Thanks for the reply. Since I posted I found that the red issue appears if I move my player to the lake with fast travel (SetWorldLocation) in world composition enabled mode. If I get to the lake walking and wcomp does its streaming job, it’s ok. So sth is wrong with streaming here. Very strange, but the issue isn’t with your asset specifically but all other waters with reflective surface.
Can’t wait for your foam solution :), but I will check the one you linked.
Update: It seems the red issue caused by scene capture 2D components somehow. It uses a red render target texture by default, so I think if capture is unsuccessful, it renders the original red texture.