Au - Effects Rack

The Effects Rack is where all effects are stored and managed

You can have Clip Effects (applied to individual clips)

or Track Effects (applied to an entire track)

Whatever track you have selected on your timeline is the track which will be manipulated in the Effects Rack

There are custom Presets to get you started

A preset may be a combination of individual effects

You can select each individual effect to make further adjustments

If you get a enable Pre-rendering warning...

You will need to select the lightning button (on the track) which will turn blue (and also turn the effect buttons blue)

Select the arrow button next to an empty effect track to add an individual track

From here you can navigate the available effects and apply to your clip or track

At the bottom of the Effects you will see these three controls for levels:

Input - the levels prior to the effects being applied (Pre-Fader)

Output - the levels after the effects have been applied

Mix - Dry means none of the effect(s) are being utilised, Wet means all of the effect(s) are being utilised