Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,798, dated November 2, 2026, for auto-callable Jump Notes linked to the Morgan Stanley Amplitude Index (MSAMP5) and maturing December 4, 2031.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor of the notes.
  • Underlier: The notes are linked to the Morgan Stanley Amplitude Index (MSAMP5), established January 5, 2026, with very limited actual operating history.
  • Estimated value: $923.30 per note, or within $55.00 of that estimate, against an implied original issue price of $1,000 per note.
  • Auto-call schedule: Early redemption payments range from at least $1,150 per note on Determination Date #1 (November 30, 2027) to at least $1,600 per note on Determination Date #4 (November 29, 2030), triggered if the underlier closes at or above 101% of its initial level.
  • Principal protection at maturity: According to the filing's hypothetical examples, if the notes are not redeemed early, the return on notes is 0.00% for underlier declines ranging from -20% to -100%, meaning investors would receive no more than stated principal in those scenarios.
  • No interest payments: The filing states the notes do not pay interest.
  • No exchange listing: The filing discloses the notes will not be listed on any securities exchange and secondary trading may be limited.

Structure and Terms of the MSAMP5 Jump Notes

According to the filing, the notes carry CUSIP 61781TQM8 and were priced on November 30, 2026, with a final determination date of December 1, 2031 and a maturity date of December 4, 2031. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293641 and 333-293641-01. All payments are described as subject to Morgan Stanley's credit risk, meaning investors bear exposure to the creditworthiness of the guarantor.

The auto-callable feature is triggered on any of four determination dates if the closing level of the MSAMP5 index meets or exceeds 101% of its initial level, the call threshold level. If called on the second determination date, for example, the filing's hypothetical example shows investors receiving $1,300 per note. If the notes reach maturity without being called, the filing's hypothetical table indicates that any underlier decline, including declines of 20% through 100%, results in a 0.00% return on the notes, meaning investors receive back only their stated principal and no appreciation in those scenarios.

The filing identifies several risks specific to the MSAMP5 index, noting that the index contains embedded costs, is subject to leverage risks, may not successfully limit volatility, and has very limited actual operating history since its establishment on January 5, 2026. The filing further discloses that the estimated value of $923.30 per note is less than the original issue price because costs associated with issuing, selling, structuring, and hedging the notes are included in the original issue price. The calculation agent is described as a subsidiary of Morgan Stanley and an affiliate of MSFL.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of auto-callable structured notes linked to the MSAMP5 index, including an estimated value of $923.30 per note, a tiered early redemption schedule, principal return scenarios at maturity, key risk factors, and tax considerations requiring investor review.