To understand the reality of the NO FG varieties, please see the essay in my signature.
Since you can see it, no, it is not supposed to be an FG. PCGS rules say there cannot even be a trace of the letters. Yet PCGS and the other companies slab many where you can plainly see not only traces of the initials, but even full letters. People get taken for thousands of dollars b/c of their lack of consistency and expertise. The data is linked to from the PCGS website itself inside the essay I mentioned.