A lot of ways you could do it. One way I have in mind for this particular vfx is sphere trace. Because this vfx is ranged based damage system, then sphere trace is a good start.
If your vfx is a projectile type, I recommend using an actor class that inherits the projectile component. Then you can add the sphere collision around the projectile and spawn it the same as you do with bullets.
If you have no idea what I meant, then I would recommend you read this: