Morgan Stanley Finance LLC filed a Free Writing Prospectus on October 26, 2026, for Preliminary Pricing Supplement No. 19,682, covering Worst-of NDXT and RTY Contingent Income Auto-Callable Securities due November 15, 2029.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor, with all payments subject to their credit risk.
  • Contingent coupon: 9.00% per annum, paid monthly, contingent on each underlier closing at or above 75% of its initial level on the related observation date.
  • Underliers: The securities are linked to the worst-performing of the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY).
  • Estimated value: $951.10 per security, or within $45.00 of that estimate, against an original issue price of $1,000.00.
  • Auto-call feature: Securities are automatically redeemed if each underlier closes at or above 100% of its initial level on any monthly redemption determination date beginning after one year.
  • Downside threshold: At maturity, if the worst-performing underlier has declined more than 25% from its initial level, principal loss is proportional to that decline, per the hypothetical payment table.
  • Pricing and maturity dates: Pricing date is November 9, 2026; maturity date is November 15, 2029; CUSIP is 61781TMG5.

Terms and Structure of the MSFL Auto-Callable Securities

According to the filing, Morgan Stanley Finance LLC is offering Worst-of NDXT and RTY Contingent Income Auto-Callable Securities under Registration Statement Nos. 333-293641 and 333-293641-01. The securities are linked to the lesser-performing of two indexes: the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY). The filing discloses that a contingent coupon of 9.00% per annum is paid monthly, but only if each underlier closes at or above its coupon barrier level of 75% of its initial level on the observation date at the end of the relevant interest period. The filing explicitly states that "the securities do not provide for the regular payment of interest."

The filing discloses that the securities may be automatically redeemed beginning after one year, on a monthly basis, if each underlier closes at or above 100% of its initial level on a redemption determination date. If redeemed early, no further payments are made. If not redeemed, the hypothetical payment table in the filing illustrates that a loss of principal begins when the worst-performing underlier declines more than 25%: for example, a 26% decline produces a payment of $740.00 per security, a 50% decline produces $500.00, and a 100% decline produces $0.00.

The filing notes that the estimated value of the securities, at $951.10 per security (or within $45.00 of that estimate), is less than the $1,000.00 original issue price, and attributes this partly to "costs associated with issuing, selling, structuring and hedging the securities." The filing also states that the securities will not be listed on any securities exchange and that secondary trading may be limited. U.S. federal income tax consequences are described in the filing as "uncertain."

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for auto-callable structured securities linked to the NDXT and RTY indexes, due November 15, 2029, with a 9.00% per annum contingent coupon, an estimated value of $951.10 per security, and a CUSIP of 61781TMG5.