Canadian Imperial Bank of Commerce/KO/Call [endlos]/MS

This open-ended (call) knock-out warrant with a stop-loss level is linked to Canadian Imperial Bank of Commerce, the underlying instrument, and has an unlimited term. This is a leveraged product, where the investor participates disproportionately in the positive and negative performance of the underlying. The product features a knock-out threshold of CAD 83.06. If the underlying breaches the knock-out threshold during the term, the product will be knocked out and will be redeemed immediately, at the residual value. The investor has the right to exercise throughout the term of the warrant. Upon exercise, the redemption amount is calculated as the difference between the price of the underlying and the strike price of CAD 77.681, adjusted for the multiplier of 0.10. The issuer has the right to terminate the warrant, subject to a specific notice period.