Semi-Transparent Materials not rendering right

The Rendered mode and Rhino Render handle transparency different. I wrote about it back in 2017 - then for the Raytraced mode, but the same is pretty much true for Rhino Render.

In short:

Create a material with 100% transparency, then assign a grayscale color to the transparent color channel. The (diffuse) color channel should be set to black - easiest is to just use a Glass (possibly Plastic) material, then convert that back to a Rhino Custom material and play with the transparent color channel.