The effect creation menu can be used to choose what kind of projectile effect you would like to add to a list of projectile effects. It should look like this:

It has a 'Cancel' button and a button for every type of projectile effect you can create. Clicking on the 'Cancel' button will take you back to the effect overview you came from, without adding a new projectile effect to it. Clicking on any of the effect type buttons will bring you to its corresponding edit menu. I will give a brief description of each below: