Apple officially took the wraps off its new 4-inch iPhone, and its senior vice president of Marketing now confirms what the iPhone SE name actually means.

Rumors surrounding the smaller iPhone made rounds long before its actual debut, and various names were speculated. The media initially dubbed the 4-inch iPhone as the iPhone 6c or iPhone 5SE, later referring to it as the iPhone SE, which turned out to be the actual name.

After news broke out that the handset would launch as the iPhone SE, the rumor mill started churning in regards to the meaning of this name.

Apple made no mention of the "SE" meaning during its keynote on Monday, but users had a field day on social media, trying to guess what it stands for. Some speculated that the SE could stand for "Standard Edition," while others joked around that it actually means "Still Expensive."

Apple's Phil Schiller, senior vice president of Marketing, now confirmed to FortuneTech's Jason Cipriani just what that "SE" stands for. According to Schiller, the iPhone SE is named this way because it's a "Special Edition."

Phil Schiller just told me the “SE” stands for “Special Edition” @FortuneTech

— Jason Cipriani (@MrCippy) March 21, 2016

Why so special? Well, with today's trend of increasingly bigger smartphones, a 4-inch handset does seem a bit "special" indeed, especially since it packs high-end specs.

Despite its compact form factor, the iPhone SE packs an Apple A9 processor and M9 motion co-processor, 16 or 64 GB of internal storage, a 12-megapixel rear camera with 4K video shooting capabilities, a Touch ID fingerprint sensor, and more. The handset also supports Apple Pay, features improved Wi-Fi and LTE connectivity, and comes in four color options - including Rose Gold - just like the iPhone 6s. As for design, the iPhone SE bears an uncanny resemblance to the older iPhone 5s.

The iPhone SE aims to cater to iOS fans who want a smaller iPhone at a more affordable price point, but still packing powerful specifications.

When it comes to pricing, the smaller iPhone SE will be available at $399 for the 16 GB version and $499 for the 64 GB variant. Carriers will surely come up with enticing offers as well, but so far only AT&T confirmed its iPhone SE launch scheme.