加拿大帝国商业银行美股招股说明书(2025-11-03版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and theaccompanying underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offerto buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to Completion, Dated October 31, 2025Pricing Supplement dated, 2025(To Equity Index Underlying Supplement dated September 5, 2023,Prospectus Supplement dated September 5, 2023, and Prospectus dated September 5, 2023) Canadian Imperial Bank of Commerce Trigger GEARS Notes Linked to a Global Equity Index Basket due on or about November 15, 2030 Investment Description These Trigger GEARS (the “Notes”) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”) with returnslinked to an unequally-weighted basket (the “Basket”) consisting of the following 6 equity indices (each, a “Basket Component”), with theapplicable basket component weighting in parenthesis: the S&P 500®Index (45.00%), the EURO STOXX 50®Index (22.00%), the Nikkei StockAverage Index (13.75%), the FTSE®100 Index (9.625%), the Swiss Market Index®(5.50%) and the S&P®/ASX 200 Index (4.125%). The Notes willrank equally with all of our other unsecured and unsubordinated debt obligations. If the Basket Return is greater than zero, CIBC will pay theprincipal amount at maturity plus a return equal to the Upside Gearing multiplied by the Basket Return. If the Basket Return is equal to or less thanzero but greater than or equal to -25% (the “Trigger Amount”), CIBC will pay the full principal amount at maturity. However, if the Basket Returnis less than the Trigger Amount, CIBC will pay less than the full principal amount at maturity, if anything, resulting in a loss of principal that isproportionate to the negative Basket Return. Investing in the Notes involves significant risks. The Notes do not pay any interest. You may lose some or all of your principal amount. Anypayment on the Notes, including any repayment of principal at maturity, is subject to the creditworthiness of CIBC. If CIBC were to defaulton its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. Features Key Dates1 Trade DateNovember 13, 2025Settlement DateNovember 17, 2025Final Valuation Date2November 13, 2030Maturity Date2November 15, 2030 ❑Enhanced Growth Potential:At maturity, the Notes enhance any positiveBasket Return. If the Basket Return is negative, investors may be exposed tothe downside market risk of the negative Basket Return at maturity. ❑Contingent Repayment of Principal at Maturity:If the Basket Return is equalto or less than zero but greater than or equal to the Trigger Amount, CIBC willrepay the principal amount at maturity. However, If the Basket Return is lessthan the Trigger Amount, investors will be exposed to the full downsideperformance of the Basket and CIBC will pay less than the full principalamount at maturity, resulting in a loss of principal that is proportionate to thenegative Basket Return. Accordingly, you could lose some or all of theprincipal amount. Any payment on the Notes, including any repayment ofprincipal, is subject to the creditworthiness of CIBC. 1Expected. In the event we make any change to theexpected Trade Date and Settlement Date, the FinalValuation Date and the Maturity Date will be changed sothat the stated term of the Notes remains the same.2See page PS-4 for additional details. THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBCTO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE BASKET,WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET RISK IS IN ADDITION TO THECREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOTUNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY RISKS” BEGINNING ON PAGE PS-6 AND THE MORE DETAILED“RISK FACTORS” BEGINNING ON PAGE S-1 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THEACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS BEFORE PURCHASING ANY NOTES.EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF,AND THE RETURN ON, YOUR NOTES. Note Offering The Notes are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples of $10 in excess thereof. The final termsof the Notes will be determined on the Trade Date. See “Additional Information About the Notes” on page PS-2. The Notes offered will have the terms specified in the accompanying prospectus,prospectus supplement and underl