| |
|
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-272447
(To Prospectus dated September 5, 2023,
Prospectus Supplement dated September 5, 2023 and
Product Supplement EQUITY LIRN-1 dated September 5, 2023) |
938,386 Units
$10 principal amount per unit
CUSIP No. 13608R521
 |
Pricing Date
Settlement Date
Maturity Date |
December 12, 2024
December 19, 2024
February 27, 2026 |
| |
| |
|
|
|
|
Capped Notes with Absolute Return Buffer Linked
to the Russell 2000® Index
· Maturity of approximately 14 months
· 1-to-1 upside exposure to increases in the Index, subject to a capped return of 12.00%
· A positive return equal to the absolute value of the percentage decline in the level of the Index only if the Index does not decline by
more than 10.95% (e.g., if the negative return of the Index is -5%, you will receive a positive return of +5%)
·
1-to-1 downside exposure to decreases in the Index beyond a 10.95% decline, with up to 89.05% of your principal at risk
·
All payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce
·
No periodic interest payments
·
In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See “Structuring
the Notes”
·
Limited secondary market liquidity, with no exchange listing
·
The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed
by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United
States, Canada, or any other jurisdiction
|
| |
| |
|
|
|
|
|
The notes are being issued by Canadian Imperial Bank of Commerce (“CIBC”).
There are important differences between the notes and a conventional debt security, including different investment risks and certain additional
costs. See “Risk Factors” and “Additional Risk Factors” beginning on page TS-6 of this term sheet and “Risk
Factors” beginning on page PS-7 of product supplement EQUITY LIRN-1.
The initial estimated value of the notes as of the pricing date is
$9.632 per unit, which is less than the public offering price listed below. See “Summary”
on the following page, “Risk Factors” beginning on page TS-6 of this term sheet and “Structuring the Notes”
on page TS-12 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors
and cannot be predicted with accuracy.
None of the Securities and Exchange Commission (the “SEC”),
any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note
Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.
| |
Per Unit |
Total |
| Public offering price |
$ 10.000 |
$9,383,860.00 |
| Underwriting discount |
$ 0.175 |
$ 164,217.55 |
| Proceeds, before expenses, to CIBC |
$ 9.825 |
$9,219,642.45 |
The notes:
| Are Not FDIC Insured |
Are Not Bank Guaranteed |
May Lose Value |
BofA Securities
December 12, 2024
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Summary
The Capped Notes with Absolute Return Buffer Linked to the Russell
2000® Index, due February 27, 2026 (the “notes”) are our senior unsecured debt securities. The notes are
not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental
agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities
(as defined on page 6 of the prospectus). The notes will rank equally with all of our other unsecured and unsubordinated debt.
Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC. The notes provide
you a 1:1 return, subject to a cap, if the Ending Value of the Market Measure, which is the Russell 2000® Index (the “Index”),
is greater than the Starting Value. If the Ending Value is equal to or less than the Starting Value but greater than or equal to the Threshold
Value, you will receive a positive return equal to the absolute value of the percentage decline in the Index from the Starting Value to
the Ending Value (e.g., if the negative return of the Index is -5%, you will receive a positive return of +5%). If the Ending Value is
less than the Threshold Value, you will lose a portion, which could be significant, of the principal amount of your notes. Any payments
on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Index, subject to
our credit risk. See “Terms of the Notes” below.
The economic terms of the notes (including the Threshold Value) are
based on our internal funding rate, which is the rate we would pay to borrow funds through the issuance of market-linked notes, and the
economic terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we
issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-related
charge and certain service fee described below, reduced the economic terms of the notes to you and the initial estimated value of the
notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated
value of the notes.
On the cover page of this term sheet, we have provided the initial
estimated value for the notes. This initial estimated value was determined based on our pricing models, and was based on our internal
funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our assumptions about market
parameters. For more information about the initial estimated value and the structuring of the notes, see “Structuring the Notes”
on page TS-12.
| Terms of the Notes |
Redemption Amount Determination |
| Issuer: |
Canadian Imperial Bank of Commerce (“CIBC”) |
Notwithstanding anything to the contrary in the accompanying product supplement, the Redemption Amount will be determined as set forth in this term sheet. On the maturity date, you will receive a cash payment per unit determined as follows: |
| Principal Amount: |
$10.00 per unit |
 |
| Term: |
Approximately 14 months |
| Market Measure: |
The Russell 2000® Index (Bloomberg symbol: “RTY”), a price return index. |
| Starting Value: |
2,361.081 |
| Ending Value: |
The average of the closing levels of the Market Measure on each calculation day occurring during the Maturity Valuation Period. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-24 of product supplement EQUITY LIRN-1. |
| Threshold Value: |
2,102.543 (89.05% of the Starting Value, rounded to three decimal places) |
| Participation Rate: |
100% |
| Capped Value: |
$11.20 per unit, which represents a return of 12.00% over the principal amount. |
| Maturity Valuation Period: |
February 18, 2026, February 19, 2026, February 20, 2026, February 23, 2026 and February 24, 2026 |
| Fees and Charges: |
The underwriting discount of $0.175 per unit listed on the cover page and the hedging-related charge of $0.05 per unit described in “Structuring the Notes” on page TS-12. |
| Calculation Agent: |
BofA Securities, Inc. (“BofAS”) |
| Capped Notes with Absolute Return Buffer | TS-2 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
The terms and risks of the notes are contained in this term sheet and
in the following:
| § | Prospectus supplement dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm
These documents (together, the “Note Prospectus”) have been
filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or
obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) or BofAS by calling 1-800-294-1322.
Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior
or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus.
Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY LIRN-1. Unless otherwise
indicated or unless the context requires otherwise, all references in this document to “we,” “us,” “our,”
or similar references are to CIBC.
To the extent the determination of the Redemption Amount and other terms
described in this term sheet are inconsistent with those described in the accompanying product supplement, prospectus supplement or prospectus,
the determination of the Redemption Amount and other terms described in this term sheet shall control.
Investor Considerations
You may wish to consider an investment in the notes if:
| · | You anticipate that the Index will either increase moderately from the Starting Value to the Ending Value or decrease from the Starting
Value to an Ending Value that is at or above the Threshold Value. |
| · | You are willing to risk a substantial loss of principal if the Index decreases from the Starting Value to an Ending Value that is
below the Threshold Value. |
| · | You accept that the return on the notes will be capped. |
| · | You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities. |
| · | You are willing to forgo dividends or other benefits of owning the stocks included in the Index. |
| · | You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes,
if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and
charges on the notes. |
| · | You are willing to assume our credit risk, as issuer of the notes, for
all payments under the notes, including the Redemption Amount. |
The notes may not be an appropriate investment for you if:
| · | You believe that the Index will decrease from the Starting Value to an Ending Value that is below the Threshold Value or that it will
not increase sufficiently over the term of the notes to provide you with your desired return. |
| · | You seek 100% principal repayment or preservation of capital. |
| · | You seek an uncapped return on your investment. |
| · | You seek interest payments or other current income on your investment. |
| · | You want to receive dividends or other distributions paid on the stocks included in the Index. |
| · | You seek an investment for which there will be a liquid secondary market. |
| · | You are unwilling or are unable to take market risk on the notes or to
take our credit risk as issuer of the notes. |
We urge you to consult your investment, legal, tax, accounting, and other
advisors before you invest in the notes.
| Capped Notes with Absolute Return Buffer | TS-3 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Hypothetical Payout Profile and Examples of Payments
at Maturity
Capped Notes with Absolute Return Buffer
 |
This graph reflects the returns on the notes,
based on the Participation Rate of 100%, the Threshold Value of 89.05% of the Starting Value, and the Capped Value of $11.20 per unit.
The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the stocks
included in the Index, excluding dividends.
This graph has been prepared for purposes
of illustration only. |
The following table and examples are for purposes of illustration only.
They are based on hypothetical values and show hypothetical returns on the notes. They illustrate the calculation of the
Redemption Amount and total rate of return based on a hypothetical Starting Value of 100.00, a hypothetical Threshold Value of 89.05,
the Participation Rate of 100%, the Capped Value of $11.20 per unit and a range of hypothetical Ending Values. The actual amount you
receive and the resulting total rate of return will depend on the actual Starting Value, Threshold Value and Ending Value, and whether
you hold the notes to maturity. The following examples do not take into account any tax consequences from investing in the notes.
For recent actual levels of the Market Measure, see “The Index”
section below. The Index is a price return index and as such the Ending Value will not include any income generated by dividends paid
on the stocks included in the Index, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition,
all payments on the notes are subject to issuer credit risk.
|
Ending Value |
Percentage Change
from the
Starting Value to the Ending Value |
Redemption Amount
per Unit |
Total Rate of
Return on the
Notes |
| 0.00 |
-100.00% |
$1.095 |
-89.05% |
| 50.00 |
-50.00% |
$6.095 |
-39.05% |
| 70.00 |
-30.00% |
$8.095 |
-19.05% |
| 80.00 |
-20.00% |
$9.095 |
-9.05% |
| 89.05(1) |
-10.95% |
$11.095(2) |
10.95% |
| 95.00 |
-5.00% |
$10.500 |
5.00% |
| 97.00 |
-3.00% |
$10.300 |
3.00% |
| 100.00(3) |
0.00% |
$10.000 |
0.00% |
| 105.00 |
5.00% |
$10.500 |
5.00% |
| 112.00 |
12.00% |
$11.200(4) |
12.00% |
| 120.00 |
20.00% |
$11.200 |
12.00% |
| 140.00 |
40.00% |
$11.200 |
12.00% |
| 160.00 |
60.00% |
$11.200 |
12.00% |
| 180.00 |
80.00% |
$11.200 |
12.00% |
| 200.00 |
100.00% |
$11.200 |
12.00% |
| (1) | This is the hypothetical Threshold Value. |
| (2) | Any positive return based on the depreciation of the Index cannot exceed the return represented by the Threshold Value. |
| (3) | The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual
Starting Value is 2,361.081, which was the closing level of the Index on the pricing date. |
| (4) | Any positive return based on the appreciation of the Index cannot exceed the return represented
by the Capped Value. |
| Capped Notes with Absolute Return Buffer | TS-4 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Redemption Amount Calculation Examples
| Example 1 |
| The Ending Value is 50.00, or 50.00% of the Starting Value: |
| Starting Value: 100.00 |
| Threshold Value: 89.05 |
| Ending Value: 50.00 |
 |
Redemption Amount
per unit |
|
| Example 2 |
|
| The Ending Value is 95.00, or 95.00% of the Starting Value: |
|
| Starting Value: 100.00 |
|
| Threshold Value: 89.05 |
|
| Ending Value: 95.00 |
|
 |
Redemption Amount per unit. Since the Ending Value is less than the Starting
Value but equal to or greater than the Threshold Value, the Redemption Amount for the notes will be the principal amount plus a positive
return equal to the absolute value of the negative return of the Index. |
| |
|
|
| Example 3 |
| The Ending Value is 105.00, or 105.00% of the Starting Value: |
| Starting Value: 100.00 |
| Ending Value: 105.00 |
 |
= $10.500 Redemption Amount per
unit. |
| Example 4 |
| The Ending Value is 130.00, or 130.00% of the Starting Value: |
| Starting Value: 100.00 |
| Ending Value: 130.00 |
 |
= $13.000, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $11.200 per unit |
| |
| Capped Notes with Absolute Return Buffer | TS-5 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Risk Factors
There are important differences between the notes and a conventional
debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more
detailed explanation of risks relating to the notes in the “Risk Factors” sections beginning on page PS-7 of product
supplement EQUITY LIRN-1, page S-1 of the prospectus supplement, and page 1 of the prospectus identified above. We also urge
you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.
Structure-related Risks
| § | Depending
on the performance of the Index as measured shortly before the maturity date, you may lose
up to 89.05% of the principal amount. |
| § | Any
positive return on the notes is limited. The notes provide for a positive return if the level
of the Index increases or does not decrease by more than 10.95%. However, any positive return
on the notes based on the appreciation of the Index is limited to the return represented
by the Capped Value. In addition, the absolute value return feature applies only if the Ending
Value is less than the Starting Value but greater than or equal to the Threshold Value. Because
the Threshold Value is 89.05% of the Starting Value, any positive return due to the depreciation
of the Index is limited to 10.95%. Any decline in the Ending Value from the Starting Value
by more than 10.95% will result in a loss, rather than a positive return, on the notes. |
| § | Your return on the notes may be less than the yield you could earn by owning
a conventional fixed or floating rate debt security of comparable maturity. |
| § | Your investment return may be less than a comparable investment directly in
the stocks included in the Index. |
| § | Payments on the notes are subject to our credit risk, and actual or perceived
changes in our creditworthiness are expected to affect the value of the notes. If we become insolvent or are unable to pay our obligations,
you may lose your entire investment. |
Valuation- and Market-related Risks
| § | Our initial estimated value of the notes is lower than the public offering
price of the notes. The public offering price of the notes exceeds our initial estimated value because costs associated with selling and
structuring the notes, as well as hedging the notes, all as further described in “Structuring the Notes” on page TS-12,
are included in the public offering price of the notes. |
| § | Our initial estimated value does not represent future values of the notes
and may differ from others’ estimates. Our initial estimated value is only an estimate, which was determined by reference to our
internal pricing models when the terms of the notes were set. This estimated value was based on market conditions and other relevant factors
existing at that time, our internal funding rate on the pricing date and our assumptions about market parameters, which can include volatility,
dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the notes that
are greater or less than our initial estimated value. In addition, market conditions and other relevant factors in the future may change,
and any assumptions may prove to be incorrect. On future dates, the market value of the notes could change significantly based on, among
other things, changes in market conditions, including the level of the Index, our creditworthiness, interest rate movements and other
relevant factors, which may impact the price at which MLPF&S, BofAS or any other party would be willing to buy notes from you in any
secondary market transactions. Our estimated value does not represent a minimum price at which MLPF&S, BofAS or any other party would
be willing to buy your notes in any secondary market (if any exists) at any time. |
| § | Our initial estimated value of the notes was not determined by reference to
credit spreads for our conventional fixed-rate debt. The internal funding rate that was used in the determination of our initial estimated
value of the notes generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based
on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management
costs of the notes in comparison to those costs for our conventional fixed-rate debt. If we were to have used the interest rate implied
by our conventional fixed-rate debt, we would expect the economic terms of the notes to be more favorable to you. Consequently, our use
of an internal funding rate for market-linked notes had an adverse effect on the economic terms of the notes and the initial estimated
value of the notes on the pricing date, and could have an adverse effect on any secondary market prices of the notes. |
| § | A trading market is not expected to develop for the notes. None of us, MLPF&S
or BofAS is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase
your notes at any price in any secondary market. |
Conflict-related Risks
| § | Our business, hedging and trading activities, and those of MLPF&S, BofAS
and our respective affiliates (including trades in shares of companies included in the Index), and any hedging and trading activities
we, MLPF&S, BofAS or our respective affiliates engage in for our clients’ accounts, may affect the market value and return of
the notes and may create conflicts of interest with you. |
| § | There may be potential conflicts of interest involving the calculation agent,
which is BofAS. We have the right to appoint and remove the calculation agent. |
Market Measure-related Risks
| § | The Index sponsor may adjust the Index in a way that affects its level, and
has no obligation to consider your interests. |
| Capped Notes with Absolute Return Buffer | TS-6 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
| § | As a noteholder, you will have no rights of a holder of the securities represented
by the Index, and you will not be entitled to receive securities, dividends or other distributions by the issuers of those securities. |
| § | While we, MLPF&S, BofAS or our respective affiliates may from time to
time own securities of the companies included in the Index, we, MLPF&S, BofAS and our respective affiliates do not control any company
included in the Index, and have not verified any disclosure made by any other company. |
Tax-related Risks
| § | The U.S. federal income tax consequences of the notes are
uncertain, and may be adverse to a holder of the notes. See “Summary of U.S. Federal Income Tax Consequences” below and “U.S.
Federal Income Tax Summary” beginning on page PS-39 of product supplement EQUITY LIRN-1. For a discussion of the Canadian federal
income tax consequences of investing in the notes, see “Material Income Tax Consequences—Canadian Taxation” in the prospectus,
as supplemented by the discussion under “Summary of Canadian Federal Income Tax Considerations”
herein. |
Additional Risk Factors
The notes are subject to risks associated with small-size capitalization
companies.
The stocks composing the Index are issued by companies with small-sized
market capitalization. The stock prices of small-size companies may be more volatile than stock prices of large capitalization companies.
Small-size capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative
to larger companies. Small-size capitalization companies may also be more susceptible to adverse developments related to their products
or services.
| Capped Notes with Absolute Return Buffer | TS-7 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
The Index
All disclosures contained in this term sheet regarding the Index, including,
without limitation, its make-up, method of calculation, and changes in its components, have been derived from publicly available sources,
which we have not independently verified. The information reflects the policies of, and is subject to change by, FTSE Russell (the “Index
sponsor”). The Index sponsor, which licenses the copyright and all other rights to the Index, has no obligation to continue to publish,
and may discontinue publication of, the Index. The consequences of the Index sponsor discontinuing publication of the Index are discussed
in the section entitled “Description of LIRNs—Discontinuance of an Index” beginning on page PS-26 of product supplement
EQUITY LIRN-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication
of the Index or any successor index.
The Index is designed to measure the performance of the small-capitalization
segment of the U.S. equity market. It is a subset of the Russell 3000® Index and represents approximately 10% of the total
market capitalization of that index. The Russell 3000® Index is designed to measure the performance of the largest 3,000
U.S. companies, which represent approximately 97% of the investable U.S. equity market. The Index is reported by Bloomberg L.P. under
the ticker symbol “RTY.”
Defining Eligible Securities
All companies that are determined to be part of
the U.S. equity market under FTSE Russell’s country-assignment methodology are included in the Russell U.S. indices. If a company
is incorporated in, has a stated headquarters location in, and also trades in the same country (American Depositary Receipts and American
Depositary Shares are not eligible), the company is assigned to the equity market of its country of incorporation. If any of the three
do not match, FTSE Russell then defines three Home Country Indicators (“HCI”): country of incorporation, country of headquarters,
and country of the most liquid exchange as defined by two-year average daily dollar trading volume from all exchanges within a country.
Using the HCIs, FTSE Russell cross-compares the primary location of the company’s assets with the three HCIs. If the primary location
of the company’s assets matches any of the HCIs, then the company is assigned to its primary asset location. If there is insufficient
information to determine the country in which the company’s assets are primarily located, FTSE Russell will use the primary location
of the company’s revenues for the same cross-comparison and will assign the company to the appropriate country in a similar fashion.
FTSE Russell uses an average of two years of assets or revenue data for analysis to reduce potential turnover. If conclusive country details
cannot be derived from assets or revenue, FTSE Russell assigns the company to the country where its headquarters are located unless the
country is a Benefit Driven Incorporation country; in which case, the company will be assigned to the country of its most liquid stock
exchange. For any companies incorporated or headquartered in a U.S. territory, including countries such as Puerto Rico, Guam, and U.S.
Virgin Islands, a U.S. HCI is assigned. If a company is designated as a Chinese “N Share,” it will not be considered for inclusion
within the Russell U.S. indices. An “N Share” is a company incorporated outside of mainland China that trades on the New York
Stock Exchange (the “NYSE”), the Nasdaq exchange or the NYSE American. An N Share will have a headquarter or principle executive
office or its establishment in mainland China, with a majority of its revenues or assets derived from the People’s Republic of China.
All securities eligible for inclusion in Russell
U.S. indices must trade on an eligible U.S. exchange. The eligible U.S. exchanges are: CBOE, NYSE, NYSE American, NYSE Arca and Nasdaq.
Bulletin board, pink-sheets, and over-the-counter (“OTC”) traded securities are not eligible for inclusion, including securities
for which prices are displayed on the FINRA ADF.
Preferred and convertible preferred stock, redeemable
shares, participating preferred stock, warrants, rights, installment receipts and trust receipts are not eligible for inclusion in the
Russell U.S. indices. Royalty trusts, U.S. limited liability companies, closed-end investment companies, blank-check companies, special-purpose
acquisition companies, and limited partnerships are also not eligible for inclusion in the Russell U.S. indices. Business development
companies, exchange traded funds and mutual funds are also excluded.
If an eligible company trades under multiple share
classes, FTSE Russell will review each share class independently for U.S. index inclusion. Stocks must trade at or above $1.00 (on its
primary exchange) on the rank day in May of each year to be eligible for inclusion during annual reconstitution. However, in order
to reduce unnecessary turnover, if an existing index member’s closing price is less than $1.00 on rank day, it will be considered
eligible if the average of the daily closing prices (from its primary exchange) during the 30 days prior to the rank day is equal to or
greater than $1.00. If an existing index member does not trade on the rank day in May, it must price at $1.00 or above on another eligible
U.S. exchange to remain eligible. A stock added during the quarterly initial public offering (“IPO”) process is considered
a new index addition and therefore must have a closing price on its primary exchange at or above $1.00 on the last day of the IPO eligibility
period in order to qualify for index inclusion. Companies with a total market capitalization of less than $30 million are not eligible
for inclusion in the Russell U.S. indices. Similarly, companies with only 5% or less of their shares available in the marketplace are
not eligible for the Russell U.S. indices.
Annual Reconstitution
Annual reconstitution is the process by which all
Russell indices are completely rebuilt. Reconstitution is a vital part of the creation of a benchmark which accurately represents a particular
market segment. Companies may get bigger or smaller over time, or periodically undergo changes in their style characteristics. Reconstitution
ensures that the companies continue to be correctly represented in the appropriate Russell indices.
On the rank day in May each year, all eligible
securities are ranked by their total market capitalization. The largest 4,000 become the Russell 3000E Index, and the other Russell U.S.
indices are determined from that set of securities. If there are not 4,000 eligible securities in the U.S. market, the entire eligible
set is included.
Reconstitution occurs on the fourth Friday in June.
A full calendar for reconstitution is published each spring.
| Capped Notes with Absolute Return Buffer | TS-8 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Eligible IPOs are added to the Russell U.S. indices
quarterly to ensure that new additions to the institutional investing opportunity set are reflected in the representative indices. FTSE
Russell focuses on IPOs each quarter because it is important to reflect market additions between reconstitution periods. Companies filing
an IPO registration statement (or the local equivalent when outside the United States) and listing with the same quarter on an eligible
U.S. exchange are reviewed for eligibility regardless of previous trading activity (exceptional or unique events may induce extraordinary
treatment which will be communicated appropriately). Companies currently trading on foreign exchanges or OTC markets will be reviewed
for eligibility if: (1) the company files an IPO statement for an eligible U.S. exchange; and (2) the offering is announced
to the market and confirmed by FTSE Russell’s vendors as an IPO.
Capitalization Adjustments
After membership is determined, a security’s
shares are adjusted to include only those shares available to the public, which is often referred to as “free float.” The
purpose of this adjustment is to exclude from market calculations the capitalization that is not available for purchase and is not part
of the investable opportunity set. Stocks in the Russell U.S. indices are weighted by their available (also called “float-adjusted”)
market capitalization, which is calculated by multiplying the primary closing price by the available shares. Adjustments to shares are
reviewed at reconstitution, during quarterly update cycles and for corporate actions such as mergers.
Certain types of shares are considered restricted
and removed from total market capitalization to arrive at free float or available market capitalization, such as shares directly owned
by state, regional, municipal and local governments (excluding shares held by independently managed pension schemes for governments),
shares held by directors, senior executives and managers of the company, and by their family and direct relations, and by companies with
which they are affiliated, and shares with high shareholding concentration, etc.
Corporate Action-Driven Changes
FTSE Russell defines a corporate action as an action
on shareholders with a prescribed ex-date (e.g., rights issue, special dividend, stock split). The share price and indices in which the
company is included will be subject to an adjustment on the ex-date. This is a mandatory event. FTSE Russell defines a corporate event
as a reaction to company news (event) that might impact the index depending on the index rules. FTSE Russell applies corporate actions
and events to its indices on a daily basis. Depending upon the time an action is determined to be final, FTSE Russell will either (1) apply
the action before the open on the ex-date, or (2) apply the action providing appropriate notice, referred to as “delayed action.”
For merger and spin-off transactions that are effective
between rank day in May and the business day immediately before the index lock down takes effect prior to annual reconstitution in
June, the market capitalizations of the impacted securities are recalculated and membership is reevaluated as of the effective date of
the corporate action. For corporate events that occur during the reconstitution lock down period (which take effect from the open on the
first day of the lock-down period onwards), market capitalizations and memberships will not be reevaluated. Non index members that have
been considered ineligible as of rank day will not be reevaluated in the event of a subsequent corporate action that occurs between rank
day and the reconstitution effective date.
If a company distributes shares of an additional
share class to its existing shareholders through a mandatory corporate action, FTSE Russell evaluates the additional share class for separate
index membership. The new share class will be deemed eligible if the market capitalization of the distributed shares meets the minimum
size requirement (above the minimum market capitalization breakpoint defined as the smallest member of the Russell 3000E Index from
the previous rebalance, adjusted for performance to date.) Index membership of additional share classes that are added due to corporate
actions will mirror that of the pricing vehicle, as will style and stability probabilities. If the distributed shares of an additional
share class do not meet eligibility requirements, they will not be added to the index (the distributed shares may be added to the index
temporarily until they are settled and listed to enable index replication).
“No Replacement” Rule: Securities that
leave a Russell U.S. index for any reason (e.g., mergers, acquisitions or other similar corporate activities) are not replaced. Thus,
the number of securities in a Russell U.S. index over the year will fluctuate according to corporate activity.
To maintain representativeness and maximize the available investment
opportunity for index managers, the Russell U.S. indices are reviewed quarterly for updates to shares outstanding and to free floats used
within the index calculation. The changes are implemented quarterly, on the third Friday of March, September and December (after
the close). The June reconstitution will continue to be implemented on the last Friday of June (unless the last Friday occurs
on the 29th or 30th, in which case reconstitution will occur on the Friday prior).
| Capped Notes with Absolute Return Buffer | TS-9 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
The following graph shows the daily historical performance of the
Index in the period from January 1, 2014 through December 12, 2024. We obtained this historical data from Bloomberg L.P. We
have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the
closing level of the Index was 2,361.081.
Historical Performance of the Index
This historical data on the Index is not necessarily indicative
of the future performance of the Index or what the value of the notes may be. Any historical upward or downward trend in the level of
the Index during any period set forth above is not an indication that the level of the Index is more or less likely to increase or decrease
at any time over the term of the notes.
Before investing in the notes, you should consult publicly available
sources for the levels of the Index.
License Agreement
We have entered into a non-exclusive license agreement with FTSE Russell
whereby we, in exchange for a fee, are permitted to use the Index and its related trademarks in connection with certain securities, including
the notes.
The license agreement between FTSE Russell and us provides that the following
language must be set forth when referring to any FTSE Russell indexes or the FTSE Russell trademarks in this term sheet:
“‘Russell 2000®’ and ‘Russell
3000®’ are trademarks of FTSE Russell and have been licensed for use by CIBC. The notes are not sponsored, endorsed,
sold, or promoted by FTSE Russell. FTSE Russell makes no representation or warranty, express or implied, to the owners of the notes or
any member of the public regarding the advisability of investing in securities generally or in the notes particularly or the ability
of the Index to track general stock market performance or a segment of the same. FTSE Russell’s publication of the Index in no
way suggests or implies an opinion by FTSE Russell as to the advisability of investment in any or all of the notes upon which the Index
is based. FTSE Russell’s only relationship to CIBC and its affiliates is the licensing of certain trademarks and trade names of
FTSE Russell and of the Index which is determined, composed and calculated by FTSE Russell without regard to CIBC and its affiliates
or the notes. FTSE Russell is not responsible for and has not reviewed the notes nor any associated literature or publications and FTSE
Russell makes no representation or warranty, express or implied, as to their accuracy or completeness, or otherwise. FTSE Russell reserves
the right, at any time and without notice, to alter, amend, terminate or in any way change the Index. FTSE Russell has no obligation
or liability in connection with the administration, marketing or trading of the notes.
FTSE RUSSELL DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS
OF THE INDEX OR ANY DATA INCLUDED THEREIN AND FTSE RUSSELL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.
FTSE RUSSELL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CIBC AND/OR ITS AFFILIATES, INVESTORS, OWNERS
OF THE NOTES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. FTSE RUSSELL MAKES NO EXPRESS OR IMPLIED
WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX
OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL FTSE RUSSELL HAVE ANY LIABILITY FOR ANY SPECIAL,
PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
| Capped Notes with Absolute Return Buffer | TS-10 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Supplement to the Plan of Distribution
Under our distribution agreement with BofAS, BofAS will purchase the
notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.
MLPF&S will in turn purchase the notes from BofAS for resale, and it will receive a selling concession in connection with the sale
of the notes in an amount up to the full amount of the underwriting discount set forth on the cover of this term sheet.
We will pay a fee to a broker dealer in which an affiliate of BofAS has
an ownership interest for providing certain services with respect to this offering, which will reduce the economic terms of the notes
to you.
We will deliver the notes against payment therefor in New York, New York
on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934,
trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required
to specify alternative settlement arrangements to prevent a failed settlement.
The notes will not be listed on any securities exchange. In the original
offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes,
you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.
MLPF&S and BofAS may repurchase and resell the notes, with repurchases
and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S’s
and BofAS’s trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making
transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial
period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed
the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market
conditions and other considerations, including the performance of the Index and the remaining term of the notes. However, none of us,
MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure
you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial
estimated value of the notes.
The value of the notes shown on your account statement will be based
on BofAS’s estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it
is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market
conditions, and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher
than or lower than the initial estimated value of the notes.
The distribution of the Note Prospectus in connection with these offers
or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available
to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on
the Note Prospectus for information regarding CIBC or for any purpose other than that described in the immediately preceding sentence.
| Capped Notes with Absolute Return Buffer | TS-11 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Structuring the Notes
The notes are our debt securities, the return on which is linked to the
performance of the Index. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the
notes reflect our actual or perceived creditworthiness at the time of pricing. The internal funding rate we use in pricing the market-linked
notes is typically lower than the rate we would pay when we issue conventional fixed-rate debt securities of comparable maturity. This
difference is based on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and
ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt. This generally relatively
lower internal funding rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked
notes, resulted in the initial estimated value of the notes on the pricing date being less than their public offering price.
At maturity, we are required to pay the Redemption Amount to holders
of the notes, which will be calculated based on the performance of the Index and the $10 per unit principal amount. In order to meet these
payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call
options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined
by seeking bids from market participants, including BofAS and its affiliates, and take into account a number of factors, including our
creditworthiness, interest rate movements, the volatility of the Index, the tenor of the notes and the tenor of the hedging arrangements.
The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.
BofAS has advised us that the hedging arrangements will include a hedging-related
charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging
entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be
realized by BofAS or any third party hedge providers.
For further information, see “Risk Factors—Valuation- and
Market-related Risks” beginning on page PS-8 of product supplement EQUITY LIRN-1 and “Use of Proceeds” on page S-14
of prospectus supplement.
| Capped Notes with Absolute Return Buffer | TS-12 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
Summary of Canadian Federal Income Tax Considerations
In the opinion of Blake, Cassels & Graydon LLP, our Canadian
tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income Tax Act
(Canada) and the regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser who acquires
beneficial ownership of a note pursuant to this term sheet and who for the purposes of the Canadian Tax Act and at all relevant times:
(a) is neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with CIBC and any transferee resident
(or deemed to be resident) in Canada to whom the purchaser disposes of the note; (c) does not use or hold and is not deemed to use
or hold the note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any
interest and principal) made on the note; (e) is not a, and deals at arm’s length with any, “specified shareholder”
of CIBC for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity in respect of which
CIBC or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans or otherwise transfers the
note is a “specified entity”, and is not a “specified entity” in respect of such a transferee, in each case, for
purposes of the Hybrid Mismatch Rules, as defined below (a “Non-Resident Holder”). Special rules which apply to non-resident
insurers carrying on business in Canada and elsewhere are not discussed in this summary.
This summary assumes that no amount paid or payable to a holder described
herein will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises within the meaning
of the rules in the Canadian Tax Act with respect to “hybrid mismatch arrangements” (the “Hybrid Mismatch Rules”).
Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty as to their interpretation
and application.
This summary is supplemental to and should be read together with the
description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning notes under “Material
Income Tax Consequences—Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should carefully read
that description as well.
This summary is of a general nature only and is not intended to be,
nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders are advised to consult
with their own tax advisors with respect to their particular circumstances.
Based on Canadian tax counsel’s understanding of the Canada Revenue
Agency’s administrative policies and having regard to the terms of the notes, interest payable on the notes should not be considered
to be “participating debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident Holder should not be
subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid or credited by CIBC
on a note as, on account of or in lieu of payment of, or in satisfaction of, interest.
Non-Resident Holders should consult their own advisors regarding the
consequences to them of a disposition of the notes to a person with whom they are not dealing at arm’s length for purposes of the
Canadian Tax Act.
Summary of U.S. Federal Income Tax Consequences
The following discussion is a brief summary of the material U.S. federal
income tax considerations relating to an investment in the notes. The following summary is not complete and is both qualified and supplemented
by, or in some cases supplements, the discussion entitled “U.S. Federal Income Tax Summary” in product supplement EQUITY LIRN-1,
which you should carefully review prior to investing in the notes.
The U.S. federal income tax considerations of your investment in the
notes are uncertain. No statutory, judicial or administrative authority directly discusses how the notes should be treated for U.S. federal
income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable to treat the notes as prepaid
cash-settled derivative contracts. Pursuant to the terms of the notes, you agree to treat the notes in this manner for all U.S. federal
income tax purposes. If this treatment is respected, you should generally recognize capital gain or loss upon the sale, exchange, redemption
or payment on maturity in an amount equal to the difference between the amount you receive at such time and the amount that you paid for
your notes. Such gain or loss should generally be long-term capital gain or loss if you have held your notes for more than one year. Non-U.S.
holders should consult the section entitled “U.S. Federal Income Tax Summary – Non-U.S. Holders” in product supplement
EQUITY LIRN-1.
The expected characterization of the notes is not binding on the U.S.
Internal Revenue Service (the “IRS”) or the courts. Thus, it is possible that the IRS would seek to characterize your notes
in a manner that results in tax consequences to you that are different from those described above or in the accompanying product supplement.
Such alternate treatments could include a requirement that a holder accrue ordinary income over the life of the notes or treat all gain
or loss at maturity as ordinary gain or loss. For a more detailed discussion of certain alternative characterizations with respect to
your notes and certain other considerations with respect to your investment in the notes, you should consider the discussion set forth
in “U.S. Federal Income Tax Summary” of the product supplement. We are not responsible for any adverse consequences that you
may experience as a result of any alternative characterization of the notes for U.S. federal income tax or other tax purposes.
With respect to the discussion in the product supplement regarding “dividend
equivalent” payments, the IRS has issued a notice that provides that withholding on dividend equivalent payments will not apply
to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027.
You should consult your tax advisor as to the tax consequences of
such characterization and any possible alternative characterizations of the notes for U.S. federal income tax purposes. You should also
consult your tax advisor concerning the
| Capped Notes with Absolute Return Buffer | TS-13 |
|
Capped Notes with Absolute Return Buffer
Linked to the Russell 2000® Index, due
February 27, 2026 |
|
U.S. federal income tax and other tax consequences of your investment
in the notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of
changes in federal or other tax laws.
Validity of the Notes
In the opinion of Blake, Cassels &
Graydon LLP, as Canadian counsel to CIBC, the issue and sale of the notes has been duly authorized by all necessary corporate action of
CIBC in conformity with the indenture, and when the notes have been duly executed, authenticated and issued in accordance with the indenture,
the notes will be validly issued and, to the extent validity of the notes is a matter governed by the laws of the Province of Ontario
or the federal laws of Canada applicable therein, will be valid obligations of CIBC, subject to applicable bankruptcy, insolvency and
other laws of general application affecting creditors’ rights, equitable principles, and subject to limitations as to the currency
in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date
hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion
is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the indenture and the genuineness
of signature, and to such counsel’s reliance on CIBC and other sources as to certain factual matters, all as stated in the opinion
letter of such counsel dated June 6, 2023, which has been filed as Exhibit 5.2 to CIBC’s Registration Statement on Form F-3
filed with the SEC on June 6, 2023.
In the opinion of Mayer Brown LLP,
when the notes have been duly completed in accordance with the indenture and issued and sold as contemplated by this term sheet and the
accompanying product supplement, prospectus supplement and prospectus, the notes will constitute valid and binding obligations of CIBC,
entitled to the benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights and to general equity principles. This opinion is given
as of the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the
Trustee’s authorization, execution and delivery of the indenture and such counsel’s reliance on CIBC and other sources as
to certain factual matters, all as stated in the legal opinion dated June 6, 2023, which has been filed as Exhibit 5.1 to CIBC’s
Registration Statement on Form F-3 filed with the SEC on June 6, 2023.
Where You Can Find More Information
We have filed a registration statement (including a product supplement,
a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should
read the Note Prospectus, including this term sheet, and the 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 MLPF&S
or BofAS toll-free at 1-800-294-1322.
| Capped Notes with Absolute Return Buffer | TS-14 |
F-3
424B2
EX-FILING FEES
333-272447
0001045520
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
0001045520
2024-12-12
2024-12-12
iso4217:USD
xbrli:pure
xbrli:shares
|
Calculation of Filing Fee Tables
|
|
F-3
|
|
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
|
|
The maximum aggregate offering price of the securities to which the prospectus relates is $9,383,860. The prospectus is a final prospectus for the related offering.
|
|
|
v3.24.4
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ffd_FeeExhibitTp |
| Namespace Prefix: |
ffd_ |
| Data Type: |
ffd:feeExhibitTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ffd_RegnFileNb |
| Namespace Prefix: |
ffd_ |
| Data Type: |
ffd:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ffd_SubmissionLineItems |
| Namespace Prefix: |
ffd_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ffd_SubmissnTp |
| Namespace Prefix: |
ffd_ |
| Data Type: |
ffd:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.4
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
| Name: |
ffd_FeesSummaryLineItems |
| Namespace Prefix: |
ffd_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
| Name: |
ffd_FnlPrspctsFlg |
| Namespace Prefix: |
ffd_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
| Name: |
ffd_NrrtvDsclsr |
| Namespace Prefix: |
ffd_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
| Name: |
ffd_NrrtvMaxAggtOfferingPric |
| Namespace Prefix: |
ffd_ |
| Data Type: |
ffd:nonNegative100TMonetary2ItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Canadian Imperial Bank o... (NYSE:CM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Canadian Imperial Bank o... (NYSE:CM)
Historical Stock Chart
From Dec 2023 to Dec 2024
