So Dave was completely correct with the Straight vs Premultiplied alpha. However, with static images or Solid layers I am not able to get rid of the composition background bleeding into the edges of my effect. To re-cap, I am using a Solid Layer with a fireworks effect (cheesy, yes) and I am still getting the composition background color bleeding into the edges.
If I have “footage” in my composition, I can “Interpret Footage” as Straight Alpha. However, when I use a static image or Solid with an effect attached, interpretation does not seem to happen. Is there a setting I am missing?