Pour Chex mix into a large mixing bowl.
Pour semisweet chocolate chips, peanut butter, and butter into a microwave safe bowl and begin to melt 30 seconds at a time. Continue to stir every 30 seconds until completely melted. Blend together until fully mixed.
Add the vanilla to chocolate mixture and stir.
Pour the chocolate mixture over the Chex cereal and stir until the cereal is completely coated.
Add powdered sugar to the cereal mixture and toss/stir until the cereal is coated with powdered sugar.
Add the Teddy Grahams, Hershey Drops, and Marshmallows and stir.
The chocolate can burn easily, so only cook 30 seconds at a time.
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