I'm just getting into Credit derivatives at the moment but I'm having a bit of trouble with the technicalities of CDS Indices(CDX etc.)
My question is. Given that CDS indices have fixed lifetime, is it the case that (i) All contracts entered into have the same time to maturity as the index e.g 5 years or rather (ii) Whenever the contract is entered into e.g buying X notional protection on the index, then the time to maturity of the contract is the time remaining on the index lifetime. For example, if the index for 5yr CDS launched last year then any contracts entered into now will have a time to maturity of 4 years.
Apologies if this is a basic question!