An analysis points out that BlackRock's iShares Securitized Credit Active ETF (SECU) has seen its assets under management grow from approximately $470 million in March to nearly $920 million by mid-August, since its launch at the end of January. The fund pays monthly dividends and primarily invests in securitized credit, including non-agency residential and commercial mortgage debt, consumer and infrastructure asset-backed securities, and collateralized loan obligations (CLOs). The analysis suggests that while SECU's CLOs are underlain by sub-investment grade leveraged loans, the senior tranches are rated investment grade, masking speculative credit risk. The fund is better suited as a 5% to 10% yield-enhancing complement to a core bond portfolio, rather than a substitute, as its credit risk is highly correlated with stock market declines during critical periods.