It’s a very, very sheer foundation with one to two pumps of product, while two to three pumps yielded sheer to light coverage. I didn’t feel like I could really build it up beyond light coverage, as applying more than two to three layers seemed to make the underlying layers lift and shift, which made the texture appear more uneven. I think the coverage seems mostly in line with how it’s described, as it is buildable from very sheer to sheer to light coverage. It dries down to a mostly non-tacky finish that doesn’t transfer easily for most of the wear (it had slight transfer after six hours of wear). It seemed waterproof in the sense that a splash of water didn’t cause the foundation to separate or run, but if I splashed water on my face and then patted my face with a towel, the product did come off.