It both is and isn't. Technically the rotation is just the inverse of the varial kickflip (a frontside varial kickflip as opposed to the "normal" backside varial kickflip").

The problem comes around that your front foot is very much in the way of the board if it is only doing an "inverse varial". The vertical (end over end) rotation comes out of necessity to get the front foot out of the way.

Plus it looks really cool.