Step 1

Pour cereal into a large mixing bowl and prepare a baking sheet. Line a rimmed baking sheet with parchment paper; set aside. Pour the cereal into the largest mixing bowl you own; set aside.

Step 2

Melt the chocolate and peanut butter. Place the chocolate chips, peanut butter, butter, and salt in a medium microwave-safe bowl (start with 1/4 teaspoon, then add more to taste after microwaving). Microwave on high for 1 minute. Stir, then continue microwaving in 15 second intervals, stirring in between each, until almost melted, about 45 seconds more. Remove from the microwave and stir until smooth.

Step 3

Stir in the vanilla. Stir in the vanilla.

Step 4

Toss the cereal with chocolate-peanut butter mixture. Pour the chocolate peanut butter mixture over the cereal and toss until all the cereal is evenly coated.

Step 5

Layer the powdered sugar and Chex in a gallon-sized bag. Place 1 cup of the powdered sugar in a gallon-sized zip-top bag. Add half of the cereal, a second cup powdered sugar, the remaining cereal, and then the remaining 1/2 cup powdered sugar. (You’re layering it so the powdered sugar coats the cereal evenly). Seal the bag.

Step 6

Coat the cereal. Shake vigorously until the cereal is evenly coated with the powdered sugar.

Step 7

Let cool. Pour onto the baking sheet and spread into an even layer. Let cool, about 10 minutes, then store in an airtight container or a clean zip-top bag if not serving immediately.