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In a stand mixer, whip the heavy cream until it forms soft peaks, about 4 minutes. Turn off the mixer, add the sweetened condensed milk and caramel, and mix until fully combined. Add in the pretzel and stir to combine. Pour mixture into a loaf pan or plastic storage container.
Place in the freezer for at least 3 hours or overnight until completely frozen. Let sit at room temperature for 5 minutes before scooping into bowls.