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Good-quality metamorphic InP buffer layers have been successfully grown on GaAs substrates by metal-organic chemical vapor deposition. Characterization by atomic force microscope, transmission electron microscopy, high-resolution X-ray diffraction, and Hall measurements indicated that the layers are of high crystalline quality, good mobility, and excellent surface morphology. On this buffer, we demonstrated the first metamorphic InP/GaAsSb/InP double heterojunction bipolar transistors (DHBTs) with good material quality and device performance. Metamorphic DHBTs showed direct-current and radio-frequency characteristics that are comparable to those grown on lattice-matched InP substrates.