Measure out your cereal into a very large mixing bowl. You want enough room to stir without crushing the delicate squares.

In a microwave safe bowl, combine your chocolate chips, creamy peanut butter, and butter. Heat this on high for 1 minute, then stir. Continue heating in 30 second increments until the mixture is completely smooth and glossy.

Stir in the vanilla extract.

Pour the melted chocolate mixture over the cereal. Use a large rubber spatula to gently fold the cereal until every single piece is well coated. Be gentle!

Place your powdered sugar into a large gallon sized plastic bag. Carefully pour the chocolate covered cereal into the bag. Seal it tight, leaving a bit of air inside.

Shake the bag vigorously until the cereal is evenly coated with white sugar.

Spread the mixture out onto a baking sheet lined with parchment paper to cool. While it is still slightly tacky, toss in your candies and sprinkles.

Let it sit for about 15 minutes to set before serving or packaging.