Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,801 on November 2, 2026, disclosing terms for Worst-of NDXT, RTY and SPX Buffered Jump Securities with an Auto-Callable Feature due November 29, 2029.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underliers: The securities are linked to three indexes: the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000 Index (RTY), and the S&P 500 Index (SPX).
  • Auto-call feature: If each underlier closes at or above 100% of its initial level on December 1, 2027, the securities will be automatically redeemed at $1,135 to $1,145 per security.
  • Buffer amount: A 20% buffer applies at maturity, with a stated maximum loss of 80% of principal.
  • Participation rate: 150%, applied to the performance of the worst-performing underlier above the buffer threshold.
  • Estimated value: $953.50 per security, or within $45.00 of that estimate, against an original issue price of $1,000 per security (implied by the hypothetical payment table).
  • CUSIP and maturity: CUSIP 61781TQR7; pricing date November 24, 2026; maturity date November 29, 2029.

Terms and Structure of the MSFL Worst-of Buffered Jump Securities No. 19,801

According to the filing, Morgan Stanley Finance LLC is offering Buffered Jump Securities linked to the worst-performing of three indexes: NDXT, RTY, and SPX. The securities carry a pricing date of November 24, 2026, and a maturity date of November 29, 2029. The filing discloses that all payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley as guarantor. The securities will not be listed on any securities exchange, and secondary trading may be limited, the filing states.

The filing describes a single automatic early redemption opportunity: on December 1, 2027, if each underlier's closing level is greater than or equal to its call threshold level of 100% of its initial level, holders will receive an early redemption payment of $1,135 to $1,145 per security and no further payments will be made. If not redeemed early, the hypothetical payment table in the filing shows that a 0% or -20% change in the worst-performing underlier each results in a $1,000.00 payment per security, a -50% change results in $700.00, and a -100% change results in $200.00, reflecting the 20% buffer and the 80% maximum loss disclosure.

The filing notes that the estimated value of $953.50 per security is determined by reference to Morgan Stanley's pricing and valuation models, and "may differ from those of other dealers and is not a maximum or minimum secondary market price." The filing further discloses that costs associated with issuing, selling, structuring, and hedging the securities are included in the original issue price, causing 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."

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus detailing the preliminary terms of structured notes linked to the worst-performing of three equity indexes, with a 20% buffer, a 150% participation rate, one auto-call date in 2027, and a maturity in November 2029.