Because the fee comes out of nav, the return you see is already net of it. That invisibility is why fee differences are underestimated: the cost is real but never feels like a payment. Trading costs inside the fund, and any tracking-error beyond the fee, sit on top.
Compare on the ratio, not on the headline yield or the marketing, and remember that a small percentage compounds against a growing balance for as long as you hold.
Example: $100,000 growing at 8% before fees. At 0.03% it becomes $465,000 over 20 years; at 0.75% it becomes $404,000. The 0.72% difference cost $61,000, about 13% of the ending balance.
Related: nav, index-fund, tracking-error, etf, mutual-fund