In a small, microwave-safe bowl, melt the red chocolate candy melts in the microwave. I microwave for 30 seconds, then stir. Then return to the microwave in 15 second increments until the chocolate is melted.

Using a fork, dip the Bugles into the red chocolate and place coated Bugles on a wax paper lined cookie sheet. Allow the red chocolate to harden.

In a medium, microwave-safe bowl, melt the white chocolate candy melts in the microwave following the directions in step 1.

Dip the wide end of the Bugles into the white chocolate to form the brim of the Santa hat. Return to the wax paper lined cookie sheet.

When the white chocolate has hardened, dip the tops of each hat into the white chocolate to form the pom-pom at the top of the hat.

If desired, place a mini marshmallow on top of the white chocolate. Return the hats to the lined cookie sheet to dry.

In a large mixing bowl, combine the Chex, Cheerios, popcorn, pretzels, and M&Ms.

Pour melted white chocolate over the mixture and stir to coat thoroughly.

Spread the chocolate coated mixture in an even layer onto 2 wax paper lined cookie sheets. Sprinkle the Santa hats on top.

Allow the white chocolate to cool completely before breaking the mixture apart and storing in an airtight container.