Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 4, 2026, disclosing terms for its BSX Jump Notes due December 5, 2029, linked to Boston Scientific Corporation common stock.

Key Highlights

  • Issuer and guarantor: The notes are issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley.
  • Underlier: The notes are linked to Boston Scientific Corporation common stock (BSX).
  • Upside payment: The filing states an upside payment of $303.50 per note, equal to 30.35% of the stated principal amount.
  • Estimated value: The estimated value is $971.10 per note, or within $45.00 of that estimate, according to the filing.
  • Key dates: The pricing date is November 30, 2026; the observation date is November 30, 2029; and the maturity date is December 5, 2029.
  • CUSIP: The notes carry CUSIP 61781TVH3.
  • No interest payments: The filing discloses that "the notes do not pay interest."

Terms and Payment Structure of the BSX Jump Notes

According to the filing, Morgan Stanley Finance LLC is offering BSX Jump Notes with a stated principal amount of $1,000 per note. The notes provide a fixed upside payment of $303.50 per note (30.35% of the stated principal amount) regardless of how much Boston Scientific Corporation common stock appreciates above that threshold. The filing's hypothetical payment table illustrates that at any underlier performance at or above 0.00%, the payment at maturity per note is $1,303.50, while at a hypothetical decline of 50.00% or even 100.00%, the payment at maturity remains $1,000.00 per note.

The filing discloses that the estimated value of $971.10 per note is less than the original issue price, noting that "the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the original issue price reduce the economic terms of the notes." The notes will not be listed on any securities exchange and secondary trading may be limited, the filing states. All payments are described as subject to the credit risk of Morgan Stanley Finance LLC and its guarantor, Morgan Stanley.

The filing identifies several risk factors, including that "the appreciation potential of the notes is fixed and limited," that the amount payable is linked only to the underlier's value on the observation date of November 30, 2029, and that the calculation agent is a subsidiary of Morgan Stanley and an affiliate of MSFL. Investors are directed to the accompanying preliminary pricing supplement, available on EDGAR, for complete terms, risk factors, and U.S. federal income tax considerations.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,921, disclosing the terms of BSX Jump Notes due December 5, 2029, linked to Boston Scientific Corporation common stock, with CUSIP 61781TVH3 and an estimated value of $971.10 per note.