Ahead of its rumored March 2016 unveiling, specs and features of the 4-inch iPhone 5SE leaked out this week, mostly indicating that the device represents "large performance leap," from the iPhone 5S. With the 5SE unboxing, it will cause the exit of both the iPhone 5S and iPhone 6, a new report said. 

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Likely to power the iPhone 5SE is the A9 and M9 processing combo, which Mark Gurman of 9to5Mac said essentially debunks the earlier rumors that the device will run on A8 and M8 chips found on the iPhone 6. As the 5SE will showcase nearly the same might of the current Apple flagship phone, the report stated too that Apple will retire the iPhone 5S and iPhone 6 that were issued in 2013 and 2014, respectively.

So by the time the iPhone 7 and 7 Plus are launched later this year, Apple's smartphone line up will consist of the two upcoming devices plus the iPhone 6S and 6S Plus with the iPhone 5SE completing the active roster, the report said.

And like the 2015 iPhones, the 5SE will feature always-on Siri owing to the handset's A9 and M9 chips.

In an earlier report, Gurman claimed that most of the features and functionalities being enjoyed by iPhone 6S and 6S Plus owners will find their way to the iPhone 5SE save for the 3D Touch that Apple has introduced with its current flagship.

Likewise, the 5SE is expected to unbox in storage configurations of its bigger siblings. Gurman said that the iPhone 5SE will retail in 16GB and 64GB variants with color options of the latest models such as the bestselling Gold and Rose Gold variants. It is unclear, however, if Apple will offer the iPhone 5SE in 128GB build as both the iPhone 6 and 6S come with the capacious internal memory.

As the direct successor to the iPhone 5S, Gurman's unidentified source is saying that the device will assume the 5S price point. This could mean that the iPhone 5SE starting price is $450 for the 16GB model, which is the iPhone 5S basic price on Apple Store, while the 64GB model could sell for $550.

The iPhone 5SE release date is reportedly set April 2015 or a few weeks following its uncloaking via Apple's March 14 media briefing.