$ISHARES CORE EQUITY ETF PORTFOLIO UNITS CAD(XEQT.CA)$ what's this ?

I’m looking for thoughts/pros/cons on putting it all into XBAL which I believe provides this ratio, vs putting the 60% into $ISHARES CORE EQUITY ETF PORTFOLIO UNITS CAD(XEQT.CA)$ + $VANGUARD INVESTMENTS CANADA INC S&P 500 INDEX ETF(VFV.CA)$ and the remaining 40% into a bonds ETF. I’m leaning towards the latter as if the market dips, he can hold onto the stocks portion and withdraw from bonds, and vice versa if it grows. Am I overlooking or misunderstanding something?

Considering taking a very simple approach with $ISHARES CORE EQUITY ETF PORTFOLIO UNITS CAD(XEQT.CA)$ but think it might be too heavy in equities by itself. I could just supplement it with some additional fixed income, but have also thought about the below (I also feel I'm missing stunting without $Invesco QQQ Trust(QQQ.US)$ )
Would appreciate any feedback from anyone that was interested in providing.
• Equities: 55% • $VANGUARD FTSE CAN ALL CAP IDX ETF TRUST UNIT(VCN.CA)$ : 25% • ...

Looking to invest some money and see good things with both. Will be long term re-occurring investment. Ok taking on risk with this investment. $ISHARES CORE EQUITY ETF PORTFOLIO UNITS CAD(XEQT.CA)$ $VANGUARD INVESTMENTS CANADA INC S&P 500 INDEX ETF(VFV.CA)$

Is it a good idea to invest into a combination of $VANGUARD INVESTMENTS CANADA INC VANGUARD ALL EQUITY ETF(VEQT.CA)$ & $ISHARES CORE EQUITY ETF PORTFOLIO UNITS CAD(XEQT.CA)$ holdings to minimize MER?