What happens to unused Event Runes after the event ends?

[Loverboy-]

Up to three event runes are converted to Elite Runes (save them for the Phasmer Takeover in April and October). The rest are lost.

So just to confirm. if I have around 10–20 Event Runes left, I would only receive a single Elite Rune after conversion, which mean there's no point in saving more than 3 of the event runes. Is that correct?

Thank you again!