Spawn some smoke from it using an animated sub-UV material(remember not to use local space)

Spawn sparks, and use its location to spawn additional ribbons

Find Event Handler here under Add new Stage

Current Result

Gotta make it move

Set the Projectile Component to make it homing to a certain component

On overlap, check if the target has a tag, then spawn other effects

Deactivate the missile trail, and spawn a decal at the actor location, while controlling its opacity after

Here's the launcher blueprint

Find it under Parameters and set a random value to put one of the sprite renderers visible

Add some small particles

Make some trails use similar method with the missile trail

Spawn random debris meshes using only one emitter?

Same with the Visibility Tag, find and set a random mesh index

Set the target with tags

Camera Offset works at a close distance

But combined with Depth Fade...

...the edge is softened effectively