A striking pattern emerges when you look at trading activity in the largest exchange-traded fund run by Goldman Sachs Group Inc.

Big blocks of shares in the bank’s ActiveBeta U.S. Large Cap Equity ETF have traded at 4:02 p.m. on three separate days during the past week, according to data compiled by Bloomberg. The transactions, worth about $630 million, have fed inflows into the fund of more than $1 billion in July.

The $6.3 billion fund, known as GSLC and run by Goldman Sachs Asset Management, follows a so-called smart-beta strategy that tracks stocks exhibiting value, momentum, quality and low volatility. Quant-flavored equity ETFs have absorbed $37 billion this year, and multi-factor funds like Goldman’s have been among the most popular, data compiled by Bloomberg Intelligence show.

The 4:02 p.m. prints likely show a market maker squaring up. After filling client orders for the ETF during the trading day, traders buy the underlying securities to hedge their positions and then swap them for shares in the ETF. While the market ostensibly closes at 4 p.m., trades are often recorded later than that to reflect closing prices.

The trades began last Friday, when 6.4 million shares worth $387 million hit the tape, fueling a record daily inflow for the fund. A 1.7 million block then crossed the tape on Monday, with a third 2.3 million share transaction following on Wednesday.

Still, it may have taken traders a while to settle on the perfect time. The second-largest block this year printed at 4:06 p.m. on July 17, two days before the first 4:02 p.m. trade.

This article was provided by Bloomberg News.