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Morgan Stanley Finance LLC announces new Market-Linked Notes tied to the EURO STOXX 50® Index (SX5E), due August 2, 2029. Key features include:

• Principal Protection: Minimum payment of $1,000 per note at maturity regardless of underlier performance
• Upside Potential: 100-105% participation rate in positive index performance
• Estimated Value: $943.30 per note (±$45.00)
• Key Dates: Pricing on July 28, 2025; Observation on July 30, 2029; Maturity on August 2, 2029

Notable risks include credit risk of Morgan Stanley, no interest payments, limited secondary market trading, and potential tax implications before maturity. The notes' value is determined solely by the underlier's performance on the observation date, with no interim adjustments. The estimated value reflects a lower rate than secondary market credit spreads, incorporating issuance and hedging costs.

Morgan Stanley Finance has announced Worst-of SPX and INDU Trigger PLUS securities due August 5, 2030, offering leveraged exposure to the worse performing of the S&P 500 Index and Dow Jones Industrial Average. Key features include:

• Leverage factor of 145% to 160% on positive performance
• Principal protection down to 75% of initial levels (downside threshold)
• Below threshold, investors face 1-for-1 losses based on worst performing index
• Estimated value of $955.00 per security

Notable risks include: no principal guarantee or interest payments, exposure to worst-performing index only, credit risk of Morgan Stanley, and limited secondary market trading. The securities will be priced on July 31, 2025, with final observation on July 31, 2030. Maximum return potential is uncapped but leveraged, while downside risk can result in complete loss of principal.

Morgan Stanley Finance has announced SPXFP Trigger PLUS Notes due August 5, 2030, offering leveraged exposure to the S&P 500® Futures Excess Return Index. Key features include:

• Leverage factor of 207% to 222% on positive index returns
• Principal protection against losses up to 30% (70% downside threshold)
• Estimated value of $956.10 per security
• 5-year maturity with pricing date on July 31, 2025

The notes offer enhanced returns in bullish scenarios but carry significant risks including no principal guarantee below the 70% threshold, no periodic interest payments, and credit risk exposure to Morgan Stanley. The payment at maturity demonstrates potential returns ranging from complete loss (-100%) to significant gains (+60% resulting in 224.2% return with leverage). The securities will not be exchange-listed, limiting secondary market liquidity.

Morgan Stanley Finance has announced Worst-of INDU and NDX Dual Directional Trigger PLUS notes due August 3, 2028. These structured notes offer unique investment characteristics:

• Linked to performance of Dow Jones Industrial Average and Nasdaq-100 Index
• Features a leverage factor of 126% to 141% for positive returns
• 50% participation rate in absolute negative returns above threshold
• Downside protection threshold at 70% of initial level
• Estimated value of $961.10 per security

Key risks include: no principal guarantee or interest payments, exposure to worst-performing underlier, limited secondary market trading, and Morgan Stanley credit risk. Payment at maturity examples show potential returns ranging from total loss to 75.6% gain based on worst-performing underlier. The notes offer sophisticated investors exposure to two major indices with built-in leverage and partial downside protection.

Morgan Stanley Finance (MSFL) has issued $350,000 in Contingent Income Auto-Callable Securities due June 25, 2030, linked to the S&P 500 Futures 40% Intraday 4% Decrement VT Index. These structured notes offer potential 17% annual contingent coupons if the index closes at or above the 70% barrier level on observation dates.

Key features include:

• Automatic early redemption if index closes at or above initial level (2,188.74) on redemption dates
• Principal protection if index doesn't fall below 50% of initial level at maturity
• 1:1 downside exposure if index falls below 50% threshold at maturity
• Estimated value of $928.10 per $1,000 security on pricing date

The securities are unsecured obligations fully guaranteed by Morgan Stanley, with no FDIC insurance. Investors face potential loss of principal and rely on Morgan Stanley's credit worthiness. Securities will be sold through fee-based advisory accounts with MS & Co. acting as agent.

Morgan Stanley Finance has issued $1.664 million in Contingent Income Memory Auto-Callable Securities due June 24, 2027, linked to the performance of VanEck Gold Miners ETF, iShares Silver Trust, and Global X Uranium ETF.

Key features include:

• Principal at risk securities with $1,000 per security issue price
• 12% annual contingent coupon paid only if all underliers close above their barrier levels
• Automatic early redemption if all underliers close at or above their call threshold levels (100% of initial)
• Downside protection until 55.70% of initial levels, below which investors lose 1% for every 1% decline in worst-performing underlier

The securities are unsecured obligations of Morgan Stanley Finance, guaranteed by Morgan Stanley. The estimated value per security is $971.00, below the issue price due to structuring and hedging costs. First possible redemption date is December 22, 2025.

Instrument: Morgan Stanley Finance LLC Contingent Income Memory Auto-Callable Securities due July 7, 2026, fully and unconditionally guaranteed by Morgan Stanley.

Structure & Pay-offs

• Principal at risk: repayment of the $1,000 principal is protected only if the final price of Hims & Hers Health, Inc. ("HIMS") Class A shares is â‰� $36.642 (60 % of the $61.07 initial level). Below that threshold, investors lose 1 % of principal for each 1 % decline in the stock, potentially down to $0.
• Contingent coupon: a rich 47.30 % p.a. (â‰� $118.25 per quarter) is paid only when the closing share price on an observation date is â‰� the 60 % coupon barrier ($36.642). Missed coupons “accrueâ€� and are payable on the next date the barrier is met, but no interest compounds.
• Automatic early redemption: if on the first and only call test date (Apr 1 2026) HIMS closes â‰� $61.07 (100 % of the initial level) the note is redeemed at par plus the then-due coupon and any accrued coupons; no further payments thereafter.
• Maturity payment: If not called and the final level is â‰� 60 % of initial, holders receive par plus any due coupon(s); otherwise they receive par × (final/initial).

Key Terms

• Issue price: $1,000 (minimum ticket $10,000); aggregate size: $500,000.
• Estimated value at pricing: $964.00 (reflects issuer’s models, funding spread and embedded fees).
• Fees: up to $10 per note to placement agents (J.P. Morgan entities); proceeds to issuer $990.
• Observation / coupon dates: Oct 1 2025, Jan 2 2026, Apr 1 2026, Jul 1 2026 (final).
• Listing: none; MS & Co. may provide, but is not obliged to make, a secondary market.
• Credit risk: unsecured obligation of MSFL, guaranteed by Morgan Stanley senior debt.
• CUSIP/ISIN: 61778K6M4 / US61778K6M47.

Investor Profile & Risks

The note targets yield-oriented investors willing to accept (i) single-name equity risk in a relatively young, high-volatility stock, (ii) potential loss of principal below a 40 % drawdown, (iii) the possibility of receiving few or no coupons, and (iv) limited liquidity. The elevated coupon compensates for these risks and for the fact the bond can be called at par after nine months, capping upside.

Notable Considerations

• The first (and only) call test occurs just three months before maturity, reducing reinvestment risk versus structures with monthly call tests.
• The estimated value is 3.6 % below issue price, signalling an initial mark-to-market drag.
• Tax treatment is uncertain; issuer counsel views the note as a prepaid forward with ordinary-income coupons, but IRS could disagree.