Novel structure GaAs/InGaAS/AlGaAs pseudomorphic MODFETs with a p i-n dipole buried layer and a 200 nm buffer layer have been fabricated with molecular beam epitaxy and regular wet etching processing technology. The measured transconductance of these MODFETs, with a gate length of 2 mum and a drain-source spacing of 5 mum, are as high as 320 mS/mm. The measured maximum drain currents of the typical devices are higher than 500 mA/mm. As far as we know, these represent the best results ever reported for MODFETs with similar scales