Yes, it is :0
A Veto, from its very Latin definition, means "I forbid." It does not have the power to create a thing, only to forbid the implementation and ratification of a thing. When the President vetoes a law, he is telling Congress, this law may not be implemented.
The closest thing to "creating" would be if the line item veto were enacted, and if said President were to attempt something like striking the word "not" out of a bill. That wouldn't go over well with Congress or the Court, however, so, no - it doesn't create anything.