Polarized neutron reflectivity ͑PNR͒ and magnetometry studies have been performed on the metal-insulator multilayer ͓Co 80 Fe 20 ͑1.6 nm͒ /Al 2 O 3 ͑3 nm͔͒ 9 which exhibits dominant dipolar coupling between the ferromagnetic layers. Our PNR measurements at the coercive field reveal a novel and unexpected magnetization state of the sample, exhibiting an oscillating magnetization depth profile from CoFe layer to CoFe layer with a period of five bilayers along the multilayer stack. With the help of micromagnetic simulations we demonstrate that competition between long-and short-ranged dipolar interactions apparently gives rise to this unprecedented phenomenon. DOI: 10.1103/PhysRevB.74.054426 PACS number͑s͒: 75.60.Jk, 61.12.Ha, 73.21.Ac, 78.20.Ls Magnetic multilayers ͑MLs͒ consisting of ferromagnetic ͑FM͒ and nonmagnetic ͑N͒ layers exhibit a large variety of physically interesting properties for both practical applications and fundamental research. In particular, magnetic multilayers comprising 3d ferromagnetic layers interleaved with nonmagnetic spacers exhibit giant magnetoresistance for appropriate thicknesses of the spacer layers.1 Several types of interlayer coupling have been studied theoretically and experimentally ͑e.g., Ref. 2͒. For trilayers consisting of two magnetically saturated, pinhole-free metallic layers separated by a conductive spacer layer, the Ruderman-Kittel-KasuyaYosida ͑RKKY͒ oscillatory exchange provides a major coupling mechanism. In systems with insulating spacer layers and flat interfaces, dipolar interactions are dominant. It favors antiparallel orientation of the intraplanar magnetization between adjacent layers. For rough interfaces the so-called Néel-or orange peel interlayer coupling has to be considered. 3,4 In 1962, Néel 3 pointed out that there should be ferromagnetic coupling between adjacent films due to magnetic dipoles at the interface induced by a correlated morphological corrugation. Finally, if one considers the domain structure within each layer, a magnetostatic interaction could arise between the domain-wall stray fields in a FM / N / FM structure, where N can be a nonmagnetic metallic or insulating layer. Recently Lew et al. 5 have shown that interlayer domain-wall coupling can induce a mirror domain structure in a magnetic trilayer system which can affect the transport properties.In this paper, we report on the observation of a novel magnetization state in a dipolar coupled magnetic metalinsulator multilayer exhibiting an oscillating magnetization depth profile from FM layer to FM layer. The paper is organized as follows: First we argue qualitatively how such unusual magnetization states can be induced by competing dipolar interactions. Then we present the experimental evidence from polarized neutron reflectometry. And, finally, a micromagnetic simulation is presented which underpins the argument that competing interactions can lead to the observed oscillating magnetization depth profile.Dipolar interaction can lead to frustration effects in magnetic multilayers wit...