Yes, it is indeed the last thing to happen. For example: it's the enemy's turn. They lay 2 traps face down, and summon a monster. I use Ehther and summon him with his effect. Ehther's effect activates, I send the 2 monarch spell/trap to the grave, I target kuraz, kuraz is special summoned and then nothing. Kuraz gets no effect and the opponent simply proceeds with his turn.