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Basically the LEVERevolution is a specially designed bullet with a soft tip to mimic the normal ballistic shape of other rifle bullets but still be safe in tube fed lever action rifles.

The following is a quite from hornady's website about the ammunition.

LEVEREVOLUTION® is the most exciting thing to ever happen to lever gun ammunition. Hornady, the leader in ballistic technology, brings you an innovation in ammunition performance featuring state of the industry elastomer Flex TipTM Technology that is SAFE in your tubular magazine. Its higher ballistic coefficient delivers dramatically flatter trajectories for fantastic downrange energy increases and amazing bullet expansion at all ranges. It truly is an evolution in lever gun ammunition!
Click to expand...
Hornady's LEVERevolution Page
 
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