Synthetic Equity Question contract, following, equity, trouble, because

slackeranalyst

Quick quesiton, more of a theory base thing I’m having trouble understanding.
Synthetic equity is defined as Long Risk Free asset plus long futures. Just want to make sure that I’m following here but the reason you’re long the risk free asset is because basic CAPM model. You’re essentially earning the risk free rate plus the MRP (aka the futures contract). Kinda confusing, because you would think being long futures would give you synthetic equity.
Is that right?