set position to
x: origin.x+cos(angle)*(ellipse width)
y: origin.y+sin(angle)*(ellipse height)
origin would be the point you want at the center of the ellipse, angle is an angle from 0-359 (well it can be anything really, but thatll just loop it back since its an angular value after all)
the other parameters are pretty self explanatory. to make it spin you just need to alter the angle value.