Morgan Stanley Files Free Writing Prospectus

TL;DR

MS dropped an FWP on 4/1/26. New securities coming.

AI Summary

Morgan Stanley filed a Free Writing Prospectus (FWP) on April 1, 2026, related to a preliminary pricing supplement. This filing, identified by Accession Number 0001839882-26-018179, is associated with file number 333-275587 under the Securities Act. The document details financial instruments offered by the company.

Why It Matters

This filing indicates Morgan Stanley is actively marketing and offering new financial products, which could impact its revenue streams and market position.

Risk Assessment

Risk Level: low — This is a standard FWP filing for a financial institution, not indicating any unusual risk.

Key Numbers

• 2026-04-01 — Filing Date (Date of the FWP filing)

Key Players & Entities

• Morgan Stanley (company) — Issuer and Filer
• 0000895421 (company) — CIK for Morgan Stanley
• 0001839882-26-018179 (dollar_amount) — SEC Accession Number
• 333-275587 (dollar_amount) — SEC File Number

FAQ

Key Financial Figures

• $930.00 — CUSIP: 61781E6B7 Estimated value: $930.00 per security, or within $55.00 of that
• $55.00 — alue: $930.00 per security, or within $55.00 of that estimate Preliminary pricing
• $1,073 — appreciates 5%, investors will receive $1,073 per security, or 107.30% of the stated
• $1,050 — depreciates 5%, investors will receive $1,050 per security, or 105% of the stated pri
• $200 — 80% of their principal and receive only $200 per security at maturity, or 20% of the
• $2,460.00 — t at Maturity per Security +100.00% $2,460.00 * +50.00% $1,730.00 * 0.00% $1,
• $1,730.00 — ty +100.00% $2,460.00 * +50.00% $1,730.00 * 0.00% $1,000.00 -15.00% $1,15
• $1,000.00 — .00 * +50.00% $1,730.00 * 0.00% $1,000.00 -15.00% $1,150.00 -16.00% $990.
• $1,150.00 — 30.00 * 0.00% $1,000.00 -15.00% $1,150.00 -16.00% $990.00 -50.00% $650.00
• $990.00 — 00.00 -15.00% $1,150.00 -16.00% $990.00 -50.00% $650.00 -100.00% $150.0
• $650.00 — ,150.00 -16.00% $990.00 -50.00% $650.00 -100.00% $150.00 *Assumes a lever
• $150.00 — 990.00 -50.00% $650.00 -100.00% $150.00 *Assumes a leverage factor of 146%

Filing Documents

• ms15227_fwp-11624.htm (FWP) — 54KB
• image1.gif (GRAPHIC) — 28KB
• 0001839882-26-018179.txt ( ) — 95KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,227 Morgan Stanley Free Writing Prospectus to Preliminary Pricing Supplement No. 15,227 Registration Statement Nos. 333-275587; 333-275587-01 Dated April 1, 2026; Filed pursuant to Rule 433 SX5E Dual Directional Buffered PLUS due May 2, 2031 This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision. Terms Issuer: Morgan Stanley Finance LLC Guarantor: Morgan Stanley Underlier: EURO STOXX 50 Index (SX5E) Leverage factor: 146% to 161% Absolute return participation rate: 100% Buffer amount: 15% (85% maximum loss) 1 Pricing date: April 27, 2026 Observation date: April 28, 2031 Maturity date: May 2, 2031 CUSIP: 61781E6B7 Estimated value: $930.00 per security, or within $55.00 of that estimate Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226018176/ms15227_424b2-11623.htm 1 All payments are subject to our credit risk Hypothetical Payment at Maturity 1 The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities. Upside Scenario If the underlier appreciates 5%, investors will receive $1,073 per security, or 107.30% of the stated principal amount. Absolute Return Participation Scenario If the underlier depreciates 5%, investors will receive $1,050 per security, or 105% of the stated principal amount. Downside Scenario If the underlier depreciates 95%, investors will lose 80% of their principal and receive only $200 per security at maturity, or 20% of the stated principal amount. % Change in Closing Level of the Underlier Payment at Maturity per Security +100.00% $2,460.00 * +50.00% $1,730.00 * 0.00% $1,000.00 -15.00% $1,150.00 -16.00% $990.00 -50.00% $650.00 -100.00% $150.00 *Assumes a leverage factor of 146% The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837. Underlier(s) For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement. Risk Considerations The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision. Risks Relating to an Investment in the Securities The securities provide for only the minimum payment at maturity and do not pay interest. Any positive return on the securities that is based on the depreciation of the underlier is effectively capped. The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date. The market price of the securities may be influenced by many unpredictable factors. The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. As a finance subsidiary, MSFL has no independent operations and will have no independent assets. The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. The estimated value of the securities 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 securities will not be listed on any securities exchange and secondary trading may be limited. As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s). The U.S. federal income tax consequences of an investm

View Full Filing

View this FWP filing on SEC EDGAR