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Morgan Stanley MSFL SPUMP40 Auto-Callable Notes, CUSIP 61781TQC0

Morgan Stanley Finance LLC filed a free writing prospectus on November 2, 2026, for SPUMP40 Fixed Income Buffered Auto-Callable Securities due November 28, 2031, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, with a pricing date of November 24, 2026.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor, according to the filing.
  • Fixed coupon range: The securities offer a fixed coupon of 7.50% to 8.50% per annum, paid monthly, as disclosed in the filing.
  • Buffer amount: A 15% buffer is provided, with a maximum loss of 85% of principal at maturity, per the filing.
  • Estimated value: The estimated value is $913.70 per security, or within $55.00 of that estimate, as stated in the filing.
  • Call threshold: Securities are automatically redeemed if the underlier closes at or above 100% of its initial level on any monthly redemption determination date beginning after one year.
  • Maturity and CUSIP: The maturity date is November 28, 2031, and the CUSIP is 61781TQC0, per the filing.
  • Index history: The filing discloses that the underlier index was established on March 14, 2022, and therefore has very limited operating history.

SPUMP40 Buffered Auto-Callable Securities: Structure and Underlier Details

According to the filing, Morgan Stanley Finance LLC is offering SPUMP40 Fixed Income Buffered Auto-Callable Securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40). The securities carry a fixed coupon of 7.50% to 8.50% per annum, paid monthly, and are structured to be automatically redeemed if the underlier's closing level equals or exceeds 100% of its initial level on any monthly redemption determination date beginning after one year from issuance. The filing notes that once automatically redeemed, no further payments will be made on the securities.

The filing provides a hypothetical payment table illustrating that, if the securities are not called and held to maturity, investors receive $1,000.00 per security for underlier declines up to 15%, but losses begin beyond that buffer. For example, the filing shows a -50% change in the underlier results in a $650.00 payment per security, and a -100% change results in a $150.00 payment. The filing states that all payments are subject to Morgan Stanley's credit risk, and that as a finance subsidiary, MSFL has no independent operations and no independent assets.

The filing discloses that the SPUMP40 index applies a 4% per annum decrement, which the filing states "will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates." The index was established on March 14, 2022, giving it limited historical performance data. The filing further notes that the securities will not be listed on any securities exchange and that secondary trading may be limited. The estimated value of $913.70 per security is described as determined by reference to Morgan Stanley's own pricing and valuation models, which may differ from those of other dealers.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for auto-callable structured securities due November 28, 2031, linked to the SPUMP40 index, with CUSIP 61781TQC0, a 15% principal buffer, a monthly fixed coupon of 7.50% to 8.50% per annum, and an estimated value of $913.70 per security.