Line a large baking sheet with parchment paper and set that aside.
Pour cereal into a large bowl and set that aside as well.
10 cups Rice Chex Cereal
In a large microwave-safe bowl, combine the chocolate chips, peanut butter and butter. Microwave uncovered on 50% power for 1 minute; stir. Continue microwaving on 50% power in 30-second increments until the mixture can be stirred smooth. Stir in vanilla. Pour chocolate mixture over cereal, gently stirring until evenly coated.
1 cup semi-sweet chocolate chips, 1/2 cup creamy peanut butter, 1/4 cup salted butter, 1 teaspoon pure vanilla extract
Pour coated cereal into (1) 2-gallon zip-top food-storage bag. If you only have 1-gallon bags on hand, you’ll need to do this step in batches, or use 2 bags.
Add the powdered sugar to the bag(s) and seal the bag(s). Gently shake the bag(s) until the cereal is coated with powdered sugar. Spread onto the prepared baking sheet to cool. Once the mixture has cooled, add peanuts, m&m’s, pretzels and mini peanut butter cups.
1 ½ cups powdered sugar, 1 ½ cups salted peanuts, 10 ounces holiday M&Ms, 1 ½ cups mini pretzel twists, 1 ½ cups mini peanut butter cups
Notes
Store in an airtight container at room temperature for up to 1 week, in the refrigerator for up to 2 weeks, or in the freezer for 2-3 months. If storing in the fridge or freezer, I recommend waiting to add the pretzels until just before serving.