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Does "has opportunity" only refer to the lead attached to an opp?

Question asked by 8f430c9ed7803bbabe170894b4fff8461ecd17e3 on Jun 2, 2015
Latest reply on Jun 3, 2015 by b5d282dfa29104d6debc5bc70d2ef1ae61ffedec

I'm creating a smartlist and I don't want any account that has an opportunity to get the email. So I did "has opportunity = false". Is this only catching the leads who are attached to an opportunity? It's not catching them at the account level is it? Meaning my salespeople would have to attach their contacts to an opportunity in order for this to work properly?