Mount hook, lay a smooth thread base. At this size the base is most of the fly.
Tie in two microfibbetts or stiff dun fibers, split into a V. Short, about half a shank length.
Dub the finest beaver noodle you can make and wrap a slender body to the 75% mark. Half the dubbing you think you need, and then a little less.
Tie in a small CDC puff at the wing position, standing up and slightly back. This is the emerging wing bud.
A wrap or two of bare thread in front, tiny head, whip finish.
Substitutions
Body instead of Beaver dubbing: Superfine dubbing (gray) — Easier to dub thin; Muskrat dubbing — Similar texture to beaver; Adams Gray rabbit dubbing — Widely available
Wing instead of CDC puff: Snowshoe rabbit foot — Floats better than CDC; White Z-Lon tuft — Synthetic, easier to see
Tail instead of Dun hackle fibers: Micro Fibbets — Cleaner split tail; Coq de Leon — Stiffer, great markings