The method goes like this:

Since the QQQE fund is equally weighted, the median earnings yield among those stocks is basically the same as the average, except in the case that there is a very wild outlier, in which case you want to ignore that...so use the median.

So I calculated the median earnings yield among the 100 Nas100 stocks for every day in the last 30-or-so years.
Multiplying by the price-only index level for the equal weight index in the same stretch, that gives you the index's earnings level for each day. Adjust that data series for inflation. Other than transient dips in recessions, the real earnings figures form an astoundingly straight line.

Fit a trend line through that to get a formula for the "normal real earnings for today". Given that, and today's equal weight index level, you get an idea of what the "on trend" earnings yield is today.
Compare that to the historical average earnings yield, and you get an idea of today's over- or under-valuation.

Last time I updated that calculation was a while ago, October 2023. I estimated value of QQQE at around $62-72 if it were trading at the "usual" multiple of on-trend earnings. That earnings figure rises with inflation (5.2% since then), and with time as the trend real earnings level is expected to rise (around inflation+8%/year). Combined, that would push the estimated fair value up around 21% to maybe $75-87 today. With QQQE at $98.16 now, it seems to be 12-30% more overvalued than historically typical. Best guess maybe 24% higher than usual / usual valuation level today $64.

I did that really quickly, so don't bet the rent on its precision.

Bottom line: unsurprisingly, QQQE certainly does not appear to be cheaper than usual today. But if the trend of earnings holds up in future years, it's not nearly as overvalued as the S&P 500 is (equal weight or not) using the same sort of logic.

Jim