Films which possess rotatable anisotropy have been observed. In these films, the easy direction of magnetizationcan be selected by the application of a sufficiently large magnetic field. The temperature dependenceof hysteresis and resistivity have been studied. Films have also been examined by electron diffractioncombined with partial etch techniques. It is concluded that a nickel oxide layer on the surface of the filmis essential for the existence of rotatable anisotropy. Some mechanisms that may be responsible for thisphenomenon are discussed.