It's not. The neck joint is the oddball Fender offset 4 screw type. The neck is a nice skinny neck but isn't quite a Wizard neck. Also it is 22 frets with the 22nd fret overhanging. Here is a pic of the back.
Here is a pic of the Fender HM, (1st generation Pink); the Squier HM2 (Black) and the Squier HM3 (Blue).
The Pink HM is an actual Fender and has the Fender Headstock. The HM is basically Fender's impression of the RG series. I have an RG 570 and the necks are almost dead on. The Fender neck is slightly wider. Fender didn't rip off the body so much but you can tell this was their attempt to capture the RG market. The neck is a 24 fret neck and the HM features a nice Dimarzio Humbucker in the bridge.
The Black HM2 was sort of a hybrid of the HM and the HM 3. It features the neck of the HM3 but is a cheaper version of a Fender HM in the body. The HM2's are also ply.
The Blue HM3 as mentioned before is Fender ripping off a 540 Sabre.
They all three feature the odd shaped four screw neck plate.
Last night I had the HM and the RG 570 out and kept switching them back and fourth. It's more amazing to me how different they are. These guitars when played acoustically have tones that weren't similar in the least. Most HM's are basswood like the RG but some are alder. My HM was definitely brighter than the RG but I liked the tone of the RG a little better, (give me a week and I will change my mind). The HM is much lighter than the RG which was surprising as basswood is usually considered to be a light wood. My RG is a boat anchor. I would guess at about nine lbs. The trems on both are great. The Fender features the Kahler Spyder tremolo. Also, the Fender gives a coil split switch to change the Dimarzio from a HB to a pickup. Overall, I wouldn't give up the RG, HM or the HM3. Fender may not have won over many when they entered the shred market but they did make some great guitars while they were there.