Morgan Stanley Finance LLC filed a Free Writing Prospectus dated November 2, 2026, for Preliminary Pricing Supplement No. 19,811, describing the terms of Buffered Jump Securities with an Auto-Callable Feature linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, due November 28, 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.
  • Underlier: The securities are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40), established March 14, 2022.
  • Estimated Value: The filing states an estimated value of $901.10 per security, or within $51.10 of that estimate, against an implied original issue price basis.
  • Buffer and Call Threshold: A 15% buffer amount applies at maturity (85% maximum loss), and the call threshold level is set at 85% of the initial level.
  • Auto-Call Schedule: Up to 48 monthly early redemption determination dates are listed, beginning November 26, 2027, with payments ranging from $1,120.00-$1,130.00 on date #1 up to $1,590.00-$1,639.167 on date #48 (October 24, 2031).
  • Maturity and Key Dates: The pricing date is November 24, 2026; the final determination date is November 24, 2031; and the maturity date is November 28, 2031. CUSIP is 61781TQQ9.
  • No Exchange Listing: According to the filing, "The securities will not be listed on any securities exchange and secondary trading may be limited."

Terms and Structure of the SPUMP40 Buffered Jump Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC, with Morgan Stanley acting as guarantor, and are tied to the performance of the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. The filing notes the index was established on March 14, 2022 and "has very limited operating history," and discloses that "the decrement of 4% per annum will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates."

The auto-callable feature provides for up to 48 monthly determination dates. If the closing level of the underlier on any determination date is at or above the call threshold level of 85% of the initial level, the securities are automatically redeemed at the applicable early redemption payment for that date. The hypothetical examples in the filing illustrate that on determination date #2, a +30% change in the underlier would result in a payment of $1,130.00 per security, while a -20% change on date #1 would not trigger early redemption. If held to maturity with a 0.00% or better change in the underlier, the hypothetical payment shown is $1,600.00 per security, assuming a call return of approximately 12.00% per annum.

The filing discloses that the estimated value of $901.10 per security is determined by reference to Morgan Stanley's "pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price." The filing further states that the inclusion of costs associated with "issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities" and will adversely affect secondary market prices. All payments are described as subject to Morgan Stanley's credit risk, and the filing notes that as a finance subsidiary, MSFL "has no independent operations and will have no independent assets."

What Was Disclosed

Morgan Stanley Finance LLC filed preliminary terms for structured securities linked to the SPUMP40 index, including 48 auto-call dates from 2027 through 2031, a 15% maturity buffer, an estimated per-security value of $901.10, a November 28, 2031 maturity date, and CUSIP 61781TQQ9.