arXiv:2610.10869v1 Announce Type: new Abstract: This paper characterizes the spectral and Ambiguity Function (AF) properties of Frequency Modulated Orthogonal Frequency Division Multiplexing (FM-OFDM) waveforms employing Phase-Shift Keying (PSK). The mainlobe structure of the AF is well approximated by the Ellipse of Ambiguity (EOA) model. The EOA produces exact closed-form expressions that describe the AF mainlobe width in time-delay and Doppler as well as the degree of coupling between them. These expressions yield three fundamental insights into the spectral and AF shapes of FM-OFDM waveforms employing PSK: (1) these waveforms possess a fixed Root Mean Square (RMS) bandwidth for a given modulation index $h$, pulse-length $T$, and number of sub-carriers $L$, (2) they are roughly twice as spectrally efficient as Constant Envelope OFDM (CE-OFDM) waveforms with the same RMS bandwidth, and (3) for practical waveform design parameters will always possess a ``Thumbtack-Like'' AF shape. Finally, this paper demonstrates a waveform optimization technique that minimizes the FM-OFDM waveform's Auto-Correlation Function (ACF) sidelobes using only a subset of the sub-carrier symbols as sensing ``pilot'' symbols leaving the rest for communications. This pilot optimization technique is then demonstrated via two illustrative design examples.