Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 49

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 49
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 investment. Similarly, an Underlying Fund may be subject to additional or         
 different risks than those described below.                                                                                           
 Underlying                                                                                                                            
 Fund Risks. The Fund will incur the fees and expenses of its investments in Underlying Funds, which may be greater than               
 if the Fund invested in the securities held by the Underlying Funds directly. There is also the risk that the Fund may suffer         
 losses due to the investment practices or operations of the Underlying Funds. To the extent that the Fund invests in one or more      
 Underlying Funds that concentrate in a particular industry, the Fund would be vulnerable to factors affecting that industry and       
 the concentrating Underlying Funds’ performance, and that of the Fund, may be more volatile than Underlying Funds that do             
 not concentrate. In addition, one Underlying Fund may purchase a security that another Underlying Fund is selling.                    
 As                                                                                                                                    
 the Fund will invest at least 80% of its Managed Assets in Underlying Funds, the Fund’s performance will depend to a greater          
 extent on the overall performance of closed-end funds, ETFs, BDCs and SPACs generally, in addition to the performance of the specific 
 Underlying Funds (and other assets) in which the Fund invests. The use of leverage by Underlying Funds magnifies gains and losses     
 on amounts invested and increases the risks associated with investing in Underlying Funds. Further, the Underlying Funds are not      
 subject to the Fund’s investment policies and restrictions. The Fund generally receives information regarding the portfolio           
 holdings of Underlying Funds only when that information is made available to the public. The Fund cannot dictate how the Underlying   
 Funds invest their assets. The Underlying Funds may invest their assets in securities and other instruments, and may use investment   
 techniques and strategies, that are not described in this Prospectus. Common Stockholders will bear two layers of fees and expenses   
 with respect to the Fund’s investments in Underlying Funds because each of the Fund and the Underlying Fund will charge               
 fees and incur separate expenses. In addition, subject to applicable 1940 Act limitations, the Underlying Funds themselves may        
 purchase securities issued by registered and unregistered funds (e.g., common stock, preferred stock, auction rate preferred stock),  
 and those investments would be subject to the risks associated with Underlying Funds and unregistered funds (including a third        
 layer of fees and expenses, i.e., the Underlying Fund will indirectly bear fees and expenses charged by the funds in which the        
 Underlying