Terms of Use

Ivy Invest Corporation is an investment adviser registered with the Securities and Exchange Commission and serves as investment adviser to Institutional Investment Strategy Fund (the "Fund"), a registered investment company.

Offers made only by prospectus. Any offer to sell shares of the Fund is made only through the Fund's current prospectus and only in jurisdictions where the offer is lawful. You should consider the Fund's investment objectives, risks, charges, and expenses as described in its prospectus before investing.

No personalized advice. Unless Ivy Invest expressly agrees otherwise in a separate written agreement, Ivy Invest does not provide personalized investment, legal, accounting, or tax advice to you through the Services. General information available through the Services should not be treated as a recommendation tailored to your individual circumstances. Investing involves risk, including possible loss of principal.

Order of precedence. Your investment in the Fund and your shareholder account are governed by the Fund's prospectus, statement of additional information, and your account documentation (together, the "Fund Documents"), and by applicable law — not by these Terms. If these Terms conflict with those documents with respect to your investment or shareholder account, those documents control. These Terms govern your use of the Services as a technology platform.

No waiver of securities-law rights. Nothing in these Terms — including the disclaimers, limitations of liability, indemnification, and arbitration provisions — waives or limits any rights you may have, or any obligations we may have, under the federal securities laws or any other law to the extent such waiver or limitation is prohibited.

2.1 License. Subject to these Terms, Ivy Invest grants you a non-transferable, non-exclusive, revocable, limited license to access and use the Services solely for your own personal, noncommercial use. The Services are intended for U.S. residents and are not directed to persons in jurisdictions where their use would be unlawful. We make no representation that the Services are appropriate or available for use in other jurisdictions.

2.2 Restrictions. You shall not: (a) license, sell, rent, lease, transfer, assign, distribute, host, or otherwise commercially exploit the Services or any content on the Services; (b) modify, make derivative works of, disassemble, reverse compile, or reverse engineer any part of the Services, except to the extent such restriction is prohibited by applicable law or permitted by the terms of any applicable open-source license; (c) access the Services to build a similar or competitive website, product, or service; (d) copy, reproduce, distribute, republish, download, display, post, or transmit any part of the Services except as expressly permitted; (e) use any scraper, robot, or other automated means to access the Services, or circumvent any security or access controls; or (f) use the Services for any unlawful purpose or in violation of any applicable law or regulation. Any future release, update, or addition to the Services is subject to these Terms. All copyright and proprietary notices on the Services must be retained on all copies.

2.3 Modification. Ivy Invest reserves the right to modify, suspend, or discontinue the Services (in whole or in part) at any time with or without notice, and will not be liable for any modification, suspension, or discontinuation, except as otherwise required by applicable law or the Fund Documents.

2.4 Ownership. All intellectual property rights in the Services and their content are owned by Ivy Invest or its licensors. These Terms do not transfer any intellectual property rights to you except the limited license in Section 2.1. All rights not expressly granted are reserved; there are no implied licenses.

2.5 Feedback. You may provide feedback or suggestions about the Services. You grant Ivy Invest a nonexclusive, worldwide, perpetual, royalty-free right to use that feedback without restriction or compensation to you, and Ivy Invest will treat it as non-confidential.

3.1 Eligibility and registration. To open an account you must be at least 18 years old and provide accurate, current, and complete information, and you must keep your account information updated. Opening a shareholder account is also subject to the Fund's prospectus, account documentation, and identity-verification requirements.

3.2 Credentials and security. You are responsible for safeguarding your login credentials and for activity you authorize through your account. You must notify us promptly at support@ivyinvest.co if you know or suspect that your credentials or account have been compromised. Your responsibility for unauthorized activity is subject to applicable law and the Fund Documents.

3.3 Linked bank accounts. If you link a bank account to fund your account or receive proceeds, then when you separately instruct or authorize a transfer, you authorize Ivy Invest and its service providers to verify the linked account and initiate the transfer in accordance with your instructions, the Fund Documents, and any applicable transfer authorization. Third-party linking and verification services are governed by their own terms and privacy policies, and Ivy Invest is not responsible for their independent acts or omissions, except as required by applicable law. You represent that you own, or are authorized to link, any bank account you connect.

The Services may contain links to third-party websites and services ("Third-Party Links"). Third-Party Links are not under Ivy Invest's control, and Ivy Invest is not responsible for them and does not review, approve, monitor, endorse, or make any representations with respect to them. Your use of Third-Party Links is subject to the applicable third party's terms and policies and is at your own risk.

You agree to indemnify and hold Ivy Invest (and its officers, employees, and agents) harmless, including costs and attorneys' fees, from any claim or demand made by any third party due to or arising out of (a) your use of the Services in violation of these Terms or (b) your violation of applicable laws or regulations. Ivy Invest reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify us, and you agree to cooperate with our defense. You agree not to settle any such matter without Ivy Invest's prior written consent. Ivy Invest will use reasonable efforts to notify you of any such claim upon becoming aware of it. You will have no obligation under this Section with respect to any claim to the extent it is caused by Ivy Invest's negligence, willful misconduct, or violation of law.

THE SERVICES ARE PROVIDED ON AN "AS-IS" AND "AS AVAILABLE" BASIS, AND IVY INVEST (AND OUR SERVICE PROVIDERS AND LICENSORS) EXPRESSLY DISCLAIM ALL WARRANTIES AND CONDITIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, QUIET ENJOYMENT, ACCURACY, OR NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE SERVICES WILL MEET YOUR REQUIREMENTS OR BE AVAILABLE ON AN UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE BASIS. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO THE FOREGOING MAY NOT APPLY TO YOU. THIS SECTION IS SUBJECT TO SECTION 1 AND DOES NOT DISCLAIM ANY OBLIGATION UNDER THE FUND DOCUMENTS OR APPLICABLE LAW TO THE EXTENT SUCH DISCLAIMER IS PROHIBITED.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL IVY INVEST (OR OUR SERVICE PROVIDERS AND LICENSORS) BE LIABLE FOR ANY LOST PROFITS, LOST DATA, COSTS OF PROCUREMENT OF SUBSTITUTE PRODUCTS, OR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES ARISING FROM OR RELATING TO THESE TERMS OR YOUR USE OF, OR INABILITY TO USE, THE SERVICES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY LAW, OUR AGGREGATE LIABILITY FOR ANY DAMAGES ARISING FROM OR RELATED TO THESE TERMS WILL AT ALL TIMES BE LIMITED TO ONE HUNDRED US DOLLARS ($100), AND THE EXISTENCE OF MORE THAN ONE CLAIM WILL NOT ENLARGE THIS LIMIT. THE FOREGOING EXCLUSIONS AND LIMITATIONS DO NOT APPLY TO LIABILITY ARISING FROM IVY INVEST'S FRAUD, WILLFUL MISCONDUCT, OR GROSS NEGLIGENCE, OR TO ANY OTHER LIABILITY THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE FOREGOING MAY NOT APPLY TO YOU. THIS SECTION IS SUBJECT TO SECTION 1: IT APPLIES TO THE SERVICES AS A TECHNOLOGY PLATFORM AND DOES NOT LIMIT ANY LIABILITY OR OBLIGATION UNDER THE FUND DOCUMENTS, THE FEDERAL SECURITIES LAWS, OR OTHER LAWS TO THE EXTENT SUCH LIMITATION IS PROHIBITED.

These Terms remain in effect while you use the Services. We may suspend or terminate your right to use the Services where reasonably necessary, including for a violation of these Terms, suspected fraud, security risk, or a legal or regulatory requirement; provided that suspension or termination of platform access does not modify your rights as a Fund shareholder under the Fund Documents. Upon termination, your right to access and use the Services terminates immediately. Sections 1, 2.4, 2.5, 5, 6, 7, 10, 11.2, 11.5, and 11.6, together with any provisions that by their nature should survive, survive termination.

If you download the Ivy Invest application through Apple's App Store, your license to the application is also subject to Apple's Standard Licensed Application End User License Agreement. These Terms govern the Services provided by Ivy Invest through the application. Your use of an application obtained from any app store must also comply with that app store's terms of service.

Please read this Section 10 (the "Arbitration Agreement") carefully. It requires you to arbitrate Disputes with Ivy Invest, its parent companies, subsidiaries, successors and assigns, and all of their respective officers, directors, employees, and agents (collectively, the "Ivy Invest Parties") and limits the manner in which you can seek relief from the Ivy Invest Parties. For purposes of this Arbitration Agreement, "Ivy Invest Parties" does not include the Fund, its trustees, or any person acting solely in its capacity as a service provider to the Fund. This Arbitration Agreement does not apply to claims against the Fund or its trustees, claims seeking to enforce rights under the Fund Documents, or claims whose gravamen is conduct undertaken by Ivy Invest or any other person in its capacity as the Fund's investment adviser or another Fund service provider. The substance of a claim, rather than the label applied to it, controls. Claims whose gravamen is the operation of the Services as a technology platform remain subject to this Arbitration Agreement, even if they relate to a Fund transaction.

Nothing in these Terms limits your ability to communicate with, provide information to, or file a complaint with any governmental or regulatory authority, or precludes any such authority from seeking relief on your behalf where the law allows. Nothing in this Arbitration Agreement waives, or shall be deemed to waive, compliance with the federal securities laws and the rules and regulations thereunder.

10.1 Applicability. You agree that any dispute between you and any of the Ivy Invest Parties relating in any way to the Services or these Terms (a "Dispute") will be resolved by binding arbitration, rather than in court, except that: (1) you and the Ivy Invest Parties may assert individualized claims in small claims court if the claims qualify, remain in such court, and advance solely on an individual, non-class basis; and (2) you or the Ivy Invest Parties may seek equitable relief in court for infringement or other misuse of intellectual property rights. This Arbitration Agreement survives the expiration or termination of these Terms and applies to Disputes arising from or relating to your use of the Services, whether the relevant events occurred before or after the date you agreed to these Terms and whether before or after their termination; provided that this Arbitration Agreement does not apply to any lawsuit or arbitration filed, or any dispute specifically asserted in writing to Ivy Invest, before the date you agreed to these Terms.

10.2 Informal dispute resolution. You and Ivy Invest agree that before either party commences arbitration, we will personally meet and confer, telephonically or via videoconference, in a good-faith effort to resolve any Dispute informally (an "Informal Dispute Resolution Conference"). The party initiating a Dispute must give written notice of its intent to initiate a conference ("Notice"), and the conference shall occur within 45 days after the other party receives the Notice unless the parties agree to an extension. Notice to Ivy Invest should be sent by email to support@ivyinvest.co or by mail to 2261 Market Street #5190, San Francisco, California 94114, and must include: (1) your name, telephone number, mailing address, and the email address associated with your account (if any); (2) the name, telephone number, mailing address, and email address of your counsel, if any; and (3) a description of your Dispute. If you are represented by counsel, your counsel may participate in the conference, but you must also participate. The conference shall be individualized: a separate conference must be held each time either party initiates a Dispute, even if the same law firm or group of law firms represents multiple users in similar cases, and multiple individuals initiating Disputes cannot participate in the same conference, unless all parties agree. Completing the Informal Dispute Resolution Conference is a condition precedent to commencing arbitration. If the receiving party does not reasonably cooperate in scheduling and participating in the conference within 45 days after receiving the Notice, the initiating party will be deemed to have satisfied this requirement; however, arbitration may not be commenced until the 60-day period specified in Section 10.3 has expired. The statute of limitations and any filing-fee deadlines are tolled from the date the Notice is received until the earlier of informal resolution of the Dispute or the date arbitration may be commenced under Section 10.3.

Before filing an action in small claims court, the initiating party will provide the other party with written notice describing the dispute and the relief requested. Notice to Ivy Invest must be sent by email to support@ivyinvest.co or by mail to 2261 Market Street #5190, San Francisco, California 94114; notice to you may be sent to the email address or mailing address associated with your account. Notice sent by email is deemed received when transmitted, unless the sender receives a delivery-failure notice; notice sent by mail is deemed received three business days after mailing. The initiating party may file the action 10 days after the notice is received. This small-claims notice does not require participation in an Informal Dispute Resolution Conference and does not prevent a party from filing earlier where necessary to preserve a claim or comply with a filing deadline.

10.3 Arbitration rules and forum. These Terms evidence a transaction involving interstate commerce, and the Federal Arbitration Act, 9 U.S.C. § 1 et seq., governs the interpretation and enforcement of this Arbitration Agreement and any arbitration proceedings. If a Dispute is not resolved within 60 days after receipt of the Notice described in Section 10.2, either party may commence binding arbitration administered by JAMS. Disputes with an amount in controversy under $250,000 (exclusive of attorneys' fees and interest) are subject to JAMS's most current Streamlined Arbitration Rules; all other Disputes are subject to JAMS's most current Comprehensive Arbitration Rules and Procedures, each available at www.jamsadr.com or by calling 800-352-5267. A party initiating arbitration must provide the other party with a request for arbitration (the "Request") including: (1) the initiating party's name, telephone number, mailing address, and email address, including the email address associated with your account (if applicable); (2) a statement of the legal claims asserted and their factual bases; (3) a description of the remedy sought and a good-faith calculation of the amount in controversy in U.S. dollars; (4) a certification that the initiating party has completed the Informal Dispute Resolution process; and (5) evidence that any required filing fees have been paid. Unless you and Ivy Invest otherwise agree or Section 10.8 applies, the arbitration will be conducted in the county where you reside. Subject to the JAMS Rules, the arbitrator may direct a limited and reasonable exchange of information consistent with the expedited nature of arbitration. If you initiate arbitration, the total amount you are required to pay toward JAMS fees and costs for that arbitration, including any Mass Arbitration, will not exceed $250. Ivy Invest will pay all remaining JAMS fees and costs, including filing, case-management, Process Administrator, and arbitrator fees, except to the extent an arbitrator or court determines that a different allocation is permitted by applicable law because your claim was frivolous or brought for an improper purpose. If JAMS is not available to arbitrate, the parties will select an alternative arbitral forum. During the arbitration, the amount of any settlement offer made by you or Ivy Invest will not be disclosed to the arbitrator deciding the merits until after that arbitrator determines the amount, if any, to which you or Ivy Invest is entitled. Materials exchanged in arbitration shall be treated as confidential, except to the extent disclosure is reasonably necessary to conduct the arbitration, obtain professional advice, comply with applicable law or legal process, communicate with a governmental or regulatory authority, or confirm, enforce, or challenge an arbitration award.

10.4 Authority of arbitrator. Subject to Section 10.8, the arbitrator has exclusive authority to resolve all Disputes subject to arbitration hereunder, including any dispute regarding the interpretation, applicability, enforceability, or formation of this Arbitration Agreement, except that the following shall be decided only by a court of competent jurisdiction and not by an arbitrator: (1) all Disputes arising out of or relating to Section 10.6 ("Waiver of Class or Other Non-Individualized Relief"), including any claim that it is unenforceable, illegal, void, voidable, or breached; (2) except as expressly contemplated in Section 10.8, all Disputes about the payment of arbitration fees; (3) except as expressly provided in Section 10.8, all Disputes about whether either party has satisfied any condition precedent to arbitration; (4) all Disputes about which version of the Arbitration Agreement applies; and (5) notwithstanding Section 10.8 or any JAMS procedures incorporated by it, all Disputes concerning whether a claim falls within the exclusions stated in the first introductory paragraph of this Section 10, including any dispute concerning the gravamen of a claim. The arbitration will not be consolidated with any other matters or joined with any other cases or parties, except as expressly provided in Section 10.8. The arbitrator may grant dispositive motions, may award monetary damages and any non-monetary remedy available to an individual party under applicable law, the arbitral forum's rules, and these Terms, and shall issue a written award and statement of decision describing the essential findings and conclusions, including the calculation of any damages. The arbitrator shall follow the applicable law. The award is final and binding, and judgment on it may be entered in any court having jurisdiction.

10.5 Waiver of jury trial. EXCEPT AS SPECIFIED IN SECTION 10.1, YOU AND THE IVY INVEST PARTIES WAIVE ANY CONSTITUTIONAL AND STATUTORY RIGHTS TO SUE IN COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR A JURY, and instead elect that all covered Disputes be resolved exclusively by arbitration under this Arbitration Agreement. An arbitrator can award on an individual basis the same damages and relief as a court and must follow these Terms as a court would; however, there is no judge or jury in arbitration, and court review of an arbitration award is limited.

10.6 Waiver of class or other non-individualized relief. YOU AND THE IVY INVEST PARTIES AGREE THAT, EXCEPT AS SPECIFIED IN SECTION 10.8, EACH PARTY MAY BRING CLAIMS AGAINST THE OTHER ONLY ON AN INDIVIDUAL BASIS AND NOT ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS, AND THE PARTIES WAIVE ALL RIGHTS TO HAVE ANY DISPUTE BROUGHT, HEARD, ADMINISTERED, RESOLVED, OR ARBITRATED ON A CLASS, COLLECTIVE, REPRESENTATIVE, OR MASS ACTION BASIS. ONLY INDIVIDUAL RELIEF IS AVAILABLE, AND DISPUTES OF MORE THAN ONE CUSTOMER OR USER CANNOT BE ARBITRATED OR CONSOLIDATED WITH THOSE OF ANY OTHER CUSTOMER OR USER. The arbitrator may award declaratory or injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party's individual claim. If a court decides, by means of a final decision not subject to further appeal, that these limitations are invalid or unenforceable as to a particular claim or request for relief (such as a request for public injunctive relief), you and the applicable Ivy Invest Party agree that that particular claim or request for relief (and only that one) shall be severed from the arbitration and may be litigated in the state or federal courts specified in Section 11.2, with all other Disputes arbitrated or resolved in small claims court. This subsection does not prevent participation in a class-wide settlement of claims.

10.7 Attorneys' fees and costs. Each party will bear its own attorneys' fees and costs in arbitration unless the arbitrator or a court awards fees under applicable law or finds that a claim or defense was frivolous or brought for an improper purpose (as measured by standards equivalent to Federal Rule of Civil Procedure 11(b)).

10.8 Mass arbitration. If a Mass Arbitration, as defined in the JAMS Mass Arbitration Procedures and Guidelines, is filed, the JAMS Mass Arbitration Procedures and Guidelines in effect when the first Demands are filed will apply, including the appointment of a Process Administrator as provided in those procedures. Nothing in this Section authorizes class arbitration.

10.9 30-day right to opt out. If you are first agreeing to any arbitration agreement with Ivy Invest, you may opt out of this Arbitration Agreement by sending written notice of your decision to 2261 Market Street #5190, San Francisco, California 94114, or by email to support@ivyinvest.co, within 30 days after first becoming subject to it. In addition, any user who affirmatively accepts the version of these Terms effective July 16, 2026 may opt out of this Arbitration Agreement by the same methods within 30 days after that acceptance. Your notice must include your name and address and a clear statement that you want to opt out. An opt-out notice must be submitted separately for each user and must be sent by the user or by an authorized representative who includes the user's signed authorization; a notice purporting to opt out multiple users without separate identifying information and authorization for each user is ineffective. If you opt out, all other parts of these Terms continue to apply to you. Opting out has no effect on any other arbitration agreements you may have with us now or in the future.

10.10 Modification. Notwithstanding anything to the contrary in these Terms, if Ivy Invest makes any future material change to this Arbitration Agreement, Ivy Invest will provide notice of the change by email and/or a mandatory in-app notice, and you may reject the change within 30 days of it becoming effective by writing to Ivy Invest at the address or email in Section 10.9. Unless you reject the change within that period, your continued use of the Services constitutes acceptance of the change. Changes to this Arbitration Agreement do not provide a new opportunity to opt out if you previously agreed and did not validly opt out. If you reject a change and were bound by an existing agreement to arbitrate, the provisions of this Arbitration Agreement as of the date you first accepted these Terms (or any subsequent changes you accepted) remain in full force and effect. Ivy Invest will continue to honor any valid opt-outs made under a prior version of these Terms.

10.11 Invalidity; timeliness. Except as provided in Section 10.6, if any part of this Arbitration Agreement is found invalid or unenforceable, that part shall be severed and the remainder shall continue in full force and effect. Any Dispute must be initiated via arbitration within the applicable statute of limitations for that claim or it will be forever barred, and all applicable statutes of limitation apply in arbitration as they would in a court of competent jurisdiction.

11.1 Changes to these Terms. These Terms are subject to occasional revision. We will provide notice of material changes by email to the last email address you provided and/or by prominent notice through the Services, and we will obtain your affirmative acceptance where required. Material changes to the Arbitration Agreement are subject to Section 10.10. Continued use of the Services following notice of changes constitutes acceptance of those changes, except as provided in Section 10.10.

11.2 Governing law. These Terms and any Dispute are governed by the Federal Arbitration Act (as to Section 10) and otherwise by the laws of the State of California, without regard to its conflict-of-laws principles, except to the extent federal law applies. Subject to Section 10, any claim not subject to arbitration shall be brought exclusively in the state or federal courts located in San Francisco County, California, and the parties consent to personal jurisdiction and venue there.

11.3 California consumer notice. Ivy Invest does not charge a separate fee for access to the Services; fees and expenses associated with an investment in the Fund are described in the Fund's prospectus. Questions or complaints concerning the Services may be directed to Ivy Invest using the contact information in Section 11.6. If you are a California resident, you may also report complaints to the Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs, 1625 North Market Blvd., Suite N 112, Sacramento, CA 95834, telephone (800) 952-5210.

11.4 Electronic communications. Communications between you and Ivy Invest use electronic means. For contractual purposes, you consent to receive communications from Ivy Invest in electronic form and agree that all terms, agreements, notices, disclosures, and other communications Ivy Invest provides electronically satisfy any legal requirement that such communications be in writing. The foregoing does not affect your non-waivable rights. Electronic delivery of Fund documents is governed by the separate consent you provide in connection with your account.

11.5 Entire terms; miscellaneous. These Terms constitute the entire agreement between you and Ivy Invest regarding use of the Services, subject to Section 1. Failure to exercise or enforce any right or provision is not a waiver. Section titles are for convenience only. "Including" means "including without limitation." Except as provided in Section 10.11, if any provision is held invalid or unenforceable, the remaining provisions are unimpaired and the invalid provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law. Nothing in these Terms creates a partnership, joint venture, or agency relationship between you and Ivy Invest. You may not assign these Terms without Ivy Invest's prior written consent, and any attempted assignment in violation of the foregoing is null and void. Ivy Invest may freely assign these Terms, which are binding upon assignees.

11.6 Copyright, trademarks, and contact. Copyright © 2026 Ivy Invest Corporation. All rights reserved. All trademarks, logos, and service marks displayed on the Services are the property of Ivy Invest or third parties, and you may not use them without prior written consent of the owner. Contact: Ivy Invest Corporation, 2261 Market Street #5190, San Francisco, California 94114. Telephone: 800-535-7096. Email: support@ivyinvest.co.