Morgan Stanley FWP Filing

Key Financial Figures

• $1,000 — date* April 15, 2026 Face amount $1,000 per security Contingent coupon paymen
• $23.25 — LLC will receive a commission of up to $23.25 for each security it sells. Dealers, in
• $17.50 — y receive a selling concession of up to $17.50 per security, and WFA may receive a dis
• $0.75 — y receive a distribution expense fee of $0.75 for each security sold by WFA. CUSIP
• $961 — the pricing date will be approximately $961.80, or within $30.00 of that estimate.
• $30.00 — ill be approximately $961.80, or within $30.00 of that estimate. Our estimate of the v

Filing Documents

• ms15453_fwp-12436.htm (FWP) — 65KB
• image1.gif (GRAPHIC) — 26KB
• 0001839882-26-019414.txt ( ) — 103KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,453 Morgan Stanley Finance LLC Structured Investments Free Writing Prospectus to Preliminary Pricing Supplement No. 15,453 Filed pursuant to Rule 433 Registration Statement Nos. 333-275587; 333-275587-01 April 7, 2026 Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Common Stock of Blackstone Inc. due April 13, 2029 Fully and Unconditionally Guaranteed by Morgan Stanley Summary of terms Issuer and guarantor Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) Underlying stock Blackstone Inc. common stock Pricing date* April 10, 2026 Original issue date* April 15, 2026 Face amount $1,000 per security Contingent coupon payments On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price on the related calculation day is greater than or equal to the coupon threshold price. Each "contingent coupon payment", if any, will be calculated per security as follows: ($1,000 contingent coupon rate) / 4. Contingent coupon rate At least 18.15% per annum , to be determined on the pricing date Automatic call If, on any calculation day (other than the final calculation day), beginning in July 2026, the stock closing price is greater than or equal to the starting price, the securities will be automatically called for a cash payment per security equal to the face amount plus a final contingent coupon payment on the related call settlement date. Calculation days Quarterly, on the 10 th of each January, April, July and October, commencing in July 2026 and ending on the final calculation day. We also refer to the April 2029 calculation day as the final calculation day. Contingent coupon payment dates Three business days after the applicable calculation day; provided that the coupon payment date for the final calculation day is the maturity date. Call settlement date Three business days after the applicable calculation day. Maturity payment amount (per security) if the ending price is greater than or equal to the downside threshold price: $1,000; or if the ending price is less than the downside threshold price: $1,000 performance factor Maturity date* April 13, 2029 Starting price The stock closing price on the pricing date Ending price The stock closing price on the final calculation day Performance factor The ending price divided by the starting price. Coupon threshold price 60% of the starting price Downside threshold price 60% of the starting price Calculation agent Morgan Stanley & Co. LLC, an affiliate of the issuer Denominations $1,000 and any integral multiple of $1,000 Agent discount** Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. CUSIP 61781FBJ1 Tax considerations See preliminary pricing supplement *Subject to change ** In addition, selected dealers may receive a fee of up to 0.30% for marketing and other services Hypothetical payout profile (excluding contingent coupon payments) If the securities are not automatically called prior to the maturity date and the ending price is less than the downside threshold price, you will lose more than 40%, and possibly all, of the face amount of your securities at the maturity date. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the underlying stock, but you will have full downside exposure to the underlying stock on the final calculation day if the ending price is less than the downside threshold price. The face amount of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000 per security. We estimate that the value of each security on the pricing date will be approximately $961.80, or within $30.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement. See "Investment Summary" and "Risk Factors" in the accompanying preliminary pricing supplement for further information. This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement, product supplement for principal at risk

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