Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 39

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 39
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 Funds and SPACs referenced in this paragraph will be categorized in accordance with the fund categories established and maintained by Morningstar, Inc. The investment parameters stated above (and elsewhere in this Prospectus) apply only at the time of purchase. The Underlying Funds and SPACs in which the Fund invests will not include those that are advised or subadvised by the Adviser or its affiliates.

In selecting closed-end funds, the Adviser opportunistically utilizes a combination of short-term and longer-term trading strategies to seek to derive value from the discount and premium spreads associated with closed-end funds. The Fund benefits if it purchases a closed-end fund at a discount and the discount narrows. In addition, the Fund may purchase closed-end funds at a premium if the Adviser believes the premium will increase. The Adviser employs both a quantitative and qualitative approach in its selection of closed-end funds and has developed proprietary screening models and trading algorithms to trade closed-end funds. The Adviser employs the following trading strategies, among others:

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Statistical Analysis (Mean Reversion)

| ● | Using                                                                                
 proprietary quantitative models, the Adviser seeks to identify closed-end funds that 
 are trading at compelling absolute and / or relative discounts.                      |

| ● | The                                                                                      
 Fund will attempt to capitalize on the perceived mispricing if the Adviser believes that 
 the discount widening is irrational and expects the discount to narrow to longer-term    
 mean valuations.                                                                         |

Corporate Actions

| ● | The                                                                                       
 Adviser will pursue investments in closed-end funds that have announced, or the Adviser   
 believes are likely to announce, certain corporate actions that may drive value for their 
 shareholders.                                                                             |

| ● | The                                                                                   
 Adviser has developed trading strategies that focus on closed-end fund tender offers, 
 rights offerings, shareholder distributions, open-endings and liquidations.           |

The Fund will invest in other Underlying Funds and SPACs (that are not closed-end funds) to gain exposure to specific asset classes when the Adviser believes closed-end fund discount or premium spreads are not attractive or to manage overall closed-end fund exposure in the Fund.

An index-based ETF is an investment company that seeks to track the performance of a particular market index. These indices include not only broad-market indices, but more specific indices as well, including those relating to particular sectors, markets, regions and industries. The Adviser selects ETFs based on their ability to offer specific sector and style exposure in a cost and tax