This is decal VFX which can be used to indicate area and time when hit will happen (for example from boss) or it could be used for something else instead damage.

What can be adjusted:

Duration

Color

Border line width

Size

To make it work enough to drop VFX into level for a single use or you can set it to loop.

For dynamic use when only necessary best option would be to add it into creative prop and spawn prop. When prop will spawn VFX automatically would play and after end you can dispose creative prop.

Place unzipped folder in your project Content folder. Restart UEFN if files did not appear. If you will see validation error on launch just use auto fix. It fixes old paths to the files.