Crossword Genius

Daring swimmer, note, circling water plant (4-5)

Ross

I believe the answer is:

free-diver

'daring swimmer' is the definition.

'note circling water plant' is the wordplay.
'note' becomes 'fiver' (fiver is a kind of note).
'circling' means one lot of letters goes inside another (circling can mean going around or containing).
'water plant' becomes 'reed' (I've seen this before).
'fiver' enclosing 'reed' is 'FREE-DIVER'.

I've seen this clue in The Independent.
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