This one is a first for us! Waxed fabric, with what feels like a waterproof top layer. This would be part of BMW’s promotional like in the 90’s for the E36 STW style race cars. It does come with the original BMW waxed pouch to store the poncho in. Fits like a Large with an absolute ton of length for those extra rainy days! We will say, it does wick moisture however not as well as we would imagine it would when it was new. Overall condition is stellar for this piece.