Abstract: A fishing rig including a leader with a hook secured to one of its ends and a swivel secured to the other. A guide is slidably positioned on the leader. The guide includes a conically-shaped body with a tapered bore for selectively receiving the hook. The small end of the guide is provided with a metallic bushing which acts as a sinker and a passage for the leader. Between the funnel and the hook, a float is slidably positioned on the leader to aid in withdrawing the hook from the guide after casting. A removable cover may be employed after use of the fishing rig to store the leader, hook and float within the guide for later use and transport.