Conversions, if you are able to receive a credit, are no risk options trades with a very limited reward.
One example of a conversion is:
Buy shares of SLV @ $18.73
Sell JUN 18 call @ -$ 1.08
Buy JUN 18 put @ $ 0.34
Net Debit = $17.99
Guaranteed exit/assignment = $18.00
Guaranteed Profit = $ 0.01
ADVANTAGES:
1. Possibility for a no-risk trade
2. Credit is received
3. Management is not necessary
4. Opportunities can easily be found with PowerOptions
DISADVANTAGES:
1. Guaranteed Profit is extremely limited
2. After commissions limited profit might turn into a loss
3. Due to low profit, 1,000s of shares may need to be traded which hinders the retail investor
4. Opportunities may appear, then disappear quickly. I found this trade on PowerOptions, but by the time I linked to the profit and loss chart the trade showed a guaranteed loss of -$0.04 due to price changes in under a minute.