Morgan Stanley Finance LLC filed a free writing prospectus on November 12, 2026, summarizing the terms of Contingent Income Memory Auto-Callable Securities linked to Micron Technology, Inc. common stock, with a maturity date of November 29, 2029.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor; CUSIP 61781TZY2.
  • Underlier: Micron Technology, Inc. common stock (MU) is the sole reference asset.
  • Contingent coupon range: The annual coupon is stated as 17.50% to 18.50% per annum, paid monthly, with a memory feature.
  • Coupon and downside barrier: Both the coupon barrier level and the downside threshold level are set at 65% of the initial level.
  • Call threshold: The securities will be automatically redeemed if the underlier closes at or above 100% of the initial level on any monthly redemption determination date, beginning after six months.
  • Estimated value: The filing states an estimated value of $950.50 per security, or within $45.00 of that estimate, against a face amount of $1,000.00.
  • Pricing and maturity dates: The pricing date is November 24, 2026, and the maturity date is November 29, 2029.

Terms and Structure of the Micron-Linked Auto-Callable Securities

According to the filing, Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities due November 29, 2029, under Registration Statement Nos. 333-293641 and 333-293641-01. The securities are linked to the closing level of Micron Technology, Inc. common stock. The filing describes the document as a summary of terms and directs investors to the accompanying preliminary pricing supplement (filed separately with the SEC) for complete information.

The filing discloses that a contingent coupon of 17.50% to 18.50% per annum, with a memory feature, will be paid monthly if the underlier's closing level on the relevant observation date is at or above the coupon barrier level of 65% of the initial level. Beginning after six months, the securities may be automatically redeemed monthly if the underlier closes at or above 100% of the initial level on a redemption determination date. The filing notes that "no further payments will be made on the securities once they have been automatically redeemed."

The filing's hypothetical payment table shows that if the underlier declines by 35% or less at maturity, the payment per security (excluding any contingent coupon) is $1,000.00. A decline of 36% would result in a payment of $640.00, and a decline of 50% would result in $500.00. A total loss is possible if the underlier falls 100%. The filing states that "the securities do not guarantee the return of any principal" and that the estimated value of $950.50 per security is less than the original issue price, reflecting costs associated with "issuing, selling, structuring and hedging the securities." The filing also notes the securities will not be listed on any securities exchange.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus summarizing terms of auto-callable structured notes linked to Micron Technology stock, including coupon rates, barrier levels, an estimated value of $950.50 per security, and principal risk disclosures, with pricing set for November 24, 2026.