Investing has never been easier for retail investors, with the rise of commission-free investment platform such as Trading 212 making investing more accessible.
One of the firm’s features is "pies" – a portfolio-building tool that lets users divide their investments into slices across multiple assets. Users can also make their pies public, allowing others to copy them wholesale with a single tap.
Some of those shared pies have attracted significant followings. The most popular ones are made up of passive trackers only, but a few also include active funds.
One of these is the "Ultimate Monthly Income pie", which at the time of writing roughly 4,000 Trading 212 users have replicated. The stated aim of the portfolio, as its designer explained across a series of Youtube videos, is to generate £2,000 a month to cover bills.
The asset allocation is regularly updated and accompanied by detailed video commentary in which each holding is assessed and swapped if something better has come up. Investors who have copied the portfolio can then decide whether they want to replicate the changes or stick with the original weightings.
But does this amateur portfolio hold up under professional scrutiny? We put it to two fund selectors without telling them who built it or why. Here is what they found.
| The 'ultimate monthly income' pie | Column1 |
| JPMorgan Global Growth & Income | 11% |
| JPMorgan Global Equity Premium Income Active | 11% |
| iShares World Equity High Income Active | 10% |
| iShares U.S. Equity High Income Active | 9% |
| Main Street Capital | 8% |
| IncomeShares Gold+ Yield | 8% |
| JPMorgan Nasdaq Equity Premium Income Active | 7% |
| IncomeShares 20+ Year Treasury TLT Options | 6% |
| Rex Tech Innovation Premium Income | 5% |
| Rex Tech Innovation Income & Growth | 5% |
| Yieldmax Big Tech Option Income UCITS ETF | 4% |
| IncomeShares Silver+ Yield | 4% |
| IncomeShares Magnificent 7 Options | 3% |
| IncomeShares Broadcom AVGO Options | 3% |
| IncomeShares AMD Options | 3% |
| Rex Crypto Equity Income & Growth | 3% |
The portfolio is ‘interesting and purposeful’ but lacks ‘true defensive ballast’
While the portfolio spans many different products, the underlying risk is very concentrated, said Darius McDermott, managing director at FundCalibre.
Much of it traces back to US large-cap growth and mega-cap technology, often with covered calls layered on top. That structure produces strong income but caps upside in rising markets and leaves the portfolio exposed when risk appetite fades.
"There's also limited exposure to true defensive ballast," he said. "Long-duration treasury option strategies and precious metals overlays add variety, but they are still income-enhanced trades rather than core stabilisers. What's largely missing is a traditional fixed income anchor or dividend-growth sleeve that can compound steadily without relying on volatility harvesting."
For investors who want to strengthen diversification without sacrificing income, McDermott suggested a core bond allocation through something like Jupiter Monthly Income Bond or Artemis Global High Yield Bond, both offering attractive yields with differentiated credit exposure.
On the equity side, he pointed to the City of London investment trust, M&G Global Dividend or Jupiter Asian Income as ways to extend income beyond US large-caps. For inflation-linked cashflows that behave differently from equities, he highlighted TM Gravis UK Infrastructure Income.
As a satellite income sleeve, the portfolio is “interesting and purposeful”, McDermott said. “But as a standalone diversified core, it needs broader risk drivers – particularly high-quality bonds and genuine dividend growth – to make the income more resilient across market cycles.”
The capital erosion risk is the bigger concern
Rupert Silver, director at Credo, acknowledged that on the surface the portfolio ticks several boxes: equity exposure, commodities, some fixed income, monthly distributions, a blended expense ratio of roughly 0.5% and a weighted yield comfortably in the mid-teens.
Below the surface, however, Silver identified three problems. First, more than 80% of assets are concentrated in the US, with technology and communication services accounting for a disproportionate share of sector exposure.
Second, around 80% of the yield comes from option writing – covered calls on indices, sector funds, commodities and individual stocks. Attractive in the short term, but with “meaningful capital erosion risk”.
"Distribution rates well into the twenties can quickly turn from selling points to red flags," he said.
Third, Silver pointed to asymmetric risks within specific positions.
“The single-stock exchange-traded options on semiconductor names introduce significant concentration risk, where a sharp drawdown in one company could materially impair capital.”
The 8% position in Main Street Capital, he added, as a business development company lending to lower-middle market businesses across cyclical sectors, remains “vulnerable to rapid credit deterioration in a downturn” and should, in his view, be balanced with a more conventional fixed income fund.
"The portfolio is over-engineered," Silver said, "and the complexity masks several significant risks." He added that the trade-off becomes even more questionable in the UK, where after-tax returns matter.
A regular income stream is often welcomed, but a sell-down of capital typically produces better after-tax outcomes for most investors.
"Whilst many of the positions are individually attractive," he said, "we would advocate for a notably more balanced approach."
The Trading 212 ‘social pies’ feature
Silver and McDermott's analysis points to a portfolio built around a single objective – maximum monthly income – with limited account taken of capital preservation, geographic diversification or after-tax efficiency.
For investors whose circumstances, time horizons or tax positions differ from the creator's, copying it wholesale may mean taking on risks they have not fully priced in.
Silver said: "As a libertarian, I believe copying should be allowed," he said. "I also believe, however, risk warnings must be significant, appropriately visible and descriptive, as there will undoubtedly be people following strategies that are highly unsuitable for them and their specific circumstances."
He added that an appropriate fee paid to a competent manager is, in his view, money well spent in the long run.
Trading 212 did not respond to a request for comment and attempts to contact the portfolio designer directly were unsuccessful, as his social media and community links appear to be inactive.
In the updates the creator shares on YouTube, he flags his worst positions, acknowledges the volatility of individual holdings and is explicit that this is his portfolio, designed to pay his bills – not financial advice.
The videos are also premised: “All the content on this channel is for education or entertainment purposes only. It does not constitute financial advice. Always remember to conduct your own research.”