The feature that makes this possible are a few lines that run around the outside of the nose cone. These are used to guide you in cutting off the tip of the rocket to create the nose cone. There are two lines: one for making a boattail that can be used with 24mm tubes (BT-50 size), and the other for 29mm tubes.
There is also a cutting groove on the shoulder portion of the part. This allows you to cut off the portion of the nose cone that includes the parachute attachment loop. Not only do you save weight by cutting off that portion, but you open up the end of the part, so you can put a tube inside the boattail.
If you decide not to cut the tube, you can easily sand down the cutting guides to make your rocket sleek and smooth. The plastic used on the nose cone is polystyrene, which is similar to Estes type nose cones. Not only does it sand quickly, but it is paintable too! Unlike polyethylene nose cones (like Aerotech and PML), this nose cone takes paint easily, and it sticks forever!