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We have studied channel thickness dependence of InGaAs quantum-well field-effect transistors (QWFETs) with high-κ gate dielectrics. Device performances of ultrathin 5- and 10-nm-channel In0.7Ga0.3As QWFETs with gate length down to sub-50-nm regime have been investigated. Thinning down the channel improves subthreshold characteristics and reduces the short-channel effect. The 5-nm In0.7Ga0.3As channel (Lg = 40 nm) devices exhibit a reduced subthreshold swing (SS) of around 100 mV/dec and drain-induced barrier lowering (DIBL) of 128 mV/V compared to 10-nm In0.7Ga0.3As channel devices (SS of ~ 140 mV/dec and DIBL of ~ 275 mV/V). However, the drawback for thinner channel devices is that the effective channel mobility also decreases. At inversion charge density of 3 ×1012/cm2, 10-nm In0.7Ga0.3As channel devices exhibit mobility of 1860 cm2/V·s versus mobility of 1460 cm2/V·s for 5-nm In0.7Ga0.3As channel devices.