· |
The notes are designed for investors who seek a 200% leveraged positive return based on any appreciation in the value of an equally weighted basket (the “Basket”) consisting of the equity securities (each a “Basket Component”) of 10 publicly traded companies. These companies are the companies in the Ameriprise Investment Research Group (“IRG”) 2018 Conviction List, which were identified by Ameriprise Financial Services, Inc. (“Ameriprise Financial”), as listed on page P-2 below.
|
· |
Investors should be willing to accept a payment at maturity that is capped at the Maximum Redemption Amount (as defined below), be willing to forgo periodic interest, and be willing to lose 1% of their principal amount for each 1% that the value of the Basket decreases.
|
· |
Investors in the notes may lose up to 100% of their principal amount at maturity.
|
· |
The Maximum Redemption Amount will be $1,200 for each $1,000 in principal amount (a 20.00% return).
|
· |
Any payment at maturity is subject to the credit risk of Bank of Montreal.
|
· |
The notes do not bear interest. The notes will not be listed on any securities exchange.
|
· |
The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.
|
· |
The offering priced on January 26, 2018, and the notes will settle through the facilities of The Depository Trust Company on January 31, 2018.
|
· |
The notes are scheduled to mature on January 31, 2019.
|
· |
The CUSIP number of the notes is 06367TU81.
|
· |
Our subsidiary, BMO Capital Markets Corp. (“BMOCM”), is the agent for this offering. See “Supplemental Plan of Distribution (Conflicts of Interest)” below.
|
Investing in the notes involves risks, including those described in the “Selected Risk Considerations” section beginning on page P-4 of this pricing supplement, the “Additional Risk Factors Relating to the Notes” section beginning on page PS-5 of the product supplement, and the “Risk Factors” section beginning on page S-1 of the prospectus supplement and on page 8 of the prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this pricing supplement, the product supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense.
The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency or instrumentality or other entity.
On the date of this pricing supplement, the estimated initial value of the notes is $985 per $1,000 in principal amount. As discussed in more detail in this pricing supplement, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy.
|
|||
Price to Public
|
Agent’s Commission(1)
|
Proceeds to Bank of Montreal
|
|
Per Note
|
US$1,000
|
US$4.00
|
US$996.00
|
Total
|
US$997,000.00
|
US$3,988.00
|
US$993,012.00
|
(1)$4.00 in principal amount per note will be received by Ameriprise Financial for its services acting as distributor of the notes.
|
Underlying Asset:
|
An equally weighted basket consisting of the equity securities of ten publicly traded companies. The 10 Basket Components, their respective Weighting Percentages and their Initial Basket Component Levels are indicated in the table below.
|
|||
Selection of the Basket:
|
The Basket Companies are the companies in the Ameriprise IRG 2018 Conviction List, which were identified by Ameriprise Financial Services, Inc. (“Ameriprise Financial”). Ameriprise Financial’s senior equity analysts identified the Basket Companies as the ten U.S. equity securities that they believe have a relatively high likelihood of outperforming the S&P 500® Total Return Index over the next 12 months. See the section below, “The Basket Stocks.”
|
|||
Payment at Maturity:
|
If the Percentage Change multiplied by the Upside Leverage Factor is greater than or equal to the Maximum Return, the payment at maturity for each $1,000 in principal amount of the notes will equal the Maximum Redemption Amount.
If the Percentage Change multiplied by the Upside Leverage Factor is zero, or is positive but is less than the Maximum Return, then the amount that the investors will receive at maturity will equal:
|
|||
Principal Amount + [Principal Amount × (Percentage Change x Upside Leverage Factor)]
|
||||
If the Percentage Change is less than 0%, the amount that the investors will receive at maturity will equal:
|
||||
Principal Amount + [Principal Amount × Percentage Change]
|
||||
Upside Leverage Factor:
|
200%
|
|||
Maximum Return:
|
20.00%
|
|||
Maximum Redemption
Amount: |
The payment at maturity will not exceed the Maximum Redemption Amount of $1,200 per $1,000 in principal amount of the notes.
|
|||
Initial Level:
|
100
|
|||
Final Level:
|
Initial Level x (1 + Percentage Change)
|
|||
Percentage Change:
|
The sum of the Weighted Percentage Change for each Basket Component.
|
|||
Weighted Percentage
Change: |
With respect to each Basket Component, the product of (a) its Weighting Percentage and (b) its Component Change.
|
|||
Component Change:
|
With respect to each Basket Component:
Final Basket Component Level – Initial Basket Component Level
Initial Basket Component Level
|
|||
Initial Basket Component
Level: |
With respect to each Basket Component, its closing price on the pricing date, as set forth in the table below. The Initial Basket Component Level of each Basket Component is subject to adjustment as described in the section “General Terms of the Notes—Anti-dilution Adjustments” of the product supplement.
|
|||
Final Basket Component Level:
|
With respect to each Basket Component, its closing price on the Valuation Date.
|
|||
The Basket:
|
Basket Components
|
Bloomberg Tickers
|
Weighting Percentage
|
Initial Basket Component Levels
|
Alaska Air Group, Inc.
|
ALK
|
1/10
|
$64.54
|
|
Blue Buffalo Pet Products, Inc.
|
BUFF
|
1/10
|
$33.28
|
|
Celgene Corporation
|
CELG
|
1/10
|
$105.17
|
|
Centene Corporation
|
CNC
|
1/10
|
$110.80
|
|
EOG Resources, Inc.
|
EOG
|
1/10
|
$117.76
|
|
The Home Depot, Inc.
|
HD
|
1/10
|
$207.23
|
|
Invesco Ltd.
|
IVZ
|
1/10
|
$38.40
|
|
MasterCard, Inc.
|
MA
|
1/10
|
$170.34
|
|
NVIDIA Corporation
|
NVDA
|
1/10
|
$243.33
|
|
AT&T, Inc.
|
T
|
1/10
|
$37.82
|
|
Pricing Date:
|
January 26, 2018
|
|||
Settlement Date:
|
January 31, 2018
|
Valuation Date:
|
January 28, 2019
|
Maturity Date:
|
January 31, 2019
|
Automatic Redemption:
|
Not applicable
|
Calculation Agent:
|
BMOCM
|
Selling Agent:
|
BMOCM
|
· |
Product supplement dated May 1, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000121465917002869/c427173424b5.htm |
· |
Prospectus supplement dated April 27, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000119312517142764/d381374d424b5.htm
|
· |
Prospectus dated April 27, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000119312517142728/d254784d424b2.htm |
· |
Your investment in the notes may result in a loss. — You may lose some or all of your investment in the notes. There is no minimum percentage of your principal that you are entitled to receive under the terms of the notes. The payment at maturity will be based on the Final Level, and whether the Final Level of the Underlying Asset on the Valuation Date has declined from the Initial Level. If the Final Level is less than the Initial Level, you will lose 1% of the principal amount of your notes for each 1% that the Final Level is less than the Initial Level. Accordingly, you could lose up to 100% of the principal amount of the notes.
|
· |
Your return on the notes is limited to the Maximum Redemption Amount, regardless of any appreciation in the level of the Underlying Asset. — You will not receive a payment at maturity with a value greater than the Maximum Redemption Amount per $1,000 in principal amount of the notes. This will be the case even if the Percentage Change multiplied by the Upside Leverage Factor exceeds the Maximum Return.
|
· |
Any increase in the price of one or more Basket Components may be offset by decreases in the price of one or more other Basket Components. — The price of one or more Basket Components may increase while the price of one or more other Basket Components decreases. Therefore, in determining the value of the Basket at any time, increases in the price of one Basket Component may be moderated, or wholly offset, by decreases in the price of one or more other Basket Components.
|
· |
Your investment is subject to the credit risk of Bank of Montreal. — Our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our ability to pay the amount due at maturity, and therefore investors are subject to our credit risk and to changes in the market’s view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.
|
· |
Potential conflicts. — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. We or one or more of our affiliates may also engage in trading securities included in the Basket on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for our customers. Any of these activities could adversely affect the value of the Basket and, therefore, the market value of the notes. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in the performance of the Basket or one or more of the Basket Components. By introducing competing products into the marketplace in this manner, we or one or more of our affiliates could adversely affect the market value of the notes.
|
· |
Our initial estimated value of the notes is lower than the price to public. — Our initial estimated value of the notes is only an estimate, and is based on a number of factors. The price to public of the notes exceeds our initial estimated value, because costs associated with offering, structuring and hedging the notes are included in the price to public, but are not included in the estimated value. These costs include the underwriting discount and selling concessions, the profits that we and our affiliates expect to realize for assuming the risks in hedging our obligations under the notes and the estimated cost of hedging these obligations.
|
· |
Our initial estimated value does not represent any future value of the notes, and may also differ from the estimated value of any other party. — Our initial estimated value of the notes as of the date of this pricing supplement is derived using our internal pricing models. This value is based on market conditions and other relevant factors, which include volatility of the Underlying Asset, dividend rates and interest rates. Different pricing models and assumptions could provide values for the notes that are greater than or less than our initial estimated value. In addition, market conditions and other relevant factors after the pricing date are expected to change, possibly rapidly, and our assumptions may prove to be incorrect. After the pricing date, the value of the notes could change dramatically due to changes in market conditions, our creditworthiness, and the other factors set forth in this pricing supplement and the product supplement. These changes are likely to impact the price, if any, at which we or BMOCM would be willing to purchase the notes from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at which we or our affiliates would be willing to buy your notes in any secondary market at any time.
|
· |
The terms of the notes were not determined by reference to the credit spreads for our conventional fixed-rate debt. — To determine the terms of the notes, we used an internal funding rate that represents a discount from the credit spreads for our conventional fixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.
|
· |
Certain costs are likely to adversely affect the value of the notes. — Absent any changes in market conditions, any secondary market prices of the notes will likely be lower than the price to public. This is because any secondary market prices will likely take into account our then-current market credit spreads, and because any secondary market prices are likely to exclude all or a portion of the agent’s commission and the hedging profits and estimated hedging costs that are included in the price to public of the notes and that may be reflected on your account statements. In addition, any such price is also likely to reflect a discount to account for costs associated with establishing or unwinding any related hedge transaction, such as dealer discounts, mark-ups and other transaction costs. As a result, the price, if any, at which BMOCM or any other party may be willing to purchase the notes from you in secondary market transactions, if at all, will likely be lower than the price to public. Any sale that you make prior to the Maturity Date could result in a substantial loss to you.
|
· |
Owning the notes is not the same as owning the Basket Components. — The return on your notes will not reflect the return you would realize if you actually owned the Basket Components and held that investment for a similar period. Your notes may trade quite differently from the Basket Components. Changes in the prices of the Basket Components may not result in comparable changes in the market value of your notes. Even if the prices of the Basket Components increase during the term of the notes, the market value of the notes prior to maturity may not increase to the same extent. It is also possible for the market value of the notes to decrease while the prices of the Basket Components increase. In addition, any dividends or other distributions paid on the Basket Components will not be reflected in the amount payable on the notes.
|
· |
You will not have any rights to the Basket Components. — As a holder of the notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of the Basket Components would have.
|
· |
Lack of liquidity. — The notes will not be listed on any securities exchange. BMOCM may offer to purchase the notes in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which BMOCM is willing to buy the notes.
|
· |
Many economic and market factors will influence the value of the notes. — In addition to the prices of the Basket Components and interest rates on any trading day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, and which are described in more detail in the product supplement.
|
· |
The inclusion of the Basket Components in Ameriprise Financial’s Ameriprise IRG 2018 Conviction List does not guarantee a positive return on the notes. In selecting the Basket Components, Ameriprise Financial’s analysts attempted to identify companies that have a relatively high likelihood of outperforming the S&P 500® Total Return Index over the next 12 months. However, there can be no assurance that any Basket Component, or the IRG 2018 Conviction List in its entirety, will perform as intended. The list of stocks on the IRG 2018 Conviction List is not dynamic; if the analysts’ opinion of a Basket Component changes after the list is constituted, that change will not cause the deletion or addition of Basket Components to the list. The performance of the Basket Components may be less than the performance of the equities markets generally, and less than the performance of specific sectors of the equity markets, or other securities in which you may choose to invest. Although Ameriprise Financial has expressed a positive view as to the Basket Components prior to the date of this pricing supplement, its views may change significantly during the term of the notes. In addition, any positive views of Ameriprise Financial’s IRG is separate and apart from the offering of these notes, and does not constitute investment advice. Our offering of the notes does not constitute our recommendation or the recommendation of ours, Ameriprise Financial, or our respective affiliates to invest in the notes or in the Basket Components.
|
· |
You must rely on your own evaluation of the merits of an investment linked to the Basket. — You must rely on your own evaluation of the merits of an investment linked to the Basket Components. In the ordinary course of their business, BMOCM, Ameriprise Financial and our respective affiliates may express views on expected movements in any Basket Component, and may do so in the future. These views or reports may be communicated to our clients, Ameriprise Financial’s clients, and clients of our respective affiliates. However, these views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to any Basket Component may at any time have significantly different views from those of our respective affiliates. For these reasons, you are encouraged to derive information concerning the Basket Components from multiple sources, and you should not rely solely on views expressed by us or our respective affiliates.
|
· |
Our trading and other transactions relating to the Basket Components, futures, options or other derivative products may adversely affect the market value of the notes. We or our affiliates may hedge our obligations under the notes by purchasing or selling the Basket Components, futures or options relating to the Basket Components, or other derivative instruments with returns linked or related to changes in the performance of the Basket Components. We may adjust these hedges by, among other things, purchasing or selling those assets at any time. Although they are not expected to do so, any of these hedging activities may adversely affect the prices of the Basket Components, and therefore, the market value of the notes, and the amount payable at maturity. It is possible that we or one or more of our affiliates could receive substantial returns from these hedging activities, even though the market value of the notes decreases.
|
· |
Our business activities and the business activities of our affiliates may create conflicts of interest. As noted above, we, Ameriprise Financial, or one or more of our respective affiliates expect to engage in trading activities related to the Basket Components that are not for the account of holders of the notes or on their behalf. These trading activities may present a conflict between the holders’ interests in the notes and the interests we and our affiliates will have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if they influence the prices of the Basket Components, could be adverse to the interests of the holders of the notes. We, Ameriprise Financial, or one or more of our respective affiliates may, at present or in the future, engage in business with the issuers of the Basket Components, including making loans to or providing advisory services to those companies. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict between our or one or more of our affiliates’ obligations and your interests as a holder of the notes. Moreover, we, Ameriprise Financial and our respective affiliates have published, and in the future expect to publish, research reports and other materials with respect to most or even all of the Basket Components. Our views are modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the notes. Even if our affiliates or Ameriprise Financial express a negative opinion about one or more of the Basket Components, or if market conditions change, the composition of the Basket will not change during the term of the notes (except under the limited circumstances described below). Any of these activities by us or one or more of our affiliates may affect the prices of the Basket Components and, therefore, the market value of the notes.
|
· |
Blue Buffalo Pet Products, Inc. has only been publicly traded for a limited amount of time. As set forth below in the section “The Basket Components,” Blue Buffalo Pet Products, Inc. has only been publicly traded for a limited amount of time. Accordingly, it may be more difficult for you to evaluate the historical performance of this Basket Component than would be the case for a Basket Component with a longer trading history.
|
· |
Significant aspects of the tax treatment of the notes are uncertain. — The tax treatment of the notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the notes, and the Internal Revenue Service or a court may not agree with the tax treatment described in this pricing supplement.
|
Hypothetical Final Level
|
Hypothetical Percentage
Change |
Hypothetical Payment at
Maturity |
Hypothetical Return on the
Notes |
200.00
|
100.00%
|
$1,200.00
|
20.00%
|
150.00
|
50.00%
|
$1,200.00
|
20.00%
|
140.00
|
40.00%
|
$1,200.00
|
20.00%
|
120.00
|
20.00%
|
$1,200.00
|
20.00%
|
110.00
|
10.00%
|
$1,200.00
|
20.00%
|
105.00
|
5.00%
|
$1,100.00
|
10.00%
|
100.00
|
0.00%
|
$1,000.00
|
0.00%
|
95.00
|
-5.00%
|
$950.00
|
-5.00%
|
90.00
|
-10.00%
|
$900.00
|
-10.00%
|
80.00
|
-20.00%
|
$800.00
|
-20.00%
|
70.00
|
-30.00%
|
$700.00
|
-30.00%
|
60.00
|
-40.00%
|
$600.00
|
-40.00%
|
50.00
|
-50.00%
|
$500.00
|
-50.00%
|
0.00
|
-100.00%
|
$0.00
|
-100.00%
|
· |
a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes; and
|
· |
one or more derivative transactions relating to the economic terms of the notes.
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
7.05
|
4.51
|
|
Second Quarter
|
5.58
|
3.84
|
||
Third Quarter
|
5.94
|
2.70
|
||
Fourth Quarter
|
7.25
|
3.58
|
||
2009
|
First Quarter
|
7.69
|
3.49
|
|
Second Quarter
|
5.49
|
3.77
|
||
Third Quarter
|
6.87
|
4.59
|
||
Fourth Quarter
|
9.04
|
6.36
|
||
2010
|
First Quarter
|
10.47
|
7.84
|
|
Second Quarter
|
13.33
|
9.91
|
||
Third Quarter
|
13.52
|
10.81
|
||
Fourth Quarter
|
14.77
|
11.62
|
||
2011
|
First Quarter
|
16.18
|
14.13
|
|
Second Quarter
|
17.44
|
15.00
|
||
Third Quarter
|
17.42
|
13.05
|
||
Fourth Quarter
|
19.13
|
12.83
|
||
2012
|
First Quarter
|
19.59
|
16.97
|
|
Second Quarter
|
18.17
|
16.10
|
||
Third Quarter
|
18.98
|
16.75
|
||
Fourth Quarter
|
22.46
|
17.59
|
||
2013
|
First Quarter
|
31.98
|
21.97
|
|
Second Quarter
|
33.74
|
25.21
|
||
Third Quarter
|
32.11
|
25.91
|
||
Fourth Quarter
|
39.10
|
30.67
|
||
2014
|
First Quarter
|
46.66
|
36.59
|
|
Second Quarter
|
50.04
|
44.68
|
||
Third Quarter
|
49.78
|
42.72
|
||
Fourth Quarter
|
59.77
|
41.58
|
||
2015
|
First Quarter
|
71.07
|
58.77
|
|
Second Quarter
|
68.30
|
60.65
|
||
Third Quarter
|
82.09
|
64.30
|
||
Fourth Quarter
|
86.33
|
73.45
|
||
2016
|
First Quarter
|
82.35
|
63.06
|
|
Second Quarter
|
82.38
|
55.66
|
||
Third Quarter
|
71.32
|
58.54
|
||
Fourth Quarter
|
91.56
|
67.09
|
||
2017
|
First Quarter
|
100.24
|
86.98
|
|
Second Quarter
|
92.37
|
82.19
|
||
Third Quarter
|
94.63
|
72.24
|
||
Fourth Quarter
|
81.52
|
61.68
|
||
2018
|
First Quarter (through pricing date)
|
75.01
|
62.07
|
|
High ($)
|
Low ($)
|
||
2015
|
Third Quarter
|
28.45
|
17.73
|
|
Fourth Quarter
|
19.81
|
16.80
|
||
2016
|
First Quarter
|
25.66
|
15.50
|
|
Second Quarter
|
26.88
|
23.20
|
||
Third Quarter
|
26.84
|
23.36
|
||
Fourth Quarter
|
25.71
|
22.10
|
||
2017
|
First Quarter
|
25.55
|
23.00
|
|
Second Quarter
|
25.16
|
21.99
|
||
Third Quarter
|
28.55
|
21.57
|
||
Fourth Quarter
|
32.79
|
26.39
|
||
2018
|
First Quarter (through pricing date)
|
33.80
|
32.37
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
30.91
|
23.15
|
|
Second Quarter
|
32.82
|
28.45
|
||
Third Quarter
|
38.51
|
28.00
|
||
Fourth Quarter
|
32.62
|
23.63
|
||
2009
|
First Quarter
|
28.25
|
19.98
|
|
Second Quarter
|
24.17
|
19.01
|
||
Third Quarter
|
28.90
|
23.01
|
||
Fourth Quarter
|
28.66
|
25.11
|
||
2010
|
First Quarter
|
32.51
|
27.39
|
|
Second Quarter
|
31.70
|
25.41
|
||
Third Quarter
|
29.23
|
24.51
|
||
Fourth Quarter
|
31.48
|
27.78
|
||
2011
|
First Quarter
|
30.01
|
24.75
|
|
Second Quarter
|
30.48
|
27.68
|
||
Third Quarter
|
32.78
|
25.93
|
||
Fourth Quarter
|
34.01
|
30.11
|
||
2012
|
First Quarter
|
39.25
|
33.61
|
|
Second Quarter
|
40.15
|
29.73
|
||
Third Quarter
|
38.64
|
31.48
|
||
Fourth Quarter
|
41.04
|
35.65
|
||
2013
|
First Quarter
|
57.96
|
40.55
|
|
Second Quarter
|
65.09
|
56.10
|
||
Third Quarter
|
77.31
|
59.46
|
||
Fourth Quarter
|
85.39
|
72.23
|
||
2014
|
First Quarter
|
85.97
|
69.65
|
|
Second Quarter
|
86.80
|
68.45
|
||
Third Quarter
|
96.21
|
83.13
|
||
Fourth Quarter
|
118.68
|
86.38
|
||
2015
|
First Quarter
|
128.50
|
110.51
|
|
Second Quarter
|
120.34
|
107.54
|
||
Third Quarter
|
139.01
|
104.79
|
||
Fourth Quarter
|
127.20
|
106.55
|
||
2016
|
First Quarter
|
117.96
|
96.69
|
|
Second Quarter
|
110.57
|
94.85
|
||
Third Quarter
|
116.27
|
100.25
|
||
Fourth Quarter
|
124.16
|
97.63
|
||
2017
|
First Quarter
|
126.88
|
111.53
|
|
Second Quarter
|
134.31
|
114.41
|
||
Third Quarter
|
145.82
|
127.43
|
||
Fourth Quarter
|
146.52
|
98.17
|
||
2018
|
First Quarter (through pricing date)
|
109.14
|
101.72
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
14.20
|
6.93
|
|
Second Quarter
|
10.70
|
6.65
|
||
Third Quarter
|
12.15
|
8.38
|
||
Fourth Quarter
|
10.64
|
7.89
|
||
2009
|
First Quarter
|
11.14
|
7.52
|
|
Second Quarter
|
10.25
|
8.79
|
||
Third Quarter
|
10.16
|
8.51
|
||
Fourth Quarter
|
10.96
|
8.67
|
||
2010
|
First Quarter
|
12.13
|
8.94
|
|
Second Quarter
|
12.82
|
10.52
|
||
Third Quarter
|
11.80
|
10.11
|
||
Fourth Quarter
|
13.16
|
10.92
|
||
2011
|
First Quarter
|
16.49
|
12.74
|
|
Second Quarter
|
18.62
|
15.73
|
||
Third Quarter
|
18.94
|
13.16
|
||
Fourth Quarter
|
20.27
|
13.27
|
||
2012
|
First Quarter
|
24.89
|
19.68
|
|
Second Quarter
|
25.40
|
13.42
|
||
Third Quarter
|
20.93
|
14.47
|
||
Fourth Quarter
|
22.86
|
17.49
|
||
2013
|
First Quarter
|
23.96
|
20.46
|
|
Second Quarter
|
26.23
|
21.13
|
||
Third Quarter
|
32.38
|
26.27
|
||
Fourth Quarter
|
33.19
|
27.13
|
||
2014
|
First Quarter
|
32.60
|
29.11
|
|
Second Quarter
|
38.47
|
27.83
|
||
Third Quarter
|
41.86
|
35.69
|
||
Fourth Quarter
|
53.58
|
38.63
|
||
2015
|
First Quarter
|
71.23
|
52.08
|
|
Second Quarter
|
81.48
|
61.99
|
||
Third Quarter
|
80.90
|
52.66
|
||
Fourth Quarter
|
66.74
|
53.07
|
||
2016
|
First Quarter
|
66.97
|
53.72
|
|
Second Quarter
|
71.37
|
56.43
|
||
Third Quarter
|
75.39
|
65.30
|
||
Fourth Quarter
|
66.80
|
50.68
|
||
2017
|
First Quarter
|
72.42
|
58.31
|
|
Second Quarter
|
84.15
|
69.77
|
||
Third Quarter
|
98.16
|
79.42
|
||
Fourth Quarter
|
103.02
|
90.56
|
||
2018
|
First Quarter (through pricing date)
|
111.59
|
102.50
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
63.48
|
41.24
|
|
Second Quarter
|
71.71
|
60.44
|
||
Third Quarter
|
65.77
|
42.20
|
||
Fourth Quarter
|
44.87
|
29.80
|
||
2009
|
First Quarter
|
35.56
|
22.80
|
|
Second Quarter
|
38.81
|
27.99
|
||
Third Quarter
|
42.02
|
30.29
|
||
Fourth Quarter
|
50.29
|
40.38
|
||
2010
|
First Quarter
|
50.19
|
44.12
|
|
Second Quarter
|
56.86
|
47.79
|
||
Third Quarter
|
53.41
|
43.31
|
||
Fourth Quarter
|
50.67
|
44.15
|
||
2011
|
First Quarter
|
59.84
|
46.07
|
|
Second Quarter
|
59.20
|
49.14
|
||
Third Quarter
|
53.29
|
35.51
|
||
Fourth Quarter
|
52.45
|
34.21
|
||
2012
|
First Quarter
|
58.81
|
50.73
|
|
Second Quarter
|
56.78
|
41.98
|
||
Third Quarter
|
58.81
|
44.47
|
||
Fourth Quarter
|
62.19
|
54.39
|
||
2013
|
First Quarter
|
67.05
|
60.89
|
|
Second Quarter
|
68.95
|
56.72
|
||
Third Quarter
|
86.05
|
67.66
|
||
Fourth Quarter
|
92.58
|
78.13
|
||
2014
|
First Quarter
|
98.58
|
80.87
|
|
Second Quarter
|
117.98
|
97.06
|
||
Third Quarter
|
117.10
|
99.02
|
||
Fourth Quarter
|
101.74
|
83.76
|
||
2015
|
First Quarter
|
96.92
|
83.68
|
|
Second Quarter
|
99.74
|
86.25
|
||
Third Quarter
|
86.72
|
68.36
|
||
Fourth Quarter
|
88.45
|
69.81
|
||
2016
|
First Quarter
|
76.50
|
60.24
|
|
Second Quarter
|
85.42
|
70.31
|
||
Third Quarter
|
96.71
|
78.70
|
||
Fourth Quarter
|
108.01
|
90.42
|
||
2017
|
First Quarter
|
105.48
|
93.38
|
|
Second Quarter
|
98.57
|
87.04
|
||
Third Quarter
|
97.32
|
83.15
|
||
Fourth Quarter
|
109.41
|
95.76
|
||
2018
|
First Quarter (through pricing date)
|
118.47
|
109.30
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
30.67
|
24.71
|
|
Second Quarter
|
30.12
|
23.42
|
||
Third Quarter
|
30.16
|
21.46
|
||
Fourth Quarter
|
25.92
|
18.51
|
||
2009
|
First Quarter
|
25.26
|
18.00
|
|
Second Quarter
|
26.34
|
22.68
|
||
Third Quarter
|
28.23
|
22.40
|
||
Fourth Quarter
|
29.29
|
24.96
|
||
2010
|
First Quarter
|
32.75
|
27.34
|
|
Second Quarter
|
36.49
|
28.07
|
||
Third Quarter
|
31.81
|
27.07
|
||
Fourth Quarter
|
35.24
|
30.21
|
||
2011
|
First Quarter
|
38.49
|
34.38
|
|
Second Quarter
|
38.17
|
33.45
|
||
Third Quarter
|
37.05
|
28.51
|
||
Fourth Quarter
|
42.22
|
31.59
|
||
2012
|
First Quarter
|
50.31
|
42.14
|
|
Second Quarter
|
52.99
|
47.02
|
||
Third Quarter
|
60.37
|
50.70
|
||
Fourth Quarter
|
65.07
|
59.01
|
||
2013
|
First Quarter
|
71.37
|
62.85
|
|
Second Quarter
|
79.82
|
69.67
|
||
Third Quarter
|
80.54
|
72.70
|
||
Fourth Quarter
|
82.34
|
74.14
|
||
2014
|
First Quarter
|
82.91
|
74.97
|
|
Second Quarter
|
81.13
|
75.70
|
||
Third Quarter
|
93.50
|
79.40
|
||
Fourth Quarter
|
104.97
|
87.85
|
||
2015
|
First Quarter
|
117.49
|
100.95
|
|
Second Quarter
|
115.59
|
106.98
|
||
Third Quarter
|
122.80
|
110.97
|
||
Fourth Quarter
|
134.74
|
117.03
|
||
2016
|
First Quarter
|
133.43
|
111.85
|
|
Second Quarter
|
137.51
|
124.67
|
||
Third Quarter
|
138.77
|
125.45
|
||
Fourth Quarter
|
137.11
|
119.89
|
||
2017
|
First Quarter
|
149.60
|
133.53
|
|
Second Quarter
|
158.81
|
145.91
|
||
Third Quarter
|
163.56
|
144.58
|
||
Fourth Quarter
|
190.36
|
162.71
|
||
2018
|
First Quarter (through pricing date)
|
207.23
|
188.03
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
30.66
|
21.43
|
|
Second Quarter
|
28.80
|
22.31
|
||
Third Quarter
|
27.00
|
20.56
|
||
Fourth Quarter
|
21.07
|
8.84
|
||
2009
|
First Quarter
|
15.00
|
9.51
|
|
Second Quarter
|
18.73
|
13.60
|
||
Third Quarter
|
23.00
|
15.72
|
||
Fourth Quarter
|
23.97
|
20.04
|
||
2010
|
First Quarter
|
23.63
|
18.32
|
|
Second Quarter
|
23.66
|
16.83
|
||
Third Quarter
|
21.90
|
16.63
|
||
Fourth Quarter
|
24.24
|
21.06
|
||
2011
|
First Quarter
|
27.42
|
23.77
|
|
Second Quarter
|
26.00
|
21.92
|
||
Third Quarter
|
23.90
|
15.51
|
||
Fourth Quarter
|
20.96
|
14.85
|
||
2012
|
First Quarter
|
26.84
|
20.35
|
|
Second Quarter
|
26.77
|
20.79
|
||
Third Quarter
|
25.85
|
20.49
|
||
Fourth Quarter
|
26.34
|
23.21
|
||
2013
|
First Quarter
|
29.13
|
25.64
|
|
Second Quarter
|
34.64
|
28.14
|
||
Third Quarter
|
33.12
|
30.32
|
||
Fourth Quarter
|
36.55
|
31.50
|
||
2014
|
First Quarter
|
37.00
|
31.77
|
|
Second Quarter
|
38.20
|
34.09
|
||
Third Quarter
|
41.25
|
37.54
|
||
Fourth Quarter
|
41.28
|
35.56
|
||
2015
|
First Quarter
|
41.85
|
35.93
|
|
Second Quarter
|
41.73
|
37.40
|
||
Third Quarter
|
38.99
|
30.82
|
||
Fourth Quarter
|
34.35
|
30.39
|
||
2016
|
First Quarter
|
33.19
|
25.38
|
|
Second Quarter
|
32.73
|
23.16
|
||
Third Quarter
|
31.61
|
24.77
|
||
Fourth Quarter
|
33.16
|
27.67
|
||
2017
|
First Quarter
|
33.35
|
28.92
|
|
Second Quarter
|
35.40
|
30.03
|
||
Third Quarter
|
36.53
|
31.69
|
||
Fourth Quarter
|
37.67
|
34.47
|
||
2018
|
First Quarter (through pricing date)
|
38.40
|
36.35
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
22.50
|
17.46
|
|
Second Quarter
|
32.00
|
22.38
|
||
Third Quarter
|
28.60
|
16.80
|
||
Fourth Quarter
|
17.41
|
12.11
|
||
2009
|
First Quarter
|
16.99
|
11.92
|
|
Second Quarter
|
18.51
|
15.19
|
||
Third Quarter
|
22.46
|
16.06
|
||
Fourth Quarter
|
25.84
|
19.94
|
||
2010
|
First Quarter
|
26.48
|
22.07
|
|
Second Quarter
|
26.72
|
19.55
|
||
Third Quarter
|
22.40
|
19.20
|
||
Fourth Quarter
|
25.94
|
21.74
|
||
2011
|
First Quarter
|
25.61
|
22.09
|
|
Second Quarter
|
30.97
|
25.36
|
||
Third Quarter
|
35.38
|
29.20
|
||
Fourth Quarter
|
38.10
|
30.77
|
||
2012
|
First Quarter
|
43.57
|
33.91
|
|
Second Quarter
|
45.76
|
39.18
|
||
Third Quarter
|
45.95
|
40.99
|
||
Fourth Quarter
|
49.85
|
44.94
|
||
2013
|
First Quarter
|
54.11
|
50.97
|
|
Second Quarter
|
58.64
|
52.10
|
||
Third Quarter
|
68.76
|
58.31
|
||
Fourth Quarter
|
83.55
|
65.39
|
||
2014
|
First Quarter
|
84.36
|
72.84
|
|
Second Quarter
|
77.47
|
68.68
|
||
Third Quarter
|
78.32
|
73.92
|
||
Fourth Quarter
|
89.08
|
69.78
|
||
2015
|
First Quarter
|
92.81
|
80.74
|
|
Second Quarter
|
96.05
|
86.74
|
||
Third Quarter
|
98.41
|
86.82
|
||
Fourth Quarter
|
101.50
|
90.73
|
||
2016
|
First Quarter
|
94.99
|
80.65
|
|
Second Quarter
|
98.38
|
88.06
|
||
Third Quarter
|
102.12
|
86.83
|
||
Fourth Quarter
|
107.02
|
100.18
|
||
2017
|
First Quarter
|
112.83
|
105.00
|
|
Second Quarter
|
125.90
|
111.22
|
||
Third Quarter
|
142.49
|
120.78
|
||
Fourth Quarter
|
154.19
|
141.82
|
||
2018
|
First Quarter (through pricing date)
|
170.34
|
151.91
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
33.01
|
17.66
|
|
Second Quarter
|
24.85
|
17.91
|
||
Third Quarter
|
18.75
|
9.29
|
||
Fourth Quarter
|
10.41
|
5.90
|
||
2009
|
First Quarter
|
10.56
|
7.21
|
|
Second Quarter
|
12.30
|
8.40
|
||
Third Quarter
|
16.47
|
10.09
|
||
Fourth Quarter
|
18.67
|
11.96
|
||
2010
|
First Quarter
|
18.88
|
15.39
|
|
Second Quarter
|
18.01
|
10.21
|
||
Third Quarter
|
12.28
|
8.88
|
||
Fourth Quarter
|
15.11
|
10.70
|
||
2011
|
First Quarter
|
25.69
|
15.77
|
|
Second Quarter
|
20.50
|
15.41
|
||
Third Quarter
|
16.15
|
11.73
|
||
Fourth Quarter
|
15.82
|
11.81
|
||
2012
|
First Quarter
|
16.45
|
13.52
|
|
Second Quarter
|
15.33
|
11.73
|
||
Third Quarter
|
14.81
|
12.37
|
||
Fourth Quarter
|
13.62
|
11.38
|
||
2013
|
First Quarter
|
13.16
|
11.98
|
|
Second Quarter
|
14.92
|
12.13
|
||
Third Quarter
|
16.00
|
14.09
|
||
Fourth Quarter
|
16.22
|
14.54
|
||
2014
|
First Quarter
|
18.88
|
15.36
|
|
Second Quarter
|
19.61
|
17.98
|
||
Third Quarter
|
20.03
|
17.46
|
||
Fourth Quarter
|
21.14
|
16.79
|
||
2015
|
First Quarter
|
23.47
|
19.14
|
|
Second Quarter
|
22.76
|
20.11
|
||
Third Quarter
|
24.65
|
19.31
|
||
Fourth Quarter
|
33.75
|
24.17
|
||
2016
|
First Quarter
|
35.76
|
25.22
|
|
Second Quarter
|
48.49
|
34.76
|
||
Third Quarter
|
68.52
|
46.66
|
||
Fourth Quarter
|
117.32
|
65.35
|
||
2017
|
First Quarter
|
119.13
|
97.67
|
|
Second Quarter
|
159.94
|
95.49
|
||
Third Quarter
|
187.55
|
139.33
|
||
Fourth Quarter
|
216.96
|
179.00
|
||
2018
|
First Quarter (through pricing date)
|
243.33
|
199.35
|
|
High ($)
|
Low ($)
|
||
2008
|
First Quarter
|
41.43
|
34.36
|
|
Second Quarter
|
40.51
|
32.76
|
||
Third Quarter
|
33.30
|
27.75
|
||
Fourth Quarter
|
29.98
|
22.42
|
||
2009
|
First Quarter
|
29.42
|
21.72
|
|
Second Quarter
|
26.83
|
23.67
|
||
Third Quarter
|
27.43
|
23.38
|
||
Fourth Quarter
|
28.34
|
25.31
|
||
2010
|
First Quarter
|
28.58
|
24.77
|
|
Second Quarter
|
26.66
|
24.13
|
||
Third Quarter
|
28.92
|
24.29
|
||
Fourth Quarter
|
29.44
|
27.70
|
||
2011
|
First Quarter
|
30.71
|
27.33
|
|
Second Quarter
|
31.88
|
30.13
|
||
Third Quarter
|
31.68
|
27.54
|
||
Fourth Quarter
|
30.24
|
27.41
|
||
2012
|
First Quarter
|
31.84
|
29.16
|
|
Second Quarter
|
35.71
|
30.13
|
||
Third Quarter
|
38.25
|
34.63
|
||
Fourth Quarter
|
38.34
|
33.14
|
||
2013
|
First Quarter
|
36.86
|
33.20
|
|
Second Quarter
|
39.00
|
34.35
|
||
Third Quarter
|
35.96
|
33.32
|
||
Fourth Quarter
|
36.45
|
33.11
|
||
2014
|
First Quarter
|
35.07
|
31.86
|
|
Second Quarter
|
36.74
|
34.49
|
||
Third Quarter
|
36.59
|
34.21
|
||
Fourth Quarter
|
35.90
|
32.14
|
||
2015
|
First Quarter
|
34.87
|
32.62
|
|
Second Quarter
|
36.18
|
32.51
|
||
Third Quarter
|
35.77
|
31.80
|
||
Fourth Quarter
|
34.93
|
32.31
|
||
2016
|
First Quarter
|
39.45
|
33.51
|
|
Second Quarter
|
43.21
|
37.86
|
||
Third Quarter
|
43.47
|
39.71
|
||
Fourth Quarter
|
42.73
|
36.13
|
||
2017
|
First Quarter
|
43.02
|
40.61
|
|
Second Quarter
|
41.69
|
37.46
|
||
Third Quarter
|
39.41
|
35.59
|
||
Fourth Quarter
|
39.51
|
32.86
|
||
2018
|
First Quarter (through pricing date)
|
38.54
|
36.48
|