A semiconductor device including a substrate-driven field-effect transistor with a lateral channel and a parallel-coupled Schottky diode, and a method of forming the same. In one embodiment, the substrate-driven field-effect transistor of the semiconductor device includes a conductive substrate having a first contact covering a substantial portion of a bottom surface thereof, and a lateral channel above the conductive substrate. The substrate-driven field-effect transistor also includes a second contact above the lateral channel and an interconnect that connects the lateral channel to the conductive substrate operable to provide a low resistance coupling between the first contact and the lateral channel. The semiconductor device also includes a Schottky diode parallel-coupled to the substrate-driven field-effect transistor. A first and second terminal of the Schottky diode are couplable to the first and second contacts, respectively, of the substrate drive field-effect transistor.