Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,733, dated November 2, 2026, for SX5E Market-Linked Notes due December 4, 2031, with a pricing date of November 30, 2026.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor.
  • Underlier: The notes are linked to the EURO STOXX 50 Index (SX5E).
  • Participation rate: The participation rate is 142% to 147%.
  • Estimated value: $961.50 per note, or within $55.00 of that estimate, as disclosed in the filing.
  • Principal protection: According to the filing, payment at maturity is $1,000.00 per note for underlier declines of 50% or 100%.
  • No interest payments: The filing states the notes do not pay interest.
  • CUSIP: 61781TB77; maturity date is December 4, 2031, with an observation date of December 1, 2031.

Terms and Structure of the SX5E Market-Linked Notes

According to the filing, Morgan Stanley Finance LLC is offering Market-Linked Notes tied to the performance of the EURO STOXX 50 Index (SX5E), with a maturity date of December 4, 2031. The notes carry a participation rate of 142% to 147%, meaning investors receive a leveraged share of any positive index performance measured on the December 1, 2031 observation date. The filing's hypothetical payment table, assuming a 142% participation rate, shows a payment of $2,420.00 per note for a +100% underlier change and $1,710.00 per note for a +50% change.

The filing discloses that the estimated value of the notes is $961.50 per note, or within $55.00 of that estimate, which is less than the $1,000.00 original issue price. The filing attributes this difference to "costs associated with issuing, selling, structuring and hedging the notes in the original issue price" and notes that the estimated value "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 lists several key risks. All payments are described as "subject to our credit risk." The notes will not be listed on any securities exchange, and secondary trading may be limited, the filing states. The filing also discloses that MSFL "has no independent operations and will have no independent assets." Additionally, the filing notes that tax consequences may include recognizing taxable income prior to maturity, and directs investors to consult the accompanying preliminary pricing supplement and a tax adviser. Registration Statement Nos. 333-293641 and 333-293641-01 cover the offering.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus for EURO STOXX 50-linked notes due December 4, 2031, with a participation rate of 142% to 147%, an estimated value of $961.50 per note, and principal protection on the downside at maturity.