Method and system for providing magnetic tunneling junction elements having improved performance through capping layer induced perpendicular anisotropy and memories using such magnetic elements

A magnetic element for use in a magnetic device including a contact electrically coupled to the magnetic element, the magnetic element comprising:

• a pinned layer;
• a nonmagnetic spacer layer;
• a free layer having an out-of-plane demagnetization energy and a perpendicular magnetic anisotropy corresponding to a perpendicular anisotropy energy, the nonmagnetic spacer layer residing between the pinned layer and the free layer;
• and
• a perpendicular capping layer adjoining the free layer and the contact, the perpendicular capping layer inducing at least a portion of the perpendicular magnetic anisotropy in the free layer;
• without substantially changing an in-plane magnetic anisotropy of the free layer, the perpendicular capping layer being free of Pt, Pd, Cr, Au and Cu if the perpendicular capping layer is metallic, the perpendicular capping layer being free of Ta and residing between the free layer and the contact;
• wherein the magnetic element is configured to allow the free layer to be switched between a plurality of stable magnetic states when a write current is passed through the magnetic element.