Lay out the apple slices on a large platter. In a microwavable bowl, melt the caramel bits & water in 30 second intervals until melted completely, whisking each time - about 2 minutes.
In a saucepan, combine the mini marshmallows & butter together on medium heat - stirring until melted.
Pour the caramel on top of the apple slices, followed by the melted marshmallows. Garnish with the mini chocolate chips, peanuts, & sprinkles.