In the Army, DUM are fired as sabot rounds from the main gun in an M1 tank (don't know about M60A3, but those are largely out of service except in the Reserves).
The round is a long cone shaped device with a plate, or sabot, on the rear. The relatively large diameter of the sabot allows the use of more propellant, which increases the velocity of the round.
The sabot drops away shortly after the round leaves the muzzle (you find them all around at the conclusion of any live fire exercise involving M1's). The round maintains a high velocity because it is very streamlined.
WW is correct. DUM's are used to pierce armor. Note that they do not contain explosives (those are called HEAT rounds). Instead, the mechanical energy imparted at impact causes the damage, particularly since the round and the hull of the target tank convert to high energy shrapnel and molten metal.
This has a profound impact upon the crew of the target vehicle.