Butterflies displaying no charms (8)
I believe the answer is:
monarchs
'butterflies' is the definition.
(I've seen this in another clue)
'displaying no charms' is the wordplay.
'displaying' is an anagram indicator (the anagrammed letters display the answer).
'no'+'charms'='nocharms'
'nocharms' anagrammed gives 'MONARCHS'.
(Other definitions for monarchs that I've seen before include "Kings, queens and emperors" , "Kings and royal rulers" , "Hereditary rulers" , "Hereditary heads of state" , "Kings, queens etc." .)