1Place cereal in resealable food-storage plastic bag; seal bag and coarsely crush with rolling pin or flat side of meat mallet (or coarsely crush in food processor).
2In medium microwavable bowl, microwave chocolate chips uncovered on High 1 to 2 minutes, stirring once, until softened and chips can be stirred smooth. Pour into 2-cup measuring cup.
3Line cookie sheet with waxed paper. Thread 3 marshmallows on each pretzel rod. Dip in chocolate, coating marshmallows completely. Coat with crushed cereal. Place on waxed paper. Let stand until set, about 1 hour.