First of all, excuse my mediocre editing skills.

I'm a big fan of items that proc upon ulting , like Pridwen, Arondite..etc in Smite 1. And I believe Smite 2 needs more items like that, instead of being just actives just because we're limited to having only 3 active items.

My idea is basically an item that procs a random effect upon ulting, with a slight chance of proc'ing a negative effect.

I thought it being Loki themes should be fine due to his nature, I do apologize however as my lore knowledge is limited and thus I'm not if there is a fitting item in his lore that could be used in this case.

Hat of Treachery

+300 Max Health

+10 Cooldown Rate

+5 HP5

Passive: Upon Ulting, trigger one of the following effects:

• Your next ability costs no mana.

• Gain a shield with 15% of your health.

• Gain 10% Movement Speed.

There is a slight chance to gain the following effect:

• Your Health and Mana are reduced to 1.
  
  I'm not sure about the values, but the ratio should maybe be 90% for positive effect and 10% for negative effect.
  

Emberheart Gauntlet

Passive: When you take damage, you accumulate Burning Resolve stacks. Each stack grants +3% Physical Defense and +5 Strength. Upon reaching 5 stacks, your next basic attack deals additional physical damage and applies a burn effect.

Cost: 2600 Gold.

• +50 Strength

• +350 Max Health

• +20 Physical Defense

Mirror Shield

30 Physical Defense

30 Magical Defense

10% Cooldown

Passive: When you are hit by an ability or basic, the shield absorbs the predominant damage and generates a 9% reduction of the defenses of the damage received in an area of 8.8m

After 5s without receiving any type of damage, the item will return to base form.

It means that by having this item equipped, if a physical damage ability is cast on you, the item will reduce your physical defenses by 9% and if a magic damage ability is cast on you, your magic defenses will be reduced by 9%.

The damage must be done by an enemy god, no jungle monster can activate the item and the item will turn completely red or blue depending on the damage received.

Red: reduction of physical defenses

Blue: Reduction of Magical Defenses

Blade of Burning Wounds

Enemies (excluding objectives such as tower) take an additional damage effect called burning which is based off of 20% of your strength over 2 seconds, if applied again, the timer resets.
40 Strength
10 Penetration
20% Attackspeed

an example to what the icon could look like.

Wings of Daedalus

When Daedalus' Wings are activated, you gain a boost that allows you to leap forward to a distance of 10 m or less, dealing Knocking Uр to enemies within a 2.5 m area.

You receive a 20% movement speed boost for 5 seconds upon landing.

The cooldown I'm not sure if 60 seconds or more.

40 Strеngth

30 Intelligence

200 Max Health