1 1/2 stick butter
1 12 oz. pkg. chocolate chips
3/4 c. peanut butter
1 box Rice Chex
1 lb. box of powdered sugar

Melt butter, chocolate chips and peanut butter together in a saucepan.

Pour Rice Chex into a large bowl. Pour chocolate mixture over cereal, gently stirring until all the cereal is coated.

Pour powdered sugar into a large ziploc bag. Add cereal mixture and shake well.

Store in an air-tight container and refrigerate until chilled.