Morgan Stanley Finance LLC filed a Free Writing Prospectus on October 26, 2026, disclosing terms for Principal at Risk Securities linked to the lowest performing of the Dow Jones Industrial Average, the State Street Technology Select Sector SPDR ETF, and the S&P 500 Index, due February 1, 2029.

Key Highlights

  • Underlying structure: Payoff is determined by the lowest performing of three underlyings: the Dow Jones Industrial Average, the State Street Technology Select Sector SPDR ETF (XLK), and the S&P 500 Index.
  • Participation rate: At least 126.50%, to be determined on the pricing date of October 29, 2026.
  • Buffer protection: A 20% buffer amount applies, with the threshold level set at 80% of the starting level for each underlying.
  • Estimated value: The issuer estimates the value of each security on the pricing date will be approximately $948.00, or within $25.00 of that estimate, against a face amount of $1,000 per security.
  • Maximum loss: According to the filing, investors could lose "some, and possibly up to 80%, of the face amount" if the ending level of the lowest performing underlying falls below its threshold level.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $25.75 per security sold; dealers including Wells Fargo Advisors may receive a selling concession of up to $20.00 per security, and WFA may receive a distribution expense fee of $0.75 per security sold by WFA.
  • Maturity and CUSIP: The securities mature February 1, 2029, with CUSIP 61781TKU6, and are not listed on any securities exchange.

Terms and Structure of the MSFL Lowest Performing Underlying Securities

Morgan Stanley Finance LLC (MSFL), with payments fully and unconditionally guaranteed by Morgan Stanley, is offering Market Linked Securities under Preliminary Pricing Supplement No. 19,658. The filing, made pursuant to Rule 433 under Registration Statement Nos. 333-293641 and 333-293641-01, describes securities with a face amount of $1,000 per security and an original issue date expected on or about November 3, 2026, subject to change. The calculation day is January 29, 2029, with maturity on February 1, 2029.

According to the filing, the maturity payment depends entirely on the underlying return of the lowest performing of the three referenced underlyings. If that underlying finishes above its starting level, the investor receives $1,000 plus the product of $1,000, the underlying return, and the participation rate of at least 126.50%. If the lowest performing underlying finishes at or below its starting level but at or above the threshold level of 80% of the starting level, the investor receives exactly $1,000. If the lowest performing underlying finishes below the threshold level, the investor is exposed one-to-one to losses beyond the 20% buffer amount, and the filing states investors could lose up to 80% of the face amount.

The filing notes that the estimated value of approximately $948.00 per security "includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you." Morgan Stanley & Co. LLC serves as calculation agent and, along with Wells Fargo Securities, LLC, acts as agent for the offering. The filing also states that the securities will not be listed on any securities exchange and that "secondary trading may be limited." All payments are described as subject to the credit risk of MSFL and Morgan Stanley. The filing identifies MSFL as a finance subsidiary with "no independent operations" and "no independent assets."

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus disclosing the preliminary terms of structured securities linked to three underlyings, with a 20% downside buffer, a participation rate of at least 126.50%, an estimated issuance value of approximately $948.00 per $1,000 face amount, and a maturity date of February 1, 2029.