Morgan Stanley Finance LLC is offering Fixed Income Auto-Callable Securities due January 8, 2026, linked to the performance of the Russell 2000® Index, Nasdaq-100 Index®, and S&P 500® Index. The securities offer a monthly coupon at an annual rate of at least 9.00%, to be determined on the pricing date.The securities will be automatically redeemed if the closing value of each underlying index is at or above its initial value on any monthly redemption date, starting after six months. At maturity, if not previously redeemed, investors will receive the full principal amount if each index closes at or above 70% of its initial value. Otherwise, investors will be exposed to the worst-performing index's decline, potentially losing a significant portion or all...Show More

Morgan Stanley Finance LLC is offering Fixed Income Auto-Callable Securities due January 8, 2026, linked to the performance of the Russell 2000® Index, Nasdaq-100 Index®, and S&P 500® Index. The securities offer a monthly coupon at an annual rate of at least 9.00%, to be determined on the pricing date.The securities will be automatically redeemed if the closing value of each underlying index is at or above its initial value on any monthly redemption date, starting after six months. At maturity, if not previously redeemed, investors will receive the full principal amount if each index closes at or above 70% of its initial value. Otherwise, investors will be exposed to the worst-performing index's decline, potentially losing a significant portion or all of their investment.The securities involve risks including potential loss of principal, limited upside participation, and issuer credit risk. They will be sold in $1,000 denominations and will not be listed on any securities exchange. Morgan Stanley estimates the value of each security on the pricing date will be approximately $984.50, reflecting costs associated with issuing, selling, structuring, and hedging the securities.