Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,779, dated November 2, 2026, for Market-Linked Notes due November 28, 2031 linked to the S&P 500 Futures Excess Return Index (SPXFP).

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 notes are linked to the S&P 500 Futures Excess Return Index (SPXFP).
  • Participation Rate: The filing discloses a participation rate of 143% to 148%.
  • Maturity and Key Dates: The pricing date is November 24, 2026; the observation date is November 24, 2031; and the maturity date is November 28, 2031.
  • Estimated Value: The filing states an estimated value of $940.50 per note, or within $55.00 of that estimate, which is less than the original issue price of $1,000.00 per note.
  • Principal Protection: According to the filing, the payment at maturity is $1,000.00 per note even if the underlier declines 50% or 100%, based on the hypothetical table provided.
  • CUSIP: 61781TPR8; the notes will not be listed on any securities exchange, according to the filing.

Morgan Stanley Finance LLC SPXFP Market-Linked Notes: Terms and Risk Factors

According to the Free Writing Prospectus filed November 2, 2026, Morgan Stanley Finance LLC is offering Market-Linked Notes due November 28, 2031, with Morgan Stanley as guarantor. The notes are linked to the S&P 500 Futures Excess Return Index (SPXFP) and carry a participation rate of 143% to 148%. The filing notes that all payments are subject to Morgan Stanley's credit risk. Registration Statement Nos. 333-293641 and 333-293641-01 cover the offering, filed pursuant to Rule 433.

The filing includes a hypothetical payment table illustrating that, assuming a participation rate of 143%, a 100% gain in the underlier would result in a payment at maturity of $2,430.00 per note, and a 50% gain would yield $1,715.00 per note. The table also shows that the payment at maturity remains $1,000.00 per note for underlier changes of 0%, -50%, or -100%. The filing states that the notes do not pay interest, and the amount payable is determined solely by the underlier's closing level on the observation date of November 24, 2031.

The filing identifies several disclosed risks. These include that the estimated value of $940.50 per note is determined by Morgan Stanley's own pricing and valuation models, "which may differ from those of other dealers and is not a maximum or minimum secondary market price." The filing also discloses that costs associated with "issuing, selling, structuring and hedging the notes" are included in the original issue price, reducing the economic terms of the notes. Additionally, the filing states that Morgan Stanley Finance LLC "has no independent operations and will have no independent assets" as a finance subsidiary, and that secondary trading in the notes may be limited given they will not be listed on any securities exchange.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of SPXFP Market-Linked Notes due November 28, 2031, including a participation rate of 143%-148%, an estimated value of $940.50 per note, key dates, CUSIP 61781TPR8, and associated risk factors under Registration Statement Nos. 333-293641 and 333-293641-01.