There are many ways to do this. I will just show one of the ways.
OK, do it step by step.
Step 1
First, in order to align the center of the oval image with the bottom of the rectangular image, we need to embed the rectangular view in another view, in which we could call the Container View .
This kind of container will have ff attributes:
- transparent background color
- width equals screen width
- the height will be twice the height of the rectangular view (later you
will know why).
For restrictions on the type of container:
- The leader is equal to the super-view, the leader
- top superview space - 0
- It is centered horizontally in super-view mode.
- set the aspect ratio to yourself.
Once you are done, the restrictions will look like this.

Step 2
Now, to represent a rectangular image, the restrictions will be:
It will look like this:

Step 3
This time the contours are oval:
This will be the result:

Step 4
There is one very important look at the addition. This representation ensures that the rectangular view will always be half the size of the container, so that the center of the oval view will always be aligned with the bottom of the rectangular view. So, we call this opinion that we will add, a dummy view.
The dummy representation will have ff attributes:
- transparent background color
- Width and height must be 1
Items of fictitious representation:
- vertically in the container view
- horizontally in the form of a container
- width and height are fixed.
- assign a vertical distance with a rectangular view
Here's how it should be done:

Well, if you took the steps above, you will achieve the effect.
This will be an overview of the limitations:

Hope this helps. :)
Proof that it works!
I ran it in a simulator ...: D
iPhone 4:

iPhone 5:

iPhone 6:

iPhone 6 Plus:
