Abstract: A fishing lure apparatus for plug or spin casting has an elongated body having a swivel shank on the front for attaching a fishing line and a spring clasp on the rear for attaching interchangeable tail portions. The elongated body has a hollowed-out belly having a slidable mass therein which in one position maintains the lure with air entrapped in the hollowed-out portion, so that the lure floats on the surface and in a second position, tilts the lure to let the air escape so that the lure dives. An adjustable wobble plate or lip helps control the depth of the dive and the wobble of the lure. A sliding belly cover to cover a portion of the opening to the hollow belly portion may be used to provide additional weight and better air entrapment.