Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for Preliminary Pricing Supplement No. 19,760, describing SPXFP Dual Directional Buffered Jump Securities due December 4, 2031, linked to the S&P 500 Futures Excess Return Index.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley serving as guarantor of the securities.
  • Upside payment range: The filing discloses an upside payment of $615 to $635 per security, representing 61.50% to 63.50% of the stated principal amount.
  • Buffer amount: A 20% buffer applies, with a stated maximum loss of 80% of principal.
  • Estimated value: The filing states an estimated value of $960.90 per security, or within $55.00 of that estimate.
  • Maturity date: Securities are scheduled to mature on December 4, 2031, with an observation date of December 1, 2031.
  • No exchange listing: According to the filing, "The securities will not be listed on any securities exchange and secondary trading may be limited."
  • CUSIP: The assigned CUSIP number is 61781TC68.

Structured Note Terms and Payoff Mechanics Linked to SPXFP

According to the filing, the securities are linked to the S&P 500 Futures Excess Return Index (SPXFP), which is a futures-based index rather than a direct equity index. This distinction is highlighted in the risk disclosures, which note that "higher future prices of a futures contract to which the underlier is linked relative to its current prices may adversely affect the value of the underlier and the value of the securities." The filing states that the pricing date is November 30, 2026, and that all payments are subject to the credit risk of Morgan Stanley Finance LLC and its guarantor, Morgan Stanley.

The filing describes three payoff scenarios at maturity. In the upside scenario, if the underlier appreciates 10%, investors receive a 61.50% return, or $1,615 per security. If the underlier depreciates by 5%, the absolute return participation feature applies and investors would receive $1,050 per security, or 105% of the stated principal amount. In a severe downside scenario, if the underlier depreciates 95%, investors would receive only $250 per security, representing a 75% loss of principal. The absolute return participation rate is stated as 100%, and the filing notes that "any positive return on the securities that is based on the depreciation of the underlier is effectively capped."

The filing also discloses that the estimated value of $960.90 per security is less than the original issue price, and attributes this difference to "costs associated with issuing, selling, structuring and hedging the securities." Morgan Stanley Finance LLC is described as a finance subsidiary with "no independent operations" and "no independent assets." The filing references Registration Statement Nos. 333-293641 and 333-293641-01, and directs investors to the accompanying preliminary pricing supplement for full risk factor disclosures and tax considerations.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for structured securities linked to the SPXFP index, maturing December 4, 2031, with an estimated value of $960.90 per security, a 20% buffer, and a stated upside payment of $615 to $635 per security, subject to Morgan Stanley's credit risk.