Morgan Stanley Finance LLC filed a Preliminary Pricing Supplement (No. 17,889) on August 4, 2026, under Rule 424(b)(2), disclosing terms for Buffered Jump Securities with an Auto-Callable Feature due August 11, 2031, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index.

Key Highlights

  • Stated principal amount: $1,000 per security, with an estimated value on the pricing date of approximately $903.60 per security, or within $40.00 of that estimate.
  • Maturity date: August 11, 2031, with a final determination date of August 6, 2031.
  • Auto-call feature: Securities may be automatically redeemed starting on the first determination date of August 13, 2027, if the underlier closes at or above 100% of the initial level; early redemption payments correspond to a return of approximately 18.80% per annum.
  • Payment at maturity if above call threshold: $1,940.00 per security if the final level is greater than or equal to the call threshold level.
  • Buffer protection: The buffer level is 85% of the initial level, with a 15% buffer amount; the minimum payment at maturity is 15% of the stated principal amount.
  • Principal at risk: According to the filing, if the final level is less than the buffer level, investors will lose 1% for every 1% decline beyond the buffer, and the payment at maturity "may be significantly less" than the stated principal amount.
  • CUSIP / ISIN: 61781DMZ8 / US61781DMZ86; the securities will not be listed on any securities exchange.

Terms and Structure of the Morgan Stanley Finance LLC Buffered Jump Securities

According to the filing, the securities are unsecured obligations of Morgan Stanley Finance LLC (MSFL), fully and unconditionally guaranteed by Morgan Stanley (NYSE: MS), and issued under MSFL's Series A Global Medium-Term Notes program. The pricing date and strike date are both August 6, 2026, with an original issue date of August 11, 2026. The underlier, the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, was developed by S&P Dow Jones Indices LLC in coordination with Morgan Stanley and was established on March 14, 2022. The filing notes that the securities do not provide for the regular payment of interest, and investors will not participate in any appreciation of the underlier.

The filing discloses an automatic early redemption schedule covering 16 determination dates listed in the supplement, beginning August 13, 2027. The first early redemption payment is $1,188.00 per security, rising incrementally through subsequent determination dates (for example, $1,203.667 at determination date two and $1,219.333 at determination date three). The call threshold level is set at 100% of the initial level. The agent for the offering is Morgan Stanley and Co. LLC, described in the filing as an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley.

The filing states that all payments are subject to the credit risk of MSFL and Morgan Stanley, and that the securities are not deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, and are not obligations of or guaranteed by a bank. The filing further states: "The securities are for investors who are willing to risk their principal and forgo current income in exchange for the buffer feature and the possibility of receiving an early redemption payment or payment at maturity that exceeds the stated principal amount."

What Was Disclosed

This preliminary pricing supplement disclosed the full economic terms of structured notes issued by MSFL, including the auto-call schedule, payment at maturity scenarios, buffer level, estimated value, CUSIP and ISIN identifiers, and key risk disclosures, as of August 4, 2026.