Melt butter, chocolate chips, and peanut butter in microwave or stove. If on stove, heat it on low and stir often. If in microwave heat in a microwave safe bowl, heat for 1 minute, take out and stir and back in for 30 seconds, etc. For example, heat 30 seconds, stir and repeat till melted. Once melted, add the 1 tsp vanilla extract.

In a large freezerbag, add the 1 1/2 cups powder sugar to the bag. Add the 6 cups of chex cereal to the freezer bag. Do not mix yet. Lastly, add the chocolate melted mixture on top of the chex cereal. Now, zip the bag shut and shake the mixture. The chex cereal should be covered in powdered sugar. You may have to add an extra 1/2 cup extra of powdered sugar if the cereal is not covered enough.