Canadian Imperial Bank of Commerce

Regulatory Filings • Jul 16, 2025

FWP 1 tm2519500d31_fwp.htm FWP

Filed Pursuant to Rule 433 Registration No. 333-272447 Free Writing Prospectus dated July 15, 2025 to Preliminary Pricing Supplement dated July 15, 2025

Trigger PLUS Based on the Value of the EURO STOXX 50 ® Index due August 5, 2031

Trigger Performance Leveraged Upside Securities SM

Principal at Risk Securities

This document provides a summary of the terms of the Trigger 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.

| SUMMARY
TERMS | |
| --- | --- |
| Issuer: | Canadian
Imperial Bank of Commerce |
| Underlying
Index: | The
EURO STOXX 50 ® Index (Bloomberg symbol: SX5E) |
| Stated
Principal Amount: | $1,000
per Trigger PLUS |
| Issue
Price: | $1,000
per Trigger PLUS |
| Pricing
Date: | July
31, 2025 |
| Original
Issue Date: | August
5, 2025 (3 Business Days after the Pricing Date) |
| Valuation
Date: | July
31, 2031, subject to postponement for non-Trading Days and certain Market Disruption Events |
| Maturity
Date: | August
5, 2031 |
| Payment
at Maturity per Trigger PLUS: | · If
the Final Index Value is greater than the Initial Index Value: $1,000
+ Leveraged Upside Payment · If the Final Index Value is less than or equal to the Initial Index Value but is greater than or equal to the Trigger
Level: $1,000 · If
the Final Index Value is less than the Trigger Level: $1,000
× Index Performance Factor Under these circumstances, the Payment at Maturity will be less than the Stated Principal Amount
of $1,000 and will represent a loss of more than 35.00%, and possibly all, of your investment. |
| Leveraged
Upside Payment: | $1,000
× Leverage Factor × Index Percent Increase |
| Leverage
Factor: | At
least 193.50%, to be determined on the Pricing Date |
| Trigger
Level: | 65.00%
of the Initial Index Value. |
| Index
Percent Increase: | (Final
Index Value – Initial Index Value) / Initial Index Value |
| Index
Performance Factor: | Final
Index Value / Initial Index Value |
| Initial
Index Value: | The
Closing Level of the Underlying Index on the Pricing Date |
| Final
Index Value: | The
Closing Level of the Underlying Index on the Valuation Date |
| CUSIP
/ ISIN: | 13607XYG6
/ US13607XYG68 |
| Initial
Estimated Value: | Between
$910.70 and $930.70 per Trigger PLUS, which is expected to be less than the price to public. |
| Preliminary
Terms: | https://www.sec.gov/Archives/edgar/data/1045520/000110465925068143/tm2519500d29_424b2.htm |

Hypothetical Payout at Maturity

| Percentage
Change in Underlying Index | Return
on Trigger PLUS |
| --- | --- |
| 50.00% | 96.75% |
| 40.00% | 77.40% |
| 30.00% | 58.05% |
| 20.00% | 38.70% |
| 10.00% | 19.35% |
| 0.00% | 0.00% |
| -5.00% | 0.00% |
| -10.00% | 0.00% |
| -15.00% | 0.00% |
| -30.00% | 0.00% |
| -35.00% | 0.00% |
| -36.00% | -36.00% |
| -40.00% | -40.00% |
| -50.00% | -50.00% |
| -60.00% | -60.00% |
| -80.00% | -80.00% |
| -100.00% | -100.00% |

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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 Trigger PLUS

·	The Trigger PLUS do not pay interest or guarantee return of any principal.
·	The amount payable on the Trigger PLUS is not linked to the Closing
Level of the Underlying Index at any time other than the Valuation Date.
·	The Trigger PLUS are riskier than securities with a shorter term.

Risks Relating to the Underlying Index

| · | An investment in the Trigger PLUS is subject to risks associated
with foreign securities markets. |
| --- | --- |
| · | Governmental regulatory actions, such as sanctions, could adversely affect
your investment in the Trigger PLUS. |
| · | Adjustments to the Underlying Index could adversely affect the value of
the Trigger 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 Trigger PLUS. |
| --- | --- |
| · | There are potential conflicts of interest between you and the calculation
agent. |

General Risks

| · | Payments on the Trigger PLUS are subject to our credit risk, and actual
or perceived changes in our creditworthiness are expected to affect the value of the Trigger PLUS. |
| --- | --- |
| · | The Bank’s initial estimated value of the Trigger PLUS will be lower than the initial issue
price (price to public) of the Trigger PLUS. |
| · | The Bank’s initial estimated value does not represent future
values of the Trigger PLUS and may differ from others’ estimates. |
| · | The Bank’s initial estimated value of the Trigger PLUS will
not be determined by reference to credit spreads for our conventional fixed-rate debt. |
| · | If CIBCWM were to repurchase your Trigger PLUS after the Original Issue Date, the price may be
higher than the then-current estimated value of the Trigger PLUS for a limited time period. |
| · | Economic and market factors may adversely affect the terms and market
price of the Trigger PLUS prior to maturity. |
| · | The Trigger PLUS will not be listed on any securities exchange and
we do not expect a trading market for the Trigger PLUS to develop. |

Tax Considerations

You should review carefully the discussion in “Additional Information About the Trigger 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 Trigger PLUS, and you should consult your tax adviser.

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