The simplest method would be to download and install the
Run it and go to Appearance > Shortcut Arrow, where you may choose
For more information see
Remove shortcut arrow overlay in Windows 10.
Addition by user @LPChip:
The shield means the shortcut is set to always launch as administrator and will give a UAC prompt. Disabling launch as admin will remove that shield.
The 2 blue arrow icons means the shortcut is compressed.
Right-click the shortcut, Properties, Advanced, and uncheck
The curved arrow on white means it is a shortcut and requires
the above hack to remove it.