Abstract: A toy is composed of a projectile and a tube for launching the projectile into the air. The projectile has a pair of wings symmetrically disposed about a longitudinal axis. The leading edge of the wings normally extend outwardly at an oblique angle from a nose which defines the forward end of the projectile. In that position, the projectile will fly through the air. The wings are spring-biased into position for flying. When a manual force opposed to such biasing is applied to the wings, the wings fold inwardly such that the leading edges pivot toward each other. When the wings are closed, the projectile is in a pre-launching position. The projectile is launched into the air via a tube which is hollow and open at one end through which the projectile exits from the tube.