Key Highlights

  • The Leverage Shares 2X Long VIAV Daily ETF (CBOE:VIAG) closed at USD 11.60 on September 29, 2026, up 35.50 percent in a week but down 12.25 percent since its July 7 launch, per screener data.
  • Viavi Solutions (NASDAQ:VIAV) rode a nine day winning streak worth about 21 percent through September 28, closing at USD 40.87 that day, though it was still down 13.8 percent over three months.
  • Viavi's Aerospace and Defense unit achieved Level 2 Cybersecurity Maturity Model Certification on September 24, and shares rose about 6.9 percent the next day.
  • The fund charges a 0.99 percent expense ratio and held roughly USD 0.6 million in assets, a small base that can mean wider trading spreads.

What Sparked the Viavi Rebound

Viavi Solutions (NASDAQ:VIAV), which makes test and measurement equipment for networks and data centers, has had a busy few weeks. Its Aerospace and Defense division secured Level 2 CMMC certification, a U.S. Department of Defense standard for protecting sensitive information, on September 24, and plans to extend it to the Inertial Labs product lines acquired in 2025. Susquehanna upgraded the stock to positive with a USD 66 target and Needham maintained Buy with a USD 60 target. The fundamentals backdrop is firm: fiscal fourth quarter Revenue reached USD 443.1 million, up 52.5 percent, with EPS of USD 0.34 against estimates of USD 0.30, and fiscal 2026 revenue rose 40 percent to about USD 1.518 billion.

Why a 35.5 Percent Week Still Leaves a Loss

The Leverage Shares 2X Long VIAV Daily ETF (CBOE:VIAG), part of the Themes ETF Trust, launched on July 7, 2026. Viavi Solutions (NASDAQ:VIAV) then slid, falling 13.8 percent over the three months to September 28, and a 2x daily product compounds that drawdown. A simple illustration: if a stock rises 10 percent and then falls 10 percent, it ends 1 percent lower, while a 2x daily fund gains 20 percent and then loses 20 percent, ending 4 percent lower. Repeat that over volatile weeks and the gap widens. That is why the Leverage Shares 2X Long VIAV Daily ETF (CBOE:VIAG) can post a 35.50 percent week and a 15.37 percent month yet remain 12.25 percent below where it started.

The Institutional Read on Risk

Viavi Solutions (NASDAQ:VIAV) is up about 129 percent year to date and carries a Market Value near USD 10 billion, yet trailing Earnings remain negative and its price to sales ratio of about 6.4 sits well above a historical median near 2.7. Insiders sold about USD 59.9 million of stock over 12 months with no purchases. One analysis of the nine day streak noted no clear single driver for the move, which argues for caution on momentum. For the Leverage Shares 2X Long VIAV Daily ETF (CBOE:VIAG), Leverage Shares warns that an investor could lose the full principal in a single day if Viavi falls more than 50 percent in one session.

Where Things Stand

Is the 2x Viavi ETF worth the decay risk? For most investors, the numbers argue caution. The Leverage Shares 2X Long VIAV Daily ETF (CBOE:VIAG) shows how a sharp weekly rally can sit inside a losing position when the underlying has been volatile. Viavi Solutions (NASDAQ:VIAV) has real operating momentum, but the fund's path depends on daily swings, not just direction, making it a short term trading tool.