Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for Enhanced Trigger Jump Securities linked to the S&P 500 Futures Excess Return Index, with a stated maturity date of November 29, 2030.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Upside payment: The filing discloses an upside payment of $370 to $390 per security, representing 37% to 39% of the stated principal amount.
  • Downside threshold: The downside threshold level is set at 70% of the initial level; losses below that threshold are passed through dollar-for-dollar.
  • Estimated value: The estimated value is $938.50 per security, or within $45.00 of that estimate, which is less than the original issue price.
  • Key dates: The pricing date is November 24, 2026; the observation date is November 25, 2030; and the maturity date is November 29, 2030.
  • CUSIP: The securities carry CUSIP 61781TNW9 and will not be listed on any securities exchange, according to the filing.
  • No principal guarantee: The filing states that "the securities do not guarantee the return of any principal and do not pay interest."

Terms and Structure of Morgan Stanley Finance LLC's SPXFP Jump Securities

According to the Free Writing Prospectus to Preliminary Pricing Supplement No. 19,765, filed pursuant to Rule 433 under Registration Statement Nos. 333-293641 and 333-293641-01, the securities are linked to the S&P 500 Futures Excess Return Index (SPXFP). The filing describes the product as "Enhanced Trigger Jump Securities due November 29, 2030," with all payments subject to the credit risk of Morgan Stanley.

The filing provides hypothetical payment scenarios at maturity. If the underlier appreciates 10% or depreciates up to 30%, investors would receive $1,370 per security, assuming an upside payment of $370 per security. However, if the underlier depreciates 31%, the filing shows a payment of $690.00 per security, illustrating that losses below the 70% downside threshold level are reflected directly. In an extreme scenario where the underlier depreciates 85%, the filing states investors "will lose 85% of their principal and receive only $150 per security at maturity, or 15% of the stated principal amount." If the underlier falls to zero, the payment would be $0.00 per security.

The filing discloses that the estimated value of $938.50 per security is determined by reference to Morgan Stanley's "pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price." The filing further notes that costs associated with "issuing, selling, structuring and hedging the securities" are included in the original issue price, which causes the estimated value to be less than that price. Secondary market trading may be limited, as the securities will not be listed on any exchange, the filing states. U.S. federal income tax consequences are described as uncertain.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of structured notes linked to the SPXFP index, including an estimated value of $938.50 per security, a 70% downside threshold, an upside payment range of $370 to $390 per security, and a maturity date of November 29, 2030.