When two transparent polymers with different refractive indices are stacked alternatively in a multilayered structure, a preferred wavelength range is reflected, depending on the refractive index difference and layer thickness. Colors generated in such a way are referred to as “physical colors”. Visualization of a color in the visible range requires a refractive index difference of about 0.1 and layer thicknesses in the order of 100 nm. Increasing the number of layers contributes to the level of saturation (intensity) of the color. Transparent multilayered films and sheets were studied. Two thermoplastic polyurethanes (TPUs) of refractive indices 1.50 and 1.60 were co-extruded; the extrusion temperatures of each grade were adjusted to equilibrate the viscosities and thus stabilize the layers. The extrusion system comprises two extruders and a series of multiplying units, each doubling the number of layers, such that 12 multiplying units render 212+1+1 (= 8193) layers. For a 0.8 mm-thick die, the resulting layers after die swell are ~ 120 nm thick. TPUs are highly elastic, and large stretching ratios allow for significant reduction in thickness. Physical coloring developed in a controlled, reversible manner. The visual color correlates with elongation, and can be offset by choice of initial thickness. Both reflected and transmitted wavelengths change throughout the whole visible range, the former decreases and the latter increases with stretch.