An electromagnetic component assembly includes a first magnetic core piece, a second magnetic core piece, and an inverted U-shaped conductive winding including a base section and first and second legs extending from base section. One of the first and second magnetic core pieces is configured to receive the base section. The first and second magnetic core pieces are gapped from one another to define a first gap, and one of the first and second magnetic core pieces includes a second gap that, in combination with the first gap, allows the component to be operated at more than one stable open circuit inductance (OCL) corresponding to different current loads.