This is a double-sided (flippable) pad — one side is wool, the other side is foam.
The idea: you can do compounding/cutting (more aggressive) on the wool side, then flip to the foam side for polishing or finishing, without changing pads.
It uses a patented “collar lock” to hold the pad in place and make flipping easy.
It’s part of CSI’s “single-product polishing” concept: same polish, same pad, two performance modes.