Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,758, dated November 2, 2026, for Worst-of INDU and SPX Market-Linked Notes due December 5, 2030.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underliers: The notes are linked to the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX), with payment at maturity determined by the worst-performing of the two.
  • Maximum payment at maturity: $1,695 to $1,745 per note (169.50% to 174.50% of the stated principal amount).
  • Principal protection: The payment at maturity is no less than $1,000 per note regardless of underlier performance, according to the filing.
  • Estimated value: $969.60 per note, or within $45.00 of that estimate, as disclosed in the filing.
  • Key dates: Pricing date is November 30, 2026; observation date is December 2, 2030; maturity date is December 5, 2030.
  • CUSIP: 61781TC27; the notes will not be listed on any securities exchange.

Structure and Terms of the Morgan Stanley Finance LLC Worst-of Market-Linked Notes

According to the filing, the notes carry a 100% participation rate and a maximum payment at maturity ranging from $1,695 to $1,745 per note, representing 169.50% to 174.50% of the $1,000 stated principal amount. The filing states that all payments are subject to the credit risk of Morgan Stanley and Morgan Stanley Finance LLC. The notes do not pay interest at any point during their term.

The filing discloses that the payment at maturity "will be based solely on the performance of the worst performing underlier, which could be either underlier." A hypothetical payment table in the filing illustrates that at a 0%, -50%, or -100% change in the worst-performing underlier, the payment remains $1,000 per note, while a +50% change would yield $1,500 per note and a +100% change would yield $1,695 per note (assuming the maximum payment cap of $1,695 applies).

The filing notes that the estimated value of $969.60 per note is less than the original issue price, explaining that "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." The filing also states that the estimated value is determined by reference to Morgan Stanley's own pricing and valuation models and "may differ from those of other dealers." Secondary market trading may be limited, as the notes will not be listed on any securities exchange, according to the filing. The filing references Registration Statement Nos. 333-293641 and 333-293641-01.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of Worst-of INDU and SPX Market-Linked Notes due December 5, 2030, including underliers, payment structure, estimated value of $969.60 per note, maximum payment range, key dates, CUSIP, and associated risk factors.