Ursa Fund Management LLC

Ursa Fund Management LLC, established in February 2016, specializes in managing pooled investment vehicles, primarily the Ursa Fund Partners LP. Co-founders Andrew Hahn and Russell Douglas co-manage the firm, focusing on generating risk-adjusted returns through corporate action and event-driven investments. Their investment strategy involves proprietary scanning methods, extensive research, and analysis to identify opportunities in publicly-traded equity securities, derivatives, and digital assets. The firm may also employ an interest rate arbitrage strategy. Clients must be accredited investors with a minimum initial investment of $500,000. Ursa does not tailor portfolio management services to individual needs. The firm charges no management fee but receives a performance-based allocation of 35% of net income for the Ursa Fund and 10% for the Portfolio Fund. Ursa may engage in leveraged trading and short selling, with a focus on small- and mid-cap companies. Ursa has a Code of Ethics to prevent conflicts of interest and requires employees to report personal securities holdings. The firm reviews client accounts regularly, provides detailed reports to investors, and maintains custody of assets with a qualified custodian. Ursa has discretion over investment decisions and votes proxies in clients' best interests. The firm does not solicit prepayments exceeding $1200 or have financial commitments that could impact client obligations.