In a large bowl, measure 9 cups of Chex. Set aside.
In a microwave safe bowl, combine chocolate chips, peanut butter, butter and vanilla. Microwave at 30 second intervals until melted.
Stir smooth.
Pour the peanut butter mix over the cereal. Stir until evenly coated.
In two ziploc bags, divide up the powdered sugar (¾ cup in each bag). Add the cereal.
Shake!
Lay out on a cookie sheet to set.
Calories: 285kcal | Carbohydrates: 38g | Protein: 4g | Fat: 12g | Saturated Fat: 5g | Cholesterol: 7mg | Sodium: 271mg | Potassium: 160mg | Fiber: 2g | Sugar: 15g | Vitamin A: 85IU | Calcium: 20mg | Iron: 1.6mg