Novel LED has (a) a substrate (52) which is formed on a first electrode (50) and which supports an active layer (54) sandwiched between a lower first conductivity type sheath layer and an upper second conductivity type sheath layer; (b) an overlying second conductivity type window layer (56) of resistivity less than that of the upper sheath layer; (c) a second conductivity type contact layer (58, 59) which is applied on the window layer (56) to form an ohmic contact and which has a through-opening for exposing the window layer (56); (d) a transparent conductive oxide layer (60) which covers the contact layer and fills its opening and which has a resistivity less than those of the window layer and the contact layer; and (e) a second electrode (62) formed on a portion of the transparent conductive oxide layer (60) and aligned with the opening in the contact layer (58, 59).
