A magnetic junction (200; 200'; 200"; 200"') for use in a magnetic device comprising: a pinned layer (210; 210'; 210"; 210"'); a nonmagnetic spacer layer (220; 220'; 220"; 220"'); and a free layer (230; 230'; 230"; 230"'), the nonmagnetic spacer layer (220; 220'; 220"; 220"') residing between the pinned layer (210; 210'; 210"; 210"') and the free layer (230; 230'; 230"; 230"'); wherein the magnetic junction (200; 200'; 200"; 200"') is configured such that the free layer (230; 230'; 230"; 230"') is switchable between a plurality of stable magnetic states when a write current is passed through the magnetic junction (200; 200'; 200"; 200"'); and wherein at least one of the pinned layer (210; 210'; 210"; 210"') and the free layer (230;.230'; 230"; 230"') includes a magnetic substructure (100; 100'; 100"; 100"'), the magnetic substructure (100; 100'; 100"; 100"') including at least two magnetic layers (110, 130; 110', 130'; 110", 130", 150; 110"', 130"', 150') interleaved with at least one insertion layer (120; 120'; 120", 140; 120"', 140'), the at least two magnetic layers (110, 130; 110', 130'; 110", 130", 150; 110"', 130"', 150') being exchange coupled, wherein the at least two magnetic layers (110, 130; 110', 130'; 110", 130", 150; 110"', 130"', 150') include a first magnetic layer (110; 110'; 110"; 110"') and a second magnetic layer (130; 130'; 130"; 130"'), the second magnetic layer (130; 130'; 130"; 130"') having a high perpendicular anisotropy, characterized in that the first magnetic layer (110; 110'; 110"; 110"') has a weak in-plane anisotropy and the magnetization of the first magnetic layer (110; 110'; 110"; 110"') has components in-plane and perpendicular-to-plane. a pinned layer (210; 210'; 210"; 210"'); a nonmagnetic spacer layer (220; 220'; 220"; 220"'); and a free layer (230; 230'; 230"; 230"'), the nonmagnetic spacer layer (220; 220'; 220"; 220"') residing between the pinned layer (210; 210'; 210"; 210"') and the free layer (230; 230'; 230"; 230"'); wherein the magnetic junction (200; 200'; 200"; 200"') is configured such that the free layer (230; 230'; 230"; 230"') is switchable between a plurality of stable magnetic states when a write current is passed through the magnetic junction (200; 200'; 200"; 200"'); and wherein at least one of the pinned layer (210; 210'; 210"; 210"') and the free layer (230;.230'; 230"; 230"') includes a magnetic substructure (100; 100'; 100"; 100"'), the magnetic substructure (100; 100'; 100"; 100"') including at least two magnetic layers (110, 130; 110', 130'; 110", 130", 150; 110"', 130"', 150') interleaved with at least one insertion layer (120; 120'; 120", 140; 120"', 140'), the at least two magnetic layers (110, 130; 110', 130'; 110", 130", 150; 110"', 130"', 150') being exchange coupled, wherein the at least two magnetic layers (110, 130; 110', 130'; 110", 130", 150; 110"', 130"', 150') include a first magnetic layer (110; 110'; 110"; 110"') and a second magnetic layer (130; 130'; 130"; 130"'), the second magnetic layer (130; 130'; 130"; 130"') having a high perpendicular anisotropy, characterized in that the first magnetic layer (110; 110'; 110"; 110"') has a weak in-plane anisotropy and the magnetization of the first magnetic layer (110; 110'; 110"; 110"') has components in-plane and perpendicular-to-plane.