Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 4, 2026, summarizing the terms of its AER Jump Notes due December 5, 2029, linked to AerCap Holdings N.V. ordinary shares.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underlier: AerCap Holdings N.V. ordinary shares (AER) serve as the reference asset for the notes.
  • Upside payment: The filing states an upside payment of $255 per note, equal to 25.50% of the stated principal amount.
  • Estimated value: The notes carry an estimated value of $968.40 per note, or within $45.00 of that estimate.
  • Key dates: Pricing date is November 30, 2026; observation date is November 30, 2029; maturity date is December 5, 2029.
  • CUSIP: 61781TVG5.
  • No interest payments: According to the filing, the notes do not pay interest.

AER Jump Notes Structure and Payment Terms

According to the filing, Morgan Stanley Finance LLC is offering AER Jump Notes with a maturity date of December 5, 2029, guaranteed by Morgan Stanley. The notes are linked to AerCap Holdings N.V. ordinary shares. The filing discloses that all payments are subject to the credit risk of the issuer and guarantor.

The filing provides a hypothetical payment table illustrating that, regardless of underlier performance from 0.00% up to +100.00%, the payment at maturity per note would be $1,255.00. For underlier declines of -50.00% or -100.00%, the payment at maturity per note would be $1,000.00. The filing states that "the appreciation potential of the notes is fixed and limited" and that "the amount payable on the notes is not linked to the value of the underlier at any time other than the observation date."

The filing discloses that the estimated value of $968.40 per note is below the original issue price, and attributes this to "costs associated with issuing, selling, structuring and hedging the notes in the original issue price." The notes will not be listed on any securities exchange, and secondary trading may be limited, according to the filing. The document directs investors to the accompanying preliminary pricing supplement for complete risk factors, tax considerations, and historical underlier performance information.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus summarizing the terms of the AER Jump Notes due December 5, 2029, including the payment structure, estimated value of $968.40 per note, CUSIP 61781TVG5, and key risk considerations tied to underlier performance and issuer credit risk.