Line a baking sheet with a Silpat liner or parchment paper, set aside.
In a large microwave-safe bowl, add the caramel bits and microwave on high power to soften and melt, about 2 minutes, stopping every 30 seconds to check and stir.
Add the butter to the caramels, and heat on high power to melt the butter, about 1 minute. Stir the butter and caramel together to combine.
Add the marshmallows and heat to melt them, about 2 minutes, stopping every 30 seconds to check and stir to combine.
While the mixture is still nice and hot, add the cereal and stir to combine.
Spray your hands with cooking spray or grease them with butter and form 3-inch diameter discs that are about 1-inch tall.
Place discs on prepared baking sheet sheet, cover with plastic wrap, and allow them to firm up for at least 2 hours, or overnight, before dipping them in chocolate.
In a large microwave-safe bowl, add the chocolate and shortening and heat on high power to melt, about 1 minute.
Dip discs into chocolate one by one, and let chocolate drain off over the bowl, before returning coated discs to a parchment-lined tray.
Allow treats to set up and cool in the refrigerator for at least 30 minutes.
