Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,803 on November 2, 2026, covering a structured note linked to the Russell 2000 Index and the S&P 500 Index, due November 29, 2029.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underliers: The notes are linked to the worst-performing of the Russell 2000 Index (RTY) and the S&P 500 Index (SPX).
  • Leverage factor: The leverage factor is 120% to 125%.
  • Downside threshold: The downside threshold level is 75% of the initial level for each underlier.
  • Estimated value: The estimated value is $945.40 per security, or within $45.00 of that estimate.
  • Pricing and maturity dates: The pricing date is November 24, 2026, and the maturity date is November 29, 2029.
  • CUSIP: 61781TQX4.

Terms and Payoff Structure of the Worst-of Trigger PLUS Notes

According to the filing, Morgan Stanley Finance LLC is offering structured securities under Registration Statement Nos. 333-293641 and 333-293641-01, with the observation date set for November 26, 2029. All payments are described as subject to the credit risk of the issuer and guarantor. The filing states that "the securities do not guarantee the return of any principal and do not pay interest."

The payment at maturity is based solely on the performance of the worst-performing underlier, which the filing notes could be either index. The filing illustrates three hypothetical scenarios: if the worst-performing underlier appreciates 5%, investors receive $1,060 per security; if it depreciates 5%, investors receive $1,000 per security; and if it depreciates 85%, investors receive only $150 per security, representing a loss of 85% of principal. The filing also notes that at a hypothetical 100% gain, the payment would be $2,200.00 per security, and at a 50% gain, $1,600.00, both assuming a leverage factor of 120%.

The filing discloses that the estimated value of $945.40 per security is less than the original issue price, because "the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities." The securities will not be listed on any securities exchange, and secondary trading may be limited, according to the filing. The U.S. federal income tax consequences are described as uncertain.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for a worst-of structured note linked to the RTY and SPX indexes, with a leverage factor of 120% to 125%, a downside threshold of 75%, an estimated value of $945.40 per security, and a maturity date of November 29, 2029.