Crossword Genius

After initial swap, was first edition kept? (5)

Ross

I believe the answer is:

owned

I'm a little stuck... Click here to teach me more about this clue!

'kept?' is the definition.
(I've seen this in another clue)

'after initial swap was first edition' is the wordplay.
I cannot really understand how this works, but
'edition' could be 'ed' and 'ed' is located in the answer.
'was first' could be 'w' (1st letter of 'was') and 'w' is found within the answer.
The remaining letters 'on' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for owned that I've seen before include "Had lawful title to" , "Endow (anag)" , "admitted making confession" , "Possessed; admitted" , "made a confession" .)

I've seen this clue in The Independent.
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