AlN/GaN Metal Insulator Semiconductor Field Effect Transistors (MISFETs) were designed, simulated and fabricated. DC, S-parameter and power measurements were also performed. Drift-diffusion simulations using DESSIS compared AlN/GaN MISFETs and Al32Ga68N/GaN Heterostructure FETs (HFETs) with the same geometries. The simulation results show the advantages of AlN/GaN MISFETs in terms of higher saturation current, lower gate leakage and higher transconductance than AlGaN/GaN HFETs. First results from fabricated AlN/GaN devices with 1 µm gate length and 200 µm gate width showed a maximum drain current density of 380 mA/mm and a peak extrinsic transconductance of 85 mS/mm. S-parameter measurements showed that current-gain cutoff frequency (fT) and maximum oscillation frequency (fmax) were 5.85 GHz and 10.57 GHz, respectively. Power characteristics were measured at 2 GHz and showed output power density of 850 mW/mm with 23.8% PAE at VDS = 15 V. To the authors knowledge this is the first report of a systematic study of AlN/GaN MISFETs addressing their physical modeling and experimental high-frequency characteristics including the power performance.