A process is described for converting an oxygenate-containing feedstock into one or more olefins in a reactor system including a plurality of fixed bed reactors each containing a catalyst composition comprising a molecular sieve and at least one metal oxide having an uptake of carbon dioxide at 100.degree. C. of at least 0.03 mg/m.sup.2 of the metal oxide. Each reactor is sequentially rotated between at least one operating mode, wherein the catalyst composition in the reactor is contacted with the oxygenate-containing feedstock, and a regeneration mode, wherein the catalyst composition in the reactor is contacted with a regeneration medium.