A method of forming a CPP MTJ MRAM element that utilizes transfer of spin angular momentum as a mechanism for changing the magnetic moment direction of a free layer. The device includes a tunneling barrier layer of MgO and a non-magnetic CPP layer of Cu or Cr and utilizes a novel synthetic free layer having three ferromagnetic layers mutually exchange coupled in pairwise configurations. The free layer comprises an inner ferromagnetic and two outer ferromagnetic layers, with the inner layer being ferromagnetically exchange coupled to one outer layer and anti-ferromagnetically exchange coupled to the other outer layer. The ferromagnetic coupling is very strong across an ultra-thin layer of Ta, Hf or Zr of thickness preferably less than 0.4 nm.