About clip-based and track-based effects

All video effects—both Fixed and Standard effects—are clip-based. They alter individual clips. You can apply a clip-based effect to more than one clip at a time by creating a nested sequence.

Audio effects can be applied to either clips or to tracks. To apply track-based effects, use the Audio Mixer. If you add keyframes to the effect, you can then adjust the effect either in the Audio Mixer or a Timeline panel.

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