Method of dc magnetron deposition has been used to prepare metallic nanostructures of the (Si, Al 2 O 3 , glass)/Ta/[NiFe/CoFe]/Cu/CoFe/(FeMn, MnIr)/Ta spin valve type with a composite "free layer" Ni 80 Fe 20 /Co 90 Fe 10 . A three stage method of decreasing hysteresis of the free layer has been suggested. The dependence of the magnitude of the giant magnetoresistance and hysteresis has been investigated depending on the angle between the direction of the easy magnetization axis of the free layer and the direction of the applied magnetic field in the plane of layers. It is shown that in the spin valves studied the hysteresis can be reduced to a few tenths of an oersted at the magnitude of the magnetoresistance more than 8%. In the case of a spin valve with an antiferromagnet Fe 50 Mn 50 the magnetoresistive sensitivity in the range of the hystere sisless variation of the magnetoresistance was equal to 1%/Oe, whereas the maximum sensitivity in the pres ence of a hysteresis exceeded 6%/Oe. A greater sensitivity (2.5%/Oe) at the magnitude of the free layer hys teresis of 0.6 Oe was obtained for spin valves on the basis of the antiferromagnetic Mn 75 Ir 25 alloy. For them, the maximum magnetoresistance was equal to 11.6%.