Make the cold foam. Add the heavy cream, coconut syrup, and ube extract to a small glass or jar and froth until thick and foamy. Set aside.
Add ice to a tall glass, then pour in the milk and coconut syrup. Stir.
Pour the espresso over the sweetened milk slowly to create a layered look, then top with the cold foam. Garnish with toasted coconut chips if desired, then drink up!