Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,739, dated November 2, 2026, for Enhanced Trigger Jump Securities linked to the S&P 500 Futures Excess Return Index and maturing December 5, 2030.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Upside payment range: The filing discloses an upside payment of $415 to $435 per security, representing 41.50% to 43.50% of the stated principal amount.
  • Downside threshold: The downside threshold level is set at 70% of the initial level; losses below that level are passed through dollar-for-dollar.
  • Estimated value: The estimated value is $966.00 per security, or within $45.00 of that estimate, according to the filing.
  • Key dates: The pricing date is November 30, 2026, the observation date is December 2, 2030, and the maturity date is December 5, 2030.
  • CUSIP: The securities carry CUSIP 61781TA78 and will not be listed on any securities exchange.
  • No principal protection: The filing states that "the securities do not guarantee the return of any principal and do not pay interest."

Structure and Payment Terms of the SPXFP-Linked Securities

According to the filing, Morgan Stanley Finance LLC is offering Enhanced Trigger Jump Securities due December 5, 2030, linked to the S&P 500 Futures Excess Return Index (SPXFP). The securities are issued under Registration Statement Nos. 333-293641 and 333-293641-01. The filing describes two broad payment scenarios depending on the performance of the underlier from the pricing date through the observation date of December 2, 2030.

In an upside scenario, the filing states that if the underlier appreciates 10%, investors will receive a 41.50% return, or $1,415 per security. The same payment applies if the underlier depreciates up to the threshold: if the underlier depreciates 5%, investors will still receive $1,415 per security. The hypothetical payment table in the filing shows that a 0% change or a 30% decline each produce a $1,415.00 payment per security, assuming an upside payment of $415 per security.

In a downside scenario, losses below the 70% threshold level are borne directly. The filing illustrates that if the underlier depreciates 85%, investors would lose 85% of their principal and receive only $150 per security, or 15% of the stated principal amount. A 100% decline would result in a payment of $0.00. The filing also discloses that the estimated value of $966.00 per security is less than the original issue price, and attributes this to costs associated with "issuing, selling, structuring and hedging the securities." All payments are described as subject to Morgan Stanley's credit risk. The filing notes that as a finance subsidiary, MSFL has no independent operations and will have no independent assets.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for structured securities linked to the SPXFP index, maturing December 5, 2030, with a fixed upside payment of $415 to $435 per security, a 70% downside threshold, an estimated value of $966.00 per security, and CUSIP 61781TA78.