Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, summarizing terms for Worst-of SLV, NDXT, and RTY Contingent Income Memory Auto-Callable Securities due December 5, 2029, under Registration Statement Nos. 333-293641 and 333-293641-01.

Key Highlights

  • Underliers: The securities are linked to three reference assets: iShares Silver Trust (SLV), Nasdaq-100 Technology Sector Index (NDXT), and Russell 2000 Index (RTY).
  • Contingent coupon range: The filing discloses a contingent coupon of 10.75% to 11.75% per annum, with a memory feature, paid monthly.
  • Estimated value: The estimated value is $963.10 per security, or within $45.00 of that estimate, against an original issue price basis of $1,000.
  • Downside threshold and coupon barrier: Both are set at 60% of the initial level for each underlier.
  • Automatic early redemption: Redemption is triggered monthly beginning after 6 months if each underlier closes at or above 100% of its initial level on a redemption determination date.
  • Maturity and pricing dates: The pricing date is November 30, 2026, and the maturity date is December 5, 2029, with a CUSIP of 61781TB28.
  • Principal at risk: According to the filing, "The securities do not guarantee the return of any principal."

Terms and Structure of Morgan Stanley Finance LLC's Auto-Callable Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC (MSFL), with Morgan Stanley serving as guarantor. They are structured as worst-of linked notes, meaning returns depend on the performance of the single worst-performing underlier among SLV, NDXT, and RTY. The call threshold level is set at 100% of the initial level for each underlier, and automatic early redemption determinations begin after six months and occur monthly thereafter. All payments are described as subject to Morgan Stanley's credit risk.

The contingent coupon, ranging from 10.75% to 11.75% per annum, is only payable if, on the relevant observation date, all three underliers close at or above 60% of their respective initial levels. A memory feature applies, as referenced in the accompanying preliminary pricing supplement. The filing states that "investors will not participate in any appreciation in the value of any underlier." If the securities are not called and the worst-performing underlier finishes below the 60% downside threshold, investors receive a payment at maturity reflecting the percentage decline of that underlier, according to the hypothetical payment table in the filing. For example, a -50% change in the worst-performing underlier results in a $500.00 payment per security, and a -100% change results in $0.00.

The filing notes that the estimated value of $963.10 per security is below the original issue price because, as disclosed, "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, the filing states. U.S. federal income tax consequences are described as uncertain.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus describing the key terms of worst-of auto-callable securities linked to SLV, NDXT, and RTY, including coupon rates, barrier levels, estimated value, maturity date, and associated risk factors.