Based upon the reports, it has to be a cutout due to the nature of the button (swipe and force sensitive).Really hope Caudabe are up to date with the leaking of the 'Capture' button for the iPhone 16 and we don't get a repeat of the 'cutout' cases for the 15's action button. Other case makers already seem aware of it and Caudabe should be considering how big a company they are.