An apparatus for coating a substrate is provided that includes a racetrack-shaped plasma source having two straight portions and at least one terminal turnaround portion connecting said straight portions. A tubular target formed of a target material that forms a component of the coating has an end. The target is in proximity to the plasma source for sputtering of the target material. The target is secured to a tubular backing cathode, with both being rotatable about a central axis. A set of magnets are arranged inside the cathode to move an erosion zone aligned with the terminal turnaround toward the end of the target as the target is utilized to deposit the coating on the substrate. Target utilization of up to 87 weight percent the initial target weight is achieved.