Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 3

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 3
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 broker
or other institution. The Fund may benefit from a short position when the shorted security decreased in value. The Fund may also at times
establish hedging positions. Hedging positions may include short sales and derivatives, such as options and swaps. Under normal market
conditions, no more than 30% of the Fund’s Managed Assets will be in hedging positions. The Fund’s investments in derivatives
will be included under the 80% policy noted above so long as the underlying asset of such derivatives is a closed-end fund or Underlying
Fund, respectively.

The Fund also may invest up to
20% of its Managed Assets in exchange-traded notes (“ETNs”), certain derivatives, such as options and swaps, cash and cash
equivalents. Such investments will not be counted towards the Fund’s 80% policy.

The Fund’s NAV will vary
and its distribution rate may vary and both may be affected by numerous factors, including changes in the market spread over a specified
benchmark, market interest rates and performance. Fluctuations in NAV may be magnified as a result of the Fund's use of leverage. An investment
in the Fund may not be appropriate for all investors.

Leverage.The Fund
may borrow money and/or issue preferred stock, notes or debt securities for investment purposes. These practices are known as leveraging.
Since the holders of common stock pay all expenses related to the issuance of debt or use of leverage, any use of leverage would create
a greater risk of loss for the shares of common stock than if leverage is not used. The Fund currently anticipates that if employed, leverage
will primarily be obtained through the use of bank borrowings or other similar term loans. The provisions of the 1940 Act further provide
that the Fund may borrow or issue notes or debt securities in an amount up to 33 1/3% of its total assets or may issue preferred shares
in an amount up to 50% of the Fund’s total assets (including the proceeds from leverage). In accordance with Rule 18f-4 under the
1940 Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain
asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions
as “derivatives transactions” and comply with Rule 18f-4 with respect to such transactions.

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On March 9,