If you want your bivy sack to be truly waterproof you will need to purchase one that is comprised of either Goretex or eVent fabric. These materials are relatively heavy per sq. meter of fabric so the overall weight of a waterproof/breathable bivy will often be as heavy, or heavier than the weight of an ultralight tarp.
For instance, compare these two options:
Integral Designs South Col Bivy which has a mfg listed weight of 22 oz and MSRP of $260.00.
http://www.integraldesigns.com/product_detail.cfm?id=693&CFID=1894524&CFTOKEN=43394557Gossamer Gear Spinn Twinn spinnaker tarp which has a mfg listed weight of 8.6 oz and MSRP of $175.00.
http://gossamergear.com/shelters/shelters/spinntwinn-tarp.htmlThe volume of space needed for these two options is very similar, both offer full protection from rain yet the tarp system will be extremely more breathable and protect you from the constant threat of wetting out from condensation inside your bivy sack. The downside to tarp use is it lacks wind protection. To counter that a non waterproof bivy sack can be added to your gear list with a weight penalty of around 7 or 8 ounces, another $150 and a half liter of volume.