A monolithically integrated field effect transistor and Schottky diode includes gate trenches extending into a semiconductor region. Source regions having a substantially triangular shape flank each side of the gate trenches. A contact opening extends into the semiconductor region between adjacent gate trenches. A conductor layer fills the contact opening to electrically contact: (a) the source regions along at least a portion of a slanted sidewall of each source region, and (b) the semiconductor region along a bottom portion of the contact opening, wherein the conductor layer forms a Schottky contact with the semiconductor region.