Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,724 on November 2, 2026, describing SPXFP Trigger PLUS securities due December 4, 2031, linked to the S&P 500 Futures Excess Return Index.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor of all payments.
  • Underlier: The securities are linked to the S&P 500 Futures Excess Return Index (SPXFP).
  • Leverage factor: The leverage factor is 246% to 251% on the upside.
  • Downside threshold: The downside threshold level is 70% of the initial level; losses begin if the underlier falls below that level at observation.
  • Estimated value: The estimated value is $962.40 per security, or within $55.00 of that estimate, against a stated principal amount of $1,000.
  • Key dates: Pricing date is November 30, 2026; observation date is December 1, 2031; maturity date is December 4, 2031.
  • CUSIP: 61781TA52, filed under Registration Statement Nos. 333-293641 and 333-293641-01.

SPXFP Trigger PLUS Terms and Hypothetical Payoff Structure

According to the filing, Morgan Stanley Finance LLC is offering SPXFP Trigger PLUS securities with a maturity date of December 4, 2031. The securities are linked to the S&P 500 Futures Excess Return Index and carry a leverage factor of 246% to 251% on any upside performance of the underlier, measured from the pricing date to the observation date of December 1, 2031. The filing discloses that the estimated value of $962.40 per security is less than the $1,000 original issue price, with the filing attributing this gap in part to "costs associated with issuing, selling, structuring and hedging the securities in the original issue price."

The filing sets out hypothetical payment scenarios. If the underlier appreciates 5%, investors would receive $1,123 per security, or 112.30% of stated principal. If the underlier depreciates 5%, investors would receive $1,000 per security. However, if the underlier depreciates 85%, investors would receive only $150 per security, or 15% of stated principal. The tabulated hypothetical payments show that at a 100% gain in the underlier, payment would be $3,460.00 per security (assuming a leverage factor of 246%), while a 100% loss would result in $0.00 per security.

The filing emphasizes several risk factors. The securities "do not guarantee the return of any principal and do not pay interest." They are subject to Morgan Stanley's credit risk, will not be listed on any securities exchange, and secondary trading may be limited. The filing further notes that as a finance subsidiary, MSFL "has no independent operations and will have no independent assets." Tax consequences are described as uncertain, and investors are directed to review the accompanying preliminary pricing supplement and consult a tax adviser.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for structured notes linked to the SPXFP index, maturing December 4, 2031, with a leverage factor of 246% to 251%, a 70% downside threshold, an estimated value of $962.40 per security, and CUSIP 61781TA52.