# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0001839882-25-063328
**Filing Date:** 2025-11
**Character Count:** 16021
**Document Hash:** 222464caff254b9be3bd2254b88df0e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-063328.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001839882-25-063328

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251103

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-275587
- **FILM NUMBER:** 251445610

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315

Free Writing Prospectus to Preliminary Pricing Supplement No. 11,880

Registration Statement Nos. 333-275587; 333-275587-01

Dated November 3, 2025; Filed pursuant to Rule 433

Morgan Stanley

**Worst** **-of PLTR, HOOD, TSLA and APP Jump Notes with Auto-Callable Feature due November 29, 2030**

***This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision.***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Terms** | **Terms** | **Terms** | **Terms** | **Terms** |
|  **Issuer:** | Morgan Stanley Finance LLC | Morgan Stanley Finance LLC | Morgan Stanley Finance LLC | Morgan Stanley Finance LLC |
|  **Guarantor:** | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  **Underliers:** | Palantir Technologies Inc. class A common stock (PLTR), Robinhood Markets, Inc. class A common stock (HOOD), Tesla, Inc. common stock (TSLA) and AppLovin Corporation class A common stock (APP) | Palantir Technologies Inc. class A common stock (PLTR), Robinhood Markets, Inc. class A common stock (HOOD), Tesla, Inc. common stock (TSLA) and AppLovin Corporation class A common stock (APP) | Palantir Technologies Inc. class A common stock (PLTR), Robinhood Markets, Inc. class A common stock (HOOD), Tesla, Inc. common stock (TSLA) and AppLovin Corporation class A common stock (APP) | Palantir Technologies Inc. class A common stock (PLTR), Robinhood Markets, Inc. class A common stock (HOOD), Tesla, Inc. common stock (TSLA) and AppLovin Corporation class A common stock (APP) |
|  **Automatic early redemption:** | **Determination date** | **Determination date** | **Call threshold level** | **Early redemption payment (per note):** |
|  **Automatic early redemption:** | #1 | December 2, 2026 | 90% of the initial level | $1091.00 |
|  **Automatic early redemption:** | #2 | December 28, 2026 | 90% of the initial level | $1098.583 |
|  **Automatic early redemption:** | #3 | January 25, 2027 | 90% of the initial level | $1106.167 |
|  **Automatic early redemption:** | #4 | February 25, 2027 | 90% of the initial level | $1113.75 |
|  **Automatic early redemption:** | #5 | March 25, 2027 | 90% of the initial level | $1121.333 |
|  **Automatic early redemption:** | #6 | April 26, 2027 | 90% of the initial level | $1128.917 |
|  **Automatic early redemption:** | #7 | May 25, 2027 | 90% of the initial level | $1136.50 |
|  **Automatic early redemption:** | #8 | June 25, 2027 | 90% of the initial level | $1144.083 |
|  **Automatic early redemption:** | #9 | July 26, 2027 | 90% of the initial level | $1151.667 |
|  **Automatic early redemption:** | #10 | August 25, 2027 | 90% of the initial level | $1159.25 |
|  **Automatic early redemption:** | #11 | September 27, 2027 | 90% of the initial level | $1166.833 |
|  **Automatic early redemption:** | #12 | October 25, 2027 | 90% of the initial level | $1174.417 |
|  **Automatic early redemption:** | #13 | November 26, 2027 | 90% of the initial level | $1182.00 |
|  **Automatic early redemption:** | #14 | December 27, 2027 | 90% of the initial level | $1189.583 |
|  **Automatic early redemption:** | #15 | January 25, 2028 | 90% of the initial level | $1197.167 |
|  **Automatic early redemption:** | #16 | February 25, 2028 | 90% of the initial level | $1204.75 |
|  **Automatic early redemption:** | #17 | March 27, 2028 | 90% of the initial level | $1212.333 |
|  **Automatic early redemption:** | #18 | April 25, 2028 | 90% of the initial level | $1219.917 |
|  **Automatic early redemption:** | #19 | May 25, 2028 | 90% of the initial level | $1227.50 |
|  **Automatic early redemption:** | #20 | June 26, 2028 | 90% of the initial level | $1235.083 |
|  **Automatic early redemption:** | #21 | July 25, 2028 | 90% of the initial level | $1242.667 |
|  **Automatic early redemption:** | #22 | August 25, 2028 | 90% of the initial level | $1250.25 |
|  **Automatic early redemption:** | #23 | September 25, 2028 | 90% of the initial level | $1257.833 |
|  **Automatic early redemption:** | #24 | October 25, 2028 | 90% of the initial level | $1265.417 |
|  **Automatic early redemption:** | #25 | November 27, 2028 | 90% of the initial level | $1273.00 |
|  **Automatic early redemption:** | #26 | December 26, 2028 | 90% of the initial level | $1280.583 |
|  **Automatic early redemption:** | #27 | January 25, 2029 | 90% of the initial level | $1288.167 |
|  **Automatic early redemption:** | #28 | February 26, 2029 | 90% of the initial level | $1295.75 |
|  **Automatic early redemption:** | #29 | March 26, 2029 | 90% of the initial level | $1303.333 |
|  **Automatic early redemption:** | #30 | April 25, 2029 | 90% of the initial level | $1310.917 |
|  **Automatic early redemption:** | #31 | May 25, 2029 | 90% of the initial level | $1318.50 |
|  **Automatic early redemption:** | #32 | June 25, 2029 | 90% of the initial level | $1326.083 |
|  **Automatic early redemption:** | #33 | July 25, 2029 | 90% of the initial level | $1333.667 |
|  **Automatic early redemption:** | #34 | August 27, 2029 | 90% of the initial level | $1341.25 |
|  **Automatic early redemption:** | #35 | September 25, 2029 | 90% of the initial level | $1348.833 |
|  **Automatic early redemption:** | #36 | October 25, 2029 | 90% of the initial level | $1356.417 |
|  **Automatic early redemption:** | #37 | November 26, 2029 | 90% of the initial level | $1364.00 |
|  **Automatic early redemption:** | #38 | December 26, 2029 | 90% of the initial level | $1371.583 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | #39 | January 25, 2030 | $1379.167 |
|  | #40 | February 25, 2030 | $1386.75 |
|  | #41 | March 25, 2030 | $1394.333 |
|  | #42 | April 25, 2030 | $1401.917 |
|  | #43 | May 28, 2030 | $1409.50 |
|  | #44 | June 25, 2030 | $1417.083 |
|  | #45 | July 25, 2030 | $1424.667 |
|  | #46 | August 26, 2030 | $1432.25 |
|  | #47 | September 25, 2030 | $1439.833 |
|  | #48 | October 25, 2030 | $1447.417 |
|  **Pricing date:** | November 25, 2025 | November 25, 2025 | November 25, 2025 |
|  **Final determination date:** | November 25, 2030 | November 25, 2030 | November 25, 2030 |
|  **Maturity date:** | November 29, 2030 | November 29, 2030 | November 29, 2030 |
|  **CUSIP:** | 61779TGP6 | 61779TGP6 | 61779TGP6 |
|  **Estimated value:** | $934.80 per note, or within $55.00 of that estimate | $934.80 per note, or within $55.00 of that estimate | $934.80 per note, or within $55.00 of that estimate |
|  **Preliminary pricing supplement:** | [<u>https://www.sec.gov/Archives/edgar/data/895421/000183988225062862/ms11880_424b2-36503.htm</u>](https://www.sec.gov/Archives/edgar/data/895421/000183988225062862/ms11880_424b2-36503.htm) | [<u>https://www.sec.gov/Archives/edgar/data/895421/000183988225062862/ms11880_424b2-36503.htm</u>](https://www.sec.gov/Archives/edgar/data/895421/000183988225062862/ms11880_424b2-36503.htm) | [<u>https://www.sec.gov/Archives/edgar/data/895421/000183988225062862/ms11880_424b2-36503.htm</u>](https://www.sec.gov/Archives/edgar/data/895421/000183988225062862/ms11880_424b2-36503.htm) |

---

<sup>1</sup>All payments are subject to our credit risk

**Hypothetical Examples**

---

| | | | |
|:---|:---|:---|:---|
|  **Automatic Early Redemption**<sup>1</sup> | **Automatic Early Redemption**<sup>1</sup> | **Automatic Early Redemption**<sup>1</sup> | **Automatic Early Redemption**<sup>1</sup> |
|  **Determination Date** | **% Change in Closing Level of the Worst Performing Underlier** | **% Change in Closing Level of the Worst Performing Underlier** | **Early Redemption Payment (per Note)** |
|  #1 | -20% | -20% | -- |
|  #2 | +20% | +20% | $1098.583 |
|  The notes are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,098.583 per note on the related early redemption date. | The notes are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,098.583 per note on the related early redemption date. | The notes are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,098.583 per note on the related early redemption date. | The notes are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,098.583 per note on the related early redemption date. |
|  **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the notes have not been automatically redeemed prior to maturity)** | **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the notes have not been automatically redeemed prior to maturity)** | **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the notes have not been automatically redeemed prior to maturity)** | **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the notes have not been automatically redeemed prior to maturity)** |
|  **% Change in Closing Level of the Worst Performing Underlier** | **% Change in Closing Level of the Worst Performing Underlier** | **Payment at Maturity (per Note)** | **Payment at Maturity (per Note)** |
|  +60.00% | +60.00% | $1455.00 | $1455.00 |
|  +40.00% | +40.00% | $1455.00 | $1455.00 |
|  +20.00% | +20.00% | $1455.00 | $1455.00 |
|  0.00% | 0.00% | $1455.00 | $1455.00 |
|  -20.00% | -20.00% | $1000.00 | $1000.00 |
|  -40.00% | -40.00% | $1000.00 | $1000.00 |
|  -60.00% | -60.00% | $1000.00 | $1000.00 |
|  -80.00% | -80.00% | $1000.00 | $1000.00 |
|  -100.00% | -100.00% | $1000.00 | $1000.00 |

---

------

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.

**Underlier(s)**

For more information about the underlier(s), 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.

<u>Risks Relating to an Investment in the</u> <u>Notes</u>

● The notes may not pay more than the stated principal amount at maturity.

● The notes do not pay interest.

● The appreciation potential of the notes is limited by the fixed early redemption payment or payment at maturity specified for each determination date.

● The notes are subject to early redemption risk.

● The market price of the notes may be influenced by many unpredictable factors.

● The notes 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 notes.

● As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

● 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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.

● The estimated value of the notes 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 notes will not be listed on any securities exchange and secondary trading may be limited.

● As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s).

● You may be required to recognize taxable income on the notes prior to maturity.

<u>Risks Relating to the Underlier(s)</u>

● Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.

oYou are exposed to the price risk of each underlier.

oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.

oWe have no affiliation with any underlying stock issuer.

oWe may engage in business with or involving any underlying stock issuer without regard to your interests.

oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.

<u>Risks Relating to Conflicts of Interest</u>

● The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.

● Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.

**Tax Considerations**

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Additional Information About the Notes–United States federal income tax considerations" concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.