Yes, that is expected, and is the down side in using a layer emitter. The entire layer is used as an emitter, but particles get their original settings from the layer, so transparent parts produce transparent particles. On that count, if you know the maximum area the particles will be visible in, you can possibly make a solid that only covers that area for your Particular layer. Never actually tried it, but I believe it could work. (The emitter comp dimensions may or may not need to be adjusted to match the dimensions of the Particular solid.)
I would personally render each Particular pass separately and combine the outputs in another comp. That’s usually faster than running multiple Particulars at the same time.
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Now, it would be possible to get a similar end result with a light emitter for every piano key with a pixel-sampling expression to determine whether the key is being pressed or not, but in my experience that is just as slow to render, since you have 64 keys to deal with here, so that would involve 64 pixel sampling expressions running in each frame.
Kalleheikki Kannisto
Senior Graphic Designer