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I
call this fly the wet-dry fly because of its ability
to stay dry on landing even though you are using a sinking
line. 
When your line is sinking and under the surface, the fly
can be stripped imitating a minnow.
Fishing
the Fly
The wet-dry fly came about due to a specific need and so
was tied by a group of anglers fly fishing Alerces Park,
in Argentina back in 1991. In the first two weeks of January
of that year there was a great amount of dragonflies. The
brown and rainbow trout were jumping at dragons along the
reeds of the lake shore We did not have a fly pattern that
large and if I recall no one was tying commercially adult
dragonflies at the time.
It just happened that one of guys in the group, Bob Nauhiem
of Fishing International, had some extra long number 2 hooks
in his fly tying kit. We thought that the hook would probably
sink rather fast and so we had to tie the hook with good
hackles to get it to float. We needed to imitate the long
body of the dragonfly, so we took two long feathers leaving
the ends past the shank to look like a tail and then palmering
the rest forward to the eye. This gave the hook good buoyancy
and it worked well with a floating line.
We caught a lot of fish with this fly. In fact it was so
good that due to the short supply of hooks on hand only
two flies per day per Angler were handed out and we still
never made it through the week.
Later, I discovered that with a sinking line we could also
strip the fly imitating a minnow and this was a great combination.
Another nice thing about the wet-dry fly pattern is that
when you make a couple of false casts after picking it up
out of the water it dries out and is ready to float again.
This wet-dry fly is a good option to have with you when
you fish the lakes and rivers of Argentina and Chile.
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