Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,810 on November 2, 2026, for S&P 500 Index-linked notes maturing November 29, 2029.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley serves as guarantor.
  • Underlier: The notes are linked to the S&P 500 Index (SPX) with a 100% participation rate.
  • Maximum payment at maturity: $1,192.50 to $1,212.50 per note (119.25% to 121.25% of stated principal amount).
  • Principal protection: The hypothetical payment table shows $1,000.00 per note at 0%, -50%, and -100% underlier performance, indicating full principal protection at maturity under those scenarios.
  • Estimated value: $944.30 per note, or within $45.00 of that estimate, as of the filing.
  • Key dates: Pricing date November 24, 2026; observation date November 26, 2029; maturity date November 29, 2029.
  • CUSIP: 61781TQP1; the notes will not be listed on any securities exchange.

Morgan Stanley Finance LLC SPX Market-Linked Notes: Key Terms and Risks

According to the filing, Morgan Stanley Finance LLC is offering S&P 500 Market-Linked Notes due November 29, 2029, under Registration Statement Nos. 333-293641 and 333-293641-01. The notes carry a 100% participation rate on the S&P 500 Index and are guaranteed by Morgan Stanley. All payments are described in the filing as "subject to our credit risk."

The filing discloses that the maximum payment at maturity is $1,192.50 to $1,212.50 per note, capping upside regardless of how far the S&P 500 rises above that threshold. The notes do not pay interest, and the amount payable at maturity is linked only to the value of the underlier on the observation date, November 26, 2029. The filing's hypothetical table shows that at 0%, -50%, or -100% underlier performance, the payment would be $1,000.00 per note, reflecting the stated principal amount.

The filing identifies several disclosed risks, including that "the notes may not pay more than the stated principal amount at maturity," that the estimated value of $944.30 per note is below the original issue price, and that this gap reflects "costs associated with issuing, selling, structuring and hedging the notes." The filing further states that MSFL "has no independent operations and will have no independent assets." Secondary market trading is described as potentially limited, and the notes will not be listed on any securities exchange. Investors are directed to the accompanying preliminary pricing supplement for full risk factors and tax considerations.

What Was Disclosed

Morgan Stanley Finance LLC filed preliminary terms for S&P 500-linked notes maturing November 29, 2029, with a principal amount of $1,000 per note, a maximum maturity payment of $1,192.50 to $1,212.50, an estimated value of $944.30, and CUSIP 61781TQP1.