Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 27

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 27
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 Underlying Fund invests. Legislation or regulation may also change the way in which the Fund or an Underlying Fund is regulated. 
 New or amended regulations may be imposed by the Commodity Futures Trading Commission (“CFTC”), the SEC, the Board                     
 of Governors of the Federal Reserve System (the “Federal Reserve”) or other financial regulators, other governmental                   
 regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund      
 or the Underlying Funds. In particular, these agencies are empowered to promulgate a variety of new rules pursuant to financial        
 reform legislation in the United States. There can be no assurance that future legislation, regulation or deregulation will not        
 have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective. The         
 Fund and the Underlying Funds also may be adversely affected by changes in the enforcement or interpretation of existing statutes      
 and rules by these governmental agencies.                                                                                              
 Management                                                                                                                             
 Risks. The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset                        
 class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s          
 judgment will produce the desired results. Similarly, the Fund’s investments in Underlying Funds are subject to the judgment           
 of the Underlying Funds’ managers which may prove to be incorrect. In addition, the Adviser will have limited information              
 as to the portfolio holdings of the Underlying Funds at any given time. This may result in the Adviser having less ability to          
 respond to changing market conditions. The Fund may allocate its assets so as to under-emphasize or over-emphasize ETFs or other       
 investments under the wrong market conditions, in which case the Fund’s NAV may be adversely affected.                                 |

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| Market                                                                                                                               
 Disruption, Geopolitical and Climate Change Risks. The value of your investment in the Fund                                          
 is based on the values of the Fund’s investments, which may change due to economic and other                                         
 events that affect markets generally, as well as those that affect particular regions, countries, industries,                        
 companies or governments. These movements, sometimes called volatility, may be greater or less depending                             
 on the types of securities the Fund owns and the markets in which the securities trade. The increasing                               
 interconnectivity between global economies and financial markets increases the likelihood that events                                
 or conditions in one region or financial market may