Morgan Stanley Finance LLC filed a free writing prospectus on October 28, 2026, summarizing the terms of its 6-Year SPX Trigger PLUS structured notes, with a stated principal amount of $1,000 per note and a maturity date of December 3, 2032.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Leverage and cap: The notes carry a 145% leverage factor on upside gains, with a maximum payment at maturity of $1,850 per note (185% of the stated principal amount).
  • Trigger level: The trigger level is set at 85% of the initial index value; if the final index value falls below this level, investors receive $1,000 multiplied by the index performance factor, which the filing states "will be less than the stated principal amount of $1,000 and will represent a loss of more than 15%, and possibly all, of your investment."
  • Estimated value: The estimated value of the Trigger PLUS is $937.40 per note, or within $55.00 of that estimate, according to the filing.
  • Key dates: The pricing date is November 13, 2026, the original issue date is November 18, 2026, and the valuation date is November 30, 2032.
  • No exchange listing: The filing states the notes will not be listed on any securities exchange and secondary trading may be limited.
  • CUSIP/ISIN: 61781TPV9 / US61781TPV97.

Terms and Structure of the Morgan Stanley SPX Trigger PLUS Offering

According to the filing, the 6-Year SPX Trigger PLUS are structured notes linked to the S&P 500 Index (SPX), issued under Registration Statement Nos. 333-293641 and 333-293641-01. The notes are priced at $1,000 each and are issued pursuant to Rule 433 as a free writing prospectus to Preliminary Pricing Supplement No. 19,776. Morgan Stanley Finance LLC, described in the filing as having "no independent operations" and "no independent assets" as a finance subsidiary, is the issuer, with Morgan Stanley acting as guarantor.

The payment at maturity depends on the final closing value of the S&P 500 Index relative to the initial index value. If the final index value exceeds the initial index value, investors receive $1,000 plus a leveraged upside payment based on a 145% leverage factor, subject to a ceiling of $1,850 per note. If the final index value is at or below the initial value but at or above the trigger level of 85%, the investor receives exactly $1,000. If the final index value falls below the trigger level, the investor receives $1,000 multiplied by the index performance factor, exposing them to losses that could include the entire investment. The filing's hypothetical payout table illustrates that a -16% change in the index produces a -16% return on the notes, while declines at or within 15% result in no loss of principal.

The filing discloses that the estimated value of $937.40 per note is "determined by reference to our 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 states that costs associated with issuing, selling, structuring, and hedging are included in the original issue price, causing the estimated value to be less than the $1,000 issue price. The calculation agent is described as "a subsidiary of Morgan Stanley and an affiliate of MSFL."

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus summarizing the key terms of its 6-Year SPX Trigger PLUS notes, including leverage, trigger, maturity, estimated value, and associated risk disclosures, dated October 28, 2026.