Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for Market Linked Securities offering a contingent fixed return linked to Amazon.com, Inc. common stock, with a scheduled maturity of May 18, 2028, fully and unconditionally guaranteed by Morgan Stanley.

Key Highlights

  • Face amount: $1,000 per security, with denominations in $1,000 and any integral multiple thereof.
  • Contingent fixed return: At least 25.75% of the face amount (at least $257.50 per security), to be determined on the pricing date of November 13, 2026.
  • Threshold price: 85% of the starting price; if the ending price falls below this level, investors lose more than 15%, and possibly all, of the face amount.
  • Estimated value on pricing date: Approximately $955.00 per security, or within $35.00 of that estimate, according to the filing.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $23.25 per security sold, with dealers including Wells Fargo Advisors eligible for a selling concession of up to $17.50 per security and a distribution expense fee of $0.75 per security sold by WFA.
  • CUSIP: 61781TQB2; the securities will not be listed on any securities exchange.
  • Maturity and calculation dates: Maturity date is May 18, 2028; calculation day is May 15, 2028, each subject to change.

Terms and Risk Profile of the Amazon-Linked Structured Securities

According to the filing, Morgan Stanley Finance LLC (MSFL) is offering Market Linked Securities described as "Contingent Fixed Return and Contingent Downside Principal at Risk Securities Linked to the Common Stock of Amazon.com, Inc." The original issue date is scheduled for November 18, 2026, with the pricing date set for November 13, 2026. The calculation agent is Morgan Stanley & Co. LLC, an affiliate of both the issuer and the guarantor. Morgan Stanley provides a full and unconditional guarantee on the securities.

The filing discloses that each security pays a maturity amount dependent on the ending price of Amazon.com, Inc. common stock relative to the threshold price. If the ending price on the calculation day is greater than or equal to 85% of the starting price, the investor receives $1,000 plus the contingent fixed return of at least 25.75%. If the ending price is below that threshold, the investor receives $1,000 plus the product of $1,000 and the underlying return, which could result in a loss exceeding 15% and potentially all of the face amount. The securities do not pay interest, and the potential return is described by the filing as "fixed and limited."

The filing further notes that the $1,000 face amount "includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you," resulting in an estimated value of approximately $955.00 per security on the pricing date. The filing also states that "the securities will not be listed on any securities exchange and secondary trading may be limited," and that all payments are subject to Morgan Stanley's credit risk. As a finance subsidiary, MSFL is disclosed to have "no independent operations and will have no independent assets."

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for structured securities linked to Amazon.com, Inc. common stock, maturing May 18, 2028, offering at least 25.75% contingent fixed return if the stock stays at or above 85% of its starting price, with principal at risk below that threshold.