‘Key’, somewhat misleadingly (4)
I believe the answer is:
isle
'key' is the definition.
(key can mean a small island)
'somewhat misleadingly' is the wordplay.
'somewhat' indicates the answer is hidden within the clue.
'ISLE' is hidden within 'misleadingly'.
(Other definitions for isle that I've seen before include "Wight, Man or Skye" , "Capri or Man, perhaps?" , "Ireland, perhaps" , "Small island" , "Dogs, maybe" .)