How to Make It
Place cereal in a large bowl; set aside.
Combine chocolate chips, peanut butter, and butter in a small, microwave-safe glass bowl; microwave for 1 minute or until mixture begins to melt. Remove from microwave and stir. Microwave an additional 30 seconds and stir until smooth. Stir in vanilla.
Add chocolate mixture to cereal in bowl; stir gently to evenly coat. Place mixture in a large, zip-top plastic bag. Add powdered sugar to bag. Seal bag; shake until cereal mixture is fully coated. Transfer mixture to a rimmed baking sheet lined with wax paper; cool completely. Store in an airtight container up to 1 week.