Aha! There is indeed an issue with the latest Phoenix nightly + V-Ray 5 stable nightly! If it's an option for you, please use the latest official Phoenix 5.01 and the V-Ray 31805 stable nightly, and in the meantime I hope to have the fix into the Phoenix nightlies in a couple days...
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V-Ray 5 VRayVolumeGrid cannot read RGB channel from .AUR cache created in PhoenixFD 5.
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