Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,711, dated November 2, 2026, for Worst-of RTY and SPX Trigger Jump Securities due November 29, 2028, pursuant to Rule 433 under Registration Statement Nos. 333-293641 and 333-293641-01.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underliers: The securities are linked to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX), with payment based solely on the worst performing underlier.
  • Upside payment: The upside payment is $250 to $260 per security (25% to 26% of stated principal amount), with the maximum payout listed at $1,250.00 per security.
  • Downside threshold: The downside threshold level is 80% of the initial level for each underlier; a worst-performing underlier decline of 85% results in a payment of only $150 per security.
  • Estimated value: The estimated value is $950.20 per security, or within $35.00 of that estimate, which is less than the original issue price.
  • Key dates: Pricing date is November 24, 2026; observation date is November 24, 2028; maturity date is November 29, 2028.
  • No principal guarantee: According to the filing, "The securities do not guarantee the return of any principal and do not pay interest."

Morgan Stanley Finance LLC Worst-of Trigger Jump Securities: Structure and Key Terms

According to the filing, Morgan Stanley Finance LLC is offering Worst-of RTY and SPX Trigger Jump Securities due November 29, 2028, with CUSIP 61781TMU4. The securities are guaranteed by Morgan Stanley and are linked to the performance of the Russell 2000 Index and the S&P 500 Index. The payment at maturity is determined solely by the performance of the worst performing underlier, which the filing states could be either index.

The filing discloses that if the worst performing underlier appreciates 10%, investors receive a 25% return, or $1,250 per security. If the worst performing underlier remains flat (0.00% change) or appreciates, the payment is $1,250.00 per security, assuming an upside payment of $250 per security. However, if the worst performing underlier declines beyond the 80% downside threshold, losses are applied directly: a 21% decline results in a payment of $790.00 per security, a 50% decline results in $500.00, and a 100% decline results in $0.00.

The filing notes that the estimated value of $950.20 per security is less than the original issue price, and attributes this in part to "costs associated with issuing, selling, structuring and hedging the securities in the original issue price." The securities will not be listed on any securities exchange, and the filing cautions that secondary trading may be limited. The filing also states that "The U.S. federal income tax consequences of an investment in the securities offered by the accompanying preliminary pricing supplement are uncertain," and advises investors to consult a tax adviser.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of structured notes linked to the worst-of Russell 2000 and S&P 500 indexes, with a maturity of November 29, 2028, an estimated value of $950.20 per security, and upside capped at $1,250.00 per security.