You can do this with 3 shapes via the Shape Tool.
- Draw your first, outer ellipse
- Draw a second, smaller, inner ellipse to create the center cut out or counter. After you draw the second ellipse, change the shape interaction options in the** Control Bar** across the top of the screen to
Exclude Overlapping Shapes.
The center will be cut out of the larger ellipse. Reposition or transform the smaller ellipse path as needed.
- Draw a rectangle covering the portion you do not want visible. After you draw the rectangle, change the shape interaction options in the **Control Barr* to
Subtract Front Shape.
This is all now a single shape layer. You can change the fill/stroke of the layer as you wish or otherwise transform it like you would any other shape layer.
If you need to further edit or refine the individual positions of the paths, use the Direct Selection Tool (White arrow) to do that.
Alternatively, you can use the Pen Tool to just draw the overall shape....