They are properly called "splates" and are used to reduce tip vortexes...the "fluid" moves over the control surface and slides off the end...the splate redirects the fluid over the control surface....the effect was used on the 1940's and later Beechcraft Bonanza's and the Cessna model 310's but they found that making tip tanks the proper shape and dimensions they could also extend the range and stability of the aircraft.
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