Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 2, 2026, summarizing the terms of Worst-of INDU and SPX Market-Linked Notes due December 5, 2030, identified as Preliminary Pricing Supplement No. 19,758.

Key Highlights

  • Issuer and guarantor: The notes are issued by Morgan Stanley Finance LLC, with Morgan Stanley as guarantor, according to the filing.
  • Underliers: The notes are linked to the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX), with payment at maturity based solely on the worst performing of the two.
  • Maximum payment at maturity: $1,606 to $1,656 per note (160.60% to 165.60% of stated principal amount), the filing disclosed.
  • Estimated value: $970.00 per note, or within $45.00 of that estimate, as stated in the filing.
  • Pricing date: November 30, 2026; maturity date is December 5, 2030, with an observation date of December 2, 2030.
  • No interest payments: The filing states that "the notes do not pay interest."
  • CUSIP: 61781TC27, as identified in the filing.

Terms and Structure of the Worst-of Market-Linked Notes

According to the filing, Morgan Stanley Finance LLC is offering Market-Linked Notes whose payment at maturity depends entirely on the performance of the worst performing underlier between the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX). The participation rate is stated as 100%, and the notes carry a maximum payment at maturity of $1,606 to $1,656 per note, representing 160.60% to 165.60% of the stated principal amount. The filing notes that the CUSIP for these notes is 61781TC27.

The filing provides a hypothetical payment table illustrating that if the worst performing underlier gains 50.00%, the payment at maturity would be $1,500.00 per note, while if the worst performing underlier is flat or declines by 50.00% or 100.00%, the payment remains at $1,000.00 per note. The estimated value of the notes is disclosed as $970.00 per note, or within $45.00 of that estimate, which the filing attributes to Morgan Stanley's "pricing and valuation models, which may differ from those of other dealers."

The filing identifies several risks, including that the notes are subject to Morgan Stanley's credit risk, will not be listed on any securities exchange, and that secondary trading may be limited. It further states that "the rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads," and that associated costs "will adversely affect secondary market prices." The filing also notes that Morgan Stanley Finance LLC, as a finance subsidiary, "has no independent operations and will have no independent assets." Investors are directed to the amended preliminary pricing supplement for full details.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus summarizing terms of Market-Linked Notes linked to the INDU and SPX indices, with a maximum payment at maturity of $1,606 to $1,656 per note, an estimated value of $970.00 per note, and a maturity date of December 5, 2030.