Help with overlapping Dynamic Material Instances (Overlapping Impact Effects)

My goal is to have a projectile (raycast OR physical projectile) cause an impact effect on a “shield” material, e.g. a small ring spreads out from the hit location and fades. Right now I have it working through a Dynamic Material Instance, but it only can occur once at a time. Any second impact overwrites the material instance and the original ring disappears and a new one starts. The goal is to have them all additive, and overlap.

Is this even possible or is it the wrong approach?