Line a small sheet pan with parchment paper. Then, place the Chex cereal in a medium mixing bowl.

Add the semi-sweet chocolate chips, unsalted butter, and peanut butter to a heatproof bowl. Microwave the mixture in 30 second increments, stirring between each round, until the chocolate-peanut mixture is completely smooth and thin enough to drizzle. Stir in the vanilla extract and Kosher salt.

Pour the chocolate-peanut butter mixture over the cereal. Use a rubber spatula to gently toss everything together until the cereal is well-coated. Let it cool for about 5 minutes.

Then, transfer the cereal to a zipper bag (a paper bag works too). Add half of the powdered sugar, seal the bag, and shake it rapidly until the cereal is coated in the powdered sugar. Add the remaining powdered sugar and shake once more. If the cereal is still sticky, add more powdered sugar as needed.

Spread the cereal on the prepared sheet pan. You can eat it right away, but I like to let it set for 30-60 minutes so it doesn't stick together too much. Enjoy!