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Query regarding formula for creating synthetic equity positi

Hi,
I had a query regarding creating synthetic equity.
The formula for creating synthetic equity position from a Treasury position is:
no. of contracts = (Bt - Bp)/Bf * [Theld * (1+Rf)^t] / Vf
where,
Bt = target Beta = Bf  & Bp= Beta of existing portfolio = 0 ;
Hence (Bt - Bp)/Bf = 1
Theld = Value of Treasuries held
Rf = Yield on Treasuries (ie risk free rate)
Vf = Value of futures contract
My issue is with the ” [Theld * (1+Rf)^t] ” term. Earlier in the reading, it was mentioned that this portion of the formula is Vp - current value of the portfolio.
However, here it seems to suggest that it is the future value of the portfolio (due to multiplication with (1+Rf)^t ).
Is there any explanation as to why it is this way?

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