Morgan Stanley Finance LLC filed Pricing Supplement No. 17,475 on July 31, 2026, under Rule 424(b)(2), detailing the terms of market-linked, auto-callable principal-at-risk securities due August 3, 2029, linked to the lowest performing of Broadcom Inc., Micron Technology, Inc., and Pfizer Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley (NYSE: MS).

Key Highlights

  • Total offering size: $3,617,000 at $1,000 per security, with proceeds to the issuer of $3,523,862.25 after agent commissions of $93,137.75.
  • Estimated value at pricing: $962.50 per security, below the $1,000 face amount, according to the filing.
  • Auto-call trigger: Securities are automatically called if each underlying stock closes at or above 70% of its starting price on any calculation day beginning August 5, 2027.
  • Call premium structure: The call premium rises at a simple 32.50% per annum rate, starting at 32.50% (1st calculation day) and reaching 51.458% by the 8th calculation day.
  • Contingent absolute return: If not called and no underlying stock falls below 50% of its starting price, holders receive $1,000 plus a positive return equal to the absolute value of the lowest-performing stock's decline, capped effectively at 50%.
  • Principal at risk: If any underlying stock's ending price falls below 50% of its starting price, investors are exposed to the full decline on a 1-to-1 basis and could receive less than 50% of face amount, or zero.
  • Agent commission: Wells Fargo Securities, LLC will receive up to $25.75 per security, with dealers including Wells Fargo Advisors eligible for a selling concession of up to $20.00 per security.

Key Terms of the MSFL Auto-Callable Securities Linked to AVGO, MU, and PFE

According to the filing, Morgan Stanley Finance LLC is the issuer of these notes as part of its Series A Global Medium-Term Notes program, with Morgan Stanley acting as full and unconditional guarantor. The securities are unsecured obligations and do not pay interest or guarantee repayment of principal. All payments are subject to the credit risk of Morgan Stanley and MSFL. The securities are not FDIC-insured and are not bank obligations.

The filing discloses that the securities are linked to the "lowest performing" of three underlying stocks: Broadcom Inc. (AVGO), Micron Technology, Inc. (MU), and Pfizer Inc. (PFE). The call price for each underlying stock is 70% of its respective starting price, and the downside threshold price is 50% of each stock's respective starting price. Because payments are tied to the lowest performer, the filing states that "a decline beyond the respective downside threshold price of any underlying stock will result in a significant loss of your investment, even if the other underlying stocks have appreciated or have not declined as much."

The current estimated value of the securities is stated as $962.50 per security, which the filing notes is determined using Morgan Stanley's own pricing and valuation models, incorporating market inputs, volatility assumptions, interest rates, and the implied interest rate from Morgan Stanley's secondary market credit spread. The filing also notes that up to $3.00 per security may be paid to selected dealers for marketing and distribution services in connection with certain securities sold in the offering. The securities carry a maturity date of August 3, 2029, subject to postponement if the final calculation day is postponed. The filing contains forward-looking statements that are the company's own and subject to its cautionary language.

What Was Disclosed

Morgan Stanley Finance LLC priced $3,617,000 in auto-callable, principal-at-risk structured notes linked to AVGO, MU, and PFE, due August 3, 2029, with a face amount of $1,000 per security, an estimated value of $962.50, and a potential total loss of principal if any underlying stock breaches its downside threshold.