Add the Chex to a large bowl and set aside. In a medium microwave-safe bowl, melt the nutella, chocolate chips, and butter in the microwave on 30-second intervals, stirring between each one until smooth.
Stir in the vanilla, then pour over the cereal and stir to coat.
Transfer the cereal to a large ziploc bag.
Add in the powdered sugar and shake to coat.
Spread the puppy chow out on a baking sheet and allow to cool.
Notes
You can use other chex cereal, just try to avoid using the flavored kind.
Easily double this recipe to serve more people or give as gifts.