2008 AM Q11-B: R hedged dc = R unhedged (essentially the whole Rfc+Rfx+cross) + G/L futures, here G/L futures = F/Ft - 1
2015 AM Q9-B: R hedged dc = R fc + G/L futures, here G/L futures = F/So - 1
Is the difference because in the 2008 case, the future contract is coming to expire so it’s a sell of the futures (hence F and Ft), versus in the 2015 case, the future contract is just entered into, so it’s locking in the F rate (hence F and So)?