Best Geothermal ETFs

The honest starting point: as of 2026, no pure-play geothermal ETF exists. Fund issuers launch thematic ETFs where there is a large enough universe of investable companies to fill a diversified basket, and geothermal is still a narrow corner of the energy market. There are only a few sizeable listed pure-play geothermal companies, which is not enough for a single-theme fund. So if you see a fund marketed loosely as “geothermal,” check the holdings: it is almost certainly a broad clean-energy or renewable-power ETF that happens to include geothermal as one slice.

That does not mean you cannot invest in geothermal; it means the cleanest exposure comes from individual stocks, and the diversified exposure comes from a clean-energy ETF where geothermal is a minor weight. The rest of this guide covers both. Nothing here is a prediction that a geothermal-only ETF will or will not eventually launch.

The most direct way to own geothermal is individual stocks, with the trade-off that a single company carries concentrated, company-specific risk that a fund would spread out. Ormat Technologies (ORA) is the most widely held listed pure-play geothermal company. It operates geothermal power plants, sells geothermal equipment, and has built out an energy-storage business, which makes it the closest thing to an established geothermal operator on the public market.

Fervo Energy (FRVO) is the newer name. It focuses on enhanced geothermal systems (EGS), a next-generation approach that borrows horizontal drilling and fiber-optic sensing from the oil and gas world to tap heat in far more locations. Fervo completed its IPO in May 2026 and now trades on Nasdaq, so it is an early-stage public company and can be volatile, behaving very differently from a mature operator. Baker Hughes (BKR) is a different angle again: it is a large oilfield-services and equipment company supplying drilling technology and power-generation gear to geothermal projects, so it is a diversified energy business with a geothermal tailwind, not a pure play. None of this is a recommendation to buy any of them.

If you would rather spread the risk, a broad clean-energy ETF is the practical route, accepting that geothermal will be a small part of the mix rather than the focus. ICLN (iShares Global Clean Energy) is the largest broad-based clean-energy fund and lists geothermal among its target themes alongside solar, wind, hydro, and fuel cells. ACES (ALPS Clean Energy ETF) is worth a look specifically because Ormat Technologies tends to sit among its larger holdings, so it gives you a meaningful indirect slice of the main geothermal operator inside a diversified North American clean-energy basket.

QCLN (First Trust Nasdaq Clean Edge Green Energy) and PBW (Invesco WilderHill Clean Energy) are two more diversified clean-energy funds, though both lean heavily toward solar, EVs, and battery technology, so any geothermal exposure is incidental. The honest framing across all of these is the same: you are buying broad clean energy, and geothermal is a minor weight, not the headline. Verify the current holdings on each issuer's site, because fund weights change.

A step further out, renewable-power and infrastructure funds give you exposure to companies that produce or enable clean electricity, which can include geothermal generation among hydro, wind, and solar. RNRG (Global X Renewable Energy Producers) targets companies that generate power from renewable sources, so geothermal producers can appear in the basket, again as a slice rather than the focus.

These funds behave more like a diversified utilities-and-infrastructure holding than a focused clean-tech bet, which some investors prefer for steadier exposure. As with the clean-energy ETFs, geothermal is never the main driver here, so treat these as a way to own renewable power broadly with a geothermal touch, not as a geothermal fund.

Geothermal's appeal right now is that it produces clean power around the clock, unlike solar and wind which rise and fall with the weather and the time of day. That steady output lines up neatly with data centers trying to power AI workloads with carbon-free electricity, which is why enhanced geothermal systems keep showing up in the headlines and in supply deals between geothermal developers and equipment makers like Baker Hughes.

The honest caveat: the narrative is real, but the most focused way to play it is still single stocks, and several of the next-generation players are early-stage. Fervo Energy is now public after its May 2026 IPO, but plenty of the field remains private, so a diversified clean-energy ETF will only capture a sliver of this theme. The story is promising, not a guarantee, and a fast-growing theme can be volatile. Nothing here is a prediction about how any of these companies will perform.

ORA, FRVO, and BKR are individual stocks, so they give the most direct geothermal exposure but carry company-specific risk. ICLN, ACES, and RNRG are diversified funds where geothermal is only a small slice. There is no pure-play geothermal ETF on this list because none exists. Tickers, holdings, and weights change, so verify current details on each issuer's site before deciding. For how a clean-energy or single-stock position fits the wider fund landscape, you can browse any of these as an ETF.

The hard part of geothermal is not finding a fund, because there is not a pure one. The real questions are whether you want concentrated exposure through a single stock like ORA or FRVO, a diluted slice through a broad clean-energy ETF like ICLN or ACES, and how much of either belongs in your portfolio at all. Those answers depend on what you already own and what you are trying to do, which is where an AI assistant that can reason over your real holdings is useful.

That is where Walnut fits. It connects your existing brokerage through SnapTrade so you can ask, in plain language through Claude, ChatGPT, or a built-in assistant, how a geothermal stock or a clean-energy ETF would fit alongside what you already hold, how much a position like ORA or ICLN moves with the rest of your portfolio, and how these names are doing against the market. Walnut keeps your accounts read-only, so a geothermal position is only ever added when you place that order yourself. As something that informs rather than advises, it sizes the question against your real holdings instead of recommending a fund, because Walnut is not an investment adviser.

The honest answer to “best geothermal ETF” is that there is no pure-play geothermal ETF to pick. Investors get geothermal exposure two ways. The direct route is individual stocks: Ormat Technologies (ORA) as the established operator, Fervo Energy (FRVO) as the newly public next-generation EGS company, and Baker Hughes (BKR) as the drilling-technology supplier, each with concentrated, company-specific risk. The diversified route is a broad clean-energy ETF, ICLN, ACES (which holds Ormat), QCLN, PBW, or a renewable-power fund like RNRG, where geothermal is only a small slice.

Whichever route, the framing is the same: geothermal is a narrow, fast-evolving theme, so concentrated bets are riskier and diversified funds dilute the exposure. Holdings, tickers, and weights change, so treat the specifics here as a starting point and confirm on each provider's site before deciding. For the full category map, see our best ETF in every category guide.