Unmanned aerial vehicle (UAV) is regarded as a key enabling platform for low-altitude economy, due to its advantages such as 3D maneuverability, flexible deployment, and LoS air-to-air/ground communication links. In particular, the intrinsic high mobility renders UAV especially suitable for operating as a movable antenna (MA) from the sky. In this paper, by exploiting the flexible mobility of UAV swarm and antenna position adjustment of MA, we propose a novel UAV swarm enabled two-level MA system, where UAVs not only individually deploy a local MA array, but also form a larger-scale MA system with their individual MA arrays via swarm coordination. We formulate a general optimization problem to maximize the minimum achievable rate over all ground user equipments (UEs), by jointly optimizing the 3D UAV swarm placement positions, their individual MAs' positions, and receive beamforming for different UEs. To gain useful insights, we first consider the special case where each UAV has only one antenna, under different scenarios of one single UE, two UEs, and arbitrary number of UEs. In particular, for the two-UE case, we derive the optimal UAV swarm placement positions in closed-form that achieves IUI-free communication when the uniform plane wave (UPW) model holds, where the UAV swarm forms a uniform sparse array (USA) satisfying minimum safe distance constraint. While for the general case with arbitrary number of UEs, we propose an efficient alternating optimization algorithm to solve the formulated non-convex optimization problem. Then, we extend the results to the case where each UAV is equipped with multiple antennas. Numerical results verify that the proposed low-altitude UAV swarm enabled MA system significantly outperforms various benchmark schemes, thanks to the exploitation of two-level mobility to create more favorable channel conditions for multi-UE communications.