User made portfolios provide exposure to custom strategies managed by portfolio managers. With this comes the exciting opportunity to get access to strategies you may have wanted access to, but also comes with some risks.
It is recommend that you thoroughly do your research on the manager before buying into any portfolio.
The manager of a portfolio has the ability to update the annual streaming fee to a new value of up to 40%.
This means that if you bought in at a low annual streaming fee for example, and the fee changed up to 40%, you'd be paying 40% of your holdings to the manager if you held that position over a 1 year period.
Managers can rebalance from any token they have in their portfolio, to most other ERC20 tokens. As an example, this can mean that they could trade the Ethereum in the portfolio for any other arbitrary token, even if it has low liquidity or is a token you may not desire to hold.
While these events can happen, you can reduce these risks by doing your own due diligence on the managers of these portfolios. It is best to double check to see if a portfolio is legitimately made by the deemed creators before buying and keeping up to date with the portfolios you've bought into on a regular cadence.