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Line 2 large rimmed baking pans with wax paper. In a large microwaveable bowl, add cereal.
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In a small microwaveable bowl, microwave butter on HIGH for 20 to 30 seconds, until melted. Stir in sugar and microwave on HIGH for 30 to 60 second, or until sugar is starting to dissolve.
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Pour over cereal, stirring until evenly coated.
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Microwave on HIGH for 2 to 3 minutes, stirring after every minute, until thoroughly glazed. Spread cereal onto one baking pan.
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Spread pretzels on remaining baking pan.
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In small microwaveable bowl, microwave chips on HIGH for 45 to 60 seconds, stirring after 45 seconds, until chips are starting to melt. If necessary, continue heating in 15 second increments, stirring after each until chips are melted and smooth. Transfer melted chips to a resealable food storage bag and cut the corner off.
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Drizzle on top of the cereal and pretzels and top with sprinkles. Cool 20 to 30 minutes, or until drizzle is set. Carefully break apart cereal and pretzels; transfer to large serving bowl. Stir in nuts and candy.