I used regular 8x11 printer paper. Four blue, three green and six white.
Print individual letters on each white piece and cut into triangles with a paper cutter. Fold the blue and green pieces like an accordion beginning with the shorter side of the paper.
Use a hold punch to perforate the "fan" at one end.
Then thread a string or thin ribbon through each "fan" and each letter spacing them out evenly.
Flare out the bottom end of the "fan" and hang it up!