I'm using Final Cut Pro X (and I have tried this in Motion as well with the same result) and I have applied a Wave filter to my clip. The clip gets distorted but doesn't animate over time. When I use a different filter, like the Underwater filter, it is animated over time.
Is there a way to get the Wave filter to animate? I guess I can add manual keyframes and adjust the parameters but it seems like alot of extra work.