Canadian Imperial Bank of Commerce

Regulatory Filings • Jul 16, 2025

FWP 1 tm2519500d21_fwp.htm FWP

| Filed
Pursuant to Rule 433 |
| --- |
| Registration
Statement No. 333-272447 |

AUTOCALLABLE STRATEGIC ACCELERATED REDEMPTION SECURITIES ® (STARS ® )

| Autocallable
Strategic Accelerated Redemption Securities ® Linked to the Invesco S&P 500 ® Equal Weight ETF | |
| --- | --- |
| Issuer | Canadian
Imperial Bank of Commerce (“CIBC”) |
| Principal
Amount | $10.00
per unit |
| Term | Approximately
six years, if not called on the first five Observation Dates |
| Market
Measure | The
Invesco S&P 500 ® Equal Weight ETF (Bloomberg symbol: "RSP") |
| 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
Closing Market Price of the Market Measure on any Observation Date times its Price Multiplier as of that day |
| Observation
Dates | Approximately
one, two, three, four, five and six years after the pricing date |
| Call
Level | 100%
of the Starting Value |
| Call
Amounts (per Unit) | [$10.575
to $10.675] if called on the first Observation Date, [$11.150 to $11.350] if called on the second Observation Date, [$11.725 to $12.025]
if called on the third Observation Date, [$12.300 to $12.700] if called on the fourth Observation Date, [$12.875 to $13.375] if called
on the fifth Observation Date, and [$13.450 to $14.050] 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 their
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/1045520/000110465925068152/tm2519500d20_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. · 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 shares of
the Market Measure or the securities held by the Market Measure, and you will not be entitled to receive securities, dividends or
other distributions by the issuers of those securities. 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.

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