Terms of Use

Last updated: September 30, 2026

1. Acceptance of These Terms

These Terms of Use (the “Terms”) govern your access to and use of this website and the other digital properties described in Section 3 (together, the “Digital Properties”). By accessing or using the Digital Properties, you agree to these Terms. If you do not agree, do not use the Digital Properties.

2. Who We Are

The Digital Properties are operated by Ives Ultra Capital Management LLC, a Delaware limited liability company (“Ives Ultra” or the “Adviser”) in connection with its role as investment adviser to Ives Ultra AI Opportunities Inc. (the “Fund”).

The Fund is a Maryland corporation and a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s common stock is listed on the New York Stock Exchange under the symbol “IVAI.”

In these Terms, “we,” “us” and “our” refer to the Adviser. The Fund is an intended third-party beneficiary of these Terms and may enforce them directly, including Sections 13, 15, 17, 22, 23 and 25.

3. Scope: What These Terms Cover

These Terms apply to:

• this website, together with any subdomain or successor site;
• any email communications we send, and any mailing list or subscription we operate;
• accounts, pages and channels we operate for the Fund on third-party platforms; and
• any chat, forum, group or community channel we operate or sponsor.

Where a third-party platform has its own terms of service, those terms govern your relationship with that platform, and these Terms govern your relationship with us as to the content we publish there and any interaction you have with us. If the two conflict as to the platform’s own operation, the platform’s terms control.

4. Informational Purposes Only; No Offer or Solicitation

The Digital Properties are provided for general informational purposes only.

Nothing on the Digital Properties is an offer to sell, or a solicitation of an offer to buy, any security, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offering of the Fund’s securities is made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”).

Investors should carefully consider the Fund’s investment objective, risks, charges and expenses before investing. The Fund’s prospectus contains this and other important information about the Fund. It is available free on the SEC’s website at www.sec.gov, or from Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, Attention: Zac Costello, 3 Columbus Circle, 24th Floor, New York, NY 10019, (646) 792-3471. Read the prospectus carefully before investing.

5. No Investment, Legal or Tax Advice; No Advisory Relationship

Content on the Digital Properties is not investment, legal, tax, accounting or other professional advice, and is not a recommendation to buy, sell or hold any security. We do not provide personalized investment advice through the Digital Properties, and nothing on them is tailored to the objectives, financial situation or needs of any person.

Using the Digital Properties does not create an advisory, fiduciary, brokerage or client relationship between you and the Adviser, the Fund or any of their affiliates, and neither does contacting us, subscribing to anything we send or following an account we operate.

Consult your own financial, legal and tax advisers before making any investment decision.

6. Investment Risk

An investment in the Fund is speculative and involves a high degree of risk. You could lose all or substantially all of your investment. Read the “Risk Factors” section of the prospectus before investing.

The Fund is recently formed and has a limited operating history. It intends to invest primarily in the equity and equity-related securities of private, late-stage companies in artificial intelligence and AI infrastructure. Private companies provide limited public information, their securities are illiquid and difficult to value, and they may never complete a liquidity event. The Fund is non-diversified, so its performance may be more volatile than that of a diversified fund and may be significantly affected by developments in one industry or issuer. The Fund may borrow, which would magnify both gains and losses.

Shares of closed-end funds frequently trade at a discount to net asset value (“NAV”), and there is no assurance that an active trading market will develop or be sustained, or that shares will trade at or above NAV. Apart from the tender offer described in the prospectus, the Fund does not redeem shares at the request of shareholders.

Most of the Fund’s investments are expected to be in private companies without readily available market quotations. They are valued at fair value as determined in good faith by the Fund’s Board of Directors. Fair values are inherently subjective, and there is no assurance that they reflect the price at which an investment could be sold.

Past performance does not guarantee future results. Information about the prior experience or track record of the Adviser, its affiliates or their principals is not the performance of the Fund.

Shares of the Fund are not deposits or obligations of, and are not guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

7. Forward-Looking Statements

The Digital Properties may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not historical facts; they reflect current expectations, estimates, beliefs and assumptions about the Fund, its prospective investments and its industry, and are often identified by words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “could” and “should.”

Forward-looking statements are not guarantees of future performance. They are subject to risks, uncertainties and other factors, many outside our control, that could cause actual results to differ materially. Neither the Fund nor the Adviser undertakes to update or revise any forward-looking statement, except as required by law.

8. Third-Party Information and Research

Some information on the Digital Properties comes from published third-party sources, such as market research, industry data and estimates, and may not have been updated to the date you view it. We believe these sources to be reliable but have not independently verified them, and we are not responsible for their accuracy or completeness.

Third-party estimates rest on assumptions that may prove incorrect. Citing a third-party source is not an endorsement of it, and neither the Fund nor the Adviser guarantees the accuracy of any third-party estimate.

9. Third-Party Content, Endorsements and Paid Promotion

The Digital Properties may display content created by people who are not affiliated with us, including commentary, posts, articles and videos.

Third-party content does not reflect the views of the Fund, the Adviser or the Fund’s Board of Directors, and we do not adopt, endorse, verify or take responsibility for it. Engaging with third-party content on social media, including following, liking, sharing, reposting or replying, is not an endorsement of that content, its author or anything it mentions.

We may engage and compensate third parties to create or distribute content about the Fund. Where required, compensated endorsements and testimonials will disclose the compensation, whether the person is a client or investor, and any material conflicts of interest. Compensation can give a person an incentive to speak favorably, and you should take that into account.

10. Eligible Investors; Jurisdictional Limitations

The Digital Properties are directed to persons in the United States. The Fund’s shares are registered for offer and sale under the securities laws of the United States and are not registered in any other jurisdiction.

The Digital Properties are not directed to, or intended for use by, anyone in a jurisdiction where their publication or use would be contrary to law or would subject the Fund or the Adviser to any registration or licensing requirement. If you access them from outside the United States, you do so on your own initiative and are responsible for complying with local law.

11. Information Not Incorporated by Reference

Information on the Digital Properties is not part of, and is not incorporated by reference into, the Fund’s registration statement, prospectus, statement of additional information or any other filing with the Securities and Exchange Commission (the “SEC”), and should not be relied on as such. If anything on the Digital Properties is inconsistent with the Fund’s SEC filings, the filings control.

12. Currency of Information; No Duty to Update

Content on the Digital Properties speaks only as of the date it was published or the date stated in it. Figures such as the cash held in trust, Redemption Value, NAV and portfolio information change over time and may be superseded. We have no obligation to update content, and its continued availability does not mean it is still accurate.

13. Intellectual Property and Trademarks

All content on the Digital Properties, including text, graphics, images, video, data, design and the selection and arrangement of content, is owned by the Adviser, the Fund or their licensors and is protected by United States and international copyright, trademark and other intellectual property laws.

“IVAI,” “Ives Ultra” and the other names, marks and logos on the Digital Properties are trademarks or service marks of the Fund, the Adviser or their licensors. Nothing on the Digital Properties grants you a license to use them without our prior written permission. Third-party names and marks belong to their owners and are used for identification only.

14. Limited License and Permitted Use

We grant you a limited, revocable, non-exclusive, non-transferable license to access the Digital Properties and to view, download and print content for your own personal, non-commercial use, provided you keep all copyright and other proprietary notices.

You may share links to publicly available pages. Any other reproduction, distribution, public display, modification or derivative use of content requires our prior written permission.

15. Prohibited Conduct

You agree not to:

• use the Digital Properties for any unlawful purpose or in violation of any law or regulation, including the federal securities laws;
• post, transmit or submit anything unlawful, defamatory, harassing, abusive, fraudulent, obscene or infringing;
• impersonate any person or entity, or misrepresent your affiliation with anyone, including the Fund, the Adviser or their personnel;
• post or transmit anything that purports to be an official statement of the Fund or the Adviser, or that could reasonably be taken as investment advice offered on our behalf;
• use the Digital Properties to promote, solicit or advertise any security, investment product or service;
• attempt to gain unauthorized access to any part of the Digital Properties or any connected system, or interfere with their operation or security;
• use any robot, spider, scraper or other automated means to access, monitor, copy or extract content, except that public search engines may use conventional crawlers to index publicly available pages;
• use any content from the Digital Properties to train, fine-tune or develop any machine learning or artificial intelligence model, or to build a dataset for that purpose, without our prior written permission;
• frame or mirror the Digital Properties, or use meta tags or hidden text containing our names or marks, without our prior written permission; or
• circumvent, disable or interfere with any access restriction or security feature.

16. User Submissions and Community Content

Where the Digital Properties let you post, comment or submit content (“User Content”), you are solely responsible for it and represent that you have the rights to submit it and that it does not violate these Terms or anyone else’s rights.

You grant us a non-exclusive, royalty-free, worldwide, perpetual, irrevocable, sublicensable and transferable license to use, reproduce, modify, adapt, publish, translate, distribute and display your User Content in any media in connection with the Digital Properties and our business.

We do not pre-screen User Content and have no obligation to monitor it. We may remove, edit or decline to publish any User Content without notice, and may retain and disclose it as needed to comply with law, regulation or legal process. User Content does not reflect our views, and we have no obligation to publish or preserve it.

17. Unsolicited Ideas and Submissions

We do not accept unsolicited business plans, investment proposals, pitch materials, company introductions, product ideas or similar submissions through the Digital Properties.

If you send them anyway (“Unsolicited Submissions”), you agree that: (a) they are provided on a non-confidential basis and create no confidential or fiduciary relationship; (b) we have no obligation to review, respond to, keep confidential, return or refrain from using them; (c) we may use and disclose them for any purpose without restriction, attribution or compensation; and (d) we may already be considering or investing in similar matters, and your submission does not limit our ability to do so.

This Section does not apply to information exchanged under a separate written agreement signed by an authorized representative of the Adviser or the Fund.

18. Copyright Complaints

If you believe content on the Digital Properties infringes your copyright, send a notice containing the elements required by 17 U.S.C. § 512(c)(3) to our designated copyright agent: Ives Ultra Capital Management LLC, Attention: Copyright Agent, 600 California Street, 11th Floor, San Francisco, CA 94108, or by email to ir@ultracm.com. We may remove or disable access to allegedly infringing material, and may terminate access for repeat infringers.

19. Third-Party Links

The Digital Properties link to third-party websites, including the brokerages listed under “Where to Buy IVAI” and the SEC’s EDGAR system. We do not control, and are not responsible for, any third-party site, its content, its privacy practices or its terms. A link is not an endorsement, and listing a brokerage does not mean it endorses the Fund. You use third-party sites at your own risk.

20. Privacy

How we collect and use information through the Digital Properties is described in our Privacy Policy, which is incorporated into these Terms by reference.

The Fund’s privacy notice to shareholders under Regulation S-P is a separate document covering different information, and is included in the Fund’s prospectus.

21. Electronic Communications

By using the Digital Properties or communicating with us through them, you consent to receive communications from us electronically, and agree that agreements, notices, disclosures and other communications we provide electronically satisfy any legal requirement that they be in writing.

Do not send us material non-public information, confidential information or sensitive personal information through the Digital Properties. Communications sent over the internet are not secure and may be intercepted.

22. Disclaimer of Warranties

The Digital Properties and all content on them are provided “as is” and “as available,” without warranties of any kind, express or implied. To the fullest extent permitted by law, we disclaim all warranties, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement, and any warranty of accuracy, completeness, timeliness, reliability or availability.

We do not warrant that the Digital Properties will be uninterrupted, secure or error-free, or free of viruses or other harmful components. Some jurisdictions do not allow the exclusion of certain warranties, so some of these exclusions may not apply to you.

23. Limitation of Liability

To the fullest extent permitted by law, none of the Adviser, the Fund or their affiliates, officers, directors, managers, employees, agents, service providers or licensors (the “Covered Persons”) will be liable for any indirect, incidental, special, consequential, exemplary or punitive damages, or for any lost profits, revenue, data, goodwill or investment opportunity, arising out of or relating to the Digital Properties or their content, under any theory of liability, even if advised of the possibility of such damages.

To the fullest extent permitted by law, the Covered Persons’ total liability arising out of or relating to these Terms or the Digital Properties will not exceed one hundred U.S. dollars (US$100). Some jurisdictions do not allow these limitations, so some of them may not apply to you.

24. Securities Law Savings Clause

Nothing in these Terms, including Sections 22 and 23, waives or limits any right or remedy you may have under the federal securities laws, or under any other law that cannot be waived by contract, including the Securities Act, the Exchange Act, the 1940 Act, the Investment Advisers Act of 1940 and applicable state securities laws.

Nothing in these Terms limits or waives any duty owed by the Adviser under the Investment Advisers Act of 1940 or by the Fund under the 1940 Act, or requires you to waive compliance with any provision of those statutes or their rules.

25. Indemnification

You agree to indemnify and hold harmless the Covered Persons from any claim, demand, loss, liability, damage, cost or expense, including reasonable attorneys’ fees, arising out of or relating to your violation of these Terms, your misuse of the Digital Properties, your User Content or your violation of any law or third-party right. We may assume the exclusive defense of any matter subject to your indemnification, and you agree to cooperate with that defense.

26. Suspension and Termination

We may modify, suspend or discontinue any part of the Digital Properties, and may restrict or end your access to them, at any time and without notice or liability. Sections 13, 15, 16, 17, 22 through 25 and 27 survive any termination of your access.

27. Governing Law; Venue; Jury Waiver; Time to Bring Claims

These Terms, and any dispute arising out of or relating to them or to the Digital Properties, are governed by the laws of the State of California, without regard to its conflict-of-law principles, except where federal law applies.

Any action arising out of or relating to these Terms or the Digital Properties must be brought exclusively in the United States District Court for the Northern District of California or, where that court lacks subject-matter jurisdiction, in the Superior Court of California for the City and County of San Francisco. You consent to the personal jurisdiction of those courts and waive any objection to venue there.

To the fullest extent permitted by law, each party waives any right to a jury trial in any such action. To the fullest extent permitted by law, any claim arising out of or relating to these Terms or the Digital Properties must be brought within one year after it arose, or it is permanently barred.

This Section does not apply to claims under the federal securities laws, and does not limit the venue, forum or limitations period otherwise available for them.

28. Changes to These Terms

We may update these Terms from time to time. The “Last updated” date above shows when they last changed. If we make a material change, we will take reasonable steps to bring it to your attention, which may include a notice on the website. Continuing to use the Digital Properties after an update takes effect means you accept the revised Terms.

29. General

Severability. If any provision of these Terms is held unenforceable, it will be modified to the minimum extent needed to make it enforceable, or severed, and the rest of these Terms will remain in effect.

No waiver. Our failure to enforce any provision is not a waiver of it or of any other provision.

Assignment. You may not assign or transfer these Terms or any rights under them. We may assign these Terms without restriction.

Entire agreement. These Terms and the Privacy Policy are the entire agreement between you and us regarding the Digital Properties and supersede any prior understanding on that subject. They do not modify or supersede the Fund’s prospectus, statement of additional information or other offering or governing documents, which control as to the matters they address.

Headings. Section headings are for convenience only and do not affect interpretation.

30. Contact

Questions about these Terms may be sent to: