Wealth Alliance Advisory Group, LLC

Wealth Alliance Advisory Group LLC's $562M, 197-name 13F is a multi-ETF allocation framework whose top positions span Vanguard Core S&P 500 (IVV, 8.7%), FENI (7.8%), VTV (6.1%), PYLD (5.5%), and FBND (5.0%) — a combination covering U.S. large-cap core, factor tilts, short-duration credit, and fixed income with no fundamental stock-selection evidence at the equity layer. Q1 initiations (FMUB, TRSY, DEUS, AVIG, BOND) span municipal bonds, short-term treasuries, active equity, and fixed-income vehicles — all ETF implementations confirming the manager operates at vehicle selection, not security analysis. With 197 holdings averaging $2.9M per position and an ETF layer that dominates the top allocation tier, this entity is best classified as passive_index.