QQQ rebalances on a schedule. Existing holders are affected because the fund’s underlying composition will change.

This. If you are invested in a Nasdaq index (e.g. QQQ), it will have to sell some of the tail and buy the necessary weighted percentage of Snake Oil. Apart from you buying snake oil, you will realise some extra capital gains/loses due to the rebalancing.

And to be clear it's not just QQQ; countless retirement target date funds have a Nasdaq component. That's the real target of this grift, your retirement fund.