Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 12, 2026, for Principal at Risk Securities linked to the lowest performing of the Nikkei Stock Average, the Russell 2000 Index, and the EURO STOXX 50 Index, with a maturity date of November 26, 2029.

Key Highlights

  • Face amount: $1,000 per security, with denominations of $1,000 and any integral multiple of $1,000.
  • Auto-call feature: If the lowest performing underlying is at or above 90% of its starting level on November 26, 2027, securities are called at a minimum payment of $1,205.00 per security, corresponding to a call premium of at least 20.50%.
  • Upside participation: If not called and the lowest performing underlying finishes above its starting level, holders receive $1,000 plus 150% of that index return applied to the $1,000 face amount.
  • Downside threshold: The threshold level for each underlying is 70% of its starting level; if the ending level falls below that threshold, investors are exposed to the full percentage decline of the lowest performing underlying.
  • Estimated value at pricing: Approximately $958.20 per security, or within $45.00 of that estimate, which is less than the $1,000 face amount.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $25.75 per security; dealers including Wells Fargo Advisors may receive a selling concession of up to $20.00 per security, and Wells Fargo Advisors may receive a distribution expense fee of $0.75 per security it sells.
  • CUSIP: 61781TZR7; pricing date is November 20, 2026, and original issue date is November 25, 2026.

Structure and Risk Profile of the MSFL Auto-Callable Linked Notes

According to the filing, Morgan Stanley Finance LLC is the issuer and Morgan Stanley is the fully and unconditionally guaranteeing parent. The securities are linked to the lowest performing of three indices: the Nikkei Stock Average, the Russell 2000 Index, and the EURO STOXX 50 Index. The calculation agent is Morgan Stanley & Co. LLC, described in the filing as an affiliate of both the issuer and the guarantor. The filing states the securities will not be listed on any securities exchange and that secondary trading may be limited.

The filing discloses three maturity payment scenarios for holders who are not called out early. If the lowest performing underlying finishes above its starting level, the payout includes 150% participation in that index return. If it finishes at or below the starting level but at or above 70% of the starting level, holders receive exactly $1,000. If it falls below the 70% threshold level, holders receive $1,000 plus the full negative index return applied to $1,000, meaning, as the filing states, investors "may lose more than 30%, and possibly all, of your investment."

The filing notes that the estimated value of approximately $958.20 reflects costs associated with "issuing, selling, structuring and hedging the securities, which are borne by you." The filing also discloses that "the U.S. federal income tax consequences of an investment in the securities offered by the accompanying preliminary pricing supplement are uncertain," and directs investors to review the full preliminary pricing supplement, product supplement, index supplement, tax supplement, and prospectus before making any investment decision. All payments are described as subject to the credit risk of Morgan Stanley and MSFL.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for auto-callable, principal-at-risk structured securities due November 26, 2029, linked to three equity indices, with a face amount of $1,000, a 150% upside participation rate, a 70% downside threshold, and an estimated pricing-date value of approximately $958.20 per security.