Summary Prospectus by Investment Company (Form 497K)

MORGAN STANLEY PATHWAY FUNDS

SUPPLEMENT DATED AUGUST 19, 2026,

TO THE STATUTORY AND SUMMARY PROSPECTUSES DATED JANUARY 1, 2026

This Supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectuses and should be read in conjunction with such Prospectus and Summary Prospectuses.

MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF

ClearBridge Investments, LLC ("ClearBridge") is no longer an investment sub-adviser of the Morgan Stanley Pathway Large Cap Equity ETF("Large Cap Equity ETF"). As such, all references to ClearBridge as a sub-adviser to the Large Cap Equity ETF and any related disclosures are removed from the Prospectus and Summary Prospectus.

Further, Westfield Capital Management Company, L.P. ("Westfield") will commence as a new investment sub-adviser to the Large Cap Equity ETF effective August 19, 2026.

Related thereto, the sub-adviser investment allocation of the Large Cap Equity ETF is 17% to Great Lakes Advisors, LLC ("Great Lakes"), 65% to O'Shaughnessy Asset Management, LLC ("O'Shaughnessy"), 9% to Principal Asset Management ("Principal"), and 9% to Westfield.

Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the Large Cap Equity ETF on page 5 of the Prospectus:

Further, the following disclosure related to the Morgan Stanley Pathway Large Cap Equity ETF is hereby added in the section titled "How the Sub-advisers select the Fund's investments" on page 56-58 of the Prospectus:

Westfield Capital Management Company, L.P. ("Westfield")

Westfield uses a fundamental bottom-up research approach, which seeks to identify reasonably priced stocks with high earnings potential. In order to seek the highest returns with the least degree of risk, Westfield generally favors stocks that, in the judgment of the firm, have: (i) sizeable management ownership; (ii) strong financial conditions; (iii) sufficient cash flow to fund growth internally; and (iv) strong pricing power. Westfield also considers factors such as earnings growth forecasts, price target estimates, total return potential, and business developments. Stocks may be sold when Westfield believes that the stocks no longer represent attractive investment opportunities, based on the factors described above. The percentage of the Fund's assets allocated to Westfield is targeted at 8%.

Finally, the following disclosure in the sub-section titled "The Sub-advisers" under the section titled "Fund Management" related to the Large Cap Equity ETF on pages 88-90 of the Prospectus is hereby added in alphabetical order with respect to the other Sub-advisers:

EMERGING MARKETS EQUITY FUND

Van Eck Associates Corporation ("VanEck") is no longer an investment sub-adviser of the Emerging Markets Equity Fund. As such, all references to VanEck as a sub-adviser to the Emerging Markets Equity Fund and any related disclosures are removed from the Prospectus and Summary Prospectus.

Further, PanAgora Asset Management, Inc. ("PanAgora") will commence as a new investment sub-adviser to the Emerging Markets Equity Fund effective September 21, 2026.

Related thereto, the target sub-adviser investment allocations of the Emerging Markets Equity Fund are 12% to Lazard Asset Management LLC ("Lazard"), 23% to ClearBridge Investment Management Limited ("CIML"), 40% to O'Shaughnessy, and 25% to PanAgora.

Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the Emerging Markets Equity Fund on page 18 of the Prospectus:

Further, the following disclosure related to the Emerging Markets Equity Fund is hereby added in the section titled "How the Sub-advisers select the Fund's investments" on page 61-64 of the Prospectus:

PanAgora Asset Management, Inc. ("PanAgora")

PanAgora's Dynamic Equity Team is led by George Mussalli, CFA, Global Chief Investment Officer. Day-to-day investment decisions are produced and analyzed by the Investment Team rather than being left to the subjective expertise of a single individual. Individual research projects are jointly conducted by multiple members of the team to provide sufficient coverage and minimize any errors. Mr. Mussalli is the lead portfolio manager of the Dynamic Equity strategies and is ultimately responsible for final decisions and overseeing the team.

The Dynamic Equity strategy is quantitative in nature. The final output of the Dynamic Equity Contextual Alpha Model is a ranking of every stock in the global equity universe based on the alpha score. Stocks that are top ranked have the highest potential to outperform the benchmark, based on PanAgora's analysis. These stocks form the basis for consideration to be included in the portfolio, or to increase overweight positions relative to the benchmark. Stocks, whose rankings are deteriorating, as well as those not ranking highly, form the basis for consideration to be eliminated from the portfolio, or to be trimmed from existing positions.

The final buy and sell list must be further evaluated through the systematic portfolio construction/risk control process. PanAgora uses proprietary optimization techniques to select the portfolio that maximizes expected excess return for a given level of risk, considering several constraints, such as regional, country, and stock-specific limits as well as liquidity such as trading average daily volume and holding average daily volume. Forward-looking risk metrics are also applied to control portfolio exposures to thematic risk factors.

Finally, the following disclosure in the sub-section titled "The Sub-advisers" under the section titled "Fund Management" related to the Emerging Markets Equity Fund on pages 95-99 of the Prospectus is hereby added in alphabetical order with respect to the other Sub-advisers:

INTERNATIONAL EQUITY FUND

Walter Scott & Partners Limited ("Walter Scott") is no longer an investment sub-adviser of the International Equity Fund. As such, all references to Walter Scott as a sub-adviser to the International Equity Fund and any related disclosures are removed from the Prospectus and Summary Prospectus.

Related thereto, the sub-adviser investment allocation of the International Equity Fund is 24% to Causeway Capital Management LLC ("Causeway"), 45% to O'Shaughnessy, 21% to Schroder Investment Management North America Inc. ("Schroders"), and 10% to Victory Capital Management, Inc. ("Victory Capital") effective August 19, 2026.

Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the International Equity Fund on page 14 of the Prospectus:

There are no other changes to the Prospectus and Summary Prospectuses.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

MORGAN STANLEY PATHWAY FUNDS