Is there still no transparency setting? I'm having trouble finding it if there is.
This is possible. I struggled with it earlier. I had applied a gradient fill effect. (I didn't like that)
Found this thread and gave up. (almost)
But after doing some more digging found the solution.
in order to set transparency on the extent. Select the extent indicator, right click, and select properties
In the Extent Indicator Properties (element). Change the Element from "Leader" to "Extent Indicator" select "Callout to Edges" and choose the "Symbol"
Select the color again.
In the color selector choose the color properties at the bottom.
In the color properties choose transparency.
Make your change!!