The spacer electrons mediate interlayer exchange coupling. Spin-dependent reflection at the two magnetic interfaces changes their electronic energy as the spacer thickness varies. In the oscillatory spacer-mediated exchange picture, Fermi-surface spanning wavevectors produce terms such as with a decaying envelope; real spacers can have several periods.
Define the coupling energy per area by . favours parallel moments and antiparallel moments. The oscillation period and phase depend on spacer band structure and interface reflection; there is no universal monotone rule or numerical crossover thickness from alone. Roughness and nonuniform thickness average and weaken the coupling. This is conduction-electron-mediated exchange, not a requirement that the nonmagnetic spacer itself be ferromagnetic.

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