The ability in ArcGIS Pro to import PNG files with transparent backgrounds was a major improvement in my opinion. However, there is still no native way to apply a transparency to layout items such as a picture or text. It would be extremely beneficial to add that functionality for things such as a "DRAFT" text across the map or a watermarked logo in the corner.
For what sounds like the main use case of adding a Draft or watermark, this is done by setting transparency on the text color.
There is a built-in Watermark text symbol that uses 25% transparency.
But you can set the level of transparency by using the dropdown next to Color > Color Properties...
It doesn't look like transparency can be set on a picture added though...
Being able to set transparency for logos and other layout graphic features will be a welcome addition-- glad to see this is in the product plan! As a workaround I created multiple png versions of our logo in illustrator, each with different levels of opacity for the actual logo/text, and I set the background transparent. I can then place the version with the appropriate level of transparency in any given layout. It's a bit of a pain and takes some trial and error, but it works!
Transparency can be applied to images in a layout starting in ArcGIS Pro 2.9. See Ideas in ArcGIS Pro 2.9 and go to 3:06 for a quick demo.
For those following this thread, if you are still looking for an easier way to apply transparency to layout elements (that are not pictures) please add your kudos and use cases to this idea: https://community.esri.com/t5/arcgis-pro-ideas/apply-transparency-to-layout-items/idi-p/1197502
Thanks
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