# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0001839882-26-027090
**Filing Date:** 2026-6
**Character Count:** 23783
**Document Hash:** 89f6a4c5320951038b02bc43ffb3d94b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-26-027090.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001839882-26-027090

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260601

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **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
- **FILM NUMBER:** 261052719

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315

Free Writing Prospectus to Preliminary Pricing Supplement No. 16,294

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

Dated June 1, 2026; Filed pursuant to Rule 433

Morgan Stanley

**SPUMP40 Buffered Jump Securities with Auto-Callable Feature due June 30, 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, tax supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Terms** | &nbsp;&nbsp; **Terms** | &nbsp;&nbsp; **Terms** | &nbsp;&nbsp; **Terms** | &nbsp;&nbsp; **Terms** |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Underlier:** | &nbsp;&nbsp; S&P<sup>®</sup> U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40) | &nbsp;&nbsp; S&P<sup>®</sup> U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40) | &nbsp;&nbsp; S&P<sup>®</sup> U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40) | &nbsp;&nbsp; S&P<sup>®</sup> U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40) |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp; **Determination date:** | &nbsp;&nbsp; **Determination date:** | &nbsp;&nbsp; **Call threshold level:** | &nbsp;&nbsp; **Early redemption payment (per security):** |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #1 | &nbsp;&nbsp;&nbsp; June 28, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,180.00 to $1,190.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #2 | &nbsp;&nbsp;&nbsp; July 26, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,195.00 to $1,205.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #3 | &nbsp;&nbsp;&nbsp; August 25, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,210.00 to $1,221.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #4 | &nbsp;&nbsp;&nbsp; September 27, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,225.00 to $1,237.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #5 | &nbsp;&nbsp;&nbsp; October 25, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,240.00 to $1,253.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #6 | &nbsp;&nbsp;&nbsp; November 26, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,255.00 to $1,269.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #7 | &nbsp;&nbsp;&nbsp; December 27, 2027 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,270.00 to $1,285.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #8 | &nbsp;&nbsp;&nbsp; January 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,285.00 to $1,300.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #9 | &nbsp;&nbsp;&nbsp; February 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,300.00 to $1,316.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #10 | &nbsp;&nbsp;&nbsp; March 27, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,315.00 to $1,332.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #11 | &nbsp;&nbsp;&nbsp; April 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,330.00 to $1,348.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #12 | &nbsp;&nbsp;&nbsp; May 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,345.00 to $1,364.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #13 | &nbsp;&nbsp;&nbsp; June 26, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,360.00 to $1,380.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #14 | &nbsp;&nbsp;&nbsp; July 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,375.00 to $1,395.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #15 | &nbsp;&nbsp;&nbsp; August 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,390.00 to $1,411.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #16 | &nbsp;&nbsp;&nbsp; September 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,405.00 to $1,427.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #17 | &nbsp;&nbsp;&nbsp; October 25, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,420.00 to $1,443.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #18 | &nbsp;&nbsp;&nbsp; November 27, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,435.00 to $1,459.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #19 | &nbsp;&nbsp;&nbsp; December 26, 2028 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,450.00 to $1,475.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #20 | &nbsp;&nbsp;&nbsp; January 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,465.00 to $1,490.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #21 | &nbsp;&nbsp;&nbsp; February 26, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,480.00 to $1,506.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #22 | &nbsp;&nbsp;&nbsp; March 26, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,495.00 to $1,522.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #23 | &nbsp;&nbsp;&nbsp; April 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,510.00 to $1,538.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #24 | &nbsp;&nbsp;&nbsp; May 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,525.00 to $1,554.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #25 | &nbsp;&nbsp;&nbsp; June 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,540.00 to $1,570.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #26 | &nbsp;&nbsp;&nbsp; July 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,555.00 to $1,585.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #27 | &nbsp;&nbsp;&nbsp; August 27, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,570.00 to $1,601.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #28 | &nbsp;&nbsp;&nbsp; September 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,585.00 to $1,617.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #29 | &nbsp;&nbsp;&nbsp; October 25, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,600.00 to $1,633.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #30 | &nbsp;&nbsp;&nbsp; November 26, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,615.00 to $1,649.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #31 | &nbsp;&nbsp;&nbsp; December 26, 2029 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,630.00 to $1,665.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #32 | &nbsp;&nbsp;&nbsp; January 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,645.00 to $1,680.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #33 | &nbsp;&nbsp;&nbsp; February 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,660.00 to $1,696.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #34 | &nbsp;&nbsp;&nbsp; March 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,675.00 to $1,712.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #35 | &nbsp;&nbsp;&nbsp; April 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,690.00 to $1,728.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #36 | &nbsp;&nbsp;&nbsp; May 28, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,705.00 to $1,744.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #37 | &nbsp;&nbsp;&nbsp; June 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,720.00 to $1,760.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #38 | &nbsp;&nbsp;&nbsp; July 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,735.00 to $1,775.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #39 | &nbsp;&nbsp;&nbsp; August 26, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,750.00 to $1,791.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #40 | &nbsp;&nbsp;&nbsp; September 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,765.00 to $1,807.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #41 | &nbsp;&nbsp;&nbsp; October 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,780.00 to $1,823.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #42 | &nbsp;&nbsp;&nbsp; November 25, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,795.00 to $1,839.167 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #43 | &nbsp;&nbsp;&nbsp; December 26, 2030 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,810.00 to $1,855.00 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #44 | &nbsp;&nbsp;&nbsp; January 27, 2031 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,825.00 to $1,870.833 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #45 | &nbsp;&nbsp;&nbsp; February 25, 2031 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,840.00 to $1,886.667 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #46 | &nbsp;&nbsp;&nbsp; March 25, 2031 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,855.00 to $1,902.50 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #47 | &nbsp;&nbsp;&nbsp; April 25, 2031 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,870.00 to $1,918.333 |
| &nbsp;&nbsp; **Automatic early redemption:** | &nbsp;&nbsp;&nbsp; #48 | &nbsp;&nbsp;&nbsp; May 27, 2031 | &nbsp;&nbsp;&nbsp; 100% of the initial level  | &nbsp;&nbsp;&nbsp; $1,885.00 to $1,934.167 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Buffer amount:** | &nbsp;&nbsp; 15% (85% maximum loss)<sup>1</sup> |
| &nbsp;&nbsp; **Pricing date:** | &nbsp;&nbsp; June 25, 2026 |
| &nbsp;&nbsp; **Final determination date:** | &nbsp;&nbsp; June 25, 2031 |
| &nbsp;&nbsp; **Maturity date:** | &nbsp;&nbsp; June 30, 2031 |
| &nbsp;&nbsp; **CUSIP:** | &nbsp;&nbsp; 61781FYQ0 |
| &nbsp;&nbsp; **Estimated value:** | &nbsp;&nbsp; $905.10 per security, or within $55.00 of that estimate |
| &nbsp;&nbsp; **Preliminary pricing supplement:** | &nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988226026861/ms16294_424b2-17579.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988226026861/ms16294_424b2-17579.htm) |

---

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

**Hypothetical Examples**

---

| | | | |
|:---|:---|:---|:---|
| &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 Closing Level of the Underlier** | &nbsp;&nbsp; **% Change in Closing Level of the Underlier** | &nbsp;&nbsp; **Early Redemption Payment (per Security)** |
| &nbsp;&nbsp; #1 | &nbsp;&nbsp; -20% | &nbsp;&nbsp; -20% | &nbsp;&nbsp; -- |
| &nbsp;&nbsp; #2 | &nbsp;&nbsp; +20% | &nbsp;&nbsp; +20% | &nbsp;&nbsp; $1,195.00\* |
| &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,195.00 per security on the related early redemption date. | &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,195.00 per security on the related early redemption date. | &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,195.00 per security on the related early redemption date. | &nbsp;&nbsp;&nbsp; The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,195.00 per security on the related early redemption date. |
| &nbsp;&nbsp; **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** | &nbsp;&nbsp; **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** | &nbsp;&nbsp; **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** | &nbsp;&nbsp; **Hypothetical Payment at Maturity**<sup>1</sup><br> **(if the securities have not been automatically redeemed prior to maturity)** |
| &nbsp;&nbsp; **% Change in Closing Level of the Underlier** | &nbsp;&nbsp; **% Change in Closing Level of the Underlier** | &nbsp;&nbsp; **Payment at Maturity (per Security)** | &nbsp;&nbsp; **Payment at Maturity (per Security)** |
| &nbsp;&nbsp; +100.00% | &nbsp;&nbsp; +100.00% | &nbsp;&nbsp; $1,900.00\* | &nbsp;&nbsp; $1,900.00\* |
| &nbsp;&nbsp; +80.00% | &nbsp;&nbsp; +80.00% | &nbsp;&nbsp; $1,900.00\* | &nbsp;&nbsp; $1,900.00\* |
| &nbsp;&nbsp; +60.00% | &nbsp;&nbsp; +60.00% | &nbsp;&nbsp; $1,900.00\* | &nbsp;&nbsp; $1,900.00\* |
| &nbsp;&nbsp; +40.00% | &nbsp;&nbsp; +40.00% | &nbsp;&nbsp; $1,900.00\* | &nbsp;&nbsp; $1,900.00\* |
| &nbsp;&nbsp; +20.00% | &nbsp;&nbsp; +20.00% | &nbsp;&nbsp; $1,900.00\* | &nbsp;&nbsp; $1,900.00\* |
| &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $1,900.00\* | &nbsp;&nbsp; $1,900.00\* |
| &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp; -15.00% | &nbsp;&nbsp; -15.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp; -16.00% | &nbsp;&nbsp; -16.00% | &nbsp;&nbsp; $990.00 | &nbsp;&nbsp; $990.00 |
| &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; $950.00 | &nbsp;&nbsp; $950.00 |
| &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; -40.00% | &nbsp;&nbsp; $750.00 | &nbsp;&nbsp; $750.00 |
| &nbsp;&nbsp; -60.00% | &nbsp;&nbsp; -60.00% | &nbsp;&nbsp; $550.00 | &nbsp;&nbsp; $550.00 |
| &nbsp;&nbsp; -80.00% | &nbsp;&nbsp; -80.00% | &nbsp;&nbsp; $350.00 | &nbsp;&nbsp; $350.00 |
| &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; $150.00 |
| &nbsp;&nbsp; *\*Assumes a call return of approximately 18.00% per annum* | &nbsp;&nbsp; *\*Assumes a call return of approximately 18.00% per annum* | &nbsp;&nbsp; *\*Assumes a call return of approximately 18.00% per annum* | &nbsp;&nbsp; *\*Assumes a call return of approximately 18.00% per annum* |

---

------

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.

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

● The securities provide for only the minimum payment at maturity and do not pay interest.

● The appreciation potential of the securities is limited by the fixed early redemption payment or payment at maturity specified for each determination date.

● The securities are subject to early redemption risk.

● 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 offered by the accompanying preliminary pricing supplement are uncertain.

<u>Risks Relating to the Underlier(s)</u>

● Because your return on the securities will depend upon the performance of the underlier(s), in addition to any risks described further below, the securities are subject to the following risk(s) discussed in more detail in the accompanying index supplement. The accompanying index supplement refers to the underlier as the "Index."

oNo assurance can be given that the investment strategy used to construct the Index will achieve its intended results or that the Index will be successful or will outperform any alternative index or strategy that might reference the Index Components.

oThe decrement of 4% per annum will adversely affect the performance of the Index in all cases, whether the Index appreciates or depreciates.

oThe Index is subject to risks associated with the use of significant leverage.

oThe Index may not be fully invested.

oThe Index was established on March 14, 2022 and therefore has very limited operating history.

oAs the Index is new and has very limited historical performance, any investment in the Index may involve greater risk than an investment in an index with longer actual historical performance and a proven track record.

oHigher future prices of the futures contract to which the Index is linked relative to its current prices may adversely affect the value of the Index and the value of instruments linked to the Index.

oSuspensions or disruptions of market trading in futures markets could adversely affect the price of instruments linked to the Index.

oLegal and regulatory changes could adversely affect the return on and value of your securities.

oThe E-mini Russell 2000 futures contracts are one of the Index Components and are subject to risks associated with small-capitalization companies.

oAdjustments to the Index could adversely affect the value of instruments linked to the Index.

<u>Risks Relating to Conflicts of Interest</u>

● 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.

**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.