That means you have chosen alpha matte as a track matte. If you aren’t seeing the track matte column press “F4” An alpha matte used the layer above to cut the layer below it.
More on track mattes
Understanding track mattes: Luma and Alpha modes video tutorial
Johnny Cuevas, Editor
Thinkck.com
“I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.”
—THOMAS EDISON on inventing the light bulb.