Filed Pursuant to Rule 433
Registration Statement No. 333-272447
| AUTOCALLABLE STRATEGIC ACCELERATED REDEMPTION SECURITIES® (STARS®) |
| Autocallable Strategic Accelerated Redemption Securities® Linked to a Basket of Three Financial Sector Stocks | |
| Issuer | Canadian Imperial Bank of Commerce (“CIBC”) |
| Principal Amount | $10.00 per unit |
| Term | Approximately three years, if not called on the first two Observation Dates |
| Market Measure | An approximately equally weighted basket of three financial sector stocks comprised of the common stock of each of The Goldman Sachs Group, Inc. (NYSE symbol: “GS”), JPMorgan Chase & Co. (NYSE symbol: “JPM”), and Wells Fargo & Company (NYSE symbol: “WFC”) (each, a “Basket Stock”). |
| Automatic Call | Automatic call if the Observation Level of the Market Measure on any of the Observation Dates is equal to or greater than the Call Level |
| Observation Level | The value of the Market Measure on any Observation Date |
| Observation Dates | Approximately one, two and three years after the pricing date |
| Call Level | 100% of the Starting Value |
| Call Amounts (per Unit) | [$11.15 to $11.25] if called on the first Observation Date, [$12.30 to $12.50] if called on the second Observation Date, and [$13.45 to $13.75] if called on the final Observation Date, each to be determined on the pricing date |
| Payout Profile at Maturity | If not called, 1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of the principal amount at risk |
| Threshold Value | 100% of the Starting Value |
| Investment Considerations | This investment is designed for investors who anticipate that the Observation Level on at least one of the Observation Dates will be equal to or greater than the Call Level and, in that case, accept an early exit from the investment, and are willing to accept that the return on their investment will be capped at the applicable Call Premium, take full downside risk and forgo interim interest payments. |
| Preliminary Offering Documents | https://www.sec.gov/Archives/edgar/data/1045520/000110465925056278/tm2513758d55_fwp.htm |
| Exchange Listing | No |
You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk Factors
Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:
| · | If the notes are not called, you will lose up to 100% of the principal amount. | |
| · | Your investment return is limited to the return represented by the applicable Call Premium. | |
| · | Changes in the price of one of the Basket Stocks may be offset by changes in the prices of the other Basket Stocks. | |
| · | Payments on the notes, including any repayment of principal, are subject to the credit risk of CIBC, and actual or perceived changes in the creditworthiness of CIBC are expected to affect the value of the notes. If CIBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment. | |
| · | The initial estimated value of the notes on the pricing date will be less than their public offering price. | |
| · | If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date. | |
| · | As a noteholder, you will have no rights of a holder of any Basket Stock, and you will not be entitled to receive any shares of a Basket Stock or dividends or other distributions by any Underlying Company. | |
| · | We do not control any company included in the Basket and have not verified any disclosure made by any such company. The companies included in the Basket will have no obligations relating to the notes. | |
| · | The payment on the notes will not be adjusted for all corporate events that could affect the Basket Stocks. | |
| · | The Basket is concentrated in the financial sector and an investment in the notes involves certain risks associated with an investment in companies in the financial sector. |
Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.
Canadian Imperial Bank of Commerce (CIBC) has filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this document relates. Before you invest, you should carefully read these documents and other documents that CIBC has filed with the SEC for more complete information about CIBC and this offering. You may get these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov. CIBC's Central Index Key, or ClK, on the SEC website is 1045520. Alternatively, MLPF&S or BofAS will arrange to send you these documents if you so request by calling toll-free at 1-800-294-1322.