Morgan Stanley Finance LLC filed a free writing prospectus on November 12, 2026, summarizing the terms of its 6-Year SX5E Trigger PLUS structured notes linked to the EURO STOXX 50 Index, with a pricing date of November 30, 2026, and maturity on December 3, 2032.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley acting as guarantor on all payments, which are subject to Morgan Stanley's credit risk.
  • Leverage factor: The filing states a leverage factor of 199.34%, applied to any index percent increase above the initial index value at maturity.
  • Trigger level: The trigger level is set at 75% of the initial index value, meaning losses below that threshold pass through fully to investors on a 1-to-1 basis.
  • Estimated value: The filing discloses an estimated value of $937.70 per Trigger PLUS, or within $55.00 of that estimate, against an issue price of $1,000.
  • No interest or principal guarantee: According to the filing, the Trigger PLUS "do not pay interest or guarantee return of any principal."
  • CUSIP / ISIN: 61781T2G7 / US61781T2G77, with an original issue date of December 3, 2026.
  • No exchange listing: The filing states the Trigger PLUS "will not be listed on any securities exchange and secondary trading may be limited."

Structured Note Terms and Payout Mechanics for the MSFL SX5E Trigger PLUS

According to the free writing prospectus filed under Registration Statement Nos. 333-293641 and 333-293641-01, the notes are issued by Morgan Stanley Finance LLC (MSFL), a finance subsidiary that, the filing states, "has no independent operations and will have no independent assets." The underlying index is the EURO STOXX 50 Index (SX5E), a broad measure of large-capitalization eurozone equities. Payment at maturity depends entirely on the index closing value on the valuation date of November 30, 2032, relative to the initial index value set on the pricing date of November 30, 2026.

If the final index value exceeds the initial index value, investors receive $1,000 plus a leveraged upside payment calculated as $1,000 multiplied by the 199.34% leverage factor and the index percent increase. If the final index value is flat or down but remains at or above the 75% trigger level, the full $1,000 stated principal is returned. If the final index value falls below the trigger level, the payment equals $1,000 multiplied by the index performance factor, and the filing warns this "will represent a loss of more than 25%, and possibly all, of your investment." The hypothetical payout table provided in the filing illustrates that a -26% index decline would produce a -26% return, and a -100% decline would produce a -100% return.

The filing notes that the estimated value of $937.70 per note is determined by Morgan Stanley's own pricing and valuation models and "may differ from those of other dealers." The gap between the $1,000 issue price and the $937.70 estimated value reflects, according to the filing, costs associated with "issuing, selling, structuring and hedging the Trigger PLUS." The calculation agent is described as a subsidiary of Morgan Stanley and an affiliate of MSFL, and the filing flags that hedging and trading activity by Morgan Stanley affiliates "could potentially adversely affect the value of the Trigger PLUS."

What Was Disclosed

Morgan Stanley Finance LLC disclosed the full summary terms of its 6-Year SX5E Trigger PLUS notes via a free writing prospectus dated November 11, 2026, covering the leverage factor, trigger level, payout structure, estimated value, CUSIP, and principal risk factors linked to the EURO STOXX 50 Index and Morgan Stanley's credit.