Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for Step-Up Jump Notes with an Auto-Callable Feature linked to the Morgan Stanley Amplitude Index (MSAMP5), with a scheduled maturity of November 30, 2033.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor; all payments are subject to Morgan Stanley's credit risk.
  • Underlier: The notes are linked to the Morgan Stanley Amplitude Index (MSAMP5), which was established on January 5, 2026, giving it, according to the filing, "very limited actual operating history."
  • Estimated value: The filing states an estimated value of $885.60 per note, or within $35.60 of that estimate, against an implied original issue price of $1,000 per note.
  • Auto-call schedule: Six annual determination dates run from November 24, 2027 through November 24, 2032, with call threshold levels rising from 100.50% to 103.00% of the initial index level and early redemption payments ranging from at least $1,140 to at least $1,840 per note.
  • Principal protection at maturity: Hypothetical examples in the filing show a maturity payment of $1,000.00 per note across all negative and zero underlier scenarios, from 0.00% to -100.00% change.
  • No interest and no exchange listing: The notes do not pay interest, and the filing states they "will not be listed on any securities exchange and secondary trading may be limited."
  • CUSIP: 61781TRT2, filed under Registration Statement Nos. 333-293641 and 333-293641-01.

Structure and Terms of the MSAMP5 Step-Up Jump Notes

According to the filing, the notes are issued by Morgan Stanley Finance LLC, a finance subsidiary that, as the document discloses, "has no independent operations and will have no independent assets." The guarantor is Morgan Stanley (NYSE:MS). The pricing date is set for November 24, 2026, with an observation date of November 25, 2033, and a maturity date of November 30, 2033. The notes are linked to the Morgan Stanley Amplitude Index, a proprietary index that the filing describes as incorporating embedded costs, leverage, and volatility constraints, and that "may not successfully capture price momentum" or "successfully limit volatility."

The auto-callable mechanism provides for six annual determination dates. If the closing level of the MSAMP5 index meets or exceeds the applicable call threshold on any determination date, the notes are redeemed early and investors receive the fixed early redemption payment specified for that date. For example, on the second determination date (November 24, 2028), the call threshold is 101.00% of the initial level and the early redemption payment is at least $1,280 per note, which the filing illustrates with a hypothetical assuming a call return of 14.00% per annum. If no early redemption occurs, the payment at maturity is determined by the final index level on the observation date, with hypothetical examples in the filing showing a $1,000.00 floor per note across all negative-return scenarios tested.

The filing discloses that the estimated value of $885.60 per note is below the original issue price because costs associated with "issuing, selling, structuring and hedging the notes" are included in that price. The estimated value is derived from Morgan Stanley's own pricing and valuation models, which the filing notes "may differ from those of other dealers." Investors are directed to review the accompanying preliminary pricing supplement (regulatory filing reference provided in the source document) for full risk factors, tax considerations, and underlier details before making any investment decision.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus describing the key terms of MSAMP5 Step-Up Jump Notes due November 30, 2033, including the auto-call schedule, estimated value of $885.60 per note, maturity payment structure, applicable risk factors, and CUSIP 61781TRT2.