Add the chex cereal to a large mixing bowl and set aside.
In a medium pot over low heat, add the chocolate chips, peanut butter, butter, marshmallow fluff, vanilla extract, and salt. Stir continuously with a rubber spatula until smooth and fully melted, about 5–7 minutes.
Pour the mixture over the Rice Chex and very gently fold with the rubber spatula until all the cereal is evenly coated.
Allow the coated cereal to cool for about 4 to 5 minutes so it’s no longer piping hot, but not fully hardened.
Transfer to a large zip-top bag or container, add the powdered sugar (adding as much or as little as you like), seal, and shake until the cereal is well coated.
Optional: Spread onto a baking sheet to finish cooling and setting. This isn’t necessary, but it can help the mix stay extra crispy.
Once cooled, mix in any of the optional add-ins like mini marshmallows, peanut butter cups, or Reese’s Pieces or just leave as is like the original!
Store in an airtight container or ziploc back at room temperature for up to 1 week.