early if the call threshold is met, and expose investors to full downside below a 50% downside threshold. Estimated value at pricing was $948.90 per security; all payments are subject to issuer and guarantor credit risk.
Morgan Stanley Finance LLC offers $5,000,000 of Dual Directional Trigger Jump Securities due April 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and features a 43.82% upside payment ($438.20) if the basket appreciates at all, a 75% trigger (absolute return up to a 25% decline), and full downside exposure beyond the 25% buffer. Payments are subject to issuer and guarantor credit risk; investors may lose their entire investment. The valuation date is March 31, 2031 and the original issue date is April 7, 2026. Terms, hedging, tax treatment and risks are described in the product supplement, index supplement and prospectus.
Morgan Stanley Finance LLC is offering Structured Investments Callable Jump Notes due April 3, 2031, unsecured and fully guaranteed by Morgan Stanley, with an aggregate principal amount of $311,000 and a stated principal amount of $1,000 per note.
The notes reference the S&P 500® Futures Excess Return Index, pay no regular interest, include a call feature starting April 12, 2027 based on a risk neutral valuation model, and provide at-maturity upside when the final level exceeds the initial level of 527.35.
Morgan Stanley Finance LLC priced a $7.85M offering of Dual Directional Trigger PLUS notes due July 6, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each Trigger PLUS has a $1,000 stated principal, priced March 31, 2026, with an estimated value of $956.40 on the pricing date.
At maturity the payoff depends on the iShares® Expanded Tech-Software Sector ETF: 200% leveraged upside (capped at $1,213 per note) if the final share price > initial ($80.05); a positive absolute-return feature if the ETF declines up to 20% (trigger level $64.04); and full downside participation if the ETF declines more than 20%, with no minimum payment.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note linked to Blackstone Inc. common stock. The offering consists of $1,000 securities with an aggregate principal amount of $1,120,000, issued at $1,000 each and carrying a contingent coupon and automatic early redemption features.
The securities pay a contingent coupon at an annual rate of 25.12% only if the underlier meets the coupon barrier on observation dates. Automatic early redemption is possible if the underlier equals or exceeds the call threshold on redemption determination dates. If not redeemed, final payment depends on the final level versus a downside threshold of $78.12 (70% of the initial level), exposing investors to possible full loss of principal.
Morgan Stanley Finance LLC priced market-linked notes due April 4, 2030, guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $1,166,000. They pay no interest, return principal at maturity and provide an upside payment tied to the worst performing of the Dow Jones Industrial Average and the S&P 500 with a 100% participation rate and a maximum payment of $1,330 per note (133%). The notes’ estimated value on the pricing date was $953.40 per note. All payments are subject to Morgan Stanley’s credit risk; the notes are unsecured, not exchange-listed and secondary liquidity may be limited.
Morgan Stanley Finance LLC priced an offering of $2,035,000 aggregate principal amount of Contingent Income Auto-Callable Securities due April 5, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes have a 15.25% annual contingent coupon, automatic early redemption tests on periodic redemption determination dates, and a final observation date of March 31, 2028.
The securities pay the contingent coupon only if the closing level of the underlying Blackstone Inc. common stock meets or exceeds the coupon barrier level of $74.744 (approx. 65% of the initial level) on each observation date; the call threshold is $97.742 (approx. 85% of the initial level). At maturity, if the final level is below the downside threshold ($74.744), investors suffer a prorated principal loss equal to the performance factor; if the final level is at or above the downside threshold, investors receive the stated principal amount.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering fully guaranteed by Morgan Stanley: $1,845,000 aggregate of auto-callable securities with a stated principal amount of $1,000 per security. The securities pay no interest, may auto-redeem early for fixed cash amounts, and at maturity pay a fixed enhanced amount if each index meets its call thresholds, return principal if all indices remain above 70% of initial levels, or suffer a loss tied to the worst-performing underlier if any underlier finishes below its 70% downside threshold.
The notes reference the Dow Jones Industrial Average, the S&P 500® and the Russell 2000®, have an original issue date of April 6, 2026, a final determination date of March 31, 2031 and maturity on April 3, 2031. The estimated value on the pricing date was $935.80 per security; the issue price was $1,000 (agent commission $25; proceeds to issuer $975 per security).
Morgan Stanley Finance LLC priced principal-at-risk notes tied to the worst performing of the S&P 500® and Russell 2000®. The securities have a $1,000 stated principal amount, an issue price of $1,000 and aggregate principal of $3,559,000.
At maturity on July 6, 2027, if each underlier’s final level is at or above its downside threshold (75% of initial), holders receive $1,000 plus a fixed upside payment of $135 (13.50%). If the worst performing underlier finishes below its 75% threshold, holders lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and principal could be entirely lost. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced market-linked notes tied to a 10-stock basket, issuing $1,186,000 aggregate principal in $1,000 denominations. The notes pay no interest, have a 100% participation rate in positive basket performance and mature on October 6, 2031. Investors receive principal plus the upside payment if the basket's final level exceeds the initial level; otherwise they receive the stated principal amount. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was $928.70 per note, below the $1,000 issue price, reflecting issuance, structuring and hedging costs and the dealer commissions described herein.
Morgan Stanley Finance LLC is offering $4,000,000 aggregate principal amount of PLUS due July 6, 2027 linked to the Tokyo Stock Price Index (TOPIX®). Each $1,000 PLUS provides 300% leveraged upside up to a maximum payment of $1,246.60 and full downside exposure to index declines (1% loss per 1% index drop).
Key terms: initial index value 3,497.86 (pricing date), valuation date June 30, 2027, estimated value on pricing date $962.70, issue price $1,000 and agent commission $17.50 per PLUS. Payments are unsecured and subject to Morgan Stanley and MSFL credit risk; investors may lose their entire investment.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due April 4, 2030, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a stated principal amount of $1,000; the aggregate issue is $1,232,000. The securities pay no interest and return at maturity depends on the worst performing underlier on the observation date (April 1, 2030): full principal or leveraged upside (130%) if the worst underlier appreciates, principal only if the worst underlier stays above its 70% downside threshold, or a proportional loss down to zero if that underlier falls below its threshold. All payments are subject to MSFL and Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Trigger Jump Securities due July 6, 2027 linked to the iShares® Expanded Tech-Software Sector ETF. For each $1,000 security, investors receive a fixed $262 upside payment if the final share price is at or above the initial price of $80.05. If the final share price is between the initial price and the trigger level of $68.043 (approximately 85% of the initial price), holders receive the $1,000 principal. If the final share price is below the trigger level, payoff equals $1,000 multiplied by (final/initial share price), exposing investors to a 1:1 loss of principal beyond the 15% trigger; investors may lose their entire investment. The pricing date was March 31, 2026, original issue date April 6, 2026, and aggregate issuance shown is $3,845,000. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC offers $479,000 of Jump Notes due April 5, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and was issued at $1,000 per note with an estimated value of $965 on the pricing date.
The notes link payment at maturity to the closing level of KLA Corporation common stock on the observation date. If the final level is greater than or equal to the initial level ($1,472.41 on the strike date), each note will pay the $1,000 principal plus a fixed upside payment of $237.50 (23.75%). If the final level is less than the initial level, investors receive only the $1,000 stated principal. Payments are unsecured and subject to Morgan Stanley’s credit risk; the notes will not be listed on any exchange.
Morgan Stanley Finance LLC issued Principal-at-Risk structured notes with a stated principal amount of $1,000 per security and an aggregate principal amount of $5,908,000. The notes are linked to the worst performing of the Russell 2000® Index and the S&P 500® Index and mature on April 3, 2031.
The securities feature an automatic early redemption beginning with the first determination date on April 7, 2027, fixed early redemption payments (ranging from $1,098 to $1,441 per security on scheduled dates) and a payment-at-maturity schedule that pays $1,490 if both underliers are at-or-above their call thresholds, returns the stated principal if both are at-or-above their downside thresholds, or pays an amount equal to principal × the performance factor of the worst performing underlier (exposing investors to full downside below the 70% thresholds).
Morgan Stanley Finance LLC priced a primary offering of Principal at Risk notes due May 5, 2027, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the S&P 500®, Nasdaq-100® and Russell 2000® indices. The offering aggregates $602,000 and has a stated principal amount of $1,000 per security. The securities pay no interest; at maturity investors receive either the stated principal plus a fixed $105 upside payment if each underlier is at or above its 65% downside threshold, or a principal amount tied to the worst performing underlier (losses of 1% for each 1% decline). The estimated value on the pricing date was $984.60 per security and total agent commissions equal $6.50 per security. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices $416,000 of market-linked notes — MSFL is issuing structured, principal-return notes due April 3, 2031 linked to the performance of the EURO STOXX 50® Index and fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per note, an issue price of $1,000 per note, an estimated value on the pricing date of $960.00 per note, and a participation rate of 115% for upside at maturity. Payments are subject to Morgan Stanley’s credit risk, the notes pay no interest, and the payoff at maturity depends solely on the index closing level on the observation date of March 31, 2031.
Morgan Stanley Finance LLC priced Trigger PLUS notes due April 5, 2028, unsecured obligations fully and unconditionally guaranteed by Morgan Stanley that provide leveraged upside linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500.
Each $1,000 security pays 125% of the appreciation of the worst performing underlier if that underlier finishes above its initial level, returns principal if the worst performing underlier finishes between its initial level and 70% of its initial level, and exposes investors to dollar-for-dollar losses below 70% (no minimum payment).
Morgan Stanley Finance LLC priced a principal-at-risk structured note — the Dual Directional Trigger PLUS — tied to the S&P 500® Futures Excess Return Index with a $1,000 stated principal per security and an aggregate offering of $975,000. The securities have a 5-year term (pricing and strike date March 31, 2026; maturity April 3, 2031) and pay no interest.
At maturity, outcomes depend on the index level versus an initial level of 527.35: if the final level is higher investors receive principal plus 168% leverage of appreciation; if the final level is down but at or above a 60% downside threshold (316.41) investors can receive a capped positive payment via a 50% absolute return participation rate; if the final level is below the threshold investors suffer losses pro rata and could lose the entire principal.
Morgan Stanley Finance LLC priced Principal at Risk securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $349,000. The securities pay no interest and offer a fixed upside payment of $152.50 per security (15.25%) if the final level of each underlier is greater than or equal to its downside threshold; otherwise payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier, and could be substantially less or zero. The pricing date and strike date are March 31, 2026, original issue date is April 6, 2026, the observation date is September 30, 2027 and maturity is October 5, 2027. All payments are subject to issuer and guarantor credit risk and the agent received a commission of $18.75 per security.
Morgan Stanley Finance LLC offers $304,000 of Trigger PLUS principal-at-risk securities, fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per security and an issue price of $1,000 per security.
Payments at maturity depend on the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices: investors receive principal plus a 400% leverage on upside (capped at $1,792 per security), principal only if underliers stay above 70% of initial levels, or lose 1% of principal for each 1% decline below that threshold. The securities pay no interest and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced a principal-at-risk structured note offering totaling $3,604,000 (3,604 securities) issued at $1,000 per security with an estimated value of $955.10 on the pricing date. The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.
The notes are linked to the worst performing of the S&P 500® and Russell 2000® indices, include an automatic early redemption feature on the first determination date (April 5, 2027) for an early redemption payment of $1,168.50, and pay at maturity on April 5, 2029 either (a) principal plus an upside payment (150% participation on the worst-performing underlier’s appreciation), (b) stated principal only if both underliers finish above their 75% downside thresholds, or (c) a reduced principal equal to the worst-performing underlier’s performance factor (which could result in a total loss). All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering Principal at Risk, contingent-income auto-callable securities due July 6, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon only if both underliers meet coupon barrier levels on each observation date and may auto-redeem early if both underliers meet call thresholds on a redemption determination date. Stated principal is $1,000 per security (issue price $1,000), aggregate principal $12,663,000, estimated value on the pricing date $967.00. The contingent annual coupon rate is 11.75%, paid only when both the Nasdaq-100® Technology Sector Index (NDXT) and the Russell 2000® Index (RTY) exceed their coupon barrier levels on observation dates. If not auto-redeemed, maturity payout returns principal only if both final levels are at or above their downside thresholds (75% of initial levels); otherwise payment equals the stated principal times the performance factor of the worst performing underlier, which can result in a substantial loss of principal, possibly to zero. All payments depend on issuer and guarantor creditworthiness.
Morgan Stanley Finance LLC filed a pricing supplement to sell Principal at Risk securities tied to NVIDIA Corporation common stock. The offering is for an aggregate principal amount of $1,577,000 at a stated principal amount of $1,000 per security. Each security will mature on May 6, 2027 and pays no interest; investors receive $152 per security (15.20%) at maturity if the final level is at or above the downside threshold of $104.64 (60% of the initial level). If the final level is below that threshold, holders suffer losses proportional to the decline (performance factor = final level / initial level), and the payment could be significantly less than principal or zero. Payments are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a series of principal‑at‑risk, auto‑callable structured notes due April 4, 2030, fully and unconditionally guaranteed by Morgan Stanley. The offering totals $1,485,000 aggregate principal at an issue price of $1,000 per security and an estimated value on the pricing date of $926.70 per security. The notes pay no interest, are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and S&P 500, carry a 150% participation rate in upside of the worst performing underlier, an automatic early redemption payment of $1,127.50 if all underliers meet call thresholds on the first determination date, and a downside threshold at 70% of initial levels. All payments are subject to Morgan Stanley's credit risk and investors may lose up to their entire principal if the worst performing underlier declines below its downside threshold.
Morgan Stanley Finance LLC priced a contingent income auto-callable note due April 6, 2029, linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50 and Russell 2000 and fully guaranteed by Morgan Stanley. The securities pay a contingent coupon of 10.80% per annum on observation dates only if all underliers meet coupon barrier levels; they are subject to automatic early redemption on listed determination dates and expose investors to loss of principal if the worst performing underlier falls below its 70% downside threshold at maturity.
Morgan Stanley Finance LLC priced $5,300,000 of Dual Directional Buffered PLUS notes due April 5, 2028. The securities (issued at $1,000 each) provide 150% leveraged upside on the Russell 2000® up to a capped payment of $1,208.50, a 15% buffer for limited losses and a minimum maturity payment of $150 per note.
The notes pay no interest, are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley; estimated value on the pricing date was $959.20 per note and proceeds will be used for general corporate purposes.
Morgan Stanley Finance LLC offers contingent-income, buffered auto-callable notes due May 2, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 20.00% payable only if all three underliers meet coupon barriers on observation dates. The estimated value on the pricing date was approximately $908.60. At maturity investors receive principal except where the worst performing underlier falls below its 80% buffer, in which case losses equal 1% per 1% decline beyond the buffer, subject to a 20% minimum payment. The securities are linked to the worst performing of Cleveland-Cliffs (CLF), Centene (CNC) and Cloudflare (NET) and are subject to issuer credit risk, early automatic redemption mechanics and complex tax treatment.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to Microsoft Corporation common stock with a stated principal amount of $1,000 per security and an aggregate principal amount of $4,051,000. The securities pay a contingent coupon at an annual rate of 14.50% on observation dates when the closing level of the underlying is at or above the coupon barrier ($296.136, which is 80% of the initial level). The securities can be automatically redeemed early if the underlier closes at or above the call threshold ($370.17, the initial level) on a redemption determination date. If not redeemed, maturity payment depends on the final level: investors receive full principal if the final level is at or above the downside threshold ($296.136), or a reduced principal determined by the performance factor (final level/initial level) if below that threshold. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was $970.60 per security.