Very nice elastic than runs around the waist. I have been wearing it by itself these past couple of days and although some air goes through at high speeds, it is very warm and comfortable. I washed it on cool and hanged dried it and it turned out fine. The pockets are very nice too; I haven't had anything fall out of them.
This is a great fleece jacket, nicely designed, roomy and warm. Not something you would work out in, though—too heavy for that.