1) All but one are "equal weight" sectors. Here's the list: The "Watch %" Column value is what the change in share price is from when it was configured with the Equal Weight sectors in 2016. All Sectors are in this portfolio and have been since it was first assembled in 2008-09 as a U.S. Sector ETF strategy. I'd used cap weighted sectors and different suppliers of the ETFs before settling on Invesco's product. It was originally "Guggenheim" but was purchased by Invesco some time ago.
2) XLG is there to increase exposure to the very largest cap stocks in the S&P 500.
3) I think the equal weight ETFs per sector have equal or better dividend yield than their cap weighted siblings. Volatility is similar but not the same.
4) I guess I've always liked the idea of equal weight better than cap weight. Cap weighting is a popularity contest having little to do with most "value" metrics, so maybe I have a bit better value tilt to this portfolio than if I'd chosen I-Shares sectors or another provider.
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