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定价补充文件第19,357号

注册声明编号 333-293641；333-293641-01

日期 2026年10月7日

根据规则424(b)(2)提交

摩根士丹利金融公司

结构化投资

可赎回或有收益缓冲证券，因下行因子于2027年1月11日到期

基于iShares®银信托、SPDR®黄金信托和VanEck®黄金矿商ETF中最差表现的标的

由摩根士丹利完全无条件担保

本金风险证券

￭这些证券是摩根士丹利金融公司（“MSFL”）的无担保债务，且由摩根士丹利完全无条件担保。这些证券的条款见随附的产品补充文件、指数补充文件、税务补充文件和招股说明书，且可能受本文件的补充或修改。这些证券不提供定期利息支付，也不保证到期时返还本金。

￭或有票息。如果每个标的资产在相关观察日的收盘价大于或等于其票息障碍水平，这些证券将支付或有票息。然而，如果在任何观察日，任何标的资产的收盘价低于其票息障碍水平，我们将不会就相关利息期间支付任何利息。

￭赎回条款。如果在我们选择的业务日，基于“赎回条款”下列出的输入，风险中性估值模型的输出表明在该日期赎回对我们而言在经济上是合理的，相较于不赎回，我们将在赎回日以等于面值金额加上相关利息期间应支付的任何或有票息的赎回金额赎回这些证券。提前赎回不会因标的资产的表现而自动发生。一旦证券被赎回，将不再支付任何进一步的款项。

￭到期支付。如果证券在到期前未被赎回，且每个标的资产的最终价格大于或等于其缓冲水平，投资者将在到期时（除与最终观察日相关的或有票息外）获得面值金额。然而，如果任何标的资产的最终价格低于其缓冲水平，投资者将因最差表现标的资产的水平超过指定缓冲金额的每1%下降而损失1.1765%。在这种情况下，到期支付将少于面值金额，甚至可能为零。

￭这些证券的价值基于最差表现的标的资产。这些证券与多个标的资产挂钩并不提供任何资产分散化的好处，而是意味着任何标的资产的水平超过其票息障碍水平和/或缓冲水平的下降将对您在证券上的回报产生不利影响，即使其他标的资产已升值或下降幅度较小。

￭这些证券适合愿意承担本金风险并接受在整个证券期限内可能无法获得任何票息，以及基于风险中性估值模型的输出而可能提前赎回证券的风险的投资者，以换取缓冲功能和以可能高于市场利率获得利息的机会。您不会参与任何底层资产的增值。证券的投资者必须愿意接受基于任何底层资产表现而损失全部初始投资的风险。这些证券是MSFL系列A全球中期票据计划的一部分发行的票据。

￭所有支付均受我们信用风险的影响。如果我们未能履行义务，您可能会损失部分或全部投资。这些证券不是担保债务，您不会对任何底层参考资产或资产拥有任何担保权益或任何其他访问权限。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
\n 最终条款 \n	\n
\n 发行人： \n	\n 摩根士丹利金融有限公司 \n	\n
\n 担保人： \n	\n 摩根士丹利 \n	\n
\n 面值： \n	\n $1,000 每份证券 \n	\n
\n 发行价格： \n	\n $1,000 每份证券（见下文“佣金和发行价格”） \n	\n
\n 总面值： \n	\n $14,790,000 \n	\n
\n 底层资产： \n	\n iShares® 银ETF（“SLV基金”）、SPDR® 金ETF（“GLD基金”）和VanEck® 金矿商ETF（“GDX基金”）。我们称SLV基金、GLD基金和GDX基金中的每一个为底层基金。 \n	\n
\n 行权日： \n	\n 2026年10月6日 \n	\n
\n 定价日： \n	\n 2026年10月7日 \n	\n
\n 原始发行日： \n	\n 2026年10月13日 \n	\n
\n 最终观察日： \n	\n 2027年1月6日，可能因非交易日和某些市场中断事件而推迟 \n	\n
\n 到期日： \n	\n 2027年1月11日 \n	\n
\n 条款继续在下一页 \n	\n
\n 代理： \n	\n 摩根士丹利 & Co. LLC（“MS & Co.”），MSFL的关联公司，摩根士丹利的全资子公司。参见“关于分销计划的补充信息；利益冲突”。 \n	\n
\n 定价日的估计价值： \n	\n $984.00 每份证券。参见第4页的“证券的估计价值”。 \n	\n
\n 佣金和发行价格： \n	\n 对公众的售价 \n	\n 代理人的佣金和费用(1)(2) \n	\n 我们的收益(3) \n
\n 每份证券 \n	\n $1,000 \n	\n $0 \n	\n $1,000 \n
\n 总计 \n	\n $14,790,000 \n	\n $0 \n	\n $14,790,000 \n

(1)这些证券仅向购买证券的费用为基础的咨询账户的投资者出售。

(2)MS & Co.预计会以每份证券1,000美元的价格将其从我们处购买的全部证券出售给一家无关联的交易商，再以每份证券1,000美元的公众售价出售给某些费用为基础的咨询账户。MS & Co.不会因这些证券获得销售佣金。参见“关于分销计划的补充信息；利益冲突”。有关更多信息，请参见随附的产品补充文件中的“分销计划（利益冲突）”。

(3)参见随附的产品补充文件中的“收益使用和对冲”。

这些证券涉及与普通债务证券投资无关的风险。参见第8页开始的“风险因素”。

证券交易委员会和州证券监管机构未批准或否决这些证券，也未确定本文件或随附的产品补充文件、指数补充文件、税务补充文件和招股说明书是否真实或完整。与此相反的任何陈述都是刑事犯罪。

这些证券不是存款或储蓄账户，也不受联邦存款保险公司或任何其他政府机构或机构的保险，也不是银行的债务或担保。

您应结合以下相关产品补充文件、指数补充文件、税务补充文件和招股说明书一起阅读，其中每个文件均可通过下面的超链接访问。请同时参阅本文档末尾的“证券附加条款”和“证券附加信息”。

“我们”、“我们”和“我们的”指摩根士丹利或MSFL，或根据上下文需要指摩根士丹利和MSFL的合称。

2026年4月8日到期的本金风险证券产品补充文件 2026年4月8日到期的指数补充文件

2026年4月8日到期的税务补充文件 2026年4月8日到期的招股说明书

摩根士丹利金融有限公司

\n \n \n \n \n \n \n

可赎回的具有下行因子的附条件收益缓冲证券

本金风险证券

\n	\n
\n 条款继续上一页 \n
\n 赎回特征： \n	\n 这些证券在第一个赎回日期之前不受提前赎回限制。从第一个赎回日期开始，如果在赎回日期进行提前赎回（全部而非部分），则仅在满足以下条件时才会发生：在计算代理选择的业务日，该业务日不早于赎回日期前的观察日期前三个交易日，也不晚于该观察日期（“确定日期”），通过风险中性估值模型的输出结果，输入内容包括：(i) 在确定日期适用的现行参考市场水平、波动率和相关性，以及(ii) 在定价日期的摩根士丹利信用利差，表明在该日期赎回对我们而言比不赎回更具经济合理性。如果我们赎回证券，我们将在赎回日期前的观察日期之前向您发出通知。一旦证券被赎回，将不再向证券支付任何进一步的款项。 \n
\n 第一个赎回日期： \n	\n 2026年12月10日。在任何情况下，证券都不会在第一个赎回日期之前被赎回。 \n
\n 赎回日期： \n	\n 2026年12月10日 \n
\n 赎回支付： \n	\n 面值金额加上与相关利息期间相关的任何附条件票息 \n
\n 观察日期： \n	\n 如下文“观察日期和票息支付日期”所述，如遇非交易日和某些市场中断事件，可能会推迟。 \n
\n 附条件票息： \n	\n 在每个票息支付日，如果每个相关标的的收盘价在相关观察日期大于或等于其票息障碍水平，则以年化率18.00%向证券支付附条件票息。 \n 如果在任何观察日期，任何标的的收盘价低于其票息障碍水平，我们将不就适用的利息期间支付票息。 \n
\n 票息支付日期： \n	\n 如下文“观察日期和票息支付日期”所述。如果任何票息支付日期不是交易日，则该日期的票息支付（如有）将在下一个后续交易日支付，且不会对在该后续交易日支付的任何票息进行调整。对于最终观察日期的票息支付，将在到期日支付。 \n
\n 票息障碍水平： \n	\n 对于SLV基金，为47.133美元，即其初始水平的85%* \n 对于GLD基金，为324.93美元，即其初始水平的85%* \n 关于GDX基金，74.987美元，为其初始水平的85%* \n
\n 到期时每份证券的支付金额： \n	\n 如果证券在到期前未被赎回，投资者将获得（除最终观察日的或有票息外，如果适用）以下方式确定的到期支付： \n •如果每个标的资产的最终水平大于或等于其缓冲水平： \n 面值金额 \n •如果任何标的资产的最终水平低于其缓冲水平： \n 面值金额 + [面值金额 × (最差表现标的资产的标的资产百分比变化 + 缓冲金额) × 下行因子] \n 在这些情况下，到期支付将少于，甚至可能显著少于面值金额，甚至可能为零。 \n
\n 最终水平： \n	\n 关于每个标的资产，最终观察日的收盘水平 \n
\n 缓冲水平： \n	\n 关于SLV基金，47.133美元，为其初始水平的85%* \n 关于GLD基金，324.93美元，为其初始水平的85%* \n 关于GDX基金，74.987美元，为其初始水平的85%* \n
\n 最差表现的标的资产： \n	\n 从其初始水平到最终水平的百分比收益最低的标的资产 \n
\n 缓冲金额： \n	\n 15% \n
\n 下行因子： \n	\n 1.1765 \n
\n 标的资产百分比变化： \n	\n 关于每个标的资产，(最终水平 – 初始水平) / 初始水平 \n
\n 到期时的最低支付金额： \n	\n 无 \n
\n 初始水平： \n	\n 关于SLV基金，55.45美元，为其在敲定日期的收盘水平 \n 关于GLD基金，382.27美元，为其在敲定日期的收盘水平 \n 关于GDX基金，88.22美元，为其在敲定日期的收盘水平 \n
\n 收盘水平： \n	\n “收盘水平”和“调整因子”的含义见随附的产品补充文件中的“证券一般条款—一些定义”部分。 \n
\n CUSIP： \n	\n 61781LU32 \n
\n ISIN： \n	\n US61781LU329 \n
\n 上市： \n	\n 这些证券不会在任何证券交易所上市。 \n

*如需，计算出的水平已四舍五入到小数点后三位。

第2页

摩根士丹利金融有限责任公司

\n \n \n \n \n \n \n

可赎回或有收入缓冲证券（带下行因子）

本金风险证券

观察日期和票息支付日期

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 观察日期 \n	\n 票息支付日期 \n
\n 2026年11月6日 \n	\n 2026年11月12日 \n
\n 2026年12月7日 \n	\n 2026年12月10日 \n
\n 2027年1月6日（最终观察日） \n	\n 2027年1月11日（到期日） \n

第3页

摩根士丹利金融有限责任公司

\n \n \n \n \n \n \n

可赎回或有收入缓冲证券（带下行因子）

本金风险证券

证券的预估价值

每份证券的原始发行价格为1000美元。该价格包括与发行、销售、结构设计和对冲证券相关的费用，这些费用由您承担，因此，我们在定价日对证券的预估价值低于1000美元。我们根据定价日确定的证券价值见本文档封面上的说明。

定价日的预估价值包含哪些内容？

在定价日对证券进行估值时，我们考虑到这些证券既包含债务部分，也包含与基础资产表现相关的部分。证券的估计价值是通过我们自己的定价和估值模型、与基础资产相关的市场输入和假设、基于基础资产的工具、波动率以及其他因素（包括当前和预期的利率）以及与我们二级市场信用利差相关的利率来确定的，该利率是我们常规固定利率债务在二级市场交易的隐含利率。

什么决定了证券的经济条款？

在确定证券的经济条款时，我们使用内部资金利率，该利率很可能低于我们的二级市场信用利差，因此对我们有利。如果您承担的发行、销售、结构设计和对冲成本较低，或者内部资金利率较高，那么证券的一个或多个经济条款将对您更有利。

定价日的估计价值与证券二级市场价格之间有什么关系？

在没有市场条件变化（包括与基础资产相关的变化）的情况下，摩根士丹利公司（MS & Co.）在二级市场购买证券的价格可能会低于定价日的估计价值，因为二级市场价格考虑了我们的二级市场信用利差以及摩根士丹利公司在此类二级市场交易中可能收取的买卖差价以及其他因素。然而，由于与发行、销售、结构设计和对冲证券相关的成本在发行时并未完全扣除，因此在本文件中规定的摊销期内，如果没有市场条件变化（包括与基础资产相关的变化）以及我们的二级市场信用利差变化，摩根士丹利公司可能会买卖证券，此时基于高于估计价值的数值进行操作。我们预计这些较高的价值也会反映在您的经纪账户对账单中。

摩根士丹利公司可能会但没有义务在证券上做市，如果它决定做市，可以随时停止做市。

第4页

摩根士丹利金融有限责任公司

\n \n \n \n \n \n \n

带有下行因子的可赎回附条件收入缓冲证券

本金风险证券

假设性示例

以下假设性示例说明了如何确定是否就观察日支付附条件票息，以及如果我们未在到期前根据风险中性估值模型的输出赎回证券，如何计算到期时的支付。以下示例仅用于说明目的。您是否收到附条件票息将根据每个观察日每个基础资产的收盘水平来确定。到期时的支付将根据最终观察日每个基础资产的收盘水平来确定。每个基础资产的实际初始水平、票息障碍水平和缓冲水平是在敲定日确定的。证券的所有支付均受我们信用风险的影响。以下假设性示例中的数字可能为了便于分析而进行了四舍五入。以下示例基于以下条款：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 面值本金金额： \n	\n 每份证券1,000美元 \n
\n 假设的初始水平： \n	\n 关于SLV基金，100.00美元* \n 关于GLD基金，100.00美元* \n 关于GDX基金，100.00美元* \n
\n 假设的票息障碍水平： \n	\n 关于SLV基金，85.00美元，即其假设初始水平的85% \n 关于GLD基金，85.00美元，即其假设初始水平的85% \n 关于GDX基金，85.00美元，即其假设初始水平的85% \n
\n 假设的缓冲水平： \n	\n 关于SLV基金，85.00美元，即其假设初始水平的85% \n 关于GLD基金，85.00美元，即其假设初始水平的85% \n 关于GDX基金，85.00美元，即其假设初始水平的85% \n
\n 缓冲金额： \n	\n 15% \n
\n 下行因素： \n	\n 1.1765 \n
\n 或有票息： \n	\n 年化18.00%（相当于每期利息约15.00美元/每份证券）。实际或有票息金额将由计算代理根据适用支付期的天数，按30/360天计数法计算确定。这里为了分析方便，使用了15.00美元的假设或有票息。 \n

*每个标的的假设初始水平100.00美元仅用于说明目的，不代表任何标的的实际初始水平。请参见下方“历史信息”以获取有关标的实际收盘水平的历史数据。

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如何确定是否在观察日支付或有票息（如果证券尚未被提前赎回）：

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\n	\n	\n	\n	\n
\n \n	\n SLV基金的收盘水平 \n	\n GLD基金的收盘水平 \n	\n GDX基金的收盘水平 \n	\n 每份证券的支付额 \n
\n 假设的观察日#1 \n	\n 125.00美元（大于或等于其票息障碍水平） \n	\n 90.00美元（大于或等于其票息障碍水平） \n	\n 130.00美元（大于或等于其票息障碍水平） \n	\n $15.00 \n
\n 假设的观察日#2 \n	\n 130.00美元（大于或等于其票息障碍水平） \n	\n 25.00美元（小于其票息障碍水平） \n	\n 45.00美元（小于其票息障碍水平） \n	\n $0 \n
\n 假设的观察日#3 \n	\n 25.00美元（小于其票息障碍水平） \n	\n 35.00美元（小于其票息障碍水平） \n	\n 20.00美元（小于其票息障碍水平） \n	\n $0 \n

在假设的观察日#1，由于每个标的的收盘水平大于或等于其票息障碍水平，因此在相关票息支付日支付或有票息。

在假设的观察日#2，由于至少有一个标的的收盘水平小于其票息障碍水平，因此在相关票息支付日不支付或有票息。

在假设的观察日#3，由于每个标的的收盘水平小于其票息障碍水平，因此在相关票息支付日不支付或有票息。

如果在每个观察日，任何标的的收盘水平小于其票息障碍水平，您将不会在证券整个期限内收到任何或有票息。

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本金风险证券

如何计算到期时的支付额（如果证券在到期前未被赎回）：

下面的假设性例子说明了如何计算到期时的支付金额，如果我们不在到期前根据风险中性估值模型的输出赎回这些证券的话。

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\n	\n	\n	\n	\n
\n \n	\n SLV基金的最终水平 \n	\n GLD基金的最终水平 \n	\n GDX基金的最终水平 \n	\n 每份证券的到期支付 \n
\n 示例 #1 \n	\n $110.00（大于或等于其缓冲水平） \n	\n $105.00（大于或等于其缓冲水平） \n	\n $115.00（大于或等于其缓冲水平） \n	\n $1,000 + $15.00（规定的本金金额 + 与最终观察日期相关的或有票息） \n 如需更多信息，请参见上面的“如何确定在观察日期是否应支付或有票息（如果证券尚未被之前赎回）”。 \n
\n 示例 #2 \n	\n $100.00（大于或等于其缓冲水平） \n	\n $45.00（小于其缓冲水平） \n	\n $105.00（大于或等于其缓冲水平） \n	\n $1,000 + [$1,000 × （最差表现的标的物百分比变化 + 缓冲金额） × 下跌因子] = \n $1,000 + [$1,000 × （-55% + 15%） × 1.1765] = $529.40 \n
\n 示例 #3 \n	\n $35.00（小于其缓冲水平） \n	\n $20.00（小于其缓冲水平） \n	\n $40.00（小于其缓冲水平） \n	\n $1,000 + [$1,000 × （-80% + 15%） × 1.1765] = $235.275 \n

在示例 #1 中，每个标的物的最终水平大于或等于其缓冲水平。因此，投资者在到期时将获得规定的本金金额。由于每个标的物的最终水平也大于或等于其票息门槛水平，投资者将获得与最终观察日期相关的或有票息。投资者不会参与任何标的物的增值。

在示例 #2 和 #3 中，至少有一个标的物的最终水平小于其缓冲水平。因此，投资者在到期时将获得反映最差表现的标的物水平超出缓冲金额部分每下降 1% 就损失 1.1765% 本金的支付。此外，由于至少有一个标的物的最终水平也小于其票息门槛水平，投资者不会获得与最终观察日期相关的或有票息。

如果证券在到期前未被赎回，且任何标的物的最终水平小于其缓冲水平，您将在到期时面临最差表现的标的物超出缓冲金额部分的负面表现，您的到期支付将少于，甚至可能显著少于证券的规定的本金金额，甚至可能为零。

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本金风险证券

风险因素

本节描述了与证券相关的重大风险。有关这些及其他风险的进一步讨论，请参阅随附的产品补充文件、税务补充文件和招股说明书中的“风险因素”部分。我们还建议您在投资证券时咨询您的投资、法律、税务、会计及其他顾问。

与投资证券相关的风险

￭证券不保证本金的返还。证券的条款与普通债务证券不同，因为它们不保证本金的偿还。如果证券在到期前未被赎回，且任何底层资产的最终水平低于其缓冲水平，则到期时的支付金额将以现金形式支付，该金额将少于，甚至可能显著少于每项证券的约定本金金额，您将损失与底层资产最差表现水平在缓冲金额以上部分乘以下行因子后的下降比例相当的金额。证券到期时没有最低支付金额，因此，您可能会损失在证券上的全部初始投资。

￭证券不提供定期支付利息。证券的条款与普通债务证券不同，因为它们不提供定期支付利息。相反，证券将在付息日支付或有利息，但仅当相关观察日每个底层资产的收盘水平高于或等于其利息障碍水平时才会支付。然而，如果任何底层资产在任何观察日的收盘水平低于其利息障碍水平，我们将不会就相关利息期间支付任何利息。有可能底层资产的收盘水平会持续低于其利息障碍水平，甚至在整个证券期限内都低于该水平，从而使您获得的或有利息非常少或根本没有。如果您在证券期限内未能获得足够的或有利息，证券的整体回报可能低于我们同类期限的普通债务证券的回报。

￭或有利息的支付基于相关利息期间结束时相关观察日的底层资产收盘水平。在任何付息日是否支付或有利息，将在相关利息期间结束时根据相关观察日每个底层资产的收盘水平来确定。因此，您直到相关利息期间临近结束时才能知道是否会在付息日收到或有利息。此外，由于或有利息仅基于观察日的底层资产收盘水平，如果任何观察日的某个底层资产收盘水平低于其利息障碍水平，您将不会收到相关利息期间的任何利息，即使该底层资产在该利息期间的其他日期的收盘水平高于或等于其利息障碍水平，即使其他底层资产在该观察日的收盘水平高于或等于其利息障碍水平。

￭投资者不会参与任何标的资产价值的增值。从敲入日到最终观察日，投资者不会参与任何标的资产价值的增值，证券的回报将仅限于在观察日收盘价高于或等于其票息障碍水平时支付的或有票息。有可能标的资产的收盘价会持续低于其票息障碍水平，甚至在整个证券期限内都低于该水平，从而使您获得的或有票息很少或没有。

￭证券存在提前赎回风险。如果您在赎回日根据风险中性估值模型的输出结果赎回证券，您在证券上的投资期限将被缩短。根据本文中提到的风险中性估值模型的决定，我们更可能在您继续持有证券有利时赎回证券。因此，当我们不赎回证券会导致证券应支付的利息金额高于市场上具有可比期限和信用评级的工具时，我们更可能赎回证券。换句话说，我们更可能在证券支付高于市场水平的票息时赎回证券。如果我们提前赎回证券，在到期前您将不会收到证券的进一步付款，可能被迫投资于利率较低的环境，并且可能无法以相似的条款或回报进行再投资。

另一方面，当任何标的资产的收盘价低于其票息障碍水平和/或预期任何标的资产的最终价格低于其缓冲水平时，我们不太可能赎回证券，从而使您在到期时不会获得或有票息和/或在初始投资上遭受损失。因此，如果我们不在到期前赎回证券，您更可能获得很少或没有或有票息，并在到期时遭受损失。在任何情况下，我们都不会在第一个赎回日之前赎回证券。

￭证券的市场价格可能受许多不可预测因素的影响。许多因素，其中许多是我们无法控制的，将影响证券在二级市场中的价值以及摩根士丹利&安本公司可能在二级市场中愿意购买或出售证券的价格。我们预计，通常在任何时间点，每个标的资产的价值对证券价值的影响将大于任何其他单一因素。可能影响证券价值的其他因素包括：

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o标的资产的波动性（价值变化的频率和幅度）；

o市场中的利率和收益率；

o标的资产的股息率，如适用；

o标的资产之间的相关性水平；

o影响标的资产或整体市场的地缘政治状况和经济、金融、政治、监管或司法事件；

o可比工具的可用性；

某些可能影响相关资产的事件，这些事件可能需要或不需要对调整因子进行调整；

任何相关资产的构成及其构成的变化，适用时；

证券到期剩余的时间；以及

我们信用评级或信用利差的任何实际或预期变化。

其中一些或所有因素将会影响您在到期前出售证券时所获得的价格。通常，到期时间越长，证券的市场价格将越受上述其他因素的影响。例如，如果您在出售时，任何相关资产的收盘水平处于或低于其缓冲水平和/或票息障碍水平，或者市场利率上升，您可能不得不以显著低于票面本金金额的价格出售您的证券。

您可以在本文档的“历史信息”部分查看相关资产的历史收盘水平。您不能根据相关资产的历史表现预测其未来表现。相关资产的价值可能而且最近已经出现波动，我们无法向您保证这种波动性会减少。无法保证每个相关资产的收盘水平在任何观察日都会大于或等于其票息障碍水平，从而您能够就适用的利息期间获得附条件票息，也无法保证每个相关资产的最终水平会大于或等于其缓冲水平，从而您不会因部分或全部初始投资损失而遭受损失。

￭这些证券受我们信用风险的影响，我们信用评级或信用利差的任何实际或预期变化可能对证券的市场价格产生不利影响。您依赖我们支付证券上所有应付金额的能力，因此您也面临我们的信用风险。这些证券没有其他实体的担保。如果我们未能履行证券项下的义务，您的投资将面临风险，您可能会损失部分或全部投资。因此，证券在到期前的市场价格将受到市场对我们信用状况看法变化的影响。我们信用评级的任何实际或预期下降，或市场对我们信用风险收取的信用利差增加，可能会对证券的市场价格产生不利影响。

￭作为金融子公司，MSFL没有独立的业务运营，也不会有独立的资产。作为金融子公司，MSFL除了证券的发行和管理外，没有其他独立的业务运营，如果MSFL证券的持有人在破产、清算或类似程序中就此类证券提出索赔，MSFL将没有可供分配给这些持有人的独立资产。因此，此类持有人的任何追偿都将限于摩根士丹利提供的相关担保下可获得的金额，而该担保将与摩根士丹利的所有其他无担保、非优先债务处于同一受偿顺序。持有人仅能根据担保向摩根士丹利及其资产提出单一索赔。因此，MSFL发行的证券持有人应假设，在任何此类程序中，他们不会优先于摩根士丹利的其他无担保、非优先债权人，包括摩根士丹利发行的证券持有人的索赔而得到清偿。

我们愿意为这种类型、期限和发行规模的证券支付的利率，可能低于我们二级市场信用利差所暗示的利率，这对我们有利。较低的利率以及将发行、销售、结构设计和对冲证券的相关成本计入初始发行价格，都会使证券的经济条款变得不利，导致证券的估计价值低于初始发行价格，并会不利地影响二级市场价格。假设市场条件或其他相关因素没有变化，交易商（包括MS & Co.）在二级市场交易中可能愿意购买证券的价格很可能显著低于初始发行价格，因为二级市场价格将不包括初始发行价格中包含的发行、销售、结构设计和对冲相关成本，这些成本由您承担，而且二级市场价格将反映我们的二级市场信用利差以及任何交易商在该类型二级市场交易中可能收取的买卖差价以及其他因素。

将发行、销售、结构设计和对冲证券的相关成本计入初始发行价格，以及我们作为发行人愿意支付的较低利率，使证券的经济条款对您来说不如其他情况下有利。

然而，由于与发行、销售、结构设计和对冲证券相关的成本在发行时并未完全扣除，如果MS & Co.在本文件中规定的摊销期内在二级市场买卖证券，在没有市场条件变化（包括与底层资产相关的变化）以及我们的二级市场信用利差的情况下，它将基于高于估计价值的数值进行买卖，我们预计这些较高的价值也将反映在您的经纪账户对账单中。

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本金风险证券

￭证券的估算价值是根据我们的定价和估值模型确定的，这些模型可能与其他交易商的模型不同，也不是二级市场的最高或最低价格。这些定价和估值模型是专有的，部分依赖于对某些市场输入的主观看法和对未来事件的某些假设，这些可能被证明是不正确的。因此，由于没有标准的市场方式来估值此类证券，如果其他交易商尝试对证券进行估值，我们的模型可能会产生比其他交易商更高的证券估算价值。此外，定价日的估算价值并不代表交易商（包括MS & Co.）在任何时候（如果存在二级市场）愿意在二级市场购买您的证券的最低或最高价格。在本文件日期之后，您的证券价值将根据许多无法准确预测的因素而变化，包括我们的信用状况和市场条件的变化。另请参见上文“证券的市场价格可能受许多不可预测因素的影响”。

￭这些证券不会在任何证券交易所上市，二级交易可能有限。这些证券不会在任何证券交易所上市。因此，这些证券可能几乎没有或没有二级市场。MS & Co.可能会但没有义务为这些证券做市，如果它决定做市，可能会随时停止做市。当它做市时，通常会根据其对证券当前价值的估计，考虑其买卖价差、我们的信用利差、市场波动性、拟议出售的名义规模、对冲头寸的平仓成本、到期时间以及其能够重新出售证券的可能性等因素，为常规二级市场规模的交易提供价格。即使存在二级市场，它可能也不会提供足够的流动性，使您能够轻松交易或出售这些证券。由于其他经纪交易商可能不会显著参与这些证券的二级市场，您可能能够交易的证券价格很可能取决于MS & Co.愿意交易的价格（如果有的话）。如果MS & Co.在任何时候停止为这些证券做市，很可能这些证券将没有二级市场。因此，您应愿意持有这些证券至到期。

￭如随附的产品补充文件中更详细讨论的那样，投资这些证券并不等同于投资相关标的。

￭投资于本定价补充文件中提供的证券的美国联邦所得税后果尚不明确。目前没有直接的法律依据说明证券的适当美国联邦所得税处理方式，且证券的税负处理的许多方面尚不明确。此外，非美国投资者应注意，除非有例外情况，否则就证券而言，具有扣缴责任的人员预计将对支付给非美国投资者的票息进行扣缴，通常税率为30%。我们将不会就此类扣缴支付任何额外金额。您应仔细查阅本文中的“美国联邦所得税考虑因素”部分，结合随附的税务补充文件中的“美国联邦税务”部分，并咨询您的税务顾问，了解投资于证券的美国联邦所得税后果。

与标的物相关的风险

￭由于您在证券上的收益将取决于标的物的表现，除了以下进一步描述的风险外，证券还可能受到随附产品补充文件中更详细讨论的以下风险的影响。

o您将面临每个标的物的价格风险。

o由于证券与最差表现的标的物的表现挂钩，与仅与一个标的物挂钩的证券相比，您面临无法获得正收益和/或在投资中遭受损失的风险更大。

o对基础基金或该基础基金所跟踪指数的调整可能对证券的价值产生不利影响。

o基础基金的表现和市场价格，尤其是在市场波动期间，可能与其份额所依据的商品或其份额所依据指数的成分证券的表现或该基础基金的每份额净资产值不相关。

o计算代理机构必须进行的反稀释调整并不涵盖所有可能影响基础基金的事件。

o与商品相关的投资可能面临商品价格的剧烈波动。

o单一商品的价格往往比一般商品的价格更具波动性，且可能与一般商品的价格不相关。

第10页

摩根士丹利金融有限公司

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可赎回附条件收入缓冲证券（下行因子）

本金风险证券

o基础基金的表现和市场价格，尤其是在市场波动期间，可能与其份额所依据的商品或该基础基金的每份额净资产值不相关。

o计算代理机构必须进行的反稀释调整并不涵盖所有可能影响基础基金的事件。

o投资于与外国股权证券价值挂钩的证券存在相关风险。

o与某些标的物挂钩的证券存在货币汇率风险。

￭这些证券会受到与白银相关的风险影响。iShares®白银信托的投资目标是大致反映白银价格的表现，扣除iShares®白银信托的费用。白银价格主要受全球白银需求和供应的影响。白银价格可能会大幅波动，并可能受到许多因素的影响。这些因素包括一般经济趋势、技术发展、替代问题和监管，以及特定因素，如工业和珠宝需求、对通货膨胀率的预期、美元（白银价格通常以该货币报价）及其他货币的相对强度、利率、中央银行销售、生产商的远期销售、全球或地区性的政治或经济事件以及主要白银生产国（如墨西哥、中国和秘鲁）的生产成本和生产中断。白银的需求和供应会影响白银价格，但不一定以与其他商品供需影响价格相同的方式。白银的供应包括新矿产生产和政府、公共和私人金融机构、工业组织和私人个人持有的白银和加工白银的现有库存。此外，由于投机活动，白银价格有时可能会出现非常快速的短期变化。有时，地表以上的白银库存也可能影响市场。白银的主要最终用途包括工业应用、珠宝和银器。无法预测这些因素中的任何一种或所有因素的综合影响。

￭在伦敦金银市场协会（LBMA）进行商品交易存在相关风险。白银价格由伦敦金银市场协会（“LBMA”）或由LBMA指定的独立服务提供商确定。LBMA是金银市场参与者的自律协会。尽管LBMA的所有做市商成员都受到英格兰银行的监管，并且必须满足资本充足性测试，但LBMA本身并不是受监管的实体。如果LBMA停止运营，或者金银交易可能受到增值税或其他税种或目前不存在的其他形式的监管，那么LBMA白银价格作为白银价值的全球基准的作用可能会受到不利影响。LBMA是一个交易商市场，其运作方式更类似于场外交易的实物商品市场，而不是受监管的期货市场，在LBMA交易中并不具备某些美国期货合约的特征。例如，LBMA没有每日价格限制，这可能会限制LBMA合约价格的波动。在下跌市场中，价格可能在一天内或在多个交易日内持续下跌而没有限制。LBMA可能会更改、停止或暂停计算或传播LBMA白银价格，这可能会影响证券的价值。LBMA或由LBMA指定的独立服务提供商在计算或修订LBMA白银价格时，没有义务考虑您的利益。

￭商品及其相关期货市场的交易暂停或中断可能对证券的价值产生不利影响。商品市场可能由于各种因素而出现暂时的扭曲或其他中断，包括市场流动性不足、投机者的参与以及政府的监管和干预。此外，美国期货交易所和一些外国交易所对期货合约价格在单个交易日中可能发生的波动幅度有规定。这些限制通常被称为“每日价格波动限制”，由于这些限制，在任何给定日期合约的最大或最小价格被称为“限价”。一旦某一合约达到限价，就不能再以其他价格进行交易。限价的效果是阻止某一合约的交易，或迫使在不利的时间或价格下平仓。这些情况可能对相关资产的价值产生不利影响，从而影响证券的价值。

￭证券涉及与黄金相关的风险。SPDR®黄金信托（“黄金信托”）的投资目标是反映黄金锭价格的表现，扣除黄金信托的费用。证券的收益所关联的黄金价格是通过伦敦金银市场协会（“LBMA”）的成员（该成员被授权进行交割）在伦敦交割的每金衡盎司黄金的下午伦敦黄金价格。黄金锭的市场是全球性的，黄金价格在短期内可能会出现剧烈波动。影响黄金价格的具体因素包括经济因素，如全球货币体系的结构和信心、对未来通货膨胀率的预期、美元的相对强度和信心（作为黄金价格通常以该货币标价的货币）、利率和黄金借贷利率，以及全球或地区性的经济、金融、政治、监管、司法或其他事件，以及战争和政治及社会动荡。黄金价格还可能受到行业因素的影响，如工业和珠宝需求、官方部门（包括中央银行和其他政府机构及多边机构）买卖黄金，包括持有黄金的机构，以及由于金融危机而从珠宝中回收的黄金销售，而非新生产的黄金，特别是在这种情况下，主要黄金生产国如南非、美国和澳大利亚的黄金产量和生产成本水平，黄金市场的非同步交易时间以及由于黄金市场交易活动导致的供需短期变化。无法预测这些因素中的任何一种或全部的综合影响。黄金价格可能非常波动，而且最近一直如此，我们无法向您保证这种波动性会减少。

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摩根士丹利金融公司

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带有下行因子的可赎回附条件收入缓冲证券

本金风险证券

￭在伦敦金银市场协会（LBMA）进行商品交易存在风险。黄金价格由LBMA或由LBMA指定的独立服务提供商确定。LBMA是金银市场参与者的自我监管协会。尽管LBMA的所有做市商成员都受到英格兰银行的监管，并且必须满足资本充足性测试，但LBMA本身并不是受监管的实体。如果LBMA停止运营，或者金银交易可能受到增值税或其他税种或目前不存在的其他形式监管的影响，那么LBMA黄金价格作为黄金价值的全球基准的作用可能会受到不利影响。LBMA是一个交易商市场，其运作方式更类似于场外实物商品市场，而不是受监管的期货市场，在LBMA交易中并不具备某些美国期货合约的特征。例如，LBMA没有每日价格限制，否则会限制LBMA合约价格的波动。在下跌市场中，有可能在交易日内或一段时间内价格持续下跌而没有限制。LBMA可能会更改、中止或暂停LBMA黄金价格的计算或传播，这可能会影响证券的价值。LBMA或由LBMA指定的独立服务提供商在计算或修订LBMA黄金价格时，没有任何义务考虑您的利益。

￭商品及相关期货市场的交易暂停或中断可能会影响证券的价值。由于各种因素，包括市场流动性不足、投机者的参与以及政府的监管和干预，商品市场可能会出现暂时的扭曲或其他中断。此外，美国期货交易所和一些外国交易所都有规定，限制单个营业日内期货合约价格可能发生的波动幅度。这些限制通常被称为“每日价格波动限制”，由于这些限制，在任何一天合约的最大或最小价格被称为“限价”。一旦在特定合约中达到限价，就不能以其他价格进行交易。限价的效果是阻止在特定合约上的交易，或迫使在不利的时间或价格上清算合约。这些情况可能会影响基础资产的价值，从而影响证券的价值。

￭VanEck®黄金矿商ETF已宣布对其跟踪的标的指数进行更改。在2025年9月19日市场收盘前，VanEck®黄金矿商ETF的标的指数是NYSE Arca黄金矿商指数。在2025年9月19日市场收盘后，VanEck®黄金矿商ETF的标的指数变更为MarketVector全球黄金矿商指数。MarketVector全球黄金矿商指数与NYSE Arca黄金矿商指数有所不同，包括在纳入指数的市值标准和不同的加权方案方面。因此，由于此次过渡，VanEck®黄金矿商ETF的构成发生了变化。鉴于此变化，VanEck®黄金矿商ETF可能已经经历了，并可能继续经历额外的组合周转率，VanEck®黄金矿商ETF可能已经经历了，并可能继续经历比以往更严重的跟踪误差。这一变化可能已经对VanEck®黄金矿商ETF的表现产生了不利影响，并可能继续对VanEck®黄金矿商ETF的表现产生不利影响，进而影响您对证券的回报。此外，在评估下面包含的VanEck®黄金矿商ETF的历史表现时，您应考虑到，如果VanEck®黄金矿商ETF在2025年9月19日前就跟踪MarketVector全球黄金矿商指数，那么其历史表现可能会有显著不同。

￭这些证券受与黄金和白银采矿业相关的风险影响。由于这些证券与VanEck®黄金矿商ETF挂钩，这些证券也受与黄金和白银采矿业相关的某些风险影响。MarketVector全球黄金矿商指数中包含的股票以及通常由VanEck®黄金矿商ETF跟踪的股票，主要是从事黄金或白银开采的公司的股票。由于VanEck®黄金矿商ETF与单一行业、市场或部门挂钩，它可能面临更高的价格波动性，并且可能更容易受到对该行业、市场或部门产生不利影响的经济、市场、政治或监管事件的影响。

由于VanEck®黄金矿商ETF主要投资于涉及黄金采矿业的公司的股票、美国存托凭证（“ADRs”）和全球存托凭证（“GDRs”），VanEck®黄金矿商ETF受此类公司相关的一些风险影响。

竞争压力可能对黄金矿业公司的财务状况产生重大影响。此外，黄金矿业公司高度依赖黄金价格。黄金价格在短期内可能会出现剧烈波动，并受多种因素影响。这些因素包括经济因素，如全球货币体系的结构和信心、对未来通货膨胀率的预期、美元（黄金价格通常以该货币报价）的相对强度和信心、利率和黄金借贷利率，以及全球或地区性的经济、金融、政治、监管、司法或其他事件。黄金价格还可能受到行业因素的影响，如工业和珠宝需求、官方部门（包括中央银行和其他政府机构及多边机构）的黄金借贷、销售和购买，黄金产量和生产成本水平，以及由于黄金市场交易活动导致的短期供需变化。

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摩根士丹利金融有限公司

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可赎回附条件收入缓冲证券（下行因子）

本金风险证券

VanEck®黄金矿商ETF会有限地投资于涉及白银矿业公司的股票、存托凭证和全球存托凭证。白银矿业公司高度依赖白银价格。白银价格可能大幅波动，并可能受多种因素影响。这些因素包括一般经济趋势、技术发展、替代问题和监管，以及具体因素，如工业和珠宝需求、对通货膨胀率的预期、美元（白银价格通常以该货币报价）及其他货币的相对强度、利率、中央银行销售、生产商的远期销售、全球或地区性的政治或经济事件，以及生产成本和主要白银生产国的生产中断。白银的供应由新矿产生产和政府、公共和私人金融机构、工业组织及个人持有的白银精炼品和加工白银现有库存组成。此外，由于投机活动，白银价格有时可能会出现非常快速的短期变化。有时，地表以上白银库存也可能影响市场。白银的主要用途包括工业应用、珠宝、摄影和银器。

有关利益冲突的风险

在从事下文所述的某些活动，并如随附的产品补充文件中更详细讨论的那样，我们的关联方可能会采取可能对证券的价值和您的证券回报产生不利影响的行动，而在这样做时，他们没有义务考虑您作为证券投资者的利益。

计算代理人是摩根士丹利的子公司和MSFL的关联公司，将就证券作出决定。作为计算代理人，MS & Co.将作出任何必要的决定以计算证券的任何付款。此外，MS & Co.作为计算代理人作出的某些决定可能需要其行使自由裁量权并作出主观判断，这可能对您在证券上的回报产生不利影响。此外，MS & Co.已确定了定价日证券的估计价值。

我们关联方的对冲和交易活动可能会对证券的价值产生不利影响。

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摩根士丹利金融有限公司

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具有下行因子的可赎回附条件收入缓冲证券

本金风险证券

历史信息

iShares® 银行信托概览

彭博 ticker 标志：SLV UP

iShares® 银行信托（以下简称“银信托”）是由iShares® Delaware Trust Sponsor LLC 发起的投资信托，旨在提供反映银价的表现的投資結果，這是以其股份基礎商品銀的價格為基礎，扣除其費用。銀信托的資產主要由保管人代表銀信托持有的銀組成。銀信托根據1933年證券法向證券交易委員會提供或提交的信息，可以通過證券交易委員會的網站www.sec.gov，通過證券交易委員會文件編號001-32863進行查找。此外，有關基礎資產的信息可從其他公開來源獲得，包括但不限於新聞稿、報紙文章和其他公開分發的文件。我們或代理機構不對這些公開來源文件或有關基礎資產的其他公開信息的準確性或完整性作出任何聲明。

我們所獲得的有關銀信托的所有信息，包括其組成和計算方法，均來自公開信息，沒有獨立驗證。此信息反映了iShares® Delaware Trust Sponsor LLC的政策，並可能由該公司隨時更改，iShares® Delaware Trust Sponsor LLC是BlackRock, Inc.的子公司。紐約梅隆銀行是銀信托的受託人，摩根大通銀行，N.A.是銀信托的保管人。銀信托的股份在NYSE Arca, Inc.上以ticker符號“SLV”交易。

銀信托發行股份以交換銀的存款，並在股份贖回時分發銀。銀信托的股份旨在構成一種簡單且成本效益高的投資方式，類似於投資銀。

The Silver Trust does not engage in any activity designed to derive a profit from changes in the price of silver. The Silver Trust’s only ordinary recurring expense is expected to be the sponsor’s fee, which accrues daily at an annualized rate equal to 0.50% of the net asset value of the Silver Trust and is payable monthly in arrears. The trustee of the Silver Trust will, when directed by the sponsor of the Silver Trust, and, in the absence of such direction, may in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Silver Trust sponsor’s fee and of Silver Trust expenses or liabilities not assumed by the sponsor. As a result of the recurring sales of silver necessary to pay the Silver Trust sponsor’s fee and the Silver Trust expenses or liabilities not assumed by the Silver Trust sponsor, the net asset value of the Silver Trust will decrease over time.

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Morgan Stanley Finance LLC

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Callable Contingent Income Buffered Securities with Downside Factor

Principal at Risk Securities

The closing level of the SLV Fund on October 7, 2026 was $53.82. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

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SLV Fund Daily Closing Levels

January 1, 2021 to October 7, 2026

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This document relates only to the securities referenced hereby and does not relate to the underlier. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlier. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlier is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlier could affect the value received with respect to the securities and therefore the value of the securities.

Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.

We and/or our affiliates may presently or from time to time engage in business with the Silver Trust. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the underlier, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the underlier. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. You should undertake an independent investigation of the underlier as in your judgment is appropriate to make an informed decision with respect to an investment linked to the underlier.

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SPDR® Gold Trust Overview

Bloomberg Ticker Symbol: GLD UP

The SPDR® Gold Trust (the “Gold Trust”) is an investment trust, sponsored by World Gold Trust Services, LLC (“World Gold”) and marketed by State Street Global Advisors Funds Distributors, LLC, that seeks to provide investment results that reflect the performance of the price of gold bullion, which is its share underlying commodity, less its expenses. The Gold Trust holds gold bars. Information about the Gold Trust provided to or filed with the Securities and Exchange Commission by World Gold pursuant to the Securities Act of 1933 can be located by reference to Securities and Exchange Commission file number 001-32356 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the underlier may be obtained from other publicly available sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlier is accurate or complete.

We have derived all information regarding the Gold Trust, including its composition and method of calculation, from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, the Gold Trust and World Gold. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the Gold Trust, and HSBC Bank plc is the custodian of the Gold Trust. The Gold Trust is an investment trust. Shares of the Gold Trust trade under the ticker symbol “GLD” on the NYSE Arca, Inc.

The Gold Trust issues shares in exchange for deposits of gold and distributes gold in connection with the redemption of shares. The shares of the Gold Trust are intended to offer investors an opportunity to participate in the gold market by investing in securities. The ownership of the shares of the Gold Trust is intended to overcome certain barriers to entry in the gold market, such as the logistics of buying, storing and insuring gold.

The shares of the Gold Trust represent units of fractional undivided beneficial interest in and ownership of the Gold Trust, the primary asset of which is allocated (or secured) gold. The Gold Trust is not managed like a corporation or an active investment vehicle. The gold held by the Gold Trust will be sold only: (1) on an as-needed basis to pay the Gold Trust’s expenses, (2) in the event the Gold Trust terminates and liquidates its assets or (3) as otherwise required by law or regulation. Effective July 17, 2015, the Gold Trust’s only recurring fixed expense is World Gold’s fee, which accrues daily at an annual rate equal to 0.40% of the daily net asset value of the Gold Trust, in exchange for World Gold assuming the responsibility to pay all ordinary fees and expenses of the Gold Trust.

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Principal at Risk Securities

The closing level of the GLD Fund on October 7, 2026 was $375.88. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

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GLD Fund Daily Closing Levels

January 1, 2021 to October 7, 2026

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Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.

We and/or our affiliates may presently or from time to time engage in business with World Gold. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the underlier, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the underlier. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. You should undertake an independent investigation of the underlier as in your judgment is appropriate to make an informed decision with respect to an investment linked to the underlier.

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VanEck® Gold Miners ETF Overview

Bloomberg Ticker Symbol: GDX UP

The VanEck® Gold Miners ETF is an exchange-traded fund that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of its share underlying index, which is the MarketVector Global Gold Miners Index. The underlying fund manager with respect to the VanEck® Gold Miners ETF is VanEck® ETF Trust, which is a registered investment company. It is possible that the underlier may not fully replicate the performance of its share underlying index due to the temporary unavailability of certain securities in the secondary market or due to other extraordinary circumstances. Prior to market close on September 19, 2025, the VanEck® Gold Miners ETF share underlying index was the NYSE Arca Gold Miners Index. Information provided to or filed with the Securities and Exchange Commission by the underlying fund manager pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to Securities and Exchange Commission file numbers 333-123257 and 811-10325, respectively, through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the underlier may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlier is accurate or complete.

The closing level of the GDX Fund on October 7, 2026 was $85.46. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.

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GDX Fund Daily Closing Levels

January 1, 2021 to October 7, 2026

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Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.

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Principal at Risk Securities

We and/or our affiliates may presently or from time to time engage in business with the underlying fund manager. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the underlier, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the underlier. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. You should undertake an independent investigation of the underlier as in your judgment is appropriate to make an informed decision with respect to an investment linked to the underlier.

The securities are not sponsored, endorsed, sold, or promoted by the underlying fund manager. The underlying fund manager makes no representations or warranties to the owners of the securities or any member of the public regarding the advisability of investing in the securities. The underlying fund manager has no obligation or liability in connection with the operation, marketing, trading or sale of the securities.

MarketVector Global Gold Miners Index. The MarketVector Global Gold Miners Index is a float-adjusted market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining of gold and silver. The MarketVector Global Gold Miners Index includes common stocks, ADRs or GDRs of selected companies involved in the mining for gold and silver ore and are listed for trading and electronically quoted on a major stock market that is accessible by foreign investors. For more information, see “MarketVector Global Gold Miners Index” in the accompanying index supplement.

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Additional Terms of the Securities

Please read this information in conjunction with the terms on the cover of this document.

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\n	\n
\n Additional Terms: \n
\n If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement, tax supplement or prospectus, the terms described herein shall control. \n
\n Denominations: \n	\n $1,000 per security and integral multiples thereof \n
\n Day-count convention: \n	\n Interest will be computed on the basis of a 360-day year of twelve 30-day months. \n
\n Interest period: \n	\n The period from and including the original issue date (in the case of the first interest period) or the previous scheduled coupon payment date, as applicable, to but excluding the following scheduled coupon payment date, with no adjustment for any postponement thereof. \n
\n Amortization period: \n	\n The 2-month period following the issue date \n
\n Trustee: \n	\n The Bank of New York Mellon \n
\n Calculation agent: \n	\n Morgan Stanley & Co. LLC (“MS & Co.”) \n

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Additional Information About the Securities

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\n	\n
\n Additional Information: \n
\n Minimum ticketing size: \n	\n $1,000 / 1 security \n
\n United States federal income tax considerations: \n	\n You should review carefully the section in the accompanying tax supplement entitled “United States Federal Taxation.” The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities offered by this pricing supplement. \n Generally, this discussion assumes that you purchased a security for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. Moreover, as discussed in the section entitled “United States Federal Taxation” in the accompanying tax supplement, we have not attempted to ascertain whether any issuer of any underlier to which the securities relate is a U.S. real property holding corporation or a passive foreign investment company. You should consult your tax adviser regarding these issues, including the effect any circumstances specific to you may have on the U.S. federal income tax consequences of your ownership of a security. \n In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts with associated coupons, and any coupons as ordinary income, as described in the section entitled “United States Federal Taxation—Tax Consequences to U.S. Holders—Program Securities Treated as Prepaid Financial Contracts with Associated Coupons” in the accompanying tax supplement. There is uncertainty regarding this treatment, and the Internal Revenue Service (the “IRS”) or a court might not agree with it. A different tax treatment could be adverse to you. \n We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In particular, due to the terms of the securities and current market conditions, there is a risk that the securities could be characterized as debt instruments for U.S. federal income tax purposes, in which case the timing and character of income recognized in respect of the securities could be different from those described herein and possibly adverse to certain investors. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. \n Non-U.S. Holders. If you are a Non-U.S. Holder (as defined in the accompanying tax supplement), please also read the section entitled “United States Federal Taxation—Tax Consequences to Non-U.S. Holders—Program Securities Not Treated as Debt Instruments” in the accompanying tax supplement. \n The U.S. federal income tax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the securities, we would expect generally to treat the coupons paid to Non-U.S. Holders as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent determines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from, or a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the coupons. \n As discussed under “United States Federal Taxation—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying tax supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2029 that do not have a “delta” of one. Based on certain representations made by us, our counsel is of the opinion that Section 871(m) should not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. \n We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes. \n You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction. \n

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\n Additional considerations: \n	\n Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly. \n
\n Supplemental information regarding plan of distribution; conflicts of interest: \n	\n MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $1,000 per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities. \n MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities. \n MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement. \n
\n Validity of the securities: \n	\n In the opinion of Davis Polk & Wardwell LLP, as special counsel to MSFL and Morgan Stanley, when the securities offered by this pricing supplement have been issued by MSFL pursuant to the MSFL Senior Debt Indenture (as defined in the accompanying prospectus), the trustee and/or paying agent has made, in accordance with the instructions from MSFL, the appropriate entries or notations in its records relating to the master note that represents such securities (the “master note”), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of MSFL and the related guarantee will be a valid and binding obligation of Morgan Stanley, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (ii) any provision of the MSFL Senior Debt Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of Morgan Stanley’s obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act, except that counsel expresses no opinion as to (i) any law, rule or regulation that is applicable to Morgan Stanley or MSFL, the MSFL Senior Debt Indenture, the securities (together with the MSFL Senior Debt Indenture, the “Documents”) or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate or (ii) any law, rule or regulation relating to national security. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the MSFL Senior Debt Indenture and its authentication of the master note and the validity, binding nature and enforceability of the MSFL Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated February 23, 2026, which is Exhibit 5-a to the Registration Statement on Form S-3 filed by Morgan Stanley on February 23, 2026. \n
\n Where you can find more information: \n	\n Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement, the index supplement and the tax supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement, the index supplement, the tax supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, the index supplement, the product supplement and the tax supplement if you so request by calling toll-free 1-(800)-584-6837. \n Terms used but not defined in this document are defined in the product supplement, in the index supplement, in the tax supplement or in the prospectus. Each of the product supplement, the index supplement, the tax supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document. \n

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