Hornady has explained that the ELD-M is pretty much the same as A-Max. Too much has been made by the "iT's a MaTcH bUlLeT!" crowd over how it's marketed, rather than how it's constructed and how it performs on impact.
Guys have dissected it dozens of different ways and there are numerous tests showing it in ballistic gelatin. It's a jacketed hollow point and expands at expected velocities. I've got my doubts about how well it holds together on heavy bone, but the same can be said about tons of bullets. Watching dozens of videos and photos of animals harvested with them, it's clear that it's not an FMJ projectile that pokes .26 cal holes- it's a basic jacketed hollow point that lacks some of the special features like interlocking rings or bonding, but it still does JHP things.