In a microwavable bowl, combine the semi-sweet 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.
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.
Grab a gallon sized plastic bag (like a Ziploc 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)
Place cereal mixture into a clean large bowl and then stir in the mini pretzels, mini peanut butter cups, Christmas M&Ms, salted peanuts, and white chocolate chips.
Serve and enjoy! Store in an airtight container.
Using a large bag filled with powdered sugar is the best way to get the Chex fully coated. You can get your kids to help with this bit too!
You can use rice or corn Chex for this recipe, use whatever your favorite is!