Enables metallopeptidase activity. Acts upstream of or within several processes, including determination of ventral identity; embryonic morphogenesis; and positive regulation of BMP signaling pathway. Predicted to be located in extracellular region. Predicted to be active in extracellular space. Is expressed in cardiovascular system; hypural; margin; neural plate; and tail bud. Human ortholog(s) of this gene implicated in atrial heart septal defect 6; congenital heart disease; and coronary artery disease. Orthologous to human TLL1 (tolloid like 1).