The set of "Fill" actions offers an alternative method for reducing layer opacity. Unlike ordinary opacity, "fill opacity" doesn't fade layer styles.
For example, to completely hide a type layer "Even" and retain its "Stroke" and "Drop Shadow" effects, the author used the "Fill 0%" action (screenshot).
To fade a layer partially, double-click the "Fill 25%", "Fill 50%", or "Fill 75%" actions (on the screenshot, layer "More" - 25%; layer "Elements" - 75%).
To restore fill opacity, you use the "Fill 100%" pictogram.
NB As a matter of fact, Photoshop Elements comes to you with 3 of the described effects.
In the "Visibility" category of the "Layer Styles" tab you can find "Hide" (= "Fill 0%"), "Ghosted" (= "Fill 50%"), and "Show" (= "Fill 100%") styles. However, you may find the "Elements+" set more convenient due to its additional options and Photoshop-like names.
