Popular leveraged and inverse exchange traded fund (ETF) provider Direxion is out with a new fund that gives investors a new way to play the fast-growing global IPO market. The twist? Long/short exposure that plays on the life cycle of an IPO.

The Direxion Long/Short Global IPO Fund (NYSEArca: DXIIX) is a managed mactical fund that incorporates long/short, tactical strategies with exposure to alternative asset classes.

Direxion’s Marketing Director Andy O’Rourke points out that many investors may not be aware that, on a global level, the IPO market is growing. While the U.S. IPO market might be tepid, “If you look globally, it’s a much larger growth rate,” he says.

To put it in perspective, in 2000, there were 386 new issues around the world. Following the burst of the dot-com bubble from 2001-2003, global IPO activity cratered to as few as 59 new offerings per year. But since then, O’Rourke says, it’s been steady growth. In 2009, global IPO activity topped 400 new issues.

O’Rourke says much of the IPO activity these days is taking place in areas like India and the Far East, nations populated by companies that are servicing other companies around the world (think: outsourcing).

On the long side of the fund are China, the United States, Brazil, Hong Kong and Canada. On the short side is also China, the United States and Hong Kong, with Japan and Germany taking the fourth and fifth spots. Direxion looks at each issue individually. [Increased IPO activity? There’s an ETF for That.]