The present invention relates to a composition comprising an aqueous dispersion of submicron-sized polymer particles and micron-sized polymer beads, wherein the polymer particles or beads or both are functionalized with phosphorus acid groups. The composition of the present invention is useful for providing a matte finish on substrates, such as leather, textiles, wallboard, decorative coatings, concrete, and wood, with improved stain resistance. The present invention also relates to a leather substrate coated with a clear matte finish comprising an acrylic or styrene-acrylic polymer film and micron-sized polymer beads, wherein the film or the beads or both are functionalized with a phosphorus acid monomer.