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A vertical wing tip is a variation of a winglet's angle.  A winglet has two angles: cant and toe.  The vertical angle you are asking about is called cant. The main purpose for winglets is that they support the structure of wings which helps balance the forces of flight: lift, weight, drag and thrust.  Out of the four forces, winglets significantly reduce the force of drag because they are designed to weaken wingtip vortices. Therefore, commercial planes with winglets may fly at a marginally higher cruise speed!