Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for NDX Trigger Jump Securities due November 29, 2029, linked to the Nasdaq-100 Index and identified as Preliminary Pricing Supplement No. 19,764.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor of all payments, which are subject to Morgan Stanley's credit risk.
  • Underlier: The securities are linked to the Nasdaq-100 Index (NDX), with the observation date set for November 26, 2029, and maturity on November 29, 2029.
  • Upside payment: The filing discloses an upside payment of $322.50 to $342.50 per security (32.25% to 34.25% of the stated principal amount), with the upside potential fixed and limited.
  • Downside threshold: The downside threshold level is set at 70% of the initial level; the filing notes the securities do not guarantee return of any principal and do not pay interest.
  • Estimated value: The estimated value is $946.20 per security, or within $45.00 of that estimate, which the filing states is less than the original issue price.
  • CUSIP: 61781TNV1; pricing date is November 24, 2026.
  • Listing: According to the filing, "the securities will not be listed on any securities exchange and secondary trading may be limited."

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

According to the Free Writing Prospectus filed November 2, 2026, Morgan Stanley Finance LLC is offering NDX Trigger Jump Securities due November 29, 2029, with Morgan Stanley as guarantor. The securities are linked to the Nasdaq-100 Index (NDX). The filing specifies a pricing date of November 24, 2026, an observation date of November 26, 2029, and a maturity date of November 29, 2029. The CUSIP assigned is 61781TNV1.

The filing discloses a fixed upside payment of $322.50 to $342.50 per security if the underlier meets or exceeds the initial level at the observation date, representing 32.25% to 34.25% of the stated principal amount. The filing provides hypothetical payment illustrations: if the underlier appreciates 10%, investors would receive $1,322.50 per security, assuming the upside payment of $322.50. If the underlier depreciates 85%, investors would receive only $150 per security, or 15% of the stated principal amount. The downside threshold level is 70% of the initial level, and the filing states the securities "do not guarantee the return of any principal and do not pay interest."

The filing discloses that the estimated value of $946.20 per security is determined by reference to Morgan Stanley's "pricing and valuation models, which may differ from those of other dealers." The filing further states that costs associated with "issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities" and cause the estimated value to be less than the original issue price. The filing notes that as a finance subsidiary, MSFL has no independent operations and will have no independent assets. U.S. federal income tax consequences are described as uncertain, and investors are directed to consult the accompanying preliminary pricing supplement and their own tax advisers.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for Preliminary Pricing Supplement No. 19,764, disclosing the key terms, estimated value, hypothetical payoff scenarios, and risk factors for NDX Trigger Jump Securities maturing November 29, 2029, linked to the Nasdaq-100 Index.