Special effect Oscar accepted by WWF performer (3,6)

'special effect' is the definition.
I don't know anything about this answer so I cannot tell whether it can be defined by this definition.

'oscar accepted by wwf performer' is the wordplay.
'oscar' becomes 'O' (phonetic alphabet: alpha, bravo, charlie etc.).
'accepted by' means one lot of letters goes inside another (inserted letters are accepted).
'performer' becomes 'actor' (actor is a kind of performer).
'o' put inside 'wwf' is 'wowf'.
'wowf'+'actor'='WOW FACTOR'

Can you help me to learn more?