Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,790, dated November 2, 2026, for SPXFP Callable Jump Notes due November 28, 2031, linked to the S&P 500 Futures Excess Return Index with a pricing date of November 24, 2026.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor, with all payments subject to Morgan Stanley's credit risk.
  • Underlier: Notes are linked to the S&P 500 Futures Excess Return Index (SPXFP), not the S&P 500 index itself.
  • Participation rate: 150% participation rate applies to any positive performance of the underlier at maturity.
  • Estimated value: $928.20 per note, or within $55.00 of that estimate, against an implied original issue price of $1,000.00 per note.
  • Early redemption schedule: Up to 48 monthly redemption dates beginning November 30, 2027, with fixed payments ranging from at least $1,250.00 to at least $2,229.167 per note.
  • Principal protection floor: Hypothetical payment at maturity is $1,000.00 per note regardless of underlier declines of 20% through 100%, if not redeemed early.
  • CUSIP: 61781TQD8; notes will not be listed on any securities exchange.

Structure and Terms of the SPXFP Callable Jump Notes, Series No. 19,790

According to the filing, Morgan Stanley Finance LLC is offering Callable Jump Notes due November 28, 2031, with Morgan Stanley acting as guarantor. The notes are linked to the S&P 500 Futures Excess Return Index (SPXFP). The pricing date is listed as November 24, 2026, and the observation date is November 24, 2031. The filing was made pursuant to Rule 433 under Registration Statement Nos. 333-293641 and 333-293641-01.

The filing discloses a call feature under which early redemption "will occur on a redemption date if and only if the output of a risk neutral valuation model indicates that redeeming on such date is economically rational for us as compared to not redeeming on such date." There are 48 scheduled monthly redemption dates beginning November 30, 2027, each carrying a fixed minimum redemption payment per note that steps up incrementally, from at least $1,250.00 on the first date to at least $2,229.167 on the 48th date of October 29, 2031. If the notes are not redeemed early, the 150% participation rate applies to any positive change in the underlier's closing level at maturity, with the hypothetical payment at maturity showing $1,900.00 per note at a +60% underlier change and $1,000.00 per note at any flat or negative change.

The filing states the estimated value of the notes is $928.20 per note, or within $55.00 of that estimate, and notes that this figure "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." The filing further discloses that the notes do not pay interest, will not be listed on any securities exchange, and that secondary trading may be limited. As a finance subsidiary, the filing states, "MSFL has no independent operations and will have no independent assets."

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus covering SPXFP Callable Jump Notes due November 28, 2031 (CUSIP 61781TQD8), with an estimated value of $928.20 per note, a 150% participation rate, 48 possible early redemption dates, and no interest payments.