Polymer electrolyte membrane fuel cells (PEMFCs) operating at low temperature (60-80 degrees C, up to 110 degrees C) are mostly limited in their performance by the kinetics of the oxygen reduction reaction (ORR), leading to high loadings of platinum (Pt) in the cathode. Pt catalysts are without alternative in numerous industrial applications, and since Pt resources are limited, the associated high costs for low temperature fuel cells are hindering among other factors their commercialization. In order to increase the fraction of electrocatalytically available Pt towards ORR, this work is devoted to the factors responsible for the microstructure of the PEMFC cathodes. Typically, the active layers are coated by processes like spraying, doctor blading, printing etc. Therefore, the final structure actually is strongly dependent on the coating process and the physicochemical properties of the catalyst dispersions used. Selecting commercially available electrocatalysts from Johnson-Manhey and Tanaka as active material and ultrasonically assisted spraying as the coating method, systematic variations of the surface chemistry of the catalyst particles and their influence on catalyst layer morphology and therefore electrical and electrochemical properties of resulting membrane electrode assemblies (MEA) have been investigated. It could be shown, that the colloid chemical properties of the catalyst dispersions have a profound influence not only on the microstructure of the MEAs but also on the performance under operating conditions.