Morgan Stanley Finance LLC filed a free writing prospectus on November 11, 2026, disclosing preliminary terms for Pricing Supplement No. 20,013, covering Market Linked Securities linked to the common stock of KLA Corporation and due November 24, 2027, fully and unconditionally guaranteed by Morgan Stanley.

Key Highlights

  • Underlying asset: The securities are linked to the common stock of KLA Corporation, with a face amount of $1,000 per security.
  • Contingent fixed return: At least 16% of the face amount (at least $160 per security), to be determined on the pricing date of November 12, 2026.
  • Threshold price: Set at 50% of the starting price; if the ending price falls below this level, investors may lose more than 50%, and possibly all, of the face amount.
  • Estimated value: The filing states the estimated value of each security on the pricing date will be approximately $957.90, or within $35.00 of that estimate.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $23.25 per security sold, with dealers including Wells Fargo Advisors eligible for a selling concession of up to $17.50 per security.
  • Maturity date: November 24, 2027, with a calculation day of November 19, 2027, both subject to change.
  • CUSIP: 61781TYZ0, with the securities not listed on any securities exchange, according to the filing.

Terms and Risks of Morgan Stanley Finance LLC's KLA Corporation-Linked Securities

According to the filing, Morgan Stanley Finance LLC is the issuer and Morgan Stanley is the full and unconditional guarantor of these principal at risk securities. The face amount is $1,000 per security, and the original issue date is November 17, 2026. The filing describes the securities as "Market Linked Securities - Contingent Fixed Return and Contingent Downside." The starting price will be the closing price of KLA Corporation common stock on the pricing date, and the ending price will be the closing price on the calculation day.

The filing discloses that if the ending price is greater than or equal to the threshold price (50% of the starting price), the holder receives $1,000 plus the contingent fixed return of at least 16% of the face amount. If the ending price is below the threshold price, the maturity payment equals $1,000 plus $1,000 multiplied by the underlying return, which the filing notes could result in a loss of more than 50%, and possibly all, of the face amount. The filing states that the estimated value of approximately $957.90 reflects "costs associated with issuing, selling, structuring and hedging the securities, which are borne by you."

The filing lists several risk considerations, including that the securities do not pay interest, that "your potential return on the securities is fixed and limited," that secondary trading may be limited given the securities will not be listed on any exchange, and that all payments are subject to Morgan Stanley's credit risk. The filing also notes that Morgan Stanley Finance LLC, "as a finance subsidiary, has no independent operations and will have no independent assets." Morgan Stanley & Co. LLC is named as calculation agent and, along with Wells Fargo Securities, LLC, as agent for the offering. Registration statement numbers cited are 333-293641 and 333-293641-01.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for Pricing Supplement No. 20,013, covering principal at risk securities linked to KLA Corporation common stock, maturing November 24, 2027, with a contingent fixed return of at least 16% and a threshold price at 50% of the starting price.