Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,719 on November 2, 2026, for a structured note called the Worst-of INDU and SPX Trigger PLUS due December 4, 2031.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor of all payments.
  • Underliers: The securities are linked to the worst-performing of two indexes, the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX).
  • Leverage factor: The upside leverage factor is 137% to 142% of any appreciation in the worst-performing underlier.
  • Downside threshold: The downside threshold level is set at 75% of the initial level for each underlier.
  • Estimated value: The estimated value is $955.90 per security, or within $55.00 of that estimate, against a stated principal amount of $1,000.
  • Key dates: The pricing date is November 30, 2026, the observation date is December 1, 2031, and the maturity date is December 4, 2031.
  • CUSIP: 61781TLW1, filed under Registration Statement Nos. 333-293641 and 333-293641-01.

Morgan Stanley Finance LLC Worst-of INDU and SPX Trigger PLUS: Key Terms and Risk Factors

According to the filing, this Free Writing Prospectus summarizes the terms of a structured note issued by Morgan Stanley Finance LLC (MSFL) and guaranteed by Morgan Stanley. The securities are linked to the performance of the worst-performing of two underliers, the Dow Jones Industrial Average and the S&P 500 Index, over a term running from the November 30, 2026 pricing date to the December 4, 2031 maturity date. The filing notes that "the payment at maturity will be based solely on the performance of the worst performing underlier, which could be either underlier."

The filing provides hypothetical payment scenarios to illustrate how the payoff mechanism works. If the worst-performing underlier appreciates 5%, investors would receive $1,068.50 per security. If it depreciates 5%, investors would receive $1,000 per security. If it depreciates 25%, investors would still receive $1,000 per security, indicating principal protection up to the 25% decline level. However, if the worst-performing underlier falls 26%, the payment drops to $740.00 per security, and at a 100% decline, the payment would be $0.00. The filing also notes that at a hypothetical 100% gain, the payment would be $2,370.00, assuming a leverage factor of 137%.

The filing discloses several risks. The securities "do not guarantee the return of any principal and do not pay interest." The estimated value of $955.90 per security is below the $1,000 stated principal amount, which the filing attributes to costs "associated with issuing, selling, structuring and hedging the securities in the original issue price." The filing also states that "the securities will not be listed on any securities exchange and secondary trading may be limited," and that MSFL "has no independent operations and will have no independent assets." U.S. federal income tax consequences are described as "uncertain."

What Was Disclosed

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, filed terms for a structured note linked to the worst-performing of the INDU and SPX indexes, with a leverage factor of 137% to 142%, a downside threshold of 75%, an estimated value of $955.90 per security, and a maturity date of December 4, 2031.