I die cut the Memory Box Dazzling Snowflake (from a holiday release several years ago) from a red cardstock panel (cut with the dotted rectangular die in the Blueprints 13 set). (The Memory Box Spectacular Snowflake die is similar.) In either case, the snowflake die cuts small pieces, which are difficult to use alone. This style works well for the knock-out technique.
I backed the red panel with white cardstock (even though my card base was also white, creating this panel made assembly much easier). I die cut the sentiment from silver glitter cardstock and attached it to a vellum strip. I taped the strip behind the snowflake panel and attached the panel to a white cardstock card base. To add a little bling, I attached some Pretty Pink Posh Sparkling Clear sequins (the mix contains 4mm, 6mm and 8mm sizes) with Ranger Multi Medium, Matte.