The olive beadhead serendipity fly is amazing during a blue winged olive hatch. It looks like an about to emerge nymph and fish completely crush these flies. It also imitates several other varieties of mayflies, caddis and midges.
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Great beadheads, use these all the time in my home waters here in the midwest. Sink rate is perfect for medium depths, slowed down just a bit by the deer hair collar. Durable flies too.