Grease an 8x8" baking pan with a nonstick cooking spray.
In a large microwavable mixing bowl, heat the marshmallows and butter in the microwave for 1-2 minutes or until marshmallows get puffy and then mix together.
Add in the caramel crunch cereal and combine.
Once the marshmallows and cereal are mixed, add in 1/4 cup coconut flakes and 1/2 cup chocolate chips and stir.
Press the mixture into the prepared pan evenly and top with the remaining coconut flakes and chocolate chips.
Place in the freezer for 15 minutes before slicing.