Morgan Stanley Finance LLC is offering Jump Securities with Auto-Callable Feature due December 24, 2029, linked to the Russell 2000® Index, VanEck® Gold Miners ETF, and Energy Select Sector SPDR® Fund. The securities do not provide regular interest payments and may be automatically redeemed after 6 months if all underlyings close at or above their call threshold levels on any quarterly determination date.If not redeemed early, at maturity investors will receive $2,000 per $1,000 security if all underlyings close at or above their call thresholds, or $1,000 if all close at or above their downside thresholds. If any underlying closes below its downside threshold, investors will be exposed to the worst-performing underlying's decline.The securities involve risks including potential loss of principal, limited appreciation potential, and exposure to each underlying's performance. Morgan Stanley estimates the securities' value on the pricing date will be approximately $976.50 per $1,000 principal amount. The securities will not be listed on any exchange.

Morgan Stanley Finance LLC is offering Jump Securities with Auto-Callable Feature due December 24, 2029, linked to the Russell 2000® Index, VanEck® Gold Miners ETF, and Energy Select Sector SPDR® Fund. The securities do not provide regular interest payments and may be automatically redeemed after 6 months if all underlyings close at or above their call threshold levels on any quarterly determination date.If not redeemed early, at maturity investors will receive $2,000 per $1,000 security if all underlyings close at or above their call thresholds, or $1,000 if all close at or above their downside thresholds. If any underlying closes below its downside threshold, investors will be exposed to the worst-performing underlying's decline.The securities involve risks including potential loss of principal, limited appreciation potential, and exposure to each underlying's performance. Morgan Stanley estimates the securities' value on the pricing date will be approximately $976.50 per $1,000 principal amount. The securities will not be listed on any exchange.