Enables phospholipase A2 activity and signaling receptor binding activity. Involved in several processes, including arachidonic acid secretion; low-density lipoprotein particle remodeling; and positive regulation of immune effector process. Acts upstream of or within negative regulation of inflammatory response and regulation of macrophage activation. Located in cell surface; early phagosome; and phagolysosome. Is expressed in several structures, including central nervous system; ear; genitourinary system; liver; and peripheral nervous system ganglion. Human ortholog(s) of this gene implicated in familial benign fleck retina. Orthologous to human PLA2G5 (phospholipase A2 group V). [provided by Alliance of Genome Resources, Apr 2022]