Aristocrat in Elizabethan era (5)
I believe the answer is:
thane
'aristocrat' is the definition.
(thane is a kind of aristocrat)
'in elizabethan era' is the wordplay.
'in' indicates the answer is hidden within the clue.
'THANE' can be found hidden inside 'elizabethan era'.
(Other definitions for thane that I've seen before include "Anglo-Saxon aristocrat - old Scottish clan chief" , "Old lord" , "Medieval lord" , "Scot who held land from the king" , "Scots tenant of the crown, often a clan chief" .)