In a microwavable bowl, combine the semisweet chocolate chips, peanut butter, caramel sauce, and butter. Microwave and stir chocolate mixture in 20-30 second intervals (checking in-between intervals to make sure it’s not burnt) until completely melted when stirred together. Stir in the vanilla extract.
1½ cups semisweet chocolate chips, ¾ cup creamy peanut butter, 2 tablespoons caramel sauce, 3 tablespoons salted butter, 1 teaspoon pure vanilla extract
Pour the cereal into a large bowl and add in the chocolate, peanut butter, and caramel mixture. Stir the cereal in the mixture until it is all evenly coated being careful not to break the cereal pieces.
7 cups Chex cereal
Grab a gallon-sized plastic bag (like a Ziplock bag) and add all the powdered sugar to the bag. Toss in the coated cereal and shake until all the powdered sugar adheres to the cereal. (You might need two bags to fit it all)
1½ cups powdered sugar
Place cereal mixture into a clean large bowl and then stir in the mini pretzels, mini peanut butter cups, Christmas M&M's, salted peanuts, and white chocolate chips.
1½ cups mini pretzels, 1½ cups mini peanut butter cups, 2 cups Christmas M&M's, ½ cup salted peanuts, ½ cup white chocolate chips