For some bizzarre reason, the US seems to always take a different path on almost every international standard.
A M2V file is a demuxed MPEG2 file with only video.
I use Adobe After Effects, but if you Google "create M2V still" you will find many software options.
I know right! why ?!? Qam instead of dvb-t, CDMA instead of gsm... Why? It just makes everything more difficult.