It's Fae MAGIC but it won't make them into Fae. They'll still have the qualities of whatever species they were before - it's more like how the Blue Rose is a rose imbued with fae magic. The Rose isn't a fae, it's still a rose. Neither is the Silver Mirror a Fae. If that makes sense.

The Ringmaster is basically a Wyld Fae because that's what she was made as, but that's more of a coincidence than a necessity.