In speaking with the guy who answered the phone at Hornady, he implied but wouldn't come out and definitely state that the EldM is the Amax with a new tip.
mathman posted a photo showing that's not the case.
Originally Posted by mathman
Some of the designs are slicked up. If I can get done handling some unexpected obligations this evening I'll post a pic of a 168 grain, .308" Amax next to a similar weight ELD-M.