Step 1

Add the chocolate chips and peanut butter to a large, microwave-safe bowl and heat in the microwave in 30-second intervals, stirring after each, until the mixture is smooth and the chocolate has melted. Stir in melted butter and vanilla extract.

Step 2

Add the Chex cereal to the bowl and toss to coat. Work gently so that you do not break the cereal pieces.

Step 3

Open a large zip-top baggie and spoon the cereal mixture into it. Pour the confectioners sugar in, seal the bag, and gently shake it to coat the cereal in the confectioners sugar. You may have to do this in batches if you have smaller bags.

Step 4

Pour the coated cereal into a bowl and add the holiday m&m’s. Serve and enjoy!