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Canadian Imperial Bank of Commerce (CIBC) is offering Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index (ticker: SPX) under a Free Writing Prospectus dated July 2025. These six-year, senior unsecured, unsubordinated notes carry no periodic interest and are subject to CIBC鈥檚 credit risk.

Key structural terms

• Principal: USD 10 per unit; CUSIP not provided.
• Automatic call feature: If the Index closes at or above the Starting Value on any Observation Date (annually, years 1-6), the notes are redeemed for the applicable Call Amount ranging from $10.60-$10.70 (6-7 % premium) in year 1 up to $13.60-$14.20 (36-42 % premium) in year 6.
• Downside protection: If not called, principal is protected only down to the Threshold Value of 85 % of the Starting Value. Below that, investors incur 1-for-1 downside exposure to further Index declines, risking up to 85 % of principal.
• Initial estimated value: $9.287-$9.697 per $10 unit, reflecting a 3.0-7.1 % discount to the public offering price due to CIBC鈥檚 internal funding rate, a $0.20 underwriting discount and $0.05 hedging-related charge.
• Liquidity & listing: No exchange listing; secondary market, if any, will be limited and at BofA Securities鈥� discretion.
• Credit profile: Payments depend solely on CIBC; the notes are not FDIC- or CDIC-insured.

Investor trade-offs: Investors gain enhanced, capped upside if the S&P 500 remains flat or rises modestly on annual observation dates, but accept no dividends, no interim coupons, capped returns, potential loss of up to 85 % of principal, limited liquidity and issuer credit risk.

GS Finance Corp. is offering Callable Contingent Coupon Index-Linked Notes due 5 Aug 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the S&P 500庐 Index and are issued in $1,000 denominations.

Key commercial terms

• Contingent quarterly coupon: at least $15.875 (鈮�1.5875%) paid only if the index closes 鈮�70 % of the initial level on the related observation date; otherwise no coupon.
• Maximum coupon potential: 鈮�6.35 % per annum, subject to the above condition.
• Issuer call feature: GS may redeem at 100 % of face value plus any due coupon on any quarterly payment date from Aug 2026 to May 2030.
• Maturity payout: 鈥� If index decline 鈮�30 %, holders receive par plus final coupon. 鈥� If index decline >30 %, repayment equals par + (index return 脳 $1,000), exposing investors to losses proportionate to the full downside beyond the 30 % buffer.
• Downside buffer: 30 % (trigger level at 70 % of initial).
• Estimated initial value: $850鈥�$890 per $1,000 note (鈮�85-89 % of issue price), reflecting embedded fees and hedging costs.

Risk-reward trade-off: Investors receive potential enhanced income and a 30 % cushion at maturity, but face (1) loss of coupons during weak equity markets, (2) principal loss below the buffer, (3) early-call reinvestment risk, (4) liquidity risk鈥擥S is not obliged to maintain a secondary market, and (5) credit risk of GS Finance Corp. and Goldman Sachs Group.

Use-case: Suitable only for investors comfortable with equity-linked structured products who seek higher contingent income and can tolerate principal risk and an issuer call.

The Form 4 filing reports that director Thomas H. Dinsmore had his entire holding of 25,000 shares of Series G Cumulative Preferred Stock of The Gabelli Convertible & Income Securities Fund Inc. (ticker GCV.G) redeemed on 06/26/2025. The transaction is coded "J," indicating it was classified as other rather than an open-market buy or sell. As explained in the footnote, the shares were redeemed as part of the issuer鈥檚 overall redemption of its outstanding Series G preferred stock at a stated price of $10 per share. Following the redemption, the reporting person鈥檚 beneficial ownership of the Series G preferred shares is 0, and all holdings are listed as direct (Form D).

No derivative securities were involved, and no additional classes of securities were reported. The filing was signed and dated on 06/30/2025.

Royal Bank of Canada (RY) has filed a Free Writing Prospectus for an issuance of Market-Linked Securities鈥擜uto-Callable with Contingent Coupon and Contingent Downside Principal at Risk maturing on 21 July 2028. The $1,000-denominated notes are linked to the worst performer among Goldman Sachs (GS), Meta Platforms (META) and Exxon Mobil (XOM).

Key structural terms: investors may receive a quarterly contingent coupon of at least 21% p.a. when the lowest-performing stock closes at or above 70% of its starting value. From January 2026 through April 2028 the notes are auto-callable at par plus the current coupon if the worst performer is at or above its starting value on any calculation day. If not called, principal is protected only down to the 70% downside threshold; below that level, repayment is reduced one-for-one with the worst performer鈥檚 decline, exposing investors to a potential 100% loss of capital.

Pricing considerations: the issuer鈥檚 estimated initial value is $910-$960 (9-4% discount to issue price), reflecting agent fees of up to 2.325% and dealer concessions. Secondary market liquidity is expected to be limited and pricing will be sensitive to equity volatility, dividends, credit spreads and correlation among the three underlyings.

Principal risks include full downside exposure beyond the 30% buffer, possibility of no coupons, reinvestment risk if early called, RBC credit risk, complex tax treatment and potential conflicts of interest with the calculation agent (RBCCM). The product does not participate in any upside of the underlying stocks.

These notes may appeal to investors seeking elevated income and willing to assume equity, issuer-credit and structural risks in exchange for high contingent coupons and a conditional 30% buffer.

Franklin Financial Services Corporation (FRAF) filed a Form 4 disclosing that director Daniel J. Fisher acquired 313 common shares on 06/23/2025 at an implied price of $34.60 per share, totaling roughly $10.8 thousand. The shares were issued in lieu of cash compensation for a portion of Fisher鈥檚 board fees. Following the transaction, Fisher directly owns 29,276 shares, a figure that includes previously reported unvested restricted stock units. No derivative securities were involved.

The filing represents a routine compensation-related share issuance rather than an open-market purchase, but it still modestly increases insider equity alignment without altering control dynamics or signaling material changes to FRAF鈥檚 capital structure.

Goldman Sachs Finance Corp. is marketing Leveraged S&P 500 Futures Excess Return Index-Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The structured notes are part of the issuer鈥檚 Series F medium-term note program and reference the S&P 500 Futures Excess Return Index (Bloomberg: SPXFP Index), which tracks E-mini S&P 500 futures rather than the cash equity index.

Key economic terms: investors will receive (i) the face amount plus 195% (minimum) of any positive index return; (ii) full principal repayment if the index falls 鈮�30%; or (iii) a dollar-for-dollar loss on the entire decline if the index drops by more than 30%, exposing investors to a potential 100% loss of principal. The notes do not pay periodic interest.

The trade date is 31 July 2025; maturity is 5 August 2030. The internal estimated value is $850鈥�$890 per $1,000 face amount, showing an 11-15% difference from the issue price, which will include selling commissions and hedging-related costs. Settlement is in cash, and the calculation agent is Goldman Sachs & Co. LLC. Credit exposure is to both GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).

Risk considerations: no FDIC insurance, no coupon, full downside participation below the 30% buffer, secondary market liquidity dependent on affiliates, and a material discount between issue price and estimated value. The SEC has neither approved nor disapproved the securities.

Goldman Sachs has filed a prospectus supplement for $1.92 million Autocallable Variable Coupon Equity-Linked Notes due 2030. The notes are linked to the performance of Class A common stocks of GitLab, Tempus AI, and AppLovin Corporation.

Key features include:

• Maturity date: July 2, 2030, unless automatically called starting June 2026
• Automatic call trigger: If all index stocks close at or above their initial prices
• Variable monthly coupon: $8.167 (9.8% p.a.) if all stocks 鈮� 65% of initial price; minimum $0.209 (0.25% p.a.) if any stock below threshold
• Initial stock prices: GitLab ($42.59), Tempus AI ($65.47), AppLovin ($338.80)

The estimated value is $933 per $1,000 face amount, below the issue price. Notes are guaranteed by Goldman Sachs Group and carry issuer credit risk. Original issue price is 100% with 3.75% underwriting discount.

Goldman Sachs Finance Corp has filed a prospectus supplement for S&P 500 Index-Linked Notes due 2029, guaranteed by Goldman Sachs Group. The notes offer conditional returns tied to S&P 500 performance with the following key features:

• If the final S&P 500 level exceeds the initial level, investors receive positive returns equal to the index return, capped at maximum settlement amount of $1,238.50 per $1,000 face value
• If final index level is equal to or below initial level, investors receive $1,000 face amount
• Notes do not pay interest
• Trade date: July 28, 2025
• Maturity date: May 3, 2029

The estimated value of notes at trade date is $910-$950 per $1,000 face amount, below the issue price. Key risks include credit risk of issuer/guarantor and potential capped upside returns. Notes will trade in book-entry form under master note no. 3.