Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, for Preliminary Pricing Supplement No. 19,710, covering Worst-of NDXT and RTY Contingent Income Auto-Callable Securities due February 29, 2028.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underliers: The securities are linked to the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY), with returns based on the worst-performing of the two.
  • Contingent coupon range: 8.20% to 9.20% per annum, paid monthly, subject to each underlier closing at or above 75% of its initial level on the related observation date.
  • Auto-call feature: Beginning after 6 months, securities are automatically redeemed monthly if each underlier closes at or above 100% of its initial level on a redemption determination date.
  • Downside threshold: If the worst-performing underlier falls below 75% of its initial level at the final observation date, investors receive $1,000 per security reduced by the percentage decline, up to a total loss.
  • Estimated value: $956.50 per security, or within $35.00 of that estimate, against a $1,000 original issue price.
  • Pricing date and maturity: Pricing date is November 24, 2026; maturity date is February 29, 2028; CUSIP is 61781TMV2.

Structure and Terms of the NDXT/RTY Auto-Callable Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC under Registration Statement Nos. 333-293641 and 333-293641-01, with Morgan Stanley as guarantor. The securities are linked to both the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY), and all returns are determined by the closing level of the worst-performing underlier. The filing states that investors "will not participate in any appreciation in the value of either underlier."

The contingent coupon, ranging from 8.20% to 9.20% per annum, is payable monthly only if each underlier closes at or above its coupon barrier level, set at 75% of the initial level, on the applicable observation date. The filing discloses that payment of the contingent coupon "is based on the closing levels of the underliers on only the related observation date at the end of the related interest period." Automatic early redemption at par occurs monthly beginning after 6 months if each underlier closes at or above 100% of its initial level on a redemption determination date.

The filing presents a hypothetical payment table showing that if the worst-performing underlier declines 26% at the final observation date, investors would receive $740.00 per security; a 50% decline would yield $500.00; a 100% decline would yield $0.00. The estimated value of $956.50 per security is described as determined "by reference to our pricing and valuation models," which the filing notes "may differ from those of other dealers." The filing also states the securities "will not be listed on any securities exchange and secondary trading may be limited," and that all payments are subject to Morgan Stanley's credit risk.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of Auto-Callable Securities linked to the NDXT and RTY indexes, maturing February 29, 2028, with a contingent coupon of 8.20% to 9.20% per annum, an estimated value of $956.50 per security, and principal at risk below a 75% downside threshold.