Binds to poly-U elements and AU-rich elements (AREs) in the 3'-UTR of target mRNAs. Required for the vegetal localization of vg1 mRNA. Probably required for nervous system development. Part of a ribonucleoprotein (RNP) complex, at least composed of elavl1/elrA and/or elavl2/elrB, igf2bp3/vg1RBP, ddx6/Xp54, ybx2/frgy2, lsm14b/rap55b and, in a subset of RNP complexes, stau1/staufen. Binds RNA as a homooligomer. Enriched at the vegetal cortex in stage III and IV oocytes. Shows both nuclear and cytoplasmic localization in the neural tube at the neurula stage, although endogenous elavl2 is not expressed at this stage. Expressed in brain, testis and ovary. Ovarian expression is restricted to follicle cells surrounding the oocyte. From the early tailbud stage, expression is neural-specific and is seen in both the central and peripheral nervous system in differentiating neurons but not proliferating precursors. Expressed in the retina from stage 32 with expression becoming restricted to the ganglion cell layer by later stages. Expressed both maternally and zygotically. Predominantly expressed in the early stages of oogenesis (stages I to III), with expression levels declining from stage IV onwards. Zygotic expression begins at the early tailbud stage. Belongs to the RRM elav family. The 45 kDa RNA-binding proteins identified in PubMed:7969126 and PubMed:8873767, and PubMed:11087864 may correspond to elavl2/elrB.