It's an effect of an activated ability. For activated abilities text before the colon is the cost and the text after the colon is the effect. So for the Sliver Queen's activated ability the effect is creating the 1/1 token.
609.1: An effect is something that happens in the game as a result of a spell or ability. When a spell, activated ability, or triggered ability resolves, it may create one or more one-shot or continuous effects. Static abilities may create one or more continuous effects. Text itself is never an effect.
Anything a spell or ability causes to happen is an effect of that spell or ability.
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Anything a spell or ability causes to happen is an effect of that spell or ability.