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The ultrafast magnetization dynamics of an epitaxial Fe/CoObilayer on Ag(001) is examined in an element-resolved way by resonant soft-x-ray reflectivity. The transient magnetic linear dichroism at the Co 𝐿₂ edge and the magnetic circular dichroism at the Fe 𝐿₃ edge measured in reflection in a pump–probe experiment with 120 fs temporal resolution show the loss of antiferromagnetic and ferromagnetic order in CoO and Fe, respectively, both within 300 fs after excitation with 60 fs light pulses of 800 and 400 nm wavelengths. A comparison to spin-dynamics simulations using an atomistic spin model shows that direct energy transfer from the laser-excited electrons in Fe to the magnetic moments in CoO provides the dominant demagnetization channel in the case of 800-nm excitation.