Exhibit 31.1



CERTIFICATION PURSUANT TO

RULE 13A-14 OF THE SECURITIES EXCHANGE ACT
OF 1934 AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002



I, Kenneth E. Banwart, certify that:



|1. |  | I
have reviewed this report on Form 10-Q of Aspen Diversified Fund LLC;
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|2. |  | Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
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|3. |  | Based
on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
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|4. |  | The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the
registrant and have:
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|a. |  | designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
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|b. |  | designed
such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
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|c. |  | evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation; and
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|d. |  | disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred
during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter
in the case of an annual report) that has materially affected or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and
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|5. |  | The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent functions);
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|a. |  | all
significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to
record, process, summarize and report financial information; and
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|b. |  | any
fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant’s internal control over financial reporting.
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| | Date: August 14, 2012                        
| | ---------------------------------------------
| |                                              
| |                                              
| | /s/ Kenneth E. Banwart                       
| | Kenneth E. Banwart, Managing Partner         
| | (principal executive officer)                
| | Aspen Partners, Ltd.                         
| | Managing Member of Aspen Diversified Fund LLC