MS: SEC Form FWP filed by Morgan Stanley
Morgan Stanley FWP: worst-of INDU/SPX market-linked notes due Nov 2030, 143-148% max payout, 100% participation, est. value $951.50.
What this filing says
Morgan Stanley Finance LLC is offering market-linked notes whose payout depends on whichever of the Dow Jones Industrial Average or the S&P 500 performs worse over the term. The notes pay no interest, and the maximum payment at maturity is capped between $1,433 and $1,483 per note, so gains are limited while losses are not protected below the stated principal. The estimated value is $951.50 per note, below the $1,000 offering price, so the issuer's pricing sits above what the notes are estimated to be worth.
Key figures
- Maximum payment at maturity
- $1,433 to $1,483 per note
- Estimated value
- $951.50 per note
- Participation rate
- 100%
- Pricing date
- November 24, 2026
- Maturity date
- November 29, 2030
Positive for shareholders
- Pays 100% participation in the worst performing underlier's gain up to the cap.
- Payment at maturity is at least the stated principal amount of $1,000 per note if the worst underlier does not fall.
Negative for shareholders
- Payment at maturity is capped, so returns are limited even if both indexes rise sharply.
- The notes do not pay interest and may not pay more than the stated principal amount.
- Estimated value of $951.50 per note is below the original issue price, which reduces secondary market value.
- Payment depends on the worst performer, so the notes carry more risk than a single-index investment.
Written by Quantisnow AI from this filing. Not financial advice.
Key terms
- Worst-of:
- A structure where the payout is determined by whichever linked index performed worst over the term.
- Participation rate:
- The percentage of the underlier's gain that is paid to the investor, here 100%.
- Estimated value:
- The issuer's internal estimate of what the notes are worth at issuance, which is below the price paid.
- Stated principal amount:
- The amount of $1,000 per note that the investor is entitled to receive at maturity under the notes' terms, subject to credit risk.
FAQ
What is the maximum payment Morgan Stanley's INDU and SPX notes can pay at maturity?
The maximum payment at maturity is $1,433 to $1,483 per note, or 143.30% to 148.30% of the stated principal amount.
Do the Morgan Stanley worst-of INDU and SPX notes pay interest?
No, the notes do not pay interest.
How is Morgan Stanley's worst-of INDU and SPX note payout determined?
The payment at maturity is based solely on the performance of the worst performing underlier, which could be either the Dow Jones Industrial Average or the S&P 500 Index.
Historical context for MS
Across the 24 sessions after earlier MS headlines, the stock closed higher 10 times and lower 14 times, with a median move of 1.4% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | MS | SPY |
|---|---|---|---|
| Oct 29, 2026 | Jed Finn to Speak at the BMO Financials Conference | -0.1% | -0.4% |
| Oct 27, 2026 | Morgan Stanley Family Office Launches Initiative to Help Families Navigate Complexity, Change and Generational Transitionsand 1 other headline that session | +1.9% | +0.6% |
| Oct 26, 2026 | Morgan Stanley Real Estate Investing Acquires State-of-the-Art Logistics Facility in Virginia for $172.1 Million | +2.2% | +0.7% |
| Oct 22, 2026 | Morgan Stanley Sustainable Signals: Global Survey Shows Institutional Investors Expect Modest Growth in Sustainable Investment Allocationsand 1 other headline that session | -1.6% | -1.2% |
| Oct 21, 2026 | Morgan Stanley Named 2026 Money Management Institute/Barron’s Wealth Management Advisory Platform of the Year | +3.7% | +0.5% |
| Oct 20, 2026 | Morgan Stanley Survey: 401(k) Plans Rival Healthcare as Top Valued Benefitand 1 other headline that session | +1.1% | +0.3% |
- Market cap
- 30-day
- Sector
- Finance
- Industry
- Investment Bankers/Brokers/Service
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