An aqueous dispersion comprising: an emulsion polymer with a Tg of -45°C or more, measured by differential scanning calorimetry, comprising, by weight based on the dry weight of the emulsion polymer, structural units of a polymerizable surfactant having the structure of formula: wherein each R 1 is independently a phenyl group or a phenyl substituted alkyl group; m1 is 1, 2, 3 or 4; each R 2 is independently an alkyl or a substituted alkyl; m2 is 0, 1, or 2; R 3 is hydrogen or -C(R 4)=CH(R 5), wherein R 4 and R 5 are each independently hydrogen or a C 1 -C 20 alkyl group; A represents an alkylene group or a substituted alkylene group, having 2 to 4 carbon atoms; n is an integer in the range of from 1 to 100; X represents hydrogen, -(CH 2) a -SO 3 M, -(CH 2) b -COOM, -PO 3 M 2, -P O 2 M, or -CO-CH 2 -CH(SO 3 M)-COOM, wherein a and b are each independently an integer of from 0 to 4, Z represents a residual obtained by removing X from formula, and each M independently represents hydrogen, an alkali metal cation, an alkaline earth metal cation, NH 4 +, an aminium ion having an ethylenically unsaturated bond, an imidazolium ion having an ethylenically unsaturated bond, a pyridinium ion having an ethylenically unsaturated bond, a pyrrolidinium ion having an ethylenically unsaturated bond, or a piperidinium ion having an ethylenically unsaturated bond; provided that only one of R 3 and X contains an ethylenically unsaturated bond; from 0.3% to 10% of structural units of an ethylenically unsaturated monomer carrying at least one functional group selected from an amide, ureido, carboxyl, carboxylic anhydride, hydroxyl, sulfonic acid, sulfonate, phosphoric acid, or phosphate group, or a salt thereof; from 3% to less than 30% of structural units of a C 9 -C 30 -alkyl ester of (meth)acrylic acid; and from 65% to 95% of structural units of an additional ethylenically unsaturated nonionic monomer; and more than 1% by solids weight of a wax, based on the dry weight of the emulsion polymer. an emulsion polymer with a Tg of -45°C or more, measured by differential scanning calorimetry, comprising, by weight based on the dry weight of the emulsion polymer, structural units of a polymerizable surfactant having the structure of formula: wherein each R 1 is independently a phenyl group or a phenyl substituted alkyl group; m1 is 1, 2, 3 or 4; each R 2 is independently an alkyl or a substituted alkyl; m2 is 0, 1, or 2; R 3 is hydrogen or -C(R 4)=CH(R 5), wherein R 4 and R 5 are each independently hydrogen or a C 1 -C 20 alkyl group; A represents an alkylene group or a substituted alkylene group, having 2 to 4 carbon atoms; n is an integer in the range of from 1 to 100; X represents hydrogen, -(CH 2) a -SO 3 M, -(CH 2) b -COOM, -PO 3 M 2, -P O 2 M, or -CO-CH 2 -CH(SO 3 M)-COOM, wherein a and b are each independently an integer of from 0 to 4, Z represents a residual obtained by removing X from formula, and each M independently represents hydrogen, an alkali metal cation, an alkaline earth metal cation, NH 4 +, an aminium ion having an ethylenically unsaturated bond, an imidazolium ion having an ethylenically unsaturated bond, a pyridinium ion having an ethylenically unsaturated bond, a pyrrolidinium ion having an ethylenically unsaturated bond, or a piperidinium ion having an ethylenically unsaturated bond; provided that only one of R 3 and X contains an ethylenically unsaturated bond; from 0.3% to 10% of structural units of an ethylenically unsaturated monomer carrying at least one functional group selected from an amide, ureido, carboxyl, carboxylic anhydride, hydroxyl, sulfonic acid, sulfonate, phosphoric acid, or phosphate group, or a salt thereof; from 3% to less than 30% of structural units of a C 9 -C 30 -alkyl ester of (meth)acrylic acid; and from 65% to 95% of structural units of an additional ethylenically unsaturated nonionic monomer; and wherein each R 1 is independently a phenyl group or a phenyl substituted alkyl group; m1 is 1, 2, 3 or 4; each R 2 is independently an alkyl or a substituted alkyl; m2 is 0, 1, or 2; R 3 is hydrogen or -C(R 4)=CH(R 5), wherein R 4 and R 5 are each independently hydrogen or a C 1 -C 20 alkyl group; A represents an alkylene group or a substituted alkylene group, having 2 to 4 carbon atoms; n is an integer in the range of from 1 to 100; X represents hydrogen, -(CH 2) a -SO 3 M, -(CH 2) b -COOM, -PO 3 M 2, -P O 2 M, or -CO-CH 2 -CH(SO 3 M)-COOM, wherein a and b are each independently an integer of from 0 to 4, Z represents a residual obtained by removing X from formula, and each M independently represents hydrogen, an alkali metal cation, an alkaline earth metal cation, NH 4 +, an aminium ion having an ethylenically unsaturated bond, an imidazolium ion having an ethylenically unsaturated bond, a pyridinium ion having an ethylenically unsaturated bond, a pyrrolidinium ion having an ethylenically unsaturated bond, or a piperidinium ion having an ethylenically unsaturated bond; provided that only one of R 3 and X contains an ethylenically unsaturated bond; from 0.3% to 10% of structural units of an ethylenically unsaturated monomer carrying at least one functional group selected from an amide, ureido, carboxyl, carboxylic anhydride, hydroxyl, sulfonic acid, sulfonate, phosphoric acid, or phosphate group, or a salt thereof; from 3% to less than 30% of structural units of a C 9 -C 30 -alkyl ester of (meth)acrylic acid; and from 65% to 95% of structural units of an additional ethylenically unsaturated nonionic monomer; and more than 1% by solids weight of a wax, based on the dry weight of the emulsion polymer.