Hook Saltwater flats hook, e.g. Tiemco TMC 811S or Gamakatsu SC15, #2-8 (a #6 is a good all-round bonefish size)
Thread Tan (or match the body, white, pink, or chartreuse) 140 denier / 6-0 (flat waxed nylon)
Materials
Hook Tiemco 811S saltwater hook, #2-8 (1)
Thread Tan flat waxed nylon, 140 denier (1 spool)
Eyes Silver bead-chain eyes (small/medium to match hook). Bead chain, not lead, keeps it riding hook-point-up and fluttering slowly for tailing fish (1 pair)
Underbody/flash Pearl Krystal Flash (6 strands)
Overbody Clear D-Rib or V-Rib (small), wound over the flash (1 strand)
Wing Tan calf tail (or craft fur), tied on top so the fly rides point-up (1 small clump)
How to tie it
Lay a thread base on the front half of the shank. Figure-eight the silver bead-chain eyes to the TOP of the shank about two or three eye-lengths back from the hook eye. Because the fly rides hook-point-up, tying the eyes on top makes the point ride up and the wing hang down. This is what keeps it from snagging bottom in front of a tailing fish.
Wind the thread back to the bend.
Tie in a 6 in. length of clear D-Rib at the bend with the flat side up, then wrap the thread back over it to the bend so it is anchored; leave it hanging.
Tie in 6 strands of pearl Krystal Flash at the eyes and bind them down all the way to the bend, then wrap the thread forward again to just behind the eyes.
Wind the Krystal Flash forward to build a flashy underbody, figure-eight it around the bead-chain eyes, and tie off in front of them.
Wind the clear D-Rib forward with the round side up over the flash in touching turns, figure-eight it through the eyes, tie off in front and trim. The clear rib over pearl flash gives the translucent shrimp/glass-minnow body.
Cut and clean (do NOT stack) a small clump of tan calf tail. Measure the tips to reach just past the bend and tie it in behind the hook eye on top of the shank so it drapes over the point side; the wing sitting over the point completes the weedless, point-up 'tailing' posture. Build a neat head, whip-finish, and coat with head cement.