A high frequency, high density, low profile magnetic circuit component includes a magnetic core having a first magnetic layer and a second magnetic layer with a conductive layer deposited therebetween, each magnetic layer being a multilayer structure comprised of alternating magnetic and insulating films. The magnetic films are anisotropic and are driven along their magnetic hard axis in order to reduce excess eddy current losses. To reduce fringing field eddy current losses, a distributed air gap is structured in the magnetic layers. The magnetic core has a distributed air gap formed therein in order to minimize eddy current losses in the conductive layer. The conductive layer has a conductive material patterned on a insulating substrate and is situated between the first and second magnetic layers such that the conductive material extends beyond the peripheries of the first and second magnetic layers, thereby maximizing the amount of magnetic material that is driven in the hard axis.