This disclosure provides systems, methods and apparatus for providing multi-level multi-state shutter assemblies. The shutter assembly includes at least a first shutter at a first height over a substrate and a second shutter at a second height over the substrate. Both the first shutter and the second shutter can be operated in an open or closed state for passing or partially blocking light propagating through an aperture. In some implementations, the shutter assembly can operate in four states: a fully transmissive state, a fully obstructive state and two partially transmissive states based on the open or closed states of the first and second shutters.