Ringtone

It sounds like the ringtone hasn’t been fully downloaded or there’s a syncing issue. Here’s a few steps to try:

1. Check your Wi-Fi connection to make sure you’re online.

2. Go to Settings > Sounds & Haptics > Ringtone. Here, if your purchased ringtone appears with a circle, it means it’s not fully downloaded.

3. Try clicking on the ringtone to download it. If that doesn’t work, you may need to go to the iTunes Store app > More > Purchased > Music > Ringtones, and then find the ringtone and download it again.

4. After downloading, it should appear in your ringtones list without the circle.

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With the limited information that you have provided, It is hard to even guess the problems faced by you. 

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Please re-post with detail so that someone else can help.

I purchased a song for my ringtone,

👉 To make and/or use a song as a ringtone, you must first make that song suitable for a ringtone.

See the following Apple articles:

Create and manage ringtones -> Create and manage ringtones - Apple Community

Create a ringtone of your Logic Pro or GarageBand for Mac song

Create a ringtone of your Logic Pro or GarageBand for Mac song – Apple Support (UK)

Create Ringtones in Garageband

Create Ringtones in Garageband - Apple Community