This is the URL dedicated for a funnel which can be configured from the Settings. This will always load the first step in the funnel.
Each Step has an URL associated with it to load its respective page. Can be configured from Publishing tab.
The client will publish the Step URL to its customers in a FB ad for e.g. On clicking the link, the backend will recognize the Step and based on the traffic migration will load either of the page within it, essentially redirecting to one of the page URL.