Challenge reward "Beastmaster" MTX set causes performance issues (Proof inside)

I've noticed that the new challenge reward armour set causes some performance issues on my computer. For reference, I'm using a 5800x3d and a 6950xt, 32GB DDR4-3200 memory and a M.2 drive. This PC is still fairly powerful even with the new generation of GPU and CPU's out since this year.

I'm playing at default settings on 1440p. Rendering mode is DX12 and FPS locked to 165.

Triple Buffer: ON
Texture Filtering: 16x
Multithreading: ON
Dynamic Culling: ON
Dynamic Resolution: OFF

I've done a comparison of two waves back-to-back in Simulacrum, where you consistently get a certain amount of monsters spawning in. If you want to check the videos, I let the FPS overlay run in the bottom right, over the life globe. The first FPS number is current FPS and the second average. I reset it before starting each wave.

https://imgur.com/a/3zrigtR The first one is with the last league's Chaosborn set. The lowest FPS recorded was 89, and the average FPS was 129.

https://imgur.com/a/FlmtLpG This is with the new Beastmaster set. The lowest FPS recorded was 48, and the average FPS was 89.

This represents a performance drop of just over 30% compared to the Chaosborn set, which doesn't feature the blood splatters, just for putting on the new armour set.

Is probably the same issue a lot of people seem to have with the "Gore" weapon effect.

Same here. Need a fix asap.