For each created project there is one default iteration named "Project" this is the timeline for your project. It's start date is the date when the project is created and the end date is the end date of the last iteration. It cannot be renamed or deleted and is parent for all iterations in your project.
The iterations are hierarchy structured so you can easily maintain and accomplish the desired hierarchy. I've attached a screenshot showing how your example will look like in TeamPulse.
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