Removing Mask Color LWA_COLORKEY

Question

LWA_COLORKEY is leaving mask color over Text on transparent. Is it possible to remove it and make transparent neat and clean?

Form1.Color:=clAqua;
SetWindowLong(Form1.Handle, GWL_EXSTYLE,  GetWindowLong(Form1.Handle, 
    GWL_EXSTYLE) or WS_EX_LAYERED );
SetLayeredWindowAttributes(Form1.Handle, Form1.Color, 0, LWA_COLORKEY);

https://i.stack.imgur.com/nMiNQ.jpg it's leaving clAqua.