Morgan Stanley Finance LLC filed a free writing prospectus on November 9, 2026, for Market Linked Securities (Preliminary Pricing Supplement No. 19,955) linked to the lowest performing of three equity indexes, with an expected maturity of November 23, 2029.

Key Highlights

  • Three underlyings: The securities are linked to the S&P 500 Index, the Russell 2000 Index, and the EURO STOXX 50 Index, with payoff determined by the lowest performing of the three.
  • Auto-call feature: Beginning November 24, 2027, the securities will be automatically called if each underlying closes at or above its starting level on a calculation day, with call premiums starting at a minimum of 15.00% of face amount and stepping up to at least 45.00% by the final calculation day.
  • Threshold level: The threshold level for each underlying is set at 75% of its starting level; if any underlying falls below this at maturity, investors receive $1,000 multiplied by the performance factor of the lowest performing underlying, potentially losing more than 25% or all of face amount.
  • Face amount and estimated value: Each security has a face amount of $1,000; the estimated value on the pricing date is approximately $962.60, or within $45.00 of that estimate, according to the filing.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $25.75 per security sold; dealers including Wells Fargo Advisors may receive a selling concession of up to $20.00 per security, and WFA may receive a distribution expense fee of $0.75 per security sold by WFA.
  • CUSIP: The securities carry CUSIP 61781TWQ2 and will not be listed on any securities exchange, according to the filing.

Terms and Risk Profile of the MSFL Linked Securities No. 19,955

Morgan Stanley Finance LLC, with Morgan Stanley as guarantor, disclosed the preliminary terms for auto-callable principal at risk securities through Free Writing Prospectus No. 19,955. According to the filing, the pricing date is November 19, 2026, the original issue date is November 24, 2026, and the maturity date is November 23, 2029. The securities are issued in denominations of $1,000 and any integral multiple of $1,000, with Morgan Stanley & Co. LLC serving as calculation agent.

The filing states that on each of 25 monthly calculation days beginning November 24, 2027, the securities will be automatically called if each of the three underlying indexes closes at or above its respective starting level, with the applicable call premium paid to investors. The call premium increases with each successive calculation day, from at least 15.00% of face amount on the first calculation day to at least 45.00% on the final calculation day of November 19, 2029. The filing notes that all call premium levels are "to be determined on the pricing date." The filing states that "any positive return on the securities will be limited to the applicable call premium, even if the closing level of the lowest performing underlying on the applicable calculation day significantly exceeds its starting level."

If the securities are not called and reach maturity, the payout depends on the ending level of each underlying relative to its starting and threshold levels. The filing specifies that if no underlying ends below its threshold level (75% of starting level), investors receive $1,000 per security. If any underlying ends below its threshold level, the maturity payment equals $1,000 multiplied by the performance factor of the lowest performing underlying. The filing states the estimated value is approximately $962.60 per security on the pricing date, reflecting costs associated with "issuing, selling, structuring and hedging the securities." The filing also notes that "as a finance subsidiary, MSFL has no independent operations and will have no independent assets," and that all payments are subject to Morgan Stanley's credit risk.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for auto-callable principal at risk securities (No. 19,955) linked to three equity indexes, with a face amount of $1,000 per security, an estimated pricing-date value of approximately $962.60, and a maturity date of November 23, 2029.