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Handouts arranged by Thursday — but way down the list! (10)

Ross

I believe the answer is:

thousandth

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'way down the list' is the definition.
I can't judge whether this definition defines the answer.

'handouts arranged by thursday' is the wordplay.
'arranged' is an anagram indicator.
'by' is a charade indicator (letters next to each other).
'thursday' becomes 'Th' (common abbreviation).
'handouts' with letters rearranged gives 'thousand'.
'thousand'+'th'='THOUSANDTH'

'but' is the link.

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I've seen this clue in The Times.
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