'ethically-managed' originates from the combination of 'ethical' and 'manage', where 'ethical' comes from the Greek word 'ethikos', meaning 'moral character', and 'manage' comes from the Italian 'maneggiare', meaning 'to handle'.

'ethikos' transformed into the Latin 'ethicus', and eventually became the modern English word 'ethical'. 'Maneggiare' transformed into the French 'maneger', and eventually became the modern English word 'manage'.

Initially, 'ethical' meant 'pertaining to morals', and 'manage' meant 'to handle or control'. Over time, 'ethically-managed' evolved to mean 'managed in a morally right way'.