Is there a Niagara Fluids bug with Shader Model 6?

When I enable the niagara fluids plugin and also shader model 6, niagara fluids do not render. The particles still exist, but aren’t visible. Also, when disabling shader model 6, they do not reappear.

Using UE 5.1
To reproduce:
Create new project
Enable Niagara fluids plugin (restart project)
Enable d3d12 sm6 under platforms->windows in project settings (restart project)
Create new niagara system from template (I’ve been using 3d fire from emitter or something like that)
The fire should not be visible.

Any help to fix? Or is this a bug? I’m trying to use both Niagara Fluids and Shader Model 6 in my project, but I can try to do without sm6 if necessary. It’s also weird that disabling it doesn’t cause the particle systems to be fixed, so I’m just migrating all my content to another project without enabling sm6.

A lot of the rendering has changed in 5.2 Can you try it there?