01 -
Unwrap caramels and melt with butter in a saucepan over low heat, stirring constantly until smooth.
02 -
Stir in apple butter and simmer for a few minutes to blend flavors.
03 -
Pour caramel mixture over Chex cereal in a large bowl; toss to coat evenly.
04 -
Stir in peanut butter until fully combined.
05 -
Gradually add powdered sugar, tossing until cereal is coated.
06 -
Gently fold in chopped apples.