Dogs, say, misleading guards (4)

I believe the answer is:

isle

'dogs say' is the definition.
(Isle of Dogs)

'misleading guards' is the wordplay.
'guards' indicates a hidden word.
'ISLE' is hidden within 'misleading'.

(Other definitions for isle that I've seen before include "Small island" , "one ringed in the main?" , "Rum, for example" , "Lies (anag)" , "Spot (in ocean)" .)

I've seen this clue in The Guardian.

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