On the flip side, when the S&P 500 rises, traders can play to the upside with the Direxion Daily S&P 500® Bull 3X Shares ETF (SPXL). SPXS is up about 32%, while SPXL is down about that same percentage. A sustained recovery in 2021 helped push SPXL higher, but inflation reared its ugly head in 2022.