In easy to understand terms, what does the "Aces RRT" display filter do?

According to the docs,

ACES (Academy Color Encoding Specification) is a specification that defines a color encoding system created to standardize how color is managed to create an accurate color workflow. Within that standard, a RRT (Reference Rendering Transform) converts the colors from the ACES color space to the used color space in your image.

Which may as well have been written in Mandarin for all the sense it make to this ignorant person. All I can see is that it seems to darken the image a bit and introduce some sort of colour cast.