Every 424B that Morgan Stanley (MS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MS filings page.
Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Dual Directional Buffered PLUS notes due April 10, 2031, guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security. The securities reference the worst performing of the Dow Jones Industrial Average and the S&P 500, provide a 111.50% leverage factor for upside, include a 25% buffer and a 25% minimum payment at maturity, and do not pay interest.
The payment at maturity depends solely on closing levels on the observation date April 7, 2031. The preliminary document shows an estimated value on the pricing date of approximately $966.50 per security and discloses material risks including principal loss if either underlier finishes below its buffer and credit exposure to Morgan Stanley.
Morgan Stanley Finance LLC priced structured, principal-at-risk, auto-callable securities linked to the worst performing of NVIDIA, Microsoft and Alphabet (Class A). Each security has a stated principal of $1,000, an estimated value on the pricing date of approximately $937.60, a 300% participation rate, an automatic early redemption test on April 20, 2027 and maturity on April 20, 2029. If not auto‑redeemed, maturity payoff depends on the worst performing underlier versus its downside threshold (50% of initial level); losses can be up to the full principal. All payments are unsecured and subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced structured Buffered Jump Securities (auto-callable) due February 1, 2029, fully guaranteed by Morgan Stanley, linked to the worst performer of the VanEck Gold Miners ETF (GDX) and the State Street S&P Metals & Mining ETF (XME). The securities have a $1,000 stated principal amount, an estimated value on the pricing date of approximately $943.50, a 15% buffer, automatic early‑redemption observations beginning October 27, 2026, and a minimum payment at maturity equal to 15% of principal.
Morgan Stanley Finance LLC issues principal-at-risk, contingent income auto-callable notes due May 2, 2029 and fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of approximately $957.00.
The securities pay a contingent coupon at an annual rate of 8.85% per annum only when the closing level of each of the three underliers (Nasdaq-100, Russell 2000, S&P 500) is at or above a coupon barrier (70% of each initial level) on an observation date. The notes are auto-callable on specified redemption determination dates if each underlier is at or above its call threshold (100% of initial level); otherwise they continue to maturity. If not auto‑redeemed, maturity payout returns the stated principal only if each underlier is at or above its downside threshold (70%); if the worst performing underlier is below that level, the payment equals principal multiplied by that underlier's performance factor and could be significantly less or zero. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a marketed offering of Dual Directional Trigger PLUS notes due April 5, 2029, fully and unconditionally guaranteed by Morgan Stanley. The securities were issued at a stated principal amount of $1,000 per security, with an aggregate principal amount of $1,408,000, an estimated value on the pricing date of $955.10 per security, and an original issue price of $1,000 per security. The notes pay at maturity based on the performance of the worst performing underlier (the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000), feature a 200% leverage factor on upside (capped at $1,524 per security, or 152.40% of principal), an absolute return participation rate of 100% for limited decline scenarios, and a downside threshold equal to 70% of each underlier’s initial level; if any underlier finishes below its downside threshold the securities decline 1% for each 1% the worst performing underlier falls.
Morgan Stanley Finance LLC is offering principal-at-risk structured notes called Trigger PLUS due May 1, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and links to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The notes pay no interest; at maturity investors receive either (a) principal plus a leveraged upside if the final level of each underlier is greater than its initial level, (b) principal only if neither underlier falls below its downside threshold, or (c) a downside payoff that loses 1% of principal for each 1% decline in the worst performing underlier if that underlier is below its downside threshold. Key terms: strike/pricing date April 27, 2026, original issue date April 30, 2026, observation date April 28, 2031, maturity May 1, 2031, leverage factor at least 130%, downside threshold 70% of initial level. The estimated value on the pricing date was approximately $942.80 per security, below the $1,000 issue price, and all payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering auto-callable, principal-at-risk market-linked securities due September 29, 2027, fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value at pricing of $959.10, and pays a contingent monthly coupon at 9.50% per annum only if the lowest-performing underlying closes at or above 75% of its starting level on each monthly calculation day. The securities are linked to the lowest performing of the S&P 500, Russell 2000 and Nasdaq-100, may be auto-called beginning ~six months after issue, and expose holders to a 1-to-1 downside on the lowest performing underlying at maturity.
Morgan Stanley Finance LLC priced a $340,000 aggregate offering of Dual Directional Buffered PLUS notes due April 3, 2031, with a $1,000 stated principal amount per security. Each security is linked to the worst performing of the EURO STOXX 50 and the S&P 500 and is fully guaranteed by Morgan Stanley.
At maturity investors may receive the stated principal plus an 188% leverage on appreciation of the worst performing underlier, a capped positive payment if the worst underlier declines but stays above a 20% buffer, or a loss of principal beyond that buffer; the minimum payment at maturity is 20% of principal. The estimated value on the pricing date was $969.30 per security and the issue price was $1,000 (agent commission $7.50).
Morgan Stanley Finance LLC offers callable Jump Notes due May 5, 2031, fully guaranteed by Morgan Stanley. The notes are sold in $1,000 denominations and pay no regular interest. Investors receive at maturity the stated principal plus an upside payment equal to the stated principal × 135% participation × the percent change of the worst performing underlier, provided all underliers finish above their initial levels. The notes are linked to the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®; the worst-performing index determines the payout. The notes may be called beginning May 12, 2027, for scheduled fixed redemption payments that represent at least 13.00% per annum and rise by redemption date. Estimated value on the pricing date is approximately $966.00 per note. All payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced market-linked notes linked to the EURO STOXX 50® Index maturing May 5, 2031. The notes are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley, pay no interest, and repay the stated principal of $1,000 per note at maturity. If the underlier’s closing level on the observation date (April 30, 2031) is above the initial level (strike date April 30, 2026), holders receive the stated principal plus an upside payment equal to the stated principal multiplied by a participation rate (to be set on the pricing date at 115% to 125%) times the underlier percent change; if the final level is equal to or below the initial level, holders receive only the stated principal. The estimated value on the pricing date is approximately $957.90 per note. All payments are subject to Morgan Stanley’s credit risk, the notes will not be listed, and secondary liquidity may be limited.
Morgan Stanley Finance LLC offers Trigger PLUS securities linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index.
Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $951.20, an observation date of April 30, 2029 and a maturity date of May 3, 2029. At maturity the payment depends on the worst performing underlier: investors may receive the stated principal plus a leveraged upside (leverage factor set at 160% to 165%), the stated principal only if declines remain above the downside thresholds (each threshold is 70% of the initial level), or a principal loss equal to the percent decline of the worst performing underlier (no minimum payment).
Morgan Stanley Finance LLC priced a preliminary offering of structured, principal-at-risk, auto-callable notes guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $957.80, a participation rate of 150% and a downside threshold of 70% of initial level. The notes reference the S&P 500®, the Nasdaq-100® Technology Sector and the Russell 2000® Index, feature automatic early redemption on the first determination date of May 4, 2027 (early redemption payment of $1,255–$1,265 per security will be set on the pricing date) and mature on May 5, 2031. Investors bear full issuer credit risk and may lose up to their entire principal if the worst performing underlier falls below its downside threshold at maturity.
Morgan Stanley Finance LLC priced Principal-at-Risk notes due May 3, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays no interest. If the final level of every underlier is at or above its 70% downside threshold, holders receive principal plus a fixed upside payment. If any underlier is below its downside threshold, payment equals principal times the performance factor of the worst performing underlier and may be significantly less than principal or zero. The securities reference the Nasdaq-100, Russell 2000 and S&P 500 indices, carry issuer credit risk and have an estimated value on the pricing date of approximately $966.40 per security.
Morgan Stanley Finance LLC is offering callable Jump Notes due May 5, 2031, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a stated principal amount of $1,000, a 150% participation rate in positive index performance and no regular interest.
The notes feature an issuer call beginning May 12, 2027, where redemption payments are fixed and designed to provide at least approximately 16.00% per annum on specified redemption dates. If not called and the final level exceeds the initial level, maturity payment = stated principal + (stated principal × participation rate × underlier percent change); otherwise investors receive only the stated principal. All payments are subject to issuer credit risk. The pricing-date estimated value is approximately $968.30 per note.
Morgan Stanley Finance LLC priced structured notes with an auto-callable feature linked to the worst performing of the Dow Jones Industrial, S&P 500® and Russell 2000® indices. Each security has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of approximately $943.00. The notes may be automatically redeemed on scheduled determination dates beginning April 26, 2027 for fixed early redemption payments that escalate over time; final maturity is April 21, 2031. If not auto‑redeemed, payment at maturity depends on index outcomes: a full fixed upside payment of $1,575.00 is payable if each underlier is at or above its call threshold, the stated principal is returned if all underliers finish at or above 75% of initial levels, and losses apply pro rata to the worst performing underlier below that downside threshold, potentially wiping out principal. All payments are subject to MSFL/Morgan Stanley credit risk.
The document is a preliminary pricing supplement for Principal at Risk securities issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $962.40, and a limited fixed upside payment of $427.50 to $447.50 per security. Payment at maturity depends solely on the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000; if the worst performing underlier on the observation date is below its 70% downside threshold, investors lose pro rata principal and could lose their entire investment. The strike and pricing date are April 30, 2026, the observation date is April 30, 2030 (subject to postponement), and the stated maturity is May 3, 2030. All payments are subject to issuer and guarantor credit risk and the securities do not pay interest.
Morgan Stanley Finance LLC priced a Trigger PLUS structured note due May 5, 2031, fully guaranteed by Morgan Stanley that links payoff to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The stated principal amount is $1,000 per security and the securities pay no interest.
At maturity investors receive either principal plus a leveraged upside, principal only, or a principal amount reduced pro rata if the worst performing underlier closes below its downside threshold (75% of initial level). The leverage factor will be set on the pricing date and is disclosed as 143% to 158%. Estimated value on the pricing date is approximately $964.30 per security.
The Morgan Stanley Finance LLC preliminary pricing supplement describes contingent income auto-callable securities due November 4, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a contingent coupon only if all three underliers meet specified coupon barrier levels on observation dates.
The notes reference the Nasdaq-100® Technology Sector, Russell 2000® and S&P 500® and are linked to the worst performing underlier. Coupons may range from 12.75% to 13.75% per annum (final rate set on the pricing date). Automatic early redemption may occur on specified determination dates; maturity payment can be reduced pro rata if the worst performing underlier falls below its 70% downside threshold, potentially resulting in total loss of principal.
Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 5, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $948.20. At maturity the securities pay the stated principal plus a leveraged upside if the final index level is above the initial level; if the final level is between the initial level and the downside threshold (70% of the initial level) investors receive only principal; if below the downside threshold investors lose 1% for each 1% decline in the index and could lose their entire investment.
The leverage factor will be set on the pricing date between 200% and 205%. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk, model-based estimated value, limited secondary-market liquidity and uncertain U.S. federal income tax treatment.
Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Trigger PLUS principal-at-risk securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a stated principal amount of $1,000 and an original issue date of May 5, 2026.
Payment at maturity on May 5, 2031 depends on the worst performing underlier on the observation date of April 30, 2031: full principal plus a 400% leveraged upside up to a $1,800–$1,850 cap if the worst underlier is higher; full principal if the worst underlier is down but ≥70% of initial level; otherwise principal declines dollar-for-dollar with the worst underlier and could be zero. All payments are subject to issuer and guarantor credit risk. Estimated value on the pricing date is approximately $944.70 per security.
Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to Oracle Corporation common stock, with a stated principal amount of $1,000 per security and maturity on April 20, 2028. The securities pay a contingent coupon (annual rate to be set on the pricing date, indicated between 17.25%–18.25%) only if the underlier meets the coupon barrier on observation dates and are automatically redeemed early if the underlier meets the call threshold on redemption determination dates. If not called, repayment at maturity depends on the final level relative to a downside threshold (60% of the initial level); a final level below that threshold produces a principal loss equal to the underlier’s decline. All payments are unsecured and subject to Morgan Stanley’s credit risk. The preliminary estimated value on the pricing date is approximately $955.10 per security.
Morgan Stanley Finance LLC offers Principal at Risk contingent‑income, memory auto‑callable securities linked to Palantir Technologies Inc. class A common stock with a stated principal of $1,000 per security. The securities pay a contingent coupon (annual rate to be set on pricing date, indicated at 18.50%–19.50% range in the preliminary terms) only when the underlier meets observation‑date barriers and are automatically redeemed if call conditions are met.
The securities return principal at maturity only if the final level is at or above the downside threshold (set at 60% of the initial level); otherwise investors suffer a pro rata loss tied to the underlier’s decline. Estimated value on the pricing date is approximately $958.80 per security. All payments are subject to Morgan Stanley and MSFL credit risk.
Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes due May 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount with an estimated value on the pricing date of approximately $934.10. The notes pay a contingent coupon (annualized 12.25%–13.25% range determined on the pricing date) only when the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index is at or above the coupon barrier (60% of the initial level) on observation dates. The notes are auto-callable on specified redemption determination dates if the closing level is at or above the call threshold (100% of the initial level). If not auto‑redeemed, maturity pay depends on the final level: full principal if at or above the downside threshold (60% of initial), otherwise principal is multiplied by final/initial (losses of 1% per 1% decline possible, including total loss).
Morgan Stanley Finance LLC priced Buffered PLUS notes due April 16, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and pays no interest; estimated value on the pricing date is approximately $942.90 per security.
At maturity the payout is tied to the worst performing of the Dow Jones Industrial Average and the S&P 500®. If the worst performing underlier finishes above its initial level, investors receive principal plus 121% of that underlier's appreciation. If the worst performing underlier finishes between the initial level and a 15% buffer (85% of initial), investors receive principal. If the worst performing underlier finishes below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 15% minimum payment at maturity. All payments are subject to issuer and guarantor credit risk and secondary market liquidity may be limited.
Morgan Stanley Finance LLC priced a structured note series called the Dual Directional Trigger PLUS linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000, an original issue date of May 5, 2026 and a stated maturity of May 5, 2031. The securities offer a leveraged upside (leverage factor to be set on the pricing date between 182% and 197%), a capped positive payout if the index declines but stays above a 60% downside threshold, and full principal loss if the index falls below that threshold. The estimated value on the pricing date was approximately $964.20 per security; the issue price is $1,000, which includes issuance, structuring and hedging costs. All payments are subject to Morgan Stanley Finance LLC credit risk and are fully guaranteed by Morgan Stanley.
Morgan Stanley Finance LLC amends a preliminary pricing supplement for Trigger PLUS securities due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500.
Each security has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of approximately $927.80, and a leverage factor to be set on the pricing date in the 125%–130% range. If the worst performing underlier at the observation date is below its 70% downside threshold, investors lose 1% of principal for each 1% decline (principal at risk, potential to lose entire investment). The observation date is April 28, 2031, with maturity on May 1, 2031.
Morgan Stanley Finance LLC priced a preliminary offering of structured, principal‑at‑risk notes with an auto‑call feature linked to the worst performing of the VanEck® Gold Miners ETF and the State Street® SPDR® S&P® Metals & Mining ETF. The securities are issued in $1,000 denominations and have an issue price of $1,000 per security; the estimated value on the pricing date was approximately $944.70 per security. The notes may be automatically redeemed on periodic determination dates for early redemption payments that correspond to a return of approximately 9.00% per annum if both underliers meet call thresholds set at 85% of their initial levels. At maturity, if neither underlier has triggered an early call, investors receive $1,247.50 if both final levels are at or above their buffer levels (each buffer = 85% of initial); otherwise payments are reduced by the worst performing underlier beyond the 15% buffer, subject to a minimum payment of 15% of principal. All payments are subject to issuer and guarantor credit risk and the securities do not pay periodic interest.
Morgan Stanley Finance LLC is offering Capped Trigger GEARS linked to the Russell 2000® Index with a 4-year term maturing April 17, 2030. Each Security has an Issue Price of $10.00. At maturity investors receive leveraged upside (Upside Gearing 1.5x) up to a pre-set Maximum Gain (expected 80.50%–85.50%) and face downside exposure if the Final Level falls below the Downside Threshold (set at 75% of the Initial Level), which can result in a substantial or total loss of principal. The estimated value on the Trade Date is approximately $9.781 per Security. Payments and any contingent repayment of principal are subject to MSFL’s and Morgan Stanley’s credit risk; MS & Co. serves as Calculation Agent and agent for the offering. Key dates: Trade Date April 15, 2026, Settlement April 17, 2026, Final Valuation Date April 15, 2030, Maturity April 17, 2030.
Morgan Stanley Finance LLC priced a preliminary offering of contingent income auto-callable securities due November 1, 2027 linked to the worst performing of the Nasdaq-100 Technology Sector Index, Russell 2000 and S&P 500. The securities are issued at $1,000 per security and are principal at risk: investors receive contingent coupons only if all underliers meet coupon barrier tests on observation dates and may lose principal at maturity if the worst performing underlier falls below its downside threshold.
The pricing and strike date is April 27, 2026 (original issue date April 30, 2026), the contingent coupon range is 10.50%–11.50% (annual rate, to be set on the pricing date), and the securities feature automatic early redemption tests on scheduled redemption determination dates. Key levels set on the strike date include call threshold = 100% of initial level, coupon barrier = 80%, and downside threshold = 70%. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC prices a series of principal-at-risk, contingent income auto-callable securities due May 2, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon set to be determined on the pricing date in the range 10.75%–11.75% per annum. The securities pay coupons only if on each observation date the closing level of all three underliers (Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index, Russell 2000®) is at or above its coupon barrier (80% of initial level), may automatically redeem early if all underliers meet call thresholds (100% of initial levels) on a redemption determination date, and at maturity will return principal only if each underlier is at or above its downside threshold (70% of initial level); otherwise investors absorb the loss of the worst-performing underlier and could lose their entire investment. The issuer estimates the securities' value on the pricing date at approximately $946.70 per security.
Morgan Stanley Finance LLC is issuing $550,000 of Trigger PLUS principal-at-risk notes due April 4, 2033 linked to the S&P 500® Futures Excess Return Index. Each note has a stated principal of $1,000, an initial level of 512.70, and an observation date of March 30, 2033.
At maturity the notes pay the stated principal plus a 255% leveraged upside if the final level exceeds the initial level, return par if the final level is between the initial level and the downside threshold of 358.89 (70% of initial), and suffer a 1% loss for each 1% decline below the threshold. The estimated value at pricing was $958.80 per note.
Morgan Stanley Finance LLC priced Trigger PLUS notes due May 1, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount per note and return at maturity is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500.
Payment outcomes depend on the worst performing underlier: (1) if both final levels are above their initial levels, investors receive principal plus a leveraged upside; (2) if the worst performing underlier finishes between its initial level and a 70% downside threshold, investors receive principal; (3) if the worst performing underlier finishes below the 70% threshold, investors suffer a proportional loss of principal (1% loss for each 1% decline), potentially losing the entire investment. The leverage factor will be set on the pricing date in the range 120%–130%. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a principal-at-risk structured note program. The offering consists of $5,157,000 aggregate principal of Dual Directional Buffered Participation Securities, $1,000 per security, linked to the S&P 500® Futures Excess Return Index. The securities have an initial level of 512.70, an observation date of September 30, 2027 and mature on October 5, 2027. Payment at maturity varies by index performance: investors may receive the stated principal plus an upside payment (capped at $1,358.20), an absolute-return payment if the final level is between the initial level and the buffer (buffer = 85% of the initial level), or a reduced principal if the final level is below the buffer, with a 15% minimum payment at maturity. The per-security estimated value on pricing date was $990.20. The notes pay no interest and are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.
Morgan Stanley Finance LLC offers Trigger PLUS notes due May 2, 2029, fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a stated principal amount of $1,000 and pays no interest. At maturity the payment depends on the worst performing underlier: if both final levels exceed their initial levels, investors receive principal plus a leveraged upside payment (leverage factor set on the pricing date between 125%–130%); if the worst performing underlier is at or above its downside threshold (75% of initial), investors receive principal only; if the worst performing underlier closes below its downside threshold, investors lose an amount equal to the percentage decline of that index and could lose their entire principal. The estimated value on the pricing date is approximately $940.90 per security. All payments are subject to the issuer’s and guarantor’s credit risk; MSFL is a financing subsidiary with no independent assets.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due May 2, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and returns are tied to the performance of the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 over the term.
If all underliers finish at or above their downside threshold (70% of initial levels), holders receive the stated principal plus a fixed upside payment. If any underlier finishes below its downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, and could be significantly less or zero.
Morgan Stanley Finance LLC priced Principal‑at‑Risk structured notes linked to the S&P 500® Futures Excess Return Index due May 1, 2031. The securities are issued at a stated principal amount of $1,000 per security and are fully and unconditionally guaranteed by Morgan Stanley. The pricing supplement estimates the value on the pricing date at approximately $935.50 per security and sets an upside payment in the range of $562.50 to $582.50 (about 56.25% to 58.25% of principal). The notes provide an absolute return participation feature, are limited to positive payouts if the final level is at or above a downside threshold of 70% of the initial level, and otherwise expose investors to full downside (1% loss of principal per 1% index decline). All payments remain subject to Morgan Stanley credit risk; investors can lose their entire investment.
Morgan Stanley Finance LLC priced a structured, auto-callable principal-at-risk note series due April 11, 2030, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal per note, a 200% participation rate on upside, and are linked to the worst performing of the S&P 500, Nasdaq-100 and Russell 2000. Automatic early redemption begins on the first determination date of April 8, 2027 with fixed early redemption payments listed for three annual determination dates. If not auto-redeemed, maturity payoffs depend on the worst-performing underlier relative to a 70% downside threshold and can result in full loss of principal. All payments are subject to Morgan Stanley credit risk.
Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due October 13, 2027 linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a stated principal amount of $1,000 and an upside payment of $202.50 (20.25%) if both underliers finish at or above their 80% downside thresholds. If the worst performing underlier finishes below its 80% threshold, the payment equals the stated principal multiplied by that underlier’s performance factor, so investors may lose up to their entire investment. The estimated value on the pricing date is approximately $986.30 per security and all payments are subject to Morgan Stanley’s credit risk.
Morgan Stanley Finance LLC priced a series of principal-at-risk callable contingent income securities due January 7, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a contingent coupon only if all three underliers meet coupon barriers on observation dates.
The securities reference the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector Index and the Russell 2000® Index and are linked to the worst performing underlier. Coupons accrue at an annual rate of 11.15% when payable, but principal is at risk: if any underlier finishes below its 60% downside threshold at maturity, holders lose in proportion to the worst performing underlier. The notes are callable beginning April 7, 2027 based on a risk-neutral valuation model and are exposed to Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Buffered PLUS notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each note has a $1,000 stated principal, a 137.50% leverage on upside, a 15% buffer and a 15% minimum payment at maturity. The securities pay no interest, are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley. Payments at maturity depend solely on closing levels on the observation date and are subject to Morgan Stanley credit risk. Estimated value on the pricing date was approximately $974.90 per security.
Morgan Stanley Finance LLC prices market-linked notes due May 3, 2030 tied to the worst performing of the Russell 2000® and EURO STOXX 50® indices. Each note has a $1,000 stated principal and pays no interest; at maturity investors receive principal and, if the worst underlier rose, an upside payment equal to the stated principal × participation rate × that underlier's percent change. The participation rate will be set on the pricing date at 102% to 107%. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; secondary market liquidity is limited and all payments remain subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due May 1, 2031, linked to the S&P 500® Futures Excess Return Index. The stated principal is $1,000 per security; the estimated value on the pricing date is approximately $935.70. Payments at maturity depend on the final index level: leveraged upside if the final level is above the initial level, a capped positive return if the final level declines but remains at or above a 60% downside threshold, and full downside participation below that threshold. All payments are unsecured and guaranteed by Morgan Stanley; investors bear credit risk and may lose their entire investment.
Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS principal‑at‑risk securities due May 2, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $936.70. The payout at maturity is determined solely by the performance of the worst performing underlier: the Dow Jones Industrial Average and the Nasdaq‑100 Index. If both underliers finish above their initial levels, investors receive principal plus a leveraged upside (leverage factor set at 110% to 125% on the pricing date). If the worst performing underlier finishes below initial but at or above its 70% downside threshold, investors may receive principal plus a positive return equal to the absolute decline multiplied by a 50% participation rate (effectively capped at 15% in the example). If the worst performing underlier finishes below the 70% threshold, investors lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and principal could be fully lost.
The securities pay no interest, are unsecured obligations of MSFL, expose investors to issuer credit risk, limited secondary market liquidity, potential conflicts of interest (affiliate as calculation agent and agent), and uncertain U.S. federal income tax treatment. Pricing/strike/observation dates and other mechanics are set forth in the supplement.
Morgan Stanley Finance LLC priced a principal-at-risk structured note tied to the S&P 500® Index. The securities have a $1,000 stated principal amount, $6,445,000 aggregate issuance and mature on April 30, 2027. At maturity investors receive $1,109 if the final level is at or above the 80% downside threshold; if below, they lose 1% of principal for each 1% decline in the index, with no minimum payment.
The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. The estimated value on the pricing date was $982.60 per security and the upside payment is $109 (10.90% of principal).
Morgan Stanley Finance LLC offers Dual Directional Trigger PLUS notes due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal‑at‑risk, $1,000 per security, linked to the worst performing of the Dow Jones Industrial Average, Russell 2000 and S&P 500. The notes feature a leveraged upside (leverage factor to be set on the pricing date between 134.50% and 149.50%), an 50% absolute return participation rate on limited depreciations, and a downside threshold at 60% of each initial level. Estimated value on the pricing date was approximately $933.30 per security. Payments depend solely on closing levels on the observation date and are subject to issuer and guarantor credit risk.
The issuer, Morgan Stanley Finance LLC, proposes Autocallable Contingent Coupon (with Memory) Barrier Notes linked to the VanEck® Gold Miners ETF, due October 2027, fully guaranteed by Morgan Stanley. Each unit has a $10 principal amount and an estimated initial value of $9.545 per unit.
The notes pay quarterly contingent coupons (with memory) if the ETF's observation value is at or above 80% of the Starting Value; per-quarter coupons will be set between $0.50 and $0.55 (approximately 20%–22% annually). The notes are automatically called if the observation on any call date is at or above 100% of the Starting Value. At maturity, if not called and the Ending Value is below 80% of the Starting Value, investors suffer 1-to-1 downside to the ETF with up to 100% principal at risk.
Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due May 2, 2033 linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. The notes have a $1,000 stated principal amount per note, pay no interest, and are fully and unconditionally guaranteed by Morgan Stanley.
The notes may be automatically redeemed on specified annual determination dates beginning April 27, 2027 if the underlier is at or above the call threshold (100% of the initial level). Early redemption payments range from $1,090 (Year 1) to $1,540 (Year 6) as specified. If not called, maturity payment is stated principal plus any upside (100% participation) if the final level exceeds the initial level; otherwise investors receive only the stated principal. Estimated value on the pricing date is approximately $920.80 per note. All payments are subject to Morgan Stanley's credit risk; the notes are unsecured, unlisted, and do not pay periodic interest.
Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $901.20, a maturity date of May 1, 2031 and an automatic early redemption feature beginning with the first determination date of April 28, 2027. The securities offer potential fixed early redemption payments or a fixed payment at maturity if the final index level is at or above a 15% buffer; if the final level is below the buffer, investors absorb losses beyond that buffer subject to a 15% minimum payment at maturity. All payments are unsecured and subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk.
Morgan Stanley Finance LLC priced Principal-at-Risk callable contingent income securities linked to the worst performing of the S&P 500®, Nasdaq-100® Technology Sector and the Russell 2000® Index. Each note has a stated principal amount of $1,000, a contingent coupon (annual rate of at least 10.45% subject to final determination on the pricing date), a call feature driven by a risk neutral valuation model, and maturity on April 13, 2029. Coupons are payable only if each underlier is at or above a 60% coupon barrier on observation dates; if the worst underlier falls below a 60% downside threshold at maturity, principal is reduced pro rata to that worst performance. All payments are subject to Morgan Stanley's credit risk.
Morgan Stanley Finance LLC priced a series of structured, principal-at-risk notes due May 3, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000; the estimated value on the pricing date was approximately $958.50. The notes are linked to the worst performing of the S&P 500®, Nasdaq-100® Technology Sector and the Russell 2000® indices, include a 20% buffer and a 150% participation rate for upside, and feature an automatic early redemption opportunity on the first determination date.
The securities do not pay interest, expose investors to Morgan Stanley credit risk, and provide downside exposure to the worst-performing underlier beyond the buffer (subject to a 20% minimum payment). The preliminary pricing supplement omits an aggregate principal amount and states certain early redemption and tax-treatment details are subject to final pricing and confirmations.