Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 12, 2026, summarizing the terms of Worst-of GOOGL, AAPL and NVDA Jump Notes with Auto-Callable Feature due November 29, 2029, under Preliminary Pricing Supplement No. 20,033.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor; all payments are subject to Morgan Stanley's credit risk.
  • Underliers: The notes are linked to Alphabet Inc. class A common stock (GOOGL), Apple Inc. common stock (AAPL), and NVIDIA Corporation common stock (NVDA).
  • Maturity date: November 29, 2029, with a final determination date of November 26, 2029 and a pricing date of November 24, 2026.
  • Automatic early redemption: If each underlier's closing level is at or above 100% of its initial level on December 1, 2027, the notes redeem at $1,135 to $1,145 per note.
  • Participation rate: 125%, applied to any positive performance of the worst-performing underlier at maturity if not previously redeemed.
  • Estimated value: $954.90 per note, or within $45.00 of that estimate, which is less than the original issue price.
  • CUSIP: 61781TZV8; the notes will not be listed on any securities exchange.

Terms and Structure of the MSFL Worst-of Jump Notes Due 2029

According to the filing, Morgan Stanley Finance LLC is offering structured notes whose return at maturity depends on the performance of the worst-performing among three underliers: Alphabet Inc. class A common stock (GOOGL), Apple Inc. common stock (AAPL), and NVIDIA Corporation common stock (NVDA). The notes carry a single opportunity for automatic early redemption: if, on December 1, 2027, each underlier's closing level is greater than or equal to its call threshold level of 100% of its initial level, the notes are redeemed and holders receive $1,135 to $1,145 per note, with no further payments made thereafter.

If the notes are not automatically redeemed, the filing discloses a 125% participation rate applied to the percentage change in the worst-performing underlier at the final determination date of November 26, 2029. The hypothetical payment table in the filing shows, for example, a $1,750.00 per-note payment for a +60.00% change in the worst-performing underlier, a $1,250.00 payment for +20.00%, and a $1,000.00 payment for any scenario from 0.00% down to -100.00%, indicating principal is not reduced below $1,000.00 per note at maturity in the stated scenarios. The filing specifies that the notes do not pay interest.

The filing states the estimated value of the notes is $954.90 per note, or within $45.00 of that estimate, and notes that this estimated value is less than the original issue price, reflecting costs associated with "issuing, selling, structuring and hedging the notes." The filing also discloses that MSFL "has no independent operations and will have no independent assets," and that the notes will not be listed on any securities exchange, meaning secondary trading may be limited. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293641 and 333-293641-01.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of structured jump notes linked to GOOGL, AAPL, and NVDA, including an auto-call feature on December 1, 2027, a maturity date of November 29, 2029, an estimated value of $954.90 per note, and applicable risk factors.