> For the complete documentation index, see [llms.txt](https://unipilot.gitbook.io/unipilot-v2/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://unipilot.gitbook.io/unipilot-v2/the-pilot-protocol/unipilot-liquidity-management-ulm/actively-managed-vaults.md).

# Actively-managed vaults

Actively-managed vaults are created by and rebalanced by the Unipilot protocol so that they are always in range and earning returns without the user having to monitor their position or pay gas fees to rebalance.

On each rebase and withdrawal, accumulated fees are compounded back into active liquidity. At the same time, a fee is sent to the Unipilot Treasury, where it will be used to fund operations and staking rewards.