Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,827 on November 2, 2026, covering MSAMP5 Jump Notes with Auto-Callable Feature due November 30, 2033.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underlier: The notes are linked to the Morgan Stanley Amplitude Index (MSAMP5), which was established on January 5, 2026.
  • Estimated value: The filing states an estimated value of $888.20 per note, or within $38.20 of that estimate, against an implied original issue price of $1,000.
  • Auto-call schedule: Six annual determination dates beginning November 24, 2027, with early redemption payments ranging from at least $1,130 to at least $1,780 per note, contingent on the underlier closing at or above 101% of its initial level.
  • Maturity payment structure: According to the filing, if not redeemed early, the notes do not pay interest and the return at maturity tracks the underlier's performance on the upside but is floored at 0% return (return of stated principal) regardless of underlier declines.
  • CUSIP: 61781TRS4; pricing date is November 24, 2026, with a final determination date of November 25, 2033.
  • No exchange listing: The filing states 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 are issued by Morgan Stanley Finance LLC under Registration Statement Nos. 333-293641 and 333-293641-01, and are guaranteed by Morgan Stanley (NYSE:MS). The notes are structured products linked to the Morgan Stanley Amplitude Index (MSAMP5), a proprietary index that the filing notes was established on January 5, 2026, giving it "very limited actual operating history." The filing cautions that this limited history may involve greater risk than an investment in an index with a longer track record.

The auto-callable feature allows for early redemption on any of six annual determination dates if the closing level of the underlier is at or above the call threshold level, set at 101% of the initial level. The filing specifies fixed early redemption payments per note: at least $1,130 on determination date one (November 24, 2027), rising in increments to at least $1,780 on determination date six (November 24, 2032). All payments are described as subject to Morgan Stanley's credit risk.

The filing discloses that the estimated value of the notes, at $888.20 per note (or within $38.20 of that estimate), is less than the original issue price, and attributes this to costs associated with "issuing, selling, structuring and hedging the notes." The hypothetical payment examples in the filing illustrate that at maturity, a note holder would receive a return equal to the underlier's positive percentage change, but if the underlier declines by any amount, the return on the notes is shown as 0.00%, indicating a return of stated principal with no gain. The notes do not pay interest at any point during their term.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of structured notes linked to the MSAMP5 index, including auto-call levels, estimated value, maturity date of November 30, 2033, CUSIP 61781TRS4, and a range of risk factors specific to the notes and the underlier index.