It has been traced back to 1640, where it's used to refer to "hansom swag fellowes." It refers to stylish confidence. It is a derivative of the word "swagger", (rather than the "swag" that is a reference to free loot, and this use is NOT an acronym for any words.) It refers to a confident attitude or manner.
"Not only is he handsome, he's got swag!"
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Cover version - Wikipedia: "In popular music, a cover version or cover song, or simply cover, is a new performance or recording of a contemporary or previously recorded, commercially"
He's covering Ed Sheeran.
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