'Butterfly Month' involves performing (7)
I believe the answer is:
monarch
'butterfly' is the definition.
(monarch is a kind of butterfly)
'month involves performing' is the wordplay.
'month' becomes 'march' (March is an example**).
'involves' is an insertion indicator.
'performing' becomes 'on' (I've seen this in other clues).
'march' placed around 'on' is 'MONARCH'.
(Other definitions for monarch that I've seen before include "Butterfly - ruler" , "Eg, king, queen, emperor" , "King or butterfly" , "Sole hereditary ruler" , "Head of State" .)