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Sniper Overlay Effect

Hello guys,

I have a small question.
Already looked and googled alot but don’t realy know what to search.

I have a Sniper Overlay, a realy simple one. like this:

https://forums.unrealengine.com/filedata/fetch?filedataid=163809&type=thumb

Now my question is, how to make a Lense effect on the edge to the black circle?

https://forums.unrealengine.com/filedata/fetch?filedataid=163810&type=thumb

Is this Possible with just a Material or how would u guys make it?
Im not that well into Materials.

Thanks and Greez,
DarkSoe