Pour cereal into a very large mixing bowl. Next, prep a cookie sheet with parchment or wax paper and set aside.
Place chocolate chips, peanut butter, and butter in a large microwave-safe bowl. Cook for 1 minute and stir. If it's not completely melted, put it back in for up to 30 seconds more. Once it's melted, add vanilla extract and mix. Pour it over your Chex Cereal and mix with a spatula until well coated.
Take a large plastic Ziploc bag and place powdered sugar inside, then add chocolatey cereal. Close and begin to shake it up so that all the squares are evenly covered with sugar. Place the Reindeer Chow on the baking sheet and let it cool. Once you're ready to serve, add holiday M&MS or other season candy and chow down!!
Storing
Store Reindeer Chow in an airtight container in the refrigerator for 1-2 weeks. Freeze for up to 3 months.
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Notes
Mixing: Be careful not to roughly mix the chocolate mixture into the cereal, and don't over-stir your Reindeer Mix when adding the candy; it may crush the cereal.
Zippered Bag: A gallon-size bag may not be large enough to mix this recipe. A 2-gallon Ziploc bag is better.
Half-Batch: You can half the Christmas Puppy Chow recipe if you need a smaller batch.
Make-Ahead: Make a batch up to a week in advance and store it in an airtight container until you're ready to serve. It's a great time-saving snack for holiday gatherings.
Nutritional information is approximate and was calculated using a recipe nutrition label generator and will vary based on cooking methods and brands of ingredients used.