A CPP-GMR spin valve having a pinned layer with an AP2/coupling/AP1 configuration is disclosed wherein the AP2 portion is a FCC-like trilayer having a composition represented by Co.sub.ZFe.sub.(100-Z)/Fe.sub.(100-X)Ta.sub.X/Co.sub.ZFe.sub.(100-Z) or Co.sub.ZFe.sub.(100-Z)/Fe.sub.YCo.sub.(100-Y)/Co.sub.ZFe.sub.(100-Z) where x is 3 to 30 atomic %, y is 40 to 100 atomic %, and z is 75 to 100 atomic %. Preferably, z is 90 to provide a face centered cubic structure that minimizes electromigration. Optionally, the middle layer is comprised of an Fe rich alloy such as FeCr, FeV, FeW, FeZr, FeNb, FeHf, or FeMo. EM performance is improved significantly compared to a spin valve with a conventional AP2 Co.sub.50Fe.sub.5 or Co.sub.75Fe.sub.25 single layer. The MR ratio of the spin valve is also increased and the RA is maintained at an acceptable level. The coupling layer is preferably Ru and the AP1 layer may be comprised of a lamination of CoFe and Cu layers as in [CoFe/Cu].sub.2/CoFe.

 
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