We report on the properties of 10 nm thick Co50Fe50 interdigitated electrodes deposited on lead zirconate titanate (PZT) substrates to achieve low power dynamic tuning of magnetic properties. The actuation of this combination relies on magnetoelectric coupling through the shear mode deformation of the PZT: numerical simulations confirmed that both uniaxial tensile and compressive strain can be achieved either by applying a bias voltage on the appropriate set of electrodes or by reversing the polarity of the bias voltage. Reversible electric field induced changes in the coercive field of more than 10% and a 0.08% change in the resistance were obtained for an applied electrical field of 5 kV/cm. (c) 2007 American Institute of Physics.