9 cups Chex® cereal
6 oz. semisweet chocolate chips
1/2 cup peanut butter
1/4 cup butter
1 tsp. vanilla extract
1 1/2 cups powdered sugar
Measure cereal into a large bowl; set aside.
Microwave chocolate chips, peanut butter, and butter in bowl, uncovered, on high, for 1 minute. Stir, then microwave 30 seconds longer, until mixture stirs smooth. Stir in vanilla. Pour over cereal in bowl, stirring until cereal is covered.
Pour into large Zip Loc® bag, add powdered sugar, and shake until well coated. Store in Zip Loc® bags or in air tight container in fridge.