Morgan Stanley Finance LLC filed a Free Writing Prospectus on October 28, 2026, disclosing preliminary pricing terms for its MSAMP5 Jump Notes with Auto-Callable Feature due November 17, 2033, linked to the Morgan Stanley Amplitude Index (MSAMP5).

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley acting as guarantor for all payments, which are subject to Morgan Stanley's credit risk.
  • Estimated value: The filing discloses an estimated value of $891.10 per note, or within $41.10 of that estimate, against an implied original issue price of $1,000 per note.
  • Pricing and maturity dates: The pricing date is November 12, 2026, and the maturity date is November 17, 2033, with a final determination date of November 14, 2033.
  • Auto-call schedule: Six annual determination dates run from November 12, 2027 through November 12, 2032, with early redemption payments ranging from at least $1,130 to at least $1,780 per note if the call threshold of 101% of the initial level is met.
  • Principal protection at maturity: According to the filing's hypothetical payment table, if the notes are not redeemed early, a decline in the underlier of up to 100% results in a 0.00% return on the notes, and the notes do not pay interest.
  • Underlier history: The filing states that the Morgan Stanley Amplitude Index "was established on January 5, 2026 and therefore has very limited actual operating history."
  • CUSIP: 61781TNZ2; the notes will not be listed on any securities exchange.

Preliminary Terms of the MSAMP5 Jump Notes Offering

According to the Free Writing Prospectus filed under Registration Statement Nos. 333-293641 and 333-293641-01, Morgan Stanley Finance LLC is offering Jump Notes with an Auto-Callable Feature linked to the Morgan Stanley Amplitude Index (MSAMP5). The filing identifies Morgan Stanley as guarantor and states that all payments are subject to Morgan Stanley's credit risk. The notes carry CUSIP 61781TNZ2 and are expected to price on November 12, 2026.

The filing discloses six scheduled automatic early redemption determination dates. If the closing level of the underlier is at or above the call threshold of 101% of the initial level on any such date, investors would receive a fixed early redemption payment per note: at least $1,130 on determination date one (November 12, 2027), rising in increments to at least $1,780 on determination date six (November 12, 2032). The filing's hypothetical example illustrates that if the underlier falls 20% on determination date one but rises 20% by determination date two, the notes would be automatically redeemed at $1,260 per note.

For notes that reach maturity without being called, the filing's hypothetical payment table shows that upside participation is 1-to-1 with the underlier's gain, while any underlier decline, even a total loss, results in a 0.00% return on the notes rather than a loss of principal. The filing notes that the estimated value of $891.10 per note "is determined by reference to our pricing and valuation models," which may differ from other dealers, and that costs associated with "issuing, selling, structuring and hedging the notes" are included in the original issue price, reducing the estimated value below that price. The filing also cautions that secondary market trading may be limited and the notes will not be listed on any securities exchange.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus on October 28, 2026, setting out preliminary pricing terms for auto-callable structured notes linked to the MSAMP5 index, maturing November 17, 2033, with an estimated value of $891.10 per note and CUSIP 61781TNZ2.