Copied configuration doesn't build correctly

I have a project that links to several frameworks. It builds fine with the Debug and Release configurations, but not with any new configuration. I tried making a new config by copying Debug and by copying Release. I then changed the scheme to use my new "Beta" configuration. During build, Xcode puts things in Release-iphonesimulator in the DerivedData folder instead of in the Beta-iphonesimulator folder like it should. Is this a bug or have I missed some step somewhere?

Copied configuration doesn't build correctly
 
 
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