Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,903 on November 3, 2026, covering Worst-of RTY and SPX Jump Securities with an Auto-Callable Feature due December 1, 2031.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor, under Registration Statement Nos. 333-293641 and 333-293641-01.
  • Underliers: The securities are linked to the worst performing of two indexes, the Russell 2000 Index (RTY) and the S&P 500 Index (SPX).
  • Estimated value: The estimated value is $945.10 per security, or within $55.00 of that estimate, against an implied original issue price of $1,000.
  • Auto-call schedule: Four potential early redemption dates exist, with payments ranging from $1,086 per security (December 3, 2027) to $1,344 per security (November 25, 2030), triggered if each underlier closes at or above 100% of its initial level.
  • Downside threshold: A downside threshold level is set at 60% of the initial level for each underlier; losses below that level are passed through in full to investors.
  • No principal protection: The filing states the securities "do not guarantee the return of any principal and do not pay interest."
  • CUSIP: 61781TUQ4; pricing date is November 25, 2026, with a maturity date of December 1, 2031.

Structure and Payment Terms of the Jump Securities

According to the filing, the securities are structured so that automatic early redemption occurs on any of four determination dates if the closing level of each underlier is at or above 100% of its initial level on that date. Early redemption payments per security are fixed at $1,086 on December 3, 2027; $1,172 on November 27, 2028; $1,258 on November 26, 2029; and $1,344 on November 25, 2030. All payments are described as "subject to our credit risk."

If the securities are not automatically redeemed, payment at maturity depends on the worst performing underlier as of the final determination date of November 25, 2031. The filing's hypothetical examples show that if the worst performing underlier is flat or positive, the payment at maturity is $1,430 per security. If that underlier has declined but remains above the 60% downside threshold (meaning a loss of no more than 40%), investors receive $1,000.00 per security. Below the threshold, losses are proportional: a 41% decline produces $590.00, a 50% decline produces $500.00, and a 100% decline produces $0.00, according to the filing's hypothetical table.

The filing discloses that the estimated value of $945.10 per security is less than the original issue price, because costs "associated with issuing, selling, structuring and hedging the securities" are included in the original issue price. The filing further states the securities will not be listed on any securities exchange and that secondary trading may be limited. Morgan Stanley Finance LLC is described as having "no independent operations and will have no independent assets" as a finance subsidiary.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of auto-callable structured securities linked to the worst of the RTY and SPX indexes, maturing December 1, 2031, with an estimated value of $945.10 per security, four possible early redemption dates, and no principal guarantee.