Abstract: A polymeric surfactant comprises the reaction product of ethylentcally unsaturated monomers at least 40 percent by weight of which are acid group containing monomers, including a combination of both acrylic acid and methacrylic acid, at least a portion of the acid groups being neutralized by a base. Also disclosed is an aqueous acrylic latex made by polymerizing a second polymer from ethylenically unsaturated monomers in the presence of said polymeric surfactant, whereby the latex comprises polymeric particles containing two polymers. The latex may be used to advantage in very low V.O.C. coatings that may be spray applied.