An insulated gate turn-off (IGTO) device, formed as a die, has a layered structure including a p+ layer (e.g., a substrate), an n− epi layer, a p-well, vertical insulated gate electrodes formed in the p-well, and n+ regions between the gate electrodes, so that vertical npn and pnp transistors are formed. The device is formed of a matrix of cells. To turn the device on, a positive voltage is applied to the gate electrodes, referenced to the cathode. The cells further contain a vertical p-channel MOSFET, for shorting the base of the npn transistor to its emitter, to turn the npn transistor off when the p-channel MOSFET is turned on by a slight negative voltage applied to the gate. The p-channel MOSFET includes a Schottky source formed in the top surface of the npn transistor emitter.