Ue4 Shield Tutorial
The shield uses 2 Sphere's for it's main effect, and instantiates a third to run the 'on-hit' effect. You could probably combine the materials for the static shield effect but back when I created this I wanted them separate.
Every time the shield gets hit:
1) get the hit location
2) Spawn the 'Hit' sphere
3) Have the spawned sphere use the hit location to run the shield hit effect, and whatever else.