CIBC Principal Protected Notes are an innovative financial product that combines key investment characteristics of both stocks and conventional bonds. The key distinguishing feature of these investments is that the principal amount - your original investment - is 100% protected provided you hold the PPN to maturity.

The return of principal at maturity makes CIBC Principal Protected Notes similar to bonds. A conventional bond also repays the full principal amount at maturity, but earns a return through periodic pre-determined coupon payments over the term of the bond. Although a PPN may pay pre-determined periodic coupons, it has the potential to earn a variable return based on the performance of the underlying stocks over the term of the PPN, paid sometimes periodically but generally at maturity.

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