Morgan Stanley Market Linked Securities Tied to SPDR ETFs

TL;DR

MS offering principal-at-risk notes linked to SPDR ETFs, maturing April 2027. Upside participation, buffered downside.

AI Summary

Morgan Stanley Finance LLC is issuing Market Linked Securities with a maturity date of April 29, 2027. These securities are linked to the lowest performing of four State Street Select Sector SPDR ETFs (XLF, XLK, XLU, XLE). The pricing date is April 17, 2026, and the original issue date is April 22, 2026. Investors face principal risk if the lowest performing ETF's return falls below a specified threshold.

Why It Matters

This filing details a structured product offering from Morgan Stanley, providing investors with a specific way to gain exposure to the performance of key sector ETFs with defined risk and return parameters.

Risk Assessment

Risk Level: high — The securities are principal at risk, meaning investors can lose a portion or all of their investment if the underlying assets perform poorly.

Key Numbers

• $1,000 — Face Amount (This is the principal amount per security issued.)
• April 29, 2027 — Maturity Date (This is when the principal and any potential return will be paid out.)
• April 17, 2026 — Pricing Date (The date used to determine the starting prices of the underlying ETFs.)
• April 22, 2026 — Original Issue Date (The date the securities are expected to be issued.)

Key Players & Entities

• Morgan Stanley Finance LLC (company) — Issuer
• Morgan Stanley (company) — Guarantor
• State Street Financial Select Sector SPDR ETF (company) — Underlying ETF
• State Street Technology Select Sector SPDR ETF (company) — Underlying ETF
• State Street Utilities Select Sector SPDR ETF (company) — Underlying ETF
• State Street Energy Select Sector SPDR ETF (company) — Underlying ETF
• $1,000 (dollar_amount) — Face amount per security

FAQ

Key Financial Figures

• $1,000 — date* April 22, 2026* Face amount $1,000 per security Maturity payment amount
• $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
• $942 — the pricing date will be approximately $942.40, or within $25.00 of that estimate.
• $25.00 — ill be approximately $942.40, or within $25.00 of that estimate. Our estimate of the v

Filing Documents

• ms15455_fwp-12447.htm (FWP) — 69KB
• image_001.jpg (GRAPHIC) — 19KB
• 0001839882-26-019462.txt ( ) — 97KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,455 Morgan Stanley Finance LLC Structured Investments Free Writing Prospectus to Preliminary Pricing Supplement No. 15,455 Filed pursuant to Rule 433 Registration Statement Nos. 333-275587; 333-275587-01 April 7, 2026 Market Linked Securities— Leveraged Upside Participation with Fixed Percentage Buffered Downside Principal at Risk Securities Linked to the Lowest Performing of the State Street Financial Select Sector SPDR ETF, the State Street Technology Select Sector SPDR ETF, the State Street Utilities Select Sector SPDR ETF, and the State Street Energy Select Sector SPDR ETF due April 29, 2027 Fully and Unconditionally Guaranteed by Morgan Stanley Summary of terms Issuer and guarantor Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) Underlyings State Street Financial Select Sector SPDR ETF (the "XLF Shares"), State Street Technology Select Sector SPDR ETF (the "XLK Shares"), State Street Utilities Select Sector SPDR ETF (the "XLU Shares") and State Street Energy Select Sector SPDR ETF (the "XLE Shares") Pricing date* April 17, 2026 Original issue date* April 22, 2026* Face amount $1,000 per security Maturity payment amount (per security) If the ending price of the lowest performing underlying is greater than its starting price: $1,000 + [$1,000 underlying return of lowest performing underlying participation rate] If the ending price of the lowest performing underlying is less than or equal to its starting price, but greater than or equal to its threshold price: $1,000 If the ending price of the lowest performing underlying is less than its threshold price: $1,000 + [$1,000 (underlying return of lowest performing underlying + buffer amount)] Maturity date* April 29, 2027 Starting price With respect to each underlying, its fund closing price on the pricing date. Ending price With respect to each underlying, its fund closing price on the calculation day. Threshold price 80% of the starting price for each underlying Buffer amount 20% Participation rate At least 250%, to be determined on the pricing date Lowest performing underlying The underlying with the lowest underlying return Underlying return With respect to an underlying, the percentage change from its starting price to its ending price, measured as follows: ending price – starting price starting price Summary of terms ( continued) Calculation day* April 26, 2027 Calculation agent Morgan Stanley & Co. LLC, an affiliate of the issuer and the guarantor 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 61781FBM4 Tax considerations See preliminary pricing supplement Hypothetical payout profile If the ending price of the lowest performing underlying is less than its threshold price, you will have 1-to-1 downside exposure to the decrease in the price of the lowest performing underlying from the starting price in excess of the buffer amount and will lose some, and possibly up to 80%, of the face amount of your securities at maturity. 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 $942.40, or within $25.00 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 "Estimated Value of the Securities" 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 referenced below, product supplement for principal at risk securities, index supplement and prospectus, and the "Selected risk considerations" on the following page, before making a decision to invest in the securities. Preliminary Pricing Supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226019460/ms15455_424b2-12446.htm *subject to change **In addition, selected dealers may receive a fee of up to 0.20% for marketing and other services. The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See "Selected risk