Grease or line a cookie sheet with parchment paper.

Place the cookie butter, white chocolate chips, and shortening (or butter) in a medium-sized microwave-safe bowl and heat for 35 seconds. Stir and reheat as needed.

(Alternatively, you can just stir in the butter/shortening if the mixture seems too stiff.)

Stir in the Chex cereal and coat completely.

Place the powdered icing sugar in a large zip-top bag and add the cookie butter-coated cereal.

Close the bag and shake well to fully coat the cereal with sugar.

Empty the cereal onto the prepared baking sheet. Let dry for an hour before packaging or serving.