I want to draw text onto my subclass on UIView so that the text is cut out of the shape and the background behind the view shows through, just like in the OSX Mavericks logo
If all you want is a white view with some stuff (text images, etc) cut out, then you can just do
yourView.layer.compositingFilter = "screenBlendMode"
This will leave the white parts white and the black parts will be see-through.