Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,880 on November 2, 2026, describing NDX Jump Securities with an Auto-Callable Feature due November 29, 2029, issued under Registration Statement Nos. 333-293641 and 333-293641-01.

Key Highlights

  • Issuer and Guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underlier: The securities are linked to the Nasdaq-100 Index (NDX).
  • Auto-Call Terms: If the underlier closes at or above 100% of its initial level on December 1, 2027, the securities are automatically redeemed for $1,102.50 per security.
  • Downside Threshold: The downside threshold level is set at 70% of the initial level; losses below that level are applied at a 1:1 rate per the hypothetical table.
  • Estimated Value: The estimated value is $951.30 per security, or within $45.00 of that estimate, against a $1,000.00 original issue price.
  • Maturity Date: November 29, 2029, with a final determination date of November 26, 2029 and a pricing date of November 24, 2026.
  • CUSIP: 61781TTK9; the securities will not be listed on any securities exchange.

Morgan Stanley Finance LLC NDX Jump Securities: Key Terms and Risk Disclosures

According to the filing, Morgan Stanley Finance LLC is offering NDX Jump Securities with an Auto-Callable Feature maturing November 29, 2029. The securities are linked to the Nasdaq-100 Index (NDX) and carry a participation rate of 110%. All payments are described as subject to the credit risk of Morgan Stanley, the guarantor, and the filing notes that "as a finance subsidiary, MSFL has no independent operations and will have no independent assets."

The filing discloses a single automatic early redemption opportunity on the first determination date of December 1, 2027. If the closing level of the underlier is greater than or equal to 100% of the initial level on that date, investors receive $1,102.50 per security and no further payments are made. If the securities are not redeemed early, the hypothetical payment table in the filing illustrates outcomes at maturity: a 0% or negative-but-above-threshold change results in $1,000.00 per security, while a -31% change yields $690.00, a -50% change yields $500.00, and a -100% change yields $0.00. A +50% change would produce $1,550.00 and a +100% change would produce $2,100.00 per security, according to the hypothetical table.

The filing states the estimated value of $951.30 per security is determined by reference to Morgan Stanley's "pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price." The filing also cautions that the inclusion of costs associated with "issuing, selling, structuring and hedging the securities in the original issue price" causes the estimated value to be less than the original issue price. The U.S. federal income tax consequences are described in the filing as "uncertain," and investors are directed to consult a tax adviser.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for Preliminary Pricing Supplement No. 19,880 covering NDX Jump Securities due November 29, 2029, detailing auto-call terms, a downside threshold of 70%, an estimated value of $951.30 per security, and associated risk factors.