Dispersions comprising silyl-terminated polymers of the formula where R 1 may be identical or different and is a monovalent, optionally substituted, SiC-bonded hydrocarbyl radical, R 2 may be identical or different and is hydrogen atom or a monovalent, optionally substituted hydrocarbyl radical, X may be identical or different and is -O-, -NR 3 where R 3 is hydrogen atom, aliphatically saturated or aromatic hydrocarbyl radicals having 1 to 12 carbon atoms, Y may be identical or different and is radicals -(CH 2) 3 -, - (CH 2) 3 NHC(=O)-, -CH 2 - or -CH 2 NHC(=O)-, M may be identical or different and is radicals -CH 2 CH 2 -, -CH 2 CH(CH 3)-, -(CH 2) 4 - or -(CH 2) 6 -, n is 0 or 1, and m is an integer from 50 to 500, organosilicon compounds comprising units of the formula R 4 a (R 5 O) b SiO (4-a-b)/2, where R 4 may be identical or different and is a monovalent, SiC-bonded hydrocarbyl radical optionally substituted by halogen radicals, oxygen or nitrogen, R 5 may be identical or different and is hydrogen atom or a monovalent, optionally substituted hydrocarbyl radical, a is 0, 1, 2 or 3, b is 0, 1, 2 or 3, with the proviso that the sum a+b≤3, there are at least two groups -OR 5 per molecule, and a is 0 or 1 in at least 40% of all units of the formula, emulsifiers, water, optionally catalysts, optionally fillers, and optionally additives. silyl-terminated polymers of the formula where R 1 may be identical or different and is a monovalent, optionally substituted, SiC-bonded hydrocarbyl radical, R 2 may be identical or different and is hydrogen atom or a monovalent, optionally substituted hydrocarbyl radical, X may be identical or different and is -O-, -NR 3 where R 3 is hydrogen atom, aliphatically saturated or aromatic hydrocarbyl radicals having 1 to 12 carbon atoms, Y may be identical or different and is radicals -(CH 2) 3 -, - (CH 2) 3 NHC(=O)-, -CH 2 - or -CH 2 NHC(=O)-, M may be identical or different and is radicals -CH 2 CH 2 -, -CH 2 CH(CH 3)-, -(CH 2) 4 - or -(CH 2) 6 -, n is 0 or 1, and m is an integer from 50 to 500, R 1 may be identical or different and is a monovalent, optionally substituted, SiC-bonded hydrocarbyl radical, R 2 may be identical or different and is hydrogen atom or a monovalent, optionally substituted hydrocarbyl radical, X may be identical or different and is -O-, -NR 3 where R 3 is hydrogen atom, aliphatically saturated or aromatic hydrocarbyl radicals having 1 to 12 carbon atoms, Y may be identical or different and is radicals -(CH 2) 3 -, - (CH 2) 3 NHC(=O)-, -CH 2 - or -CH 2 NHC(=O)-, M may be identical or different and is radicals -CH 2 CH 2 -, -CH 2 CH(CH 3)-, -(CH 2) 4 - or -(CH 2) 6 -, n is 0 or 1, and m is an integer from 50 to 500, organosilicon compounds comprising units of the formula R 4 a (R 5 O) b SiO (4-a-b)/2, where R 4 may be identical or different and is a monovalent, SiC-bonded hydrocarbyl radical optionally substituted by halogen radicals, oxygen or nitrogen, R 5 may be identical or different and is hydrogen atom or a monovalent, optionally substituted hydrocarbyl radical, a is 0, 1, 2 or 3, b is 0, 1, 2 or 3, with the proviso that the sum a+b≤3, there are at least two groups -OR 5 per molecule, and a is 0 or 1 in at least 40% of all units of the formula, R 4 may be identical or different and is a monovalent, SiC-bonded hydrocarbyl radical optionally substituted by halogen radicals, oxygen or nitrogen, R 5 may be identical or different and is hydrogen atom or a monovalent, optionally substituted hydrocarbyl radical, a is 0, 1, 2 or 3, b is 0, 1, 2 or 3, with the proviso that the sum a+b≤3, there are at least two groups -OR 5 per molecule, and a is 0 or 1 in at least 40% of all units of the formula, emulsifiers, water, optionally catalysts, optionally fillers, and optionally additives.