Morgan Stanley Finance LLC filed a free writing prospectus on November 12, 2026, summarizing the terms of Contingent Income Memory Auto-Callable Securities linked to Oracle Corporation common stock, with a maturity date of November 29, 2029.

Key Highlights

  • Underlier: Oracle Corporation common stock (ORCL), with Morgan Stanley as guarantor of the issuer, Morgan Stanley Finance LLC.
  • Contingent coupon: 18.00% to 19.00% per annum, paid monthly, with a memory feature, subject to the underlier closing at or above 60% of the initial level on the related observation date.
  • Call threshold: 100% of the initial level; if met on any monthly redemption determination date beginning after six months, the securities are automatically redeemed.
  • Downside threshold: 60% of the initial level; losses below that level are proportional, with a hypothetical -50% underlier move resulting in a $500.00 payment per security at maturity.
  • Estimated value: $952.60 per security, or within $45.00 of that estimate, below the original issue price of $1,000.00.
  • Pricing date: November 24, 2026; maturity date: November 29, 2029; CUSIP: 61781TZW6.
  • No exchange listing: The securities will not be listed on any securities exchange and secondary trading may be limited, according to the filing.

Terms and Structure of the ORCL-Linked Auto-Callable Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC (MSFL) and guaranteed by Morgan Stanley under Registration Statement Nos. 333-293641 and 333-293641-01. The free writing prospectus, dated November 11, 2026 and filed pursuant to Rule 433, describes structured notes linked solely to the closing level of Oracle Corporation common stock. The preliminary pricing supplement referenced in the filing contains the full terms and risk factors.

The filing discloses that a contingent coupon of 18.00% to 19.00% per annum is payable monthly, but only if the underlier closes at or above the coupon barrier level of 60% of the initial level on the relevant observation date. A memory feature applies, as described in the preliminary pricing supplement. If, on any monthly redemption determination date beginning after six months, the underlier closes at or above 100% of the initial level, the securities are automatically redeemed at par and no further payments are made. Investors do not participate in any appreciation in the value of the underlier, the filing states.

The filing warns that the securities do not guarantee the return of any principal. At maturity, if the underlier has declined by more than 40%, losses are reflected proportionally in the payment. For example, the filing illustrates that a -50% change results in a $500.00 payment per security, and a -100% change results in $0.00. The estimated value of $952.60 per security is noted to be less than the original issue price because of costs associated with "issuing, selling, structuring and hedging the securities," according to the filing. All payments are subject to the credit risk of Morgan Stanley.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus summarizing the terms of ORCL-linked auto-callable notes (CUSIP 61781TZW6) due November 29, 2029, including coupon rates, barrier levels, estimated value, and key risk disclosures, with a pricing date of November 24, 2026.