Pointing (or "tipping" is the use of a die that looks something like a cross between a re-sizing die and a seating die. Such dies generally have a re-sizing die-like body, with a micrometer top. Inside, there is a cylindrical steel insert that has a cone-shaped cavity that fits over the nose of the bullet. When the micrometer is set properly, the die insert will press down on the bullet nose and close up the meplat, resulting in a cone-shape "point" on tip of the bullet. This has the effect of reducing drag caused by the meplat, and can often increase the BC of a bullet anywhere from about 2% to 6%.
Specific inserts are selected based on the ogive profile of a given bullet so the cone shape of the pointed tip isn't too abrupt . Below is a cartoon depicting the cone-shaped cavity on two different pointing die inserts that gives a rough idea of what the pointing process accomplishes. Bullet meplats are often ragged and non-uniform, so some reloaders choose to trim them so as to create a more uniform meplat prior to pointing.
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