Canadian Imperial Bank of Commerce

Regulatory Filings • Jun 27, 2025

FWP 1 tm2516701d39_fwp.htm FWP

Filed Pursuant to Rule 433

Registration Statement No. 333-272447

LEVERAGED INDEX RETURN NOTES ® (LIRNs ® )

Leveraged Index Return Notes ® Linked to the Dow Jones Industrial Average ®

| Issuer | Canadian
Imperial Bank of Commerce (“CIBC”) |
| --- | --- |
| Principal
Amount | $10.00
per unit |
| Term | Approximately
6 years |
| Market
Measure | The
Dow Jones Industrial Average ® (Bloomberg symbol: "INDU") |
| Payout
Profile at Maturity | · [101.00%
to 121.00%] leveraged upside exposure to increases in the Market Measure · Return
of principal if the Market Measure does not change or decreases by no more than 15.00% · 1-to-1
downside exposure to decreases in the Market Measure beyond a 15.00% decline, with up to 85.00% of your principal at risk |
| Participation
Rate | [101.00%
to 121.00%], to be determined on the pricing date. |
| Threshold
Value | 85%
of the Starting Value |
| Investment
Considerations | This
investment is designed for investors who anticipate that the Market Measure will increase over the term of the notes, and are willing
to take downside risk below a threshold and forgo interim interest payments. |
| Preliminary
Offering Documents | https://www.sec.gov/Archives/edgar/data/1045520/000110465925063541/tm2516701d40_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:

| · | Depending
on the performance of the Market Measure as measured shortly before the maturity date, you
may lose up to 85% of the principal amount. |
| --- | --- |
| · | 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 the securities represented 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.

The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.

| Hypothetical Percentage Change from the Starting Value to the Ending Value | Hypothetical Redemption Amount per Unit (1) | Hypothetical
Total Rate of Return on the Notes |
| --- | --- | --- |
| -100.00% | $1.500 | -85.00% |
| -50.00% | $6.500 | -35.00% |
| -25.00% | $9.000 | -10.00% |
| -15.00% (2) | $10.000 | 0.00% |
| -10.00% | $10.000 | 0.00% |
| -5.00% | $10.000 | 0.00% |
| 0.00% | $10.000 | 0.00% |
| 1.00% | $10.111 | 1.11% |
| 2.00% | $10.222 | 2.22% |
| 5.00% | $10.555 | 5.55% |
| 10.00% | $11.110 | 11.10% |
| 20.00% | $12.220 | 22.20% |
| 50.00% | $15.550 | 55.50% |

(1) The Redemption Amount per unit is based on the hypothetical Participation Rate of 111.00%.

(2) This hypothetical percentage change corresponds to the Threshold Value.

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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