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I run Premiere Elements 15 on a Windows machine, so according to the effects reference Adobe Premiere Elements Help | Effects reference, I should be able to create rippling effects on a clip or af photo.
But that effect is not included in the gallery. Neither is the roll effect, by the way.
Is it a bug or are there different versions of PE 15?
Nope. You are correct.
Despite the Help manual, those effects are not included with Premiere Elements.