The BP_Timeline_Ball Blueprint demonstrates a basic Timeline in the Event Graph, which automatically plays and loops, triggering an event at a certain point along the Timeline that spawns a particle effect.
Click for full size or right-click and Save As.
Timeline nodes do not actually affect components themselves, but instead output changing values as they play, which can be fed into Lerp nodes connected to nodes such as Set Relative Location in order to animate a component.
An event track inside the timeline causes a matching execution pin on the Bounce timeline node to fire whenever that event track has a key. In this case, the event track is used to spawn a particle effect whenever the ball bounces.