Mount a 2XL hook (Matt ties a size 10 terrestrial hook with a slight bend) and lay a base of black thread from behind the eye back to the start of the bend.
Grip a Golden pheasant tippet feather by the tips, reach in with scissors and cut out eight to ten fibres, then pull the rest of the feather away so the tips stay aligned. Set the length, take a pinch wrap, a second wrap to check position, then one more wrap behind so the tail does not flare up. Bury the butts.
Bind in a Grizzly dry fly hackle one size smaller than the hook, laying the stem parallel to the shank so the underbody stays smooth.
Bind in a length of Burnt orange floss at the front. Wrap it back to the tail and forward again in two smooth layers. The second pass is for colour, not bulk: floss goes translucent when wet and the black thread would show through. Tie off at the front and trim.
Palmer the Grizzly hackle forward over the body. Closer turns for a high floater, more open if you want it sitting in the film with the orange showing. Tie off and trim.
Wax the thread well. Stack a good clump of Deer hair and measure it at least a body length, reaching toward but not into the tail.
Hold the hair at length and take one loose wrap around the hair alone, then a tighter second wrap, then two or three tight wraps and one medium wrap going rearward so the back of the wing flares less than the front. Add another tight wrap if it starts to spin.
Lift the butt ends and take several wraps at their base, working the front as you would an elk hair caddis head, then whip finish with three or four turns while the butts are still standing.
Cut the thread, separate the wing from the standing butts, twist the butts together, and give them a flat-top haircut. Pick out and snip any front fibres that ended up lying back with the wing, and trim the head so tippet still passes the eye.
Flip the fly over and put a drop of head cement on the thread wraps underneath so it wicks in.