Referring to FIG. 1a, the present disclosure encompasses a p-MTJ 10 having a sidewall 10s that stops on top surface 8t of substrate 8. The p-MTJ has a bottom spin valve configuration wherein an optional seed layer 11, pinned layer 15, non-magnetic spacer 16, FL 17, and capping layer 18 with top surface 18t are sequentially formed on the substrate that in some embodiments is a bottom electrode (BE). The bottom electrode may be a multilayer structure and is typically embedded in a dielectric layer (not shown). Preferably, the pinned layer has a SyAP configuration wherein the inner AP1 layer 14 contacts a bottom surface of the tunnel barrier, the outer AP2 layer 12 adjoins a top surface of the seed layer, or the bottom electrode in other embodiments, and AFC layer 13 is between the AP1 and AP2 layers. The present disclosure also anticipates that at least one additional layer may be included in the aforementioned MTJ stack such as a metal oxide Hk enhancing layer (not shown) between the FL and capping layer that enhances PMA in the FL by introducing an additional FL/metal oxide interface.

In the exemplary embodiment, FL 17 has magnetization 17a, which is aligned in a positive z-axis direction, AP1 layer 14 has magnetization 14m aligned in a negative z-axis direction towards BE top surface 8t, and AP2 layer has magnetization 12a that is antiparallel to 14m. Alternatively, all of the aforementioned magnetizations could be flipped 180° (not shown) to effectively yield the same AP state depicted in FIG. 1a.