The shader was made by Game Developer Matt Newell.
Game Developer and Unreal Engine enthusiast Matt Newell unveiled a stunning new project made with Unreal Engine 5. This time, the developer has set up an absolutely beautiful and realistic umbrella shader. According to Matt, the shader consists of a single-layer water material with Normals that involved some panning textures and particles being fed to Render Target.
The developer also shared the nodes behind this excellent shader:
Although it wasn't outright stated by the developer, this shader was likely made for Lushfoil Photography Sim, an atmospheric game Matt is currently developing. In this game, you will get the chance to become a traveling photographer, experiencing detailed, true-to-life recreations of various landmarks around the world and capturing them with a real-world professional camera. You can learn more about the game by visiting its Steam page.