FMJ. There was a site that did a good bit of tesitng with 32acp from a Keltec. What I gleaned from it was that the expansion, if any, is very limited and if there is any expansion it reduces and penetration which is also lacking.
In other words nothing to be gained by going to hollowpoints for PD. With Keltecs, the rumor is that by using hollow points, which are usually shorter, one increases the likelyhood of rim-lock. I've shot a box of xtp's though my Keltec, no problem, but why chance it.
I buy S&B's or Fiochies and call it a day.
tjg