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 "Utter - precipitous", "Very thin as in ladies' stockings", "Very steep; utter", "Arrant", "absolute", "total", "Diaphanous or very steep", "Very steep - may apply to 4", "Outright" and "Nothing other than".)