Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,756 on November 2, 2026, for Worst-of SX5E and RTY Market-Linked Notes due December 5, 2030.

Key Highlights

  • Underliers: Payment at maturity is linked to the worst-performing of two indexes, the EURO STOXX 50 Index (SX5E) and the Russell 2000 Index (RTY).
  • Participation rate: The filing discloses a participation rate of 156% to 161% on gains of the worst-performing underlier.
  • Key dates: Pricing date is November 30, 2026; observation date is December 2, 2030; maturity date is December 5, 2030.
  • Estimated value: $965.60 per note, or within $45.00 of that estimate, according to the filing.
  • No interest payments: The filing states the notes do not pay interest.
  • CUSIP: 61781TB85, issued by Morgan Stanley Finance LLC with Morgan Stanley as guarantor.
  • No exchange listing: The filing discloses the notes will not be listed on any securities exchange and secondary trading may be limited.

Structure and Payment Terms of the MSFL Worst-of Linked Notes No. 19,756

According to the filing, Morgan Stanley Finance LLC is the issuer of these market-linked notes, with Morgan Stanley serving as guarantor. The notes are registered under Registration Statement Nos. 333-293641 and 333-293641-01. All payments on the notes are described as subject to Morgan Stanley's credit risk, and the filing notes that as a finance subsidiary, MSFL "has no independent operations and will have no independent assets."

The filing discloses that the payment at maturity will be based solely on the performance of the worst-performing underlier between the EURO STOXX 50 Index and the Russell 2000 Index. A hypothetical payoff table included in the filing illustrates outcomes assuming a participation rate of 156%: a +100.00% change in the worst-performing underlier would produce a payment of $2,560.00 per note, a +50.00% change would produce $1,780.00 per note, and changes of 0.00%, -50.00%, or -100.00% would each result in a payment of $1,000.00 per note. The filing does not guarantee principal protection beyond those hypothetical illustrations.

The filing identifies several risk factors investors are directed to review carefully. These include that the estimated value of $965.60 per note is less than the original issue price, reflecting costs associated with "issuing, selling, structuring and hedging the notes." The filing also discloses that the calculation agent is a subsidiary of Morgan Stanley and an affiliate of MSFL, and that hedging and trading activity by Morgan Stanley affiliates "could potentially adversely affect the value of the notes." The notes are additionally described as subject to risks associated with small-capitalization companies and foreign equity securities.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus for Worst-of SX5E and RTY Market-Linked Notes (CUSIP 61781TB85) due December 5, 2030, disclosing key terms including an estimated value of $965.60 per note, a participation rate of 156% to 161%, and a pricing date of November 30, 2026.