An exemplary nonvolatile memory array comprises a substrate and a plurality of memory cells formed on the substrate, each of the memory cells being addressable via at least first and second conductors during operations. An exemplary memory cell in the exemplary memory array includes a ferromagnetic annular data layer having an opening, the opening enabling the second conductor to electrically contact the first conductor, an intermediate layer on at least a portion of the annular data layer, and a soft reference layer on at least a portion of the intermediate layer.