[FWP] Canadian Imperial Bank of Commerce Free Writing Prospectus
Canadian Imperial Bank of Commerce (CIBC) is marketing Accelerated Return Notes® (ARNs®) linked to the performance of the Invesco S&P 500® Equal Weight ETF (RSP). Each note is issued at $10.00, carries a tenor of approximately 14 months, and offers a 300% participation rate in any positive price movement of RSP, but total upside is capped between $10.95 and $11.35 per unit (a gain of 9.5%-13.5%, to be fixed on the pricing date). Investors receive no periodic coupons and face 1-for-1 downside exposure; if RSP declines, principal is at risk up to a 100% loss.
The notes are senior unsecured obligations of CIBC and not listed on any exchange, implying limited secondary-market liquidity. Their initial estimated value will be below the public offering price due to built-in fees and hedging costs. Key risks disclosed include full downside risk, the creditworthiness of CIBC, valuation disparities if sold prior to maturity, and the lack of any direct ownership or dividend entitlement in the underlying ETF.
This structure may appeal to investors who expect a modest, capped rise in RSP over 14 months and who are comfortable substituting principal protection for amplified, but limited, participation.
Canadian Imperial Bank of Commerce (CIBC) propone Accelerated Return Notes® (ARNs®) collegati alla performance del ETF Invesco S&P 500® Equal Weight (RSP). Ogni nota viene emessa a 10,00 $, con una durata di circa 14 mesi e offre una partecipazione del 300% in qualsiasi rialzo del prezzo di RSP, ma il guadagno massimo è limitato tra 10,95 $ e 11,35 $ per unità (un incremento del 9,5%-13,5%, da definire alla data di prezzo). Gli investitori non ricevono cedole periodiche e sono esposti a un rischio di perdita 1 a 1; se RSP scende, il capitale è a rischio fino a una perdita totale del 100%.
Le note sono obbligazioni senior non garantite di CIBC e non sono quotate in alcun mercato regolamentato, comportando una liquidità secondaria limitata. Il loro valore stimato iniziale sarà inferiore al prezzo di offerta pubblica a causa di costi incorporati e spese di copertura. I rischi principali includono la perdita totale del capitale, la solvibilità di CIBC, possibili differenze di valutazione in caso di vendita prima della scadenza e l’assenza di proprietà diretta o diritto a dividendi sull’ETF sottostante.
Questa struttura può interessare investitori che prevedono un moderato aumento limitato di RSP nei 14 mesi e che sono disposti a rinunciare alla protezione del capitale in cambio di una partecipazione amplificata ma limitata.
Canadian Imperial Bank of Commerce (CIBC) está comercializando Accelerated Return Notes® (ARNs®) vinculados al rendimiento del ETF Invesco S&P 500® Equal Weight (RSP). Cada nota se emite a
Las notas son obligaciones senior no garantizadas de CIBC y no cotizan en ninguna bolsa, lo que implica una liquidez limitada en el mercado secundario. Su valor estimado inicial será inferior al precio de oferta pública debido a tarifas incorporadas y costos de cobertura. Los riesgos clave incluyen la pérdida total a la baja, la solvencia de CIBC, diferencias de valoración si se venden antes del vencimiento y la falta de propiedad directa o derecho a dividendos en el ETF subyacente.
Esta estructura puede atraer a inversionistas que esperan un aumento modesto y limitado de RSP durante 14 meses y que están cómodos sustituyendo la protección del capital por una participación amplificada pero limitada.
캐나다 임페리얼 은행(CIBC)은 Invesco S&P 500® Equal Weight ETF (RSP)의 성과에 연동된 Accelerated Return Notes® (ARNs®)를 판매하고 있습니다. 각 노트는 $10.00에 발행되며, 만기는 약 14개월이고, RSP의 긍정적인 가격 변동에 대해 300% 참여율을 제공하지만, 최대 수익은 단위당 $10.95에서 $11.35 사이로 제한됩니다(가격 결정일에 9.5%-13.5%의 이익으로 확정). 투자자는 정기 쿠폰을 받지 못하며, 1대1 하락 위험에 노출됩니다; RSP가 하락하면 원금은 최대 100% 손실 위험이 있습니다.
이 노트는 CIBC의 선순위 무담보 채무이며, 어떠한 거래소에도 상장되어 있지 않아 2차 시장 유동성이 제한적입니다. 초기 예상 가치는 내재 수수료 및 헤지 비용으로 인해 공모가보다 낮을 것입니다. 주요 위험으로는 전액 손실 위험, CIBC 신용 위험, 만기 이전 매도 시 평가 차이, 기초 ETF에 대한 직접 소유권이나 배당 권리가 없다는 점이 있습니다.
이 구조는 14개월 동안 RSP가 적당히 제한된 상승을 할 것으로 예상하고, 원금 보호 대신 증폭되었지만 제한된 참여를 선호하는 투자자에게 적합할 수 있습니다.
Canadian Imperial Bank of Commerce (CIBC) commercialise des Accelerated Return Notes® (ARNs®) liés à la performance de l'ETF Invesco S&P 500® Equal Weight (RSP). Chaque note est émise à 10,00 $, avec une durée d'environ 14 mois et offre un taux de participation de 300% à toute hausse positive du prix de RSP, mais le gain total est plafonné entre 10,95 $ et 11,35 $ par unité (un gain de 9,5%-13,5%, fixé à la date de tarification). Les investisseurs ne reçoivent aucun coupon périodique et sont exposés à une perte 1 pour 1 ; si RSP baisse, le capital est à risque jusqu'à une perte totale de 100%.
Les notes sont des obligations senior non garanties de CIBC et ne sont pas cotées en bourse, ce qui implique une liquidité secondaire limitée. Leur valeur initiale estimée sera inférieure au prix d'offre publique en raison des frais intégrés et des coûts de couverture. Les principaux risques incluent le risque de perte totale, la solvabilité de CIBC, les écarts de valorisation en cas de vente avant échéance et l'absence de propriété directe ou de droit aux dividendes sur l'ETF sous-jacent.
Cette structure peut séduire les investisseurs qui anticipent une hausse modérée et plafonnée de RSP sur 14 mois et qui acceptent de renoncer à la protection du capital pour une participation amplifiée mais limitée.
Canadian Imperial Bank of Commerce (CIBC) bietet Accelerated Return Notes® (ARNs®) an, die an die Wertentwicklung des Invesco S&P 500® Equal Weight ETF (RSP) gekoppelt sind. Jede Note wird zu 10,00 $ ausgegeben, hat eine Laufzeit von etwa 14 Monaten und bietet eine 300% Beteiligungsrate an positiven Kursbewegungen von RSP, wobei der maximale Gewinn zwischen 10,95 $ und 11,35 $ pro Einheit begrenzt ist (ein Gewinn von 9,5%-13,5%, der am Bewertungstag festgelegt wird). Anleger erhalten keine periodischen Kupons und tragen ein 1:1 Abwärtsrisiko; fällt RSP, ist das Kapital bis zu einem 100%igen Verlust gefährdet.
Die Notes sind unbesicherte vorrangige Verbindlichkeiten von CIBC und nicht an einer Börse notiert, was eine begrenzte Liquidität im Sekundärmarkt bedeutet. Ihr anfänglicher Schätzwert liegt aufgrund von eingebauten Gebühren und Absicherungskosten unter dem öffentlichen Ausgabepreis. Wichtige Risiken umfassen das volle Abwärtsrisiko, die Kreditwürdigkeit von CIBC, Bewertungsabweichungen bei vorzeitiger Veräußerung und das Fehlen direkter Eigentumsrechte oder Dividendenansprüche am zugrunde liegenden ETF.
Diese Struktur könnte für Anleger interessant sein, die über 14 Monate einen moderaten, begrenzten Anstieg von RSP erwarten und bereit sind, den Kapitalschutz gegen eine verstärkte, aber begrenzte Beteiligung einzutauschen.
- None.
- None.
Insights
TL;DR: 3-to-1 upside sounds attractive, but the 9.5-13.5% cap and full downside make overall risk/return profile merely neutral.
The ARNs replicate a call spread on RSP: investors forego dividends, accept credit exposure to CIBC, and pay embedded fees, yet receive leveraged upside up to a relatively tight cap. The 300% participation looks compelling until the cap is considered; at a mid-point cap of 11.5%, the effective participation drops quickly once RSP gains exceed 3.8%. Compared with simply buying RSP, investors sacrifice uncapped equity exposure and dividends (≈1.5-2% annually). Credit spread of CIBC and lack of listing could further discount secondary value. Overall, the product suits tactical investors with a defined, moderately bullish view, but adds meaningful tail risk for a modest potential return.
TL;DR: Full principal risk, liquidity limitations, and issuer credit exposure outweigh the limited upside – risk-return skews negative.
From a risk perspective, investors assume (1) 100% downside to RSP, (2) senior unsecured claim on CIBC, and (3) valuation friction in secondary markets. With no coupon to buffer losses and a maximum gain of roughly 12%, the payoff is asymmetric against the investor. Should RSP fall just 4%, losses begin; a 20% equity drawdown wipes out 20% of principal, whereas gains beyond ~4% are confiscated by the cap. For portfolios seeking equity participation, direct ETF ownership or defensive option collars may offer superior risk-adjusted outcomes without issuer credit risk.
Canadian Imperial Bank of Commerce (CIBC) propone Accelerated Return Notes® (ARNs®) collegati alla performance del ETF Invesco S&P 500® Equal Weight (RSP). Ogni nota viene emessa a 10,00 $, con una durata di circa 14 mesi e offre una partecipazione del 300% in qualsiasi rialzo del prezzo di RSP, ma il guadagno massimo è limitato tra 10,95 $ e 11,35 $ per unità (un incremento del 9,5%-13,5%, da definire alla data di prezzo). Gli investitori non ricevono cedole periodiche e sono esposti a un rischio di perdita 1 a 1; se RSP scende, il capitale è a rischio fino a una perdita totale del 100%.
Le note sono obbligazioni senior non garantite di CIBC e non sono quotate in alcun mercato regolamentato, comportando una liquidità secondaria limitata. Il loro valore stimato iniziale sarà inferiore al prezzo di offerta pubblica a causa di costi incorporati e spese di copertura. I rischi principali includono la perdita totale del capitale, la solvibilità di CIBC, possibili differenze di valutazione in caso di vendita prima della scadenza e l’assenza di proprietà diretta o diritto a dividendi sull’ETF sottostante.
Questa struttura può interessare investitori che prevedono un moderato aumento limitato di RSP nei 14 mesi e che sono disposti a rinunciare alla protezione del capitale in cambio di una partecipazione amplificata ma limitata.
Canadian Imperial Bank of Commerce (CIBC) está comercializando Accelerated Return Notes® (ARNs®) vinculados al rendimiento del ETF Invesco S&P 500® Equal Weight (RSP). Cada nota se emite a
Las notas son obligaciones senior no garantizadas de CIBC y no cotizan en ninguna bolsa, lo que implica una liquidez limitada en el mercado secundario. Su valor estimado inicial será inferior al precio de oferta pública debido a tarifas incorporadas y costos de cobertura. Los riesgos clave incluyen la pérdida total a la baja, la solvencia de CIBC, diferencias de valoración si se venden antes del vencimiento y la falta de propiedad directa o derecho a dividendos en el ETF subyacente.
Esta estructura puede atraer a inversionistas que esperan un aumento modesto y limitado de RSP durante 14 meses y que están cómodos sustituyendo la protección del capital por una participación amplificada pero limitada.
캐나다 임페리얼 은행(CIBC)은 Invesco S&P 500® Equal Weight ETF (RSP)의 성과에 연동된 Accelerated Return Notes® (ARNs®)를 판매하고 있습니다. 각 노트는 $10.00에 발행되며, 만기는 약 14개월이고, RSP의 긍정적인 가격 변동에 대해 300% 참여율을 제공하지만, 최대 수익은 단위당 $10.95에서 $11.35 사이로 제한됩니다(가격 결정일에 9.5%-13.5%의 이익으로 확정). 투자자는 정기 쿠폰을 받지 못하며, 1대1 하락 위험에 노출됩니다; RSP가 하락하면 원금은 최대 100% 손실 위험이 있습니다.
이 노트는 CIBC의 선순위 무담보 채무이며, 어떠한 거래소에도 상장되어 있지 않아 2차 시장 유동성이 제한적입니다. 초기 예상 가치는 내재 수수료 및 헤지 비용으로 인해 공모가보다 낮을 것입니다. 주요 위험으로는 전액 손실 위험, CIBC 신용 위험, 만기 이전 매도 시 평가 차이, 기초 ETF에 대한 직접 소유권이나 배당 권리가 없다는 점이 있습니다.
이 구조는 14개월 동안 RSP가 적당히 제한된 상승을 할 것으로 예상하고, 원금 보호 대신 증폭되었지만 제한된 참여를 선호하는 투자자에게 적합할 수 있습니다.
Canadian Imperial Bank of Commerce (CIBC) commercialise des Accelerated Return Notes® (ARNs®) liés à la performance de l'ETF Invesco S&P 500® Equal Weight (RSP). Chaque note est émise à 10,00 $, avec une durée d'environ 14 mois et offre un taux de participation de 300% à toute hausse positive du prix de RSP, mais le gain total est plafonné entre 10,95 $ et 11,35 $ par unité (un gain de 9,5%-13,5%, fixé à la date de tarification). Les investisseurs ne reçoivent aucun coupon périodique et sont exposés à une perte 1 pour 1 ; si RSP baisse, le capital est à risque jusqu'à une perte totale de 100%.
Les notes sont des obligations senior non garanties de CIBC et ne sont pas cotées en bourse, ce qui implique une liquidité secondaire limitée. Leur valeur initiale estimée sera inférieure au prix d'offre publique en raison des frais intégrés et des coûts de couverture. Les principaux risques incluent le risque de perte totale, la solvabilité de CIBC, les écarts de valorisation en cas de vente avant échéance et l'absence de propriété directe ou de droit aux dividendes sur l'ETF sous-jacent.
Cette structure peut séduire les investisseurs qui anticipent une hausse modérée et plafonnée de RSP sur 14 mois et qui acceptent de renoncer à la protection du capital pour une participation amplifiée mais limitée.
Canadian Imperial Bank of Commerce (CIBC) bietet Accelerated Return Notes® (ARNs®) an, die an die Wertentwicklung des Invesco S&P 500® Equal Weight ETF (RSP) gekoppelt sind. Jede Note wird zu 10,00 $ ausgegeben, hat eine Laufzeit von etwa 14 Monaten und bietet eine 300% Beteiligungsrate an positiven Kursbewegungen von RSP, wobei der maximale Gewinn zwischen 10,95 $ und 11,35 $ pro Einheit begrenzt ist (ein Gewinn von 9,5%-13,5%, der am Bewertungstag festgelegt wird). Anleger erhalten keine periodischen Kupons und tragen ein 1:1 Abwärtsrisiko; fällt RSP, ist das Kapital bis zu einem 100%igen Verlust gefährdet.
Die Notes sind unbesicherte vorrangige Verbindlichkeiten von CIBC und nicht an einer Börse notiert, was eine begrenzte Liquidität im Sekundärmarkt bedeutet. Ihr anfänglicher Schätzwert liegt aufgrund von eingebauten Gebühren und Absicherungskosten unter dem öffentlichen Ausgabepreis. Wichtige Risiken umfassen das volle Abwärtsrisiko, die Kreditwürdigkeit von CIBC, Bewertungsabweichungen bei vorzeitiger Veräußerung und das Fehlen direkter Eigentumsrechte oder Dividendenansprüche am zugrunde liegenden ETF.
Diese Struktur könnte für Anleger interessant sein, die über 14 Monate einen moderaten, begrenzten Anstieg von RSP erwarten und bereit sind, den Kapitalschutz gegen eine verstärkte, aber begrenzte Beteiligung einzutauschen.
| | Filed Pursuant to Rule 433 |
| | Registration Statement No. 333-272447 |
| ACCELERATED RETURN NOTES® (ARNs®) | |
Accelerated Return Notes® 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 14 months |
| Market Measure | The Invesco S&P 500® Equal Weight ETF (Bloomberg symbol: "RSP") |
| Payout Profile at Maturity |
· 3-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value · 1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of your investment at risk |
| Participation Rate | 300% |
| Capped Value | [$10.95 to $11.35] per unit, a [9.50% to 13.50%] return over the principal amount, to be determined on the pricing date. |
| Investment Considerations | This investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes, and are willing to accept a capped return, take full downside risk and forgo interim interest payments. |
| Preliminary Offering Documents | https://www.sec.gov/Archives/edgar/data/1045520/000110465925064748/tm2516701d27_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 100% of the principal amount. |
| · | Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Market Measure or the securities held by the Market Measure. |
| · | 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 to receive 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.
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 |
Hypothetical Total Rate of Return on the Notes |
| -100.00% | $0.00 | -100.00% |
| -50.00% | $5.00 | -50.00% |
| -20.00% | $8.00 | -20.00% |
| -10.00% | $9.00 | -10.00% |
| -6.00% | $9.40 | -6.00% |
| -3.00% | $9.70 | -3.00% |
| 0.00% | $10.00 | 0.00% |
| 2.00% | $10.60 | 6.00% |
| 3.00% | $10.90 | 9.00% |
| 3.84% | $11.15(1) | 11.50% |
| 30.00% | $11.15 | 11.50% |
| 50.00% | $11.15 | 11.50% |
| 100.00% | $11.15 | 11.50% |
(1) The Redemption Amount per unit cannot exceed the hypothetical Capped 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.
