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Bank of Montreal (BMO) and ten affiliated entities have filed a Schedule 13G on Canadian Imperial Bank of Commerce (CM) common shares. As of 30 June 2025 the group beneficially owned 46,480,692 shares (CUSIP 136069101), equating to 4.94 % of CM鈥檚 outstanding common stock. The filing is made under Rule 13d-1(b), indicating a passive investment intent.

Voting/Dispositive powers: BMO reports sole voting power over 46.16 m shares and shared voting power over 0.25 m; sole dispositive power stands at 46.23 m with the same 0.25 m shared. Key subsidiaries and their aggregate stakes include: Bank of Montreal Holding Inc. 30.42 m (3.23 %), BMO Asset Management Inc. 17.87 m (1.90 %), and BMO Nesbitt Burns Inc. Wealth Management 24.57 m (2.61 %). Several smaller units hold fractional percentages.

The certification affirms the shares were acquired in the ordinary course of business and not for the purpose of influencing CM鈥檚 control. As the holding is just under the 5 % regulatory threshold, no Schedule 13D or additional control disclosures are required.

Canadian Imperial Bank of Commerce (CM) has filed a Rule 424(b)(2) preliminary pricing supplement for a new retail structured product 鈥� Trigger Autocallable Contingent Yield Notes linked to the worst performer of the S&P 500 Index and the Russell 2000 Index. The notes are senior unsecured debt, mature on or about 20 July 2028 (approximately three-year tenor) and will be issued in $10 denominations with a minimum $1,000 purchase.

Income mechanics: Investors can earn a quarterly contingent coupon of 7.50-8.00% per annum (1.875-2.00% per quarter) provided each underlying index closes at or above 70 % of its initial level (the Coupon Barrier) on the relevant determination date. Coupons are not cumulative; if the barrier is missed, the coupon is forfeited for that quarter.

Autocall feature: Starting 16 January 2026, the notes will be automatically redeemed at par plus the coupon if both indices close at or above their respective initial levels on any quarterly observation date. This reinvestment risk could limit total return to as little as six months.

Principal at risk: If the notes are not called and the worst-performing index is below 70 % of its initial level at final valuation, repayment is reduced one-for-one with the decline, exposing investors to up to 100 % loss of principal.

Key structural parameters:

• Initial levels: closing levels on 16 July 2025
• Coupon Barrier & Downside Threshold: 70 % of initial level
• Issuer credit: Canadian Imperial Bank of Commerce, senior unsecured
• Estimated value: $9.475-$9.713 per $10 note (2.9-5.3 % discount to issue price)
• Distribution: sold through UBS Financial Services; CIBC World Markets acting as underwriter; FINRA Rule 5121 conflict of interest disclosed

Investor considerations: 鈥� No market participation beyond coupons 鈥� Credit exposure to CIBC 鈥� Not FDIC or CDIC insured 鈥� No exchange listing; secondary liquidity limited 鈥� Complex tax treatment with uncertain characterisation of coupon payments 鈥� High headline coupon compensates for elevated downside and correlation risk between large-cap (SPX) and small-cap (RTY) U.S. equities.

The filing is preliminary; final terms, including the exact coupon rate within the indicated range, will be fixed on the trade date. The document contains extensive risk factors, scenario analysis and tax disclosures that investors should review in full.

Canadian Imperial Bank of Commerce (CIBC) is offering 788,687 Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index (SPX). Each unsecured senior note has a $10 principal, prices on July 10 2025, settles July 17 2025 and matures July 25 2031 unless called earlier.

Autocall feature: The notes are automatically redeemed if the Index closes at or above the Starting Value of 6,280.46 on any of six annual Observation Dates. The Call Amounts escalate from $10.684 (6.84% premium) in year 1 to $14.104 (41.04% premium) in year 6, providing a simple annualized yield range of roughly 6.6%-6.8% if triggered.

Downside/Buffer: If the notes are not called, principal is protected only down to an 85% Threshold (5,338.39). Should the Ending Value fall below this level, investors incur 1-to-1 downside exposure鈥攗p to an 85% loss of principal.

Economics & costs: Public offering price is $10.00, but the initial estimated value is $9.596, reflecting (i) a $0.20 underwriting discount (2.0%), (ii) a $0.05 hedging-related charge, and (iii) CIBC鈥檚 lower internal funding rate versus comparable fixed-rate debt. Proceeds to CIBC before expenses total $9.80 per unit.

Credit & liquidity considerations: Payments depend on CIBC鈥檚 creditworthiness; the notes are not insured by CDIC, FDIC or any governmental agency. No periodic interest is paid and no exchange listing is expected, so secondary-market liquidity will be limited and dealer-driven.

Key risks highlighted in the term sheet include (1) potential loss of up to 85% of principal, (2) capped upside relative to direct equity exposure, (3) valuation uncertainties due to CIBC鈥檚 internal models, and (4) conflicts of interest because BofA Securities serves as calculation agent and hedging counterparty.

The product may suit investors who are moderately bullish to neutral on the S&P 500 over the next six years, accept CIBC credit risk, can tolerate limited liquidity, and are comfortable exchanging equity dividends and unlimited upside for predefined call premiums and a 15% buffer.

Canadian Imperial Bank of Commerce (CM) is offering US$7.69 million of Autocallable Strategic Accelerated Redemption Securities ("the notes") linked to the Russell 2000 Index (RTY). The issuance comprises 768,617 units at $10 principal each, settling 17 Jul 2025 and maturing 26 Jul 2030 unless automatically called earlier.

Key structural terms

• Autocall feature: If the Index closes at or above the 2,263.410 Starting Value on any annual Observation Date (2026-2030), the notes redeem early for the fixed Call Amount. Call Amounts provide stepped premiums of 8.54%, 17.08%, 25.62%, 34.16% and 42.70% versus par.
• Downside profile: If not called and the Ending Value is below the 85% Threshold (1,923.899), principal is exposed 1-for-1 to further Index declines, placing up to 85% of capital at risk.
• No coupons or dividends; payments depend solely on Index performance and CIBC credit.
• Credit risk: Senior unsecured obligations of CIBC, ranking pari-passu with other unsubordinated debt; not FDIC/CDIC insured.
• Fees: $0.20 underwriting discount and $0.05 hedging-related charge per unit reduce the economic value delivered to investors.

Pricing economics

• Public offering price: $10.00
• Initial estimated value (IEV): $9.516 per unit (鈮�4.8% below issue price) reflecting CIBC鈥檚 lower internal funding rate and embedded fees.
• Proceeds to issuer: $9.80 per unit before expenses.

Risk highlights

• Capital loss of up to 85% if the notes are not called and RTY falls more than 15%.
• IEV below issue price indicates negative carry at inception.
• Limited liquidity; no exchange listing and no market-making obligation.
• Return is capped at 42.70% even if RTY gains materially more.
• Small-cap index exposure entails higher volatility than large-cap benchmarks.

Investor profile: Suitable for investors who expect the Russell 2000 to be flat-to-positive within five years, are comfortable with early redemption and accept CIBC credit and liquidity risk, foregone dividends and a capped payoff.