The most common and most likely answer to this crossword clue is the 5 letter word ELFIN
I've seen this crossword clue in The Times
E
L
F
I
N
More clues leading to the result ELFIN
- Small and delicate female in river, swept back
- Delicate and charming, if partially self-indulgent
- Dainty swimming aid used by the Spanish
- Petite, the Spanish female elected
- Graceful female enters river from the east
- Small, delicate and mostly finely structured
- Slight error losing franchise, I'm nonplussed initially
- Slight self-indulgence, in part
- Bilingually, the ending's short and sweet
- Small delicate female stuck in swirling river
Buddy explains!

The straight part
We know that "Graceful" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case graceful = elfin.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ELFIN mean?
ELFIN noun- An elf; an inhabitant of fairy-land.
- A little urchin or child.
- Any of the butterflies in the subgenus Incisalia of the North American lycaenid genus Callophrys.
- Relating to or resembling an elf or elves, especially in its tiny size or features.