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Need clarification about the etheral bonus

Been looking at the runeword 'Grief' that offers the flat 340 to 400 damage to any 5 socket sword or axe. It got me wondering whether or not its going benefit from being on an ethereal item. As I recall ethereal bonuses are added to the flat damage (or defence) of an item and its not calculated as enhanced like it used to be. So does this mean that the 340 to 400 damage will be left without getting the ethereal bonuses applied to it?
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