Prepare the cereal base: Measure out 9 cups of Rice or Corn Chex cereal into a large mixing bowl, ensuring it's gluten-free if needed. Break up clumps to ensure even coating.

Melt the coating ingredients: In a microwave-safe bowl, combine 1 cup of white chocolate chips, ½ cup of creamy peanut butter, and 2 tablespoons of unsalted butter. Microwave for 30 seconds, stir, and continue in 30-second intervals until smooth. Stir in 1 teaspoon of vanilla extract.

Coat the cereal: Drizzle the melted chocolate mixture over the cereal in the mixing bowl. Use a spatula to gently fold the cereal to coat evenly without crushing.

Shake with powdered sugar: Transfer coated cereal to a zip-top bag. Add 1 to 1½ cups of powdered sugar, seal and shake vigorously until coated fluffy and snowy.

Add the festive touch: Spread the mixture onto a parchment-lined baking sheet. While still tacky, sprinkle with M&Ms, pretzels, sprinkles, and strawberries. Allow to set for 20 minutes.

Final touches and storage: Once set, break apart clumps. Store in an airtight container at room temperature for up to a week.