A Hall effect generator chip is mounted between adjacent ends of an annular, horseshoe spacer of nonmagnetic material. The generator is sensitive to the flux density (B field) tangential to its top and bottom surfaces. The spacer and generator are sandwiched between ferromagnetic rings, each having a small air gap overlying/underlying the generator. A circuit including the generator supplies an output linearly proportional to the current of an adjacent conductor with reduced hysteresis and small variability over a temperature range.