Morgan Stanley
01/15/2026 | Press release | Distributed by Public on 01/15/2026 07:21
Free Writing Prospectus (Form FWP)
Free Writing Prospectus to Preliminary Pricing Supplement No. 13,443
Registration Statement Nos. 333-275587; 333-275587-01
Dated January 14, 2026; Filed pursuant to Rule 433
Morgan Stanley
1.25-Year SLV Dual Directional Trigger PLUS
This document provides a summary of the terms of the Trigger PLUS. Investors must carefully review the accompanying preliminary pricing supplement referenced below, prospectus supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision.
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Summary Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Maturity date: |
May 5, 2027 |
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Valuation date: |
April 30, 2027, subject to postponement for non-trading days and certain market disruption events |
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Underlying commodity shares: |
Shares of the iShares® Silver Trust (SLV) |
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Payment at maturity1: |
If the final share price is greater than the initial share price: $1,000 + leveraged upside payment In no event will the payment at maturity exceed the maximum payment at maturity. If the final share price is less than or equal to the initial share price but is greater than or equal to the trigger level: $1,000 + ($1,000 × absolute share return) In this scenario, you will receive a 1% positive return on the Trigger PLUS for each 1% negative return on the underlying shares. In no event will this amount exceed the stated principal amount plus $200. If the final share price is less than the trigger level: $1,000 × share performance factor Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 20%, and possibly all, of your investment. |
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Leveraged upside payment: |
$1,000 × leverage factor × share percent change |
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Leverage factor: |
200% |
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Maximum payment at maturity: |
$1,620 per Trigger PLUS (162% of the stated principal amount) |
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Share percent change: |
(final share price - initial share price) / initial share price |
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Absolute share return: |
The absolute value of the share percent change. For example, a -5% share percent change will result in a +5% absolute share return. |
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Share performance factor: |
final share price / initial share price |
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Initial share price: |
The closing price of one underlying commodity share on the pricing date |
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Final share price: |
The closing price of one underlying commodity share on the valuation date times the adjustment factor on such date |
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Adjustment factor: |
1.0, subject to adjustment in the event of certain events affecting the underlying commodity shares |
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Trigger level: |
80% of the initial share price |
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Stated principal amount |
$1,000 per Trigger PLUS |
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Pricing date: |
January 30, 2026 |
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Original issue date: |
February 4, 2026 (3 business days after the pricing date) |
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CUSIP/ISIN: |
61780AXT7 / US61780AXT77 |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988226002513/ms13443_424b2-01439.htm |
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1All payments are subject to our credit risk |
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Hypothetical Payout at Maturity1
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Change in Underlying Commodity Shares |
Return on the Trigger PLUS |
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+90.00% |
62.00% |
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+80.00% |
62.00% |
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+70.00% |
62.00% |
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+60.00% |
62.00% |
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+50.00% |
62.00% |
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+40.00% |
62.00% |
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+31.00% |
62.00% |
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+30.00% |
60.00% |
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+20.00% |
40.00% |
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+10.00% |
20.00% |
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+5.00% |
10.00% |
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0.00% |
0.00% |
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-10.00% |
10.00% |
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-20.00% |
20.00% |
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-21.00% |
-21.00% |
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-30.00% |
-30.00% |
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-40.00% |
-40.00% |
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-50.00% |
-50.00% |
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-60.00% |
-60.00% |
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-80.00% |
-80.00% |
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-100.00% |
-100.00% |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlying Commodity Shares
For more information about the underlying commodity shares, including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Trigger PLUS
●The Trigger PLUS do not pay interest or guarantee return of any principal.
●The appreciation potential of the Trigger PLUS is limited by the maximum payment at maturity.
●The market price of the Trigger PLUS will be influenced by many unpredictable factors.
●The Trigger PLUS are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the Trigger PLUS.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●Investing in the Trigger PLUS is not equivalent to investing in the underlying commodity shares or in the commodity composing the underlying commodity shares.
●The amount payable on the Trigger PLUS is not linked to the price of the underlying commodity shares at any time other than the valuation date.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the Trigger PLUS in the original issue price reduce the economic terms of the Trigger PLUS, cause the estimated value of the Trigger PLUS to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the Trigger PLUS is $943.60 per Trigger PLUS, or within $35.00 of that estimate, and is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The Trigger PLUS will not be listed on any securities exchange and secondary trading may be limited.
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the Trigger PLUS.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the Trigger PLUS.
●The U.S. federal income tax consequences of an investment in the Trigger PLUS are uncertain.
Risks Relating to the Underlying Commodity Shares
●Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.
●The Trigger PLUS are subject to risks associated with silver.
●There are risks relating to trading of commodities on the London Bullion Market Association.
●The performance and market price of the underlying commodity shares, particularly during periods of market volatility, may not correlate with the performance of the underlying commodity or the net asset value per share of the underlying commodity shares.
●Suspensions or disruptions of market trading in commodity and related futures markets could adversely affect the price of the Trigger PLUS.
●The antidilution adjustments the calculation agent is required to make do not cover every event that could affect the underlying commodity shares.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Additional Information About the Trigger PLUS-Tax considerations" concerning the U.S. federal income tax consequences of an investment in the Trigger PLUS, and you should consult your tax adviser.
Morgan Stanley published this content on January 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 15, 2026 at 13:21 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]