I've been asked to provide a CDX.NA.IG unfunded total returns timeseries, for which I've been able to use a Bloomberg ticker LX01TUUU Index. This works fine - it's called an unfunded total returns index
I also understand the difference between funded and unfunded securities in general
When I look at the unfunded returns timeseries, what exactly is this measuring? Is it the returns for some kind of 'unfunded CDX contract' (as opposed to funded one - a CLN?). Or, is it that the things underlying the CDX are 'filtered' to only included unfunded securities?