# EDGAR Filing Document

**Accession Number:** 0001666268
**File Stem:** 0001839882-26-021543
**Filing Date:** 2026-4
**Character Count:** 19752
**Document Hash:** 4868b59c04eabfb79dc70ca52ac1e8d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-26-021543.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001839882-26-021543

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-293641-01
- **FILM NUMBER:** 26906876

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

Free Writing Prospectus to Preliminary Pricing Supplement No. 15,675

Registration Statement Nos. 333-293641; 333-293641-01

Dated April 28, 2026; Filed pursuant to Rule 433

Morgan Stanley

**5-Year Auto-Callable Trigger PLUS Based on the Performance of a Basket Composed of 5 Indices**

***This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, prospectus supplement, index supplement, tax supplement and prospectus, and the "Risk Factors" on the following page, prior to making an investment decision.***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Summary Terms** | &nbsp;&nbsp; **Summary Terms** | &nbsp;&nbsp; **Summary Terms** |
| &nbsp;&nbsp; **Issuer:**  | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp; **Basket Component** | &nbsp;&nbsp; **Weighting** |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; EURO STOXX 50<sup>®</sup> Index (SX5E) | &nbsp;&nbsp;&nbsp; 40% |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; Nikkei Stock Average (NKY) | &nbsp;&nbsp;&nbsp; 25% |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; FTSE<sup>®</sup> 100 Index (UKX) | &nbsp;&nbsp;&nbsp; 17.5% |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; Swiss Market Index<sup>®</sup> (SMI) | &nbsp;&nbsp;&nbsp; 10% |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; S&P<sup>®</sup>/ASX 200 Index (AS51) | &nbsp;&nbsp;&nbsp; 7.5% |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp; *We refer to each of the SX5E Index, the NKY Index, the UKX Index, the SMI Index and the AS51 Index as an underlying index and, together, as the underlying indices.* | &nbsp;&nbsp; *We refer to each of the SX5E Index, the NKY Index, the UKX Index, the SMI Index and the AS51 Index as an underlying index and, together, as the underlying indices.* |
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Issue price:** | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Pricing date:**  | &nbsp;&nbsp;&nbsp; April 30, 2026 | &nbsp;&nbsp;&nbsp; April 30, 2026 |
| &nbsp;&nbsp; **Original issue date:**  | &nbsp;&nbsp;&nbsp; May 5, 2026 (3 business days after the pricing date) | &nbsp;&nbsp;&nbsp; May 5, 2026 (3 business days after the pricing date) |
| &nbsp;&nbsp; **Maturity date:**  | &nbsp;&nbsp;&nbsp; May 5, 2031 | &nbsp;&nbsp;&nbsp; May 5, 2031 |
| &nbsp;&nbsp; **Early redemption:** | &nbsp;&nbsp;&nbsp; If, on the first determination date, the basket value of the underlying basket is **greater than or equal to** the initial basket value, the securities will be automatically redeemed for the early redemption payment on the early redemption date.<br> **The securities will not be redeemed early on the early redemption date if the basket value of the underlying basket is below the initial basket value on the first determination date.** | &nbsp;&nbsp;&nbsp; If, on the first determination date, the basket value of the underlying basket is **greater than or equal to** the initial basket value, the securities will be automatically redeemed for the early redemption payment on the early redemption date.<br> **The securities will not be redeemed early on the early redemption date if the basket value of the underlying basket is below the initial basket value on the first determination date.** |
| &nbsp;&nbsp; **Early redemption payment:** | &nbsp;&nbsp;&nbsp; The early redemption payment will be an amount in cash per stated principal amount of $1,150, as set forth under "Determination Dates, Early Redemption Date and Early Redemption Payment." No further payments will be made on the securities once they have been redeemed. | &nbsp;&nbsp;&nbsp; The early redemption payment will be an amount in cash per stated principal amount of $1,150, as set forth under "Determination Dates, Early Redemption Date and Early Redemption Payment." No further payments will be made on the securities once they have been redeemed. |
| &nbsp;&nbsp; **Determination dates:** | &nbsp;&nbsp;&nbsp; See "Determination Dates, Early Redemption Date and Early Redemption Payment." The determination dates are subject to postponement for non-index business days and certain market disruption events. | &nbsp;&nbsp;&nbsp; See "Determination Dates, Early Redemption Date and Early Redemption Payment." The determination dates are subject to postponement for non-index business days and certain market disruption events. |
| &nbsp;&nbsp; **Early redemption date:** | &nbsp;&nbsp;&nbsp; See "Determination Dates, Early Redemption Date and Early Redemption Payment." If such day is not a business day, the early redemption payment, if payable, will be paid on the next business day, and no adjustment will be made to the early redemption payment. | &nbsp;&nbsp;&nbsp; See "Determination Dates, Early Redemption Date and Early Redemption Payment." If such day is not a business day, the early redemption payment, if payable, will be paid on the next business day, and no adjustment will be made to the early redemption payment. |
| &nbsp;&nbsp; **Payment at maturity**<sup>1</sup>**:**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities have not previously been redeemed, you will receive at maturity a cash payment per security as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;●If the final basket value is **greater than** the initial basket value: <br> $1,000 + ($1,000 × basket percent change × 161.50%)<br> &nbsp;&nbsp;&nbsp;&nbsp;●If the final basket value is **less than or equal to** the initial basket value but is **greater than or equal to** the downside threshold level:<br> $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;●If the final basket value is **less than** the downside threshold level:<br> $1,000 × basket performance factor<br> **Under these circumstances, you will lose more than 25%, and possibly all, of your investment.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities have not previously been redeemed, you will receive at maturity a cash payment per security as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;●If the final basket value is **greater than** the initial basket value: <br> $1,000 + ($1,000 × basket percent change × 161.50%)<br> &nbsp;&nbsp;&nbsp;&nbsp;●If the final basket value is **less than or equal to** the initial basket value but is **greater than or equal to** the downside threshold level:<br> $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;●If the final basket value is **less than** the downside threshold level:<br> $1,000 × basket performance factor<br> **Under these circumstances, you will lose more than 25%, and possibly all, of your investment.** |
| &nbsp;&nbsp; **Downside threshold level:** | &nbsp;&nbsp;&nbsp; 75% of the initial basket value | &nbsp;&nbsp;&nbsp; 75% of the initial basket value |
| &nbsp;&nbsp; **Initial basket value:** | &nbsp;&nbsp;&nbsp; 100, which will be equal to the sum of the products of (i) the Index Closing Value of each Basket Component on the Pricing Date and (ii) the Multiplier for such Basket Component on such date, as determined by the Calculation Agent. | &nbsp;&nbsp;&nbsp; 100, which will be equal to the sum of the products of (i) the Index Closing Value of each Basket Component on the Pricing Date and (ii) the Multiplier for such Basket Component on such date, as determined by the Calculation Agent. |
| &nbsp;&nbsp; **Final basket value:**  | &nbsp;&nbsp;&nbsp; The Basket Value on the Final Determination Date, as determined by the Calculation Agent. | &nbsp;&nbsp;&nbsp; The Basket Value on the Final Determination Date, as determined by the Calculation Agent. |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Basket performance factor:** | &nbsp;&nbsp;&nbsp; Final basket value divided by the initial basket value | &nbsp;&nbsp;&nbsp; Final basket value divided by the initial basket value | &nbsp;&nbsp;&nbsp; Final basket value divided by the initial basket value | &nbsp;&nbsp;&nbsp; Final basket value divided by the initial basket value |
| &nbsp;&nbsp; **Basket percent change:** | &nbsp;&nbsp;&nbsp; (Final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (Final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (Final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (Final basket value – initial basket value) / initial basket value |
| &nbsp;&nbsp; **Determination Dates, Early Redemption Date and Early Redemption Payment:** | &nbsp;&nbsp; **Determination Date:** | &nbsp;&nbsp; **Determination Date:** | &nbsp;&nbsp; **Early Redemption Date:** | &nbsp;&nbsp; **Early Redemption Payment (per $1,000 Security):** |
| &nbsp;&nbsp; **Determination Dates, Early Redemption Date and Early Redemption Payment:** | &nbsp;&nbsp;&nbsp; 1<sup>st</sup>: | &nbsp;&nbsp;&nbsp; 5/7/2027 | &nbsp;&nbsp;&nbsp; 5/12/2027 | &nbsp;&nbsp;&nbsp; $1150 |
| &nbsp;&nbsp; **Determination Dates, Early Redemption Date and Early Redemption Payment:** | &nbsp;&nbsp;&nbsp; Final: | &nbsp;&nbsp;&nbsp; 4/30/2031 | &nbsp;&nbsp;&nbsp; Maturity date | &nbsp;&nbsp;&nbsp; See "Hypothetical Payout at Maturity" below |
| &nbsp;&nbsp; **CUSIP/ISIN:** | &nbsp;&nbsp;&nbsp; 61781FLJ0 / US61781FLJ02 | &nbsp;&nbsp;&nbsp; 61781FLJ0 / US61781FLJ02 | &nbsp;&nbsp;&nbsp; 61781FLJ0 / US61781FLJ02 | &nbsp;&nbsp;&nbsp; 61781FLJ0 / US61781FLJ02 |
| &nbsp;&nbsp; **Preliminary pricing supplement:** | &nbsp;&nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm) | &nbsp;&nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm) | &nbsp;&nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm) | &nbsp;&nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988226021539/ms15675_424b2-14006.htm) |

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<sup>1</sup>All payments are subject to our credit risk

**Hypothetical Examples**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Automatic Early Redemption**<sup>1</sup> | &nbsp;&nbsp; **Automatic Early Redemption**<sup>1</sup> | &nbsp;&nbsp; **Automatic Early Redemption**<sup>1</sup> | &nbsp;&nbsp; **Automatic Early Redemption**<sup>1</sup> |
| &nbsp;&nbsp; **Determination Date** | &nbsp;&nbsp; **Change in Basket** | &nbsp;&nbsp; **Change in Basket** | &nbsp;&nbsp; **Early Redemption Payment (per Security)** |
| &nbsp;&nbsp;&nbsp; #1 | &nbsp;&nbsp;&nbsp; +20.00% | &nbsp;&nbsp;&nbsp; +20.00% | &nbsp;&nbsp;&nbsp; $1150 |
| &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the first early redemption date. Investors receive a payment of $1,150 per security on the early redemption date. | &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the first early redemption date. Investors receive a payment of $1,150 per security on the early redemption date. | &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the first early redemption date. Investors receive a payment of $1,150 per security on the early redemption date. | &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the first early redemption date. Investors receive a payment of $1,150 per security on the early redemption date. |
| &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** | &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** | &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** | &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** |
| &nbsp;&nbsp; **Change in Basket** | &nbsp;&nbsp; **Change in Basket** | &nbsp;&nbsp; **Payment at Maturity (per Security)** | &nbsp;&nbsp; **Payment at Maturity (per Security)** |
| &nbsp;&nbsp;&nbsp; +60.00% | &nbsp;&nbsp;&nbsp; +60.00% | &nbsp;&nbsp;&nbsp; $1969.00  | &nbsp;&nbsp;&nbsp; $1969.00  |
| &nbsp;&nbsp;&nbsp; +40.00% | &nbsp;&nbsp;&nbsp; +40.00% | &nbsp;&nbsp;&nbsp; $1646.00  | &nbsp;&nbsp;&nbsp; $1646.00  |
| &nbsp;&nbsp;&nbsp; +20.00% | &nbsp;&nbsp;&nbsp; +20.00% | &nbsp;&nbsp;&nbsp; $1323.00  | &nbsp;&nbsp;&nbsp; $1323.00  |
| &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; $1000.00 | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -10.00% | &nbsp;&nbsp;&nbsp; -10.00% | &nbsp;&nbsp;&nbsp; $1000.00 | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -20.00% | &nbsp;&nbsp;&nbsp; -20.00% | &nbsp;&nbsp;&nbsp; $1000.00 | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -25.00% | &nbsp;&nbsp;&nbsp; -25.00% | &nbsp;&nbsp;&nbsp; $1000.00 | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -26.00% | &nbsp;&nbsp;&nbsp; -26.00% | &nbsp;&nbsp;&nbsp; $740.00 | &nbsp;&nbsp;&nbsp; $740.00 |
| &nbsp;&nbsp;&nbsp; -60.00% | &nbsp;&nbsp;&nbsp; -60.00% | &nbsp;&nbsp;&nbsp; $400.00 | &nbsp;&nbsp;&nbsp; $400.00 |
| &nbsp;&nbsp;&nbsp; -80.00% | &nbsp;&nbsp;&nbsp; -80.00% | &nbsp;&nbsp;&nbsp; $200.00 | &nbsp;&nbsp;&nbsp; $200.00 |
| &nbsp;&nbsp;&nbsp; -100.00% | &nbsp;&nbsp;&nbsp; -100.00% | &nbsp;&nbsp;&nbsp; $0.00 | &nbsp;&nbsp;&nbsp; $0.00 |

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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.

**Basket Components**

For more information about the basket components, including historical performance information, see the accompanying preliminary pricing supplement.

**Risk Factors**

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.

<u>Risks Relating to an Investment in the Securities</u>

● The securities do not pay interest or guarantee the return of any principal at maturity.

● If the securities are redeemed prior to maturity, the appreciation potential of the securities is limited by the fixed early redemption payment.

● The automatic early redemption feature may limit the term of your investment to approximately one year. If the securities are redeemed early, you may not be able to reinvest at comparable terms or returns.

● The market price will 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 approximately $963.40 per security, or within $40.00 of that estimate, and 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.

● You have no shareholder rights.

● The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.

● Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities

● The U.S. federal income tax consequences of an investment in the securities offered by this pricing supplement are uncertain.

<u>Risks Relating to the</u> <u>Basket Components</u>

● Changes in the value of one basket component may offset changes in the value of the other.

● Adjustments to the basket components could adversely affect the value of the securities.

● There are risks associated with investments in securities linked to the value of foreign equity securities.

● Governmental regulatory actions could result in material changes to the composition of the Underliers and could negatively affect your return on the Securities

**Tax Considerations**

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Additional Information About the Securities– United States federal income tax considerations" concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.