This ripstop poncho is 100% waterproof and called ripstop because of the special weave that runs through the material. It's originally a military designed material weave that is used in many fabrics and applications.
It also allows the material to be lighter without losing any strength. A multi-function item has eyelets on the hem for use as a shelter or ground sheet, and press stud poppers on the sides allowing you to use it as a sleeping bag cover or even a poncho or basha.
The poppers allow "sleeves" to be formed so you can still handle equipment easily.