I just noticed this on the lower right side of the screen depending where I place the mouse it is either there or not. It's possible that it was always there and I did not notice.
Never mind. After relentless investigations (and noticing that it was not limited to Hit Film) , I found a link showing that the little round Ikon was related to Nvidia Shadow play issues. Since I have never used shadow play it was rather confusing. Possibly it started after the most recent Nvidia driver. Since it does not appear to affect Hit Film, I will ignore it if I see it again. I was able to remove it by disabling Shadow play in Task Manager.