Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, outlining the preliminary terms of its MSAMP5 Step-Up Jump Notes with Auto-Callable Feature due November 30, 2033, linked to the Morgan Stanley Amplitude Index.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor, according to the filing.
  • Underlier: The notes are linked to the Morgan Stanley Amplitude Index, which was established on January 5, 2026, and has very limited actual operating history.
  • Estimated value: The filing states an estimated value of $874.20 per note, or within $24.20 of that estimate, against an implied original issue price.
  • Auto-call schedule: Six annual determination dates run from November 24, 2027 through November 24, 2032, with call threshold levels stepping up from 101.00% to 106.00% of the initial level.
  • Early redemption payments: If called, investors receive at least $1,185 per note on determination date one, rising to at least $2,110 per note on determination date six.
  • Principal protection at maturity: Hypothetical examples in the filing show a payment at maturity of $1,000.00 per note across underlier changes ranging from 0.00% to -100.00%, subject to credit risk.
  • CUSIP: 61781TRV7; pricing date is November 24, 2026, and maturity date is November 30, 2033.

Terms and Structure of the MSAMP5 Step-Up Jump Notes, Preliminary Pricing Supplement No. 19,830

According to the Free Writing Prospectus filed November 2, 2026, under Registration Statement Nos. 333-293641 and 333-293641-01, Morgan Stanley Finance LLC is offering Step-Up Jump Notes with an Auto-Callable Feature maturing November 30, 2033. The notes do not pay interest, and all payments are stated to be subject to the credit risk of the issuer and guarantor. The filing notes that the estimated value of $874.20 per note is determined by reference to Morgan Stanley's own pricing and valuation models, which "may differ from those of other dealers and is not a maximum or minimum secondary market price."

The auto-call mechanism provides for six determination dates. On each date, if the closing level of the Morgan Stanley Amplitude Index meets or exceeds the applicable call threshold level (rising from 101.00% on November 24, 2027 to 106.00% on November 24, 2032), the notes are automatically redeemed and investors receive the corresponding early redemption payment per note. A hypothetical example in the filing illustrates a second-date call at a +20% index change resulting in a payment of $1,370 per note, described as "approximately 18.50% per annum." If not called, the filing's hypothetical maturity table shows a $1,000.00 per note payment for any underlier decline, and payments rising with positive performance.

The filing identifies multiple risk factors, including that the notes will not be listed on any securities exchange, that secondary trading may be limited, and that the Index "was established on January 5, 2026 and therefore has very limited actual operating history." The filing also discloses that the Index contains embedded costs, is subject to leverage risk, and that its "risk-mitigation multiplier-adjustment mechanism may not work as intended and may limit returns." Costs associated with issuing, selling, structuring, and hedging the notes are described as reducing the economic terms and causing the estimated value to be less than the original issue price.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,830 on November 2, 2026, setting out the preliminary terms, auto-call schedule, estimated value, risk factors, and hypothetical payment scenarios for the MSAMP5 Step-Up Jump Notes due November 30, 2033, CUSIP 61781TRV7.