Pour sweetened condensed milk in a canning jar. Cover with aluminum foil. Add a trivet in the Instant Pot inner pot. Place the jar on top. Fill with water just until it reaches 1/2 inch below the top of the jar. Close the Instant Pot lid.
Cook on Manual/Pressure Cook (high) for 40 minutes, followed by a quick release of the pressure. (Add 5 minutes if you want a darker brown color, or reduce 5 minutes for a light golden brown color)
Using a kitchen towel or pot holder, carefully remove jars as they are hot. Remove the foil. The condensed milk will probably look curdled at this point. This is normal.
Using a spoon or spatula, stir it for 30 seconds, till it becomes smooth. Store in the refrigerator.
Sprinkle in a pinch of sea salt and stir well. I like how salt enhances the caramel flavor of this sauce.
Check out my preferred KITCHEN GADGETS and PANTRY STAPLES on the Spice Cravings Amazon StoreNote: The nutrition facts below are my estimates. If you are following any diet plan, I recommend cross-checking with your preferred nutrition calculator.