May be involved in the specific maturation or degradation of a number of bioactive peptides. May have a role in the specification of heart progenitors. Release of a C-terminal dipeptide, oligopeptide-|-Xaa-Yaa, when Xaa is not Pro, and Yaa is neither Asp nor Glu. Thus, conversion of angiotensin I to angiotensin II, with increase in vasoconstrictor activity, but no action on angiotensin II. Binds 1 zinc ion per subunit. Inhibited by captopril, lisinopril, trandolaprilat, fosinoprilat and enalaprilat. Optimum pH is 8.6. Expressed in presumptive heart cells during dorsal closure. Glycosylated. Defective heart morphogenesis leading to lethality. In contrast to ance, does not hydrolyze angiotensin I. Belongs to the peptidase M2 family.