01 - Line a large baking sheet with parchment paper. Place the Chex cereal in a large mixing bowl and set aside.
02 - In a microwave-safe bowl, combine the semi-sweet chocolate chips, caramel sauce, and unsalted butter. Microwave in 30-second intervals, stirring between each interval, until the mixture is completely melted and smooth.
03 - Pour the melted chocolate-caramel mixture over the cereal. Using a spatula, gently fold the cereal until every piece is evenly coated.
04 - Sprinkle the toasted coconut over the coated cereal and toss gently to distribute evenly throughout.
05 - Place half of the powdered sugar into a large zip-top bag or clean paper bag. Add half of the coated cereal, seal the bag, and shake vigorously until the cereal is thoroughly coated. Repeat the process with the remaining powdered sugar and cereal.
06 - Spread the coated cereal in an even layer on the prepared baking sheet. Allow it to cool and set completely at room temperature.
07 - Once completely cooled, toss in the mini chocolate chips if desired. Transfer to an airtight container for storage.