Reflection Effect :-

Open New file ( ctrl+N) > 6" x 4" > resolution: 72 > RGB mode

Text tool > type the text > ctrl+J

Ctrl+ T > right click > flip vertical

Move tool (V)   se move the text

 Add layer mask > Gradiant tool > linear > Black & white color 

 Then drag down to up

 Text Exclude Effect :-

Open New file > 6" x 4"   > resolution: 72 > RGB Mode

 Text tool > type the text > Ctrl+ T >  Increase the size

 Layer window >  Right click on Text layer > Convert to shape

Direct selection tool > select text with shift > In propertie bar Exclude overlapping shapes

Path selection tool >  over lap the  shape and rotate  it by ctrl +T

 Layer style > Drop shadow > ok