In a large mixing bowl, measure out the Rice Chex cereal and set aside.

In a medium saucepan over low heat, combine the semi-sweet chocolate chips, creamy peanut butter, and unsalted butter. Stir continuously until fully melted and combined.

Pour the melted mixture over the Rice Chex cereal gradually, folding gently with a spatula to ensure even coating.

In a large resealable bag, add the powdered sugar. Carefully transfer the chocolate-coated cereal into the bag, seal, and gently shake until well-coated.

In a clean saucepan, add the granulated sugar over medium heat and stir constantly until melted and turns golden amber.

Immediately add unsalted butter, stirring until melted. Remove from heat and whisk in heavy cream and vanilla extract until smooth.

Let the caramel sauce cool for a few minutes.

In a large bowl, combine the prepared Puppy Chow, diced apples, and warm caramel. Gently fold until evenly distributed.

Allow the mixture to cool slightly before serving.

Serve in a large bowl or pack into bags for convenient snacking.