Morgan Stanley Finance LLC filed a free writing prospectus on November 10, 2026, for Preliminary Pricing Supplement No. 20,014, covering principal-at-risk securities linked to an unequally weighted basket of five international equity indices, with a stated maturity of May 17, 2029.

Key Highlights

  • Basket composition: Five indices weighted as follows: EURO STOXX 50 Index (40.00%), Nikkei Stock Average (25.00%), FTSE 100 Index (17.50%), Swiss Market Index (10.00%), and S&P/ASX 200 Index (7.50%).
  • Face amount: $1,000 per security, with denominations of $1,000 and any integral multiple of $1,000.
  • Estimated value: The filing states the estimated value of each security on the pricing date will be approximately $952.90, or within $25.00 of that estimate.
  • Buffer amount: A 15% buffer applies; investors bear 1-to-1 downside exposure to basket declines exceeding 15%, and may lose up to 85% of the face amount at maturity.
  • Contingent absolute return cap: In the scenario where the ending level is below the starting level but at or above the threshold level of 85.00, any positive return is capped at the face amount plus $150 per security.
  • Participation rate: At least 100%, to be determined on the pricing date of November 12, 2026.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $25.75 per security sold, with dealers including Wells Fargo Advisors eligible for a selling concession of up to $20.00 per security and a distribution expense fee of $0.75 per security sold by WFA.

Structure and Payment Terms of the Five-Index Basket Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC and fully and unconditionally guaranteed by Morgan Stanley. The pricing date is listed as November 12, 2026, with an original issue date of November 17, 2026, and a calculation day of May 14, 2029, all described as subject to change. The CUSIP for the securities is 61781TZA4. Morgan Stanley & Co. LLC serves as calculation agent and, together with Wells Fargo Securities, LLC, acts as agent for the offering.

The filing describes three maturity payment scenarios. If the ending level exceeds the starting level of 100.00, the investor receives $1,000 plus $1,000 multiplied by the basket return multiplied by the participation rate. If the ending level is at or below the starting level but at or above the threshold level of 85.00, the investor receives $1,000 plus $1,000 multiplied by the absolute basket return, subject to a cap of the face amount plus $150. If the ending level falls below the threshold level of 85.00, the investor receives $1,000 plus $1,000 multiplied by the sum of the basket return and the 15% buffer amount, meaning losses of up to 85% of the face amount are possible.

The filing notes that the face amount of $1,000 "includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you," and that the estimated value of approximately $952.90 on the pricing date will consequently be less than $1,000. The securities will not be listed on any securities exchange, and the filing states that secondary trading may be limited. All payments are described as subject to the credit risk of Morgan Stanley and MSFL. The filing also discloses that MSFL, as a finance subsidiary, "has no independent operations and will have no independent assets."

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for principal-at-risk structured securities linked to a five-index international equity basket, disclosing payment terms, a 15% downside buffer, an estimated value of approximately $952.90 per $1,000 security, and agent commission details for the November 2026 offering.