firstly go to the layers template hold CTRL and click on the inner box of the transparent ellipse(this action will highlight the transparent ellipse) afterwards still in the same layer click on the SWD text(this without holding CTRL). Now with all that being set up go to the layer tab on the menu bar click it then select layer mask, and then select hide selection. Now to achieve the same cut-through effect you have to disable the transparent ellipse by clicking the eye button of the transparent ellipse in the layers template. I wish this would help you, I had the same problem as you but then I figured it out and decided to help
