In this article, we report the magnetic properties of ultrathin (15-200 Angstrom) NiFe and CoFe films deposited using ion beam deposition techniques. They are symmetrically sandwiched between Ta, Cu, or Ta/Cu under and capping layers. NiFe and CoFe films grown between Ta/Cu and Cu/Ta bilayers exhibit the smallest magnetic thickness loss of about 1 A. This interfacial magnetic dead layer thickness, t(0), is about 5 Angstrom for Cu-sandwiched films and about 15 Angstrom for Ta-sandwiched films. As the film thickness becomes thinner than 100 Angstrom, the magnetic properties are found to be more sensitive to the choice of material and growth environment. CoFe films show an interfacial contribution, lambda(i), about ten times larger than that for NiFe films. Among others, NiFe and CoFe films sandwiched by Ta/Cu and Cu/Ta bilayers exhibit the smallest values of lambda(i). The magnetic anisotropy in Ta-sandwiched CoFe films appears to be predominantly magnetoelastic in nature. (C) 2000 American Institute of Physics. [S0021-8979(00)87308-9].