So, if QQQ does better than QQQE, for a short while or a long while, it can't be extrapolated as a structural advantage.

I beg to differ. QQQ, being weighted by market cap, has a structural advantage over QQQE by design. Microsoft is essentially a monopoly, with an unfair advantage over all other software companies because Windows and Office are ubiquitous. Similarly, Google has an unfair advantage over all other advertising companies because they are #1 in Search. These companies know how to print money, and they use their optionality and leverage to add new multi-billion dollar revenue streams in cloud services and AI (which is just getting started).

As an investor, I most definitely want to be overweight these companies. So I'll take QQQ any day over QQQE.

It was good luck, and congrats to the people who had the benefit of that luck.

It's not luck if you truly understand the nature of these businesses. But I'll take your congratulations, thanks.