Cloning creates a complete and identical copy of the original Profile.
From that point on, any modifications to the new (clone) profile are independent from the original profile.
There are 2 options to clone a profile:
1) Direct Clone of the Profile and then editing to modify settings
2) Since all 3 system defined profiles - Basic, Optimized and Strict - are actually Read Only, you can "edit" them directly. When applying OK you will get the following message:
SmartConsole
The Optimized profile cannot be changed
Click OK to save as a new profile
OK Cancel
Then you can save it with a new name and the new settings.