In this paper, normal operation of a MOSFET with an ultra-thin direct-tunneling gate oxide is reported for the first time. These high current drive n-MOSFET's were fabricated with a 1.5 nm direct-tunneling gate oxide. They operate well at gate lengths of around 0.1 μm, because the gate leakage current falls in proportional to the gate length, while the drain current increases in inverse proportion. A current drive of more than 1.0 m A/μm and a transconductance of more than 1,000 mS/mm were obtained at a gate length of 0.09 μm at room temperature. These are the highest values ever obtained with Si MOSFET's at room temperature. Further, hot-carrier reliability is shown to improve as the thickness of the gate oxide is reduced, even in the 1.5 nm case. This work clarifies that excellent performance - a transconductance of over 1,000 mS/mm at room temperature - can be obtained with Si MOSFET's if a high-capacitance gate insulator is used.