According to preferred embodiments, these objectives are achieved with a single initialization step wherein a magnetic field is applied to a p-MTJ stack of layers in an in-plane (horizontal) direction, or in a perpendicular-to-plane (vertical) direction. The p-MTJ stack of layers may be in the form of a plurality of p-MTJ cells each having an uppermost capping layer, and a sidewall that stops on a substrate such as a bottom electrode. The p-MTJ stack has at least a pinned layer and free layer (FL), and a tunnel barrier between the FL and pinned layer. In preferred embodiments, the pinned layer has a synthetic antiparallel (SyAP) configuration wherein an inner pinned (AP1) layer adjoins the tunnel barrier layer, and is antiferromagnetically (AF) coupled to an outer pinned (AP2) layer through an intermediate AF coupling (AFC) layer such as Ru.

In a bottom spin valve embodiment, the SyAP pinned layer is below the tunnel barrier and FL. There is also a top spin valve embodiment for the p-MTJ where the SyAP pinned layer is above the tunnel barrier and FL. The present disclosure also encompasses a dual spin valve structure where a first SyAP pinned layer is formed below a first non-magnetic spacer (SP1), a second SyAP pinned layer is formed above a second non-magnetic spacer (SP2), and the FL is between SP1 and SP2. Each of SP1 and SP2 may be a tunnel barrier, or a composite layer with conductive metal pathways in a dielectric matrix.