Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,683 on November 2, 2026, covering a structured note linked to the Nasdaq-100 Index and Russell 2000 Index with a stated maturity of November 29, 2030.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor; all payments are subject to Morgan Stanley's credit risk.
  • Underliers: The note is linked to the worst performing of the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY).
  • Estimated value: $935.90 per security, or within $45.00 of that estimate, against a stated principal amount of $1,000.
  • Leverage factor: 120% to 135% on the upside; an absolute return participation rate of 50% applies when the worst performing underlier depreciates but stays above the threshold.
  • Downside threshold: 70% of the initial level for each underlier; a breach causes full downside exposure to the worst performing underlier.
  • Key dates: Pricing date November 24, 2026; observation date November 25, 2030; maturity date November 29, 2030.
  • CUSIP: 61781TLB7; the securities will not be listed on any securities exchange.

Structure and Payment Terms of MSFL Preliminary Pricing Supplement No. 19,683

According to the filing, Morgan Stanley Finance LLC is offering structured securities under Registration Statement Nos. 333-293641 and 333-293641-01. The note is described as a "Worst-of NDX and RTY Dual Directional Trigger PLUS" security. Payment at maturity depends solely on the performance of the worst performing underlier between the Nasdaq-100 Index and the Russell 2000 Index, measured from the pricing date to the observation date of November 25, 2030.

The filing sets out three hypothetical payment scenarios. In an upside scenario, if the worst performing underlier appreciates 5%, investors would receive $1,060 per security. In an absolute return participation scenario, if the worst performing underlier depreciates 5%, investors would receive $1,025 per security. In a downside scenario, if the worst performing underlier depreciates 85%, investors would receive only $150 per security, representing a loss of 85% of principal. A leverage factor of 120% is assumed in the upside table entries, with the filing noting the factor may range up to 135%.

The filing discloses that the estimated value of $935.90 per security is below the $1,000 original issue price, and attributes this gap to "costs associated with issuing, selling, structuring and hedging the securities" included in the original issue price. The filing further states that the estimated value "is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price." The securities pay no interest and do not guarantee return of principal. Secondary market trading may be limited, and U.S. federal income tax consequences are described as uncertain.

What Was Disclosed

The filing is a Free Writing Prospectus dated November 2, 2026, summarizing terms of a structured note issued by Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, linked to the NDX and RTY indexes, with a maturity of November 29, 2030, and CUSIP 61781TLB7.