The present invention provides a catalyst comprising a mixture of at least one acid-activated sheet silicate with a transition metal oxide of groups 8 and/or 9 of the Periodic Table of the Elements and also a process for preparing polytetrahydrofuran, polytetrahy-drofuran copolymers, diesters or monoesters of these polymers, in which tetrahydrofuran is polymerized in the presence of at least one telogen and/or comonomer over such a catalyst.