ETF Price Puzzles: Examples Showing Tiingo’s Raw and Adjusted Series Don’t Always Differ As I was preparing an analysis of a buy‑sell model for several major ETFs, I stumbled across some unexpected puzzles in the price data. Tiingo provides both raw and adjusted price series, but for certain ETFs the two are identical — even across known split dates. This post explains how I discovered these puzzles in selected ETF ticker prices from Tiingo. The post also describes why the puzzles matter, and how you can adjust for them when performing ETF analyses with Tiingo data. Where I Discovered Tiingo ETF Price Puzzles I was analyzing a model based on EMA proper orders for prices when I first noticed ETF price puzzles. Any ETF price series can have multiple EMAs depending on their period lengths. No matter what the period length for an EMA, it is always dependent on its underlying price data. For any trading date, EMAs with shorter period lengths...
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