Edge of Sanity question

Been quite a few months since I played last and I seem to a bit hazy on a few things.

If I have Edge of Sanity’s 100% Phys > Aether on Forcewave and I have Rending Force, Rending Force is applied BEFORE the conversion right? Although, any other source of +% Phys damage will not increase the damage, I’d only increase the damage further with +% Aether?

Skill -> skill upgrades -> transmuters -> damage conversion

So, if you have forcewave, all the skill upgrades are applied, then transmuter and at last conversion. You basically have the same skill, but other type of damage.