Hey, odd effect. So refraction is the one thing that become wrong? I don't have that shader, nor pro, so I can't tell exactly what is wrong. To me, it looks as if the refraction rays bounce off in the wrong direction (they seem to bounce back up, instead of bounce into the surface interior).

This suggest an issue with either the way the refraction is calculated in the shader, or the normals somehow end up incorrect (either vertex or bumps), or it somehow render the back side of the water mesh.

What you could try is make sure you don't use a cube for the water mesh, and if you do, make sure the bottom is obscured with some other mesh like the terrain. You can also try turn off any bump maps or anything else that may alter the normal of the surface.

However, since the reflection also use normals, it's hard to argue that the normals would be incorrect since if they were, the reflection would also be wrong, but the reflection seems to work just fine.

I am puzzled :)

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I took the "refracted" image and flipped it vertically. It's hard to tell from the small image but close up you see that all pixels are placed identically, which wouldn't been the case if the projection was skewed or rendered from another point of view. To me, it seems it is a mirrored version of the viewport to the pixel.

Left version is the scene above water. Right version is the refraction of the water.

Close up on the closest ball with a yellow cube (?) behind it. Similar pixels suggest same view is used.

if you turn the Fresnel power to zero the fake reflection should be gone.

at least that worked out for me; don't know what the fresnel should be doing instead of those weird reflections.

Hey, you told me to have a look, so yeah! You need one separate material for each instance of water you have- this usually fixes the bug! So just duplicate the material, and assign it to your other water. I hope this helps you.