# Ursa Fund Management LLC

> Ursa Fund Management LLC is an SEC-registered investment advisory firm in Danville, CA, registered since 2017, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 17, 2026.

- CRD: 283363
- Filed as: URSA FUND MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Danville, CA
- Filing period: October 2026
- Form ADV filing dated: April 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/283363
- AdvisorCensus page: https://advisorcensus.com/firm/ursa-fund-management-llc-danville-ca-283363

## Quick answers

**How is Ursa Fund Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Ursa Fund Management LLC reports these compensation arrangements: performance-based fees.

**Where is Ursa Fund Management LLC located?**
Ursa Fund Management LLC's principal office is in Danville, CA, according to its Form ADV.

**Is Ursa Fund Management LLC registered with the SEC or a state?**
Ursa Fund Management LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 283363.

**How much does Ursa Fund Management LLC manage?**
Ursa Fund Management LLC reports $1,198,312,942 in regulatory assets under management in its Form ADV filing dated April 17, 2026 (100% discretionary).

**How have Ursa Fund Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Ursa Fund Management LLC: Regulatory assets under management: $982,574,695 in the October 2021 data and $1,198,312,942 in the October 2026 data, up 22%. Total employees: 2 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ursa Fund Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Ursa Fund Management LLC report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/283363

**Does Ursa Fund Management LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 24, 2026 says: "The minimum initial investment in the Ursa Fund is $500,000. The minimum investment in the Ursa Fund may be modified by Ursa."

**What changed in Ursa Fund Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $633,586,173 to $1,198,312,942 (+89%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 24, 2026)

- Account minimum: $500,000

> The minimum initial investment in the Ursa Fund is $500,000. The minimum investment in the Ursa Fund may be modified by Ursa.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $1,198,312,942
- Discretionary: $1,198,312,942
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $1,198,312,942 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 2 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/283363

### Websites listed on Form ADV (Item 1.I)
- ursafund.com
- LinkedIn @ursa-fund-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $982,574,695 | 2 | August 17, 2021 |
| October 2022 | $502,388,467 | 2 | March 18, 2022 |
| October 2023 | $202,658,607 | 2 | May 17, 2023 |
| October 2024 | $157,116,186 | 2 | May 7, 2024 |
| October 2025 | $633,586,173 | 2 | March 27, 2025 |
| October 2026 | $1,198,312,942 | 2 | April 17, 2026 |

Regulatory assets under management: $982,574,695 in the October 2021 data and $1,198,312,942 in the October 2026 data, up 22%.
Total employees: 2 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $633,586,173 to $1,198,312,942 (+89%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ursa Fund Management LLC (CRD 283363): Form ADV filing data as of October 2026.