Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,735, dated November 2, 2026, describing EURO STOXX 50 Index-linked market notes due December 5, 2030.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer; Morgan Stanley is the guarantor of the notes.
  • Underlier: The notes are linked to the EURO STOXX 50 Index (SX5E).
  • Participation rate: The filing states a participation rate of 124% to 129%.
  • Estimated value: $962.40 per note, or within $45.00 of that estimate, according to the filing.
  • Maturity date: December 5, 2030, with an observation date of December 2, 2030 and a pricing date of November 30, 2026.
  • Principal protection: The filing's hypothetical table shows a payment at maturity of $1,000.00 per note even at -50% and -100% underlier performance, though the filing notes all payments are subject to credit risk.
  • No interest and no listing: The filing states the notes do not pay interest and will not be listed on any securities exchange.

EURO STOXX 50 Market-Linked Notes: Structure and Key Terms

According to the filing, Morgan Stanley Finance LLC is offering SX5E Market-Linked Notes due December 5, 2030, under Registration Statement Nos. 333-293641 and 333-293641-01. The notes carry CUSIP 61781TB51 and are filed pursuant to Rule 433. The filing discloses that the estimated value of $962.40 per note is below the original issue price, and states that "the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the original issue price reduce the economic terms of the notes."

The filing provides a hypothetical payoff table illustrating payment at maturity per note assuming a participation rate of 124%. At a +100% underlier gain, the payment would be $2,240.00 per note; at +50%, $1,620.00; and at 0%, -50%, or -100%, $1,000.00. The filing cautions that "the notes may not pay more than the stated principal amount at maturity" and that "the amount payable on the notes is not linked to the value of the underlier at any time other than the observation date."

The filing identifies several risk factors. Among those disclosed: the notes are subject to Morgan Stanley's credit risk; as a finance subsidiary, MSFL "has no independent operations and will have no independent assets"; and secondary trading may be limited given the notes will not be listed on any securities exchange. The filing also notes that the calculation agent is a subsidiary of Morgan Stanley and an affiliate of MSFL, and that hedging and trading activity by affiliates could potentially affect the notes' value. Investors are directed to the accompanying preliminary pricing supplement for complete risk factor disclosures and U.S. federal income tax considerations.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the key terms of EURO STOXX 50 Index-linked notes due December 5, 2030, including a participation rate of 124% to 129%, an estimated value of $962.40 per note, CUSIP 61781TB51, and multiple risk considerations relating to credit, liquidity, and conflicts of interest.