Yes, it's light silver wire, doubled over. Tag end secured to the hook, passed through bead, wrapped under hook, then around (under bead, over hook), and the tied down and glued.
A pegged bead fly is a bead secured to the leader via a section of toothpick (or other means) and a bare hook tied to the end. It's susposed to keep the mortality of fish down. The fish strikes at the bead and it hooked outside, or in the corner, or the mouth. In Alaska the bead has to be within 2 inches of the hook.
There's nothing wrong with the bead method (or fly's), I've tied around 60 or 70 so far. It's a quick method, about 30 seconds per fly, and keeps me away from glow bug yarn. I'm looking forward to seeing how they work out.