Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,884 on November 3, 2026, describing Market Linked Securities that are auto-callable with contingent downside and linked to the lowest performing of three S&P indexes, maturing May 7, 2032.

Key Highlights

  • Three underlying indexes: the securities are linked to the S&P MidCap 400 Index, the S&P 500 Equal Weight Index, and the S&P SmallCap 600 Index, with payouts determined by the lowest performing of the three.
  • Face amount: $1,000 per security, with a CUSIP of 61781TTX1.
  • Estimated value below face: the filing states the estimated value of each security on the pricing date will be approximately $978.40, or within $40.00 of that estimate.
  • Auto-call schedule: ten calculation days beginning November 9, 2027, with call threshold levels set at 95% of starting levels for the first nine dates and 90% for the final date of May 4, 2032.
  • Call premiums: range from at least 10.55% on November 9, 2027, to at least 58.025% on May 4, 2032, with final amounts to be determined on the pricing date.
  • Downside threshold: 75% of each underlying's starting level; if the lowest performing underlying falls below this level at maturity, investors receive $1,000 multiplied by the performance factor of the lowest performing underlying.
  • Agent concession: Morgan Stanley & Co. LLC expects to sell the securities to Wells Fargo Securities, LLC at a concession of up to $1.00 per security, with dealers including Wells Fargo Advisors potentially receiving $0.50 per security.

Structure and Payout Terms of Preliminary Pricing Supplement No. 19,884

According to the filing, Morgan Stanley Finance LLC is the issuer and Morgan Stanley is the fully and unconditionally guaranteeing party. The pricing date is listed as November 4, 2026, with an original issue date of November 9, 2026, and a maturity date of May 7, 2032. The securities are denominated in multiples of $1,000 and will not be listed on any securities exchange, with the filing noting that secondary trading may be limited.

The filing discloses that if the securities are not automatically called and the ending level of the lowest performing underlying is below its downside threshold level of 75% of its starting level, investors "will lose more than 25%, and possibly all, of the face amount" of their securities at maturity. Conversely, if the ending level is below the call threshold but at or above the downside threshold, the maturity payment is $1,000 per security. The filing also states that "any positive return on the securities will be limited to the applicable call premium, even if the closing level of any underlying on the applicable calculation day significantly exceeds its call threshold level."

The filing identifies Morgan Stanley & Co. LLC, an affiliate of the issuer and guarantor, as the calculation agent. It notes that the costs of issuing, selling, structuring, and hedging the securities are included in the face amount and borne by investors, which causes the estimated value to be less than $1,000. Selected dealers may also receive a fee of up to 0.05% for marketing and other services, according to the filing. Registration Statement Nos. 333-293641 and 333-293641-01 are cited, and the filing was made pursuant to Rule 433.

What Was Disclosed

Morgan Stanley Finance LLC disclosed preliminary terms for auto-callable structured securities linked to three S&P indexes, with an estimated per-security value of approximately $978.40, a downside threshold of 75%, and potential call premiums ranging from at least 10.55% to at least 58.025% across ten scheduled calculation days through May 2032.