Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 20,022 on November 10, 2026, covering Worst-of GLD and GDX Jump Securities with an Auto-Callable Feature due December 1, 2031.

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 securities are linked to the worst performing of two underliers: SPDR Gold Trust (GLD) and VanEck Gold Miners ETF (GDX).
  • Auto-call feature: If both underliers close at or above 100% of their initial level on the first determination date of December 3, 2027, the securities are automatically redeemed at $1,337.50 per security.
  • Downside threshold: The downside threshold level is set at 70% of the initial level for each underlier; losses below that threshold are passed through at a 1-to-1 rate.
  • Participation rate: A 150% participation rate applies to any positive return at maturity if the securities have not been automatically redeemed.
  • Estimated value: The estimated value is $929.30 per security, or within $55.00 of that estimate, which is less than the original issue price.
  • Pricing and maturity dates: The pricing date is November 25, 2026, and the maturity date is December 1, 2031, with a final determination date of November 25, 2031.

Terms and Structure of the GLD/GDX Jump Securities

According to the filing, Morgan Stanley Finance LLC is offering Worst-of GLD and GDX Jump Securities with an Auto-Callable Feature maturing December 1, 2031, under Registration Statement Nos. 333-293641 and 333-293641-01. The securities carry CUSIP 61781TZJ5 and were filed pursuant to Rule 433. The filing discloses that the securities "do not guarantee the return of any principal and do not pay interest," and that all payments are subject to Morgan Stanley's credit risk.

The auto-callable feature operates on a single determination date. The filing states that if, on December 3, 2027, the closing level of each underlier is greater than or equal to its call threshold level of 100% of the initial level, the securities will be automatically redeemed at $1,337.50 per security, with no further payments made thereafter. If the securities are not called, the payment at maturity depends on the performance of the worst performing underlier. The filing's hypothetical payment table shows, for example, a $1,000.00 payment per security at 0% or -30% change, a $690.00 payment at -31%, and $0.00 at -100%.

The filing notes that the estimated value of $929.30 per security is determined by reference to Morgan Stanley's "pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price." The document further discloses that costs associated with "issuing, selling, structuring and hedging the securities" are included in the original issue price and cause the estimated value to be less than that price. The securities will not be listed on any securities exchange, and secondary trading may be limited, according to the filing.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus describing the key terms of structured notes linked to GLD and GDX, including an auto-call trigger, a 70% downside threshold, a 150% participation rate, a maturity date of December 1, 2031, and an estimated value of $929.30 per security.