A deep diving fishing lure having a forwardly-extending diving lip is provided with a fore-and-aft pivotable lure positioning arm pivotably mounted about a pivot axis within the diving lip near the lower portion of the forward face. The lure positioning arm, when fixed in an aft position relative to the pivot axis rests within a longitudinally extending groove located in the diving lip. The lure positioning arm, when in the fixed aft position maintains the lure in a diving position when pulled through a body of water but negates the lures tendency to dive when released from the aft position.
