Retail is staying in the ARKK.

For ARKK investors, these last 3 months have been about as bad as it’s ever gotten. The fund, which dominated all the headlines over the last year, is more than 30% below its all-time high.

Despite this drop, investors in aggregate have done more than okay. This chart from George Pearkes tells the story.

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And now for the coup de grâce. ARKK has seen inflows from retail investors for 109 of the last 110 days. I can’t tell you how this data is calculated, but it comes from a really neat service called Vanda Track, which figured out a way to isolate retail flows. Looking at data from ETF.com, it appears that retail is a small portion of overall flows.

It’s going to take a little more pain to shake investor’s confidence. Maybe it’s a 50% drawdown. Or maybe it’s a few years of underperformance. I don’t know where that line is, but it doesn’t seem like it’s particularly close.