Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, summarizing terms of its Worst-of NDX, RTY and SPX Enhanced Trigger Jump Securities due November 29, 2029, under Registration Statement Nos. 333-293641 and 333-293641-01.

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.
  • Upside payment range: The filing states an upside payment of $287.50 to $307.50 per security, representing 28.75% to 30.75% of the stated principal amount.
  • Downside threshold: The downside threshold level is set at 70% of the initial level for each of the three underliers (NDX, RTY, and SPX).
  • Estimated value: The estimated value is $944.30 per security, or within $45.00 of that estimate, according to the filing.
  • Key dates: The pricing date is November 24, 2026; the observation date is November 26, 2029; and the maturity date is November 29, 2029.
  • CUSIP: The securities carry CUSIP 61781TNS8 and will not be listed on any securities exchange.
  • Principal at risk: The filing states the securities "do not guarantee the return of any principal and do not pay interest."

Terms and Payoff Structure of the MSFL Worst-of Jump Securities

According to the filing, the securities are linked to the worst performing of three underliers: the Nasdaq-100 Index (NDX), the Russell 2000 Index (RTY), and the S&P 500 Index (SPX). The payment at maturity is determined solely by the performance of the worst performing underlier as of the observation date, November 26, 2029. If the worst performing underlier has not fallen below the 70% downside threshold level, investors are to receive the stated principal amount plus the upside payment of $287.50 to $307.50 per security.

The filing illustrates several hypothetical outcomes. In the upside scenario, if the worst performing underlier appreciates 10% or even depreciates by 5%, investors would receive a 28.75% return, or $1,287.50 per security. In the downside scenario, if the worst performing underlier depreciates 85%, investors would receive only $150 per security, equivalent to 15% of the stated principal amount. The tabulated payoff shows that a -31.00% change in the worst performing underlier results in a payment of $690.00 per security, while a -100.00% change results in $0.00.

The filing discloses that the estimated value of $944.30 per security is less than the original issue price, attributing this difference to "costs associated with issuing, selling, structuring and hedging the securities." The filing further notes that the calculation agent is a subsidiary of Morgan Stanley and an affiliate of MSFL, and that hedging and trading activity by Morgan Stanley affiliates "could potentially adversely affect the value of the securities." U.S. federal income tax consequences are described as uncertain, and investors are directed to consult a tax adviser.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of structured securities linked to the worst of three equity indexes, with a maturity date of November 29, 2029, an estimated value of $944.30 per security, and a downside threshold of 70% of each underlier's initial level.