Microwave chips, peanut butter and butter uncovered on high 1 minute, stir. Heat 30 seconds longer or until mixture can be stirred smooth. Stir in vanilla.

Place cereal in a large bowl

Pour chocolate mixture over cereal and stir until evenly coated. Pour into 2 gallon zip loc bag.

Add powder sugra to bag. Seal bag and shake until well coated.

Store in an air tight container.