Underwing/float Olive poly or Antron yarn (below wing) (small bunch)
Body Fine dry-fly dubbing, olive/tan (pinch)
Post/wing White calf tail or calf body hair (small bunch)
Downwing Mottled hen or feather section, tented (1)
Hackle Brown or grizzly dry-fly hackle (parachute) (1 feather)
How to tie it
Start thread and tie in an upright post of white calf hair at about the 65% mark for high visibility.
Lay a short length of olive poly/Antron yarn along the top of the shank beneath where the wing will sit to add flotation and sheen.
Dub a slim tapered body of fine dubbing from the bend forward to the post.
Tie a mottled feather section flat over the body as a tented downwing, extending just past the bend, to give a realistic caddis silhouette from below.
Wind the hackle parachute-style around the calf-hair post in five or six turns, tie off, whip finish and cement. The heavy parachute hackling lets the fly ride high and be twitched or skated.