@ Medieval Coder:
OK, you are right! (But Fade ONLY works when end-color = black is used, else it has no effect!)
In the help-file downloadable for the Dark-Physi

Bro-Demo it was done this way (modded it a bit: added Fade; changed End-Color, Cam-Pos, Texture):
phy start
sync on
sync rate 0
autocam off
color backdrop 0
phy make particle emitter 1, 512, 0.01, 0.0, 0.0, 0.0, 1.0, 0.0, 1.5, 0.0
load image "media/smokepuff.tga", 1
texture object 1, 1
ghost object on 1, 0
phy set emitter life span 1, 0.001
phy set emitter size 1, 1.0
phy set emitter max size 1, 10.0
phy set emitter growth rate 1, 2.0
phy set emitter start color 1, 0, 255, 255
`` phy set emitter end color 1, 255, 255, 255
phy set emitter end color 1, 0, 0, 0
phy set emitter fade 1, 1 rem Important: only works if End-Color is BLACK!
phy set emitter linear velocity range 1, -1, -2, 0, 2, 3, 1
phy set emitter range 1, -20, 20, -20, 40, 0, 40
position camera 0, 60, -90
do
sync
phy update
loop
I hope that helps others (I wasted some time to find out)!
Hoozer