SEC Form FWP filed by Canadian Imperial Bank of Commerce

Filed Pursuant to Rule 433 Registration No. 333-272447 Free Writing Prospectus dated September 12, 2025 to Preliminary Pricing Supplement dated September 12, 2025

 

Buffered PLUS Based on the Value of the EURO STOXX 50^® Index due April 5, 2028

Buffered Performance Leveraged Upside Securities^SM

Principal at Risk Securities

This document provides a summary of the terms of the Buffered PLUS. Investors must carefully review the accompanying preliminary pricing supplement referenced below, underlying supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.

 

We have filed a registration statement (including an underlying supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read these documents and other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you these documents if you so request by calling toll-free at 1-833-931-0275.

Underlying Index

For more information about the Underlying Index, 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.

Risks Relating to the Structure of the Buffered PLUS

●The Buffered PLUS do not pay interest and provide a Minimum Payment at Maturity of only 15.00% of your principal.

●The appreciation potential of the Buffered PLUS is limited by the Maximum Payment at Maturity.

●The amount payable on the Buffered PLUS is not linked to the Closing Level of the Underlying Index at any time other than the Valuation Date.

Risks Relating to the Underlying Index

●An investment in the Buffered PLUS is subject to risks associated with foreign securities markets.

●Governmental regulatory actions, such as sanctions, could adversely affect your investment in the Buffered PLUS.

●Adjustments to the Underlying Index could adversely affect the value of the Buffered PLUS.

Conflicts of Interest

●Certain business, trading and hedging activities of us and our affiliates may create conflicts with your interests and could potentially adversely affect the value of the Buffered PLUS.

●There are potential conflicts of interest between you and the calculation agent.

General Risks

●Payments on the Buffered PLUS are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the Buffered PLUS.

●The Bank’s initial estimated value of the Buffered PLUS will be lower than the initial issue price (price to public) of the Buffered PLUS.

●The Bank’s initial estimated value does not represent future values of the Buffered PLUS and may differ from others’ estimates.

●The Bank’s initial estimated value of the Buffered PLUS will not be determined by reference to credit spreads for our conventional fixed-rate debt.

●If CIBCWM were to repurchase your Buffered PLUS after the Original Issue Date, the price may be higher than the then-current estimated value of the Buffered PLUS for a limited time period.

●Economic and market factors may adversely affect the terms and market price of the Buffered PLUS prior to maturity.

●The Buffered PLUS will not be listed on any securities exchange and we do not expect a trading market for the Buffered PLUS to develop.

Tax Considerations

You should review carefully the discussion in “Additional Information About the Buffered PLUS — United States Federal Income Tax Considerations” and “— Certain Canadian Federal Income Tax Considerations” in the accompanying pricing supplement, “Material U.S. Federal Income Tax Consequences” in the underlying supplement and “Material Income Tax Consequences—Canadian Taxation” in the prospectus concerning the U.S. and the Canadian federal income tax consequences of an investment in the Buffered PLUS, and you should consult your tax adviser.

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