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We investigate the index of refraction of the ferromagnetic metamaterial, which consists of periodic layered ferrite and semiconductor or metallic mesh. We find that the metamaterial has the negative index; the frequency range and magnitude of the negative index are tunable in applied magnetic fields. The frequency range of the negative index shifts to higher frequencies as the applied magnetic fields increase. The permeability and permittivity of the ferrite and other component materials, as well as their thickness ratios, influence the tunable range of the negative index. It is demonstrated that ferrite-mesh structure has a much lower loss than that of a ferrite-semiconductor structure.