If you don't see the Effect button, then you either don't have an FX applied to that clip or it's selected along with one or more clips.
You should see that black square with an orange "i" at the leading edge of the clip, and when you hover over it with the mouse cursor, you'll see the effects that have been applied. If you don't have that indicator, there's no effect in place.
A screenshot or screen recording would be very helpful if you need more assitance
YouTube/optodata
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