Grease 13x9-inch pan. In large bowl, mix cereal, pretzels and cashews. Set aside.
In 2-quart saucepan, heat candy coating, stirring constantly, until melted. Pour over cereal mixture, stirring until evenly coated. Press in pan. Cool slightly. Drizzle with chocolate chips. Let stand until chocolate is firm. Break into clusters. Store in airtight container.