I had a question about interpreting money market fund metrics that was answered here, but which raised a new question.
Schwab SWVXX is a money market fund which has a Gross Expense Ratio of 0.34% and a 7-day Yield of 0.03%. As I understand it, the gross expense ratio acts upon the full amount of money in the account and not just the gains, and the 7-day yield is an estimate annualized yield and not actually the yield received every 7 days.
Given this, assuming I put $100 into SWVXX, at the end of the year wouldn't I gain $0.03 at the cost of $0.34, yielding -$0.31? Or am I missing something here?