Company: RIV
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001398344-25-006352
Chunk: 4

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 4
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 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 Fund invests, in addition to the Underlying Fund’s own fees and expenses). An Underlying Fund with positive performance    
 may indirectly receive a performance fee from the Fund, even when the Fund’s overall returns are negative. Additionally,              
 the Fund’s investment in an Underlying Fund may result in the Fund’s receipt of cash in excess of the Underlying Fund’s               
 earnings; if the Fund distributes these amounts, the distributions could constitute a return of capital to Fund shareholders for      
 federal income tax purposes. As a result of these factors, the use of the fund of funds structure by the Fund could therefore         
 affect the amount, timing and character of distributions to shareholders.                                                             
 The                                                                                                                                   
 Fund may invest in BDCs. BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which     
 involve greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of       
 dividends, certain BDCs during certain periods of time may not generate such income. The Fund will indirectly bear its proportionate  
 share of any management fees and other operating expenses incurred by the BDCs and of any performance-based or incentive fees         
 payable by the BDCs in which it invests, in addition to the expenses paid by the Fund. The use of leverage by BDCs magnifies gains    
 and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with a larger    
 amount of risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive.   |

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| Index-based                                                                                                                           
 ETFs (and other index funds) in which the Fund may invest may not be able to replicate                                                
 exactly the performance of the indices they track or benchmark due to transactions costs                                              
 and other expenses of the ETFs. 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. In addition