First, measure out 4-5 cups of Rice Chex cereal. Place the cereal into a large mixing bowl, making sure it has plenty of room for stirring.

Add chocolate chips, peanut butter, and butter to a microwave-safe bowl. Microwave for 1 minute, then stir until smooth. Microwave an extra 15 seconds if needed.

Stir 1 teaspoon vanilla extract into the melted chocolate mixture.

Pour the chocolate mixture over the cereal in the mixing bowl. Scrape out all of the coating from the bowl.

Gently stir the cereal mixture until all pieces are evenly coated.

Transfer coated cereal into a large zip-top bag. Add 3/4 cup powdered sugar, seal the bag, and shake well to coat.

Open the bag and mix in pretzels, Reese’s Minis, and M&M’s. Add more powdered sugar if desired.

Spread mix onto a baking sheet lined with parchment paper. Let cool, then break apart and serve.