An ISM component can have 1 Static Mesh, which can then be instanced via Add Instance (top of pic):
You can dynamically add add an ISM component, set its Static Mesh and instantiate it via Add Instance (bottom of pic). A single actor can have any number of ISM components (added manually or dynamically). Each ISM component can have any number of instances of the static mesh its component was assigned.
You can hold ISM components and their instances in arrays:
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above, an array of ISM component would be of ISM component type.
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below, an array of instances would be of int type:
