Crossword Genius

The thing is, one of the bits is missing! (3)

Ross

I believe the answer is:

its

I'm a little stuck... Click here to teach me more about this clue!

'the thing is one' is the definition.
I know nothing about this answer so I cannot judge whether this works.

'of the bits is missing' is the wordplay.
'of' indicates a hidden word.
'ITS' is hidden within 'bits missing'.

Can you help me to learn more?

(Other definitions for its that I've seen before include "The thing's" , "Neuter possessive pronoun" , "Belonging to a particular thing" , "Another form of 'tis" , "Sit (anag.)" .)

I've seen this clue in the Evening Standard.
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