No, first of all, convertible bond funds are still debt-based, and similar secondary debt-based funds can hold a certain proportion of stock positions. Convertible bond funds can choose to withdraw interest or convert debt into equity at a certain time because they hold convertible corporate bonds. It changes with the change of stock price.

The main investment object of convertible bond fund is convertible bond, and the main investment of overseas convertible bond fund also includes convertible preferred stock, so it is also called convertible bond fund. Investors who hold convertible bonds can convert bonds into stocks during the conversion period, or sell convertible bonds directly in the market for realization, or choose to hold bonds at maturity and collect principal and interest. The basic elements of convertible bonds include benchmark stock, bond interest rate, bond term, conversion term, conversion price, redemption and resale terms, etc. Convertible bonds are a mixture of ordinary bonds and options that can be converted into stocks. The difference between the convertible bond price and the benchmark stock price constitutes the value of the implied option.