The invention is an explosively formed projectile (EFP). On detonation of an explosive charge, an explosively formed projectile is formed from two separate metal elements, an open-poled dished liner and a cavitation pin. The open-poled dished liner is made of a metal more dense than a metal of the cavitation pin. The cavitation pin lies on the open-poled dished liner longitudinal axis and in contact therewith. The cavitation pin has a truncated right conical shape with a base diameter to length ratio of 0.7:1 to 1.5:1. The ratio of the open-poled dished liner diameter:cavitation pin fore portion major base diameter is 2:1 to 4:1. Upon detonation, the cavitation pin leads the explosively forged liner in the explosively formed projectile assembly. The leading pin causes cavitation in water resulting in an increase in the velocity of the explosively formed projectile.