I have put three Federal Fusion bullets into Antelope (from 125 to ~435 yards), and all of them exploded with no more than 6 inches of maximum penetration. There weren't even jacket fragments left, just dust.
On top of that, Every box of Federal rifle ammo that I've used in the last 10 years has had headspace problems ...some of them dangerous, some of them just massively annoying.
I've had Federal .243 Win ammo with the shoulder 0.080" too far forward (and impossible to chamber).
I've had Federal 8x57mm Mauser ammo with the shoulder 0.130" too short (dangerously short ...by over a TENTH of an inch).
....And everything in between.
Hornady's quality control, alone, would get my preference. But when I also consider the bullets, the Fusion goes out the window right off the bat.
Fusion for Elk? ....Not a chance. You'd be better off with sharp stick.