Put the chocolate chips, peanut butter, and butter in a microwave-safe bowl. Microwave for 30 seconds and stir well.

Microwave for 30 more seconds and stir again. If the mixture is not melted, continue to microwave in 15 second increments, stirring between each one until smooth.

Add the vanilla extract and mix well again.

Put the Chex cereal in a large mixing bowl and pour the chocolate mixture over it. Toss the cereal to coat it with chocolate.

Divide the powdered sugar into two gallon zipper bags.

Scoop half of the chocolate covered Chex into each bag. Seal the bag and then shake well to coat the cereal in powdered sugar.

Put parchment paper on a baking sheet and spread the puppy chow out on it.

Allow to set for about 30 minutes and then enjoy!