Line the baking sheet with parchment paper, covering the entire surface.

In a microwave-safe bowl, melt the milk chocolate chips in the microwave, stirring every 30 seconds until smooth.

Pour two-thirds of the melted chocolate onto the prepared baking sheet and spread it evenly.

Arrange the pretzels over the melted chocolate, pressing them down gently.

In a separate bowl, combine Kraft caramels and heavy cream, microwaving until melted and smooth. Drizzle over the pretzels.

Drizzle the remaining melted chocolate over the caramel and pretzel layer, spreading lightly if necessary.

Chill in the refrigerator for at least 1 hour to set.

Once set, cut into squares or break into pieces and serve.