Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,800 on November 2, 2026, relating to Worst-of INDU and SPX Market-Linked Notes due November 29, 2030.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor.
  • Underliers: The notes are linked to the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX), with payment based on the worst performing of the two.
  • Maximum payment at maturity: $1,464 to $1,514 per note (146.40% to 151.40% of stated principal amount), with a pricing date of November 24, 2026 and maturity date of November 29, 2030.
  • Principal protection floor: According to the filing, a 0% or worse change in the worst performing underlier results in a payment of $1,000.00 per note.
  • Estimated value: $950.60 per note, or within $45.00 of that estimate, as disclosed in the filing.
  • No interest payments: The filing states the notes do not pay interest.
  • CUSIP: 61781TPT4; the notes will not be listed on any securities exchange, according to the filing.

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

According to the filing, Morgan Stanley Finance LLC is offering Market-Linked Notes with a participation rate of 100% and a maturity date of November 29, 2030. The observation date is November 25, 2030, and the pricing date is November 24, 2026. All payments are described as subject to the credit risk of Morgan Stanley. The notes are registered under Registration Statement Nos. 333-293641 and 333-293641-01.

The filing discloses that the payment at maturity will be based solely on the performance of the worst performing underlier, which could be either the Dow Jones Industrial Average or the S&P 500 Index. The maximum payment at maturity ranges from $1,464 to $1,514 per note. As illustrated in the filing's hypothetical table, a worst-performing underlier change of +46.40% or more results in the maximum payment of $1,464 per note (assuming the lower end of the maximum), while changes of 0% through -100% each result in a payment of $1,000.00 per note, meaning principal is returned but no gain is received in those scenarios.

The filing identifies several risk considerations, including that the appreciation potential is limited by the maximum payment at maturity, that the notes do not pay interest, and that secondary market trading may be limited given the notes will not be listed on any securities exchange. The filing also notes that the estimated value of $950.60 per note is less than the original issue price, attributing this to costs associated with "issuing, selling, structuring and hedging the notes." The calculation agent is described as a subsidiary of Morgan Stanley and an affiliate of MSFL.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus covering Worst-of INDU and SPX Market-Linked Notes (CUSIP 61781TPT4) due November 29, 2030, detailing principal terms, a hypothetical payment table, an estimated value of $950.60 per note, and associated risk considerations.