after purchasing a fund, there are two accounts for investors. One is a trading account, which refers to the account opened by various sales organizations for investors to record the changes and balances of fund shares caused by investors' handling of fund transactions through the sales organization. All sales organizations include consignment machine purchase (such as banks) and direct selling organizations (such as direct selling centers of fund companies, including online direct selling). The other is TA account, also referred to as fund account, which refers to the account opened by the fund registration agency to investors to record the shares of open-end funds held by investors. At present, the registration agencies of open-end funds (namely TA system) are mostly located in fund companies; However, all open-end funds that can be traded through the stock trading system, such as LOF, ETF and Shanghai Stock Connect Fund (referring to funds under companies such as Huitianfu Company and Haifutong Company, that is, funds with the code beginning with 519, which can also be traded in the Shanghai stock trading system of some securities companies), are registered in China Securities Depository and Clearing Corporation (referred to as Zhongdeng Company), and these funds are collectively referred to as Zhongdeng Fund.