Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, summarizing the terms of Market-Linked Notes tied to the S&P 500 Futures Excess Return Index and maturing December 4, 2031.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underlier: Notes are linked to the S&P 500 Futures Excess Return Index (SPXFP).
  • Participation rate: 161.50% to 166.50%, according to the filing.
  • Estimated value: $963.60 per note, or within $55.00 of that estimate, as disclosed.
  • Principal protection: The filing indicates a $1,000.00 payment at maturity per note even if the underlier declines 50% or 100%.
  • Pricing date: November 30, 2026; maturity date: December 4, 2031.
  • CUSIP: 61781TB93.

SPXFP Market-Linked Notes: Key Terms and Risk Disclosures

According to the Free Writing Prospectus filed November 2, 2026 (Preliminary Pricing Supplement No. 19,757), Morgan Stanley Finance LLC is offering Market-Linked Notes due December 4, 2031, linked to the S&P 500 Futures Excess Return Index (SPXFP). The notes are filed under Registration Statement Nos. 333-293641 and 333-293641-01, pursuant to Rule 433. The filing states that the pricing date is November 30, 2026, and the observation date is December 1, 2031.

The filing discloses a participation rate range of 161.50% to 166.50%. Hypothetical payment illustrations in the filing show that, assuming a participation rate of 161.50%, a 100% gain in the underlier would produce a payment of $2,615.00 per note, while a 50% gain would produce $1,807.50 per note. The filing further states that if the underlier is flat, down 50%, or down 100%, the payment at maturity per note would be $1,000.00 in each scenario. The filing notes that "all payments are subject to our credit risk."

The filing identifies several risk factors. It states that the notes do not pay interest, will not be listed on any securities exchange, and that secondary trading may be limited. The estimated value of $963.60 per note is described as 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 filing also discloses that MSFL, as a finance subsidiary, "has no independent operations and will have no independent assets." Investors are directed to review the amended preliminary pricing supplement, product supplement, index supplement, tax supplement, and prospectus before making an investment decision.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus summarizing terms of SPXFP Market-Linked Notes due December 4, 2031, with a participation rate of 161.50% to 166.50%, an estimated value of $963.60 per note, and CUSIP 61781TB93.