Hise's Waxy is a deadly waxworm imitation, especially for? trout and steelhead. I have heard conflicting reports about what a waxworm actually is but have come to the believe that it is the larvae of a certain moth, Pyralidae. In the wild, these creatures live as nest parasites in bee colonies where they eat the cocoons, pollen, shed skins of bees; but, they also chew through beeswax. Fish love 'em. Waxy is most effective when dead drifted under an indicator or high stick nymphed.