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[424B2] Morgan Stanley Prospectus Supplement

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
424B2
Rhea-AI Filing Summary

Overview: Morgan Stanley Finance LLC ("MSFL") is marketing $1,000-denominated Buffered Jump Securities with an Auto-Callable feature that mature on August 5, 2030 and are fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and do not pay periodic interest.

Auto-call mechanics: Beginning with the first determination date on August 3, 2026, the notes will be automatically redeemed if the Underlier closes at or above 90 % of its initial level. Early-redemption payments escalate from roughly $1,152.50 (≈ 15.25 % return) on the first call date to about $1,798.96 (≈ 79.9 % return) on the last call date prior to maturity. Once called, no further payments are made.

Principal repayment scenarios at maturity:

  • If the notes have not been called and the Underlier is ≥ 90 % of its initial level, investors receive $1,762.50–$1,812.50 (≈ 76 %–81 % upside).
  • If the Underlier is < 90 % but ≥ 80 % (the 20 % buffer), investors receive only the $1,000 principal.
  • If the Underlier is < 80 %, repayment equals $1,000 × (final level / initial level + 0.20), subject to a minimum of 20 % of principal, exposing investors to up to 80 % loss.

Valuation & distribution: The estimated value on the July 31, 2025 pricing date is approximately $934.20—about 6.6 % below the $1,000 issue price—reflecting structuring and hedging costs. The notes will be sold only to fee-based advisory accounts; MS&Co. receives no traditional sales commission but may pay dealers a structuring fee up to $6.25 per note.

Key risks: (i) principal at risk and limited upside participation; (ii) unsecured creditor exposure to Morgan Stanley; (iii) no exchange listing; (iv) secondary market prices expected to be below issue price; (v) reinvestment risk if auto-called early.

Panoramica: Morgan Stanley Finance LLC ("MSFL") offre titoli Buffered Jump denominati in $1.000 con una funzione Auto-Callable che scadono il 5 agosto 2030 e sono garantiti in modo pieno e incondizionato da Morgan Stanley. I titoli sono collegati all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement e non pagano interessi periodici.

Meccanismo Auto-call: A partire dalla prima data di determinazione, il 3 agosto 2026, i titoli verranno rimborsati automaticamente se il sottostante chiude a o sopra il 90% del suo livello iniziale. I pagamenti di rimborso anticipato aumentano da circa $1.152,50 (circa 15,25% di rendimento) nella prima data di call fino a circa $1.798,96 (circa 79,9% di rendimento) nell’ultima data di call prima della scadenza. Una volta richiamati, non sono previsti ulteriori pagamenti.

Scenari di rimborso del capitale a scadenza:

  • Se i titoli non sono stati richiamati e il sottostante è ≥ 90% del livello iniziale, gli investitori ricevono tra $1.762,50 e $1.812,50 (circa 76%–81% di guadagno).
  • Se il sottostante è < 90% ma ≥ 80% (buffer del 20%), gli investitori ricevono solo il capitale di $1.000.
  • Se il sottostante è < 80%, il rimborso è pari a $1.000 × (livello finale / livello iniziale + 0,20), con un minimo del 20% del capitale, esponendo gli investitori a una perdita fino all’80%.

Valutazione e distribuzione: Il valore stimato alla data di pricing del 31 luglio 2025 è di circa $934,20 — circa il 6,6% sotto il prezzo di emissione di $1.000 — riflettendo costi di strutturazione e copertura. I titoli saranno venduti solo a conti consulenziali a tariffa; MS&Co. non riceve commissioni di vendita tradizionali, ma può pagare ai dealer una commissione di strutturazione fino a $6,25 per titolo.

Rischi principali: (i) capitale a rischio e partecipazione limitata al rialzo; (ii) esposizione come creditore non garantito verso Morgan Stanley; (iii) assenza di quotazione in borsa; (iv) prezzi sul mercato secondario attesi inferiori al prezzo di emissione; (v) rischio di reinvestimento in caso di richiamo anticipato.

Resumen: Morgan Stanley Finance LLC ("MSFL") está comercializando valores Buffered Jump denominados en $1,000 con una función Auto-Callable que vencen el 5 de agosto de 2030 y están garantizados total e incondicionalmente por Morgan Stanley. Los bonos están vinculados al índice S&P U.S. Equity Momentum 40% VT 4% Decrement y no pagan intereses periódicos.

Mecánica de Auto-call: A partir de la primera fecha de determinación, el 3 de agosto de 2026, los bonos se redimirán automáticamente si el subyacente cierra en o por encima del 90% de su nivel inicial. Los pagos por redención anticipada aumentan desde aproximadamente $1,152.50 (≈ 15.25 % de rendimiento) en la primera fecha de llamada hasta alrededor de $1,798.96 (≈ 79.9 % de rendimiento) en la última fecha de llamada antes del vencimiento. Una vez llamados, no se realizan pagos adicionales.

Escenarios de reembolso del principal al vencimiento:

  • Si los bonos no han sido llamados y el subyacente está ≥ 90 % de su nivel inicial, los inversores reciben entre $1,762.50 y $1,812.50 (≈ 76 %–81 % de ganancia).
  • Si el subyacente está < 90 % pero ≥ 80 % (el buffer del 20 %), los inversores reciben solo el principal de $1,000.
  • Si el subyacente está < 80 %, el reembolso es igual a $1,000 × (nivel final / nivel inicial + 0.20), sujeto a un mínimo del 20 % del principal, exponiendo a los inversores a una pérdida de hasta el 80 %.

Valoración y distribución: El valor estimado en la fecha de fijación de precio del 31 de julio de 2025 es aproximadamente $934.20, alrededor de un 6.6 % por debajo del precio de emisión de $1,000, reflejando costos de estructuración y cobertura. Los bonos se venderán solo a cuentas de asesoría con tarifa; MS&Co. no recibe comisiones tradicionales de venta, pero puede pagar a los distribuidores una comisión de estructuración de hasta $6.25 por bono.

Riesgos clave: (i) principal en riesgo y participación limitada en la subida; (ii) exposición como acreedor no garantizado a Morgan Stanley; (iii) sin cotización en bolsa; (iv) precios en el mercado secundario esperados por debajo del precio de emisión; (v) riesgo de reinversión si se llama anticipadamente.

개요: Morgan Stanley Finance LLC("MSFL")는 1,000달러 단위의 Buffered Jump 증권을 판매하고 있으며, 자동 상환(Auto-Callable) 기능이 포함되어 2030년 8월 5일에 만기되며 Morgan Stanley가 전액 무조건적으로 보증합니다. 이 증권은 S&P 미국 주식 모멘텀 40% VT 4% 감소 지수에 연동되며 정기 이자를 지급하지 않습니다.

자동 상환 메커니즘: 2026년 8월 3일 첫 평가일을 시작으로, 기초자산이 최초 수준의 90% 이상으로 마감할 경우 증권은 자동으로 상환됩니다. 조기 상환 시 지급액은 첫 상환일에 약 $1,152.50(약 15.25% 수익)에서 만기 전 마지막 상환일에는 약 $1,798.96(약 79.9% 수익)까지 증가합니다. 상환되면 추가 지급은 없습니다.

만기 시 원금 상환 시나리오:

  • 만약 증권이 상환되지 않았고 기초자산이 최초 수준의 90% 이상이면 투자자는 $1,762.50~$1,812.50(약 76%~81% 상승)을 받습니다.
  • 기초자산이 90% 미만이지만 80% 이상(20% 버퍼)인 경우 투자자는 원금 $1,000만 받습니다.
  • 기초자산이 80% 미만이면 상환액은 $1,000 × (최종 수준 / 최초 수준 + 0.20)이며, 최소 20% 원금은 보장되어 최대 80% 손실 위험이 있습니다.

평가 및 배포: 2025년 7월 31일 가격 책정 시점의 예상 가치는 약 $934.20으로, 발행가 $1,000보다 약 6.6% 낮으며 구조화 및 헤지 비용이 반영된 수치입니다. 이 증권은 수수료 기반 자문 계좌에만 판매되며, MS&Co.는 전통적인 판매 수수료를 받지 않지만 딜러에게는 증권당 최대 $6.25의 구조화 수수료를 지급할 수 있습니다.

주요 위험: (i) 원금 위험 및 제한된 상승 참여; (ii) Morgan Stanley에 대한 무담보 채권자 노출; (iii) 거래소 상장 없음; (iv) 2차 시장 가격이 발행가보다 낮을 것으로 예상됨; (v) 조기 자동 상환 시 재투자 위험.

Présentation : Morgan Stanley Finance LLC (« MSFL ») commercialise des titres Buffered Jump libellés en 1 000 $ avec une option Auto-Callable arrivant à échéance le 5 août 2030, garantis de manière pleine et inconditionnelle par Morgan Stanley. Ces titres sont liés à l’indice S&P U.S. Equity Momentum 40% VT 4% Decrement et ne versent pas d’intérêts périodiques.

Mécanisme d’Auto-call : À partir de la première date de constatation, le 3 août 2026, les titres seront automatiquement remboursés si le sous-jacent clôture à 90 % ou plus de son niveau initial. Les paiements en cas de remboursement anticipé augmentent d’environ 1 152,50 $ (≈ 15,25 % de rendement) à la première date d’appel à environ 1 798,96 $ (≈ 79,9 % de rendement) à la dernière date d’appel avant échéance. Une fois rappelés, aucun paiement supplémentaire n’est effectué.

Scénarios de remboursement du capital à l’échéance :

  • Si les titres n’ont pas été rappelés et que le sous-jacent est ≥ 90 % de son niveau initial, les investisseurs reçoivent entre 1 762,50 $ et 1 812,50 $ (≈ 76 %–81 % de plus-value).
  • Si le sous-jacent est < 90 % mais ≥ 80 % (le buffer de 20 %), les investisseurs récupèrent uniquement le capital de 1 000 $.
  • Si le sous-jacent est < 80 %, le remboursement est égal à 1 000 $ × (niveau final / niveau initial + 0,20), avec un minimum de 20 % du capital, exposant les investisseurs à une perte pouvant atteindre 80 %.

Évaluation et distribution : La valeur estimée à la date de tarification du 31 juillet 2025 est d’environ 934,20 $, soit environ 6,6 % en dessous du prix d’émission de 1 000 $, reflétant les coûts de structuration et de couverture. Les titres seront vendus uniquement à des comptes de conseil rémunérés par honoraires ; MS&Co. ne perçoit pas de commissions de vente traditionnelles, mais peut verser aux distributeurs des frais de structuration allant jusqu’à 6,25 $ par titre.

Risques clés : (i) capital à risque et participation limitée à la hausse ; (ii) exposition en tant que créancier non garanti envers Morgan Stanley ; (iii) absence de cotation en bourse ; (iv) prix sur le marché secondaire attendus inférieurs au prix d’émission ; (v) risque de réinvestissement en cas d’auto-call anticipé.

Übersicht: Morgan Stanley Finance LLC ("MSFL") bietet Buffered Jump Securities mit einem Nennwert von 1.000 $ und einer Auto-Callable-Funktion an, die am 5. August 2030 fällig werden und von Morgan Stanley vollständig und bedingungslos garantiert sind. Die Notes sind an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index gekoppelt und zahlen keine periodischen Zinsen.

Auto-Call-Mechanismus: Beginnend mit dem ersten Feststellungstag am 3. August 2026 werden die Notes automatisch zurückgezahlt, wenn der Basiswert bei oder über 90 % seines Anfangswerts schließt. Die vorzeitigen Rückzahlungsbeträge steigen von etwa 1.152,50 $ (≈ 15,25 % Rendite) am ersten Call-Termin auf ca. 1.798,96 $ (≈ 79,9 % Rendite) am letzten Call-Termin vor Fälligkeit. Nach dem Call erfolgen keine weiteren Zahlungen.

Kapitalrückzahlungsszenarien bei Fälligkeit:

  • Wenn die Notes nicht zurückgerufen wurden und der Basiswert ≥ 90 % seines Anfangswerts ist, erhalten Anleger zwischen 1.762,50 $ und 1.812,50 $ (≈ 76 %–81 % Gewinn).
  • Ist der Basiswert < 90 %, aber ≥ 80 % (der 20 %-Puffer), erhalten Anleger nur den Nennwert von 1.000 $.
  • Liegt der Basiswert unter 80 %, beträgt die Rückzahlung 1.000 $ × (Endstand / Anfangsstand + 0,20), wobei ein Minimum von 20 % des Kapitals gilt, was Anleger einem Verlust von bis zu 80 % aussetzt.

Bewertung & Vertrieb: Der geschätzte Wert zum Pricing-Datum am 31. Juli 2025 liegt bei etwa 934,20 $ – ca. 6,6 % unter dem Ausgabepreis von 1.000 $ – und spiegelt Strukturierungs- und Absicherungskosten wider. Die Notes werden ausschließlich an gebührenbasierte Beratungskonten verkauft; MS&Co. erhält keine traditionellen Vertriebskommissionen, kann jedoch Händlern eine Strukturierungsgebühr von bis zu 6,25 $ pro Note zahlen.

Hauptrisiken: (i) Kapital ist gefährdet und begrenzte Aufwärtsbeteiligung; (ii) ungesicherte Gläubigerexponierung gegenüber Morgan Stanley; (iii) keine Börsennotierung; (iv) Sekundärmarktpreise werden voraussichtlich unter dem Ausgabepreis liegen; (v) Reinvestitionsrisiko bei vorzeitigem Auto-Call.

Positive
  • Contingent upside of 76 %–81 % at maturity if index is ≥ 90 % of initial level.
  • 20 % downside buffer shields investors from moderate market declines.
  • Monthly auto-call opportunities after year one give multiple chances to realize 15 %+ annualized returns.
Negative
  • Principal at risk up to 80 % if index falls below the 80 % buffer at maturity.
  • Estimated value ($934.20) is ~6.6 % below issue price, implying immediate mark-to-market loss at issuance.
  • Unsecured credit exposure to Morgan Stanley; no collateral backing.
  • No exchange listing and limited liquidity, leading to potentially wide secondary-market spreads.

Insights

TL;DR: Note offers attractive headline returns but embeds considerable market and credit risk; fair value discount dilutes appeal.

These notes combine a 90 % call hurdle with a 20 % downside buffer. Annualized early-call yields of roughly 15–16 % are competitive versus traditional fixed income, yet investors surrender all gains above the fixed schedule and face full downside beyond the buffer. The 6.6 % gap between estimated value (~$934) and issue price represents immediate negative carry. Auto-call frequency (monthly after the first year) raises reinvestment risk in bullish scenarios, while bearish outcomes could see up to 80 % capital loss. Given Morgan Stanley’s A-level credit, default risk is moderate but not negligible for a five-year term. Overall impact: modestly negative for conservative investors, potentially neutral for yield-seeking clients who understand contingent risk.

TL;DR: Product is capital-at-risk, illiquid, and priced above model value; suitable only for investors tolerating equity-like downside.

Principal protection is partial and non-linear: below the 80 % buffer, losses move one-for-one with the index minus a 20 % cushion, capped by a 20 % minimum repayment. Credit exposure is to Morgan Stanley senior debt. Lack of listing limits exit options; MS&Co. may repurchase at a substantial discount to both issue and model value, especially during volatility spikes. The 40 % volatility-target decrement index can underperform a total-return benchmark during stable or rising dividend periods, subtly increasing knock-in probability. Investors must weigh these structural drawbacks against the advertised coupon-like call payouts.

Panoramica: Morgan Stanley Finance LLC ("MSFL") offre titoli Buffered Jump denominati in $1.000 con una funzione Auto-Callable che scadono il 5 agosto 2030 e sono garantiti in modo pieno e incondizionato da Morgan Stanley. I titoli sono collegati all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement e non pagano interessi periodici.

Meccanismo Auto-call: A partire dalla prima data di determinazione, il 3 agosto 2026, i titoli verranno rimborsati automaticamente se il sottostante chiude a o sopra il 90% del suo livello iniziale. I pagamenti di rimborso anticipato aumentano da circa $1.152,50 (circa 15,25% di rendimento) nella prima data di call fino a circa $1.798,96 (circa 79,9% di rendimento) nell’ultima data di call prima della scadenza. Una volta richiamati, non sono previsti ulteriori pagamenti.

Scenari di rimborso del capitale a scadenza:

  • Se i titoli non sono stati richiamati e il sottostante è ≥ 90% del livello iniziale, gli investitori ricevono tra $1.762,50 e $1.812,50 (circa 76%–81% di guadagno).
  • Se il sottostante è < 90% ma ≥ 80% (buffer del 20%), gli investitori ricevono solo il capitale di $1.000.
  • Se il sottostante è < 80%, il rimborso è pari a $1.000 × (livello finale / livello iniziale + 0,20), con un minimo del 20% del capitale, esponendo gli investitori a una perdita fino all’80%.

Valutazione e distribuzione: Il valore stimato alla data di pricing del 31 luglio 2025 è di circa $934,20 — circa il 6,6% sotto il prezzo di emissione di $1.000 — riflettendo costi di strutturazione e copertura. I titoli saranno venduti solo a conti consulenziali a tariffa; MS&Co. non riceve commissioni di vendita tradizionali, ma può pagare ai dealer una commissione di strutturazione fino a $6,25 per titolo.

Rischi principali: (i) capitale a rischio e partecipazione limitata al rialzo; (ii) esposizione come creditore non garantito verso Morgan Stanley; (iii) assenza di quotazione in borsa; (iv) prezzi sul mercato secondario attesi inferiori al prezzo di emissione; (v) rischio di reinvestimento in caso di richiamo anticipato.

Resumen: Morgan Stanley Finance LLC ("MSFL") está comercializando valores Buffered Jump denominados en $1,000 con una función Auto-Callable que vencen el 5 de agosto de 2030 y están garantizados total e incondicionalmente por Morgan Stanley. Los bonos están vinculados al índice S&P U.S. Equity Momentum 40% VT 4% Decrement y no pagan intereses periódicos.

Mecánica de Auto-call: A partir de la primera fecha de determinación, el 3 de agosto de 2026, los bonos se redimirán automáticamente si el subyacente cierra en o por encima del 90% de su nivel inicial. Los pagos por redención anticipada aumentan desde aproximadamente $1,152.50 (≈ 15.25 % de rendimiento) en la primera fecha de llamada hasta alrededor de $1,798.96 (≈ 79.9 % de rendimiento) en la última fecha de llamada antes del vencimiento. Una vez llamados, no se realizan pagos adicionales.

Escenarios de reembolso del principal al vencimiento:

  • Si los bonos no han sido llamados y el subyacente está ≥ 90 % de su nivel inicial, los inversores reciben entre $1,762.50 y $1,812.50 (≈ 76 %–81 % de ganancia).
  • Si el subyacente está < 90 % pero ≥ 80 % (el buffer del 20 %), los inversores reciben solo el principal de $1,000.
  • Si el subyacente está < 80 %, el reembolso es igual a $1,000 × (nivel final / nivel inicial + 0.20), sujeto a un mínimo del 20 % del principal, exponiendo a los inversores a una pérdida de hasta el 80 %.

Valoración y distribución: El valor estimado en la fecha de fijación de precio del 31 de julio de 2025 es aproximadamente $934.20, alrededor de un 6.6 % por debajo del precio de emisión de $1,000, reflejando costos de estructuración y cobertura. Los bonos se venderán solo a cuentas de asesoría con tarifa; MS&Co. no recibe comisiones tradicionales de venta, pero puede pagar a los distribuidores una comisión de estructuración de hasta $6.25 por bono.

Riesgos clave: (i) principal en riesgo y participación limitada en la subida; (ii) exposición como acreedor no garantizado a Morgan Stanley; (iii) sin cotización en bolsa; (iv) precios en el mercado secundario esperados por debajo del precio de emisión; (v) riesgo de reinversión si se llama anticipadamente.

개요: Morgan Stanley Finance LLC("MSFL")는 1,000달러 단위의 Buffered Jump 증권을 판매하고 있으며, 자동 상환(Auto-Callable) 기능이 포함되어 2030년 8월 5일에 만기되며 Morgan Stanley가 전액 무조건적으로 보증합니다. 이 증권은 S&P 미국 주식 모멘텀 40% VT 4% 감소 지수에 연동되며 정기 이자를 지급하지 않습니다.

자동 상환 메커니즘: 2026년 8월 3일 첫 평가일을 시작으로, 기초자산이 최초 수준의 90% 이상으로 마감할 경우 증권은 자동으로 상환됩니다. 조기 상환 시 지급액은 첫 상환일에 약 $1,152.50(약 15.25% 수익)에서 만기 전 마지막 상환일에는 약 $1,798.96(약 79.9% 수익)까지 증가합니다. 상환되면 추가 지급은 없습니다.

만기 시 원금 상환 시나리오:

  • 만약 증권이 상환되지 않았고 기초자산이 최초 수준의 90% 이상이면 투자자는 $1,762.50~$1,812.50(약 76%~81% 상승)을 받습니다.
  • 기초자산이 90% 미만이지만 80% 이상(20% 버퍼)인 경우 투자자는 원금 $1,000만 받습니다.
  • 기초자산이 80% 미만이면 상환액은 $1,000 × (최종 수준 / 최초 수준 + 0.20)이며, 최소 20% 원금은 보장되어 최대 80% 손실 위험이 있습니다.

평가 및 배포: 2025년 7월 31일 가격 책정 시점의 예상 가치는 약 $934.20으로, 발행가 $1,000보다 약 6.6% 낮으며 구조화 및 헤지 비용이 반영된 수치입니다. 이 증권은 수수료 기반 자문 계좌에만 판매되며, MS&Co.는 전통적인 판매 수수료를 받지 않지만 딜러에게는 증권당 최대 $6.25의 구조화 수수료를 지급할 수 있습니다.

주요 위험: (i) 원금 위험 및 제한된 상승 참여; (ii) Morgan Stanley에 대한 무담보 채권자 노출; (iii) 거래소 상장 없음; (iv) 2차 시장 가격이 발행가보다 낮을 것으로 예상됨; (v) 조기 자동 상환 시 재투자 위험.

Présentation : Morgan Stanley Finance LLC (« MSFL ») commercialise des titres Buffered Jump libellés en 1 000 $ avec une option Auto-Callable arrivant à échéance le 5 août 2030, garantis de manière pleine et inconditionnelle par Morgan Stanley. Ces titres sont liés à l’indice S&P U.S. Equity Momentum 40% VT 4% Decrement et ne versent pas d’intérêts périodiques.

Mécanisme d’Auto-call : À partir de la première date de constatation, le 3 août 2026, les titres seront automatiquement remboursés si le sous-jacent clôture à 90 % ou plus de son niveau initial. Les paiements en cas de remboursement anticipé augmentent d’environ 1 152,50 $ (≈ 15,25 % de rendement) à la première date d’appel à environ 1 798,96 $ (≈ 79,9 % de rendement) à la dernière date d’appel avant échéance. Une fois rappelés, aucun paiement supplémentaire n’est effectué.

Scénarios de remboursement du capital à l’échéance :

  • Si les titres n’ont pas été rappelés et que le sous-jacent est ≥ 90 % de son niveau initial, les investisseurs reçoivent entre 1 762,50 $ et 1 812,50 $ (≈ 76 %–81 % de plus-value).
  • Si le sous-jacent est < 90 % mais ≥ 80 % (le buffer de 20 %), les investisseurs récupèrent uniquement le capital de 1 000 $.
  • Si le sous-jacent est < 80 %, le remboursement est égal à 1 000 $ × (niveau final / niveau initial + 0,20), avec un minimum de 20 % du capital, exposant les investisseurs à une perte pouvant atteindre 80 %.

Évaluation et distribution : La valeur estimée à la date de tarification du 31 juillet 2025 est d’environ 934,20 $, soit environ 6,6 % en dessous du prix d’émission de 1 000 $, reflétant les coûts de structuration et de couverture. Les titres seront vendus uniquement à des comptes de conseil rémunérés par honoraires ; MS&Co. ne perçoit pas de commissions de vente traditionnelles, mais peut verser aux distributeurs des frais de structuration allant jusqu’à 6,25 $ par titre.

Risques clés : (i) capital à risque et participation limitée à la hausse ; (ii) exposition en tant que créancier non garanti envers Morgan Stanley ; (iii) absence de cotation en bourse ; (iv) prix sur le marché secondaire attendus inférieurs au prix d’émission ; (v) risque de réinvestissement en cas d’auto-call anticipé.

Übersicht: Morgan Stanley Finance LLC ("MSFL") bietet Buffered Jump Securities mit einem Nennwert von 1.000 $ und einer Auto-Callable-Funktion an, die am 5. August 2030 fällig werden und von Morgan Stanley vollständig und bedingungslos garantiert sind. Die Notes sind an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index gekoppelt und zahlen keine periodischen Zinsen.

Auto-Call-Mechanismus: Beginnend mit dem ersten Feststellungstag am 3. August 2026 werden die Notes automatisch zurückgezahlt, wenn der Basiswert bei oder über 90 % seines Anfangswerts schließt. Die vorzeitigen Rückzahlungsbeträge steigen von etwa 1.152,50 $ (≈ 15,25 % Rendite) am ersten Call-Termin auf ca. 1.798,96 $ (≈ 79,9 % Rendite) am letzten Call-Termin vor Fälligkeit. Nach dem Call erfolgen keine weiteren Zahlungen.

Kapitalrückzahlungsszenarien bei Fälligkeit:

  • Wenn die Notes nicht zurückgerufen wurden und der Basiswert ≥ 90 % seines Anfangswerts ist, erhalten Anleger zwischen 1.762,50 $ und 1.812,50 $ (≈ 76 %–81 % Gewinn).
  • Ist der Basiswert < 90 %, aber ≥ 80 % (der 20 %-Puffer), erhalten Anleger nur den Nennwert von 1.000 $.
  • Liegt der Basiswert unter 80 %, beträgt die Rückzahlung 1.000 $ × (Endstand / Anfangsstand + 0,20), wobei ein Minimum von 20 % des Kapitals gilt, was Anleger einem Verlust von bis zu 80 % aussetzt.

Bewertung & Vertrieb: Der geschätzte Wert zum Pricing-Datum am 31. Juli 2025 liegt bei etwa 934,20 $ – ca. 6,6 % unter dem Ausgabepreis von 1.000 $ – und spiegelt Strukturierungs- und Absicherungskosten wider. Die Notes werden ausschließlich an gebührenbasierte Beratungskonten verkauft; MS&Co. erhält keine traditionellen Vertriebskommissionen, kann jedoch Händlern eine Strukturierungsgebühr von bis zu 6,25 $ pro Note zahlen.

Hauptrisiken: (i) Kapital ist gefährdet und begrenzte Aufwärtsbeteiligung; (ii) ungesicherte Gläubigerexponierung gegenüber Morgan Stanley; (iii) keine Börsennotierung; (iv) Sekundärmarktpreise werden voraussichtlich unter dem Ausgabepreis liegen; (v) Reinvestitionsrisiko bei vorzeitigem Auto-Call.

Preliminary Pricing Supplement No. 9,098

Registration Statement Nos. 333-275587; 333-275587-01

Dated July 1, 2025

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Buffered PLUS due August 5, 2030

Based on the Performance of the S&P 500® Index

Buffered Performance Leveraged Upside SecuritiesSM

Fully and Unconditionally Guaranteed by Morgan Stanley

Principal at Risk Securities

The Buffered PLUS (the “securities”) are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest and have the terms described in the accompanying product supplement, index supplement and prospectus, as supplemented or modified by this document.

Payment at maturity. At maturity, if the final level is greater than the initial level, investors will receive the stated principal amount plus the leveraged upside payment, subject to the maximum payment at maturity. If the final level is equal to or less than the initial level but is greater than or equal to the buffer level, investors will receive only the stated principal amount at maturity. If, however, the final level is less than the buffer level, investors will lose 1% for every 1% decline in the level of the underlier beyond the specified buffer amount. Under these circumstances, the payment at maturity will be less, and may be significantly less, than the stated principal amount of the securities, subject to the minimum payment at maturity.

The securities are for investors who seek a return based on the performance of the underlier and who are willing to risk their principal and forgo current income and returns above the maximum payment at maturity in exchange for the upside leverage and buffer features, each of which applies to a limited range of performance of the underlier over the term of the securities. Investors in the securities must be willing to accept the risk of losing a significant portion of their initial investment. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program.

All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.

TERMS

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Stated principal amount:

$1,000 per security 

Issue price:

$1,000 per security (see “Commissions and issue price” below) 

Aggregate principal amount:

$

Underlier:

S&P 500® Index (the “underlying index”)

Strike date:

July 31, 2025

Pricing date:

July 31, 2025

Original issue date:

August 5, 2025

Observation date:

July 31, 2030, subject to postponement for non-trading days and certain market disruption events

Maturity date:

August 5, 2030

 

Terms continued on the following page

Agent:

Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See “Supplemental information regarding plan of distribution; conflicts of interest.”

Estimated value on the pricing date:

Approximately $955.80 per security, or within $55.00 of that estimate. See “Estimated Value of the Securities” on page 3.

Commissions and issue price:

Price to public

Agent’s commissions and fees(1)(2)

Proceeds to us(3)

Per security

$1,000

$

$

Total

$

$

$

(1)The securities will be sold only to investors purchasing the securities in fee-based advisory accounts.

(2)MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. In addition, selected dealers and their financial advisors may receive a structuring fee of up to $6.25 for each security from the agent or its affiliates. MS & Co. will not receive a sales commission with respect to the securities. See “Supplemental information regarding plan of distribution; conflicts of interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

(3)See “Use of Proceeds and Hedging” in the accompanying product supplement.

The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 6.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement, index supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.

You should read this document together with the related product supplement, index supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying index supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see “Additional Terms of the Securities” and “Additional Information About the Securities” at the end of this document.

References to “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.

Product Supplement for Principal at Risk Securities dated February 7, 2025 Index Supplement dated November 16, 2023

Prospectus dated April 12, 2024

 

 

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Terms continued from the previous page

Payment at maturity per security:

If the final level is greater than the initial level:

(stated principal amount + leveraged upside payment), subject to the maximum payment at maturity

If the final level is equal to or less than the initial level but is greater than or equal to the buffer level:

stated principal amount

If the final level is less than the buffer level:

stated principal amount × (performance factor + buffer amount)

Under these circumstances, the payment at maturity will be less, and may be significantly less, than the stated principal amount, subject to the minimum payment at maturity.

Final level:

The closing level of the underlier on the observation date

Initial level:

, which is the closing level of the underlier on the strike date

Leveraged upside payment:

stated principal amount × leverage factor × underlier percent change

Leverage factor:

150%

Underlier percent change:

(final level – initial level) / initial level

Maximum payment at maturity:

$1,510 to $1,560 per security (151% to 156% of the stated principal amount). The actual maximum payment at maturity will be determined on the pricing date.

Buffer level:

, which is 80% of the initial level

Performance factor:

final level / initial level

Buffer amount:

20%

Minimum payment at maturity:

20% of the stated principal amount

CUSIP:

61778NCU3

ISIN:

US61778NCU37

Listing:

The securities will not be listed on any securities exchange.

 Page 2

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Estimated Value of the Securities

The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000. Our estimate of the value of the securities as determined on the pricing date will be within the range specified on the cover hereof and will be set forth on the cover of the final pricing supplement.

What goes into the estimated value on the pricing date?

In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlier. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlier, instruments based on the underlier, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.

What determines the economic terms of the securities?

In determining the economic terms of the securities, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.

What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?

The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlier, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.

MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.

 Page 3

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Hypothetical Examples

Hypothetical Payoff Diagram 

The payoff diagram below illustrates the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities, based on the following terms:

Stated principal amount:

$1,000 per security

Leverage factor:

150%

Hypothetical maximum payment at maturity:

$1,510 per security (151% of the stated principal amount)

Buffer level:

80% of the initial level

Buffer amount:

20%

Minimum payment at maturity:

20% of the stated principal amount

Hypothetical Payoff Diagram

Upside Scenario. If the final level is greater than the initial level, investors will receive the stated principal amount plus 150% of the appreciation of the underlier over the term of the securities, subject to the maximum payment at maturity.

oIf the underlier appreciates 10%, investors will receive $1,150‬ per security, or 115% of the stated principal amount.

oIf the underlier appreciates 100%, investors will receive only the maximum payment at maturity of $1,510 per security, or 151% of the stated principal amount.

Par Scenario. If the final level is equal to or less than the initial level but is greater than or equal to the buffer level, investors will receive the stated principal amount.

oIf the underlier depreciates 10%, investors will receive $1,000 per security.

 

 Page 4

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Downside Scenario. If the final level is less than the buffer level, investors will receive an amount that is less, and may be significantly less, than the stated principal amount, based on a 1% loss of principal for each 1% decline in the level of the underlier beyond the buffer amount.

oIf the underlier depreciates 85%, investors will lose 65% of their principal and receive only $350 per security at maturity, or 35% of the stated principal amount.

 Page 5

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Risk Factors

This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.

Risks Relating to an Investment in the Securities

The securities provide for only the minimum payment at maturity and do not pay interest. The terms of the securities differ from those of ordinary debt securities in that they provide for only the minimum payment at maturity and do not pay interest. If the final level is less than the buffer level, the payout at maturity will be an amount in cash that is less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the underlier over the term of the securities beyond the buffer amount. You could lose a significant portion of your initial investment in the securities.

The appreciation potential of the securities is limited by the maximum payment at maturity. Where the final level is greater than the initial level, the appreciation potential of the securities is limited by the maximum payment at maturity. Although the leverage factor provides enhanced exposure to any increase in the final level over the initial level, if the underlier appreciates over the term of the securities, under no circumstances will the payment at maturity exceed the maximum payment at maturity.

The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date. The final level will be based on the closing level of the underlier on the observation date, subject to postponement for non-trading days and certain market disruption events. Even if the value of the underlier appreciates prior to the observation date but then drops by the observation date, the payment at maturity may be less, and may be significantly less, than it would have been had the payment at maturity been linked to the value of the underlier prior to such drop. Although the actual value of the underlier on the stated maturity date or at other times during the term of the securities may be higher than the closing level of the underlier on the observation date, the payment at maturity will be based solely on the closing level of the underlier on the observation date.

The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the value of the underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:

othe volatility (frequency and magnitude of changes in value) of the underlier;

ointerest and yield rates in the market;

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlier or equity markets generally;

othe availability of comparable instruments;

othe composition of the underlier and changes in the component securities of the underlier;

othe time remaining until the securities mature; and

oany actual or anticipated changes in our credit ratings or credit spreads.

Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. For example, you may have to sell your securities at a substantial discount from the stated principal amount if, at the time of sale, the closing level of the underlier is at, below or not sufficiently above the buffer level, or if market interest rates rise.

You can review the historical closing levels of the underlier in the section of this document called “Historical Information.” You cannot predict the future performance of the underlier based on its historical performance. The value of the underlier may be, and has recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that the final level will be greater than or equal to the buffer level so that you do not suffer a loss on your initial investment in the securities.

The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. You are dependent on our ability to pay all amounts due on the securities, and, therefore, you are subject to our credit risk. The securities are not guaranteed by any other entity. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market’s view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

As a finance subsidiary, MSFL has no independent operations and will have no independent assets. As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no

 Page 6

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.

The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by many unpredictable factors” above.

The securities will not be listed on any securities exchange and secondary trading may be limited. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).

The U.S. federal income tax consequences of an investment in the securities are uncertain. There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. You should review carefully the section entitled “United States Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.

Risks Relating to the Underlier(s)

Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

 Page 7

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

oAdjustments to an underlying index could adversely affect the value of the securities.

Risks Relating to Conflicts of Interest

In engaging in certain activities described below and as discussed in more detail in the accompanying product supplement, our affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities.

The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities. As calculation agent, MS & Co. will make any determinations necessary to calculate any payment(s) on the securities. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, which may adversely affect your return on the securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

 Page 8

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Historical Information

S&P 500® Index Overview

Bloomberg Ticker Symbol: SPX

The S&P 500® Index is intended to provide a benchmark for performance measurement of the large capitalization segment of the U.S. equity markets by tracking the stock price movement of 500 companies with large market capitalizations. The underlying index publisher with respect to the S&P 500® Index is S&P® Dow Jones Indices LLC, or any successor thereof. Component stocks of the S&P 500® Index are required to have a total company level market capitalization that reflects approximately the 85th percentile of the S&P® Total Market Index. The S&P 500® Index measures the relative performance of the common stocks of 500 companies as of a particular time as compared to the performance of the common stocks of 500 similar companies during the base period of the years 1941 through 1943. For additional information about the S&P 500® Index, see the information set forth under “S&P® U.S. Indices—S&P 500® Index” in the accompanying index supplement.

The closing level of the underlier on June 23, 2025 was 6,025.17. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

Underlier Daily Closing Levels

January 1, 2020 to June 23, 2025

 

 Page 9

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Additional Terms of the Securities

Please read this information in conjunction with the terms on the cover of this document.

Additional Terms:

If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control.

Denominations:

$1,000 per security and integral multiples thereof

Buffered PLUS:

The accompanying product supplement refers to these Buffered PLUS as the “securities.”

Amortization period:

The 6-month period following the issue date

Trustee:

The Bank of New York Mellon

Calculation agent:

Morgan Stanley & Co. LLC (“MS & Co.”)

 Page 10

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

Additional Information About the Securities

Additional Information:

Minimum ticketing size:

$1,000 / 1 security

United States federal income tax considerations:

You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.

In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts that are “open transactions,” as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts that are Open Transactions” in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel’s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your securities (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your securities should be treated as capital gain or loss.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

Non-U.S. Holders. As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Additional considerations:

Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly.

Supplemental information regarding plan of distribution; conflicts of interest:

MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. In addition, selected dealers and their financial advisors may receive a structuring fee of up to $6.25 for each security from the agent or its affiliates. MS & Co. will not receive a sales commission with respect to the securities.

MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the

 Page 11

Morgan Stanley Finance LLC

Buffered PLUS

Principal at Risk Securities

 

securities.

MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement.

Where you can find more information:

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement and the index supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement, the index supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. When you read the accompanying index supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, the index supplement and the product supplement if you so request by calling toll-free 1-(800)-584-6837.

Terms used but not defined in this document are defined in the product supplement, in the index supplement or in the prospectus. Each of the product supplement, the index supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document.

“Performance Leveraged Upside SecuritiesSM” and “PLUSSM” are our service marks.

 

 Page 12

FAQ

What index underlies Morgan Stanley's Buffered Jump Securities (MS)?

The notes track the S&P U.S. Equity Momentum 40% VT 4% Decrement Index.

How does the auto-call feature work for these MS notes?

Starting August 3, 2026, if the index closes at or above 90 % of its initial level on any determination date, the note is redeemed for a pre-set cash amount with no further payments.

What is the maximum upside at maturity if the notes are not called?

Investors receive $1,762.50–$1,812.50 per $1,000 note (≈ 76–81 % gain) when the index is ≥ 90 % of its initial level on July 31, 2030.

How much principal can investors lose on these MS securities?

If the index ends below 80 % of its initial level, investors lose 1 % of principal for each 1 % decline beyond the 20 % buffer, with a minimum repayment of 20 %.

Why is the estimated value lower than the $1,000 issue price?

The $934.20 estimate reflects structuring, hedging and funding costs embedded in the product that investors effectively pay at issuance.
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