An aqueous dispersion of film-forming polymeric particles, the particles comprising: a) from 10% to 80 % by weight, based on the weight of the polymeric particles, of a first stage polymer comprising, i) an optional core stage polymer comprising, as polymerized units, from 5 to 100% by weight, based on the weight of the core, of at least one hydrophilic monoethylenically unsaturated monomer and from 0 to 95% by weight of at least one nonionic monoethylenically unsaturated monomer; ii) a first shell stage polymer comprising, as polymerized units, of at least one monoethylenically unsaturated monomer and from 0.05 to 90% by weight, based on the total weight of the first polymer, of at least one multi-ethylenically unsaturated monomer, the first shell stage polymer having a Tg of at least 50 °C, and when dry, at least one void, the void having a diameter of from 100 to 1200 nanometers; and b) from 20% to 90% by weight, based on the weight of the polymeric particles, of at least one second shell stage polymer comprising, as polymerized units, at least one ethylenically unsaturated monomer, the second shell stage polymer substantially encapsulating the first shell stage polymer and having a Tg of from -60 °C to 50 °C, the second shell stage polymer formed in a presence of the first shell stage polymer; wherein the aqueous dispersion has a BCOP hiding factor of at least 0.1, wherein BCOP hiding factor is the average of four values calculated using the equation: BCOP hiding factor = R 1 − R × t wherein R = reflectance and t = film thickness in mil (0.0254 millimeters). a) from 10% to 80 % by weight, based on the weight of the polymeric particles, of a first stage polymer comprising, i) an optional core stage polymer comprising, as polymerized units, from 5 to 100% by weight, based on the weight of the core, of at least one hydrophilic monoethylenically unsaturated monomer and from 0 to 95% by weight of at least one nonionic monoethylenically unsaturated monomer; ii) a first shell stage polymer comprising, as polymerized units, of at least one monoethylenically unsaturated monomer and from 0.05 to 90% by weight, based on the total weight of the first polymer, of at least one multi-ethylenically unsaturated monomer, the first shell stage polymer having a Tg of at least 50 °C, and when dry, at least one void, the void having a diameter of from 100 to 1200 nanometers; and i) an optional core stage polymer comprising, as polymerized units, from 5 to 100% by weight, based on the weight of the core, of at least one hydrophilic monoethylenically unsaturated monomer and from 0 to 95% by weight of at least one nonionic monoethylenically unsaturated monomer; ii) a first shell stage polymer comprising, as polymerized units, of at least one monoethylenically unsaturated monomer and from 0.05 to 90% by weight, based on the total weight of the first polymer, of at least one multi-ethylenically unsaturated monomer, the first shell stage polymer having a Tg of at least 50 °C, and when dry, at least one void, the void having a diameter of from 100 to 1200 nanometers; and b) from 20% to 90% by weight, based on the weight of the polymeric particles, of at least one second shell stage polymer comprising, as polymerized units, at least one ethylenically unsaturated monomer, the second shell stage polymer substantially encapsulating the first shell stage polymer and having a Tg of from -60 °C to 50 °C, the second shell stage polymer formed in a presence of the first shell stage polymer; wherein the aqueous dispersion has a BCOP hiding factor of at least 0.1, wherein BCOP hiding factor is the average of four values calculated using the equation: BCOP hiding factor = R 1 − R × t wherein R = reflectance and t = film thickness in mil (0.0254 millimeters). <EOS>