The equation in the subject, along with its negative, is used in the books for equitizing cash and converting equity into cash. On CFA Vol 5, page 359, it says that the same strategy can be used for bonds, though it is more common for equity. Question: Why do they use these equations rather than simply using the regular equation used elsewhere in the rest of the examples, namely: Beta Target * Value Target = Beta Current * Value Current + Futures Beta * Futures Value * Num Futures Solve for Num Futures ??

Nevermind - I see that they are essentially the same thing. One is just a special case of the other, considering the equity futures with a beta of 1.0, and using the future value (compounded forward at RFR) rather than current value.