Woman finds her majesty transparent (5)
I believe the answer is:
Here is my best explanation:
'transparent' is the definition.
('sheer' can be a synonym of 'transparent')
'woman finds her majesty' is the subsidiary indication.
'woman' becomes 'she' (**).
'finds' is a charade indicator (letters next to each other).
'her majesty' becomes 'er' (Elizabeth Regina).
(Other definitions for sheer that I've seen before include "Absolute - precipitous", "Arrant", "Vertical", "Very fine like silk stockings", "Almost perpendicular or very thin", "Precipitous or fine", "Very fine or vertical", "Very thin as in ladies' stockings", "Very thin and fine" and "Nothing other than".)