Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,879 on November 2, 2026, covering Worst-of NDXT and RTY Dual Directional Trigger PLUS securities due December 5, 2028.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underliers: The securities are linked to the worst performing of two indexes: the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY).
  • Leverage and participation: The leverage factor is 130% on the upside; the absolute return participation rate is 100%.
  • Downside threshold: The downside threshold level is 80% of the initial level for each underlier.
  • Estimated value: $974.80 per security, or within $35.00 of that estimate, according to the filing.
  • Key dates: Pricing date is November 30, 2026; observation date is November 30, 2028; maturity date is December 5, 2028.
  • No principal guarantee: The filing states the securities "do not guarantee the return of any principal and do not pay interest."

Structure and Payment Terms of the MSFL Dual Directional Trigger PLUS Offering

According to the filing, Morgan Stanley Finance LLC is offering structured securities under Registration Statement Nos. 333-293641 and 333-293641-01, with a CUSIP of 61781TTJ2. The payment at maturity is based solely on the performance of the worst performing underlier between the NDXT and the RTY. The filing states that all payments are subject to the credit risk of Morgan Stanley Finance LLC and its guarantor, Morgan Stanley.

The filing outlines three hypothetical scenarios. In an upside scenario where the worst performing underlier appreciates 5%, investors would receive $1,065 per security. In an absolute return participation scenario where the worst performing underlier depreciates 5%, investors would receive $1,050 per security. In a downside scenario where the worst performing underlier depreciates 85%, investors would receive only $150 per security, representing a loss of 85% of principal. The filing also discloses that a -21.00% change in the worst performing underlier would produce a payment of $790.00 per security, illustrating the threshold break point.

The filing cautions that the estimated value of $974.80 per security is determined by reference to Morgan Stanley's own pricing and valuation models, and "may differ from those of other dealers and is not a maximum or minimum secondary market price." The filing further discloses that the securities will not be listed on any securities exchange and that secondary trading may be limited. Investors are directed to review the accompanying preliminary pricing supplement, available on the SEC's EDGAR system, for complete risk factor disclosures, including risks tied to the technology sector concentration and small-capitalization company exposure.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of a structured note linked to the worst performing of two equity indexes, with an estimated value of $974.80 per security, a maturity of December 5, 2028, and no guarantee of principal return.