Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 4

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 4
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 fund exposure in the Fund.

The Adviser has the flexibility
to change the Fund’s asset allocation based on its ongoing analysis of the equity, fixed income and alternative asset markets. The
Adviser considers various quantitative and qualitative factors relating to the domestic and foreign securities markets and economies when
making asset allocation and security selection decisions. While the Adviser continuously evaluates these factors, material shifts in the
Fund’s asset class exposures will typically take place over longer periods of time.

Under normal market conditions,
the Fund intends to maintain long positions in Underlying Funds and SPACs, but may engage in short sales for investment purposes. When
the Fund engages in a short sale, it sells a security it does not own and, to complete the sale, borrows the same security from a 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.

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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.

Investing in the Fund’s Common Shares involves certain risks. See “Risks” beginning on page 46 of the accompanying Prospectus.

Investment Adviser. The Fund’s
investment adviser is RiverNorth Capital Management, LLC (the “Adviser” or “RiverNorth”). See “Management
of the Fund” in the accompanying Prospectus.

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