In a large mixing bowl, add your Rice Chex cereal. Set it aside as you prepare the coating.

In a microwave-safe bowl, combine the white chocolate chips and peanut butter. Heat them in 30-second intervals, stirring in between, until everything is smooth and melted.

Once melted, stir in the cherry-flavored frosting until completely combined.

Pour the melted mixture over the Rice Chex, gently folding it to ensure every piece is evenly coated.

In a separate container, mix the powdered sugar and cherry bits together. While the cereal is still warm, add the mixture, shaking it until the pieces are well-covered.

Spread the puppy chow out on a baking sheet lined with parchment paper. Allow it to cool completely before serving.