A fluid catalytic cracking catalyst comprising microspheres containing more than about 40% by weight Y-faujasite, less than about 0.7 by weight Na.sub.2 O, more than about 4% by weight REO, and having a SiO.sub.2 /Al.sub.2 O.sub.3 molar ratio of about 1.7-3.4, less than about 0.20 cc/g. of pores having diameters in the range of 20-100.ANG., less than about 0.30 cc/g. of pores having diameters in the range of 600-20,000.ANG., a surface area of about 300-750m.sup.2 /g. and a bulk density of the 200/270 mesh fraction of about 0.8-1.2 g/cc., said microspheres comprising:
- (a) a non-zeolitic component comprising the zeolite crystallization process residue of calcined clay, said calcined clay comprising about 30-60% by weight metakaolin and about 40-70% by weight kaolin clay that had been calcined at least substantially through its characteristic exotherm;
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- (b) Y-faujasite having, in the sodium form, a crystalline unit cell size of less than about 24.73.ANG..