Morgan Stanley Launches Enhanced Trigger Jump Securities

Ticker: MS · Form: FWP · Filed: 2026-04-07T14:42:29-04:00

Sentiment: neutral

Topics: structured-products, derivatives, index-linked

Related Tickers: RTY, SPX

TL;DR

MS launching new 2027 jump securities tied to RTY/SPX worst-of. Payout capped at 14.75% upside, but principal at risk below 85% trigger.

AI Summary

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is issuing "Worst-of RTY and SPX Enhanced Trigger Jump Securities" due May 27, 2027. These securities offer a potential upside payment of $147.50 per security if the worst performing of the Russell 2000 Index (RTY) and S&P 500 Index (SPX) does not fall below 85% of its initial level by the observation date of May 24, 2027. However, investors face the credit risk of Morgan Stanley.

Why It Matters

This filing details a new structured product offering from Morgan Stanley, providing investors with a specific payout mechanism tied to the performance of two major stock indices, highlighting a way for investors to gain exposure with defined risk/reward parameters.

Risk Assessment

Risk Level: high — The securities are subject to the credit risk of Morgan Stanley and the performance of the underlying indices, with potential for significant principal loss if the worst-performing index falls below the downside threshold.

Key Numbers

Key Players & Entities

FAQ

What is the maximum potential payment at maturity for these securities?

The maximum payment at maturity is $1,147.50 per security, representing the stated principal amount of $1,000 plus the $147.50 upside payment, assuming the worst performing underlier has a positive performance.

What happens if the worst performing underlier declines by exactly 15%?

If the worst performing underlier declines by exactly 15%, the payment at maturity per security will be $1,147.50, as this is above the downside threshold of 85% of the initial level.

What is the earliest date an investment decision needs to be made?

Investors must review the preliminary pricing supplement, product supplement, index supplement, prospectus, and risk considerations prior to making an investment decision, with the pricing date set for April 24, 2026.

What is the maturity date of these securities?

The maturity date for these securities is May 27, 2027.

What is the primary risk associated with these securities?

The primary risk is the credit risk of Morgan Stanley Finance LLC and Morgan Stanley, meaning that payments are subject to the issuer's ability to pay.

Filing Stats: 921 words · 4 min read · ~3 pages · Grade level 10.7 · Accepted 2026-04-07 14:42:29

Key Financial Figures

Filing Documents

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,457 Free Writing Prospectus to Preliminary Pricing Supplement No. 15,457 Registration Statement Nos. 333-275587; 333-275587-01 Dated April 7, 2026; Filed pursuant to Rule 433 M organ S tanley Worst-of RTY and SPX Enhanced Trigger Jump Securities due May 27, 2027 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 Underliers: Russell 2000 Index (RTY) and S&P 500 Index (SPX) Upside payment: $147.50 per security (14.75% of the stated principal amount) Downside threshold level: 85% of the initial level for each underlier Pricing date: April 24, 2026 Observation date: May 24, 2027 Maturity date: May 27, 2027 CUSIP: 61781FBA0 Estimated value: $972.00 per security, or within $35.00 of that estimate Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226019439/ms15457_424b2-12456.htm 1 All payments are subject to our credit risk Hypothetical Payment at Maturity 1 The payment at maturity will be based solely on the performance of the worst performing underlier, which could be either underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities. % Change in Closing Level of the Worst Performing Underlier Payment at Maturity per Security +100.00% $1,147.50 +80.00% $1,147.50 +60.00% $1,147.50 +40.00% $1,147.50 +20.00% $1,147.50 0.00% $1,147.50 -15.00% $1,147.50 -16.00% $840.00 -20.00% $800.00 -40.00% $600.00 -60.00% $400.00 -80.00% $200.00 -100.00% $0.00 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 do not guarantee the return of any principal and do not pay interest. The appreciation potential of the securities is fixed and limited. The amount payable on the securities is not linked to the values of the underliers 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 investment in the securities are uncertain. Risks Relating to the Underlier(s) Because your return on the securities will depend upon the performance of the underlier(s), in addition to any risks described furt

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