Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, providing summary terms for its Worst-of NDXT and RTY Dual Directional Trigger PLUS securities due November 29, 2028, under Registration Statement Nos. 333-293641 and 333-293641-01.

Key Highlights

  • Underliers: The notes are linked to the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY), with payment at maturity based solely on the worst performing underlier.
  • Estimated value: $957.70 per security, or within $35.00 of that estimate, according to the filing.
  • Leverage and participation rates: The leverage factor is 115% on the upside and the absolute return participation rate is 100%.
  • Downside threshold: The downside threshold level is set at 80% of the initial level for each underlier.
  • Key dates: The pricing date is November 24, 2026, the observation date is November 24, 2028, and the maturity date is November 29, 2028.
  • CUSIP: The securities carry CUSIP 61781TTH6 and will not be listed on any securities exchange.
  • Principal risk: According to the filing, "the securities do not guarantee the return of any principal and do not pay interest."

Terms and Payout Structure of the MSFL Dual Directional Trigger PLUS Securities

Morgan Stanley Finance LLC (MSFL) is the issuer of these structured notes, with Morgan Stanley serving as guarantor, as disclosed in the filing. The securities are described as "Worst-of NDXT and RTY Dual Directional Trigger PLUS" notes. All payments are stated to be subject to the credit risk of Morgan Stanley Finance LLC, which the filing notes "has no independent operations and will have no independent assets" as a finance subsidiary.

The filing outlines three hypothetical payout scenarios. In an upside scenario, if the worst performing underlier appreciates 5%, the filing states investors would receive $1,057.50 per security, or 105.75% of the stated principal amount. In an absolute return scenario, if the worst performing underlier depreciates 5%, investors would receive $1,050 per security, or 105% of the stated principal amount. In a downside scenario, if the worst performing underlier depreciates 85%, investors would receive only $150 per security, representing a loss of 85% of principal. A hypothetical table in the filing also shows that a 20% decline in the worst performing underlier would yield $1,200.00, while a 21% decline would yield $790.00, illustrating the threshold's sharp impact.

The filing discloses that the estimated value of $957.70 per security is less than the original issue price, stating that "the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities." The securities will not be listed on any securities exchange and secondary trading may be limited, according to the filing. U.S. federal income tax consequences are described as uncertain. The filing directs investors to the accompanying preliminary pricing supplement for complete risk factor disclosures.

What Was Disclosed

MSFL filed a Free Writing Prospectus summarizing terms for structured notes linked to the NDXT and RTY indexes, with a pricing date of November 24, 2026, a maturity date of November 29, 2028, an estimated value of $957.70 per security, and CUSIP 61781TTH6. Morgan Stanley is the guarantor.