Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 61

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 61
---
 primarily in cash rather than in-kind may cause an ETF to incur certain costs, such as brokerage
costs, taxable gains or other losses that it may not have incurred with an in-kind purchase or redemption. These costs may be borne by
the ETF and decrease the ETF’s NAV to the extent they are not offset by a transaction fee payable by an authorized participant.

RiverNorth Opportunities Fund, Inc.

In addition, index-based ETFs (and other index
funds) will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by these investments
may, from time to time, temporarily be unavailable, which may further impede the ability of the index-based ETFs and other index funds
to track their applicable indices. Underlying Funds may not be able to match or outperform their respective benchmarks. With sector ETFs,
there is a risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.
The Fund may also invest in actively managed ETFs that are subject to management risk as the ETF’s investment adviser will apply
certain investment techniques and risk analyses in making investment decisions. There can be no guarantee that these will produce the
desired results.

Certain of the Underlying Funds in which the Fund
will invest may be taxed as regulated investment companies under Subchapter M of the Code. To qualify and remain eligible for the special
tax treatment accorded to regulated investment companies and their shareholders, such Underlying Funds must meet certain source-of-income,
asset diversification and annual distribution requirements. If an Underlying Fund in which the Fund invests fails to qualify as a regulated
investment company, such Underlying Fund would be liable for federal, and possibly state, corporate taxes on its taxable income and gains.
Such failure by an Underlying Fund could substantially reduce the Underlying Fund’s net assets and the amount of income available
for distribution to the Fund, which would in turn decrease the total return of the Fund in respect of such investment.

The Fund’s investments in Underlying Funds
may be restricted by certain provisions of the 1940 Act. Under Section 12(d)(1)(A) of the 1940 Act, the Fund may hold securities of an
Underlying Fund in amounts which (i) do not exceed 3% of the total outstanding voting stock of the Underlying Fund, (ii) do not exceed
5% of the value of the Fund’s total assets and (iii) when added to all other Underlying Fund securities