Enables calcium-dependent phospholipase A2 activity; heparan sulfate proteoglycan binding activity; and heparin binding activity. Involved in glycerophospholipid metabolic process and regulation of acute inflammatory response to antigenic stimulus. Acts upstream of or within CD4-positive, CD25-positive, alpha-beta regulatory T cell differentiation and negative regulation of T cell proliferation. Located in extracellular region. Is expressed in several structures, including alimentary system; brain; gonad; hemolymphoid system gland; and lung. Orthologous to human PLA2G2D (phospholipase A2 group IID). [provided by Alliance of Genome Resources, Apr 2022]