Official Rules · Contest Period Oct 1 – Dec 31, 2026
How the Challenge works
One million contest dollars. Thirteen stocks. Real market prices, one public leaderboard, and a rule engine that checks every trade before it executes. This page is the plain-English summary — where it differs from the signed Official Rules, the Rules govern.
Read & sign the full Official Rules →
Starting capital
$1,000,000
USD, contest money
Portfolio
13 stocks
at all times
Minimum position
$25,000
per holding, at trade time
Contest Period
Oct 1 – Dec 31
2026
The portfolio
Thirteen stocks, thirteen slots
Every portfolio holds exactly 13 securities — one for each slot below, with no double-counting. A stock that qualifies for two slots (say, an FRC-covered tech company) still only fills one.
One stock from each of the 11 sectors
+ 1 Cboe Canada listing
Any security listed on Cboe Canada — an ETF, a public company, or a CDR. The only slot where an ETF is allowed.
+ 1 FRC-covered company
One pick from FRC's research coverage — use the reports your premium account unlocks.
Trading
How orders work
Cash only — no margin, no shorting
You buy with the cash the account holds and you can only sell what you own. Purchases that exceed available cash are rejected before they execute.
Real prices, no do-overs
Orders are final the moment you submit and fill at the true market price of that moment (market data displays ~15 minutes delayed, so your fill is confirmed shortly after). Orders placed outside market hours fill at the next session's opening price. No amendments, no backdating.
Always exactly 13 holdings
You can rebalance any time, but the portfolio must conform at all times — never 12, never 14, never a sector doubled. Exiting a pick completely is done as a swap: the sale and the replacement buy go in together as one order.
Every position stays ≥ $25,000
No token positions. Any trade must leave the holding it touches at or above $25,000 (2.5% of the original $1M). If the market drifts a position below the floor that's not a violation — but your next trade in that name must restore it, or exit it fully as a swap.
Eligible securities only
US and Canadian-listed common stocks. ETFs qualify only for the Cboe Canada slot. No options, futures, crypto, or leveraged and inverse products. Canadian positions convert to USD at the live FX rate — currency moves count as part of the pick's return.
Everything is on the record
Any team member can trade using their own FRC login — never a shared password. Every order records which student placed it, and organizers can audit the full trade log at any time.
Scoring
How you win
Price return decides it
Teams are ranked by portfolio return from the October 1 market open. Dividends are excluded — the contest measures stock-picking, not income collection. Cash earns no interest.
Marked daily at the official close
The leaderboard updates once per trading day using official closing prices — the same print everyone can verify. The platform is the sole source of record for standings.
Public from day one
Your team, your school and your return are on the public leaderboard for the whole contest. Your picks stay private — other teams see your standing, not your holdings.
Ties are broken by social engagement on your team's contest posts, counted after the final close.
Teams
Who can play
1–3 students per team
All from the same institution, with a designated captain. You must be a current university student and of age of majority in your province or state.
One team per person
You can only be on one roster. Rosters lock September 19 — after that, teams are final for the whole contest.
Your own login
Each member signs in with their own FRC account — registration email = login email. The team portfolio is private to its members.
Calendar
Key dates
September 19
2026
Registration deadline — rosters locked
Teams are final after this date — no member changes.
September 28
2026
Mandatory launch meeting (Zoom)
Every team must attend. The platform, the rules, and Q&A.
October 1
2026
Contest begins — initial portfolios go live
At the market open. Your return is measured from this moment — the official baseline.
October 7
2026
Initial portfolio video due
The pitch video walking through your 13 picks. Tag #FRCChallenge.
Oct 1 – Dec 31
2026
Rebalancing window
Rebalance anytime — every swap goes in as one order and comes with a short update video.
December 31
2026
Contest ends
Standings freeze at the official closing prices.
January
2027
Winners announced
Final standings are called and the top three teams are named.
TBD
Awards weekend in Las Vegas
Three members of the winning team fly out to meet FRC in person. Date to be announced.
Good standing
Keep these and you're golden
Show up to the launch meeting
September 28 on Zoom — attendance is mandatory for every team.
Post your videos
A pitch video when you draft your portfolio, and an update video for each rebalance. Any AI assistance must be disclosed. Tag #FRCChallenge.
Play it straight
All trades go through the platform. Organizers may audit any trade log; rule-breaking trades can be excluded from scoring and teams can be disqualified.
Everyone who finishes in good standing receives a participation letter from FRC — not just the winners.
Ready to build your 13?
The Portfolio Builder runs the same rule engine the contest uses — every order is checked against these rules before it executes.