Fascinated, but about to get hurt (7)

I believe the answer is:

charmed

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'fascinated' is the definition.
('charm' can be a synonym of 'fascinate')

'about to get hurt' is the wordplay.
'about to' becomes 'ced' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'get' means one lot of letters goes inside another.
'hurt' becomes 'harm' ('harm' can be a synonym of 'hurt').
'ced' enclosing 'harm' is 'CHARMED'.

'but' is the link.

Can you help me to learn more?

(Other definitions for charmed that I've seen before include "Entranced" , "blessed by fortune" , "Enchanted" , "Unusually lucky" .)

I've seen this clue in The Guardian.

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