Morgan Stanley Finance LLC filed Free Writing Prospectus to Preliminary Pricing Supplement No. 19,816 on November 4, 2026, describing Market Linked Securities linked to the lowest performing of four underlyings and due November 26, 2027.

Key Highlights

  • Four underlyings: The securities are linked to the EURO STOXX 50 Index, the State Street Technology Select Sector SPDR ETF (XLK), the S&P 500 Index, and the Dow Jones Industrial Average, with payoff determined by the lowest performer.
  • Face amount and estimated value: Each security carries a face amount of $1,000; the estimated value on the pricing date is approximately $953.90, or within $35.00 of that estimate, according to the filing.
  • Participation rate: At least 108%, to be determined on the pricing date of November 13, 2026.
  • Buffer and threshold: A 15% buffer amount applies, with a threshold level set at 85% of the starting level for each underlying; losses below the threshold are on a 1-to-1 basis and may reach up to 85% of the face amount.
  • Contingent absolute return: If the lowest performing underlying ends below its starting level but at or above its threshold level, investors receive $1,000 plus the absolute value of the underlying return.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $23.25 per security sold; dealers including Wells Fargo Advisors may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 per security sold by WFA.
  • CUSIP: 61781TRD7; the securities will not be listed on any securities exchange.

Structure and Key Terms of the Leveraged Buffered Notes

According to the filing, Morgan Stanley Finance LLC is the issuer and Morgan Stanley is the fully and unconditionally guarantor of these principal at risk securities. The pricing date is November 13, 2026, the original issue date is November 18, 2026, and the maturity date is November 26, 2027, all subject to change. The calculation day is November 22, 2027, with Morgan Stanley & Co. LLC serving as calculation agent.

The filing describes three distinct maturity payment scenarios. If the ending level of the lowest performing underlying exceeds its starting level, investors receive $1,000 plus $1,000 multiplied by the underlying return and the participation rate of at least 108%. If the ending level falls below the starting level but remains at or above the 85% threshold level, investors receive $1,000 plus the absolute value of the underlying return applied to $1,000. If the ending level falls below the threshold, investors bear 1-to-1 downside exposure to losses beyond the 15% buffer amount and may lose up to 85% of the $1,000 face amount.

The filing notes that "the face amount of each security is $1,000" and that "this price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you." The filing further states that the securities do not pay interest, will not be listed on any securities exchange, and that "all payments on the securities are subject to our credit risk." Selected dealers may also receive a fee of up to 0.20% for marketing and other services, according to the filing.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for Preliminary Pricing Supplement No. 19,816, covering structured notes linked to the worst performer among four equity underlyings, with a face amount of $1,000, estimated value of approximately $953.90, a 15% downside buffer, and a maturity of November 26, 2027.