Overlap Projectile returning the PhysMat of Element 0 in Skeletal Mesh

I’ve set up the Collision profiles to get the Overlap event working but the Sweep Result is defaulting to return the ElementIndex and PhysMat of the first Element in the Skeletal Mesh. Trying different Collision Profiles and different Collision Settings on the Projectile results in the same thing happening.
Debug

Projectile Collision Settings

Physics Asset

Projectile Sphere Collision