Right-click menu for the [Effect] palette (Default effect/System preset effect selected)

Create new folderCreates a new folder in the [Effect] palette.
Add to TimelineAdds the selected effect to the timeline.
Set as Default EffectAllows you to select which effect to use when an effect is applied by the right-click menu on the timeline or shortcut key.
You can set this only for transition, audio cross fade, and title mixer.
DurationSets the default duration for transition, cross fade, and title mixer.
Return to defaultReturns the order of effect palettes to the default.
ImportLoads a file generated by the export function and add to the [Effect] palette as a new preset effect.
ExportOutputs the selected effect as a binary file.
PropertiesShows the information on the effect.