Toronto-based First Asset Capital Corp. is calling on advisors to help design its next exchange-traded fund (ETF) through “The Search for Canada’s Next Top ETF” challenge.

From February 14 to March 31, advisors can visit and follow the link to the “The Search for Canada’s Next Top ETF” to submit a 50-word description of their ETF suggestion.

While the competition is an admittedly unorthodox approach, Barry Gordon, president and CEO of First Asset says it was a logical next step to reach out to a broader audience as the firm already talks with financial advisors on a regular basis. “Nobody’s ever done it before but we like innovation,” says Gordon. “It’s part of what drives our company.”

Every submission will be screened against viability criteria, shortlisted and voted on by First Asset’s selection team. Gordon says the company hopes to have a product on the market within a couple of months after the closing date for submissions.

The top three submissions will receive $20,000 for charity. The winning submission will receive $10,000 while second and third place will receive $5,000 each.

As well, the winning submission may not be the only idea to go to market. Gordon says the firm hopes that several submissions will end up as ETFs. “We are really hopeful that we’re going to get a ton of great submissions,” he says, “the more we get the better.”