If you really mean use Convert as the initial input then this is how:
(let* ((opts '("Convert" "Split"))
(sel (completing-read "Subset: " opts nil t "Convert")))
(message "SEL: %s" sel))
If you really mean use Convert as the default value then this is how:
(let* ((opts '("Convert" "Split"))
(sel (completing-read "Subset: " opts nil t nil nil "Convert")))
(message "SEL: %s" sel))
If you really mean use Convert as both the initial input and the default value then this is how:
(let* ((opts '("Convert" "Split"))
(sel (completing-read "Subset: " opts nil t "Convert" nil "Convert")))
(message "SEL: %s" sel))
In the initial-input (only) case Convert is preinserted into the minibuffer, and the default, if you remove that preinserted input, is the empty string, "".
In the default (only) case Convert is not inserted -- you use M-n to insert it. And if you just RET without inserting any text then you get Convert.
In all three cases, just hitting RET chooses Convert. Convert is an allowed completion because you decided that it belongs to opts, which you pass as the allowed completions.
If you remove Convert from opts and change the t value of arg REQUIRE-MATCH to nil, then Convert isn't a completion but it is accepted as an input. Anything at all is accepted as an input, in this case.
It all depends on what you want. If you have a more specific question, please pose that separately.