Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,750 on October 28, 2026, for Market Linked Securities that are auto-callable and linked to the lowest performing of three U.S. equity indexes, with a maturity date of November 2, 2032.

Key Highlights

  • Underlying indexes: Securities are linked to the S&P MidCap 400 Index, the Russell 2000 Index, and the S&P 500 Equal Weight Index, with payouts determined by the lowest performing of the three.
  • Face amount: $1,000 per security, with denominations of $1,000 and any integral multiple of $1,000.
  • Estimated value: Morgan Stanley Finance LLC disclosed that the estimated value of each security on the pricing date is approximately $982.50, or within $40.00 of that estimate.
  • Call premium range: Auto-call premiums begin at a minimum of 11.00% of face amount on November 2, 2027, and step up to at least 66.00% of face amount on the final calculation day of October 28, 2032.
  • Call threshold level: 95% of the starting level for each underlying; threshold level for downside protection is 75% of the starting level for each underlying.
  • Distribution: Wells Fargo Securities, LLC will receive a commission of up to $1.00 per security sold; dealers including Wells Fargo Advisors may receive a selling concession of up to $0.50 per security.
  • CUSIP: 61781TNH2; securities will not be listed on any securities exchange.

Structure and Terms of the Morgan Stanley Finance LLC Auto-Callable Securities

According to the filing, Morgan Stanley Finance LLC is the issuer and Morgan Stanley is the fully and unconditionally guaranteeing parent. The securities are described as "Market Linked Securities - Auto-Callable with Contingent Downside - Principal at Risk Securities." The pricing date is October 28, 2026, and the original issue date is November 2, 2026, both subject to change. The calculation agent is Morgan Stanley & Co. LLC, disclosed as an affiliate of both the issuer and the guarantor.

The filing discloses that if, on any calculation day beginning November 2, 2027, the closing level of each underlying is greater than or equal to its respective call threshold level of 95% of the starting level, the securities will be automatically called and investors will receive the applicable call premium. Call premiums step up in approximately 5.50 percentage-point increments across eleven semi-annual calculation days, from at least 11.00% on November 2, 2027, to at least 66.00% on the final calculation day. The filing states that exact call premium amounts are to be determined on the pricing date.

If the securities are not called and reach maturity, the filing states that investors receive $1,000 per security if the ending level of each underlying is at or above the 75% threshold level. However, according to the filing, "if the ending level of any underlying is less than its respective threshold level," the maturity payment equals $1,000 multiplied by the performance factor of the lowest performing underlying, meaning investors "will lose more than 25%, and possibly all, of the face amount." The filing further notes that any positive return is limited to the applicable call premium and that investors "will not participate in any appreciation of the underlyings."

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for auto-callable, principal-at-risk structured securities linked to three U.S. equity indexes, maturing November 2, 2032, with an estimated per-security value of approximately $982.50 against a $1,000 face amount.