Puts down in a sly fashion (4)
I believe the answer is:
lays
'puts down' is the definition.
('lay' can be a synonym of 'put down')
'a sly fashion' is the wordplay.
'fashion' is an anagram indicator.
'a'+'sly'='asly'
'asly' anagrammed gives 'LAYS'.
'in' acts as a link.
(Other definitions for lays that I've seen before include "literary works?" , "Minstrel's melodies" , "Places (bets?)" , "Old narrative songs or poems" , "Arranges" .)