Beat hardened cream of coconut, heavy cream, icing sugar and vanilla in chilled mixing bowl with electric mixer on high speed for 1 minute or until creamy. Beat for 2 to 3 minutes or smooth, light and fluffy. Chill until ready to use.
Meanwhile, whisk together apple cider and pumpkin puree until blended. Strain through fine meshed strainer into pitcher or punch bowl. Stir in rum if using and pumpkin pie spice. Refrigerate for 1 to 2 hours or until chilled.
Before serving, stir in chosen soda. Serve punch in glasses. Garnish with dollop of whipped coconut cream and pinch pumpkin pie spice.
Substitute rum with bourbon or whisky.