Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,759 on November 2, 2026, disclosing terms for Worst-of INDU, NDX and RTY Enhanced Trigger Jump Securities due December 4, 2031.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor of all payments, which are subject to Morgan Stanley's credit risk.
  • Underliers: The securities are linked to the worst-performing of three indexes: the Dow Jones Industrial Average (INDU), the Nasdaq-100 Index (NDX), and the Russell 2000 Index (RTY).
  • Upside payment range: The upside payment is listed as $492.50 to $512.50 per security, representing 49.25% to 51.25% of the stated principal amount.
  • Downside threshold level: The downside threshold level is 70% of the initial level for each underlier; breaching it exposes investors to full downside loss proportional to the worst-performing underlier.
  • Estimated value: The estimated value is $957.50 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.
  • No exchange listing: According to the filing, "The securities will not be listed on any securities exchange and secondary trading may be limited."

Terms and Structure of the MSFL Worst-of Jump Securities

According to the filing, Morgan Stanley Finance LLC is offering Worst-of INDU, NDX and RTY Enhanced Trigger Jump Securities under Registration Statement Nos. 333-293641 and 333-293641-01. The securities have a stated principal amount of $1,000 per security and carry CUSIP 61781TC35. The filing notes that all payments are subject to the credit risk of Morgan Stanley, the guarantor.

The filing discloses that payment at maturity is based solely on the performance of the worst-performing underlier among the three indexes. In an upside scenario, if the worst-performing underlier appreciates 10% or depreciates as much as 5% without breaching the 70% downside threshold, investors would receive a 49.25% return, or $1,492.50 per security. If the worst-performing underlier appreciates 80%, investors would receive an 80% return, or $1,800 per security. In a downside scenario, the filing illustrates that if the worst-performing underlier depreciates 85%, investors would receive only $150 per security at maturity, representing a loss of 85% of principal. The filing explicitly states that "the securities do not guarantee the return of any principal and do not pay interest."

The filing further discloses that the estimated value of $957.50 per security is less than the original issue price, and attributes this to costs associated with "issuing, selling, structuring and hedging the securities." The filing also notes that the estimated value is determined by reference to Morgan Stanley's own pricing and valuation models, which "may differ from those of other dealers," and is "not a maximum or minimum secondary market price." The U.S. federal income tax consequences are described in the filing as "uncertain."

What Was Disclosed

Morgan Stanley Finance LLC disclosed preliminary terms for structured securities linked to the worst-performing of three equity indexes, with a maturity date of December 4, 2031, an estimated value of $957.50 per security, and a 70% downside threshold level, as detailed in Preliminary Pricing Supplement No. 19,759.