Morgan Stanley Finance LLC filed a Free Writing Prospectus on October 30, 2026, for Preliminary Pricing Supplement No. 19,814, disclosing terms of its SPUMP40 Buffered Jump Securities with Auto-Callable Feature due November 28, 2031, linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor; CUSIP 61781TQY2.
  • Underlier: The securities are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40), which was established on March 14, 2022.
  • Estimated value: $904.80 per security, or within $54.80 of that estimate, according to the filing.
  • Buffer amount: 20%, with an 80% maximum loss disclosed in the filing.
  • Call threshold level: 100% of the initial level, with 48 scheduled automatic early redemption determination dates from November 26, 2027 through October 24, 2031.
  • Maturity date: November 28, 2031, with a pricing date of November 24, 2026 and a final determination date of November 24, 2031.
  • Call return assumption: Hypothetical examples in the filing assume a call return of approximately 18.50% per annum.

SPUMP40 Buffered Jump Securities: Structure and Underlier Details

According to the filing, Morgan Stanley Finance LLC is offering SPUMP40 Buffered Jump Securities with an Auto-Callable Feature under Registration Statement Nos. 333-293641 and 333-293641-01. The securities are listed on NYSE as NYSE:MS and guaranteed by Morgan Stanley. The filing states that MSFL "has no independent operations and will have no independent assets," as it operates solely as a finance subsidiary. All payments are described as subject to Morgan Stanley's credit risk.

The underlying index, the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, carries a fixed annual decrement of 4%, which the filing discloses "will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates." The index was established March 14, 2022 and, as the filing notes, "has very limited operating history," meaning investments in it "may involve greater risk than an investment in an index with longer actual historical performance." The index also incorporates E-mini Russell 2000 futures contracts, exposing it to risks associated with small-capitalization companies and futures market disruptions.

The filing discloses 48 automatic early redemption determination dates, beginning November 26, 2027, with the first early redemption payment ranging from $1,185.00 to $1,195.00 per security. If not redeemed early, hypothetical maturity payments shown in the filing include $1,925.00 per security at underlier changes of 0%, +50%, or +100%, and $700.00 per security at a -50% change. The securities will not be listed on any securities exchange, and the filing states that secondary trading "may be limited." U.S. federal income tax consequences are described in the filing as "uncertain."

What Was Disclosed

The Free Writing Prospectus for Preliminary Pricing Supplement No. 19,814, filed October 30, 2026 and dated November 2, 2026, sets out the preliminary economic terms, risk factors, hypothetical payment examples, and underlier characteristics for the SPUMP40 Buffered Jump Securities due November 28, 2031.