Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,815 on November 2, 2026, covering Contingent Income Memory Buffered Auto-Callable Securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, with a maturity date of November 30, 2033.

Key Highlights

  • Underlier: The securities are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40).
  • Contingent coupon rate: 10.75% to 11.75% per annum, with a memory feature, paid monthly.
  • Call threshold: Automatic early redemption is triggered if the underlier closes at or above 95% of its initial level on any monthly redemption determination date, beginning after one year.
  • Buffer amount: 20% downside buffer, with a maximum loss of 80% of principal.
  • Estimated value: $902.70 per security, or within $52.70 of that estimate.
  • Pricing date: November 24, 2026; CUSIP 61781TRA3.
  • Listing: The securities will not be listed on any securities exchange.

Terms and Structure of the SPUMP40 Auto-Callable Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC (MSFL) and guaranteed by Morgan Stanley. The underlier is the S&P U.S. Equity Momentum 40% VT 4% Decrement Index, which, as the filing notes, was established on March 14, 2022 and "therefore has very limited operating history." The filing further states that "the decrement of 4% per annum will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates."

The filing discloses a contingent coupon of 10.75% to 11.75% per annum, with a memory feature, payable monthly when the underlier closes at or above the coupon barrier level of 70% of the initial level on the relevant observation date. If the underlier closes at or above 95% of the initial level on any monthly redemption determination date beginning after one year, the securities will be automatically redeemed and no further payments will be made. The final observation date is November 25, 2033, and the maturity date is November 30, 2033.

The filing presents a hypothetical payment table at maturity showing that if the underlier declines by 20% or less, the payment per security is $1,000.00; a decline of 21% results in a payment of $990.00; a decline of 50% results in $700.00; and a decline of 100% results in $200.00. The filing states that the estimated value of $902.70 per security 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." All payments are described as subject to Morgan Stanley's credit risk. As a finance subsidiary, the filing notes, "MSFL has no independent operations and will have no independent assets."

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for auto-callable structured securities linked to the SPUMP40 index, disclosing key economic terms including coupon range, call and coupon barrier levels, a 20% buffer, an estimated value of $902.70 per security, and multiple risk factors.