Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, summarizing terms for SPXFP Trigger PLUS securities due November 28, 2031, identified by CUSIP 61781TNX7 and guaranteed by Morgan Stanley.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley serving as guarantor of all payments.
  • Underlier: The securities are linked to the S&P 500 Futures Excess Return Index (SPXFP), not to the S&P 500 index directly.
  • Leverage factor: The filing discloses a leverage factor of 225% to 230% on upside performance of the underlier.
  • Downside threshold: The downside threshold level is set at 70% of the initial level; losses apply below that level.
  • Estimated value: The estimated value is $936.40 per security, or within $55.00 of that estimate, below the stated principal amount of $1,000.
  • Maturity and observation dates: The observation date is November 24, 2031, and the maturity date is November 28, 2031.
  • No exchange listing: According to the filing, "the securities will not be listed on any securities exchange and secondary trading may be limited."

SPXFP Trigger PLUS Terms and Payment Structure Filed by Morgan Stanley Finance LLC

Morgan Stanley Finance LLC, a finance subsidiary of NYSE:MS with no independent operations or assets of its own, filed Free Writing Prospectus No. 19,766 on November 2, 2026, under Registration Statement Nos. 333-293641 and 333-293641-01. The securities are structured notes with a pricing date of November 24, 2026, and a maturity date of November 28, 2031, carrying CUSIP 61781TNX7. The filing states that all payments are subject to Morgan Stanley's credit risk.

The filing sets out hypothetical payment scenarios at maturity. If the underlier appreciates 5%, investors would receive $1,112.50 per security, or 111.25% of the stated principal amount, assuming a 225% leverage factor. If the underlier depreciates by up to 30%, investors would receive $1,000 per security. If the underlier depreciates 31%, the payment drops to $690.00 per security. In an extreme downside case of 85% depreciation, investors would receive only $150 per security, representing a loss of 85% of principal. A full 100% decline in the underlier results in a $0.00 payment at maturity.

The filing discloses that the estimated value of $936.40 per security is below the original issue price because costs associated with "issuing, selling, structuring and hedging the securities" are included in the original issue price. The filing further states that the estimated value is determined by reference to Morgan Stanley's own pricing and valuation models, which "may differ from those of other dealers and is not a maximum or minimum secondary market price." The securities do not pay interest and do not guarantee return of any principal.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of SPXFP Trigger PLUS notes due November 28, 2031, including a leverage factor of 225% to 230%, a 70% downside threshold, an estimated value of $936.40 per security, and CUSIP 61781TNX7, with Morgan Stanley as guarantor.